World Business News Headlines for July 6, 2008

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 | 6 Jul 2008 | 11:59 am

Gas prices higher in record territory

The high cost of gas is one thing Americans didn't celebrate this holiday weekend.

Source: Business and financial news - CNNMoney.com | 6 Jul 2008 | 11:50 am

Tories propose fuel duty changes

Changes to the way fuel duty is calculated are being proposed by the Conservatives.
Source: BBC News | Business | World Edition | 6 Jul 2008 | 11:37 am

Bye-bye gas subsidies

If gas were more expensive in China and India, would it be cheaper in the United States?

Source: Business and financial news - CNNMoney.com | 6 Jul 2008 | 11:19 am

The 24/7 Wall St. Bankruptcy Odds Watch II (AMR)(UAUA)(NWA)(GHS)(DAL)(LHS)(LEH)(CAL)(WB)(F)(MNI)(AIG)

There are the 24/7 Wall St. odds that several companies will have to file for Chapter 11 between now and the end of the year. These will become a permanent part of the website and the list will be updated once a week. AMR (AMR) 1 in 2 Lee Enterprises (LEE) 1 in 8 Ford (F) 1 in 25 UAL (UAUA) 1 in 2 Continental (CAL) 1 in 8 McClatchy (MNI) 1 in 25 Northwest (NWA) 1 in 3 Lehman Bros (LEH) 1 in 15 AIG (AIG) 1 in 30 Gatehouse (GHS) 1 in 3 Wachovia (WB) 1 in 20...

Source: 24/7 Wall St. | 6 Jul 2008 | 11:11 am

BP sues partners in Russia venture, seeks to recover $370 mln

BP, the U.K. integrated oil giant, filed suit in London, naming its Russian partners as defendants and seeking to recover a $370 million debt, The Wall Street Journal reported.

Source: MarketWatch.com - Top Stories | 6 Jul 2008 | 10:48 am

Alitalia to get 700-800 mln euros: report

MILAN (Reuters) - Alitalia will receive a capital injection of 700 million to 800 million euros from Italian businessmen as part of a plan to save the ailing carrier, newspaper Corriere della Sera reported on Sunday.

Source: Reuters: Business News | 6 Jul 2008 | 10:40 am

Google (GOOG): The Failure Of YouTube

By Google's (GOOG) standards, YouTube was not a terribly expensive acquisition. The search company's market cap is about $170. It paid less than 1% of that for the world's largest video site. But, sometimes no matter how cheap something is, the price comes too high. According to The New York Post, "YouTube's numbers for 2008 don't look pretty: while 3 billion videos are viewed every month, revenues could total an anemic sub-$200 million this year ." There are a lot of theories about why YouTube does not work as a commercial enterprise. One is that the videos are too short....

Source: 24/7 Wall St. | 6 Jul 2008 | 10:34 am

Global finance regulation "found wanting": UK's FSA

AIX-EN-PROVENCE, France (Reuters) - Weaknesses in the regulation of the global financial system have been revealed during the recent credit crunch, the chairman of Britain's Financial Services Authority said on Sunday.

Source: Reuters: Business News | 6 Jul 2008 | 10:30 am

Bush 'concern' at N Korea issues

US leader George Bush says there is still concern over North Korea's alleged uranium enrichment, as G8 leaders gather in Japan.
Source: BBC News | Business | World Edition | 6 Jul 2008 | 10:18 am

Citigroup (C): Another $8 Billion In Write-Offs

Citigroup (C) may be facing another $8 billion in write-downs in the second quarter. It may also cut 18,000 people soon and have to raise more capital. According to The Times, "Although Citi has raised more than $50 billion in new capital to repair its balance sheet, analysts believe it will need even more new cash to see it through the financial crisis." Shareholders are about to make another payment for the excesses of Sandy Weill, who put together Citi through a series of mergers. Citi's market cap is only $90 billion now, so raising another $10 billion could push...

Source: 24/7 Wall St. | 6 Jul 2008 | 9:23 am

Microsoft to take 100% of MSN Israel, buy Internet Gold's stake

Microsoft Corp. plans to acquire the 50.1% it doesn’t already own in MSN Israel Ltd. from partner Internet Gold Ltd., the companies said on Sunday.

Source: MarketWatch.com - Top Stories | 6 Jul 2008 | 8:38 am

Argentina's new crop-export tax cleared by Congress' lower house

Argentina’s legislative lower house on Saturday cleared the government’s imposition of a new tax system for agricultural exports, media reports said.

Source: MarketWatch.com - Top Stories | 6 Jul 2008 | 8:13 am

French set to shell out more for snails

The price of that French delicacy the snail is set to soar because of foreign suppliers' rising wages.
Source: BBC News | Business | World Edition | 6 Jul 2008 | 7:50 am

S Korea sets fuel-saving measures

South Korea restricts the use of government cars and air conditioning in a bid to tackle rising fuel costs.
Source: BBC News | Business | World Edition | 6 Jul 2008 | 7:28 am

Municipal bonds present risk -- and opportunity

Source: L.A. Times - Business | 6 Jul 2008 | 7:00 am

Tihanyi twins on quite a ride with Surf Diva

Source: L.A. Times - Business | 6 Jul 2008 | 7:00 am

Financial advisors at mutual fund companies help you invest less in fees

Source: L.A. Times - Business | 6 Jul 2008 | 7:00 am

Even computer 'wipers' leave a mark

Source: L.A. Times - Business | 6 Jul 2008 | 7:00 am

Do you take his debt when you tie the knot?

Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Jul 2008 | 7:00 am

Do you take his debt when you tie the knot?

Source: L.A. Times - Business | 6 Jul 2008 | 7:00 am

Financial advisors at mutual fund companies help you invest less in fees

Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Jul 2008 | 7:00 am

It's been a mixed six months for the bond market

Source: L.A. Times - Business | 6 Jul 2008 | 7:00 am

Will the stock market get worse?

Source: L.A. Times - Business | 6 Jul 2008 | 7:00 am

Don't fall for the 'wire the money' pitch

Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Jul 2008 | 7:00 am

Builder incentives: Just marketing, or the real deal?

Source: L.A. Times - Business | 6 Jul 2008 | 7:00 am

Even computer 'wipers' leave a mark

Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Jul 2008 | 7:00 am

Will the stock market get worse?

Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Jul 2008 | 7:00 am

Your Letters

Source: L.A. Times - Business | 6 Jul 2008 | 7:00 am

UN to urge revamp of Afghan aid

The UN's envoy to Afghanistan is to set out a new plan on aid spending amid fears that millions have been wasted.
Source: BBC News | Business | World Edition | 6 Jul 2008 | 6:27 am

Hyundai cuts, Kia lifts domestic sales target (Reuters)

Reuters - Hyundai Motor Co (005480.KS), South Korea's top auto maker, said on Sunday it had cut its local sales target for this year by 6 percent as record-breaking oil prices are hitting consumer sentiment in Asia's fourth-largest economy.
Source: Yahoo! News: Business | 6 Jul 2008 | 5:35 am

Hyundai cuts, Kia lifts domestic sales target

SEOUL (Reuters) - Hyundai Motor Co , South Korea's top auto maker, said on Sunday it had cut its local sales target for this year by 6 percent as record-breaking oil prices are hitting consumer sentiment in Asia's fourth-largest economy.

Source: Reuters: Business News | 6 Jul 2008 | 5:34 am

Economic Preview: Energy costs, credit crunch sapping strength

U.S. consumers were glad to take their $600 gift from Uncle Sam, but it didn’t brighten their mood any.

Source: MarketWatch.com - Top Stories | 6 Jul 2008 | 4:01 am

Singapore's property boom cooling: analysts

Singapore's booming residential property sector is finally showing signs of cooling but projects including two casino developments should underpin long-term prices, analysts say.
Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Jul 2008 | 3:44 am

Apple's iPhone could find Asia tough to crack

The iPhone 3G, which Apple is billing as twice as fast and half as expensive as the debut model, will roll out in cities from Tokyo to Sydney on Friday -- but it could face challenges in...
Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Jul 2008 | 3:42 am

German firms pull out as Chinese fluff teddy production

In the end it was a sneaking suspicion that the eyes had lost their iconic melancholy look that made Steiff realise that if you want top-quality teddy bears, there's no place like home.
Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Jul 2008 | 3:37 am

Employers use federal law to deny benefits

Dying of cancer, Thomas Amschwand did everything he was told to make sure his wife would collect on the life insurance policy he had through his employer. "He was obsessed with dotting...
Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Jul 2008 | 3:31 am

Heineken to warn on S&N's profits

Heineken is set to restate profits for newly acquired Scottish & Newcastle UK by as much as 10 per cent after finding discrepancies in the Edinburgh-based company's accounts.
Source: Telegraph Business | 6 Jul 2008 | 12:01 am

Mittals check out luxury hotels group

They already own some of Britain's most lavish private homes. Now members of one of the world's richest families, the Mittals, are considering investing in the company behind upmarket country hotels including Cliveden and The Royal Crescent in Bath.
Source: Telegraph Business | 6 Jul 2008 | 12:01 am

The Pru has hidden strengths despite immediate concerns

When Prudential last month dashed the hopes of 4.5m with-profits policyholders by announcing they would gain no windfall from its £8.7bn "inherited estate", there was a fear it could lose customers.
Source: Telegraph Business | 6 Jul 2008 | 12:01 am

Uplifting news for Ultimo's 'Bra Queen'

Sir Tom Hunter, the Scottish billionaire, and Ian Grabiner, Arcadia's chief operating officer, have sold out of Ultimo, the cleavage-boosting bra and lingerie company run by Michelle Mone.
Source: Telegraph Business | 6 Jul 2008 | 12:01 am

Barratt to reveal £100m writedown

Jonathan Russell
Source: Telegraph Business | 6 Jul 2008 | 12:01 am

Recession threat as UK jobs vanish

The threat of rising unemployment in Britain will be driven home this week by news that the number of permanent jobs available has fallen for the first time in five years.
Source: Telegraph Business | 6 Jul 2008 | 12:01 am

HMV boss is not foxed by digital downloading

Simon Fox, head of HMV, tells Andrew Cave how he has helped the ailing music group climb back into the charts with investors, and his hopes for the digital future.
Source: Telegraph Business | 6 Jul 2008 | 12:01 am

Economic downturn means the next government might have to increase taxes

David Cameron and George Osborne have an "implementation team" preparing for the early months of a Conservative government.
Source: Telegraph Business | 6 Jul 2008 | 12:01 am

Marks & Spencer calls halt to buyback

Troubled Marks & Spencer has suspended its £600m share buyback as it reviews the controversial programme.
Source: Telegraph Business | 6 Jul 2008 | 12:01 am

UK plc faces bear market as downturn deepens

In a week of falling shares and profit warnings, consumers are starting to rein in their spending, at the expense of high street stores. Damian Reece assesses how much worse things are likely to get.
Source: Telegraph Business | 6 Jul 2008 | 12:01 am

Reality check for bosses when they go to the bank

FOR the past few months many chief executives have brushed aside fears of a downturn, saying that it if was coming, they hadn’t seen it yet. Not anymore.
Source: Latest Business News from Times Online | 5 Jul 2008 | 11:00 pm

Marks and Spencer faces City's biggest revolt

SHAREHOLDERS in Marks & Spencer will stage the biggest revolt in recent City history this week when up to a third of them vote against or abstain from the election of Sir Stuart Rose as executive chairman.
Source: Latest Business News from Times Online | 5 Jul 2008 | 11:00 pm

Bank of England urged to hold interest rates

BUSINESS has urged the Bank of England to keep interest rates on hold at 5% this week and be ready to cut them in the coming months to head off a recession.
Source: Latest Business News from Times Online | 5 Jul 2008 | 11:00 pm

Citigroup scales down its global empire

SHORTLY after 2am last Monday morning, Citigroup bankers began to hear their Blackberrys chirp. Vikram Pandit, the bank’s recently installed chief executive, had just sent an e-mail to every employee in the company.
Source: Latest Business News from Times Online | 5 Jul 2008 | 11:00 pm

Merrill Lynch seeks $6bn from selling stake back to Bloomberg$

MERRILL LYNCH is in talks to sell its $6 billion ($£3 billion) stake in Bloomberg back to the financial data and news company in a cash-raising move designed to shore up the American bank’s balance sheet.
Source: Latest Business News from Times Online | 5 Jul 2008 | 11:00 pm

Berkeley Group's £60m payout to bosses

THE housebuilding entrepreneur Tony Pidgley and three fellow directors are to defy the gloom pervading the sector by getting a £60m share payout.
Source: Latest Business News from Times Online | 5 Jul 2008 | 11:00 pm

Economy is running on nearly empty

One of the most remarkable things about Britain’s economy in recent years has been its ability to keep growing. Through thick and thin, even at times when the battery threatened to give up entirely, the long expansion has continued.
Source: Latest Business News from Times Online | 5 Jul 2008 | 11:00 pm

Alliance and Leicester aims to save £80m on dividend

ALLIANCE & LEICESTER is plotting a savage dividend cut to shore up its finances in a move expected to save the mortgage bank about £80m a year.
Source: Latest Business News from Times Online | 5 Jul 2008 | 11:00 pm

Council cuts fail to slow down Capita

THE biggest surprise about Southern Cross Healthcare’s profit warning last week was not that the nursing-homes group could find no buyers for some of its freeholds.
Source: Latest Business News from Times Online | 5 Jul 2008 | 11:00 pm

Falling into the abyss?

In the old days the bellwether of the British economy was ICI, then the country’s biggest industrial company. If ICI was hurting, so was the rest of the economy.
Source: Latest Business News from Times Online | 5 Jul 2008 | 11:00 pm

Argentina grain tax bill clears lower house

A controversial grain tax bill cleared the Chamber of Deputies Saturday by a 129-122 vote, giving a first-round win to President Cristina Kirchner in her struggle to defuse a months-long...
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Jul 2008 | 10:53 pm

Star power behind finance companies

'Solid as... I'd say!" That's how Colin "Pinetree" Meads described Provincial Finance before it went into receivership in 2006. The All Black legend is among celebrities to endorse finance companies as the sector's reputation nosedived...
Source: New Zealand Herald - Business | 5 Jul 2008 | 9:00 pm

Auckland a city in need of ambition

Auckland is failing to fulfil its potential and needs to be bidding for ambitious projects such as the 2016 Commonwealth Games, says Ludo Campbell-Reid, the city council's urban design champion. Campbell-Reid, who was brought to...
Source: New Zealand Herald - Business | 5 Jul 2008 | 9:00 pm

Fran O'Sullivan : Public want focus on cost of living, not ETS

Prime Minister Helen Clark's threat to campaign on climate change if her Government can't get parliamentary support to pass the emissions trading scheme (ETS) legislation could well backfire. A major online survey finds the public...
Source: New Zealand Herald - Business | 5 Jul 2008 | 9:00 pm

NewsWatch: Stock market braces for oil's ever-higher climb

Stocks could be in for further pressure next week, as surging crude oil prices threaten to tip the broad market more convincingly into bear-market territory.

Source: MarketWatch.com - Top Stories | 5 Jul 2008 | 9:00 pm

Real Estate: Vultures swoop in

Rock-bottom home prices have finally begun to lure vulture real estate investors into the fray.

Source: Business and financial news - CNNMoney.com | 5 Jul 2008 | 8:42 pm

Anthony Doesburg: Fast internet still a pipedream in the country

City slickers who complain incessantly about their broadband internet options (that's me - I admit it) should spare a thought for their country cousins. Donald Aubrey, who farms in the South Canterbury high country, used to take...
Source: New Zealand Herald - Business | 5 Jul 2008 | 8:30 pm

Gas prices at record high, holiday travel down

As gas prices hit a new high Saturday, Americans were seen cutting back on travel over the holiday weekend.

Source: MarketWatch.com - Top Stories | 5 Jul 2008 | 8:07 pm

Argentine MPs approve farm taxes

Argentina's lower house of Congress approves taxes on agricultural exports, which farmers have vowed to resist.
Source: BBC News | Business | World Edition | 5 Jul 2008 | 7:46 pm

Alabama likely site of new VW plant: report

FRANKFURT (Reuters) - Alabama will be the likely home of a new Volkswagen manufacturing plant, beating two other states, German industry newsletter Automobilwoche said on Saturday, citing senior company sources.

Source: Reuters: Business News | 5 Jul 2008 | 7:45 pm

Russia's Abramovich paid for favours, protection: report

Russian tycoon Roman Abramovich paid billions of dollars for political favours and in protection fees to build up his fortune, British newspaper The Times said Saturday, citing court...
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Jul 2008 | 6:55 pm

SportsWatch: Venus beats Serena for fifth Wimbledon singles title

Venus Williams bests younger sister Serena to claim her fifth singles Wimbledon title.

Source: MarketWatch.com - Top Stories | 5 Jul 2008 | 6:26 pm

Jalapenos may be salmonella culprit: reports

Jalapeno peppers are the new focus of an investigation into the salmonella outbreak that has sickened hundreds of people in at least 40 states, according to media reports.

Source: MarketWatch.com - Top Stories | 5 Jul 2008 | 5:36 pm

BP sues Russian partners in TNK-BP

MOSCOW (Reuters) - Oil major BP said on Saturday it is suing its partners in the Russian venture TNK-BP in London for 8.4 billion roubles ($357.3 million), money it believes should not have been paid out as back-tax claims in Russia.

Source: Reuters: Business News | 5 Jul 2008 | 5:25 pm

BP sues Russian partners in TNK-BP

NBC, partners near Weather Channel deal - report

NBC Universal and two financial partners are expected to reach a deal to buy the Weather Channel as soon as this weekend, according to a published report.

Source: MarketWatch.com - Top Stories | 5 Jul 2008 | 5:09 pm

Auto sector woes could spur deals: Renault CEO (Reuters)

Reuters - A current slump in the global automotive sector could give fresh impetus to plans for consolidation within the industry, the head of French carmaker Renault said on Saturday.

Source: Yahoo! News: Business | 5 Jul 2008 | 5:04 pm

Auto sector woes could spur deals: Renault CEO

AIX-EN-PROVENCE, France (Reuters) - A current slump in the global automotive sector could give fresh impetus to plans for consolidation within the industry, the head of French carmaker Renault said on Saturday.

Source: Reuters: Business News | 5 Jul 2008 | 5:04 pm

Postbank sale may fail over target price: report (Reuters)

Reuters - The sale of Germany's biggest retail bank Deutsche Postbank could fail because the price potential bidders are willing to pay does not meet the expectations of the lender's parent, Deutsche Post, a German magazine reported on Saturday.

Source: Yahoo! News: Business | 5 Jul 2008 | 5:02 pm

Postbank sale may fail over target price: report

FRANKFURT (Reuters) - The sale of Germany's biggest retail bank Deutsche Postbank could fail because the price potential bidders are willing to pay does not meet the expectations of the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Jul 2008 | 5:02 pm

Postbank sale may fail over target price: report

FRANKFURT (Reuters) - The sale of Germany's biggest retail bank Deutsche Postbank could fail because the price potential bidders are willing to pay does not meet the expectations of the lender's parent, Deutsche Post, a German magazine reported on Saturday.

Source: Reuters: Business News | 5 Jul 2008 | 5:02 pm

IT is the key to wealth

New Zealand will be shunted from the developing world if it does not start churning out more qualified computer technicians. Those in the business of recruiting information technology staff for Kiwi businesses say there are far...
Source: New Zealand Herald - Business | 5 Jul 2008 | 5:00 pm

Drinking up success

New Zealand is the third-largest market in the world for Campari International's Riccadonna wine - after Italy and Australia - and last week Campari's marketing manager, Kathleen Murphy, touched down briefly in Auckland to discuss...
Source: New Zealand Herald - Business | 5 Jul 2008 | 5:00 pm

Top tips : Website usability

Shailesh Manga, of Optimal Usability, a user-focused consulting and services firm, answers queries about website usability I've a lot of information to put on to my site. How can I organise it so visitors find what they are after?...
Source: New Zealand Herald - Business | 5 Jul 2008 | 5:00 pm

Investment advice : Surviving the cash crunch

The finance companies that get through the present cash crunch are likely to have at least two or three of what we call "the five survivability factors". I believe the factors are: Diversified lending. This is when the finance...
Source: New Zealand Herald - Business | 5 Jul 2008 | 5:00 pm

ACC's shares in struggling finance companies

The Accident Compensation Corporation is a shareholder in struggling finance companies Dominion Finance and Dorchester Finance, but the corporation says it won't be affected by their troubles. ACC has 1.2 million shares in Dominion...
Source: New Zealand Herald - Business | 5 Jul 2008 | 5:00 pm

Ukraine's Naftogaz proposes joint venture with Gazprom

The head of Ukrainian state energy company Naftogaz on Saturday proposed jointly developing the Ukrainian part of the Black Sea with Russia's Gazprom in return for access to Russian gas...
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Jul 2008 | 4:54 pm

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