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Stock open sharply lower as Fannie, Freddie plungeSource: L.A. Times - Business | 11 Jul 2008 | 2:08 pm US mortgage firms' shares slumpShares in US mortgage firms Freddie Mac and Fannie Mae open 44% lower amid concerns for their future.Source: BBC News | Business | World Edition | 11 Jul 2008 | 2:00 pm Oxford BioMedica plunges on drug trial blowOxford BioMedica, the UK biotechnology company, said that a key trial of the drug it is developing with French pharmaceutical giant Sanofi-Aventis failed to meet its cancer survival target.Source: Latest Business News from Times Online | 11 Jul 2008 | 1:59 pm Apple iPhone goes on sale with smoke and cheersSource: L.A. Times - Business | 11 Jul 2008 | 1:56 pm Stocks tumble on Fannie, Freddie, oilNEW YORK (Reuters) - Stocks slid on Friday on concerns about the stability of home financing providers Freddie Mac and Fannie Mae , and the impact of record oil prices on the economy and fueling inflation.Source: Reuters: Business News | 11 Jul 2008 | 1:55 pm GE profit meets expectations, shares upBOSTON (Reuters) - General Electric Co on Friday posted a second quarter profit that met Wall Street forecasts, helped by better-than-expected results at the company's finance operations and sending shares higher in early trading.Source: Reuters: Business News | 11 Jul 2008 | 1:53 pm Group up for £17bn Sellafield jobA group, including the UK's Amec, is named as the preferred choice to run the Sellafield nuclear site.Source: BBC News | Business | World Edition | 11 Jul 2008 | 1:52 pm Stocks open lower on Fannie, Freddie woes (Reuters)
Source: Yahoo! News: Business | 11 Jul 2008 | 1:50 pm Latin Funds: The Beat Goes On (Today From Barron's)Can mutual funds that cover Latin America continue to outperform their peers?Source: SmartMoney.com | 11 Jul 2008 | 1:50 pm Fannie, Freddie shares crater under insolvency fearsSenior Bush administration officials are weighing a plan that would see the government take over one or both of the two largest U.S. mortgage finance firms -- Fannie Mae and Freddie Mac -- if a recent deluge of problems worsen, The New York Times reported Friday.Source: MarketWatch.com - Top Stories | 11 Jul 2008 | 1:50 pm GE reaffirms full-year earnings targetGeneral Electric released second-quarter results which were in line with expectations and reaffirmed its full-year earnings target, news which may help alleviate concerns about the health of the industrial bellwetherSource: FT.com - US homepage | 11 Jul 2008 | 1:49 pm Stocks Take Sharp FallEach of the major indexes fell more than 1% on higher oil prices and concern over the mortgage lenders.Source: SmartMoney.com | 11 Jul 2008 | 1:47 pm Government mulls Fannie Mae, Freddie Mac takeover: reportHONG KONG (Reuters) - The U.S. government is considering taking over Fannie Mae and Freddie Mac if their funding problems worsen, the New York Times said on Friday, causing shares of the mortgage finance companies to plunge.Source: Reuters: Business News | 11 Jul 2008 | 1:46 pm Economic Report: U.S. import prices climb 2.6% in JunePrices of goods imported into the U.S. rise 2.6% in June, as petroleum and natural gas command sharply higher prices.Source: MarketWatch.com - Top Stories | 11 Jul 2008 | 1:46 pm Fannie, Freddie shares plummet on NYSE after market openNEW YORK (Reuters) - Shares of Fannie Mae and Freddie Mac plunged after the market open on Friday, after a New York Times report said the U.S. government is considering a takeover of the housing finance giants amid funding problems.Source: Reuters: Business News | 11 Jul 2008 | 1:44 pm Bond Report: Treasuries down as mortgage risks fade, oil surgesNEW YORK (MarketWatch) -- Treasurys declined early Friday, paring the week's gains, amid spreading expectations of a government bailout for U.S. mortgage giants Fannie Mae and Freddie Mac.Source: MarketWatch.com - Top Stories | 11 Jul 2008 | 1:44 pm Anheuser-Busch reverses hostility to InBevAnheuser-Busch has reversed course and agreed to negotiate with Belgian rival InBev, which has raised its takeover offer for the US brewer to $70 a share, or about $50bnSource: FT.com - US homepage | 11 Jul 2008 | 1:43 pm Freddie Mac and Fannie Mae in turmoilShares in Freddie Mac and Fannie Mae plummeted further in early Wall Street trading in spite of earlier attempts by US regulators to offer reassurance that the two government-sponsored mortgage financiers remained on a solid footingSource: FT.com - US homepage | 11 Jul 2008 | 1:42 pm Wall St. faces Fannie, Freddie plungeU.S. stocks were poised to drop at Friday's open as troubled mortgage finance giants Fannie Mae and Freddie Mac plunged in pre-market trading.Source: Business and financial news - CNNMoney.com | 11 Jul 2008 | 1:38 pm Indian inflation approaches 12%Soaring food and fuel prices push inflation in India to a 13-year high of 11.89%, threatening growth prospects.Source: BBC News | Business | World Edition | 11 Jul 2008 | 1:37 pm Fannie, Freddie: 45% and sinking fastThe growing anxiety over Fannie Mae and Freddie Mac escalated on Friday as shares of the mortgage finance giants plunged in early trading.Source: Business and financial news - CNNMoney.com | 11 Jul 2008 | 1:36 pm UK shares plunge back into bear marketThe FTSE 100 plunged deep into a bear market today as oil prices soared to record highs.Source: Latest Business News from Times Online | 11 Jul 2008 | 1:35 pm InBev reportedly ups offer for Anheuser-BuschInBev's pursuit of Budweiser brewer Anheuser-Busch could be nearing an end after the Belgo-Brazilian brewer reportedly raised its takeover offer for its US rival to nearly $50bn (£25bn).Source: Telegraph Business | 11 Jul 2008 | 1:33 pm Speedier and Fuel Efficient, Scooter Sales Take Off (SmartMoney Magazine)Today's high-powered scooters get 70 miles to the gallon -- and project Euro-chic.Source: SmartMoney.com | 11 Jul 2008 | 1:32 pm Lehman shares slide more than 10%Shares of Lehman Brothers got socked yet again Friday, falling in premarket trading one day after the Wall Street firm provided more details about last quarter's nearly $3 billion loss.Source: Business and financial news - CNNMoney.com | 11 Jul 2008 | 1:29 pm What to Expect When Buying the iPhone 3G (Deal of the Day)Apple's iPhone 3G offers more bells and whistles, as well as a few headaches.Source: SmartMoney.com | 11 Jul 2008 | 1:28 pm Oil hits record near $147 as supply fears intensifyLONDON (Reuters) - Oil leapt $5 to a new record high near $147 a barrel on Friday, spurred by growing worries of threats to supplies from Iran and Nigeria and the possibility of a strike by Brazilian oil workers next week.Source: Reuters: Business News | 11 Jul 2008 | 1:26 pm Reznick Group Debuts Renewable Energy Business SymposiumTYSONS CORNER, Va., July 11 /PRNewswire/ -- With no clear national energy policy, an upcoming presidential election, and the potential for renewable energy tax credits to expire...Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Jul 2008 | 1:26 pm Supply fears send oil surgingOil hit a record trading high Friday as tensions with Iran, the possibility of renewed violence in Nigeria and a planned labor strike in Brazil threatened already tight crude supplies.Source: Business and financial news - CNNMoney.com | 11 Jul 2008 | 1:24 pm Futures Movers: Oil soars to new record on Iran, Nigeria worriesCrude-oil futures soar to a fresh record high as mounting tensions between Iran and the West as well as worries about supply disruptions in Nigeria and Brazil combine to propel prices to new highs.Source: MarketWatch.com - Top Stories | 11 Jul 2008 | 1:24 pm Metals Stocks: Gold futures surge 2% on rising oil, Iran tensionsGold futures soar 2% in early action, playing off oil prices flirting with new records as well as worries over ongoing tensions between Iran and the West.Source: MarketWatch.com - Top Stories | 11 Jul 2008 | 1:24 pm UAL sees second quarter charges near $2.7 billionCHICAGO (Reuters) - UAL Corp , parent of United Airlines, on Friday said its second-quarter financial results will be hurt by charges totaling $2.6 billion to $2.7 billion.Source: Reuters: Business News | 11 Jul 2008 | 1:20 pm UAL sees second quarter charges near $2.7 billionCHICAGO (Reuters) - UAL Corp , parent of United Airlines, on Friday said its second-quarter financial results will be hurt by charges totaling $2.6 billion to $2.7 billion.Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Jul 2008 | 1:20 pm US stock futures sink as Fannie, Freddie plungeWall Street headed for a sharply lower open Friday as investors focused on troubles at government-sponsored mortgage financiers Fannie Mae and Freddie Mac. Oil prices also hit a new record.Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Jul 2008 | 1:18 pm Inbev raises bid for Anheuser-Busch: reportBelgian-Brazilian brewing group InBev has raised its takeover offer for US peer Anheuser-Busch by 5.0 dollars a share to 70 dollars in a bid to complete a friendly deal, the Wall Street...Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Jul 2008 | 1:17 pm Financial Stocks: Fannie, Freddie again lead big drop in banks, mortgage insurersBOSTON (MarketWatch) -- Share prices of some of America's best-known financial firms continued to crumble Friday morning as concern increased among investors that the federal government will need to bail out mortgage finance giants Fannie Mae and Freddie Mac, driving those shares down as much as 45%.Source: MarketWatch.com - Top Stories | 11 Jul 2008 | 1:16 pm Knight Capital Group Completes Acquisition of Libertas Holdings, LLCInstitutional fixed income broker-dealer renamed Knight Libertas JERSEY CITY, N.J., July 11 /PRNewswire-FirstCall/ -- Knight Capital Group, Inc. (Nasdaq: NITE) today...Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Jul 2008 | 1:15 pm The Hanover Strengthens Its Presence in North Carolina with New Office Space- Insurer offers agents the "Best of Both" national and local company models - CHARLOTTE, N.C., July 11 /PRNewswire-FirstCall/ -- The Hanover Insurance Group (NYSE:...Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Jul 2008 | 1:10 pm Economic Report: Trade gap narrows to $59.8 billion as exports chug higherDespite a record increase in the price of crude oil, U.S. exports increased at a much faster rate than imports did in May, pushing the trade deficit down unexpectedly to a seasonally adjusted $59.8 billion, the Commerce Department reports.Source: MarketWatch.com - Top Stories | 11 Jul 2008 | 1:09 pm Citigroup to sell German unit for about $8 billionFRANKFURT/NEW YORK (Reuters) - Citigroup Inc , the largest U.S. bank, said on Friday that it was selling its German consumer banking unit to France's Credit Mutuel Group for close to $8 billion to shore up capital.Source: Reuters: Business News | 11 Jul 2008 | 1:08 pm U.S. trade gap narrows in MayRead full story for latest details.Source: Business and financial news - CNNMoney.com | 11 Jul 2008 | 1:07 pm FTSE deep in bear territory as oil hits recordLondon blue chip stocks set a new low for the year on Friday as oil hit a fresh record, re-igniting concerns about inflationary pressure in a slowing economy.The FTSE 100 lost 1.4 per cent to 5,333.2 in...Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Jul 2008 | 1:05 pm Live blog: Scenes from the iPhone debutThe circus is building at Apple's flagship Manhattan store as diehard fans line up to buy the faster, cheaper iPhone on sale Friday.Source: Business and financial news - CNNMoney.com | 11 Jul 2008 | 1:00 pm NewsWatch: U.S. stock futures drop sharply on Iran, Fannie Mae turmoilU.S. stock futures dropped sharply on Friday as the U.S. government mulls what to do about the two ailing mortgage finance giants Fannie Mae and Freddie Mac and oil prices spiked higher, offsetting an in-line earnings report from General Electric.Source: MarketWatch.com - Top Stories | 11 Jul 2008 | 1:00 pm 1-800-PACK-RAT Expands Senior Management TeamThree executives added to fast-growing portable storage and moving company WASHINGTON, July 11 /PRNewswire/ -- 1-800-Pack-Rat, LLC, announces the addition of three...Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Jul 2008 | 1:00 pm Philadelphia Consolidated Holding Corp. to be Added to S&P MidCap 400 IndexBALA CYNWYD, Pa., July 11 /PRNewswire-FirstCall/ -- Philadelphia Consolidated Holding Corp. (Nasdaq: PHLY) reported that after the close of trading on Monday, July 14 it...Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Jul 2008 | 1:00 pm Notice of Initial Distribution of Net Settlement FundTO: ALL PERSONS AND ENTITIES WHO PURCHASED FEDERAL HOME LOAN MORTGAGE CORPORATION ("FREDDIE MAC") COMMON STOCK DURING THE PERIOD FROM JULY 15, 1999 THROUGH AND INCLUDING NOVEMBER 20,...Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Jul 2008 | 1:00 pm Deloitte Survey: Two Out of Three Consumers Say Mortgages and HELOCs Harder to ObtainCustomer's Relationship with Banks Mostly Unchanged Despite Turmoil, Deloitte Leader Sees "Aggressive Effort" by Banks to Attract Consumers with Good Credit NEW YORK,...Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Jul 2008 | 1:00 pm Trade deficit ebbs as exports rise to record high (AP)AP - The United States' trade deficit narrowed in May as exports including industrial supplies and consumer goods climbed to all-time highs.Source: Yahoo! News: Business | 11 Jul 2008 | 12:58 pm US slowdown dents profits at GEGeneral Electric says profits fell 6% in the second quarter as the US economy was "challenged".Source: BBC News | Business | World Edition | 11 Jul 2008 | 12:57 pm General Electric's earnings drop 6%; forecast affirmedGeneral Electric Co. hits the mark, reporting a 6% drop in profit for the second quarter as revenue rises 11%.Source: MarketWatch.com - Top Stories | 11 Jul 2008 | 12:56 pm Oil Sets New Record Near $146 a BarrelOil prices spiked Friday amid continued tensions in the Middle East and concerns of renewed violence in Nigeria.Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Jul 2008 | 12:53 pm InBev, Anheuser hold deal talks: source (Reuters)Reuters - InBev NV and Anheuser-Busch Cos Inc have begun negotiations for a friendly merger, a source familiar with the situation said on Friday.Source: Yahoo! News: Business | 11 Jul 2008 | 12:53 pm InBev, Anheuser hold deal talks: sourceNEW YORK (Reuters) - InBev NV and Anheuser-Busch Cos Inc have begun negotiations for a friendly merger, a source familiar with the situation said on Friday.Source: Reuters: Business News | 11 Jul 2008 | 12:53 pm Surging oil prices set to weigh on Wall StWall Street stocks were set for a sharply lower start on Friday and were poised to extend their worst run of weekly losses since 2004, after oil prices surged above $145 a barrel and concerns about the...Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Jul 2008 | 12:52 pm Surging oil prices set to weigh on Wall StWall Street stocks were set for a sharply lower start and were poised to extend their worst run of weekly losses since 2004, after oil prices surged above $145 a barrel and concerns about the health of Fannie Mae and Freddie Mac weighed on sentimentSource: FT.com - US homepage | 11 Jul 2008 | 12:52 pm Ashland to buy Hercules for $2.6BRead full story for latest details.Source: Business and financial news - CNNMoney.com | 11 Jul 2008 | 12:50 pm Oil hits record above $147Oil prices rose $5 to a record above $147 a barrel on Friday as strike threats and deepening geopolitical tensions raised fears over the safety of supplies.Having rallied more than $5 overnight, Brent...Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Jul 2008 | 12:47 pm Oil hits record above $147Oil prices hit fresh records as strike threats and deepening geopolitical tensions raised fears over the safety of suppliesSource: FT.com - US homepage | 11 Jul 2008 | 12:47 pm InBev and Anheuser Enter Friendly TalksThe Belgian brewer InBev has raised its offer to $70 a share from $65, a person close to the talks said.Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Jul 2008 | 12:46 pm Ashland to buy specialty-chemicals firm Hercules for $3.3 blnMarking the second deal in the chemicals industry in as many days, Ashland Inc. said it's going to acquire Hercules Inc. for about $3.3 billion in cash and stock.Source: MarketWatch.com - Top Stories | 11 Jul 2008 | 12:43 pm Top Pre-Market Analyst Upgrades (ADBE, APC, APSG, CENX, CRDN, CVS, DRI, GOOG, QCOM, STLD, SPWR, YUM)There seemed to be more upgrades this morning than there were downgrades from Wall Street analysts. Here is a snapshot of some of our key analyst calls we saw: Adobe Systems (NASDAQ: ADBE) Started as Outperform at Credit Suisse. Anadarko Petroleum (NYSE: APC) Raised to Outperform from Perform at Wachovia. Applied Signal Tech (NASDAQ: APSG) Raised to Outperform at FBR. Century Aluminum (NASDAQ: CENX) Raised to Outperform at FBR. Ceradyne (NASDAQ: CRDN) Raised to Outperform at FBR. CVS Caremark (NYSE: CVS) Started as Buy at Jefferies. Darden Restaurants (NYSE: DRI) Started as Buy at Banc of America. Google (NASDAQ: GOOG)...Source: 24/7 Wall St. | 11 Jul 2008 | 12:42 pm Apple's new iPhone snapped up in Asia and EuropeLONDON/WELLINGTON (Reuters) - Apple's new iPhone made its hotly awaited debut on Friday, with buyers storming stores in Asia and queues forming in European cities.Source: Reuters: Business News | 11 Jul 2008 | 12:39 pm Thomas Cook cancels airline dealThomas Cook cancels plans to merge its German airline Condor with Air Berlin after regulatory concerns.Source: BBC News | Business | World Edition | 11 Jul 2008 | 12:39 pm Top Analyst Downgrades (AMAT, CSCO, ELX, TUES, UHS)These are some of the downgrades or more cautious calls from Wall Street analysts this Friday morning: Applied Materials (NASDAQ: AMAT) Cut to Hold from Buy at Citigroup. Cisco Systems (NASDAQ: CSCO) Removed From Goldman Sachs Conviction Buy List, although the rating was maintained as Buy. Emulex (NYSE: ELX) Cut to Hold from Buy at Needham; cut to Neutral from Outperform at Baird. Tuesday Morning (NASDAQ: TUES) Cut to Sell from Hold at Deutsche Bank. Universal Health (NYSE: UHS) Cut to Sell from Neutral at Goldman Sachs. Jon C. Ogg July 11, 2008Source: 24/7 Wall St. | 11 Jul 2008 | 12:38 pm Crude oil price hits new US highOngoing concerns about oil supplies pushes the price of a barrel of crude to new record highs near $146 in the US.Source: BBC News | Business | World Edition | 11 Jul 2008 | 12:32 pm GE profit falls, meets estimates (AP)AP - Industrial and financial conglomerate General Electric Co. said Friday its profit fell 6 percent in the second quarter, and has agreed to sell its Japanese consumer finance business for $5.4 billion.Source: Yahoo! News: Business | 11 Jul 2008 | 12:25 pm Oil Hits Record At $146, Chances Of Deep Recession GrowThe price of oil hit $146 today on fears of instability in Iran, Nigeria, and production problems in Brazil. If oil stays at this level, the price of gas is likely to move closer to $5. With the auto and airline industries already in deep financial trouble, oil at $150 could push several of the companies in these sectors into Chapter 11. With the consumer, gas and oil are likely to become a quarter to a third of the household expenses for some middle class families. With that added to higher food prices, Wal-Mart (WMT) may benefit, but no one...Source: 24/7 Wall St. | 11 Jul 2008 | 12:25 pm Oil-hit planemakers brace as biggest air show loomsLONDON (Reuters) - The world's biggest air show opens in Farnborough near London next week with jetliner manufacturers facing a drop in orders due to high oil prices and global defense firms bracing for slower spending growth.Source: Reuters: Business News | 11 Jul 2008 | 12:24 pm GE reports sales growth, flat earningsGeneral Electric Co. beat its own sales estimates and matched earnings projections for the second quarter Friday.Source: Business and financial news - CNNMoney.com | 11 Jul 2008 | 12:18 pm Government mulls Fannie Mae, Freddie Mac takeover: report (Reuters)Reuters - The U.S. government is considering taking over Fannie Mae and Freddie Mac if their funding problems worsen, the New York Times said on Friday, causing shares of the mortgage finance companies to plunge.Source: Yahoo! News: Business | 11 Jul 2008 | 12:03 pm Thomas Cook scraps merger with Air BerlinSource: Telegraph Business | 11 Jul 2008 | 12:00 pm Perhaps This Bud Is For YouAfter the political opposition, the flag-waving rallies, the lawsuits, and proxy threats, the beer giants Anheuser-Busch and InBev are sitting down over a cold one and brewing up a merger. The takeover battle even entered the presidential campaign. Senator John McCain's wife heads one of the largest distributors of Anheuser beers, while Senator Barack Obama expressed the opinion that it would be better if Anheuser had American owners. Still, in alternately trying to ease nationalist worries while pressuring Anheuser, InBev has looked masterful in the delicate art of public relations during the monthlong battle. So damage control may not be such a big problem. And it will have "America's investor"—Buffett—on board to sell the deal.
Related Links Brewing Bid Battle Bud Can't Block InBev With Modelo This Bud's for $46 Billion? Source: Portfolio.com: Top 5 | 11 Jul 2008 | 12:00 pm InBev Raises BUD Offer, Should Win Bid At $70InBev has raised its offer for Anheuser-Busch (BUD) which should seal its takeover of the US beer company. According to The Wall Street Journal, "Anheuser's board is likely to accept the offer this weekend." Douglas A. McIntyreSource: 24/7 Wall St. | 11 Jul 2008 | 11:56 am Anheuser-Busch closer to toasting InBev dealAnheuser-Busch is in active talks to sell itself to the Belgian brewer InBev, despite its previous determination to remain independent, according to US reports.Source: Latest Business News from Times Online | 11 Jul 2008 | 11:54 am Martha Stewart: down but definitely not outWhat's cooking with Martha Stewart? No, It's not the name of a new segment on her TV show, one of her recipe books, or a page in her eponymous magazine (well, actually it might be). But it is a serious question about all the activity at Martha Stewart Living Omnimedia lately. Its stock is down nearly 60% over the past year and MSLO has gone through a raft of changes - most notably the abrupt departure of well-regarded CEO Susan Lyne last month.Source: Business and financial news - CNNMoney.com | 11 Jul 2008 | 11:54 am Gasoline prices slip againGasoline prices continued to fall overnight from the record high touched earlier in the week, a daily survey from auto club AAA showed Friday.Source: Business and financial news - CNNMoney.com | 11 Jul 2008 | 11:52 am Fannie Mae (FNM) And Freddie Mac (FRE) Fall 25% On News Of Possible Government TakeoverShares of Fannie Mae (FNM) and Freddie Mac (FRE) are down about 25% in the pre-market on news that the government may take over the firms, taking the value of their stocks to zero. Douglas A. McIntyreSource: 24/7 Wall St. | 11 Jul 2008 | 11:49 am US government hatches plan for Fannie Mae, Freddie MacThe American government is considering plans to take over the country's two federal mortgage lenders should they collapse, according to US reports.Source: Telegraph Business | 11 Jul 2008 | 11:46 am Apple iPhone goes on sale in Japan with smoke and cheersSource: Infocious RSS raw feed - channel BNPaperBusiness | 11 Jul 2008 | 11:44 am Citigroup disposes of German bankCitigroup sells its German consumer banking business for five billion euros as part of its efforts to return the business to profit.Source: BBC News | Business | World Edition | 11 Jul 2008 | 11:41 am GE profit meets expectations, shares up (Reuters)Reuters - General Electric Co on Friday posted a second quarter profit that met Wall Street forecasts, helped by better-than-expected results at the company's finance operations and sending shares higher in early trading.Source: Yahoo! News: Business | 11 Jul 2008 | 11:32 am Fannie, Freddie keep plunging (Reuters)Reuters - Shares of Fannie Mae and Freddie Mac plunged anew on Friday on the latest set of concerns about their future after the New York Times reported the U.S. is considering taking over the two finance companies if their funding problems worsen.Source: Yahoo! News: Business | 11 Jul 2008 | 11:29 am Fortis board mulls cash aid planDirectors of Belgium's largest bank, Fortis, discuss a controversial plan to raise cash.Source: BBC News | Business | World Edition | 11 Jul 2008 | 11:29 am RBS looks at slimming down Australian businessRoyal Bank of Scotland (RBS) said today that it is in talks to sell ABN Amro's Australian operations, as it emerged that the bank was struggling to offload its UK insurance business.Source: Latest Business News from Times Online | 11 Jul 2008 | 11:29 am GE results soothe market concernsGeneral Electric on Friday released second-quarter results which were in line with expectations, news which sent its shares up 1.7 per cent to $28.10 in pre-open trading.The industrial conglomerate, which...Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Jul 2008 | 11:28 am SFO blow as Goldshield case collapsesThe Serious Fraud Office (SFO) suffered a major blow today after a judge threw out a price-fixing case against five drug companies, leaving an eight-year investigation that cost an estimated £40 million in tatters.Source: Latest Business News from Times Online | 11 Jul 2008 | 11:25 am Oil nears record highsOil prices climbed back towards record levels as strike threats and deepening geopolitical tensions raised fears over the safety of supplies.Having rallied more than 4 per cent overnight from Thursday's...Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Jul 2008 | 11:04 am Smacking Down a Cable GiantComcast, the nation's largest cable company, violated federal guidelines when it blocked and degraded web traffic, the head of the Federal Communications Commission will announce today.The sanctions would be the first time the commission has come down on an Internet provider for denying consumers the right to open, unfettered internet access. It may set a precedent on how the federal government oversees management of internet traffic flows in the future. Last fall, Comcast reluctantly acknowledged that it had temporarily blocked certain peer-to-peer traffic (file sharing). The cable giant called its actions "reasonable network management." But consumer rights groups and internet experts accused the company of violating the F.C.C.'s 2005 "Internet Policy Statement," which established four principles intended to guarantee consumers unfettered access to all legal web content, applications and services. The chairman of the F.C.C., Kevin Martin, now agrees. "The commission has adopted a set of principles that protects consumers access to the Internet," he told the Associated Press on Thursday night. "We found that Comcast's actions in this instance violated our principles." The consumer advocacy group Free Press trumpeted Martin's decision as a victory for consumers. "This is going to be a bellwether," said Ben Scott, federal policy chief for Free Press. The decision, contained in an order to be circulated by Martin, brings the agency's nine-month investigation of Comcast close to completion. Martin, a Republican, is expected to gain support from the two Democratic F.C.C. commissioners for his position, which would ensure the order's passage when the commission meets on August 1. Comcast has long maintained that the government's standard gives it the right to manage its digital traffic "reasonably" for the sake of "network management." For almost a year, consumer rights groups have battled Comcast, after an Associated Press investigation discovered that Comcast was blocking legal peer-to-peer traffic. Comcast faced further public outrage after it admitted to paying people off the street to sit at a public hearing at Harvard, while members of the public were preventing from attending. At the time, Comcast claimed it merely paid people to save spots at the hearing for Comcast employees, but the event's organizer disputed that claim. Related Links Comcast's Compromise F.C.C. Warns Comcast Over Web 'Blocking' Can the F.C.C. Enforce "Network Neutrality?" Source: Portfolio.com: Top 5 | 11 Jul 2008 | 11:00 am My Other Luxury Car Is a MaseratiSales of some luxury cars are feeling the pinch of a stumbling economy. But entry-level Italian performance automobiles? Non c'è problema!By "entry level," we are referring, of course, to models like the Maserati GranTurismo, which starts at $115,000. That's positively a bargain compared with alternatives like the $360,000 Lamborghini Murcielago. Sales at Fiat's Maserati brand have shot up 16 percent this year, while Bentley, Bugati, Ferrari, and Lamborghini have all languished. Yes, thrift is relative. Just as car buyers in the U.S. are seeking out more economical models, the inhabitants of RIchistan are choosing somewhat less ostentatious luxury vehicles. Rich Casesa, who sells Ferraris and Bentleys at Carriage House Motors Cars, a dealership based in Greenwich, Connecticut, says that sales are off as much as 30 percent this year, with a noticeable reduction in the number of young shoppers and buyers. So, Wall Street's 28-year-old millionaires are thinking twice about blowing last year's bonus in one place. But don't think that the super wealthy are as spooked by $140 oil as the rest of us; for all the talk of "hybrid chic," for the really big spenders, gas guzzlers are still the rage. That newly popular Maserati GranTurismo gets a paltry 13 miles to the gallon in the city, and 19 m.p.g. on the highway—compared with 48/45 for a Toyota Prius, or 19/29 for a Saab 9-3. "It's not about gas. People who can afford these cars can afford to pay for gas," Casesa says. "They talk about it, but they're not really worried about it." Porsche, whose overall sales rose 0.7 percent between last August and the end of May, had sales of its Cayenne S.U.V. skyrocket 47 percent during the period. That model has fuel economy of 14 m.p.g. in the city, 20 mpg on the highway. Things are similar at Mercedes. Last month sales for the German carmaker rose 0.9 percent from a year earlier, but it counted its tank-like M-Class as one of only two models to experience sales growth (up 16.5 since June 2007). An ML550 averages 13 m.p.g. in the city, 18 m.p.g. on the highway. At BMW, overall sales are up 2.4 percent so far this year, with BMW's X5 sport utility vehicle clocking a 30.5 percent increase in sales, despite getting a mere 14 m.p.g. in the city and 19 m.p.g. highway. Rolls Royce, which is owned by BMW Group, said deliveries were up 68.4 percent from the first half of last year. But a Rolls Royce Phantom guzzles an average of 12 m.p.g. in the city and 25 m.p.g. on the highway. You get the picture. But if the ultra-wealthy aren't yet buying into the whole "low emissions" thing, perhaps at least the downturn is pushing them toward a more frugal sensibility? "I crashed my [Ferrari] Enzo in Malibu last year, barely escaped the cops on foot, no less—and now I'm having a bear of a time finding a replacement," wrote one commenter on the Wall Street Journal's Wealth Report blog, in response to an item about Ferrari sales. "Sometimes I just wish I were poor. It must be nice not having any problems, just drifting through life without any real responsibility, without a care in the world." Nevermind. Related Links Showing New Colors The Best Kind of Sticker Shock Bentley's Roaring Revival Source: Portfolio.com: Top 5 | 11 Jul 2008 | 11:00 am GE (GE) Beats The Street, NBCU Still A DogGE (GE) hit Wall St.'s EPS forecast at $.54 and beat revenue estimates coming in at $46.9 billion above the $45.3 billion concensus. The revenue increase was 11% over the same quarter last year. GE also reaffirmed its EPS forecast for the year at $2.20 to $2.30. The company's powerful infrastructure group had a 24% increase in segement profit. The number was amazing give the unit's size. Its revenue for the quarter was $17.6 billion. GE's commercial financial unit pulled its weight with segment profit up 7% to $1.4 billion. Revenue for the business was $6.6 billion. Healthcare had moderate...Source: 24/7 Wall St. | 11 Jul 2008 | 10:45 am Dollar steadies as risk appetite improvesThe dollar held steady on Friday after a sell-off in the previous session sparked by fresh fears over the health of the US financial system.Analysts said a report that the US government was considering...Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Jul 2008 | 10:35 am A void in Vatican coffers as the weak dollar hits papal profitsThe Vatican made a loss last year as the weakening dollar reduced the value of donations from the US.Source: BBC News | Business | World Edition | 11 Jul 2008 | 10:32 am RBS in talks to sell ABN assets to National Australia BankRoyal Bank of Scotland is in talks to sell ABN Amro's Australian and New Zealand operations, worth around A$800m (389m), to National Australia Bank, as it offloads non-core assets amid the crisis in the...Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Jul 2008 | 10:22 am RBS in talks to sell ABN assets to National Australia BankRoyal Bank of Scotland is in talks to sell ABN Amro's Australian and New Zealand operations, worth around A$800m (£389m), to National Australia Bank, as it offloads non-core assets amid the crisis in the credit markets.Source: Telegraph Business | 11 Jul 2008 | 10:22 am Citi sells German retail banking for $7.7 billion (AP)AP - Citigroup will sell its German retail banking operation to France's Credit Mutuel for $7.7 billion in cash.Source: Yahoo! News: Business | 11 Jul 2008 | 10:10 am Computer glitch leaves iPhone customers strandedClick here for a video review of the 3G iPhoneSource: Latest Business News from Times Online | 11 Jul 2008 | 10:06 am Washington Group wins Sellafield clean-up contractThe £17bn-plus contract to clean up the Sellafield nuclear site in West Cumbria has been won by a consortium including Washington Group of the US and Britain’s Amec, sources have told The Daily Telegraph.Source: Telegraph Business | 11 Jul 2008 | 10:00 am Japan confidence at new lowJapanese consumer confidence slumps to the lowest level for 26 years in the three months to June.Source: BBC News | Business | World Edition | 11 Jul 2008 | 9:59 am Amec consortium wins £6.75bn Sellafield clean-up contractA consortium including British engineering group Amec, French nuclear giant Areva and Washington Group, a division of US contractor URS, has won the £6.75 billion competition to clean up Sellafield for the next five years.Source: Latest Business News from Times Online | 11 Jul 2008 | 9:57 am GE sells Japanese loans business for $5 billion$GE Money, the consumer financial services unit of General Electric Company, is selling its Japanese consumer finance businesess to Japan's Shinsei bank for $5.4 billion ($£2.72 billion).Source: Latest Business News from Times Online | 11 Jul 2008 | 9:43 am Shinsei to buy GE's Japan units for $5.4bnMove comes as GE, under pressure from investors to shed slower growth businesses, reported second-quarter results which were in line with expectations and reaffirmed its 2008 targetsSource: FT.com - US homepage | 11 Jul 2008 | 9:34 am Magners cider sales have cooled off, says C&CC&C Group, the producer of Magners in the UK, said that cider sales had fallen 10pc as poor weather and a slowing economy took their toll.Source: Telegraph Business | 11 Jul 2008 | 9:30 am Citigroup (C) Sells German Unit: The Dismantling Of Sandy Weill's MansionShareholders at Citigroup (C) have been begging new management to auction off as much of the bank as the new CEO can find. They reckon that is the only way to get the share price up. It currently trades near a multi-year low. There has even been mention that Smith Barney should be put on the auction block. Overnight, Citi gave in a bit to what its stockholders want. It sold its German retail bank operations to French financial firm Credit Mutuel. The US company will walk away with $7.7 billion. Although the cash may only be enough to cover...Source: 24/7 Wall St. | 11 Jul 2008 | 9:28 am Citigroup sells German retail bank for €5bnCitigroup has sold its German retail banking business to Crédit Mutuel, France's third-largest retail bank, for €4.9 billion (£3.9 billion).Source: Latest Business News from Times Online | 11 Jul 2008 | 9:20 am GE (GE) Dumps A UnitGE (GE) raised $5.4 billion by selling its Japanese consumer financial unit to Shinsei Bank. GE does not need the capital, but it does need to fuel the perception that it is making the company smaller. Not much of a start, but better than nothing Douglas A. McIntyreSource: 24/7 Wall St. | 11 Jul 2008 | 9:19 am InBev May Own Anheuser-Busch (BUD) In Short OrderAnheuser-Busch (BUD) may finally be admitting that it cannot get its shares up from $50 to the InBev bid of $65, even it its cuts costs and sells assets. BUD shares have sold at the lower price for too long. The beer business is not that good. Now, it appears that InBev will raise its price. The BUD board can save face and shareholders can get a good deal for once. According to The New York Times, "Exact terms of the potential deal could not be learned, but one person said that InBev had indicated that it would be willing...Source: 24/7 Wall St. | 11 Jul 2008 | 9:12 am Fans queue for Apple's 3G iPhoneAround 100 people queued up at the flagship Apple store on London's Regent Street to be the first UK customers with a 3G iPhoneSource: FT.com - US homepage | 11 Jul 2008 | 9:03 am A Government Bail-Out Of Fannie Mae (FNM) And Freddie Mac (FRE): Shareholders Get NothingIt has started to look like a pattern. A financial company gets in trouble. It stocks falls. The shareholders take a haircut. Sometimes that haircut is 60% and sometimes the stockholders end up bald. The US government is at least thinking of taking complete control of Fannie Mae (FNM) and Freddie Mac (FRE). If their financial situations get worse, the Feds reasons that the entire global financial system could take on water. Paper from the two firms is held by banks and brokerages from here to Timbucktu. What the government may not have looked at closely is the $60 billion...Source: 24/7 Wall St. | 11 Jul 2008 | 9:02 am John Lewis weekly takings fall despite clearance saleJohn Lewis sent a fresh shudder through the high street today by reporting another fall in weekly sales and conceding: “It’s definitely tough out there.”Source: Latest Business News from Times Online | 11 Jul 2008 | 8:21 am Crédit Mutuel buys Citi German units for €4.9bnCitigroup is selling its German retail banking operations to Crédit Mutuel for at least €4.9bn as part of attempts to shed non-core assets. The French bank outbid Deutsche Bank in a close raceSource: FT.com - US homepage | 11 Jul 2008 | 7:54 am Discount chains register sales gains in JuneSource: L.A. Times - Business | 11 Jul 2008 | 7:00 am Barbie-Bratz battle goes to jurySource: L.A. Times - Business | 11 Jul 2008 | 7:00 am Hellboy's 'lovable' side may give him an edge at the box officeSource: L.A. Times - Business | 11 Jul 2008 | 7:00 am Fannie Mae, Freddie Mac stocks plunge on bailout fearsSource: L.A. Times - Business | 11 Jul 2008 | 7:00 am Samueli's guilty plea a ticklish issue for schools he gave millionsSource: L.A. Times - Business | 11 Jul 2008 | 7:00 am Cheesecake Factory sued by workersSource: L.A. Times - Business | 11 Jul 2008 | 7:00 am Currency: NZ dollar makes small gainsThe New Zealand dollar edged up against the US dollar in a sluggish trading session today. At 5pm it was buying US75.79c from US75.60c at 4.30pm yesterday. The kiwi fell to an overnight low of US75.40c early in the offshore...Source: New Zealand Herald - Business | 11 Jul 2008 | 5:30 am Google says independent Yahoo better for allComments by the Google chief that Microsoft's bid for Yahoo was bad for competition are likely to come as a morale boost for weary Yahoo executivesSource: FT.com - US homepage | 11 Jul 2008 | 3:16 am Property keeps falling - June prices down 2pcThe winter housing slump is showing no sign of abating, with median prices falling by 2.15 per cent in June - from $345,000 in May to $340,000 accordng to official numbers released today by the Real Estate Institute. This latest...Source: New Zealand Herald - Business | 11 Jul 2008 | 1:00 am Trends & Innovations - ThursdayDevice offers early quake warningSource: Investor's Business Daily: BUSINESS | 11 Jul 2008 | 12:30 am Business Briefs - ThursdayFDA OKs Intel home care device. The chip giant said the Food and Drug Administration gave it clearance to sell its in-home personal health system....Source: Investor's Business Daily: BUSINESS | 11 Jul 2008 | 12:30 am China Consolidates Its Fragmented, Partly State-Owned Steel IndustryFor General Steel Holdings, what's made in China is sold in China.Source: Investor's Business Daily: BUSINESS | 11 Jul 2008 | 12:30 am In Brief - ThursdayTyco Int'l (TYC), a provider of firefighting equipment and security systems, announced a $1 bil stock buyback. Shares rose 1.8% to 39.58.Source: Investor's Business Daily: BUSINESS | 11 Jul 2008 | 12:30 am Summer Project: Find Greater Tax Savings Around The HouseNew Jersey deck builder Mario Conlin loves his house, partly for the benefits surrounding it.Source: Investor's Business Daily: BUSINESS | 11 Jul 2008 | 12:30 am After The Close - ThursdayDECKERS OUTDOOR (DECK), which makes Ugg and Teva branded shoes, entered into a joint venture with Chinese footwear maker Stella Int'l to open...Source: Investor's Business Daily: BUSINESS | 11 Jul 2008 | 12:30 am British Gas attacks takeover target Origin EnergyBritish Gas has accused takeover target Origin Energy of failing to offer shareholders a better alternative than its hostile $15.50-a-share approach for the Australian energy group and said only BG had the expertise to develop the company's assets.Source: Telegraph Business | 11 Jul 2008 | 12:01 am Shops to stop selling Vodafone top-ups in commission protestThousands of shopkeepers are to stop selling Vodafone pre-pay top-ups from today in protest at the mobile phone company's plans to cut their commission.Source: Telegraph Business | 11 Jul 2008 | 12:01 am China's trade surplus cut by 20pc by rising commodity pricesChina's exploding trade surplus may finally have peaked in the face of the rising prices it has to pay for the commodities on which its economic growth has depended.Source: Telegraph Business | 11 Jul 2008 | 12:01 am US housing market crisis fuels fears for Fannie Mae and Freddie MacConcerns over the future of America's two federal mortgage lenders heightened after it emerged the US government has held behind-the-scenes talks over what to do should they collapse.Source: Telegraph Business | 11 Jul 2008 | 12:01 am Bryers chased for $13.6 millionA Singaporean property developer is on the verge of starting bankruptcy proceedings against Blue Chip founder Mark Bryers, following a hearing in the High Court yesterday. Bryers owes Consolidated Technologies Development $13.6...Source: New Zealand Herald - Business | 11 Jul 2008 | 12:00 am Skadden Arps Retains Lead on Sullivan & Cromwell in Deal AdviceSource: Bloomberg - All Podcasts | 10 Jul 2008 | 11:16 pm Author Jackie Collins Says `I Write The Way People Talk'Source: Bloomberg - All Podcasts | 10 Jul 2008 | 11:10 pm GM slams bankruptcy protection talkDALLAS - The chief executive of General Motors dismissed speculation that the largest US automaker might soon seek bankruptcy protection. Comments in the past week about a potential bankruptcy are "not at all constructive or accurate,"...Source: New Zealand Herald - Business | 10 Jul 2008 | 11:00 pm Vodafone faces doubling of India tax billVodafone will face a tax bill of more than $4bn (€2.5bn) – double the amount expected – if it loses a landmark court battle with the Indian governmentSource: FT.com - US homepage | 10 Jul 2008 | 10:38 pm NZ Shares: Market lifts after batteringThe sharemarket lifted in early trading today to show yesterday's battering was not a knock-out blow. The local market followed Wall Street up after both markets had been beaten down 2 per cent yesterday. US stocks managed to...Source: New Zealand Herald - Business | 10 Jul 2008 | 10:28 pm Petrol to hit $10 a litre within a decade - reportAn Australian report released today says the price of petrol in that country could hit A$8 ($10) a litre within the next 10 years. The prediction from the Commonwealth Scientific and Industrial Research Organisation comes as the...Source: New Zealand Herald - Business | 10 Jul 2008 | 10:00 pm PFI to sell Albany property for $17 millionListed industrial property investor Property For Industry (PFI) has advised that it has an unconditional contract for the sale of its property at 9 Ride Way, Albany, leased to Amcor Packaging, for $17.0 million. The sale will be...Source: New Zealand Herald - Business | 10 Jul 2008 | 10:00 pm How Car Buyers Can Land the Elusive 0% APR (Consumer Action)How to be one of the lucky few car buyers who actually lands a 0% (or low) APR deal.Source: SmartMoney.com | 10 Jul 2008 | 9:42 pm Leasing Demystified (Auto Leasing)It takes some research, but it's possible to lease a car without getting ripped off. Here are all the tools you need.Source: SmartMoney.com | 10 Jul 2008 | 9:19 pm VIX Index of U.S. Stock Option Prices Advances 1.4% to 25.59Source: Bloomberg - All Podcasts | 10 Jul 2008 | 9:18 pm 10 Ways to Keep Your Car Out of the Shop (Consumer Action)Your mechanic does not want you to read this article.Source: SmartMoney.com | 10 Jul 2008 | 9:17 pm 10 Ways to Keep Your Car Out of the Shop (10 Things)Your mechanic does not want you to read this article.Source: SmartMoney.com | 10 Jul 2008 | 9:17 pm 8 Stocks With Red-Hot Price Momentum (Stock Screen)Stocks hitting 52-week highs are likely to keep going up. Honest.Source: SmartMoney.com | 10 Jul 2008 | 9:17 pm Cash Back or Low APR? (Debt Worksheets)Which is the better auto deal? Crunch the numbers in our new worksheet to find out.Source: SmartMoney.com | 10 Jul 2008 | 9:14 pm Cosmetics, fragrance firms in Germany to be fined for price-fixing, collusionFRANKFURT - The German antitrust watchdog said on Thursday that it would fine a number of cosmetics and perfume companies for collusion and price-fixing. The Federal Cartel Office said it would impose fines totalling nearly ¬10...Source: New Zealand Herald - Business | 10 Jul 2008 | 9:00 pm Menzies of Pacific Growth Uses Leveraged ETF StrategySource: Bloomberg - All Podcasts | 10 Jul 2008 | 8:58 pm Biggest drop in household wealth in decade - reportHousehold wealth over the past few months has fallen by the largest amount in nearly 10 years, says new research from financial advisers Spicers. The report, released this morning, shows household net worth fell 1.2 per cent or...Source: New Zealand Herald - Business | 10 Jul 2008 | 8:30 pm An iceberg cowboy, roping for cold cashWhyman Richards is a fisherman on the northern tip of Newfoundland where it's getting harder and harder to find fish. So he's turned to wrangling for the region's frozen assets. Janna Graham reports in the latest of our "Working" series.Source: Marketplace | 10 Jul 2008 | 8:26 pm Koch Says Obama Hoping Political Left Have Nowhere Else To GoSource: Bloomberg - All Podcasts | 10 Jul 2008 | 8:01 pm Stock Takes : Brewery's delight as Lion shares continue to claw upwardsShares in Australasian brewer Lion Nathan have been on an upward trajectory since late June. They have crept from $10.39 on June 23 to close at $11.12 yesterday - a rise of 7c in just under three weeks, albeit on light volumes. The...Source: New Zealand Herald - Business | 10 Jul 2008 | 8:00 pm Sites try to market to foreign visitorsIt turns out a lot of the visitors to American websites are browsing from abroad, forcing companies to try to find a way to target ads to their readers outside the U.S. Stacey Vanek-Smith reports.Source: Marketplace | 10 Jul 2008 | 7:59 pm Olympics are for sport, not politicsWhile many are tempted to use the Olympic Games as an opportunity to criticize China's human rights record, commentator Ilya Shapiro says it's time to take the politics out of this sporting event.Source: Marketplace | 10 Jul 2008 | 7:59 pm Shoppers look to local storesHigh gas prices have small town residents skipping the commute to warehouse stores and opting to shop closer to home. Host Kai Ryssdal asks Jim Lottes about the increase in business at his Missouri grocery store.Source: Marketplace | 10 Jul 2008 | 7:59 pm GE shutting the lights off for 2 divisionsGeneral Electric announced plans to sell its consumer and industrial divisions on the heels of its May announcement that it was looking to unload its appliance business. Amy Scott reports.Source: Marketplace | 10 Jul 2008 | 7:59 pm Airlines ask frequent fliers for helpDesperate for lower fuel prices, airlines have asked their customers to lobby Congress to rein in oil speculation. Jeremy Hobson reports.Source: Marketplace | 10 Jul 2008 | 7:59 pm Fannie & Freddie fears hit marketFrannie Mae and Freddie Mac's stocks plunged after rumors the government might be prepping a bail-out for the struggling mortgage companies. John Dimsdale reports.Source: Marketplace | 10 Jul 2008 | 7:59 pm Bernanke, Paulson ask for more powersThe Fed Chairman and Treasury Secretary were on Capitol Hill asking Congress for stronger regulatory powers to prevent another large investment bank from collapsing. Host Kai Ryssdal runs through their remarks.Source: Marketplace | 10 Jul 2008 | 7:59 pm Drossos Sees Further Dollar Decline on Economy, RatesSource: Bloomberg - All Podcasts | 10 Jul 2008 | 7:48 pm U.S. Appeals Court Ruling Bucks Detention Policies: CommentarySource: Bloomberg - All Podcasts | 10 Jul 2008 | 7:41 pm No relief for financial stocks as failure rumors surgeSource: L.A. Times - Business | 10 Jul 2008 | 7:26 pm Diesel Demand May Be Driving Up Oil Price: CommentarySource: Bloomberg - All Podcasts | 10 Jul 2008 | 7:03 pm John Templeton Remembered by Lynch, Cohen, Gross, CareySource: Bloomberg - All Podcasts | 10 Jul 2008 | 6:32 pm Maira Kalman Discusses Writing, Illustrating Children's BooksSource: Bloomberg - All Podcasts | 10 Jul 2008 | 4:49 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 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
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