|
|
|
|
Bloodied but unbowed, Sir Stuart Rose wins the dayRebel Marks & Spencer investors claimed a moral victory yesterday as almost one in four of the company’s shareholders refused to back Sir Stuart Rose’s controversial promotion to executive chairman of the company.Source: Latest Business News from Times Online | 10 Jul 2008 | 9:18 pm London Markets: Banks, retailers fall in London as BoE stands pat on ratesLondon shares end sharply lower on Thursday, as investors took in more bad news on the housing market, a critical note on retailers and word the Bank of England kept interest rates on hold at 5%.Source: MarketWatch.com - Top Stories | 10 Jul 2008 | 3:43 pm Glitch at Sainsbury's online shopSupermarket giant Sainsbury's suffers a temporary outage of its online grocery service.Source: BBC News | Business | World Edition | 10 Jul 2008 | 3:42 pm GE to sell home appliance unitRead full story for latest details.Source: Business and financial news - CNNMoney.com | 10 Jul 2008 | 3:34 pm Oil demand and supply will soar: OPECRead full story for latest details.Source: Business and financial news - CNNMoney.com | 10 Jul 2008 | 3:32 pm Retailers avoid June swoon; tax rebates helpNEW YORK (Reuters) - Summer weather, aggressive promotions and tax rebates sent many U.S. consumers shopping in June, providing relief to retailers struggling in the weak economy.Source: Reuters: Business News | 10 Jul 2008 | 3:32 pm Energy Stocks: Natural gas gains in mixed sector; Marathon, Total trade lowerNatural-gas stocks rise ahead of U.S. inventories data, but oil shares including Marathon and Total pull back in early action.Source: MarketWatch.com - Top Stories | 10 Jul 2008 | 3:30 pm Fannie, Freddie stocks and bonds plummetNEW YORK (Reuters) - A firestorm of anxiety over the ability of U.S. mortgage giants Fannie Mae and Freddie Mac to get the capital they need to survive sent their debt and stocks plummeting on Thursday.Source: Reuters: Business News | 10 Jul 2008 | 3:28 pm GE eyes spin of $17 bln consumer-industrial unitBOSTON (Reuters) - General Electric Co said on Thursday it will look to spin off to shareholders its entire consumer and industrial unit, signaling it is ready to part with a much larger slice of its portfolio than just the $7 billion appliance arm it has been seeking to sell.Source: Reuters: Business News | 10 Jul 2008 | 3:26 pm Fannie, Freddie plunge on rescue reportShares of Fannie Mae and Freddie Mae tumbled again Thursday on a report that government officials have begun planning for a possible collapse of the mortgage finance giants.Source: Business and financial news - CNNMoney.com | 10 Jul 2008 | 3:25 pm Retailers post mixed June sales resultsSource: L.A. Times - Business | 10 Jul 2008 | 3:24 pm Stocks mixed as financials slumpA tech advance boosted the Nasdaq Thursday morning, but the broader market struggled as investors mulled ongoing problems in the financial sector, higher oil prices and mixed June sales numbers from the nation's retailers.Source: Business and financial news - CNNMoney.com | 10 Jul 2008 | 3:22 pm GE to spin off consumer and industrial businessGeneral Electric, under pressure from investors to shed slower-growing businesses and lift the conglomerate's slumping share price, is preparing to spin off its consumer and industrial business to shareholdersSource: FT.com - US homepage | 10 Jul 2008 | 3:22 pm Pimco says continues trading with Lehman (Reuters)Reuters - Pimco continues to trade with investment bank Lehman Brothers Holdings Inc , a spokesman for Pimco said on Thursday, amid rumors that the bond fund was scaling back business with Lehman.Source: Yahoo! News: Business | 10 Jul 2008 | 3:21 pm Bernanke calls for new regulationThe Fed and US Treasury call for regulatory powers to shield the economy should a Wall Street firm collapse.Source: BBC News | Business | World Edition | 10 Jul 2008 | 3:21 pm Pimco says continues trading with LehmanNEW YORK (Reuters) - Pimco continues to trade with investment bank Lehman Brothers Holdings Inc , a spokesman for Pimco said on Thursday, amid rumors that the bond fund was scaling back business with Lehman.Source: Reuters: Business News | 10 Jul 2008 | 3:21 pm Agriculture futures open trading mixed in ChicagoAgriculture futures traded mixed Thursday on the Chicago Board of Trade. Wheat for July delivery fell 9 cents to $8.05 a bushel; July corn lost 8.5 cents to $6.745 a bushel; July oats...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Jul 2008 | 3:21 pm Global energy needs 'to grow 50%'World demand for oil will grow by 50% by 2030 but supply should keep up with demand, Opec says.Source: BBC News | Business | World Edition | 10 Jul 2008 | 3:20 pm Paulson, Bernanke ask for overhaul of U.S. market oversightTreasury Secretary Henry Paulson and Federal Reserve chairman Ben Bernanke go before Congress and ask for an overhaul of "outdated" system of rules and regulatory agencies that govern financial markets.Source: MarketWatch.com - Top Stories | 10 Jul 2008 | 3:20 pm Stocks mixed amid concerns about financialsStocks fluctuated Thursday as a deal for Dow Chemical Co. to acquire rival Rohm and Haas Co. boosted investor confidence, but could not fully offset continued worries about the health of...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Jul 2008 | 3:19 pm Mortgages: Mortgage rates mixed on week, remain well below year agoMortgage rates changed little this week as the housing sector received mixed economic reports, Freddie Mac’s chief economist said on Thursday.Source: MarketWatch.com - Top Stories | 10 Jul 2008 | 3:18 pm Toyota ramps up Prius, stalls truck productionToyota plans to build its popular Prius hybrid on U.S. soil in late 2010 and to suspend the production of its bigger, less fuel-efficient vehicles as consumers continue to flee pickups and SUVs.Source: MarketWatch.com - Top Stories | 10 Jul 2008 | 3:18 pm Dow Chemical to buy Rohm and Haas for $18.8 billion (Reuters)Reuters - Dow Chemical Co said on Thursday it would buy rival Rohm and Haas Co for $15.3 billion in a move to broaden its product offerings in higher margin markets such as paints, coatings and electronic materials.Source: Yahoo! News: Business | 10 Jul 2008 | 3:14 pm Dow Chemical to buy Rohm and Haas for $18.8 billionNEW YORK (Reuters) - Dow Chemical Co said on Thursday it would buy rival Rohm and Haas Co for $15.3 billion in a move to broaden its product offerings in higher margin markets such as paints, coatings and electronic materials.Source: Reuters: Business News | 10 Jul 2008 | 3:13 pm Bank of South Carolina Corporation Announces Second Quarter EarningsCHARLESTON, S.C., July 10 /PRNewswire-FirstCall/ -- The Bank of South Carolina Corporation, announced earnings for the 2nd quarter of 2008 of $672,323 or $.17 per share,...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Jul 2008 | 3:13 pm Henry Paulson calms market jitters over Fannie MaeUS stocks opened higher today after Henry Paulson, the US Treasury Secretary, reassured investors Fannie Mae and Freddie Mac, America's two biggest housing financiers, were "adequately capitalised" in the face of a "challenging period".Source: Latest Business News from Times Online | 10 Jul 2008 | 3:10 pm Oil rises on Middle East tension, supply worriesOil prices resumed their climb Thursday on heightened worries that crude supplies could get cut off if political tensions in the Middle East and Nigeria escalate to violence. Crude...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Jul 2008 | 3:08 pm Ladish Acquires Aerex ManufacturingCUDAHY, Wis., July 10 /PRNewswire-FirstCall/ -- Ladish Co., Inc. ( href="http://www.ladishco.com">www.ladishco.com ) (Nasdaq: LDSH) today announced it has acquired...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Jul 2008 | 3:08 pm CED Awarded Grant From the Peter G. Peterson FoundationBusiness-led policy group will expand work on Health Care Reform, Budget Deficits, Entitlement Reform WASHINGTON, July 10, /PRNewswire-USNewswire/ -- The CommitteeSource: Infocious RSS raw feed - channel BNewsBusiness | 10 Jul 2008 | 3:06 pm Paulson tries to calm Fannie and Freddie fearsHank Paulson, US Treasury secretary, attempted to calm fears about the financial health of the two government-sponsored mortgage companies, telling Congress they were 'adequately capitalised'Source: FT.com - US homepage | 10 Jul 2008 | 3:05 pm Dow Chemical paying $15.3B for rival Rohm and HaasDow Chemical Co. has agreed to buy rival Rohm and Haas Co. for more than $15 billion in cash in a deal that Dow hopes will fuel its growth in a more lucrative wing of the chemical-making...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Jul 2008 | 3:04 pm UK bank holds interest ratesUK interest rates are held at 5% by the Bank of England, as inflation worries outweigh concerns over slowing growth.Source: BBC News | Business | World Edition | 10 Jul 2008 | 3:04 pm Fannie, Freddie stocks and bonds plummet (Reuters)Reuters - A firestorm of anxiety over the ability of U.S. mortgage giants Fannie Mae and Freddie Mac to get the capital they need to survive sent their debt and stocks plummeting on Thursday.Source: Yahoo! News: Business | 10 Jul 2008 | 3:03 pm Infinity Property and Casualty to Announce Second Quarter 2008 ResultsBIRMINGHAM, Ala., July 10 /PRNewswire-FirstCall/ -- Infinity Property and Casualty Corporation (Nasdaq: IPCC) expects to release its second quarter 2008 results on...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Jul 2008 | 3:01 pm Financial Stocks: Fannie, Freddie woes again weigh on sector; Wachovia taps CEOFinancial stocks beat an early Thursday retreat, pressured on multiple fronts as worries about the viability of mortgage giants Fannie Mae and Freddie Mac rattle investors.Source: MarketWatch.com - Top Stories | 10 Jul 2008 | 2:58 pm Association of Equipment Manufacturers - Industry DataTrade Press and Flash Report Subscribers Farm Equipment Monthly Sales Flash -- United States CHICAGO, July 10 /PRNewswire/ -- Month Ending June...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Jul 2008 | 2:57 pm b>Blog: We aren't cutting the dividend, Lewis saysSource: Infocious RSS raw feed - channel BNPaperBusiness | 10 Jul 2008 | 2:56 pm Blog: We aren't cutting the dividend, Lewis saysSource: L.A. Times - Business | 10 Jul 2008 | 2:56 pm Buffett backs Dow Chemical in $19bn Rohm $& Hass dealDow Chemical, the biggest chemicals maker in the US, is buying Rohm & Hass (R&H), the paint ingredient and chemicals group, for $18.8 billion ($£9.5 billion) including debt.Source: Latest Business News from Times Online | 10 Jul 2008 | 2:56 pm Market Snapshot: U.S. stock mostly lower on Fannie, Freddie woesWall Street trades mostly lower as worries about what might be in store for government-sponsored mortgage buyers Fannie Mae and Freddie Mac cast a fresh shadow across the stock market.Source: MarketWatch.com - Top Stories | 10 Jul 2008 | 2:53 pm Bond Report: Treasurys steady ahead of Bernanke's testimonyNEW YORK (MarketWatch) -- Treasuries gained Thursday as the continuing concern over the health of the two biggest U.S. mortgage lenders led investors to seek the safety of U.S. debt.Source: MarketWatch.com - Top Stories | 10 Jul 2008 | 2:53 pm Shoppers stimulate discount storesConsumers sought the biggest bang for their economic stimulus bucks in June, sending the sales of discount merchants such as Wal-Mart and Costco surging.Source: Business and financial news - CNNMoney.com | 10 Jul 2008 | 2:52 pm Wall Street falls as financials sell offWall Street stocks fell deeper into bear territory as continuing concerns about the health of the government-sponsored mortgage companies triggered another brutal sell-off in financial stocksSource: FT.com - US homepage | 10 Jul 2008 | 2:52 pm The Adams Express Company Declares Dividend and Reports Performance for the First Half of 2008BALTIMORE, July 10 /PRNewswire-FirstCall/ -- The Board of Directors of The Adams Express Company (NYSE: ADX) today declared a dividend of $.05 per share, payable...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Jul 2008 | 2:51 pm Movers & Shakers: Thursday's biggest gaining and declining stocksStocks expected to move actively in Thursday’s trading include the various retailers as well as Carrizo Oil & Gas, Emmis, Excel Technology, Fannie Mae and Freddie Mac, Marriott International, Research in Motion, Rohm & Haas and SunPower.Source: MarketWatch.com - Top Stories | 10 Jul 2008 | 2:50 pm Toyota revamps North American operationsToyota will halt production of big pick-up trucks and sport-utility vehicles in north America for three months from August to November in a rare reversal of its rapid growth over the past two decades.The...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Jul 2008 | 2:47 pm Toyota revamps North American operationsToyota will halt production of big pick-up trucks and sport-utility vehicles in north America for three months from August to November in a rare reversal of its rapid growth over the past two decadesSource: FT.com - US homepage | 10 Jul 2008 | 2:47 pm Fannie, Freddie shares plunge as bailout talks intensifyMortgage giants Fannie Mae and Freddie Mac slide again in opening trading, as it's reported that the Bush administration has been discussing what it would do should the two companies fail.Source: MarketWatch.com - Top Stories | 10 Jul 2008 | 2:46 pm US retailers boosted by tax rebatesWal-Mart raised its earnings forecast for the second quarter after delivering surprisingly strong same-store sales for June, when retail spending was boosted by federal tax rebates, and providing a clear...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Jul 2008 | 2:42 pm US retailers boosted by tax rebatesWal-Mart raised its earnings forecast for the second quarter after delivering strong same-store sales for June but analysts expect a tough time for retailers ahead when the effect of government tax rebates wears offSource: FT.com - US homepage | 10 Jul 2008 | 2:42 pm Stocks slip; credit jitters offset deal news (Reuters)
Source: Yahoo! News: Business | 10 Jul 2008 | 2:40 pm Stocks slip; credit jitters offset deal newsNEW YORK (Reuters) - Stocks fell in choppy trading on Thursday as worry over whether Freddie Mac and Fannie Mae can obtain the capital they need overshadowed news of a planned $18.8 billion acquisition in the chemicals sector.Source: Reuters: Business News | 10 Jul 2008 | 2:40 pm Retailers post mixed June sales results (AP)
Source: Yahoo! News: Business | 10 Jul 2008 | 2:39 pm Bernanke says market turmoil ongoingWASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke told Congress on Thursday that financial market turbulence persists and that government officials are focused on helping the financial system regain stability.Source: Reuters: Business News | 10 Jul 2008 | 2:37 pm Paulson says regulators need powers to calm crisisWASHINGTON (Reuters) - U.S. Treasury Secretary Henry Paulson told Congress on Thursday that regulators need emergency authority to step in to limit temporary disruptions to financial markets, a source familiar with his testimony said.Source: Reuters: Business News | 10 Jul 2008 | 2:35 pm One grandmother's mortgage nightmareOnly weeks after moving into their first home in 2006, Margarita Rios celebrated Christmas with her two daughters and their families. They finally had the room to do it right, with decorations outside the Valley Stream, N.Y., house and a nice tree surrounded by presents inside.Source: Business and financial news - CNNMoney.com | 10 Jul 2008 | 2:35 pm Bernanke says market turmoil ongoing (Reuters)
Source: Yahoo! News: Business | 10 Jul 2008 | 2:34 pm French firm quits Iran gas dealFrench energy firm Total will not invest in Iran because it is too risky, the company's boss says in a newspaper interview.Source: BBC News | Business | World Edition | 10 Jul 2008 | 2:33 pm Equities Waver After SelloffAn early bounce faded, and stocks turned fairly flat after Wednesday's heavy losses.Source: SmartMoney.com | 10 Jul 2008 | 2:30 pm IPhone 3G: The Story So FarLet's face it. Today and tomorrow will be about one thing. The iPhone. And not just in the tech blogs. As we saw earlier, the mainstream press has got iPhone Fever, too, although US stalwarts Mossberg, Pogue and Baig didn't fall over themselves with gushing praise like they did last year.So, ahead of tomorrow's Second Coming, what do we know? Here's a roundup of the latest leaks and announcements. First, we know that the handset is already in the wild. Gadget Lab's all-action playboy, Danny Dumas, showed us the World's first unboxing, and the Boy Genius Report went one better with a video of an iPhone sneaked to them by an Apple insider. Software, too, has started to trickle out. ITunes 7.7 is already available from both the Apple website and via Software Update, and some of the new features are live (App Store: Yes. iPhone 2.0 OS: No). And Mobile Me, the replacement for the withering dotmac service, is already available for download (for Mac users, at least), and, for some, already live. One of our own contacts, Kyle Wiens from iFixit, had a 3G iPhone flashed at him in the queue outside a New Zealand store, doubtless accompanied by the words "na-na na na-na". Kyle mailed me from the line last night, where he's waiting to get a phone to tear apart and photograph for our pleasure: Someone came by the line in NZ with a 3G iPhone to show off. I'm guessing it's one of the demo units... I'm told the screws are easily visible, and look like #00 Philips. We're #4 in line, so we'll have our own soon enough.As of this writing, the iPhone has just gone on sale in New Zealand, where some enterprising (or just plain crazy) Americans have flown to join the queue. Luke Soules, one of Wiens' colleagues, at iFixit, is in line and will be pulling the phone apart as soon as he has one. Computer World New Zealand: Soules flew in from California on Wednesday afternoon and quickly grabbed a spot in line [...] "hopefully, at 12.30am, I will be pulling [the device] apart.UPDATE: The iFixit site shows that the boys have the iPhone, but have yet to take a hammer to it. This mania will doubtless continue until the weekend. Lines are already forming in the US, and Gear Diary has a blog covering the goings on outside Apple's flagship glass cube in New York. To many, it might seem rather pointless, especially after the launch of the original iPhone: When the queues dispersed, customers were able to walk in and just buy one, no waiting required. What these naysayers miss, though, is the camaraderie and carnival atmosphere amongst the Apple fans. As Gear Diary's Wayne Schulz says: It seems more likely that this line is some type of odd family picnic.Related Links iMania What's Good for Apple is Better for Everyone Else The $199 iPhone Challenge Source: Portfolio.com: Top 5 | 10 Jul 2008 | 2:30 pm 6 months - 343,000 homes lostThe number of Americans losing their homes to foreclosure continued to soar in June, according to a report released Thursday.Source: Business and financial news - CNNMoney.com | 10 Jul 2008 | 2:29 pm Buffett's not panicking - neither should youAmerican consumers aren't the only ones going shopping. So is Warren Buffett.Source: Business and financial news - CNNMoney.com | 10 Jul 2008 | 2:24 pm Fannie Mae & Freddie Mac: Do GSE's Fail? Or Merge? (FNM, FRE)The financial sector is reeling yet again over woes from GSE's. In fact, there are now many traders betting that one or both are effectively worthless for common holders. Both Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) are under severe pressure yet again over liquidity concerns. The Wall Street Journal has reported that the government doesn't expect them to fail, but that the White House has discussed the "what if" scenarios if a failure were to occur. A package from the Federal Reserve is also said to have been discussed. But then something came out of Bloomberg that...Source: 24/7 Wall St. | 10 Jul 2008 | 2:24 pm Top 10 fastest-growing citiesAfter being pummeled by Hurricane Katrina in 2005, New Orleans is showing signs of recovery - ranking as the fastest-growing large city in the nation, according to a government report released Thursday.Source: Business and financial news - CNNMoney.com | 10 Jul 2008 | 2:24 pm Stocks rise following retail reports, buyout newsSource: Infocious RSS raw feed - channel BNPaperBusiness | 10 Jul 2008 | 2:24 pm Stocks rise following retail reports, buyout newsSource: L.A. Times - Business | 10 Jul 2008 | 2:24 pm Top 20 money-losing firmsEven giants like General Motors and Merrill Lynch had a rough time in 2007. Here are 20 companies that finished the year in the red.Source: Business and financial news - CNNMoney.com | 10 Jul 2008 | 2:19 pm U.S. bank earnings fraught with pain, uncertaintyNEW YORK (Reuters) - U.S. banks will unleash a tide of poor quarterly results over the next two weeks, yet investors may choose to focus instead on when a recovery might be at hand and how much more capital raising and dividend cutting will be needed to achieve it.Source: Reuters: Business News | 10 Jul 2008 | 2:01 pm Novartis to buy biotech firm for SFr900mNovartis will pay more than SFr900m ($874m, 556m) for Speedel, a small Swiss biotechnology group, to secure full control of a new blood pressure drug a potential blockbuster and a pipeline of associated...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Jul 2008 | 1:48 pm Sports Direct plunges 51% in 'hardest year'Sports Direct said on Thursday that trading in its first year as a listed company had been the hardest it had ever faced, as it reported a 51 per cent drop in underlying pre-tax profits.The sports retailer,...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Jul 2008 | 1:48 pm Fortis faces escalating investor angerFortis will hold a special board meeting on Friday amid growing speculation that the financial services group is poised to oust its chief executive.Belgian newspapers reported on Thursday that Jean-Paul...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Jul 2008 | 1:48 pm Dow Chemical buys Rohm and Haas for $18.8bnDow Chemical, the largest US chemicals company, on Thursday agreed to buy Rohm and Haas, the Philadelphia-based maker of specialty materials, for $18.8bn. The deal is part-funded by billionaire investor...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Jul 2008 | 1:48 pm Dow Chemical buys Rohm and Haas for $18.8bnDow Chemical agreed to buy Rohm and Haas, the Philadelphia-based maker of specialty materials, for $18.8bn in a deal that is part-funded by billionaire investor Warren Buffett and a Kuwaiti sovereign wealth fundSource: FT.com - US homepage | 10 Jul 2008 | 1:48 pm EADS hit as tanker deal reopenedShares in EADS fall on news the US government has reopened a $35bn contract to make US Air Force refuelling tankers.Source: BBC News | Business | World Edition | 10 Jul 2008 | 1:42 pm GE Going For Partial Break-Up (GE)General Electric Co. (NYSE: GE) is announcing the spin off of lighting and appliances and is exploring alternatives for its consumer and industrial units. This report originally came out on Bloomberg but CNBC (a GE subsidiary via NBC) has now confirmed reports. A press release has also been issued right after the open. As a reminder, the conglomerate posts earnings tomorrow morning. The current bias is for another cautious report and this spin-off or reorganization right before the earnings announcement may very well be meant to smooth out any reaction. Whether or not this will be enough to add significant...Source: 24/7 Wall St. | 10 Jul 2008 | 1:40 pm Retail slowdown hits European stocksEuropean stocks slid on Thursday after sharp losses overnight on Wall Street, and as evidence of slowing consumer spending hit the region's retailers.Carrefour, the world's second largest retailer after...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Jul 2008 | 1:32 pm Dow deal and retail data boost Wall StreetWall Street stocks were set for a higher start on Thursday, as investors cheered some deal news in the chemical sector and better-than-expected retail data and stocks bounced back from a precipitous drop...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Jul 2008 | 1:32 pm Chemistry in ChemicalsWhat does it take to do a $19 billion deal at a 75 percent premium in this dismal market?Cold, hard cash from Omaha and the Middle East, that's what. Or convertible preferred securities will do. Dow Chemical announced this morning that it is acquiring Rohm & Haas for $18.8 billion, or $78 per share. The price represents a 74 percent premium to Wednesday's share price. Dow is getting some help financing the deal from Warren Buffett's Berkshire Hathaway, which is contributing $3 billion, and the Kuwait Investment Authority, with a $1 billion stake. Last December, Dow Chemical entered a joint venture with Petrochemical Industries Company of the State of Kuwait. Andrew Liveris, chief executive of Dow Chemical, said the company had been looking for an acquisition to help it diversify its business from petroleum-based commodity chemicals. Rohm & Haas makes chemicals for acrylic paints, adhesives, and personal-care products. "We only ever had two or three companies in our vista that made sense for us,'' Liveris said in an interview with Bloomberg Television, "and our patience and our discipline, the wait for the right moment and the right time for the right property. When it becomes available you make the deal happen.'' Besides being a multibillion-dollar transaction in an otherwise quiet M&A market, this deal is notable for the absence of any private-equity money. Debt financing was committed by Citigroup, Merrill Lynch, and Morgan Stanley, who were also advisers on the deal. Buffett didn't let his dealmaking keep him from attending the Allen & Co. conference in Sun Valley, Idaho. DealBook noticed yesterday that Buffett seemed preoccupied with work while fellow attendees enjoyed golfing and other activities. No word yet on whether or not he participated in the bridge tournament. Related Links Kuwait's Chemical Reaction A Dimon in the Rough Mark-to-Model on Wall Street: The Numbers Source: Portfolio.com: Top 5 | 10 Jul 2008 | 1:30 pm Air India seeks £270m government rescue to ride out lossesAir India, the state-run carrier, is seeking a £270 million rescue finance package from the Indian Government to shore up the company against widening losses.Source: Latest Business News from Times Online | 10 Jul 2008 | 1:18 pm Tyco Doubles Down on Buybacks (TYC)Tyco International Ltd. (NYSE: TYC) has decided to re-join the stock buyback regime seen elsewhere now that it has been a year since its break-up. The company has announced that its Board of Directors has authorized a new share buyback program to repurchase up to $1 Billion of the company's common stock. The company expects to repurchase shares from time to time based on market conditions. This new buyback program is in addition to the existing $1 Billion buyback program that was authorized in September 2007. That existing plan is nearing completion. Tyco has also noted that up to this...Source: 24/7 Wall St. | 10 Jul 2008 | 1:16 pm Marathon Shows Refining is Still Reeling (MRO, TSO, VLO)Marathon Oil (NYSE:MRO) stock is indicated lower this morning in pre-open trading following release of the company's interim update for the second quarter. Shares of Tesoro Corp. (NYSE: TSO) and Valero Corp. (NYSE: VLO) have been under pressure on an almost daily basis that would currently give you the feeling that energy prices this high are impossible for these players whether they rise or fall. Marathon's production is expected to reach 372,000 boe/d, slightly above previous guidance, but slightly below the year ago production of 375,000 boe/d. Estimates for sold barrels is off by 22,000 boe/day. Production is expected to...Source: 24/7 Wall St. | 10 Jul 2008 | 1:04 pm A Happy Ending for Time Warner? (Today From Barron's)The stock is stunningly cheap. After years of struggle, could there be a happy ending?Source: SmartMoney.com | 10 Jul 2008 | 1:03 pm Paying Executives for Short-Term Performance Hurts Shareholders (SmartMoney Magazine)Executives are raking in the big bucks, while shareholders suffer.Source: SmartMoney.com | 10 Jul 2008 | 12:56 pm Wal-Mart June sales up; raises earnings forecastNEW YORK (Reuters) - Wal-Mart Stores Inc on Thursday reported a 5.8 percent rise in June sales at U.S. stores open at least a year, beating Wall Street estimates, and the discount retailer raised its second-quarter earnings forecast.Source: Reuters: Business News | 10 Jul 2008 | 12:54 pm Bank of England holds rates as economy falters (AFP)
Source: Yahoo! News: Business | 10 Jul 2008 | 12:49 pm 8 Stocks With Awesome Cash Flow (Stock Screen)Plenty of cash, a must in a down market, bodes well for these eight stocks.Source: SmartMoney.com | 10 Jul 2008 | 12:36 pm Dow Chemical (DOW) Gambles Inflation Will Stay With Rolm and Hass (ROH) Buy-OutDow Chemical (DOW) recently raised prices on a number of its products by 20%. It said that the price of the core commodities it used in manufacturing was simply up too much. Wall St. was not willing to buy in to the theory that Dow could keep the volume of its sales up while passing significant price increases on to its customers. Consequently, DOW sits near its 52-week low, trading at $33.96 down from a period high of $47.96. But DOW has decided to double down on inflation in a manner which seems almost reckless. It will takeover Rohm and...Source: 24/7 Wall St. | 10 Jul 2008 | 12:17 pm Wachovia Initiates Alternative Energy (CPST, ELON, FCEL, ITRI)Wachovia has initiated coverage of some alternative energy stocks this morning. There may be other calls so we'll follow up with more later depending on the length and details. Here are the ones we saw so far this morning: Capstone Turbine (NASDAQ: CPST) Started as Outperform at Wachovia. Echelon (NASDAQ: ELON) Started as Outperform at Wachovia. FuelCell Energy (NASDAQ: FCEL) Started as Market Perform at Wachovia. Itron (NASDAQ: ITRI) Started as Outperform at Wachovia. Jon C. Ogg July 10, 2008Source: 24/7 Wall St. | 10 Jul 2008 | 12:05 pm Top Analyst Downgrades (CXR, ETM, ROCK, LUX, MAN, NVLS, VSE, ZUMZ)These are some of the top DOWNGRADES we are seeing from Wall Street analysts this Thursday morning: Cox Radio (NYSE: CXR) Cut to Sell from Hold at Citigroup. Entercom (NYSE: ETM) Cut to Sell at Citigroup. Gibraltar Industries (NASDAQ: ROCK) Cut To Sell From Neutral at Goldman Sachs. Luxottica (NYSE: LUX) Cut to Hold at Deutsche Bank. Manpower (NYSE: MAN) Cut to Neutral at Banc of America. Novellus (NASDAQ: NVLS) Started as Sell at Banc of America. VeraSun Energy (NYSE: VSE) Cut to Sell at Piper Jaffray. Zumiez (NYSE: ZUMZ) Cut to Market Perform at William Blair. Jon C. Ogg...Source: 24/7 Wall St. | 10 Jul 2008 | 12:03 pm Top Analyst Upgrades (AMAT, BP, CPST, EGLT, ELON, ITRI, KLAC, NSC, PQ, PCLN)These are some of the top UPGRADES we are seeing from Wall Street analysts this Thursday morning: Applied Materials (NASDAQ: AMAT) Started as Buy at Banc of America. BP plc (NYSE: BP) raised to Overweight from Neutral at HSBC Securities. Eagle Test Systems (NASDAQ: EGLT) started as Buy at Banc of America. KLA-Tencor (NASDAQ: KLAC) Started as Buy at Banc of America. Norfolk Southern (NYSE: NSC) Raised to Overweight at JPMorgan. PetroQuest Energy (NYSE: PQ) Raised to Buy from Neutral at UBS. Priceline.com (NASDAQ: PCLN) started as Buy at Stanford Research. Jon C. Ogg July 10, 2008Source: 24/7 Wall St. | 10 Jul 2008 | 12:01 pm Interest rates: BoE's next move will be a cutWhat is more remarkable than the fact that the Bank of England left interest rates on hold today is the fact that the markets are still pricing in a 50-50 chance that it lifts borrowing costs before the end of the year.Source: Telegraph Business | 10 Jul 2008 | 12:00 pm Interest rate decision: City reactionThe Bank of England's Monetary Policy Committee decided to keep interest rates on hold at 5pc today. The news comes alongside Halifax's latest house price figures - showing a further fall for June - and amid soaring inflation coupled with an economic downturn. Here are some initial reactions from the City:Source: Telegraph Business | 10 Jul 2008 | 12:00 pm Bank of England's MPC holds interest ratesThe Bank of England’s Monetary Policy Committee has voted to hold interest rates at 5pc, as it grapples with soaring inflation coupled with an economic downturn.Source: Telegraph Business | 10 Jul 2008 | 12:00 pm Bank of England holds interest rates at 5pcThe Bank of England's Monetary Policy Committee has voted to hold interest rates at 5pc, as it grapples with soaring inflation coupled with an economic downturn.Source: Telegraph Business | 10 Jul 2008 | 12:00 pm Fannie and Freddie Need a SiblingFears about the two mortgage giants, Fannie Mae and Freddie Mac, have dragged down the stock market into a bear market and prompted doomsday discussions in Washington.The worry is that the two will not able to weather the housing slump, as foreclosures surge (up 53 percent in June), and that the government will be forced to bail them out. A bailout of the two government-created, but investor-owned, companies would make the rescue of Bear Stearns look like a petty cash transaction. Fannie and Freddie, the two largest buyers of American mortgages, have some $5 trillion in mortgage-related debt—about half of the mortgage debt market. "If Fannie or Freddie failed, it would be far worse than the fall of Bear Stearns," Sean Egan, head of credit-rating firm Egan Jones, told Katie Benner of Fortune. "It could throw the economy into depression or something close to it." The former president of the Federal Reserve Bank of St. Louis, William Poole, tells Bloomberg News that under fair accounting rules, both Fannie and Freddie are technically insolvent. "Congress ought to recognize that these firms are insolvent, that it is allowing these firms to continue to exist as bastions of privilege, financed by the taxpayer,'' Poole said in the interview with Bloomberg. In early May, Charles Duhigg of the New York Times had a remarkably prescient report about the fears in Washington over the two companies. Following up on that, James Hagerty, Deborah Solomon, and Damian Paletta of the Wall Street Journal report today that such discussions within the Bush administration have stepped up in recent weeks. The focus in Washington has been on now seemingly stalled housing legislation that would increase the might of the Federal Housing Administration and overhaul the way Fannie and Freddie are regulated. But the debate may have to turn sharply radical as the housing slump deepens. Nationalization of the two is an idea, but Benner says it is unlikely in an election year and with a lame-duck administration. What Congress should do is show the same initiative it did during the dark days of the Depression when Fannie and Freddie were born: Create a new government-sponsored enterprise to compete with the two and buy mortgages in the secondary market. In other words, backstop the market, don't backstop Fannie and Freddie. Bailing out Fannie and Freddie would reward years of aggressive use of derivatives, accounting shenanigans, and wasteful spending on top executives and lobbying. And both companies failed their public mission of making housing affordable. A new housing G.S.E. would of course be a costly undertaking and thus, probably politically impossible. But in the end a government-owned corporation would arguably benefit homeowning taxpayers, whereas a bailout of Fannie and Freddie elevates the problem of moral hazard to a whole new level. And the creation of a rival has been proposed before, although by conservative Congressional critics of Fannie and Freddie when times were good. In 2001, the director of the Congressional Budget Office said that "if the number of companies granted a G.S.E charter was increased, the secondary market would become more competitive, resulting in a larger portion of the subsidy being passed through to borrowers." These are desperate times that call for radical measures. Fiona Mo anyone? Frankie Morg? Related Links Fed: Keep Rates Low for Now The Fed's 125bp Two-Step Fed Leaves Door Ajar Source: Portfolio.com: Top 5 | 10 Jul 2008 | 12:00 pm Total turnaroundWho will now help Iran to develop its huge gas reserves?Source: BBC News | Business | World Edition | 10 Jul 2008 | 11:44 am Wal-Mart (WMT): Huge Jump In US Sales, The Middle Class Feels PoorWal-Mart (WMT) officially has back its swagger. Same-store sales at the world's largest retailer moved up 5.8% in June, well above industry estimates. For the period, revenue jumped almost 12% to $25.2 million, lead by international revenue which rose almost 17% to $9.9 billion. Wal-Mart said "Because of our improved sales results during the quarter, we have updated our guidance estimate for earnings per share for the second quarter of fiscal year 2009 to a range of $0.82 to $0.84." The news is a clear sign that, while the economy is slowing, Americans are still shopping, but only at the...Source: 24/7 Wall St. | 10 Jul 2008 | 11:43 am Chemicals on Fire After Rohm & Haas Merger With Dow (ROH, DOW, BRK.A, APD, CE, EMN, ASD, HUN)Rohm & Haas (NYSE: ROH) has agreed to be acquired by Dow Chemical (NYSE: DOW) in an $18.8 Billion dollar merger ($15.3 Billion in equity value). The terms to shareholders value the company at more than $78.00 per share in a cash buyout. Interestingly enough, Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) and the Kuwaiti Investment Authority are investing in the deal. Rohm & Haas is more diversified than mere chemicals but a 74% premium deal has interest likely falling into other key chemical players and ones to watch would be Air Products (NYSE: APD), Celanese (NYSE: CE), Eastman Chemicals (NYSE:...Source: 24/7 Wall St. | 10 Jul 2008 | 11:38 am Bank of England rate decision: City reactionGraeme Leach, chief economist at the Institute of Directors, said: “The Monetary Policy Commitee (MPC) is caught between a rock and hard place.Source: Latest Business News from Times Online | 10 Jul 2008 | 11:27 am High diesel prices to last through the summerHigh prices for diesel fuel will continue over the summer and may only begin to ease next year, according to the International Energy Agency (IEA), which has given warning of continuing tightness in the world's refining markets.Source: Latest Business News from Times Online | 10 Jul 2008 | 11:06 am Bank holds firm to keep interest rate at 5%The Bank of England today dashed the hopes of hard-pressed families and businesses for action to boost their strained finances and the economy by keeping rates unchanged at 5 per cent.Source: Latest Business News from Times Online | 10 Jul 2008 | 11:00 am O2 launch of Apple iPhone set for chaos in UKTomorrow's UK launch of the new iPhone is threatening to descend into chaos, with limited supply of the gadget set to leave hundreds of thousands disappointed.Source: Telegraph Business | 10 Jul 2008 | 11:00 am House prices falling at fastest rate since 1990sHouse prices are falling at the fastest rate since the 1990s crash and have shed almost £20,000 from their peak values last summer, according to the latest house price survey.Source: Telegraph Business | 10 Jul 2008 | 11:00 am Barratt cuts jobs, axes dividend and writes down £85mBarratt Developments compounded the housing market misery today, as it announced 1,200 job cuts, a write down of £85m, and axed its final dividend.Source: Telegraph Business | 10 Jul 2008 | 10:33 am Japan's wholesale inflation risesJapanese annual wholesale prices reached a 27-year high in June, spurred by high oil and raw material prices.Source: BBC News | Business | World Edition | 10 Jul 2008 | 10:23 am Toyota to monitor staff after an employee dies of "overwork"A senior Toyota car engineer died from working too many hours, a Japanese labour bureau rules.Source: BBC News | Business | World Edition | 10 Jul 2008 | 10:07 am The Rot in C.D.O.'sHedge fund manager Simon Mikhailovich is naming and shaming his colleagues. Good for him. C.D.O. Manager # of C.D.O.'s in Default Expected Losses (in millions)
Related Links Wall Street Requiem The New Committee to Save the World Bad News for Bear Shareholders is Good News for the Markets Source: Portfolio.com: Top 5 | 10 Jul 2008 | 10:00 am European indices slide as Dow Jones and S&P 500 enter bear marketEuropean shares slipped back this morning after US stock markets hit two-year lows yesterday amid continued concerns over the state of the mortgage market and the impact on economic growth.Source: Telegraph Business | 10 Jul 2008 | 10:00 am Couples on average wage struggle to buy homesCouples on average earnings now have to set aside two-thirds of their income to cover the costs of buying a home, new figures suggest.Source: Telegraph Business | 10 Jul 2008 | 10:00 am UK house prices 'fell 2% in June'The UK's biggest mortgage lender, Halifax, says that house prices fell by 2% in June compared with May.Source: BBC News | Business | World Edition | 10 Jul 2008 | 9:53 am AB Foods shares slide on report of slowing growth at PrimarkAssociated British Foods saw its shares slide more than 5pc today after it revealed that growth at Primark, its cut price fashion chain, has slowed.Source: Telegraph Business | 10 Jul 2008 | 9:30 am House prices dive 6.1% in worst fall since 1993British house prices fell by 2 per cent between May and June, above expectations of a 1 per cent decline, adding to growing evidence the slowdown in the housing market is gathering pace.Source: Latest Business News from Times Online | 10 Jul 2008 | 8:25 am Fortis boss expected to quit over fundraisingJean-Paul Votron is expected to resign as chief executive of Fortis, after the Belgo-Dutch financial group infuriated investors by raising €8.3 billion (£6.5 billion) to prop up a balance sheet stretched by last year's acquisition of ABN Amro.Source: Latest Business News from Times Online | 10 Jul 2008 | 8:07 am Sports Direct profits plungeSports Direct, the controversial retailer controlled by the billionaire Mike Ashley, today admitted that its first full year as a public company was the "hardest we have faced in our history" as it revealed pre-tax profits plunged by 51.1 per cent.Source: Latest Business News from Times Online | 10 Jul 2008 | 7:46 am Countrywide takeover will pay off, BofA's CEO saysSource: L.A. Times - Business | 10 Jul 2008 | 7:00 am Allergan failed to warn of dangerous Botox side effects, lawsuit claimsSource: L.A. Times - Business | 10 Jul 2008 | 7:00 am The old man who farms with the seaSource: L.A. Times - Business | 10 Jul 2008 | 7:00 am Apple will open App Store in bid to boost iPhone salesSource: L.A. Times - Business | 10 Jul 2008 | 7:00 am Gasoline prices hit harder outside the U.S.Source: L.A. Times - Business | 10 Jul 2008 | 7:00 am Pentagon voids Northrop air tanker winSource: L.A. Times - Business | 10 Jul 2008 | 7:00 am Allstate to slash homeowner insurance rates 28.5%Source: L.A. Times - Business | 10 Jul 2008 | 7:00 am Yahoo in new web search pushThe Silicon Valley company says Yahoo Search Boss would enhance third party access to and greater control over the group's infrastructure and its indexing of the webSource: FT.com - US homepage | 10 Jul 2008 | 4:08 am Rush to JudgmentRush Limbaugh's reported mammoth, eight-year, $38 million-per contract with Clear Channel has quickly sparked two very different reactions: It's given hope to a bloodied radio industry and simultaneously angered legions of talk-show hosts who aren't making enough to buy entire emerging-market nations.But news of the contract "is a great affirmation by Premiere"—Premiere Radio Networks syndicates The Rush Limbaugh Show—"and by the advertisers that there's great reach still in radio," argues Jeff Haley, chief executive of the Radio Advertising Bureau. That "great affirmation" comes as ad revenue evaporates and audiences vanish. Annual revenue for radio has been spiraling. In 2007, overall revenue for the U.S. radio industry declined 2 percent, to $21.3 million, from the year before, wiping out meager 1 percent gains in 2006. Haley says (surely with fingers and toes crossed, and eyes fixated on heaven) that podcasts and streaming internet broadcasts will likely be incorporated into Limbaugh's new contract, as Clear Channel and its ilk struggle to capture and retain tech-savvy listeners, bored with the standard radio box. And as that evolution takes place and the medium modernizes, "it's only natural that these strong franchises," like Limbaugh's, "will expand," he says. Limbaugh himself is a complete stranger to audience woes. He claims to have 20 million listeners (other industry analysts peg it at closer to 14 million), and he's available on the AM dial, readily accessible to anyone with a bare-bones radio and a tolerance for ads, no subscription necessary. His bombastic personality and conservative views have paved the way for the likes of Sean Hannity and Glenn Beck. And the new contract marks him as central to the success of Premiere's business plan. Despite that, the contract may serve as a mixed blessing to the rank and file of the radio industry as a whole. Sure, it’s a vote of confidence for the viability of radio as a successful medium for ads. Sure, it offers some glimmer of hope to aspiring talk-radio hosts. More immediately however, it is causing untold frustration among other up-and-coming hosts. Michael Harrison, editor of radio industry trade publication Talkers magazine, says many have called him in frustration to complain that they aren't making enough. Another high-profile radio personality, Howard Stern, made headlines four years ago after signing a reported $100-million-a-year contract with the subscription-only Sirius Satellite Radio. That arrangement, too, was based on capitalizing on emerging technology to garner new listeners, but has had mixed results so far: Stern has failed to drum up an audience bigger than somewhere in the estimated "single-digit millions" for his channel, according to Harrison. Still, Sirius's investment in Stern was a wise one, he says. The star brought the fledgling company significant notoriety and can be expected to build a more solid audience given time now that Sirius has merged with rival XM. Amid the fuss, it's worth remembering that the contract's financial details were revealed by Limbaugh himself, hardly an impartial source, in a profile in the New York Times Magazine. The deal is reported to be worth $400 million over eight years, not including a nine-figure signing bonus. But none of this has been confirmed by Premiere. And, like any contract, Limbaugh's is no doubt peppered with protective clauses and contingency plans to shelter the company signing the checks. The host is "going to have to continue to do a heck of a job for that figure to come to fruition," says Harrison, in terms of ratings, revenue, and other performance metrics. Premiere will likely expect revenue growth to at least keep pace with the cost of living, say 3 percent a year—and ratings goals will reflect similarly high expectations. Still, if the contract numbers are real, they may be justified. In radio, "there's a powerful personal connection that happens. That's what drives Rush's reach and the valuation of his programming," says Haley. "The new contract will absolutely pay off." Related Links All Talk? Pump Up the Deal Volume Music Wars Source: Portfolio.com: Top 5 | 10 Jul 2008 | 4:00 am Manager Of Construction Projects Rides World Infrastructure BoomThe injection of billions of dollars to build, expand or strengthen infrastructure is necessary to meet the needs of growing populations and...Source: Investor's Business Daily: BUSINESS | 10 Jul 2008 | 12:31 am Trends & Innovations - WednesdayThieves target precious auto partSource: Investor's Business Daily: BUSINESS | 10 Jul 2008 | 12:31 am After The Close - WednesdayCENTRAL EUROPEAN DISTRIBU- TION (CEDC), a vodka producer, raised its '08 EPS outlook to $2.65- $2.80 vs. views of $2.73. It sees '08 sales of...Source: Investor's Business Daily: BUSINESS | 10 Jul 2008 | 12:31 am Business Briefs - WednesdayFertilizer makers rise on outlook. Industry leaders jumped on positive outlook issued by Goldman Sachs, which said rising potash prices reflected...Source: Investor's Business Daily: BUSINESS | 10 Jul 2008 | 12:31 am US to reopen EADS tanker contractThe US ambitions of EADS suffered a setback after the Pentagon announced it would reopen a $35bn air-tanker contract, overturning an earlier victory by the European group over rival BoeingSource: FT.com - US homepage | 10 Jul 2008 | 12:02 am Hanover says Queenstown Five-Mile project put in receivershipFinance company Hanover Finance said today it had instructed security trustee FMH Nominees to appoint a receiver to Queenstown Five Mile Holdings "as a result of un-remedied loan defaults". However, high-profile developer Dave...Source: New Zealand Herald - Business | 10 Jul 2008 | 12:00 am Wachovia names Steel as chiefRobert Steel, US Treasury undersecretary and a former Goldman Sachs executive, was named the new chief executive of Wachovia, the troubled US commercial bank that is considered a takeover targetSource: FT.com - US homepage | 9 Jul 2008 | 11:42 pm Hallenstein Glasson shares slump 7 per cent on profit downgradeShares in clothing retailer Hallenstein Glasson were down 7.1 per cent in early trading today after the company advised it was expecting a 30 per cent fall in annual net profit. Hallenstein Glasson today said it was expecting profit...Source: New Zealand Herald - Business | 9 Jul 2008 | 11:00 pm Heavy MedalKeeping up with the Olympics this summer promises to be an effort of, well, Olympian proportions.That’s because NBC, which is broadcasting the summer sporting event for the sixth consecutive time is threatening to unleash 3,600 hours of coverage on viewers. "It’s more live coverage from a single Olympics than the total of all previous Summer Olympics combined," Dick Ebersol, the chairman of NBC Universal Sports & Olympics, said in a press release issued by the company. "The enormity of what we’re doing just blows me away." Self-congratulation aside, the coverage—which will be broadcast across eight NBCU platforms, including the NBC network itself, plus cable properties from MSNBC to Telemundo, and on the web at NBCOlympics.com—represents a bid by chief executive Jeff Zucker to drum up interest after disappointing ratings during several previous summer Olympic games. In 2000, the network coughed up $705 million—not including production costs—to broadcast the Summer Olympics in Sydney, Australia. The overall ratings for those games, for which viewership totaled about 200 million, were the lowest for any Olympics ever broadcast by NBC, for a variety of reasons. Interest is lower for Olympics outside of the U.S., the Games took place in late September, when school and work obligations competed with viewing, and the time difference meant a lag during which Americans could get the results of Olympic competitions online or from the newspaper. In 2004, the story was slightly sunnier. After spending $793 million to broadcast the Summer Games from Athens, Greece, NBC garnered household ratings for the event that were 245 percent higher than those from the previous month. That year also marked the first enormous increase in coverage—the company aired a then-record 1,210 hours, thanks to the recent acquisition of three cable networks: USA, Bravo, and Telemundo. This year, the broadcast rights for the Olympics cost a record $894 million, not counting a reported $125 million extra for production expenses. And in exchange for that huge outlay of capital, NBC has found itself embroiled in an international hubbub about China’s human rights record, as well as protests against and attacks on Olympic sponsors. To make it all worthwhile, the network is no doubt banking on a huge payoff in the form of ratings numbers, and is luring viewers with promises of unparalleled choice and live coverage. In addition to 225 hours of coverage on NBC itself, viewers this year will be able to tune in live to the heretofore ignored triumphs of Olympic canoeing, archery, and judo competitions via NBCOlympics.com. Seventy-five percent of the broadcasts across every NBC platform will be live. Coverage from every Olympic sport will be included, and barn-burner sports like gymnastics and swimming will receive especially comprehensive coverage. Also in NBC’s favor: "The time difference works well this year," says Brad Adgate, senior vice president at media-planning and -buying agency Horizon Media. "If an event starts in the morning in China, that’s prime time on the East Coast" of the U.S. Adgate forecasts an audience of "upwards of 200 million" for the Games this summer, but points to other, intangible benefits of broadcasting the Games, such as promoting its fall lineup. And besides, NBC doesn’t have a ton of competition in the form of quality programming from the other networks, most of which are sticking with a tried-and-true slate of reality shows this summer. Still, digesting 3,600 hours of Olympic coverage? Now that’s gold-medal worthy. Related Links Strong Interest in Summer Olympics Spurs Vibrant Ad Sales Are the Olympics Worth It? Music + Sports + Technology = Telecom Trifecta? Source: Portfolio.com: Top 5 | 9 Jul 2008 | 11:00 pm Economy - Wednesday (Investor's Business Daily)Investor's Business Daily - The Mortgage Bankers Association said home loan applications rose in the week ended July 4, despite rising interest rates, to the highest level since early June. Refinance applications rose 8.7%. Demand for mortgages to buy a home grew 6.7%. The average rate for 30-year fixed-rate mortgages rose to 6.43% last week vs. 6.33% a week earlier.Source: Yahoo! News: Business | 9 Jul 2008 | 10:50 pm Total steps back from investing in IranTehran loses last major western energy group considering significant investment in its huge gas reserves as the US pursues campaign of isolation over its nuclear ambitionsSource: FT.com - US homepage | 9 Jul 2008 | 10:34 pm NZ Shares: Earnings jitters drop shares 1.4pcJitters about earnings both here and on Wall Street sent shares tumbling 1.4 per cent in early trading today. US stocks tumbled heavily as investors fretted over the health of corporate America where major companies began reporting...Source: New Zealand Herald - Business | 9 Jul 2008 | 10:21 pm Manufacturing keeps shrinking in JuneManufacturing activity in New Zealand is continuing to weaken, with a new survey showing contraction not seen for several years. The manufacturing sector continued to weaken in June to reach one of its lowest levels of activity...Source: New Zealand Herald - Business | 9 Jul 2008 | 10:00 pm Bishop Says Prosperity Has Made U.S. More HomogeneousSource: Bloomberg - All Podcasts | 9 Jul 2008 | 9:52 pm Clark Capital Invests in Energy Companies With ETFsSource: Bloomberg - All Podcasts | 9 Jul 2008 | 9:18 pm VIX Index of U.S. Stock Option Prices Advances 9% to 25.23Source: Bloomberg - All Podcasts | 9 Jul 2008 | 9:17 pm Historian Noga Arikha Says Change in Medicine Developed SlowlySource: Bloomberg - All Podcasts | 9 Jul 2008 | 9:10 pm Dumping of Coal Stocks Presents Opportunity (Stock Screen)A sudden drop in prices spooked investors. But the near-term outlook looks plenty warm.Source: SmartMoney.com | 9 Jul 2008 | 8:45 pm U.S. Steel Shares See Upswing After Selloff (One-Day Wonder)U.S. Steel rebounded as investors bet the commodities boom isn't over just yet.Source: SmartMoney.com | 9 Jul 2008 | 8:44 pm Traders Bail on Financial, Tech ETFs (Daily ETF Wrap-Up)A day after a rally, financial and tech ETFs head south once again.Source: SmartMoney.com | 9 Jul 2008 | 8:36 pm 6 Ways to Save at a Museum (Deal of the Day)Paying full price to get into a museum is so Mesozoic Era. Here's how to save.Source: SmartMoney.com | 9 Jul 2008 | 8:33 pm Dow Drops 237 PointsThe major indexes fell sharply in a late selloff. Financials and techs took the brunt of the damge.Source: SmartMoney.com | 9 Jul 2008 | 8:33 pm Kubarych Says Recession `Hiding Behind' Rebate ChecksSource: Bloomberg - All Podcasts | 9 Jul 2008 | 7:43 pm Candidates search for election fundsJohn McCain still trails Barack Obama in fundraising, but may find help from an array of independent groups. Host Kai Ryssdal talks with Politico's Jeanne Cummings about where the campaigns will turn for money in this election.Source: Marketplace | 9 Jul 2008 | 7:07 pm Take the politics out of FEMAThe way the government handles a natural disaster can clearly have political ramifications, but commentator David Frum argues that's not an excuse to let politicians manage disaster relief.Source: Marketplace | 9 Jul 2008 | 7:07 pm Getty to snap up Flickr users' picsThanks to a licensing deal between stock photo agency Getty Images and popular photo sharing site Flickr, you could soon cash in on those vacation snapshots. Jeremy Hobson reports.Source: Marketplace | 9 Jul 2008 | 7:07 pm Afghanistan's bumpy road to recoveryOne of the biggest reasons Afghanistan's revival can't get traction is the poor roads that make getting from place to place a struggle. Greg Warner reports.Source: Marketplace | 9 Jul 2008 | 7:07 pm SEC works to rein in ratersThe SEC is revamping the way credit rating agencies hand out scores after several gave high marks to risky securities. Host Kai Ryssdal asks SEC Chairman Christopher Cox about efforts to rein in raters.Source: Marketplace | 9 Jul 2008 | 7:07 pm A sweet new sugar optionCoca-Cola and Cargill are throwing their hats into the sweetener ring with Truvia, an all-natural substitute made from a plant 300 times sweeter than sugar. Alisa Roth reports.Source: Marketplace | 9 Jul 2008 | 7:07 pm Apple readies App Store for iPhoneApple's latest iPhone launches Friday, but the real buzz is around a software update that will give iPhone users access to third party applications. Janet Babin reports.Source: Marketplace | 9 Jul 2008 | 7:07 pm Steve & Barry's unravelsRetailer Steve & Barry's, known for selling hip clothes for next to nothing, has filed for bankruptcy. What went wrong? Ashley Milne-Tyte reports.Source: Marketplace | 9 Jul 2008 | 7:07 pm Wachovia Upgraded at Merrill as Credit `Headwinds' Priced InSource: Bloomberg - All Podcasts | 9 Jul 2008 | 6:05 pm Rescue Memo: Jerry YangTo: Jerry Yang, C.E.O., Yahoo |
| World : News Archives | Business | Entertainment | Sports | Technology | Science | Marketplace Audio |
| India : News | Business | Entertainment | Sports | Telugu | |
| Blogs : Humor pages | Norkay's Blog | Kids Stories | Indian Recipes | Database Tech Blog |
| Sundries : World Video Clips | Songs Clips | Indian Video Clips | |
