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G8: Gordon Brown expects world trade deal to save British families £200 a yearGordon Brown said that he was increasingly confident that a new world trade deal will be signed in the next fortnight which will save the typical British family about £200 a year.Source: Telegraph Business | 9 Jul 2008 | 2:24 pm Crude rises on Iran missile testsCrude oil prices rise and the dollar slips after news that Iran has test-fired long and medium-range missiles.Source: BBC News | Business | World Edition | 9 Jul 2008 | 2:03 pm Stocks Flat as Oil JumpsA rebound in crude oil futures put stocks in an early hole. Mortgage applications rose last week.Source: SmartMoney.com | 9 Jul 2008 | 1:54 pm Market Snapshot: U.S. stocks fail in opening try at extending rally as oil weighsU.S. stocks on Wednesday quickly cast off opening gains, with the Dow industrials failing its attempt to extend its largest jump in nearly a month, with rising oil prices dampening cheer over aluminum producer Alcoa Inc.’s better-than-forecast results.Source: MarketWatch.com - Top Stories | 9 Jul 2008 | 1:50 pm Hedge funds stumble in first half of '08Hedge funds delivered their worst performance on record during the first half of 2008, revealing that the industry has not been immune to the broader market turmoil.Source: Business and financial news - CNNMoney.com | 9 Jul 2008 | 1:49 pm Google debuts virtual reality siteRead full story for latest details.Source: Business and financial news - CNNMoney.com | 9 Jul 2008 | 1:47 pm Dow, S&P 500 open up on Alcoa; Nasdaq off (Reuters)
Source: Yahoo! News: Business | 9 Jul 2008 | 1:45 pm Vonage & Comcast Work On Standards (VG, CMCSA, CMCSK)Comcast Corporation (NASDAQ: CMCSA) (NASDAQ: CMCSK) and Vonage Holdings Corporation (NYSE: VG) have announced a collaborative agreement this morning to address "the reasonable network management of Internet services." Comcast committed to work together with Vonage to ensure that network management techniques are chosen that effectively balance the need to avoid network congestion with the need to ensure that over-the-top VoIP services like Vonage work well for consumers. Keep in mind that this is more of a protocol working arrangement for open standards or "platform-neutral" rather than a contract collaboration. It might be more of confederacy than anything solid. Comcast has...Source: 24/7 Wall St. | 9 Jul 2008 | 1:42 pm Oil rebounds after Iran missile launchOil rebounded a bit Wednesday from two days of solid losses after Iran test-fired nine ballistic missiles, a move seen by investors as a potential threat to the flow of oil from the Middle East.Source: Business and financial news - CNNMoney.com | 9 Jul 2008 | 1:41 pm Merrill asset sale size depends on Q2 loss: source (Reuters)
Source: Yahoo! News: Business | 9 Jul 2008 | 1:38 pm Merrill asset sale size depends on Q2 loss: sourceNEW YORK (Reuters) - Merrill Lynch & Co Inc is looking at selling stakes in BlackRock Inc or Bloomberg LP, and the size of the sale will depend on the size of the investment bank's second quarter loss, a person briefed on the matter said Wednesday.Source: Reuters: Business News | 9 Jul 2008 | 1:38 pm Levi's profits plummet 98pc to $1mLevi Strauss, the maker of the iconic 'fit to shrink' 501 jeans, has seen its profits shrivel down to a skinny-legged $1m, as cash-strapped Americans snub Levi's jeans and its Docker shoe brand amid a struggling US economy.Source: Telegraph Business | 9 Jul 2008 | 1:38 pm MarketWatch First Take: Private equity's new frontier: the BRICsBy now, we’ve all heard about the great economies developing in the “BRIC” countries; Brazil, Russia, India and China. We’ve also heard that the credit crunch in the West has cut of the flow of cheap money to private equity, curtailing deals.Source: MarketWatch.com - Top Stories | 9 Jul 2008 | 1:37 pm Explaining the Cisco Drop (CSCO)There have been many inquires around on Cisco Systems (NASDAQ: CSCO) this morning. There are two issues moving the stock, of which one is real and one is conjecture. CEO John Chambers gave an interview to Reuters yesterday calling the future CEO as more of a head of a group rather than a command and control CEO, which some are taking as the first hints that Chambers may be looking for the door. This appears to not be the case, or at least it doesn't appear to be inconsistent with past indications of recent years. We wouldn't even grace this...Source: 24/7 Wall St. | 9 Jul 2008 | 1:33 pm Wall Street set for higher openStocks looked set for an upbeat start Wednesday as European markets rally but traders remain wary of high oil prices.Source: Business and financial news - CNNMoney.com | 9 Jul 2008 | 1:33 pm Indications: U.S. stock futures in tight range as oil price climbsU.S. stock futures inched higher on Wednesday, with renewed tensions in Iran driving up oil prices ahead of weekly energy inventories figures.Source: MarketWatch.com - Top Stories | 9 Jul 2008 | 1:27 pm Israel Stocks: Bank Hapoalim said to be in talks to sell 25% of credit-card firmTEL AVIV (MarketWatch) -- Israel stocks rose broadly on Wednesday, led by the chemicals companies, Bank Hapoalim and real-estate firm Africa-Israel.Source: MarketWatch.com - Top Stories | 9 Jul 2008 | 1:26 pm Ray Beauchemin's Letters from Abu Dhabi: Why Dubai may covet Cirque -- location, location, diversificationIf the rumor is true, Dubai wants to own outright the pride of Quebec, Cirque do Soleil. Ray Beauchemin tells why it makes more sense than it might initially appear to.Source: MarketWatch.com - Top Stories | 9 Jul 2008 | 1:24 pm Steve & Barry's to file for Chapter 11: reportsSteve & Barry’s, the clothing chain that touts cheap fashions featuring celebrity names such as Sarah Jessica Parker, is expected to file for Chapter 11 bankruptcy protection as early as Wednesday, according to media reports.Source: MarketWatch.com - Top Stories | 9 Jul 2008 | 1:23 pm QLogic Shows Some Still Win In Tech (QLGC)QLogic Corp. (NASDAQ: QLGC) is seeing a surge of interest this morning after the company raised its guidance. On a non-GAAP basis, QLogic expects $0.30 to $0.31 EPS, compared to the previously forecast range of $0.26 to $0.28. The company now sees revenues in the range of $166 million to $168 million for the first quarter (Q1-2009). The company's prior guidance was $154 million to $158 million. First Call has estimates at $0.27 EPS on $156.4 million in revenues. The company identified stronger sequential growth of approximately 9% for Host Products and approximately 8% for Network Products. Shares of QLogic...Source: 24/7 Wall St. | 9 Jul 2008 | 1:14 pm Futures Movers: Oil regains some ground as Iran test-fires missileCrude-oil futures bounce back from their biggest drop in nearly four months, playing off reports that Iran test-fired a long-range missile.Source: MarketWatch.com - Top Stories | 9 Jul 2008 | 1:10 pm Investors back Rose despite dual role doubtsPrivate shareholders today rallied behind Sir Stuart Rose as he prepared for one of the biggest tests of his career at the Marks & Spencer (M&S) annual meeting.Source: Latest Business News from Times Online | 9 Jul 2008 | 1:09 pm Tour de France marketing hits uphill stageWhile Lance Armstrong chased his record-setting Tour de France winning streak, a number of American businesses rode victoriously along. For Trek Travel in Madison, Wisc., the mid-'00s were boom times: 500 travelers each year booked $5,000 trips to see Lance in action, giving the two-year-old company $2.5 million in revenue a year from the Tour de France alone.Source: Business and financial news - CNNMoney.com | 9 Jul 2008 | 1:07 pm Optimism on US earnings tempered by oil fearsWall Street stocks were set to add to their biggest rally in a month as better-than- expected results from Alcoa kicked off second-quarter earnings season but the mood was tempered by fears on oil prices after Iran launched a series of missile testsSource: FT.com - US homepage | 9 Jul 2008 | 1:07 pm Bush: 'Significant progress' on climate changeRead full story for latest details.Source: Business and financial news - CNNMoney.com | 9 Jul 2008 | 1:06 pm Futures rise on Alcoa results, higher oilNEW YORK (Reuters) - Stocks headed for a higher open on Wednesday as Alcoa's solid quarterly results boosted investors' optimism about the profit outlook, while rebounding oil prices were set to lift shares of energy companies.Source: Reuters: Business News | 9 Jul 2008 | 1:03 pm NewsWatch: U.S. stock futures in tight range as oil price climbsU.S. stock futures inched higher on Wednesday, with renewed tensions in Iran driving up oil prices ahead of weekly energy inventories figures.Source: MarketWatch.com - Top Stories | 9 Jul 2008 | 1:00 pm BNY Mellon Asset Servicing Introduces New FAS 157 Reporting PackageIndustry's first automated solution for fair value measurements rules BOSTON, July 9 /PRNewswire-FirstCall/ -- BNY Mellon Asset Servicing, the global leader in asset...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Jul 2008 | 1:00 pm MasterCard Worldwide Expands PCI Merchant Education ProgramCompany extends popular program, adding three new seminars to build merchants' knowledge on data security standards PURCHASE, N.Y., July 9 /PRNewswire-FirstCall/ --...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Jul 2008 | 1:00 pm Under New Ownership - the Chhatrala Group From San Diego Acquires the Radisson Hotel Fort Worth SouthChhatrala Group Selects 25+ Year Industry Veteran Moses Qidwai to Lead Key Property FORT WORTH, Texas, July 9 /PRNewswire/ -- The Radisson Hotel Fort Worth South,...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Jul 2008 | 1:00 pm Dan Catlin Joins Futurestep as U.S. Recruitment Process Outsourcing (RPO) LeaderNew Role Provides Dedicated Leadership to Facilitate Continuing Growth in the Company's RPO Business LOS ANGELES, July 9 /PRNewswire/ -- Futurestep, a Korn/Ferry...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Jul 2008 | 1:00 pm MIB Life Index Reports North American Life Insurance Activity Flat in JuneBRAINTREE, Maine, July 9 /PRNewswire/ -- North American application activity for individually underwritten life insurance was off slightly in June, down -0.9%...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Jul 2008 | 1:00 pm Environmental Defense Fund and DuPont Expand Global Accessibility of Nano Risk FrameworkOne Year After Launch, Important Tool is Now Available in Mandarin, French and Spanish WASHINGTON and WILMINGTON, Del., July 9 /PRNewswire-FirstCall/ -- In an effort...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Jul 2008 | 1:00 pm American Dairy Engages Deloitte Touche Tohmatsu for Sarbanes-Oxley Compliance ConsultingBEIJING, July 9 /PRNewswire-FirstCall/ -- American Dairy, Inc. (NYSE: ADY) (the "Company"), one of the leading producers and distributors of infant formula,...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Jul 2008 | 1:00 pm Brand-New Product Protects Homes and Property From Fast-Moving WildfiresSAN DIEGO, July 9 /PRNewswire/ -- San Diego-based Fire-Pro USA announced today that they are rolling out an inexpensive, easy-to-use Fire Defense Unit (FDU) for...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Jul 2008 | 1:00 pm IMMN Expands Network with New Board of Directors; Gains Accreditation with Direct Marketing Assn. in U.K.CHICAGO, July 9 /PRNewswire/ -- Now in its second year, the International Mature Marketing Network (IMMN - href="http://www.immn.org">http://www.immn.org ) is...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Jul 2008 | 1:00 pm Martha Stewart Crafts Expands Into Wal-Mart StoresTwo New Assortments of Products, Martha Stewart Create(TM) and Martha Stewart Celebrate(TM), Debut in Wal-Mart Stores in the U.S. and Canada NEW YORK, July 9...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Jul 2008 | 1:00 pm Oil rebounds $2 on Iran missile tests (Reuters)
Source: Yahoo! News: Business | 9 Jul 2008 | 12:57 pm Oil rebounds $2 on Iran missile testsLONDON (Reuters) - Oil rose $2 to around $138 a barrel on Wednesday, partly recouping a $5 drop in the previous session, after Iran said it had test-fired missiles that could reach Israel and U.S. bases in the region.Source: Reuters: Business News | 9 Jul 2008 | 12:57 pm Lazard Clarifies Evergreen Solar Capital Raise, Maintains Buy Rating (ESLR)Evergreen Solar (NASDAQ: ESLR) is a stock that has been under pressure after the company announced huge orders but then immediately turned around with a huge convertible note offering. The offering wasn't a damning one because it was being used for factory expansion to increase its capacity, but it did come after a large move that left many shareholders feeling like they were suckered in. This morning Lazard Capital Markets' Sanjay Shrestha has maintained his BUY rating and his $15.00 price target on Evergreen Solar. What is perhaps more interesting than anything is that he is clarifying some of the...Source: 24/7 Wall St. | 9 Jul 2008 | 12:55 pm China market sees signs of economic policy easingBEIJING (Reuters) - A flurry of visits by Chinese leaders to cities hit by sluggish exports and a reported tax rebate for textile exporters are being interpreted by the market as signals that Beijing might cautiously ease tight economic policies.Source: Reuters: Business News | 9 Jul 2008 | 12:53 pm China market sees signs of economic policy easing (Reuters)
Source: Yahoo! News: Business | 9 Jul 2008 | 12:52 pm U.S. regulators probe 2 ex-Credit Suisse brokers: report(Reuters) - Federal prosecutors are investigating whether two former Credit Suisse brokers lied to investors about how they placed their money into short-term securities, the Wall Street Journal reported, citing people familiar with the matter.Source: Reuters: Business News | 9 Jul 2008 | 12:50 pm Subprime Today: Merrill may get $5 bln for Bloomberg stake: reportA blind trust of New York City Mayor Michael Bloomberg is willing to pay between $4.5 billion and $5 billion for the 20% of Bloomberg L.P. that Merrill Lynch & Co. holds, according to a published report Wednesday. The deal would value the provider of financial information and news, which employs more than 10,000 workers, at as much as $25 billion. See full story.Source: MarketWatch.com - Top Stories | 9 Jul 2008 | 12:49 pm Google's YouTube ad revenue short of expectations: reportSAN FRANCISCO (Reuters) - Advertising revenue from YouTube is likely to total about $200 million this year and thus fall short of parent company Google Inc's <GOOG.O expectations, The Wall Street Journal said on Tuesday, citing two sources familiar with the matter.Source: Reuters: Business News | 9 Jul 2008 | 12:48 pm Coffee Republic chief executive steps downCoffee Republic announced today that Steven Bartlett, the former rebel shareholder who ousted the company's founder, Bobby Hashemi, in October 2006, is to step down as chief executive.Source: Latest Business News from Times Online | 9 Jul 2008 | 12:44 pm London Markets: Banks drive recovery in London stocksA rebound for financial-sector companies helped top London shares to take back some ground lost recently amid worries about slowing economic growth and asset quality.Source: MarketWatch.com - Top Stories | 9 Jul 2008 | 12:44 pm Antiaging Clinics Are Gaining in Popularity (The New Retirement)Want your own personalized steroids and supplements regimen? Now you can have it.Source: SmartMoney.com | 9 Jul 2008 | 12:37 pm The first iPhone 3G reviewsSource: Business and financial news - CNNMoney.com | 9 Jul 2008 | 12:32 pm World's 25 biggest companiesOnce again, Wal-Mart grabs the No. 1 spot on this year's Global 500 list. See which other companies are the largest on the planet.Source: Business and financial news - CNNMoney.com | 9 Jul 2008 | 12:31 pm Iran test-fires missile in the GulfIran has test-fired its Shahab-3 ballistic missile, which in theory could hit Israel, amid escalating international tensions over the country's nuclear programme.Source: FT.com - US homepage | 9 Jul 2008 | 12:26 pm The real iPhoneThe first iPhone may have been a trial balloon to see if it could sell. Millions of sales later, many think the new model rolling out Friday is the one Steve Jobs really envisioned.Source: Business and financial news - CNNMoney.com | 9 Jul 2008 | 12:24 pm IMF gloomy on growth, warns on inflation (Reuters)
Source: Yahoo! News: Business | 9 Jul 2008 | 12:21 pm IMF gloomy on growth, warns on inflationTOYAKO, Japan (Reuters) - It is hard to know how far the global financial crisis still has to run, with the extent of further credit losses hinging on what happens to the U.S. housing sector, IMF chief Dominique Strauss-Kahn said on Wednesday.Source: Reuters: Business News | 9 Jul 2008 | 12:21 pm GfK may bid for TNS as Sorrell turns hostileGfK, the German market research group, on Wednesday said it was "actively pursuing" an alternative all-cash offer for Taylor Nelson Sofres, with financial backing from a third party, in response to a...Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Jul 2008 | 12:20 pm Top 10 most stolen cars in AmericaOnce again, the 1995 Honda Civic was the most stolen car in America, according to the National Insurance Crime Bureau, but auto theft appears to have declined dramatically for the fourth year in a row.Source: Business and financial news - CNNMoney.com | 9 Jul 2008 | 12:14 pm GfK mulls cash bid for TNS after WPP swoop (Reuters)
Source: Yahoo! News: Business | 9 Jul 2008 | 12:10 pm GfK mulls cash bid for TNS after WPP swoopLONDON (Reuters) - Germany's GfK Holdings AG is considering a cash offer for Britain's Taylor Nelson Sofres after Martin Sorrell's advertising group WPP muscled in on their original merger plan.Source: Reuters: Business News | 9 Jul 2008 | 12:10 pm For Funds, a Miserable Quarter (Today From Barron's)Unless you were in energy, commodities or Latin America, last quarter was best forgotten.Source: SmartMoney.com | 9 Jul 2008 | 12:06 pm Trichet voices inflation concernsThe European Central Bank president says eurozone inflation is at a "worrying" level.Source: BBC News | Business | World Edition | 9 Jul 2008 | 11:52 am Renault cuts 2008 sales targetBOULOGNE-BILLANCOURT, France, July 9 - France's Renault joined the ranks of European automakers bracing for a slower-than-expected 2008 on Wednesday as it warned its sales growth goal of 10 percent could...Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Jul 2008 | 11:48 am UK trade gap stays steady in MayThe UK's trade deficit with the rest of the world remained steady at £7.5bn, official figures show.Source: BBC News | Business | World Edition | 9 Jul 2008 | 11:46 am Oil's big fall boosts equities, despite reboundLONDON (Reuters) - Oil prices firmed on Wednesday after Iran tested long- and medium-range missiles, but its tumble the previous session -- the largest since the 1991 Gulf war -- helped boost global equities and lift sentiment.Source: Reuters: Business News | 9 Jul 2008 | 11:42 am Food prices rise at fastest pace in 18 monthsFood prices rose by 7 per cent during June, the fastest pace of annual growth in 18 months, while concerns rose that retailers are passing on the rising cost of goods to customers.Source: Latest Business News from Times Online | 9 Jul 2008 | 11:41 am Oil on the Trigger FingerWhat does it take to reignite a rally in oil? Nine missiles.Crude oil futures surged on world markets after Iran announced that it had test fired nine long- and medium-range missiles. Among them was a Shahab-3, which is said to have a range of 1,250 miles and is capable of hitting Israel. The tests came just a day after the Iranian president appeared to play down the threats to Israel and the United States over the stanadoff on Iran's nuclear program and oil prices fell in dollar terms by the biggest amount since 1991. But the saber-rattling today revived worries about a disruption to Mideast oil. "While we're still in a phase of verbal attacks, the danger of military strikes is real and Iran might halt its oil exports,'' Gerrit Zambo, a trader at BayernLB in Munich, told Bloomberg News. "This is driving the oil price up and the situation remains tense.'' Crude oil futures slid 6 percent on Monday and Tuesday on expectations that the global economy will slow and ultimately cut back on demand. The retreat gave rise to the view that oil's climb may have peaked. Americans have cut back on their driving and air travel, and India and China have reduced government subsidies on oil imports. Yet such optimism may be misplaced. For one, the decline in oil came after the dollar gained in value, which has more to do with European interest rates than anything else. Oil is priced in dollars, so the decline was not as keenly felt by global consumers and investors. And oil has a geopolitical element that has little to do with the market dynamics of supply and demand. Higher oil is in the political interests of Iran, which produces more than 4 million barrels per day, nearly 5 percent of the world's oil supply. The Economist recently noted, "The tightness of the oil market has become, in effect, a line of defense for Iran, letting its radical leadership hint, truthfully, that any hostile act that may impede the flow of Iranian oil would risk a global economic decline." Related Links The Coming Oil Crash Oil Prices Climb Oil Strikes Out Source: Portfolio.com: Top 5 | 9 Jul 2008 | 11:30 am Top 10 Pre-Market Analyst Upgrades (CCJ, EDS, GENZ, GU, QCOM, STLD, RIG, VRSN, WB, XNPT)These are not all of the upgrades we have seen so far this morning, but here are ten of the top positive analyst calls we have seen so far early this Tuesday morning: Cameco (NYSE: CCJ) raised to Outperform at FBR. Electronic Data Systems (NYSE: EDS) Raised to Neutral from Sell at Goldman Sachs. Genzyme (NASDAQ: GENZ) started as Buy at UBS. Gushan Environmental (NYSE: GU) Raised to Buy at Piper Jaffray. Qualcomm (NASDAQ: QCOM) Started as Buy at Citigroup. Steel Dynamics (NASDAQ: STLD) Raised to Buy from Neutral at UBS. Transocean (NYSE: RIG) Raised to Overweight from Neutral at...Source: 24/7 Wall St. | 9 Jul 2008 | 11:26 am Top 10 Pre-Market Analyst Downgrades (ACE, DRIV, EIG, PAC, INTU, NOK, NCX, OMX, VMW)There are many research calls out this morning. Here are ten downgrades or negative analyst calls we are monitoring this morning: ACE Ltd. (NYSE: ACE) Cut To Hold From Buy By Citigroup. Digital River (NASDAQ: DRIV) Downgraded to Sell from Neutral at Goldman Sachs. Employers Holdings (NYSE: EIG) Downgraded to Market Perform at KBW. Grupo Aeroportuario del Pacifico (NYSE: PAC) Downgraded to Sell at Citigroup. Intuit (NASDAQ: INTU) Downgraded to Sell from Neutral at Goldman Sachs. Nokia (NYSE: NOK) lowered price target but maintained Buy at Merrill Lynch. NOVA Chemicals (NYSE: NCX) Downgraded to Sell at Citigroup. OfficeMax (NYSE: OMX)...Source: 24/7 Wall St. | 9 Jul 2008 | 11:22 am Marks & Spencer's AGM: Sir Stuart Rose answers the shareholdersTwo thousand Marks & Spencer shareholders are in the process of arriving at the Royal Festival Hall on London's south bank for what is sure to be a fiery AGM.Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Jul 2008 | 11:20 am Marks & Spencer's AGM: Sir Stuart Rose answers the shareholdersTwo thousand Marks & Spencer shareholders are in the process of arriving at the Royal Festival Hall on London's south bank for what is sure to be a fiery AGM.Source: Telegraph Business | 9 Jul 2008 | 11:20 am GfK weighs up all-cash bid for besieged TNSGfK, the German market research group, today confirmed that it is considering an all-cash offer for Taylor Nelson Sofres (TNS) after dropping plans for a nil-premium merger with the company.Source: Latest Business News from Times Online | 9 Jul 2008 | 11:14 am Macau family feud hits share saleThe casino company of Macau mogul Stanley Ho delays its stock market float after a court challenge by one of his sisters.Source: BBC News | Business | World Edition | 9 Jul 2008 | 11:13 am LSE feels downturn with 8% drop in volumeThe volume of business going through the London Stock Exchange and its Italian offshoot Borsa Italiana fell by 8 per cent in the three months to the end of June, the exchange announced in an interim management statement ahead of today's annual meeting.Source: Latest Business News from Times Online | 9 Jul 2008 | 11:13 am IMF Does Not Like Economy's ChancesThe IMF seems to think that the global economy is going to go badly this year and worse next. According to Reuters, "With sky-high food and oil prices adding to the economic pain caused by financial strains, Strauss-Kahn said the IMF was fairly pessimistic about global growth prospects this year and, especially, in 2009." Concerns are that inflation is the real villain. The head of the agency said, "In developed countries, central banks have taken it into account and have the correct monetary policy stance. In emerging countries and some low-income countries, in some of them at least, inflation is...Source: 24/7 Wall St. | 9 Jul 2008 | 11:03 am Banks lead bounce in European stocksBanks led a bounce in European stock markets on Wednesday after a pullback in oil prices and reassuring comments from Ben Bernanke, Federal Reserve chairman, sparked a rally in equities worldwide.Some...Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Jul 2008 | 11:02 am The Art of Making MoneyA dearth of new buyouts? Check. Deal implosions? Yep. Tight credit? Unfortunately so. The report's authors suggest that the industry spread its wings a bit to take on more opportunities in sectors like mining, energy, and financial services. They predict secondary buyouts will continue to increase, and sovereign wealth funds will become a stronger presence as exit sources. What's not to love about that? Private Equity: Breaking Up Is Not That Hard to Do WaMu Gets Its Deal Split Decision in Europe Source: Portfolio.com: Top 5 | 9 Jul 2008 | 11:00 am Bargain-hunting boosts FTSELondon equities found their feet on Wednesday, with banking stocks leading the rebound after the previous session's sharp sell-off left the sector ripe for bargain hunting.By midday, the FTSE 100 was 1...Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Jul 2008 | 10:58 am UK mortgage rate soars to eight-year highThe cost of taking out a new two-year fixed rate mortgage has risen to the highest level in more than eight years, according to figures from the Bank of England.Source: Latest Business News from Times Online | 9 Jul 2008 | 10:56 am Six die in US consulate attack in IstanbulThree police officers and three assailants were killed in a gun battle at the entrance of the United States consulate in Istanbul, Istanbul Governor Muammer Guler saidSource: FT.com - US homepage | 9 Jul 2008 | 10:55 am More job cuts at UK housebuildersBovis Homes and Redrow announce sweeping job cuts as they struggle to deal with the housing downturn.Source: BBC News | Business | World Edition | 9 Jul 2008 | 10:48 am Merrill Lynch (MER) To Get $5 Billion For Bloomberg StakeIt looks like Merrill Lynch (MER) is about to get a big lift for its balance sheet. According to The New York Post, Michael Bloomberg is prepared to pay $5 billion for the minority stake in his company which is owned by Merrill. But, the newspaper adds "a deal could fall apart as Merrill aims to monetize its minority stake in the privately held company ahead of its second-quarter earnings call set for July 17." Douglas A. McIntyreSource: 24/7 Wall St. | 9 Jul 2008 | 10:46 am Iran missile tests boost oilOil prices rose $2 on Wednesday on news that Iran had test-fired missiles that could reach Israel and US bases in the region.ICE August Brent rose $2.17 to $138.60 a barrel, partly recouping the previous...Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Jul 2008 | 10:46 am Carphone Warehouse bets on laptops to beat high street gloomCarphone Warehouse has set an internal target to sell 1m laptop computers a year and is investing 3m over six weeks to train its 7,000 UK customer-facing staff to sell them.Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Jul 2008 | 10:40 am Carphone Warehouse bets on laptops to beat high street gloomCarphone Warehouse has set an internal target to sell 1m laptop computers a year and is investing £3m over six weeks to train its 7,000 UK customer-facing staff to sell them.Source: Telegraph Business | 9 Jul 2008 | 10:40 am Alcoa (AA): A Weather Vane For InflationWall St. liked Alcoa's (AA) earnings. They were down, but no by as much as most analysts had supposed. Earnings at the metal company dropped 24% to $546 million. Revenue was down 6% to $7.36 billion, but the shares moved up. The reason for the enthusiasm was simple. Alcoa was able to step on the inflation pedal to keep its margins up. "Higher prices for our products and increased volumes more than offset the increased input costs facing the entire industry," Klaus Kleinfeld, Alcoa chief executive officer, said in a statement. What Alcoa is saying is not unlike the word...Source: 24/7 Wall St. | 9 Jul 2008 | 10:38 am Euro MPs get tough on airline adsMEPs move to ban air ticket ads that do not include hidden taxes and charges, in an EU crackdown on misleading cheap fares.Source: BBC News | Business | World Edition | 9 Jul 2008 | 10:30 am Alliance & Leicester appoints ex-banker as chairmanShares in Alliance & Leicester, the mortgage lender, rose by 17.5p to 232.25p this morning as it announced that it has appointed Alan Gillespie as its chairman.Source: Latest Business News from Times Online | 9 Jul 2008 | 10:27 am Auction-Rate Securities And AlcatrazIt is a good thing that "The Rock" is a national park now, and not a high-security prison. Some of the people who marketed auction-rate instruments may be going to jail. For the time being, Alcatraz is not an option. According to The Wall Street Journal, "Federal prosecutors, ramping up criminal probes stemming from the credit crunch, are investigating whether two former Credit Suisse brokers lied to investors about how they placed their money into short-term securities, according to people familiar with the matter." The auction-rate market, which had total investments of about $330 billion in it, stopped trading when...Source: 24/7 Wall St. | 9 Jul 2008 | 10:24 am TNK-BP faces fresh inquiry by Russian taxmanThe Russian authorities have begun a fresh investigation into TNK-BP's tax arrangements, just hours after Gordon Brown held talks with Dmitry Medvedev, the Russian President, over the battle for control of the 50-50 joint venture company.Source: Latest Business News from Times Online | 9 Jul 2008 | 10:15 am Asia bounces back from 21-month lowAsia Pacific shares bounced back on Wednesday from their lowest levels for 21 months hit yesterday, as oil prices plunged by more than $6 a barrel overnight and orders for Japanese machinery jumped sharply,...Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Jul 2008 | 10:06 am IAG to sell most of its UK operationsInsurance Australia Group on Wednesday said it would exit most of its underperforming UK operations just two years after a disastrous A$1.78bn (US$1.7bn) foray into the country.The Australian home and...Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Jul 2008 | 10:05 am EU court rules against AlitaliaThe EU's top court rejects an appeal by struggling Italian airline Alitalia against conditions for receiving state aid.Source: BBC News | Business | World Edition | 9 Jul 2008 | 10:03 am Levi's profits slump 98% to $1mProfits dive at US clothing maker Levi Strauss as a result of weak consumer spending and costly new software.Source: BBC News | Business | World Edition | 9 Jul 2008 | 9:53 am WPP Group Seeks to Buy Taylor Nelson SofresWPP Group, the advertising and marketing company, said it had made a hostile bid for the British market research company Taylor Nelson Sofres.Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Jul 2008 | 9:33 am Fed ready to aid investment banksThe Federal Reserve may allow investment banks to access emergency cash into next year as financial turmoil persists.Source: BBC News | Business | World Edition | 9 Jul 2008 | 9:17 am Trichet says inflation hits labour marketsThe European Central Bank president sounded the alarm over the spill-over effects of soaring oil prices, saying the "first signs" were emerging that inflation dangers had spread into eurozone labour markets, in remarks also confirming that the ECB was not yet envisaging an interest rate hikeSource: FT.com - US homepage | 9 Jul 2008 | 8:38 am China and India hold out on emission targetsNeither China nor India gave any ground on setting targets for emissions cuts by 2050, reiterating their view it was the responsibility of rich nations to clear up the mess they had createdSource: FT.com - US homepage | 9 Jul 2008 | 8:25 am Shareholders to grill M&S bossesInvestors will grill Marks and Spencer bosses about the firm's outlook and the role of Sir Stuart Rose at its AGM.Source: BBC News | Business | World Edition | 9 Jul 2008 | 8:22 am Bovis Homes and Redrow axe 40pc of staff in further housing gloomIn the latest sign that the UK housing market is in sharp decline, Bovis Homes and fellow housebuilder Redrow both said this morning that they plan to make 40pc of their staff redundant as the British public continues to put off buying new homes.Source: Telegraph Business | 9 Jul 2008 | 8:20 am WPP makes £1bn hostile bid for TNSThe board of WPP, the world's largest advertising company, has launched a hostile bid worth £1.08bn for market research firm Taylor Nelson SofresSource: Telegraph Business | 9 Jul 2008 | 8:00 am Bovis Homes and Redrow to slash 40pc of workforceHousebuilders Bovis Homes and Redrow have both announced plans to slash their workforces by 40pc this morning, amid the gloomy outlook for the UK housing market.Source: Telegraph Business | 9 Jul 2008 | 7:40 am Earnings Roundup: Office Depot shares plunge on report of sales declineSource: L.A. Times - Business | 9 Jul 2008 | 7:00 am Google decides to try a 'virtual experience'Source: L.A. Times - Business | 9 Jul 2008 | 7:00 am SEC criticizes credit-rating firmsSource: L.A. Times - Business | 9 Jul 2008 | 7:00 am AFTRA, in blow to SAG leaders, approves contractSource: L.A. Times - Business | 9 Jul 2008 | 7:00 am T. Boone Pickens could gain from his energy plan, but so might weSource: L.A. Times - Business | 9 Jul 2008 | 7:00 am Analysts have zero hopes for IndyMacSource: L.A. Times - Business | 9 Jul 2008 | 7:00 am Crude's fall now $9 in two daysSource: L.A. Times - Business | 9 Jul 2008 | 7:00 am Scrabble seeks big score on Web against unauthorized ScrabulousSource: L.A. Times - Business | 9 Jul 2008 | 7:00 am Federal regulators prepare to tighten mortgage rulesSource: L.A. Times - Business | 9 Jul 2008 | 7:00 am Bovis and Redrow axe close to 1,000 jobsThe housebuilding sector was hit again this morning as Redrow and Bovis Homes slashed close to 1,000 jobs and said their business had decreased dramatically.Source: Latest Business News from Times Online | 9 Jul 2008 | 6:26 am Oil prices rebound slightly after second big tumble this weekOil prices rebounded slightly Wednesday in Asia after tumbling more than US$5 in the previous session as traders worried about the health of the global economy cashed in gains from the recent rally. Tuesday's drop hurled crude...Source: New Zealand Herald - Business | 9 Jul 2008 | 4:00 am Web of LiesThe caller was initially vague about his problem. Kent Campbell remembers uncomfortable silences and said the man on the other end of the line nervously cleared his throat again and again.After some coaxing, the caller finally revealed that he was a doctor and that a blogger had posted scathing comments about him as well as his line of health and beauty products. The post appeared at the top of the list in a Google search using the doctor's name, and he said it had already caused him to lose $5 million from a potential investor. Campbell, a kind of Sam Spade for the Cyber Age, had heard it all before. A self-described crusader against internet invective, he makes a living by restoring reputations sullied by insults posted anonymously on the internet. "People who contact me are usually very embarrassed and sometimes very angry," he says. Often for good reason. Three decades ago, former British Prime Minister James Callaghan said that a lie can travel halfway around the world before the truth has got its boots on; the internet has greatly widened that advantage. Whether unjust, spiteful, or just plain false, a disparaging post on the first page of a Google search can ruin a reputation regardless of redeeming information found on pages two, three and four. As a result, combating defamation on the Web has become a booming business. Within the last two years, several lawyers have begun to specialize in defending victims of cyberslurs and smear campaigns. And dozens of so-called internet reputation management companies like Campbell's in Ventura, California, have formed to prevent or mitigate the damage of negative Web postings. "We're engaged in guerilla war against this type of stuff," Campbell says. "Sometimes I feel like I should be wearing camo." To help the doctor, Campbell and his team of six employees and 25 contractors had to figure out whether this was a war or just a skirmish. Lucky for the doctor, it was the latter. The author of the negative posts was a random guy expressing his opinion rather than someone making a concerted effort to defame the doctor. This was not a cutthroat competitor or vengeful ex-lover, as is often the case. Next, Campbell says they looked for any positive content that already existed online about the doctor. He had his own Web site with patient testimonials. And he had done a spot on a local TV news program. Campbell and his team were able to get more "Google juice" out of these sites by linking them together and persuading other bloggers to link to them. They also strategically placed phrases on the doctor's website, and distributed electronic press releases about his practice and products that included those phrases. The order in which results appear in a Google search depends on an algorithm—a mathematical formula—that weights various websites differently as well as the positioning of keywords or phrases on those sites. Google favors content with lots of links, particularly from sites it deems credible, including CNN, The New York Times, and, yes, Portfolio.com. The doctor was lucky that he had a link from an affiliate station of a TV network. A study by iProspect and JupiterResearch indicates that fewer than 30 percent of people go beyond the first page of search results, and less than 8 percent make it to page three. Reputation-management experts say they concentrate on Google because it's the most popular search engine and others often mirror its results. "When you think about how Google results impact whether you get a client, attract investors, or even get a date, you understand how huge the demand is for this type of service," says Chris Martin, founder of ReputationHawk, a reputation-management company in Baton Rouge, Louisiana. The potential for abuse has grown as the internet has become more interactive with blogs and sites like YouTube, Facebook, and MySpace. "Anyone with a computer can disseminate lies around the world in seconds," says David Pollack, a Miami lawyer who last year won an $11.3 million verdict in an internet libel case. Pollack's client in that case, an education consultant, was vilified by someone she had once advised. Following the verdict, Pollack says he has received hundreds of calls from people who feel they have been similarly wronged. Suing to defend your online reputation is a difficult and expensive strategy, since most calumny is posted anonymously. Moreover, the Communications Decency Act of 1996 immunizes webmasters, Web hosts and internet service providers from liability if a third party posts something malicious on their platforms. (A judge can compel them to reveal the identity of an author if harm is established; that person can be held liable.) "It's a long and drawn-out process, but it is possible to unmask anonymous posters," says Karl Kronenberger of Kronenberger Burgoyne, an internet law firm in San Francisco. "Even the most technologically savvy person leaves a digital footprint." Kronenberger's clients have included a Cayman Islands medical school and a Florida relocation service. Competitors had anonymously disparaged them on consumer websites. Once exposed, the competitors were induced to retract their rants and pay damages. Even if the person responsible for posting defamatory information is, say, an unemployed crank living in his parents' basement without financial resources (as often is the case), lawyers say that homeowners' insurance policies may cover the damages. But even a successful lawsuit may create more negative information for a search engine to find. "It becomes a news event when you file a lawsuit," said Eugene Volokh, a professor specializing in cyberlaw at the University of California–Los Angeles. "The original falsehood then gets magnified and grabs more attention online." Hiring an internet reputation-management consultant is the alternative. In addition to making positive references to their clients more Google-friendly, they can also create entirely new material, including blogs, Wikipedia entries, YouTube videos, and even entire websites sprinkled with key phrases. If a client prefers a stealthier approach, reputation managers can look for content about a person or entity with a similar name to their client's, then create links to those sites. That can push those to the top of search results, moving less flattering information well down the list. "The Google algorithm changes all the time, so it can be tricky and time-consuming," Martin says. He admits to sometimes "tearing his hair out" trying to move negative content off the first page of a Google search. But, he adds, "We figure it out eventually." Restoring one's reputation costs between $500 and $10,000 per month, depending on how much negative information is floating around on the Web, whether it's on the first page of a Google search, and if the client wants to create new content. It can take anywhere from four months to a year to repair an online reputation. The doctor who hired Campbell will end up spending $30,000. Some celebrities, C.E.O.'s, and surgeons have begun to hire internet-reputation management companies to constantly monitor the Web and sweep away negative information as it appears. The cost of such vigilance is $1,500 to $7,500 per month. Even at those prices, internet-reputation management firms say there are some clients they just won't take. "It's sickening to me that anyone with an ax to grind can go online and destroy people's lives," says Carl Sgro of I.R.M. Consultants in Bloomingdale, New Jersey. But, he added, some people deserve their bad reputations. When they call, he tells them, "I could help you, but I won't." Also on Porfolio.com:
Microsoft's Supreme Search Screw-up I Don't Want My Web TV Web Search: Game Over, Google Won Source: Portfolio.com: Top 5 | 9 Jul 2008 | 4:00 am NZers plan turning to credit to cope with tougher timesOne in four New Zealanders believe they will have higher debt levels three months from now. A new survey from Dun and Bradstreet focuses on the country's expectations for credit applications, credit usage and debt performance over...Source: New Zealand Herald - Business | 9 Jul 2008 | 3:00 am Breakaway accountants lead acrimonious KPMG splitAccountants KPMG is offering 80 Christchurch staff one-off payments of up to $15,000 to stay with the firm, after an acrimonious split in the firm. The Christchurch business has been split by a breakaway group of five KPMG partners...Source: New Zealand Herald - Business | 9 Jul 2008 | 1:00 am Dymocks in expansion modeBook store Dymocks is launching an expansion drive across New Zealand. The franchise is adding two new branches to the seven stores it already operates in the North Island, followed by a push into the South Island. General manager...Source: New Zealand Herald - Business | 9 Jul 2008 | 12:45 am After The Close - TuesdayEZCORP (EZPW), a cash-advance company that also operates pawn shops, raised its Q4 EPS outlook to 25 cents, 4 cents over views. Shares rose 2%.Source: Investor's Business Daily: BUSINESS | 9 Jul 2008 | 12:28 am Trends & Innovations - TuesdayRushing air travelers lose PCsSource: Investor's Business Daily: BUSINESS | 9 Jul 2008 | 12:28 am Australian Miner Enforces Higher Iron Ore Prices For Steel ProducersIn late June, Rio Tinto won the biggest-ever price hike of up to 96.5% in a contract to supply iron ore to Chinese steel maker Baosteel.Source: Investor's Business Daily: BUSINESS | 9 Jul 2008 | 12:28 am Business Briefs - TuesdayMasterCard rises on positive note. The No. 2 credit card company was upgraded to outperform from market perform by Raymond James, which sees...Source: Investor's Business Daily: BUSINESS | 9 Jul 2008 | 12:28 am In Brief - TuesdayApparel retailer Cache (CACH), after the market closed, raised Q2 EPS guidance to 14-15 cents vs. views of 15 cents. Shares rose in late trading.Source: Investor's Business Daily: BUSINESS | 9 Jul 2008 | 12:28 am Probe uncovers concern over ratings qualityThe SEC says internal communications from analysts at top credit rating agencies expressed scepticism the ratings they assigned to bonds backed by subprime mortgagesSource: FT.com - US homepage | 9 Jul 2008 | 12:09 am EU action on Britain over budget deficitEuropean Union finance ministers have voted to condemn Britain for flagrant breach of the Maastricht spending rules, irked that the UK government has not even tried to keep its budget deficit below the treaty limit of 3pc of national income.Source: Telegraph Business | 9 Jul 2008 | 12:01 am Britain already in recession, expert warnsBritain is already in recession, one of the City's leading experts has warned.Source: Telegraph Business | 9 Jul 2008 | 12:01 am DTZ profits plunge as "recessionary" gloom bitesDTZ profits fall 87pc as "recessionary" gloom bitesSource: Telegraph Business | 9 Jul 2008 | 12:01 am Big Brother just got biggerDodgy driving is the subject of this blog. The Police recently launched a campaign aimed at raising commercial driver and company awareness of the dangers of fatigue, which was identified as a contributing factor in 134 fatal crashes...Source: New Zealand Herald - Business | 9 Jul 2008 | 12:00 am Action against Blue Chip solicitorsLegal action is being taken against several solicitors over the advice they gave to burned Blue Chip investors. Auckland law firm Ellis Law, acting for hundreds of victims of the Blue Chip property investment collapse, has started...Source: New Zealand Herald - Business | 9 Jul 2008 | 12:00 am Suspended jail term given over Stiassny internet postingsAn Auckland man has been handed a suspended six-month prison term for contempt of court in relation to material published on the internet. Vince Siemer, who has already spent time at Auckland's Mt Eden Prison, has been told he...Source: New Zealand Herald - Business | 8 Jul 2008 | 11:05 pm Why housing gloom need not spell doomThere is a new contest among company bosses: claiming that their markets are the worst since the most distant downturn they can remember.Source: Latest Business News from Times Online | 8 Jul 2008 | 11:00 pm Economy - Tuesday (Investor's Business Daily)Investor's Business Daily - That was slightly better than Wall St. estimates, while April's rise in consumer credit outstanding was revised down to $7.8 bil. Credit card and other revolving debt grew by $5.7 bil after April's drop of $424 mil. Auto, boat and other nonrevolving loans rose $2.1 bil.Source: Yahoo! News: Business | 8 Jul 2008 | 10:49 pm Blog: The unpublished doubts of mortgage-bond gradersSource: L.A. Times - Business | 8 Jul 2008 | 10:36 pm Total and Eni eye nuclear optionTwo of Europe's biggest oil and gas companies, Total and Eni, each plan to bring nuclear power to countries in the Middle EastSource: FT.com - US homepage | 8 Jul 2008 | 10:30 pm NZ Shares: Wall St and oil extend reboundA rally on Wall Street fuelled by tumbling oil prices helped the local shares extend their rebound in early trading today. On Wall Street, investors shook off renewed fears about the credit squeeze and further economic turmoil...Source: New Zealand Herald - Business | 8 Jul 2008 | 10:28 pm Banks find way to cushion lossesBanks are set to cushion the blow of more credit-related losses by using an accounting rule that enables them to record gains when their financial health deterioratesSource: FT.com - US homepage | 8 Jul 2008 | 10:01 pm France brushes up on modern artFrench art collectors don't have much of an appetite for contemporary works, so the government is giving buyers incentives to spend their money in the modern art market. John Laurenson reports.Source: Marketplace | 8 Jul 2008 | 10:00 pm Online privacy fight begins in US Senate - Google, Microsoft, Facebook face grillingExecutives from major internet players - Microsoft Corp., Google Inc. and Facebook Inc. - are due for a grilling about online privacy in a Senate committee Wednesday, but the company likely to get the most scrutiny is a small Silicon...Source: New Zealand Herald - Business | 8 Jul 2008 | 10:00 pm China scrambles to the finish lineWith just 30 days until the opening ceremonies, there are still a lot of cranes working over Beijing. Host Kai Ryssdal asks Marketplace's Lisa Chow how much work is left to prepare the city for the big event.Source: Marketplace | 8 Jul 2008 | 10:00 pm Learning the value of your landLandowners who've allowed energy companies to drill on their property often got the short end of the stick, but one man's seminars have helped them land better deals. Ann Murray reports.Source: Marketplace | 8 Jul 2008 | 10:00 pm Search for ideal fuel is nothing newSkyrocketing oil prices are just the latest force pushing the scramble for cheap fuel, a search that commentator and economic historian John Steele Gordon says is as old as humanity itself.Source: Marketplace | 8 Jul 2008 | 10:00 pm G8 gives clean coal a boostAs the U.S. cuts its plans for clean coal plants, the G8 nations are giving the technology a vote of confidence. But can clean coal deliver results in time to curb global warming? Sam Eaton reports.Source: Marketplace | 8 Jul 2008 | 10:00 pm Exports to Iran increase despite sanctionsDespite tough talk, U.S. exports to Iran grew tenfold under the Bush Administration. The majority of these exports were cigarettes, but other goods have made their way to Tehran. Jeremy Hobson reports.Source: Marketplace | 8 Jul 2008 | 10:00 pm SEC reports on rating agenciesThe SEC has released a report on the agencies that gave high marks to subprime securities. Host Kai Ryssdal asks Marketplace's Amy Scott about the agency's latest efforts to clean up the ratings business.Source: Marketplace | 8 Jul 2008 | 9:59 pm Fed plans new loan rulesTo protect borrowers from the kind of subprime lending practices that led to the mortgage crisis, the Fed is planning new regulations. Host Kai Ryssdal shares Chairman Ben Bernanke's remarks.Source: Marketplace | 8 Jul 2008 | 9:59 pm Traders plead guilty to foreign exchange scamNEW YORK (Reuters) - Two currency traders pleaded guilty on Tuesday to defrauding investors, admitting their firm engaged in almost no trading and that they misappropriated money from investors and used it to buy luxury homes and cars, federal prosecutors said.Source: Reuters: Business News | 8 Jul 2008 | 9:57 pm Russia warns on US-Czech missile shieldRussia warned that it would be forced to make a military response if elements of the planned US missile defence system began to be deployed in the Czech RepublicSource: FT.com - US homepage | 8 Jul 2008 | 9:50 pm Fed ready to extend bank aidLarge US investment banks will be able to access emergency cash from the Federal Reserve into next year if market turmoil persists, Ben Bernanke said in a sign of the growing concern among policymakers that financial strains could continue for some timeSource: FT.com - US homepage | 8 Jul 2008 | 9:43 pm Limited Analyst Coverage Can Have Benefits (Stock Screen)Limited coverage by Wall Street analysts can be a boon for some stocks.Source: SmartMoney.com | 8 Jul 2008 | 9:37 pm Its Designer Jeans Are Famous, but Its Stock Isn't (Stock Screen)Its designer jeans and undies are well known, but its stock isn't. Not yet anyway.Source: SmartMoney.com | 8 Jul 2008 | 9:13 pm Fed may keep open lifeline to financial firms (Reuters)
Source: Yahoo! News: Business | 8 Jul 2008 | 9:08 pm VIX Index of U.S. Stock Option Prices Retreats 10.2% to 23.15Source: Bloomberg - All Podcasts | 8 Jul 2008 | 9:04 pm Foreign Oil Cheaper Than Pickens Plan (The Invisible Hand)Texas oilman T. Boone Pickens believes in government programs after all.Source: SmartMoney.com | 8 Jul 2008 | 9:03 pm Johnson Research Sees Opportunities in Regional Bank ETFsSource: Bloomberg - All Podcasts | 8 Jul 2008 | 9:00 pm Highflier VimpelCom Lands in Bargain Bin (Stock Screen)A search for efficient earners tapped into a Russian telecom that's seen headier days.Source: SmartMoney.com | 8 Jul 2008 | 8:48 pm Fed Chair's Comments Pops Financial ETFs (Daily ETF Wrap-Up)Comments from the Fed chairman fuel buying of financials, health care ETFs.Source: SmartMoney.com | 8 Jul 2008 | 8:29 pm Warning Lands Office Depot in Recycle Bin (One-Day Wonder)Shares of Office Depot crumpled as the economy continues to take a toll on sales.Source: SmartMoney.com | 8 Jul 2008 | 8:17 pm Stocks Ride Late RallyTraders welcomed a sharp drop in energy prices and a wider safety net for the financial sector.Source: SmartMoney.com | 8 Jul 2008 | 8:16 pm Key predicts interest rates cut in SeptemberNational Party leader John Key wants interest rates to come down and thinks Reserve Bank Governor Alan Bollard will make a move in the September quarter. Talking about the economy today, Mr Key said it would be a very serious situation...Source: New Zealand Herald - Business | 8 Jul 2008 | 8:00 pm Noerper Says Mongolia Should Be Higher on U.S. AgendaSource: Bloomberg - All Podcasts | 8 Jul 2008 | 7:32 pm The Business of Cancer-BotsThe promising field of cancer nanotherapies provide a perfect example of why government spending on science is good for business — and, ultimately, for people.Several years ago, the National Cancer Institute made nanotechnology a centerpiece of its promise to eliminate suffering and death from cancer by 2015. Though the timetable was unrealistic, the promise of cancer nanotech — molecules designed to detect and destroy cancerous cells — was real. The NCI poured money into cancer nanotech training and research. At the time, experiments were largely restricted to animals; as of today, at least 48 clinical trials are ongoing, many already in Phase II. When I reported yesterday on drug-infused nanoparticles that stopped mouse liver and kidney cancers from spreading, some commenters why I was still covering animal research. "The field has been quietly progressing," said David Cheresh, a University of California, San Diego pathologist and co-author of that study. "What happened is that the National Cancer Institute supported this area. They assembled teams at various universities, including my own. That money directly allowed us to do this work." Such basic research, said Cheresh, "is not something that industry would necessarily do. They're not going to support the kind of research that the government would for bringing this to fruition. But they'll capitalize on the discoveries we make. Those will be taken into the private sector, because we do discovery but aren't in a position to do a scale-up and the pre-clinical studies. That has to come from the private sector." Cheresh mentioned Kereos, a young biotechnology company currently testing a therapy similar to the one he tested on mice. "They wouldn't have done what they did without early-stage government support," he said. "The smaller biotechs all come from the academic world. The founders there came from Washington University. The government supports the scientists at the academic centers," and big pharma and venture capitalists take over from there. Related Links Wireless War: The 4G Battle Lines Have Been Drawn What's Good for Apple is Better for Everyone Else McCaw's Next Bet Source: Portfolio.com: Top 5 | 8 Jul 2008 | 5:30 pm Parr Says Steel Demand Outstripping Raw-Material SupplySource: Bloomberg - All Podcasts | 8 Jul 2008 | 4:46 pm Merrill EPS Estimates Cut by Wachovia Analysts on WritedownsSource: Bloomberg - All Podcasts | 8 Jul 2008 | 3:53 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 Lilly, a noted divorce lawyer from Houston, who over the years has been called "a teddy bear, a weasel, a piranha," and "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 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 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 damages for "emotional terrorism" during a marriage, a verdict that was later overturned by an appeals court. But he 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 extramarital 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 extramarital 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 insofar as marital assets and alimony are concerned." At the time of Rodriguez's marriage, Scott Boras, the top baseball 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 N.B.A. star Shaquille O'Neal, has been 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 based on personal experience: He met Alex Rodriguez at a dinner party for Don Shula, 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 impresario, 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 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
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