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Wall Street set for bumpy rideStock futures fell early Thursday as investors contemplated a new high for oil prices and awaited a key jobs report and a decision on interest rates in Europe.Source: Business and financial news - CNNMoney.com | 3 Jul 2008 | 11:24 am London Markets: Top London stocks move into bear market territoryU.K. shares fell into bear market territory on Thursday, as oil prices crept back towards $145 a barrel ahead of data that could show the U.S. economy losing jobs.Source: MarketWatch.com - Top Stories | 3 Jul 2008 | 11:24 am Chrysler explores Chinese partnershipChrysler has signed a memorandum of understanding with Great Wall Motor which could see the smallest of Detroit's struggling automakers gaining a bigger presence in ChinaSource: FT.com - US homepage | 3 Jul 2008 | 11:23 am Five to face Concorde crash trialA US airline and five people are to be tried for manslaughter over the 2000 Concorde crash, French judicial officials say.Source: BBC News | Business | World Edition | 3 Jul 2008 | 11:21 am Shares tumble worldwide on "Super Thursday" (Reuters)
Source: Yahoo! News: Business | 3 Jul 2008 | 11:19 am How Lehman lost its wayTo understand what went wrong at Lehman Brothers, leave the canyons of Wall Street and head to the flatlands of Bakersfield, 120 miles northeast of Los Angeles.Source: Business and financial news - CNNMoney.com | 3 Jul 2008 | 11:09 am FTSE 100 teeters on the edge of a bear marketThe FTSE 100 is teetering on the brink of entering bear market territory. At least according to the often used, if rather arbitrary, definition that a bear market is when shares have fallen by more than 20pc from their recent peak.Source: Telegraph Business | 3 Jul 2008 | 11:05 am Paulson admits regulatory errorsThe system for regulating US banks should have performed better, US Treasury Secretary Hank Paulson admits.Source: BBC News | Business | World Edition | 3 Jul 2008 | 11:02 am Oce profit drops 70%, plans 600 further job cutsThe ailing banking and construction markets claimed an unlikely victim Thursday when printer and photocopier maker Oce blamed lower sales from those sectors for a sharp drop in profit and said it will have to cut around 600 jobs to reduce costs.Source: MarketWatch.com - Top Stories | 3 Jul 2008 | 11:02 am Oil tops $145 ahead of U.S. July 4 holidayLONDON (Reuters) - Oil jumped to record highs above $145 a barrel on Thursday as traders rushed to buy ahead of the long holiday weekend in the world's top consumer to mark U.S. Independence Day.Source: Reuters: Business News | 3 Jul 2008 | 11:01 am Game Group sales soar after rush for new gamesConsumers seem to have taken refuge from the credit cruch in fantasy, to judge from the latest trading update from computer games retailer, Game Group.Source: Latest Business News from Times Online | 3 Jul 2008 | 11:01 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 | 3 Jul 2008 | 11:01 am Gas hits new high ahead of July 4Retail gas prices rose overnight to a record high for the fourth day in a row, ahead of the July 4 holiday weekend - one of the nation's busiest weekends for travel.Source: Business and financial news - CNNMoney.com | 3 Jul 2008 | 11:00 am Vodafone reaches $900 million deal to expand into GhanaLONDON (MarketWatch) - Vodafone Group said on Thursday it will pay $900 million to take control of Ghana Telecom, a deal that will allow the Newbury, England-based mobile operator to continue its push into emerging markets.Source: MarketWatch.com - Top Stories | 3 Jul 2008 | 10:59 am ECB to raise interest rates, markets eye moreFRANKFURT (Reuters) - The European Central Bank is expected to raise interest rates on Thursday for the first time in more than a year and analysts are keen for any hint on whether one increase will be enough to extinguish price pressures.Source: Reuters: Business News | 3 Jul 2008 | 10:56 am Currencies: Dollar slightly higher as markets await ECB, U.S. payrolls dataThe yen was modestly lower against its major rivals in Asian trading Thursday, but currency markets were rangebound and subdued ahead of the European Central Bank’s interest rate announcement and U.S. nonfarm payrolls data later in the session.Source: MarketWatch.com - Top Stories | 3 Jul 2008 | 10:56 am Global Markets Fall as Oil Surpasses $145Stocks fell as oil rose above $145 a barrel for the first time.Source: Infocious RSS raw feed - channel BNPaperBusiness | 3 Jul 2008 | 10:45 am Stars back music copyright systemMusic stars and composers are in Brussels to campaign against changes to the rules governing music copyright.Source: BBC News | Business | World Edition | 3 Jul 2008 | 10:44 am £3.2bn giant carrier deals signedContracts are signed to build the UK's biggest ever aircraft carriers, creating or securing 10,000 jobs across the UK.Source: BBC News | Business | World Edition | 3 Jul 2008 | 10:40 am Tough deals 'slow wage inflation'Average wage inflation has eased following a series of tough public sector pay settlements, research shows.Source: BBC News | Business | World Edition | 3 Jul 2008 | 10:33 am Warning letters to 'file-sharers'The music industry says thousands of UK broadband users who share tracks illegally will be warned about it in letters.Source: BBC News | Business | World Edition | 3 Jul 2008 | 10:32 am Dollar drifts, ECB rate call in focusRead full story for latest details.Source: Business and financial news - CNNMoney.com | 3 Jul 2008 | 10:30 am Britons not cutting back on playing footballM&S might have food for thought; Starbucks may be smelling the coffee; Taylor Wimpey's foundations look to be rocking - but the international currency of football is seemingly weathering the latest consumer downturn.Source: Telegraph Business | 3 Jul 2008 | 10:30 am London oil price hits $146 recordThe price of oil hit a fresh high of more than $146 a barrel in London after US oil stockpiles fall by more than expected.Source: BBC News | Business | World Edition | 3 Jul 2008 | 10:29 am Yahoo! (YHOO) Looks At AOL (TWX)In a fit of desperation not rivaled since the Grande Armee retreated from Moscow, Yahoo! is trying to find a refuge from onslaughts by Carl Icahn, Microsoft (MSFT), and its own employees who check out of the company by the score. Yahoo! management's latest idea is to go back to Time Warner (TWX) and see if it can get a deal to buy AOL. What would happen, according to The Wall Street Journal, is "an arrangement whereby Time Warner would fold AOL into Yahoo and take a minority stake in the combined venture." It looks nice on paper. AOL combined...Source: 24/7 Wall St. | 3 Jul 2008 | 10:27 am The British (retail) invasionSir Philip Green spreads his arms wide inside the 40,000-square-foot space that will soon become the first U.S. location of his retailer Topshop. "This is awesome," he says, his voice echoing around the guts of the Lower Manhattan landmark building. Sunlight streams through the windows onto his broad face as his architects show him where the deejay booth will hang from the ceiling. "This is everything you would want in retail," he crows inside the cavernous space.Source: Business and financial news - CNNMoney.com | 3 Jul 2008 | 10:26 am Mortgage drought to tighten over debt fearsBanks and building societies are set to further tighten the screws on borrowers as a Bank of England survey revealed a growing reluctance to lend and surprise at the rising rate of customers defaulting on home loan payments.Source: Latest Business News from Times Online | 3 Jul 2008 | 10:25 am Paulson says US economy set to strengthen at the end of 2008 (AFP)
Source: Yahoo! News: Business | 3 Jul 2008 | 10:11 am With Concerns Of A GM (GM) Bankruptcy, Can AMR Be Far Behind?The distance from Detroit to Dallas is about 1,200 miles, but the two towns might as well be twin cities. Yesterday, a prediction that GM (GM) could go bankrupt set off panic among the company's shareholders and helped drop the Dow once again. GM traded below $10 for the first time since 1954. AMR, once of the largest companies in Dallas, is plagued by the same thing that has put GM in the critical care ward. Gas prices have killed the company's margins and caused it to eat through cash like a boll weevil does cotton. Management at AMR recently...Source: 24/7 Wall St. | 3 Jul 2008 | 10:10 am Europe Markets: Shares in Europe off lows ahead of ECB decision, jobs dataEuropean shares moved off lows on Thursday as an advance from banks and drug makers worked to offset declines from stocks sensitive to oil prices, while an imminent interest rate decision from the European Central Bank and data that could show the U.S. economy losing jobs kept broad sentiment in check.Source: MarketWatch.com - Top Stories | 3 Jul 2008 | 10:06 am Taylor Nelson Sofres rejects $2.2 bln approach from WPPU.K. market research firm Taylor Nelson Sofres on Thursday rejected an improved takeover proposal of 1.08 billion pounds ($2.15 billion) from WPP Group and accused the advertising giant of trying to undermine its planned merger with Germany’s GfK.Source: MarketWatch.com - Top Stories | 3 Jul 2008 | 10:03 am BHP Billiton wins US approval for $38bn Rio offer$America's anti-trust regulators have given partial approval to BHP Billiton's $38 billion ($£19.1 billion) offer for Rio Tinto but the deal is still awaiting the opinion of the European Commission, expected to prove a tougher hurdle.Source: Latest Business News from Times Online | 3 Jul 2008 | 10:02 am Global shares tumble worldwide on "Super Thursday"LONDON (Reuters) - A global sell-off knocked world shares to a five-month low on Thursday as surging oil fanned concerns about inflation and slowing growth, just hours ahead of an expected euro zone interest rate hike and a key U.S. jobs report.Source: Reuters: Business News | 3 Jul 2008 | 10:01 am U.S. businessman freed after 10 years in China jailSHANGHAI (Reuters) - A U.S. businessman has been paroled after spending more than 10 years in a Chinese prison on charges of tax evasion and fraud, in a case top U.S. officials raised in talks with China on human rights.Source: Reuters: Business News | 3 Jul 2008 | 9:59 am Movers & Shakers: Thursday's biggest gaining and declining stocksAmong the companies whose shares are expected to see active trade in Thursday’s abbreviated session are Abbott Labs, AirTran, Nvidia, Toyota, UBS, UnitedHealth and Yahoo.Source: MarketWatch.com - Top Stories | 3 Jul 2008 | 9:59 am Stock futures point to higher open on Wall St (Reuters)
Source: Yahoo! News: Business | 3 Jul 2008 | 9:57 am Stock futures point to higher open on Wall St(Reuters) - Stock futures point to a higher opening on Wall Street, following a sell-off in the previous session and ahead of key monthly jobs data.Source: Reuters: Business News | 3 Jul 2008 | 9:57 am Japan ruling party calls for $94 billion pension wealth fundTOKYO (MarketWatch) -- A panel of Japan's ruling Liberal Democratic Party on Thursday called for using about 10 trillion yen ($94 billion) of the country's public pension assets to establish Japan's first sovereign wealth fund, hoping to take advantage of the buying opportunities created by the global economic turmoil.Source: MarketWatch.com - Top Stories | 3 Jul 2008 | 9:57 am How To Solve The Gas Price CrisisThe solution to gas prices is almost right under the noses of those looking for solutions. A fourteen hour plane ride to India or China will do it. The retail price of gas in China is about $2.60. In a month or two, the price of a gallon in the US could be twice that. The reason for low gas prices in China is simple. The government takes care of it by giving financial aid to oil companies in the country. They buy crude at $130 a barrel and sell the by-products well below the rate at which they can...Source: 24/7 Wall St. | 3 Jul 2008 | 9:54 am Oil soars to new high above $146Crude oil prices jumped above $146 a barrel, boosted by a drop in US stockpiles and concerns about the medium-term supply and demand balance. The rise brings the oil price surge since January to 55%Source: FT.com - US homepage | 3 Jul 2008 | 9:54 am Indications: U.S. stock futures flattish before jobs report, ECB decisionU.S. stock futures were flattish Thursday ahead of an abbreviated session featuring a report likely to show an economy shedding jobs and a rate hike from the European Central Bank.Source: MarketWatch.com - Top Stories | 3 Jul 2008 | 9:53 am Job market: No bottom until '09Economists are forecasting that the unemployment rate retreated slightly in June after May's big spike. But few believe that is a sign that the battered labor market is at or even near the bottom.Source: Business and financial news - CNNMoney.com | 3 Jul 2008 | 9:46 am Blockbuster may do Circuit deal later: report (Reuters)
Source: Yahoo! News: Business | 3 Jul 2008 | 9:45 am Blockbuster may do Circuit deal later: report(Reuters) - Blockbuster Inc , which abandoned its offer to buy Circuit City Stores Inc this week, may try to acquire the electronics retailer later, the New York Post said Thursday citing insiders.Source: Reuters: Business News | 3 Jul 2008 | 9:45 am Sweden sells state property group for $6.9bnThe Swedish government's privatisation programme moved another step forward on Thursday with the sale of Vasakronan, a property company, to AP Fastigheter, one of the country's pension funds, for SKr41...Source: Infocious RSS raw feed - channel BNPaperBusiness | 3 Jul 2008 | 9:42 am China to increase grain outputChina's cabinet approves a plan to ensure grain production keeps pace with strong domestic demand.Source: BBC News | Business | World Edition | 3 Jul 2008 | 9:36 am San Miguel, Kuok group in $1bn farm ventureSan Miguel, the Philippines' biggest food and drinks maker, and Malaysia's Kuok Group on Thursday announced plans to invest about $1bn to develop a million hectares of public land to help boost production...Source: Infocious RSS raw feed - channel BNPaperBusiness | 3 Jul 2008 | 9:35 am Nvidia (NVDA): A Major Alarm For Tech Earnings (DELL)(AMD)(MSFT)Anyone who wants to waste the money to take a sledge hammer and break apart a PC will likely find a Nvidia (NVDA) graphics chip in among the rubble.Yesterday, Nvidia warned it would miss its earnings. It would miss them by a mile. The company now expects revenue to be from $875 million to $950 million. Wall St. expected $1.1 billion for the period ending in July. The stock promptly dropped 25%. NVDA has been a very good investment. Over the last two years, it has outperformed both the Nasdaq and larger rival Intel (INTC). Over that period, the firm's...Source: 24/7 Wall St. | 3 Jul 2008 | 9:24 am ECB expected to raise interest rate to 4.25%European markets fell to their lowest level for three years in anticipation of an expected rate rise from the European Central Bank (ECB) today.Source: Latest Business News from Times Online | 3 Jul 2008 | 9:19 am Paulson: inflation becoming top global focusLONDON (Reuters) - U.S. Treasury Secretary Henry Paulson said on Thursday inflation was becoming the top economic focus of many countries around the world as oil and food prices take their toll.Source: Reuters: Business News | 3 Jul 2008 | 9:19 am Euro interest rate likely to riseThe European Central Bank is expected to raise interest rates to control inflation, which is near a 15-year high.Source: BBC News | Business | World Edition | 3 Jul 2008 | 9:18 am Swedish central bank makes quarter-point rate rise to 4.50 pctThe Swedish central bank raised its key interest rate by a quarter of a point to 4.50 percent on Thursday to contain inflation, and signalled further increases to come later this year.Source: Infocious RSS raw feed - channel BNewsBusiness | 3 Jul 2008 | 9:06 am TNS spurns fresh WPP approachSir Martin Sorrell's WPP on Thursday launched a third attempt to persuade shareholders of Taylor Nelson Sofres to turn away from a nil-premium merger with GfK, the German market research group, and instead...Source: Infocious RSS raw feed - channel BNPaperBusiness | 3 Jul 2008 | 9:05 am ECB to raise interest rates, markets eye moreFRANKFURT (Reuters) - The European Central Bank is expected to raise interest rates on Thursday for the first time in more than a year and analysts are keen for any hint on whether one hikeSource: Infocious RSS raw feed - channel BNewsBusiness | 3 Jul 2008 | 9:01 am Oil crosses $145 to hit fresh recordRead full story for latest details.Source: Business and financial news - CNNMoney.com | 3 Jul 2008 | 8:59 am Paulson: inflation becoming top global focus (Reuters)
Source: Yahoo! News: Business | 3 Jul 2008 | 8:56 am 'Bankruptcy' fear hits GM sharesGeneral Motors shares fall below $10 for the first time in more than 53 years on fears about the carmaker's future.Source: BBC News | Business | World Edition | 3 Jul 2008 | 8:49 am FTSE heads for bear market as oil hits highThe FTSE 100 today fell perilously close to bear market territory after it threatened to dive by 20 per cent from its October peak as oil soared to a new record of nearly $146 a barrel.$Source: Latest Business News from Times Online | 3 Jul 2008 | 8:45 am Bye-bye gas subsidiesFor months we've been hearing how gasoline subsidies or price controls in places like China and India are artificially fueling demand there. Being that oil is a global market, rising demand overseas is one reason prices have risen here in the U.S.Source: Business and financial news - CNNMoney.com | 3 Jul 2008 | 8:33 am Adjusting to a softer real estate marketA big reason that Fiona Saulness has saved as much as she has for retirement is real estate. Not only has the 52-year-old made a good living as a realtor, her investments in her Arizona house (which she owns free and clear) and a Seattle condo (which she rents out) have helped her amass nearly three-quarters of a million dollars in home equity.Source: Business and financial news - CNNMoney.com | 3 Jul 2008 | 8:31 am European shares hit three-year lowEuropean bourses tumbled to a three-year low in early trade on Thursday ahead of a key rates decision by the European Central bank after Wall Street sank into bear market territory.As oil prices hit a...Source: Infocious RSS raw feed - channel BNPaperBusiness | 3 Jul 2008 | 8:31 am Banks: Everything must go!If it's not bolted down, you can bet that troubled financial firms are thinking of putting a price tag on it.Source: Business and financial news - CNNMoney.com | 3 Jul 2008 | 8:25 am BHP clears US antitrust concerns over RioBHP Billiton, the Australian mining company, on Thursday said US antitrust authorities had largely cleared its proposed $170bn acquisition of rival Rio Tinto.The news now puts the spotlight on competition...Source: Infocious RSS raw feed - channel BNPaperBusiness | 3 Jul 2008 | 8:20 am BHP clears US antitrust concerns over RioSpotlight now turns to competition authorities in Europe, which are likely to launch an in-depth inquiry into the $170bn acquisitionSource: FT.com - US homepage | 3 Jul 2008 | 8:20 am Lone Star considers block sale of KEB sharesLone Star may sell out of Korea Exchange Bank through block share sales, the Korean lender's chief executive said on Thursday, as attempts to sell the bank to HSBC continue to face regulatory hurdles.However,...Source: Infocious RSS raw feed - channel BNPaperBusiness | 3 Jul 2008 | 8:16 am FTSE 100 enters bear market territoryLondon equities tumbled to a fresh low for the year on Thursday and entered bear market territory as persistent concerns about the effects of surging oil prices refuse to die down.The FTSE 100 fell 65...Source: Infocious RSS raw feed - channel BNPaperBusiness | 3 Jul 2008 | 8:14 am Asian Stocks Fall as Stagflation MenacesAsian stocks fell on Thursday, with Japanese stocks posting their longest losing streak in a half century.Source: Infocious RSS raw feed - channel BNPaperBusiness | 3 Jul 2008 | 8:13 am Chrysler explores Chinese partnershipChrysler has signed a memorandum of understanding with China's Great Wall Motor Co to explore long-term business ties in areas including distribution, components and technology.Chrysler is the smallest...Source: Infocious RSS raw feed - channel BNPaperBusiness | 3 Jul 2008 | 8:13 am Office market sees rent growth evaporatingNEW YORK (Reuters) - U.S. office rent growth stalled in the second quarter and vacancies crept up, a trend that could portend rising loan defaults in the commercial real estate market, according to a report by real estate research firm Reis.Source: Reuters: Business News | 3 Jul 2008 | 8:09 am Office market sees rent growth evaporatingNEW YORK (Reuters) - U.S. office rent growth stalled in the second quarter and vacancies crept up, a trend that could portend rising loan defaults in the commercial real estate market,...Source: Infocious RSS raw feed - channel BNewsBusiness | 3 Jul 2008 | 8:09 am Henry Paulson admits inflation is world's biggest worryUS Treasury Secretary, Henry Paulson, said inflation is now the top priority for a number of global economies as soaring food and fuel prices continue to inflate on the cost of living.Source: Latest Business News from Times Online | 3 Jul 2008 | 8:07 am Media Digest 7/3/2008 Reuters, WSJ, NYTimes, FT, BloombergAccording to Reuters, US stock indices entered a bear market phase. Reuters writes that Yahoo! (YHOO) and Microsoft (MSFT) are exploring media tie-ups with other internet companies.. Reuters reports that The Weather Channel may be sold within the next few days. Reuters reports that Lehman (LEH) will pay mid-year bonuses to employees in stock. Reuters reports that Chevron (CVX) says supply worries are drving oil prices The Wall Street Journal writes that Abbott's (ABT) drug coated stent has been approved. The Wall Street Journal writes that Nvidia (NVDA) warned on profits. The Wall Street Journal writes that United Health (UNH)...Source: 24/7 Wall St. | 3 Jul 2008 | 7:50 am Paulson says inflation becoming top global focusLONDON (Reuters) - U.S. Treasury Secretary Henry Paulson said on Thursday that inflation was becoming the top economic focus of many countries around the world as oil and food prices take...Source: Infocious RSS raw feed - channel BNewsBusiness | 3 Jul 2008 | 7:46 am Disney looking to launch European TV channelsThe US media and leisure group Disney wants to boost its European presence by launching new television channels to beam Mickey Mouse and friends into millions of homes, a press report said...Source: Infocious RSS raw feed - channel BNewsBusiness | 3 Jul 2008 | 7:36 am TNS rejects Martin Sorrell's latest £1bn offerThe already bitter battle for control of Taylor Nelson Sofres, the market research group, heated up today as TNS said it had rejected a second raised £1 billion cash and share offer from Sir Martin Sorrell's advertising agency WPP as too low and accused him of simply wanting to stop its agreed merger with German rival GfK.Source: Latest Business News from Times Online | 3 Jul 2008 | 7:35 am Asia Markets 7/3/2008 (TM)(SNE)(LFC)(SNP)Most markets in Asia fell modestly. The Nikkei was off .2% to 13,265. Sony (SNE) was up .8% to 4600.Toyota (TM) was down .8% to 4900. The Hang Seng fell .6% to 21,567. China Life (LFC) was down 2.5% to 25.70. China Petroleum (SNP) was off 2.9% to 6.91. The Shanghai Composite rose 2% to 2,703. Data from Reuters. Douglas A. McIntyreSource: 24/7 Wall St. | 3 Jul 2008 | 7:30 am American Airlines to cut 6,840 jobsSource: L.A. Times - Business | 3 Jul 2008 | 7:00 am Los Angeles Times to cut 250 jobs, including 150 from news staffSource: L.A. Times - Business | 3 Jul 2008 | 7:00 am Bear traps Dow and NasdaqSource: L.A. Times - Business | 3 Jul 2008 | 7:00 am CalPERS settles class action against UnitedHealth GroupSource: L.A. Times - Business | 3 Jul 2008 | 7:00 am U.S. businessman released from China prisonSource: L.A. Times - Business | 3 Jul 2008 | 7:00 am California Senate passes mortgage default warning billSource: L.A. Times - Business | 3 Jul 2008 | 7:00 am Priority security lines are coming to Delta terminal at LAXSource: L.A. Times - Business | 3 Jul 2008 | 7:00 am Ralphs replacing recalled ground beefSource: L.A. Times - Business | 3 Jul 2008 | 7:00 am American Airlines to cut 7,000 jobsAmerican Airlines, the US airline which is close to seeking a merger with British Airways, has told staff thta it will cut 7,000 jobs by the end of the year, as it grounds aircraft in a bid to mitigate the impact of soaring fuel prices.Source: Latest Business News from Times Online | 3 Jul 2008 | 6:57 am Oil hits new record high as US stock markets enter bear territoryLeading US indices closed in firm bear market territory for the first time in the current downturn as oil prices soared above $144 and General Motors faced further questions over its liquidity.Source: Telegraph Business | 3 Jul 2008 | 6:45 am China sticks to its guns on emissions ahead of G8 meetChina said Thursday it was eager to discuss "long-term goals" on fighting climate change at the G8 summit but stuck to its position that rich nations must lead on reducing greenhouse gas...Source: Infocious RSS raw feed - channel BNewsBusiness | 3 Jul 2008 | 6:42 am U.S. warns of resistance in China to market reformsBEIJING (Reuters) - China must make a stand against the opponents of reform and allow market forces to play a greater role in setting prices, including the yuan's exchange rate, a senior...Source: Infocious RSS raw feed - channel BNewsBusiness | 3 Jul 2008 | 6:22 am More firms pull Asian IPOs as markets slideHONG KONG/SINGAPORE (Reuters) - Two more firms shelved plans for initial public offerings (IPOs) in Asia, adding further gloom to a market which recently showed signs of a revival after a...Source: Infocious RSS raw feed - channel BNewsBusiness | 3 Jul 2008 | 6:17 am NZ dollar risesThe New Zealand dollar closed the local session today above US76c mainly thanks to a softer US dollar and despite more haemorrhaging in equity markets. Markets also took no note of an apparent signal by the Government that it might...Source: New Zealand Herald - Business | 3 Jul 2008 | 5:44 am Air New Zealand to lift fares againAir New Zealand will increase domestic and international fares from mid-July, the airline said Thursday, blaming its fourth fare hike since March on rising fuel prices. The national...Source: Infocious RSS raw feed - channel BNewsBusiness | 3 Jul 2008 | 5:43 am ECB expected to raise interest ratesAnalysts widely expect the European Central Bank to raise its main interest rate Thursday for the first time in a year in an effort to rein in escalating inflation, but whether such a move...Source: Infocious RSS raw feed - channel BNewsBusiness | 3 Jul 2008 | 5:40 am Microsoft, Yahoo mull media partner options: sourcesSAN FRANCISCO/NEW YORK (Reuters) - Microsoft Corp and Yahoo Inc have been holding separate talks with other potential media partners after their negotiations with each other broke down, sources familiar with the companies' thinking said on Wednesday.Source: Reuters: Business News | 3 Jul 2008 | 5:13 am Chrysler to explore ties with China's Great WallSHANGHAI (Reuters) - Chrysler LLC has signed a memorandum of understanding with China's Great Wall Motor Co to explore long-term business ties in various areas including distribution, components and technology.Source: Reuters: Business News | 3 Jul 2008 | 5:00 am NZ market down more than 2 pc after US slumpThe already battered New Zealand sharemarket has fallen more than 2 per cent today following another torrid session on Wall Street. United States stocks tumbled in volatile trade as crude oil prices raced to record highs above...Source: New Zealand Herald - Business | 3 Jul 2008 | 4:00 am Microsoft, Yahoo mull media partner options: sources (Reuters)
Source: Yahoo! News: Business | 3 Jul 2008 | 3:01 am Wall St a bear market after oil hits recordWall Street resumed its sell-off last night after oil hit a new record and a bearish analyst report renewed concerns that car making giant General Motors could run out of cash. The stock market's pullback, which accelerated in...Source: New Zealand Herald - Business | 3 Jul 2008 | 3:00 am Blog: Regulators' advice to Schumer on IndyMac: Please shut upSource: L.A. Times - Business | 3 Jul 2008 | 2:40 am World commodity prices at record high - beef up 4 pcNew Zealand's monthly commodity price gauge remained near record high levels in June, despite another fall in world dairy prices. The ANZ Commodity Price Index was virtually unchanged in terms of world prices, down one decimal...Source: New Zealand Herald - Business | 3 Jul 2008 | 2:30 am Auckland property prices down in JuneAuckland property prices fell in June, but there was a slight lift in the number of sales, says real estate firm Barfoot & Thompson. The average sale price for June was $525,316, down 1.7 per cent from May. There were 556 transactions...Source: New Zealand Herald - Business | 3 Jul 2008 | 2:00 am Petricevic disputes debt to receiversBridgecorp founder Rod Petricevic is challenging a High Court decision ordering him to repay over $600,000 to the failed finance company's receivers. The move comes after he unsuccessfully tried to deflect the receivers' claim...Source: New Zealand Herald - Business | 3 Jul 2008 | 1:00 am Business Briefs - WednesdayChesapeake rises on new venture. The nation's No. 2 independent natural gas producer surged 3% to 69.40, an all-time high, after it announced it...Source: Investor's Business Daily: BUSINESS | 3 Jul 2008 | 12:26 am In Brief - WednesdayFamily Dollar (FDO), which operates discount stores, said Q3 EPS rose 15% to 46 cents, beating views by 6 cents. Revenue grew 3% to $1.7 bil,...Source: Investor's Business Daily: BUSINESS | 3 Jul 2008 | 12:26 am Trends & Innovations - WednesdayPersonal approach often backfiresSource: Investor's Business Daily: BUSINESS | 3 Jul 2008 | 12:26 am Bad Times Become Good For Consultant Of Troubled BusinessesFor FTI Consulting, good times are fine. But bad times are better.Source: Investor's Business Daily: BUSINESS | 3 Jul 2008 | 12:26 am Concern Grows About Bank Failures And Their ImpactThe last thing U.S. real estate needs is for a bunch of lending banks to collapse. But that worry is the latest cliffhanger bearing on commercial...Source: Investor's Business Daily: BUSINESS | 3 Jul 2008 | 12:26 am After The Close - WednesdayABBOTT LABS (ABT), the biotech titan, has received the FDA's OK for its drug-coated stent Xience V. It will launch the stent immediately. Shares...Source: Investor's Business Daily: BUSINESS | 3 Jul 2008 | 12:26 am Coal prices plunge as traders take profitsCoal prices have tumbled from record highs earlier this week as buyers sit on their hands, setting off a scramble by hedge funds to liquidate speculative positions.Source: Telegraph Business | 3 Jul 2008 | 12:01 am News in briefs: Marks & Spencer pants downFrom the moment that Sir Stuart Rose dropped his pants, it was only a matter of time before the elastic snapped on Marks & Spencer's shares.Source: Telegraph Business | 3 Jul 2008 | 12:01 am Former Marks & Spencer managers in focusSteven Esom was picked out as a high-flyer in the 1980s while working as a buyer at J Sainsbury, writes Richard Fletcher.Source: Telegraph Business | 3 Jul 2008 | 12:01 am It's not a case of HIP, HIP, hooray!Is the Government finally going to sign up for a HIP replacement? Sources tell me that Labour's botched attempt to speed up the housing market by getting people to fill in forms has not won many fans.Source: Telegraph Business | 3 Jul 2008 | 12:01 am Michael Spencer's Turftrax to closeRenowned City financier Michael Spencer is sitting on a £6m paper loss after his latest horse-racing venture appeared to fall at the first hurdle.Source: Telegraph Business | 3 Jul 2008 | 12:01 am Lord Digby Jones calls for open marketLord Digby Jones, the minister for trade and investment, says the UK must maintain its reputation as an open market if it wants strong foreign investment to continue.Source: Telegraph Business | 3 Jul 2008 | 12:01 am US markets enter bear territoryLeading US indices closed in firm bear market territory for the first time in the current downturn as oil prices soared above $144 and General Motors faced further questions over its liquidity.Source: Telegraph Business | 3 Jul 2008 | 12:01 am Air NZ price hike - fares up this monthAir New Zealand will increase domestic and international fares from mid-July, the airline said Thursday, blaming its fourth fare hike since March on rising fuel prices. The national carrier said domestic fares and those to and...Source: New Zealand Herald - Business | 3 Jul 2008 | 12:00 am McCain shuffles staff as criticism mountsJohn McCain has reshuffled his senior campaign staff amid mounting Republican concern at his ability to compete with Barack Obama in November's electionSource: FT.com - US homepage | 2 Jul 2008 | 11:04 pm Fugitive fraudster who faked death surrendersA fugitive hedge fund fraudster who faked his own death to avoid a 20-year jail term has given himself up after nearly a month on the run.Source: Latest Business News from Times Online | 2 Jul 2008 | 11:00 pm The world must kick its addiction to oilAt the time of the last energy shock in the 1970s, Sheikh Yamani, the shrewd Saudi Oil Minister, famously told his greedier Opec colleagues that they would encourage replacement of oil by other energy sources and kill the golden goose that had made them wealthy if they kept pushing the oil price too high. “Remember,” he said, “the Stone Age didn't end because the cavemen ran out of stone.”Source: Latest Business News from Times Online | 2 Jul 2008 | 11:00 pm Mortgage rates cut - Kiwibank moves most below 9 per centKiwibank has reduced home loan interest rates, bringing most fixed rates below 9 per cent a year. The key three-year rate was down to 8.79 per cent, which Kiwibank said was significantly below competitor banks. Chief executive...Source: New Zealand Herald - Business | 2 Jul 2008 | 10:58 pm Circuit City shares fall as Blockbuster yanks bid (AP)AP - Circuit City Stores Inc. plummeted to historic lows in trading Wednesday after Blockbuster Inc. withdrew its takeover bid, causing investors to question the consumer electronics retailer's future.Source: Yahoo! News: Business | 2 Jul 2008 | 10:55 pm Moody's to check on accuracyMoody's is moving to re-examine the accuracy of all its computer models and place them under a centralised monitoring system after it formally acknowledged earlier this week that a glitch had appeared in a model used to rate complex productsSource: FT.com - US homepage | 2 Jul 2008 | 10:33 pm American, Iberia and BA plan joint dealAmerican Airlines, British Airways and Spain's Iberia are close to applying for antitrust immunity to form a joint venture that would be one of the most powerful forces in the transatlantic aviation marketSource: FT.com - US homepage | 2 Jul 2008 | 10:33 pm Oil record high - US stockpiles fallOil prices shot to a new record above $144 a barrel Wednesday as the government reported a bigger-than-expected drop in US stockpiles and the threat of conflict with Iran weighed on traders' minds. The latest spike means a barrel...Source: New Zealand Herald - Business | 2 Jul 2008 | 10:00 pm Sean Clark Likes ETF for Energy, Gas, Oil ExplorationSource: Bloomberg - All Podcasts | 2 Jul 2008 | 9:31 pm Regulator to speed up merger verdictsWith industry commentators tipping the slowing economy will spark rationalisation in key sectors, competition regulator the Commerce Commission is acting to reduce the time it takes considering merger and acquisition transactions. Yesterday...Source: New Zealand Herald - Business | 2 Jul 2008 | 9:30 pm VIX Index of U.S. Stock Option Prices Advances 9.6% to 25.92Source: Bloomberg - All Podcasts | 2 Jul 2008 | 9:28 pm Wall Street makes it official: the bear is hereSource: L.A. Times - Business | 2 Jul 2008 | 9:20 pm Welcome to debt!With consumer confidence at an all-time low, it's time to get used to the status quo. Host Bob Moon talks to author Barbara Ehrenreich about preparing for the realities of the current economy.Source: Marketplace | 2 Jul 2008 | 9:04 pm Dumping of Coal Stocks Presents Opportunity (Stock Screen)A sudden drop in prices spooked investors. But the near-term outlook looks plenty warm.Source: SmartMoney.com | 2 Jul 2008 | 9:04 pm NVIDIA Stubs Its Toes.. All Of Them (NVDA, AMD)NVIDIA Corporation (NASDAQ: NVDA) has just come out and issued an earnings warning over several issues. The graphics processor giant said that second quarter revenue and gross margin are expected to be lower than guidance provided during its first quarter conference call back on May 8, 2008. It now sees total revenue from $875 million to $950 million. This is a HUGE disappointment. First Call had estimates at $1.1 Billion in revenues. The decrease in revenue and gross margin is being noted because of the following reasons: end-market weakness around the world, the delayed ramp of a next generation MCP,...Source: 24/7 Wall St. | 2 Jul 2008 | 9:01 pm 5 Ways to Unload a Gas-Guzzling SUV (Consumer Action)How to quickly unload your gas guzzler without taking too much of a financial hit.Source: SmartMoney.com | 2 Jul 2008 | 8:25 pm Solar Slides on News From Europe (Daily ETF Wrap-Up)These alternative energy ETFs dropped for a second straight day.Source: SmartMoney.com | 2 Jul 2008 | 8:10 pm Bargain Hunt Stimulates Family Dollar (One-Day Wonder)Stimulus checks helped the discounter top estimates as consumers sought deals.Source: SmartMoney.com | 2 Jul 2008 | 8:08 pm The 52-Week Low Club (GM)(CC)(HTZ)(CAL)(UAUA)(MNI)GM (GM) falls as issue of Chapter 11 is raised. Drops to $10 from 52-week high of $43.20. Circuit City (CC) drops as Blockbuster (BBI) withdraws bid. Plummets to $2.10 from 52-week high of $15.33. Hertz Global Holdings (HTZ) Earnings in car rental industry falling apart. Sells off to $6.58 from 52-week high of $27.20. Continental Airlines (CAL) High oil, low airline stock prices. Moves to $8.74 from 52-week high of $38.79. UAL (UAUA) Ditto. Falls to $4.02 from 52-week high of $51.60. McClatchy (MNI) Newspaper stock drops after brokerage downgrade. Off to $5.80 from 52-week high of $28.73. Douglas...Source: 24/7 Wall St. | 2 Jul 2008 | 7:47 pm Congress's summer job: The economyThe economic stimulus was just a drop in the bucket. If Congress really wants to get the economy back on its feet, commentator Robert Reich has some summer homework for them.Source: Marketplace | 2 Jul 2008 | 7:18 pm Banks brace for Basel IIFinancial regulators are proposing stricter capital guidelines for banks to prevent risky investments from causing another meltdown. Amy Scott reports.Source: Marketplace | 2 Jul 2008 | 7:17 pm An economy gone to the dogsPeople aren't the only ones hurt by the weak economy. As finances get tighter, animal shelters are filling up with the pets that owners can't afford to take care. Jeremy Hobson reports.Source: Marketplace | 2 Jul 2008 | 7:17 pm Wal-Mart looks local to save on shippingThe mega-retailer is set to become the nation's largest buyer of locally grown produce with a promise to purchase $400 million worth of crops from local farmers. Sam Eaton reports.Source: Marketplace | 2 Jul 2008 | 7:17 pm Microsoft still searching for YahooApparently, Microsoft's not used to rejection. Despite being rebuffed, the computer giant is still looking for a way to get a piece of Yahoo's search market. Stacey Vanek-Smith reports.Source: Marketplace | 2 Jul 2008 | 7:17 pm The end of the beginningWith billions more in writedowns expected from Merrill Lynch and other financial firms, analysts are beginning to agree we may have a long way to go before we're clear of the shadow of the credit crisis. Ashley Milne-Tyte reports.Source: Marketplace | 2 Jul 2008 | 7:17 pm Haunting DetroitIn early 2005, General Motors' chief financial officer dismissed some of the darker speculation about his company, saying, "The idea of bankruptcy is nuts."Such talk has sounded more and more sane as the company struggles with huge losses and sagging sales. Last year, G.M. lost $38.7 billion. "Bankruptcy is not impossible," wrote John Murphy, an analyst with Merrill Lynch in cutting his recommendation on G.M.'s stock to "underperform" from "buy." Shares of G.M., already at lows not seen since the 1950s, tumbled 13 percent today. The stock is down more than 70 percent over the last 12 months. "The key change in our outlook is a much lower forecast for U.S. auto sales that is driving a higher cash burn, necessitating a much larger capital raise than the market is currently anticipating," Murphy wrote. "Furthermore, we believe there is potential downside in the stock below $7 and that bankruptcy is not impossible if the market continues to deteriorate and significant incremental capital is not raised." The analyst's outlook came a day after the auto industry reported very weak sales for June. G.M.'s sales were better than expected, but that came largely on the back of zero-percent financing incentives. Talk of a bankruptcy filing haunted G.M. in the early 1990s, and it plagues Chrysler under its new private-equity owners. (Chrysler said last week that it had no plans to file for bankruptcy protection.) For G.M., there is no danger of a bankruptcy anytime soon: The company had $24 billion in cash or cash equivalents at the end of its first quarter. But Murphy believes that G.M. will need to raise as much as $15 billion to shore up liquidity. If it ever happens, a bankruptcy filing would be a cataclysmic event. Thousands of suppliers and other companies depend on G.M. It is also the largest issuer in the corporate debt market. A bankruptcy would set off a chain reaction that would ripple through the economy and the credit markets. Related Links Chrysler's New WiFi Auto Chrysler: Press Presses on with the Press Chrysler: On Strategy, In Public Source: Portfolio.com: Top 5 | 2 Jul 2008 | 7:00 pm OneBeacon, White Mountain Files Shelf Registration (OB, WTM)OneBeacon Insurance Group (NYSE: OB) isn't a household name. But today it filed for a $1 Billion mixed securities shelf registration. With a $1.67 Billion market cap, this may get attention even for a smaller insurer. There are being registered as an indeterminate number or amount of common shares, preferred shares (for HOLDINGS TRUST unit), debt securities, warrants, purchase contracts, depositary shares and units of OneBeacon Insurance Group, Ltd. This also say that in addition to the filing White Mountains Insurance Group, Ltd. (NYSE: WTM) or certain of its subsidiaries may sell up to 71,754,738 shares of OneBeacon Class A...Source: 24/7 Wall St. | 2 Jul 2008 | 6:54 pm Will Cisco Systems Ask Jerry Yang To Leave Its Board? (CSCO, YHOO, MSFT)Most people think of Jerry Yang as the Chief Yahoo! over at Yahoo! Inc. (NASDAQ: YHOO). But there is another Jerry Yang role, and we aren't talking about him living up to the branding of "chief Yahoo!" in more ways than one. We have gone over and over how Jerry Yang and kids managed to destroy value for shareholders. If there had been a long-standing record or a current path that was working this entire situation and reasoning would have been different. But those suppositions include the "IF, THEN" factor and the truth is now the exact opposite. The role...Source: 24/7 Wall St. | 2 Jul 2008 | 5:49 pm Hedge fund fugitive surrendersSamuel Israel, the former hedge fund manager who had been on the run for almost a month since faking his own death, was taken into custody in Massachusetts. He had disappeared on the day he was to begin a 20-year prison sentence for fraudSource: FT.com - US homepage | 2 Jul 2008 | 5:38 pm Ryding Sees `Most Serious' U.S. Inflation Risk Since 1960sSource: Bloomberg - All Podcasts | 2 Jul 2008 | 5:34 pm Yergin Says Supply Concerns Driving Oil Prices HigherSource: Bloomberg - All Podcasts | 2 Jul 2008 | 4:31 pm Patience Pays Off for Ben Graham Disciples (Under the Radar)The Heartland Value Plus fund is delivering on its name, trouncing the market yet again.Source: SmartMoney.com | 2 Jul 2008 | 3:34 pm Sam the Sham's Run EndsThe only thing surprising about the capture today of Samuel Israel, the hedge fund scam artist who had been on the lam since June 9, is how long it took.Today, Israel surrendered to police in Southwick, Massachusetts, near Springfield. That's just 105 miles from Stamford, Connecticut, the home of his Ponzi scheme hedge fund, Bayou Group. From the beginning, his escape was not very convincing. On the day he was due to report to federal prison to begin serving a 20-year sentence, his S.U.V. was found abandoned on the Bear Mountain Bridge by the Hudson River. The words suicide is painless were written in dust on the vehicle's hood. (The song "Suicide Is Painless," was of course the theme of the M*A*S*H film and TV series; but the "suicide" in the film lived.) Nearly every body of a jumper from Bear Mountain Bridge has been found. His was not. Ten days later, his girlfriend was arrested. She told investigators that Israel had fled in a recreational vehicle (did he take Albert Brooks' Lost in America literally?) with a motor scooter inside. The U.S. Marshalls Service noted that Israel, who turns 49 this month, suffers from back pain, a heart condition, and is addicted to painkiller medication. Not a good candidate to get very far. Earlier this year, Israel pleaded guilty to defrauding investors of his fund, Bayou Group. Since its founding in 1996, the fund covered up trading losses by falsifying auditing records from a fake accounting firm. They kept it going by taking new investor money and handing it to older investors. It lasted until the summer of 2005. The one remainder of the fraud that was not a complete loser: a business card of Israel's—with the fund's name, a heron, and contact info—sold on eBay recently for $61. Related Links Private Equity in Hedge Funds: A Weird Combination Hedge Funds: The Legal Risks The Million Dollar Active vs Passive Wager Source: Portfolio.com: Top 5 | 2 Jul 2008 | 3:00 pm GM Bankruptcy `Not Impossible,' Merrill Analyst SaysSource: Bloomberg - All Podcasts | 2 Jul 2008 | 2:56 pm Review: BMW's New 1-Series (Autos)This baby BMW may be the runt of the litter, but is it worth the price?Source: SmartMoney.com | 2 Jul 2008 | 12:22 pm A Savvy Hedge Against Disaster (Today From Barron's)Catastrophe bonds let insurers offload extreme risk while rewarding investors who assume it.Source: SmartMoney.com | 2 Jul 2008 | 12:08 pm Microsoft Still Carries a FlameLearning about the back-and-forth between Microsoft and Yahoo is like eavesdropping on teenagers talking about the opposite sex. Do you think she likes me? How can you tell that he's really not that into you? Well, she said that, and he said this.Someone make it stop—now! But today there is a new twist to the Microhoo romantic melodrama: Maybe if I can get a bunch of friends together, we can all go out and it will be a date, sort of. Matthew Karnitschnig and Robert Guth of the Wall Street Journal report that Microsoft has been talking to Time Warner, News Corp., and others about joining it in a plan that would acquire and break up Yahoo. Under this scenario, Microsoft would get Yahoo's search business, while its partners would get the rest. But Microsoft has apparently had trouble getting anyone to sign on. A meeting set for Monday with Yahoo's chairman to float the new idea was canceled, the Journal reports. Henry Blodget on Silicon Alley Insider says the canceled meeting is more likely a sign that Microsoft C.E.O. Steve Ballmer is focusing on a possible deal that Kara Swisher described on All Things Digital last week. Swisher argues that Microsoft could win over Yahoo shareholders and effectively take control of the company by improving the terms of its search-ad alternative partnership to Google and by buying a third or more of Yahoo at a hefty premium. With Yahoo shares down 30 percent since the beginning of May, that would be an attractive proposal to many investors. Microsoft has often appeared clueless in its dealings with Yahoo. But whatever it decides to do will be helped by the fact that Yahoo's only alternative strategy is coming under closer regulatory scrutiny. Peter Whoriskey of the Washington Post reports that the Justice Department has opened a formal antitrust investigation into the search-ad partnership between Yahoo and Google. While the upgrading of an antitrust investigation is not uncommon, the Post says that the kind of requests being made by the Justice Department in this case is far from routine. Investigators are seeking documents from media and internet companies, as well as from Google and Yahoo, the Post reports. Related Links Proxy Soldiers Microsoft + Yahoo = Microhoo? Replacement Value Source: Portfolio.com: Top 5 | 2 Jul 2008 | 12:00 pm
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