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Fed could extend emergency lending to US banksBen Bernanke, chairman of the Federal Reserve has moved to calm financial markets by pledging that the central bank will consider extending its lending facilities to investment banks and flagging a wider role in regulation.Source: Telegraph Business | 8 Jul 2008 | 3:43 pm US home sales fall again in MayThe downturn in the US housing market continued in May, with sales 14% lower than a year earlier, fresh data shows.Source: BBC News | Business | World Edition | 8 Jul 2008 | 2:58 pm Movers & Shakers: Tuesday's biggest gaining and declining stocksStocks expected to move actively in Tuesday’s trading include AirTran, IndyMac, MSCI, Office Depot, Pepsi Bottling, and Syntax-Brillian.Source: MarketWatch.com - Top Stories | 8 Jul 2008 | 2:55 pm Fannie Mae, Freddie Mac shares fall after reboundShares of big mortgage-buyers Fannie Mae and Freddie Mac begin to recover from their earlier losses after comments by analysts and regulators ease concerns about the companies' need to raise new capital.Source: MarketWatch.com - Top Stories | 8 Jul 2008 | 2:53 pm Telecom Stocks: AT&T, Verizon, Qualcomm top gainersWASHINGTON (MarketWatch) - AT&T Inc., Verizon Communications Inc. and Qualcomm Inc. all advanced in Tuesday trades even thought the bulk of U.S. stocks turned south.Source: MarketWatch.com - Top Stories | 8 Jul 2008 | 2:52 pm U.S. should invest more in natgas, wind power: PickensNEW YORK (Reuters) - T. Boone Pickens on Tuesday called for greater investment in natural gas and wind power as part of a plan launched by the oil tycoon aimed at reducing U.S. foreign oil dependence by a third.Source: Reuters: Business News | 8 Jul 2008 | 2:50 pm Risk deleveraging to press real estate stocks: RBCRBC analysts say real estate stocks could continue to face headwinds as investors pare back leverage and risk as a result of difficult markets and credit conditions.Source: MarketWatch.com - Top Stories | 8 Jul 2008 | 2:50 pm Fed may keep open lifeline (Reuters)
Source: Yahoo! News: Business | 8 Jul 2008 | 2:49 pm Fed may keep open lifelineNEW YORK (Reuters) - Federal Reserve Chairman Ben Bernanke on Tuesday said the U.S. central bank might keep open a lifeline to financial firms as it fights to keep the credit crisis from wreaking further havoc on the struggling economy.Source: Reuters: Business News | 8 Jul 2008 | 2:49 pm Falling commodities weigh on Wall StreetUS stock markets were mixed as falling commodity prices hurt the energy sector while comments from the chairman of the Federal Reserve helped allay some pressing concerns about the health of the financial sectorSource: FT.com - US homepage | 8 Jul 2008 | 2:49 pm Renewed pain for home salesThe number of homes under contract to be sold fell more than expected in May after an unexpected spike the month before, a report showed Tuesday.Source: Business and financial news - CNNMoney.com | 8 Jul 2008 | 2:47 pm Europe Markets: Banks weigh on Europe, airlines move higher as oil dropsStocks in Europe touch three-year lows in a broad-based retreat, as investors continue to worry over financial-sector health.Source: MarketWatch.com - Top Stories | 8 Jul 2008 | 2:45 pm Market Snapshot: Stocks down again on more evidence of weak housing marketNEW YORK (MarketWatch) - U.S. stocks on Tuesday twisted lower in indecisive trade as comments from Federal Reserve Chairman Ben Bernanke offered only some respite from credit-market jitters and as an index offered further evidence of a weakened housing market.Source: MarketWatch.com - Top Stories | 8 Jul 2008 | 2:44 pm Oil slides nearly $5Oil prices continued to slide Tuesday as investors focused on lower demand for fuel, less bellicose talk from the Middle East and some positive comments about the mortgage market.Source: Business and financial news - CNNMoney.com | 8 Jul 2008 | 2:43 pm Wall Street: Three cheers for the bearIn classic contrarian style, some Wall Street pros are happy the bear is back.Source: Business and financial news - CNNMoney.com | 8 Jul 2008 | 2:43 pm Financial Stocks: Rebound fizzles for Fannie, FreddieNEW YORK (MarketWatch) - U.S. financial stocks gave up early gains Tuesday as mortgage giants Fannie Mae and Freddie Mac failed to stick to pre-open rallies, and brokerage stocks fell after Fed Chairman Bernanke suggested the central bank would have a role in their future regulation.Source: MarketWatch.com - Top Stories | 8 Jul 2008 | 2:42 pm Office Depot shares drop 35% on lowered second-quarter outlookShares of Office Depot Inc. lost more than a third of their value Tuesday after the office supplies retailer said that its second-quarter profit would miss its forecast as it continued to be negatively hurt by the “challenging economic environment.”Source: MarketWatch.com - Top Stories | 8 Jul 2008 | 2:38 pm Stocks rise uneasily after Bernanke talk; oil downSource: L.A. Times - Business | 8 Jul 2008 | 2:38 pm Siemens to cut 16,750 jobs (Reuters)
Source: Yahoo! News: Business | 8 Jul 2008 | 2:36 pm Siemens to cut 16,750 jobsFRANKFURT (Reuters) - German industrial conglomerate Siemens AG plans to cut around 4 percent of its workforce worldwide as part of an overhaul and as a result of the global economic downturn, Siemens said on Tuesday.Source: Reuters: Business News | 8 Jul 2008 | 2:36 pm Pending home sales tumble in May (Reuters)
Source: Yahoo! News: Business | 8 Jul 2008 | 2:35 pm Pending home sales tumble in May (Reuters)
Source: Yahoo! News: Business | 8 Jul 2008 | 2:35 pm Pending home sales tumble in MayWASHINGTON (Reuters) - Pending sales of previously owned U.S. homes plummeted by 4.7 percent in May, far more than expected and a sign of more trouble ahead for the beleaguered housing market, a real estate trade group report showed on Tuesday.Source: Reuters: Business News | 8 Jul 2008 | 2:34 pm Oil drops $5 on easing storm worry, dollar (Reuters)
Source: Yahoo! News: Business | 8 Jul 2008 | 2:33 pm Oil drops $5 on easing storm worry, dollarLONDON (Reuters) - Oil tumbled to below $137 on Tuesday, dropping by about $9 this week, as the dollar gained and concern eased over an Atlantic hurricane.Source: Reuters: Business News | 8 Jul 2008 | 2:33 pm Hedge Funds: Giants launched with record $19.5 bln in first half, survey findsJust 35 hedge funds launched during the first half of 2008, but they started life with a record $19.5 billion in assets, according to a survey released on Tuesday by industry publication Absolute Return.Source: MarketWatch.com - Top Stories | 8 Jul 2008 | 2:31 pm Persimmon, Savills hit by further housing weaknessU.K. companies tied to the property market reported further evidence Tuesday that the credit crisis has choked off lending and is continuing to spread across the globe.Source: MarketWatch.com - Top Stories | 8 Jul 2008 | 2:30 pm Fed: Meet the new banker on boardElizabeth "Betsy" Duke, the newest addition to the Federal Reserve's chief policymaking group, is a lifelong commercial banker who many Fed watchers hope can balance out a board riven by inflation pressures, a weakened Wall Street, and a slowing economy.Source: Business and financial news - CNNMoney.com | 8 Jul 2008 | 2:28 pm UK hits bear market as stocks dipAsian and European stock markets fall, with the UK's FTSE 100 index heading towards a "bear market".Source: BBC News | Business | World Edition | 8 Jul 2008 | 2:25 pm Fed may extend emergency lending to Wall StreetInvestment banks may be allowed to access cash from the Federal Reserve into next year, according to Ben Bernanke, chairman of the US central bank. The Fed opened up an emergency lending facility to Wall Street earlier this year on the same day it helped rescue Bear StearnsSource: FT.com - US homepage | 8 Jul 2008 | 2:25 pm GM says developing plans to cut costs, save cashDETROIT (Reuters) - General Motors Corp is developing plans to cut costs and improve its "cash and funding position," Chief Executive Rick Wagoner said in an e-mail to the automaker's managers and team leaders.Source: Reuters: Business News | 8 Jul 2008 | 2:24 pm Microsoft (MSFT) Goes After Google (GOOG) AppsMany observers who look at Microsoft's (MSFT) move into server-based software think that the company will fall. Google (GOOG) already markets Google Apps which offers word processing, spreadsheet, e-mail, and presentation products. This software does not have to sit on the user's PC. It is run from Google's own server farms. Microsoft's business has always been based on loading its products onto PC and having the storage space, memory, and processing power of the machine do the work. Microsoft's newest product match the Google Apps software and are prices about the same. According to Reuters, "Microsoft Online Services is part...Source: 24/7 Wall St. | 8 Jul 2008 | 2:24 pm Stocks Waver on Fed, OilTraders remained tentative on lower oil prices and Fed Chairman Ben Bernanke's comments.Source: SmartMoney.com | 8 Jul 2008 | 2:20 pm Barclays stops Firstplus loans, prompting profits warning from MoneysupermarketBarclays plans to stop selling new loans at its unit Firstplus, the UK's largest supplier of homeowner loans, due to slowing demand.Source: Telegraph Business | 8 Jul 2008 | 2:20 pm Wall St briefly loses ground on housing data (Reuters)
Source: Yahoo! News: Business | 8 Jul 2008 | 2:17 pm Wall St briefly loses ground on housing dataNEW YORK (Reuters) - Stocks slipped briefly in volatile trade on Tuesday after a report showed a bigger-than-expected drop in May's pending home sales but quickly regained ground as oil prices fell.Source: Reuters: Business News | 8 Jul 2008 | 2:16 pm US Fed may extend funding for hard-hit banksBen Bernanke, chairman of the Federal Reserve, said the US central bank may continue to offer cheap financing to Wall Street institutions into 2009 if the credit crunch "continues to prevail".Source: Latest Business News from Times Online | 8 Jul 2008 | 2:11 pm Recession 'looming' for UK firmsThe UK faces a "serious risk" of recession within months, a survey of firms suggests, as the FTSE 100 dips into a "bear market".Source: BBC News | Business | World Edition | 8 Jul 2008 | 2:08 pm The man who lost $6 billion at AmaranthThere's a certain allure to the archetype of the rogue trader.Source: Business and financial news - CNNMoney.com | 8 Jul 2008 | 2:08 pm European bourses pare lossesEuropean stocks came off their worst levels of the day in afternoon trade on Tuesday as oil prices slid and Wall Street opened with modest gains.By mid afternoon, the benchmark pan-European FTSE Eurofirst...Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Jul 2008 | 2:06 pm Nasty SplitterAlex Rodriguez may be a slugger destined for the Hall of Fame, but Cynthia Rodriguez has chosen a heavy hitter of her own in her divorce lawsuit.She has turned to Earle S. Lilly, a noted divorce lawyer from Houston, who over the years has been called "a teddy bear, a weasel, a piranha, a superhero" among other things, according to the Houston Chronicle. Lilly has had experience with Yankee sluggers in the past: he represented a woman who claimed Dave Winfield as her common-law husband and won a $1.6 million judgment Cynthia, who filed her suit in state court in Miami, is seeking "equitable distribution" of all assets acquired during the marriage—or one half of the $120 million he made during the five and a half years they were married. Her biggest obstacle: As the lawsuit notes, the parties executed an "antenuptial agreement" on October 3, 2002, a month before their November 2, 2002 wedding, which took place in Dallas, Texas. The suit suggests that Cynthia will seek to invalidate the prenup. And Earle Lilly succeeded in doing just that in a very high profile case. Lilly earned fame in 1988, when he convinced a Houston jury to award a "first time" award for "emotional terrorism" during a marriage, an award that was later overturned by an appeals court. But he also scored another victory in that case: The jury also set aside the prenuptial agreement inked by Patti Chiles before her vows with Jerry Chiles, described in news accounts as a "wealthy Texas businessman." Two top divorce lawyers, one from Florida and another from New York, gave their expert views on how the case will play out to Portfolio.com. Cynthia's suit notes that the marriage is "irretrievably broken because of the husband's extra marital affairs and other marital misconduct." But this is completely irrelevant under Florida divorce law, as Florida is a "no-fault" state. "In Florida, the courts really are not interested in marital misconduct, unless it has an impact upon the children, or unless there is a dissipation of marital assets," says A.J. Barranco, one of Miami's most prominent divorce lawyers, who is now representing Linda Bollea in her petition to divorce wrestler Hulk Hogan. The fact that there is a prenup makes allegations of extra-marital affairs "even less important," says Barranco. The court will focus on two questions, he says: "Is there a valid contract? And was it entered into under the proper circumstances? And if so, it will be binding on both of them in so far as marital assets and alimony are concerned." At the time of his marriage, Scott Boras, the top baseball sports agent, represented the Yankee slugger. "I know that he refers his clients to the best lawyers in America," says Barranco. But he added: "We need to see the document." As Florida is a "sunshine state," meaning under the law that all court documents are public absent extraordinary circumstances, the prenup, as well as all of Rodriguez's financial information, will come into open view. "Generally speaking, almost all divorce cases contain financial statements and financial affidavits," Barranco says. "It's rare" that such records are sealed. "I am sure that's going to be one issue in this case." In fact, Cynthia's suit points out, in a footnote, that the agreement "has deliberately not been attached," setting the stage for either a courtroom fight or negotiation of a quick settlement. Barranco, for one, is betting on the latter. Ira Elegant, a Miami divorce lawyer who handled the divorce of NBA star Shaquille O'Neal, has been lawyer tapped by Alex. "He is a very cerebral guy," says Barranco. "I think this case is going to drop from sight more quickly than most of the cases because of the quality of the lawyers involved But Barranco also has a take from personal experience: He met Alex Rodriguez a dinner party for Don Schuler, the former coach of the Miami Dolphins. "He was as down to earth as your next door neighbor," says Barranco. His bet: Cynthia "is going to put her trust in the lawyers and they are going to handle it on a much more low key basis." While Barranco expects the case to go away, the legendary Raoul Felder, the Manhattan divorce lawyer, author, and media impressario, is scratching his head about Cynthia's choice to sue in Florida, where the couple has a home in Coral Gables, rather than in New York, where Rodriguez has two apartments. Under New York law, the "equitable distribution" of marital assets would take into account her husband's "celebrity status"—and all of the "intangible" assets that a brand name like A-Rod has to offer, including trademarks and promotional deals. "I am somewhat bewildered why they would forgo a suit in New York," says Felder. "Here, it could literally mean tens of millions of dollars." It is possible that a New York judge would toss the case back to Florida, because that is where Cynthia is raising the couple's two young children. "But certainly, I would have taken a shot at New York jurisdiction. If you lose, you are back in Florida anyway, so what is the difference?" Still, the business of the prenup is Cynthia's greatest hurdle, says Felder. "All this business of attacking prenups goes back to Donald Trump," he says. Ivana, his first wife, was able to nullify the prenup when she divorced him in 1990. So A-Rod can blame The Donald for this bit of his current troubles. Related Links The Rise of the Postnup Estate Lawyers Gay Demographics Datapoint of the Day Source: Portfolio.com: Top 5 | 8 Jul 2008 | 2:00 pm Stocks gain in early tradeStocks tiptoed higher Tuesday morning as investors welcomed slumping oil prices and reports that the Federal Reserve will give banks more time to access emergency funds amid the credit market crisis.Source: Business and financial news - CNNMoney.com | 8 Jul 2008 | 1:56 pm Obama pushes bankruptcy changesRead full story for latest details.Source: Business and financial news - CNNMoney.com | 8 Jul 2008 | 1:54 pm Oil slips below $138 a barrelCrude oil prices fell for a second day running on Tuesday, dipping below $137 a barrel as traders took profits.ICE August Brent crude fell $5 to $136.91 a barrel after falling more than 4 per cent in the...Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Jul 2008 | 1:54 pm Fannie and Freddie hit by fresh concernsShares in Fannie Mae and Freddie Mac plunged as investors worried that the two giant government-sponsored mortgage financiers would have to raise fresh capital. Separately, another mortgage lender IndyMac announced that it would stop making almost all new loansSource: FT.com - US homepage | 8 Jul 2008 | 1:54 pm Book Excerpt: Roger Lowenstein, While America Aged (SmartMoney Magazine)Why government retirement deals may be too good to last.Source: SmartMoney.com | 8 Jul 2008 | 1:51 pm FTSE on brink of bear marketLondon equities fell back into bear market territory in on Tuesday, with financial stocks suffering after their US peers were hit overnight by a wave of fresh selling. The FTSE 100 spent much of the session...Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Jul 2008 | 1:51 pm US and Czechs sign missile defence dealThe US and the Czech Republic signed a treaty allowing Washington to build part of a missile defence shield in the central European state despite opposition from its former Cold War master RussiaSource: FT.com - US homepage | 8 Jul 2008 | 1:50 pm Fannie, Freddie shares gain after OFHEO commentsNEW YORK (Reuters) - Shares of Fannie Mae and Freddie Mac , the two largest providers of U.S. mortgage finance, rose after their regulator said on Tuesday that they should have adequate returns to raise capital.Source: Reuters: Business News | 8 Jul 2008 | 1:49 pm 10 Things Museums Won't Tell You (10 Things)We have 10 secrets that museums don't want you to know.Source: SmartMoney.com | 8 Jul 2008 | 1:47 pm IndyMac gets new price target: $0Source: Business and financial news - CNNMoney.com | 8 Jul 2008 | 1:45 pm Wall Street loans mean no Fed rate hikesSource: Business and financial news - CNNMoney.com | 8 Jul 2008 | 1:38 pm G-8: Oil and food price surge a world problemRead full story for latest details.Source: Business and financial news - CNNMoney.com | 8 Jul 2008 | 1:37 pm Siemens to lose 4% of workforce to cut costsSiemens, the electronics and industrial group, will cut 16,750 jobs worldwide as it attempts to bolster itself against the global downturn and rising input prices.Source: Latest Business News from Times Online | 8 Jul 2008 | 1:32 pm British conomy facing 'serious risk' of recessionBritain's economy, buckling under the credit crunch and a slowing property market, faces a "serious risk" of recession as firms face soaring costs and falling orders, according to a survey...Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Jul 2008 | 1:28 pm Behringer Harvard Announces Sale of Office Property in Houston's Energy CorridorDALLAS, July 8 /PRNewswire/ -- Behringer Harvard announced today the sale of Enclave on the Lake, an approximately 171,000-square-foot office building in the Energy...Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Jul 2008 | 1:27 pm VMware Talks Down Growth & CEO Is Out (VMW, EMC)VMware Inc. (NYSE: VMW) has made an announcement of a significant management change this morning. Diane Greene is departing as the company's President and CEO. VMware's Board of Directors has appointed Paul Maritz as President and CEO of VMware effective immediately. Maritz was also named to VMware's Board of Directors. Greene is one of VMware's founders. Maritz is a former Microsoft employee noted as one of the builders of their Windows franchise, and he founded cloud-based solutions company Pi Corporation in 2003. Pi was acquired by EMC in February 2008. The company is also sneaking in some guidance, while it...Source: 24/7 Wall St. | 8 Jul 2008 | 1:24 pm Office Depot sees quarterly sales decline; shares fall (Reuters)
Source: Yahoo! News: Business | 8 Jul 2008 | 1:23 pm Office Depot sees quarterly sales decline; shares fallNEW YORK (Reuters) - Office supplies retailer Office Depot Inc said on Tuesday that its North American same-store sales fell nearly 10 percent in the second quarter and warned its operating margins would fall more than expected, hit by a weakening U.S. economy.Source: Reuters: Business News | 8 Jul 2008 | 1:23 pm 'More robust' regulation needed for Wall Street firms: BernankeFederal Reserve chairman Ben Bernanke called Tuesday for legislation to provide "more robust" supervision of Wall Street investment firms to help avert crises like the one that felled Bear...Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Jul 2008 | 1:23 pm BeaconEquity.com Issues TraderNotes on Active Stocks: UVSE, VRSN, CAVM, TSTR, MDVN, SSCC, UTSI, TRXDALLAS, July 8 /PRNewswire/ -- BeaconEquity.com announces the availability of TraderNotes on stocks making news today. Investors can view all of the daily...Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Jul 2008 | 1:20 pm G-8 worried about food, oil; optimistic on economyLeaders of the Group of Eight economic powers warned Tuesday that surging oil and food prices could undermine world growth but that the global economy would ultimately be resilient. In aSource: Infocious RSS raw feed - channel BNewsBusiness | 8 Jul 2008 | 1:19 pm Manitex International, Inc. Expands Credit Facilities and Term Loan with Comerica BankBRIDGEVIEW, Ill., July 8 /PRNewswire-FirstCall/ -- Manitex International, Inc. (the "Company") (Nasdaq: MNTX) announced today that effective June 30, 2008 it...Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Jul 2008 | 1:16 pm Wall St set to rebound as oil retreatsUS stocks were set to rebound on Tuesday, after the chairman of the Federal Reserve helped allay some pressing concerns about the health of the financial sector and oil prices retreated for a second day...Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Jul 2008 | 1:14 pm ConocoPhillips says oil output fellNEW YORK (Reuters) - Oil and gas producer ConocoPhillips said on Tuesday its second-quarter oil production fell 60,000 barrels of oil equivalent per day from the first quarter, due mostly to planned maintenance.Source: Reuters: Business News | 8 Jul 2008 | 1:13 pm National Financial Partners Appoints John Irvin President of PartnersFinancialNEW YORK, July 8 /PRNewswire-FirstCall/ -- National Financial Partners Corp. (NYSE: NFP), a national network of independent financial advisors specializing in life...Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Jul 2008 | 1:12 pm Microsoft sets pricing, fee sharing for servicesSEATTLE (Reuters) - Microsoft Corp introduced on Wednesday pricing for its suite of online services targeted at corporate customers and a revenue-sharing plan to encourage other companies...Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Jul 2008 | 1:06 pm Stocks look to open lower after Bernanke speechStocks headed for a slightly lower open Tuesday as investors, anxious about the nation's stumbling banks, found only modest relief after Federal Reserve Chairman Ben Bernanke said the Fed...Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Jul 2008 | 1:00 pm Strategic Hotels & Resorts Announces Share Repurchase ProgramCloses on Sale of Hyatt Regency Phoenix CHICAGO, July 8 /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts, Inc. (NYSE: BEE), today announced that the...Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Jul 2008 | 1:00 pm Premier Exhibitions: Titanic Exhibit Hits The Road (PRXI)Premier Exhibitions, Inc. (NASDAQ: PRXI) has announced this morning that its RMS Titanic, Inc. subsidiary has entered into an agreement to present a new Titanic exhibition and tour sponsored by a major financial services provider. The mobile version of its "Titanic: The Artifact Exhibition" will feature objects from its vast collection of roughly 5,500 artifacts recovered from Titanic's debris field. This exhibit is meant top be a mobile exhibit for museums as it will travel to major cities throughout the United States with dates and location T.B.A. RMS Titanic, Inc. owns the salvage rights to the Titanic wreck site and...Source: 24/7 Wall St. | 8 Jul 2008 | 12:57 pm Siemens to cut 16,750 jobs worldwideSiemens plans to cut 16,750 jobs worldwide in a bid to improve its competitiveness and to prepare for a slowdown in the global economy. The job cuts were announced by the management of the German industrial...Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Jul 2008 | 12:56 pm Siemens to cut 16,750 jobs worldwideSiemens plans to cut 16,750 jobs worldwide, slightly below the number originally planned, in a bid to improve its competitiveness and to prepare for a slowdown in the global economySource: FT.com - US homepage | 8 Jul 2008 | 12:56 pm Abu Dhabi backs Man Group's $1.5bn gas fund$Man Group, the world's biggest hedge fund manager, has built on its green credentials with the launch of a joint venture backed by the Abu Dhabi Government aimed at harnessing gases wasted during oil production.Source: Latest Business News from Times Online | 8 Jul 2008 | 12:44 pm The Bear Arrives — With Bargain Hunters (Today From Barron's)Some are looking for a bounce after the worst first half in 38 years.Source: SmartMoney.com | 8 Jul 2008 | 12:39 pm G8 aims to halve greenhouse gasesWorld leaders at the G8 summit aim to set a target to halve carbon emissions by 2050 in an effort to tackle global warming.Source: BBC News | Business | World Edition | 8 Jul 2008 | 12:35 pm Fed: Wall Street Needs More TimeA day after fears about the health of some financial giants drove stocks sharply lower, Ben Bernanke, the chairman of the Federal Reserve, said today that additional steps need to be taken to make the financial system more stable. In discussing the emergency takeover of Bear Stearns, Bernanke urged Congress to "consider whether new tools are needed for ensuring an orderly liquidation of a systemically important securities firm that is on the verge of bankruptcy, together with a more formal process for deciding when to use those tools." The Fed Turns Up the Tap Hoping for a Fed Encore The Great Depression Debate Source: Portfolio.com: Top 5 | 8 Jul 2008 | 12:30 pm UK annual mortgage lending slumps 44%The number of new home loans granted during May plunged by 44 per cent compared with last year while remortgaging activity declined as home owners shunned rocketing arrangement fees.Source: Latest Business News from Times Online | 8 Jul 2008 | 12:24 pm If Sirius (SIRI) Fails, Who Wins? (XMSR)(AAPL)(NOK)(T)(VZ)(S)Most Wall St. observers now think that the merger between Sirius Satellite Radio (SIRI) and XM Satellite Radio (XMSR) will go through. The FCC, pushed by some members of Congress and the radio industry, may insist on a cap for subscription fees so that the new company cannot use its "monopoly" status to jack up rates. But, increasing subscriber fees may be necessary to the success of the venture. Both Sirius and XM carry debt loads well in excess of $1 billion. XM recently refinanced part of its debt, and was forced to pay a high interest rate because the...Source: 24/7 Wall St. | 8 Jul 2008 | 12:22 pm Siemens Details Job CutsThe German engineering and electronics company said that it would cut 12,600 mostly white-collar jobs to cut costs. It also plans to eliminate 4,150 jobs as part of a restructuring process.Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Jul 2008 | 12:20 pm CML: Mortgage approvals have almost halvedMortgage approvals for home buyers have almost halved in a year and look set to plummet still further, latest figures have revealed.Source: Telegraph Business | 8 Jul 2008 | 12:10 pm CML: Mortgage approvals have almost halvedMortgage approvals for home buyers have almost halved in a year and look set to plummet still further, latest figures have revealed.Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Jul 2008 | 12:10 pm Fed may extend emergency loans for Wall StreetSource: Infocious RSS raw feed - channel BNPaperBusiness | 8 Jul 2008 | 12:09 pm Fed may extend emergency loans for Wall StreetSource: L.A. Times - Business | 8 Jul 2008 | 12:09 pm T. Boone Pickens Takes New Energy Plan On The RoadOil Baron T. Boone Pickens has been on CNBC this morning touting his new energy plan. While his plan does call on several domestic solutions to lower our $700 Billion deficit we are sending out for buying foreign oil. So far he thinks that demand destruction has only killed 1 million barrels per day. Of course his Clean Energy (NASDAQ: CLNE) is a solution to use natural gas to be converted to fuel for autos. He noted that most cars could be retrofitted to run on LNG for roughly $2,000.00. Other stocks he's mentioned he likes before today in oil...Source: 24/7 Wall St. | 8 Jul 2008 | 12:00 pm Mortgage Fears Send Global Shares DownAfter shares of Fannie Mae and Freddie Mac tumbled on Monday, renewed prospects for turmoil in the markets pushed global stocks down.Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Jul 2008 | 11:58 am BBC Worldwide sees record profitsStrong sales of popular programmes to overseas broadcasters has helped the BBC's commercial arm, BBC Worldwide, boost operating profit by 17% to £117m.Source: BBC News | Business | World Edition | 8 Jul 2008 | 11:52 am SkyePharma fails to refinance bondSkyePharma shares tumbled on Tuesday after it failed to agree a crucial refinancing plan for a convertible bond issue. The drug and biotechnology group said it was working on an alternative plan and would...Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Jul 2008 | 11:52 am Siemens plans to cut 16,750 jobsGermany's Siemens plans to cut 16,750 jobs, or about 4% of its workforce, as the global economy slows.Source: BBC News | Business | World Edition | 8 Jul 2008 | 11:46 am Oil reserves goal 'a challenge'The UK oil and gas industry says it may struggle to meet the target of recovering 25 billion barrels of North Sea reserves.Source: BBC News | Business | World Edition | 8 Jul 2008 | 11:34 am Top 10 Pre-Market Analyst Calls (ACAD, ACE, AACC, RATE, GYMB, KIM, MMC, MVL, NCR, WSH)These aren't all of the analyst calls out there today, but these are ten of the calls impacting shares early this Tuesday morning: ACADIA Pharmaceuticals (ACAD) Raised to Neutral at Banc of America. ACE Limited (ACE) Raised to Outperform at Wachovia. Asset Acceptance Capital (AACC) Cut to Underperform at Jefferies. Bankrate (RATE) Cut to Hold from Buy at Collins Stewart. Gymboree (GYMB) Cut to Market Perform from Outperform at FBR. Kimco Realty (KIM) Cut to Neutral from Outperform at Credit Suisse. Marsh & McLennan (MMC) Raised to Buy from Hold at Citigroup. Marvel Entertainment (MVL) Started as Market Weight at...Source: 24/7 Wall St. | 8 Jul 2008 | 11:29 am Nigeria seeks to end 'blood oil'A cartel of oil smugglers is behind the conflict in Nigeria's oil-rich Delta, the president says.Source: BBC News | Business | World Edition | 8 Jul 2008 | 11:25 am FTSE 100 enters a bear marketFTSE 100 enters a bear marketSource: Telegraph Business | 8 Jul 2008 | 11:00 am CML: Mortgage lending falls 44pc year-on-yearMortgage lending for house purchases rose slightly in May compared with April, but was down by 44pc overall year-on-year, according to the latest figures from the Council of Mortgage Lenders.Source: Telegraph Business | 8 Jul 2008 | 10:50 am Sprint's (S) New Marketing Campaign: Whipped Cream On DungSprint (S) has taken to the airwaves to try to keep customers and get old customers back. The marketing effort ignores that fact that Sprint has, by some measurements, the worst customer service of any large company in the US. Not just phone company. Any company. Sprint does have a nifty new Apple (AAPL) iPhone knock-off called the Samsung Instinct. It is selling well and should bring in a few new customers. But, that is the extent of it. As The New York Times points out, Sprint's two larger competitors, AT&T (T) and Verizon Wireless "are recruiting Sprint customers who...Source: 24/7 Wall St. | 8 Jul 2008 | 10:34 am Jacques Vert adds to high street gloomJacques Vert, the struggling womenswear retailer, today warned that it expected the rest of the year to be “very challenging” after reporting a sharp fall in sales over the past three months.Source: Latest Business News from Times Online | 8 Jul 2008 | 10:30 am BBC bosses' pay leaps by 17 per centThe pay of BBC bosses has leapt by 17 per cent while they have presided over a string of phone-in scandals and a row involving faked footage of the Queen.Source: Latest Business News from Times Online | 8 Jul 2008 | 10:29 am Slovak euro exchange rate is setThe European Union formally invites Slovakia to join the single currency and sets the koruna's exchange rate with the euro.Source: BBC News | Business | World Edition | 8 Jul 2008 | 10:27 am AMD (AMD) Gets Smacked Down, AgainAMD (AMD) should sign up to be in the World Wrestling Federation.At least when an opponent hits it with a chair, it can get paid. Dreamworks, an account of modest size but huge PR value, dropped AMD as the supplier of chips for its computer animation system. The business went to Intel (INTC) instead. According to The Wall Street Journal, "the move was based on capabilities of two forthcoming generations of Intel chips." Intel will hit the market soon with a product which has eight processors. AMD shares are now just above $5, but a little over two years ago,...Source: 24/7 Wall St. | 8 Jul 2008 | 10:24 am Peugeot says Europe sales fallingPeugeot reports rising sales for the first six months of 2008 but warns that they are falling in Western Europe.Source: BBC News | Business | World Edition | 8 Jul 2008 | 10:18 am Ford (F) In China: Hope At The End Of The Tunnel?Sales of vehicles sold in China by Ford (F) and its partners rose 21% in the first half to 172,411, according to Reuters. That sounds good, and, to some extent, it is. Ford sold about the same number of cars in the US in June as its did in China during the January through June period. Unfortunately, the carmaker's unit sales here were down 28% last month. That means over a six month period, Ford is losing about 700,000 vehicle sales in America, while it adds about 50,000 in China. The China versus US math will not work for Ford....Source: 24/7 Wall St. | 8 Jul 2008 | 10:12 am Fannie Mae (FNM) And Freddie Mac (FRE): Who Makes The Rules?Rules are made to be broken, or, at least altered when necessary. Shares in Freddie Mac (FRE) and Fannie Mae (FNM) hit multi-year lows yesterday, falling, at one point, almost 20%. The drop was based to a large extent on a note from Lehman Bros. saying that the two mortgage companies might have to raise a combined $75 billion. The reason for the stampede out of the stocks is that the Financial Accounting Standards Board may change a critical rule on capital requirements. According to MarketWatch, "the Lehman Brothers analysts also said they believe it is likely Fannie and Freddie...Source: 24/7 Wall St. | 8 Jul 2008 | 9:53 am Bradford & Bingley shares tumble againBradford & Bingley shares tumbled to new lows today, dropping further below the 55p-a-share price of its £400m rights issue, as the City speculated that the buy-to-let lender is worthless.Source: Telegraph Business | 8 Jul 2008 | 9:10 am Property crisis sees Bank of Ireland reins in commercial lendingThe Bank of Ireland has slashed commercial lending, telling some British customers it has shut its doors to new business for three months.Source: Telegraph Business | 8 Jul 2008 | 9:01 am 'Prime' country homes follow London property into downturn, says SavillsCountry homes worth between £1m and £5m in the Home Counties are no longer immune to the slowdown in the property market, estate agent Savills has warned.Source: Telegraph Business | 8 Jul 2008 | 8:36 am Persimmon axes 1,100 jobs as both margins and sales tumblePersimmon, the UK's biggest housebuilder, said today that it will soon have laid off 1,100 people since the beginning of the year, adding that the first six months of 2008 have been the most challenging in the company's recent history.Source: Telegraph Business | 8 Jul 2008 | 8:08 am Bikes help commuters get around gas pricesSource: L.A. Times - Business | 8 Jul 2008 | 7:00 am L.A. law firm Munger, Tolles & Olson judged No. 1 in nationSource: L.A. Times - Business | 8 Jul 2008 | 7:00 am Former 'Survivor' partner Conrad Riggs sues producer Mark BurnettSource: L.A. Times - Business | 8 Jul 2008 | 7:00 am IndyMac to exit most home lending, slash 3,800 jobsSource: L.A. Times - Business | 8 Jul 2008 | 7:00 am Google and YouTube play name-that-room gameSource: L.A. Times - Business | 8 Jul 2008 | 7:00 am Icahn's Yahoo bid gets a pushSource: L.A. Times - Business | 8 Jul 2008 | 7:00 am Silicon Valley's biggest social networkerSource: L.A. Times - Business | 8 Jul 2008 | 7:00 am G8 leaders reach deal on climate changeRich countries agree to halve greenhouse gas emissions by 2050, along with 'ambitious mid-term targets' for developed economies, but make no mention of base year for measuring cutsSource: FT.com - US homepage | 8 Jul 2008 | 6:49 am Bradford & Bingley dives again as recession fears worsen in LondonShares in Bradford & Bingley (B&B), the struggling bank, plunged nearly 20 per cent today as London's leading stocks lurched into a bear market on escalating fears that the UK is careering towards a recession.Source: Latest Business News from Times Online | 8 Jul 2008 | 6:46 am Persimmon takes housing sector job cuts to 4,500Persimmon, the UK housebuilder, said today that it will cut 2,000 full and part-time jobs after reporting home completions had plunged by 31 per cent and revenue by 34 per cent in the first six months of this year.Source: Latest Business News from Times Online | 8 Jul 2008 | 6:39 am Currency: NZ dollar remains softThe New Zealand dollar remained soft today after the release of a gloomy business survey, and on the back of a stronger US dollar. By 5pm, the kiwi was at US75.25c from US75.70c late yesterday afternoon, having recovered slightly...Source: New Zealand Herald - Business | 8 Jul 2008 | 5:30 am The (Tax) Law of Unintended ConsequencesA law President Bush signed in the runup to Independence Day had a patriotic ring to it: Tax breaks for U.S. troops and veterans, paid for by socking it to rich Americans who renounce their citizenship to sidestep the I.R.S.But the Heroes Earnings Assistance and Relief Tax Act, known as the Heart Act for short, will also ensnare a less sinister population than American tax dodgers: well-to-do Canadians, Britons, Indians, and other foreign residents concluding long-term assignments in the U.S. When these foreign bankers, software engineers, chemists, and others leave the country—if only to retire or transfer to a new posting abroad—the Heart Act, which was sponsored by Representative Charles Rangel, the New York Democrat, will tax them on the unrealized capital gains of their total global assets. That includes supposedly tax-deferred U.S. retirement accounts, as well as assets like a cottage in Quebec, a share of a relative's business in Bangalore, or a great-grandmother's pearls kept in a London flat. Henry Alden, president of the consulting firm Everest International Group, calls it "a very draconian tax with stunning liabilities." Consider someone who'd paid $10,000 for a vacation home in France in 1980, came to the U.S. in 1990 when it was worth $100,000, and left the U.S. in 2008 when it was worth $1 million. That person would be subject to a capital gains tax of $135,000 on that one asset. Only permanent residents, also known as green-card holders, will be stung. As a result, rich executives considering moving to the United States may increasingly select long-term visas, potentially depriving the country of wealthy immigrants. “Green cards are for poor people,” said Marnin Michaels, a partner in the Zurich office of the law firm Baker & McKenzie who advises wealthy clients. Many developed countries have so-called exit taxes. But the law's critics say the Heart Act will, over time, tarnish the image of the U.S. as a friendly place for foreign talent and capital. Congressional backers say that the law closes tax loopholes exploited by wealthy Americans who renounce their citizenship to evade paying taxes, and it applies to green-card holders to put all expatriates on the same footing. A spokesman for the House Ways and Means committee noted that both the House and Senate passed the law unanimously. Concerned by several aspects of the law, Alden and other accountants who advise multinational companies are working behind the scenes to soften the rules before enforcement begins in earnest. Alden, who serves on a task force for expatriate issues for the American Institute of Certified Public Accountants, said employers are just now considering the effects of the new rules. Permanent residents—that is, people who are on a path to citizenship—are covered by basically the same tax laws as citizens. But with no voting rights, they have long been a politically expedient source of funding for congressional spending, said Evelyn Capassakis, a principal at PricewaterhouseCoopers and co-chairwoman of the A.I.C.P.A. task force. "There's no constituency in the United States that lobbies against this kind of legislation," Capassakis said. The Heart Act provides tax benefits for veterans, active-duty service members, and reservists. The costs are offset by $411 million in additional expatriate tax revenue expected over 10 years. The tax applies to all Americans who renounce their citizenship and to foreign workers who relinquish green cards held for at least eight of the past 15 years. The tax applies to unrealized gains above $600,000, but only for people who make more than $139,000 a year or are worth more than $2 million. Despite those thresholds, hundreds, if not thousands, of longtime residents will be hit as they try to leave the country, Alden said. And employers, from banks to manufacturers to technology companies, may be required by the terms of existing employment contracts to cover those costs. In 2007, the National Association of Manufacturers described the proposal to tax expatriates as "potentially devastating" for the industry's many long-term foreign workers. NAM argued that the rules should target people who expatriate to avoid taxes, not workers who return to their home countries for personal reasons and must, by U.S. law, eventually hand back their green cards. Previously, long-term residents who lost their green cards could avoid taxes on their unrealized gains by spending fewer than 30 days of any year in the United States for 10 years; even then, only U.S. gains were subject to tax. American companies may respond by sponsoring fewer green cards or filling openings with workers on less-attractive long-term visas, drawing a smaller and potentially less-talented pool of workers to the U.S. One hitch: Spouses of green-card holders can work in the U.S., but foreign spouses of people here on visas in general cannot. Alternatively, businesses could continue to sponsor workers for permanent residency, on the condition that the employees pay their own expatriation tax if they remain in the U.S. for more than seven years. Green-card holders now living abroad may consider immediately giving them up under a provision of the Heart Act that allows retroactive dating for nonresidents. But green-card holders now living in the United States have no way out, lawyers say. Related Links Chart of the Day: Union Membership by State Extra Credit, Sunday Edition Why We Shouldn't Count on Fiscal Policy to Save the Economy Source: Portfolio.com: Top 5 | 8 Jul 2008 | 4:00 am More finance company criminal charges - Five Star directors due in courtFive Star Finance directors are being taking to court by the Companies Office, in the second criminal prosecution related to collapsed finance companies. The Office today said it has laid criminal charges in the Auckland District...Source: New Zealand Herald - Business | 8 Jul 2008 | 3:00 am Interest rate cut more likely after gloomy surveyStagflation, that ugly word combining the ugly combination of economic stagnation and high inflation, is afoot in New Zealand, confirmed by this morning's release of an influential business survey. The New Zealand Institute of...Source: New Zealand Herald - Business | 8 Jul 2008 | 2:00 am Petricevic given a week to get moneyIn a Solomon-esque judgment, Bridgecorp's Rod Petricevic has been told he can have a court order staving off bankruptcy proceedings - but only if he comes up with $576,100 by 5pm next Tuesday. That's the sum receivers say the founder...Source: New Zealand Herald - Business | 8 Jul 2008 | 1:00 am Trends & Innovations - MondayCrooks embrace ATM withdrawalsSource: Investor's Business Daily: BUSINESS | 8 Jul 2008 | 12:42 am Diversification Helps Energy Producer Ride The Business CyclesOil prices have shot sky-high before. And they come crashing back down.Source: Investor's Business Daily: BUSINESS | 8 Jul 2008 | 12:42 am In Brief - MondayRadioShack (RSH), the consumer electronics retailer, will likely beat Q2 forecasts, Lehman Bros. predicted. Lehman cited sales of TV converter...Source: Investor's Business Daily: BUSINESS | 8 Jul 2008 | 12:42 am Business Briefs - MondayChina oil firm buys Norway peer. China Oilfield Services, an arm of China's top offshore oil and gas producer, CNOOC CEO, agreed to buy Awilco...Source: Investor's Business Daily: BUSINESS | 8 Jul 2008 | 12:42 am After The Close - MondayAPOLLO (APOL), an education company and the operator of the Univ. of Phoenix, named Charles Edelstein as its CEO, effective Aug.26. Edelstein...Source: Investor's Business Daily: BUSINESS | 8 Jul 2008 | 12:42 am FINANCIAL OUTLOOK 2008: SECOND HALFSavills: The housing market for remainder of this year will be characterised by continued low transaction levels.Source: Telegraph Business | 8 Jul 2008 | 12:05 am SEC finds conflicts at rating agenciesCredit rating agencies failed properly to manage conflicts of interest in assigning top ratings to bonds backed by subprime mortgages and other assets, the Securities and Exchange Commission has concludedSource: FT.com - US homepage | 8 Jul 2008 | 12:05 am Dominion Finance shares suspendedShares of Dominion Finance Holdings (DFH) have been suspended on the New Zealand sharemarket, after the company was late providing its annual report. In mid-June, the company said it was considering a moratorium on payments to...Source: New Zealand Herald - Business | 8 Jul 2008 | 12:00 am Web and media moguls meet at luxury retreatNEW YORK - When media and technology tycoons convene Tuesday in idyllic southern Idaho for five days of dealmaking and outdoor recreation, the mountain air will carry more than a whiff of uncertainty as most arrive with their...Source: New Zealand Herald - Business | 7 Jul 2008 | 11:30 pm Ben Bernanke's critics misread lesson of historyThose who do not study history, it is said, are doomed to repeat it. Nobody could accuse Ben Bernanke of being insufficiently historically minded, but is it possible that the world's most powerful central banker learnt the wrong history?Source: Latest Business News from Times Online | 7 Jul 2008 | 11:00 pm Need to know: Argos facing strikes ... Autonomy ahead ... WPP acquisitionEconomicsSource: Latest Business News from Times Online | 7 Jul 2008 | 11:00 pm IndyMac to stop most mortgage loans, cut 3,800 jobs (Reuters)Reuters - IndyMac Bancorp Inc , one of the largest U.S. mortgage lenders, said on Monday it will eliminate 3,800 jobs and stop making most home loans after regulators concluded it was no longer "well capitalized."Source: Yahoo! News: Business | 7 Jul 2008 | 10:50 pm NZ Shares: Market up despite survey resultsThe New Zealand stockmarket was up in early trading today despite the release of a quarterly survey of business opinion pointing to a fall in gross domestic product over the next two quarters. The NZSX-50 benchmark index was up...Source: New Zealand Herald - Business | 7 Jul 2008 | 10:47 pm Merrill May Report Loss This Quarter, Down 42% for YearSource: Bloomberg - All Podcasts | 7 Jul 2008 | 10:27 pm Bloomberg's Miller, Kennedy Discuss Unemployment, ECB RisksSource: Bloomberg - All Podcasts | 7 Jul 2008 | 10:13 pm Rice Says She's `Proud' of U.S. Decision to Invade IraqSource: Bloomberg - All Podcasts | 7 Jul 2008 | 10:10 pm Sparks of Schaeffer's Recommends Commodity Investing Via ETFsSource: Bloomberg - All Podcasts | 7 Jul 2008 | 10:04 pm VIX Index of U.S. Stock Option Prices Advances 4% to 25.78Source: Bloomberg - All Podcasts | 7 Jul 2008 | 10:02 pm Microhoo: Icahn gets a carrot to dangleSAN FRANCISCO - Microsoft threw its weight behind investor Carl Icahn's effort to oust Yahoo's board next month, saying that a successful rebellion would encourage the software maker to renew its takeover bid for Yahoo or negotiate...Source: New Zealand Herald - Business | 7 Jul 2008 | 10:00 pm Brauchli to Run Washington PostMarcus Brauchli, who in April resigned as managing editor of the Wall Street Journal after Rupert Murdoch took control of the newspaper, will be the new executive editor of the Washington Post. The choice is a break from tradition at the newspaper, which had promoted from within in the past. Downie, who has spent virtually his entire career at the Post, succeeded legendary executive editor Ben Bradlee in 1991. Brauchli was identified as the leading candidate for the job last week by Portfolio.com blogger Jeff Bercovici. "Marcus brings a tremendous wealth of experience, both as a journalist and as an editor, that will help us navigate the new world of media—honoring and building on the standards of journalism blazed by Ben Bradlee and Len Downie—and move us forward to a new and bright future," Weymouth said in a statement. "Marcus has the ability to think strategically about our newsroom, about how to realign our resources in a way that is consistent with what readers want and expect and maintain the Post's first-rate journalism," Weymouth added. Correction: The headline of this article originally misspelled Katharine Weymouth's first name. The article incorrectly said she was the fifth generation of her family to run the company, and gave Marcus Brauchli's age as 46.Related Links 'Washington Post' Editor Retires Late Breaks: Narrowing Downie the Field Newspapers, Still in the Family Source: Portfolio.com: Top 5 | 7 Jul 2008 | 10:00 pm Financials bleed some more as capital worries intensifySource: L.A. Times - Business | 7 Jul 2008 | 9:25 pm Grains ETF Hit In Chaotic Market (Daily ETF Wrap-Up)ETFs go on wild ride as market experiences big swings.Source: SmartMoney.com | 7 Jul 2008 | 9:25 pm Pessimism in US over prospects for growthNearly 80 per cent of senior executives at small and medium-size US manufacturing companies are pessimistic about the prospects for economic growth, according to a survey to be publishedSource: FT.com - US homepage | 7 Jul 2008 | 9:00 pm 9 Ways to Save on Gas This Summer (Deal of the Day)Taking a road trip this summer? Here's how to save hundreds of dollars in fuel costs.Source: SmartMoney.com | 7 Jul 2008 | 8:47 pm 9 Ways to Save on Gas This Summer (Genworth Financial Fitness)Taking a road trip this summer? Here's how to save hundreds of dollars in fuel costs.Source: SmartMoney.com | 7 Jul 2008 | 8:47 pm Fed and SEC reach agreement to share bank information (Reuters)Reuters - The Federal Reserve and securities regulators on Monday formalized a deal to share information about banks, in a move expected to strengthen oversight of the financial markets rocked by the housing crisis.Source: Yahoo! News: Business | 7 Jul 2008 | 8:39 pm Food cost link causes retreat on biofuelThe British government signalled a retreat on its biofuels targets after the publication of a report showing the fuels contributed to rises in food pricesSource: FT.com - US homepage | 7 Jul 2008 | 8:38 pm American firms opening doors for ChinaChina is more often seen as a competitor than a friend to American business. But some Rust Belt companies are welcoming Chinese investment. Scott Tong reports.Source: Marketplace | 7 Jul 2008 | 8:37 pm Teach kids patriotism at shopping campSummer camps say they're registering fewer kids this summer, with parents cutting back on expenses. But commentator Benjamin Barber says he's heard of one camp that might actually help the economy.Source: Marketplace | 7 Jul 2008 | 8:37 pm Cholesterol-lowering drugs for kids?The American Academy of Pediatrics is recommending that kids as young as 8 take drugs to lower their cholesterol if diets don't work. Nancy Marshall Genzer reports on whether kids might be the next big market for Big Pharma.Source: Marketplace | 7 Jul 2008 | 8:36 pm Racing after gay consumersGeneral Motors may be behind the curve when it comes to building cars people actually want to buy. But it's on the cutting edge when it comes to selling to one specific demographic group. Kyle Norris reports.Source: Marketplace | 7 Jul 2008 | 8:36 pm GM looks at cutting jobs, brandsWhile Ford and Chrysler have been downsizing, General Motors has stayed with the bigger-is-better mindset. But that might be changing. The Wall Street Journal's John Stoll explains to host Kai Ryssdal.Source: Marketplace | 7 Jul 2008 | 8:36 pm More malls are shopping for tenantsWith gas and food prices going through the roof and consumer confidence in the dumps, shopping malls are feeling the pain. Vacancies around the country have hit a 13-year high. Jeremy Hobson reports.Source: Marketplace | 7 Jul 2008 | 8:36 pm Beer takeover attempt heating upBelgian brewer InBev has filed papers to try to oust the entire Anheuser-Busch board in its effort to take over the American beverage company. Amy Scott reports.Source: Marketplace | 7 Jul 2008 | 8:36 pm SEC considers easing accounting rulesThe Securities and Exchange Commission is considering big changes to accounting rules that American companies have to live by -- like letting them use looser foreign standards. John Dimsdale reports.Source: Marketplace | 7 Jul 2008 | 8:36 pm Volatile Session Ends LowerA wild day left the major indexes in the red, as losses in financials more than offset gains in tech.Source: SmartMoney.com | 7 Jul 2008 | 8:19 pm Layoffs, Brand Sales Fail to Drive Up GM Stock (One-Day Wonder)Investors quickly hit the brakes after GM's stock jumped out to a good start.Source: SmartMoney.com | 7 Jul 2008 | 8:14 pm Kathmandu founder's Pumpkin Patch buy-in revives lagging share priceShares in Pumpkin Patch have soared since Kathmandu founder Jan Cameron increased her stake in the children's clothing retailer. The move, which was announced to the market on Friday, has pushed the share price off a low of $1.40...Source: New Zealand Herald - Business | 7 Jul 2008 | 8:00 pm Funds That Won't Break Your Budget (Fund Screen)These well-run, low-minimum funds are open to investors big and very small.Source: SmartMoney.com | 7 Jul 2008 | 7:36 pm Good economic news amid badAlthough the economy contracted in the first quarter of this year, Treasury says productivity is on the rise. Despite a fall of 0.3 per cent in real growth in the March quarter, annual average growth to March was robust at 3 per...Source: New Zealand Herald - Business | 7 Jul 2008 | 7:30 pm US carmaker cutbacks hit parts sectorA spate of bankruptcies, plant closures and lay-offs has hit the North American automotive parts industry, underlining the ripple effect of recently announced cutbacks by their carmaker customersSource: FT.com - US homepage | 7 Jul 2008 | 6:47 pm Commercial Bank of Qatar's Stevens Eyes Gulf ExpansionSource: Bloomberg - All Podcasts | 7 Jul 2008 | 6:10 pm Economic Diary on BOE Rate Decision, IEA Oil ReportSource: Bloomberg - All Podcasts | 7 Jul 2008 | 5:00 pm Ballmer and Icahn, B.F.F.'sJerry Yang, your worst nightmare has now come true. Carl Icahn has Steve Ballmer on speed dial.In a letter to Yahoo shareholders, Icahn said he has spoken with Microsoft chief executive Steve Ballmer "frequently" during the past week about how Yahoo and Microsoft can consummate some kind of deal. Lest you think these were cursory exchanges, Icahn says that some of the conversations lasted as long as an hour. It's been two months since Microsoft formally withdrew its offer for the search giant, but the flirtatious animosity between the two has continued unabated. Now Icahn says Microsoft is still interested in buying all or part of Yahoo, but it won't entertain a deal unless the entire Yahoo board of directors is replaced. Presumably, Ballmer would expect the same of the new board as Icahn would: to immediately move forward with firing chief executive Jerry Yang and signing itself over to Microsoft. Icahn says Ballmer's logic is simple. "If and when a transaction was consummated, Microsoft would be guaranteeing a great deal of capital at closing," he writes. "However, a transaction could take at least nine months and perhaps longer to obtain regulatory clearance in the U.S., Europe, and elsewhere. During that period, if the current board and management team of Yahoo mismanage the company (and their recent track record is far from reassuring), Microsoft would be putting its money at risk and a great deal could be lost." Icahn is already staging a proxy fight with Yahoo to get his own board nominees elected at Yahoo's August 1 annual shareholder meeting. Yahoo investors were clearly thrilled with the latest development. Its share soared more than 10 percent in morning trading. Full coverage of Microsoft's pursuit of Yahoo here. Related Links Tired of Waiting for Yahoo Yahoo Bristles at Hostility Parsing Icahn: Let Sarcasm, Irony and Acronyms Rain Down Upon You Source: Portfolio.com: Top 5 | 7 Jul 2008 | 2:00 pm
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