Bond Report: Treasurys extend flight-to-safety gains after Bernanke warning

Treasurys extended gains Thursday, with yields sinking to their lowest level since May, after Federal Reserve Chairman Ben Bernanke said he sees "significant" risks to economic growth.

Source: MarketWatch.com - Top Stories | 15 Jul 2008 | 2:57 pm

Fed boss warns of growth 'risks'

US Federal Reserve boss Ben Bernanke warns there are still "downside risks" to growth in the world's largest economy.
Source: BBC News | Business | World Edition | 15 Jul 2008 | 2:56 pm

Stocks drop again amid fears about financials

Source: L.A. Times - Business | 15 Jul 2008 | 2:55 pm

Market Snapshot: U.S. stocks extend slump into a third session; financials weigh

U.S. stocks steeply lower as General Motors Corp. suspends its dividend, the dollar slumps to a record low against the euro and the potential of further bank failures weigh on the market.

Source: MarketWatch.com - Top Stories | 15 Jul 2008 | 2:53 pm

GM cuts dividend, curbs costs to raise $15 bln

SAN FRANCISCO (MarketWatch) -- General Motors Corp. will cut its dividend, slash salaried employment costs and sell assets in an effort to raise $15 billion in cash by the end of 2009 as the company grapples with a steep downturn in the U.S. car market.

Source: MarketWatch.com - Top Stories | 15 Jul 2008 | 2:53 pm

Bargain Hunting in the Financial Sector (Common Sense)

The market is behaving irrationally. Some financial stocks are simply too cheap.

Source: SmartMoney.com | 15 Jul 2008 | 2:52 pm

US concerns prompt market falls

Global shares fall sharply with London's FTSE 100 index seeing about £40bn wiped off its value in one day.
Source: BBC News | Business | World Edition | 15 Jul 2008 | 2:51 pm

Intel expected to report 7% revenue rise

Intel is tipped to report $9.3 billion in second-quarter sales as investors look to the chip giant's results for signs of how the economic slump is affecting the technology sector.

Source: MarketWatch.com - Top Stories | 15 Jul 2008 | 2:50 pm

Airlines to begin selling ads on boarding passes

Source: L.A. Times - Business | 15 Jul 2008 | 2:49 pm

US stocks slump as fears over banks deepen

Wall Street stocks slumped for a third straight session as investors remained nervous about the health of financials after the worst sector sell-off since the start of the credit crisis
Source: FT.com - US homepage | 15 Jul 2008 | 2:49 pm

Bernanke gloomy on economy stress

The housing finance crisis and spiraling energy costs will remain a drag on the U.S. economy for the rest of the year, Federal Reserve Chairman Ben Bernanke told lawmakers in a gloomy presentation about the economic outlook.

Source: Business and financial news - CNNMoney.com | 15 Jul 2008 | 2:47 pm

BT Group to halt buybacks, use funds for fiber-based network

British telecoms group BT Group to spend $3 billion under a program to roll out fiber-based super-fast broadband. Share buybacks will be suspended from the end of July to help fund the initiative.

Source: MarketWatch.com - Top Stories | 15 Jul 2008 | 2:44 pm

Pressure resumes on Fannie Mae, Freddie Mac shares

Shares of troubled mortgage-buyers Fannie Mae and Freddie Mac slump at the open, playing off investors' renewed fears even as government officials spell out a U.S. plan to prop them up.

Source: MarketWatch.com - Top Stories | 15 Jul 2008 | 2:43 pm

Fortis shares hit 12-year low as regulator examines capital plan

Shares in Belgian-Dutch banking group Fortis slumped as much as 19% Tuesday, hitting their lowest level in over 12 years following reports that the Dutch financial regulator is examining its $12.7 billion capital raising plans.

Source: MarketWatch.com - Top Stories | 15 Jul 2008 | 2:39 pm

Stocks That Cost Less Than A Starbucks Cappuccino (NCC)(F)(Q)(SIRI)(LVLT)(FRE)(WM)(ETFC)(SBUX)

A venti cappuccino costs $4.85 at a New York City Starbucks (SBUX). There may be some tax on that. Starbucks trades at $13.57, so it still has a value well above the cost of the coffee mix. But, there are a number of companies where one share of the stock won't get an investor the drink. First on the list is Freddie Mac (FRE). It trades at $4.68. In the financial category, Washington Mutual (WM) at $3.44 is not even in the ball park. Neither is E*Trade (ETFC) at $2.33. In the tech and consumer electronics area, bandwidth infrastructure giant...
Source: 24/7 Wall St. | 15 Jul 2008 | 2:38 pm

Dow sinks 200 points on bank fears

Stocks slumped Tuesday morning as hawkish comments from Fed Chair Ben Bernanke, General Motors' restructuring news and more problems for the troubled financial sector sparked a broad market selloff.

Source: Business and financial news - CNNMoney.com | 15 Jul 2008 | 2:38 pm

Paulson should consider receivership for Fannie, Freddie: report (Reuters)

Reuters - The Treasury Secretary could make greater progress toward a safer financial system by putting Fannie Mae and Freddie Mac into federal receivership, the Wall Street Journal said on Tuesday.
Source: Yahoo! News: Business | 15 Jul 2008 | 2:38 pm

Bernanke: Financial markets under heavy stress

WASHINGTON (Reuters) - Restoring financial market stability is a top priority for the U.S. Federal Reserve as a weakening housing market, tighter credit and rising oil prices threaten the economy, Fed Chairman Ben Bernanke said on Tuesday.

Source: Reuters: Business News | 15 Jul 2008 | 2:36 pm

Currencies: Dollar under pressure after Bernanke cites growth risks

Growing worries about U.S. financial institutions keeps the dollar under heavy selling pressure as the euros hits an all-time high against the greenback above $1.60.

Source: MarketWatch.com - Top Stories | 15 Jul 2008 | 2:36 pm

Bush touts mortgage plans, offshore drilling

Under the backdrop of a deteriorating economic picture, President Bush said Tuesday he is taking action to help people with falling home prices and high gas prices.

Source: Business and financial news - CNNMoney.com | 15 Jul 2008 | 2:35 pm

Dollar plunges to low versus euro

The dollar sank to a new all-time low against the euro Tuesday as concerns about the health of the U.S. banking sector deepened.

Source: Business and financial news - CNNMoney.com | 15 Jul 2008 | 2:35 pm

MarketWatch First Take: 'Core inflation' just a footnote for Bernanke

The Federal Reserve, which used to focus almost exclusively on so-called core inflation, has almost all but abandoned the concept in its public comments.

Source: MarketWatch.com - Top Stories | 15 Jul 2008 | 2:34 pm

German economic sentiment takes big hit in July

Germany’s once-resilient economic sentiment plunged to an all-time low in July as high oil prices, global financial turmoil and other worries began to bear down on euro-zone’s biggest economy, according to a closely-watched indicator released Tuesday.

Source: MarketWatch.com - Top Stories | 15 Jul 2008 | 2:34 pm

Wholesale prices soar in June; sales are sluggish (AP)

AP - The economy showed the depth of its twin problems on Tuesday, slow growth and rising inflation, as the nation wrestled with a teetering financial system, a slumping dollar and rising prices for food and fuel.
Source: Yahoo! News: Business | 15 Jul 2008 | 2:32 pm

J&J profit beats forecast, but drug sales dim

NEW YORK (Reuters) - Johnson & Johnson on Tuesday posted second-quarter earnings that beat Wall Street expectations, as strong demand for its medical devices and consumer products overshadowed negligible growth of prescription drugs.

Source: Reuters: Business News | 15 Jul 2008 | 2:30 pm

GM to cut jobs, suspend dividend

General Motors Corp. said Tuesday it will suspend its dividend, sell off $4 billion to $7 billion worth of assets and cut 20% worth of salaried cash costs in an overall plan to save billions of dollars.

Source: Business and financial news - CNNMoney.com | 15 Jul 2008 | 2:30 pm

Ailing sentiment hits dollar and global stocks

Global equities tumbled after US government plans to rescue Freddie Mac and Fannie Mae left investors unconvinced, and Fed chairman Ben Bernanke said policymakers viewed the inflation outlook as 'unusually uncertain'. The dollar fell to a record low against the euro.
Source: FT.com - US homepage | 15 Jul 2008 | 2:30 pm

Inflation could hit 5 per cent, economists warn

Inflation could hit 5 per cent later this year, economists have warned, as official figures showed the cost of living has hit a 16-year high.
Source: Telegraph Business | 15 Jul 2008 | 2:30 pm

GM to cut jobs, raise liquidity by $15 billion

DETROIT (Reuters) - General Motors Corp on Tuesday announced a plan to cut costs by $10 billion, suspend its common stock dividend and sell up to $4 billion in assets in a bid to shore up cash to survive a deep industry slump.

Source: Reuters: Business News | 15 Jul 2008 | 2:27 pm

Martinsa-Fadesa falls victim to Spain's housing crisis

Spanish property developer Martinsa-Fadesa has declared itself insolvent, having failed to raise a loan as part of a €4 billion refinancing package.
Source: Latest Business News from Times Online | 15 Jul 2008 | 2:26 pm

Plans to lift UK mortgage lending

Mortgage lenders draw up a plan to help kick-start the mortgage market as the credit squeeze continues.
Source: BBC News | Business | World Edition | 15 Jul 2008 | 2:24 pm

Bernanke: Financial markets under heavy stress (Reuters)

Reuters - Restoring financial market stability is a top priority for the U.S. Federal Reserve as a weakening housing market, tighter credit and rising oil prices threaten the economy, Fed Chairman Ben Bernanke said on Tuesday.

Source: Yahoo! News: Business | 15 Jul 2008 | 2:24 pm

U.S. Bancorp loan losses dent profit, shares sink

NEW YORK (Reuters) - U.S. Bancorp posted a larger-than-expected 18 percent decline in quarterly profit due to mounting housing-related credit losses, and said that tough economic conditions will cause more loans to go bad.

Source: Reuters: Business News | 15 Jul 2008 | 2:18 pm

Is this the end of City bonuses?

There may be some significant changes in the pipeline for City workers, affecting the amount and method of their bonus payments, as well as their ability to freely talk about them - and other elements of their compensation package - in the workplace.
Source: Latest Business News from Times Online | 15 Jul 2008 | 2:17 pm

Indexes tumble 2 percent after Bernanke comments (Reuters)

Reuters - Stocks slid as much as 2 percent on Tuesday after Federal Reserve Chairman Ben Bernanke said a weakening housing market, tighter credit and rising oil prices threaten the economy.

Source: Yahoo! News: Business | 15 Jul 2008 | 2:16 pm

Indexes tumble 2 percent after Bernanke comments

NEW YORK (Reuters) - Stocks slid as much as 2 percent on Tuesday after Federal Reserve Chairman Ben Bernanke said a weakening housing market, tighter credit and rising oil prices threaten the economy.

Source: Reuters: Business News | 15 Jul 2008 | 2:16 pm

BA warns the oil price will wipe out profits

Martin Broughton, the chairman of British Airways, admitted today that profits are likely to be wiped out this year as soaring fuel costs and the economic downturn pile the pressure on the UK's flagship airline.
Source: Latest Business News from Times Online | 15 Jul 2008 | 2:12 pm

Blackstone Goes Into Wind Energy in Germany (BX)

The Blackstone Group (NYSE: BX) has announced that it will form a partnership with Windland Energieerzeugungs GmbH to complete the development and construction of Meerwind. This is billed as one of the North Sea’s largest wind farm projects comprised of 80 wind turbines with a combined generation capacity of 400MW. This offshore project will be located some 80 kilometers (approximately 49 miles) off the northern coast of Germany. It will also cost in excess of €1 billion (almost US$1.6 Billion) to build. Virtually all technical expertise and materials will be sourced from within Germany. The area management plan for the...
Source: 24/7 Wall St. | 15 Jul 2008 | 2:09 pm

UK inflation hits 3.8% in June

Rising food and fuel costs pushed UK inflation up to an 11-year high of 3.8% in June from 3.3% in May, official figures show.
Source: BBC News | Business | World Edition | 15 Jul 2008 | 2:08 pm

Tequila and sympathy: Foreclosure deals

From Padre's "free drink with foreclosure notice" special in Phoenix to NYC's famed Gray's Papaya $3.50 Recession Special, these restaurants and bars are profiting from penny-pinching specials.

Source: Business and financial news - CNNMoney.com | 15 Jul 2008 | 2:08 pm

GM to cut jobs, raise liquidity by $15 billion (Reuters)

Reuters - General Motors Corp on Tuesday announced a plan to cut costs by $10 billion, suspend its common stock dividend and sell up to $4 billion in assets in a bid to shore up cash to survive a deep industry slump.

Source: Yahoo! News: Business | 15 Jul 2008 | 2:03 pm

Stocks Take Another Dive

The Dow Jones Industrial Average fell below 11000 on concern over banks, inflation and a weak dollar.

Source: SmartMoney.com | 15 Jul 2008 | 2:02 pm

Billionaire Wilbur Ross saves low-cost Indian airline Spicejet

Wilbur Ross, the US billionaire who made his fortune taking over struggling steel and oil companies, has ploughed 3.45 billion rupees (£40 million) into SpiceJet, India's second-largest cut-price carrier.
Source: Latest Business News from Times Online | 15 Jul 2008 | 1:57 pm

Barrick Gold's Energy Hedge: Buy an Oil Company (ABX)

With energy prices on a seemingly never-ending upward trend, it makes sense to hedge against future price increases in any available manner. Barrick Gold Corp. (NYSE:ABX) proposed to do just that by offering C$6.00/share for small Canadian oil firm Cadence Energy (TSX:CDS). Cadence currently produces about 3,600 boe/day, and it's proved reserves are estimated to be 18.2 million boe, or about 13.8 years worth at current production rates. The offer is worth C$354 million to Cadence shareholders. Barrick's offer hedges about a quarter of the company's oil consumption and "a significant portion" of its natural gas consumption. Barrick's CFO estimated...
Source: 24/7 Wall St. | 15 Jul 2008 | 1:46 pm

Wholesale prices soar in June; sales are sluggish

Source: L.A. Times - Business | 15 Jul 2008 | 1:46 pm

GM to cut salaried workers, production, dividend

Source: L.A. Times - Business | 15 Jul 2008 | 1:36 pm

J&J lifted by demand for consumer products

Johnson & Johnson unveiled second-quarter earnings that beat Wall Street expectations, as solid demand for its consumer products and medical devices eclipsed slow growth of prescription drugs
Source: FT.com - US homepage | 15 Jul 2008 | 1:35 pm

Fresh data add to US economic woes

Further evidence of consumer weakness and rising inflation in the US economy was provided by data showing unexpectedly slow retail sales and a sharp increase in producer prices in June
Source: FT.com - US homepage | 15 Jul 2008 | 1:33 pm

Retail sales edge up slight 0.1 percent in June (AP)

AP - Retail sales edged up by a weaker amount than expected in June as sales at auto dealerships plunged.
Source: Yahoo! News: Business | 15 Jul 2008 | 1:31 pm

G.M.: Gotta Minimize

General Motors' chief executive Rick Wagoner is trying to make sure that bankruptcy is impossible, contrary to what a Merrill Lynch analyst suggested recently.

To do that, he's cutting jobs, bonuses, health care benefits, production, marketing costs, and capital expenditures. But that's not all. He's also suspending the shareholder dividend that's been paid out consistently since 1922.

Nobody ever said avoiding bankruptcy was easy.

G.M. is also taking steps to increase its cash position through asset sales and new bank loans.

The company expects these moves to boost G.M.'s liquidity by about $15 billion by next year. It said again today that it has enough cash today to meet its requirements for 2008.

"We're trying to build a liquidity plan that allows us to traverse two consecutive years of a light market," G.M. chief operating officer Fritz Henderson told reporters, according to the Wall Street Journal.  "This allows us to focus our minds on what we need to do to be competitive."

As the price of gas soars and Americans' budget continue to be pinched, automakers have had to scramble to respond to an evaporating market. G.M. has posted huge losses in recent years, and its share price recently hit new lows that it hadn't seen since the middle of the 20th century.

The cuts will certainly hurt. G.M. retirees over 65 will lose their health care benefits on January 1, 2009. More salaried employees will lose their jobs. Those who remain will not see any compensation raises through next year.

G.M.'s most senior executives are on the hook, too. Eliminating bonuses this will result in lower cash compensation for the company's top officers by as much as 84 percent.

The company will continue to shift its focus away from large trucks and S.U.V.'s to light vehicles and crossovers.

"We will continue to take the steps necessary to align our business structure with the lower vehicle sales volumes and shifts in sales mix," Wagoner said in a statement. "We remain committed to bringing to market great products that target changing consumer preferences for more fuel-efficient vehicles."

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Source: Portfolio.com: Top 5 | 15 Jul 2008 | 1:30 pm

25 top-earning towns

New Canaan, Conn., residents pull in more than $230,000 a year. Which other places have high incomes?

Source: Business and financial news - CNNMoney.com | 15 Jul 2008 | 1:29 pm

GM unveils job and cost cut plans

US carmaker General Motors says it will cut salaried employment costs by 20% as it seeks to counteract falling sales.
Source: BBC News | Business | World Edition | 15 Jul 2008 | 1:28 pm

Retail sales weak, producer prices strong

NEW YORK (Reuters) - Dismal data on inflation and retail sales released on Tuesday flashed fresh signs of stagflation in the U.S. economy.

Source: Reuters: Business News | 15 Jul 2008 | 1:25 pm

GM suspends dividend and mulls asset sales

General Motors has suspended its dividend and is considering further asset sales as part of an array of belt-tightening measures to improve the carmaker's liquidity in the face of a dramatic downturn in the North American vehicle market
Source: FT.com - US homepage | 15 Jul 2008 | 1:22 pm

Retail sales weak, producer prices strong (Reuters)

Reuters - Dismal data on inflation and retail sales released on Tuesday flashed fresh signs of stagflation in the U.S. economy.
Source: Yahoo! News: Business | 15 Jul 2008 | 1:21 pm

This Real Estate Rout May Be Short-Lived (Today From Barron's)

This real estate rout has been more painful than prior ones, but it may be shorter-lived.

Source: SmartMoney.com | 15 Jul 2008 | 1:05 pm

Trina Solar Files Securities Shelf (TSL)

Trina Solar Limited (NYSE: TSL) has filed a mixed securities open shelf registration to allow it to raise capital in the near future if it desires. The company has listed that it may sell Ordinary shares, Preferred shares, Depositary shares, Debt securities, and Warrants. The company has said that it may offer and sell the securities in any combination from time to time in one or more offerings. Also noted was that the debt securities and warrants may be convertible into or exercisable or exchangeable for ordinary shares, preferred shares, depository shares or our other securities. While Trina Solar did...
Source: 24/7 Wall St. | 15 Jul 2008 | 1:01 pm

GM (GM): No Size Is Right Size, Dividend Or Not

GM's (GM) problem is that there is no "correct" size for its North American operations. While it is in fine shape overseas, especially in Latin America, Russia, and China, there is no way for the car company to call a bottom to the domestic market. Total vehicle sales in the US could be only 14 million this year, down over 2 million from 2007. Next year will be no better. GM's other problem is that retooling the company's plants and cutting personnel does not get the company into the small and hybrid car business fast enough. Toyota (TM), Honda (HMC),...
Source: 24/7 Wall St. | 15 Jul 2008 | 12:44 pm

Johnson & Johnson posts 8 pct profit jump in Q2

Health-care giant Johnson & Johnson says its second-quarter profit rose 8 percent on sharply higher sales of consumer health items and surgical and diabetes products. New Brunswick,...
Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jul 2008 | 12:39 pm

Wholesale inflation is worst in 27 years

Soaring costs for gasoline and food pushed inflation at the wholesale level up by a larger-than-expected amount in June, leaving inflation rising over the past year at the fastest pace in...
Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jul 2008 | 12:39 pm

BT to pump £1.5bn into broadband

BT says it plans to invest £1.5bn in fibre optic cables to give millions of homes access to much faster broadband.
Source: BBC News | Business | World Edition | 15 Jul 2008 | 12:37 pm

EU says proposal to cap text message prices in the works

European mobile phone users could pay less to send cross-border text messages under plans the European Commission is preparing, fed-up that operators have left its calls to cut prices...
Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jul 2008 | 12:37 pm

Wholesale prices rise by sharp 1.8 percent in June

Soaring costs for gasoline and food have pushed inflation at the wholesale level up by a larger-than-expected amount in June, leaving inflation rising over the past year at the fastest pace
Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jul 2008 | 12:35 pm

GM to cut salaried workers, production, dividend

General Motors Corp. plans to lay off salaried workers, cut truck production, suspend its dividend and borrow $2 billion to $3 billion as it adjusts to a declining U.S. market. GM said...
Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jul 2008 | 12:35 pm

US Bancorp 2Q profit falls 18 percent

U.S. Bancorp says its second-quarter earnings fell 18 percent hurt by credit and securities losses. The Minneapolis-based bank said Tuesday it earned $950 million, or 53 cents per share,
Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jul 2008 | 12:33 pm

Embraer Signs NIKI Airline for Five EMBRAER 190 Jets

Austria's low-cost airline will be the first to fly the E-Jets with all-new 'slim seats' SAO JOSE DOS CAMPOS, Brazil, July 15 /PRNewswire-FirstCall/ -- Embraer and ...
Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jul 2008 | 12:32 pm

WCA Waste Corporation Announces Date for Second Quarter 2008 Earnings Release and Conference Call

HOUSTON, July 15 /PRNewswire-FirstCall/ -- WCA Waste Corporation (Nasdaq: WCAA) announced that it will report results for the quarter ended June 30, 2008, on August 6,...
Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jul 2008 | 12:30 pm

National Retail Properties, Inc. Declares Common Dividend

ORLANDO, Fla., July 15 /PRNewswire-FirstCall/ -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a...
Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jul 2008 | 12:30 pm

JPS Industries, Inc. Reports Second Quarter Results

Revenue and Operating Income From Continuing Operations More Than Doubles From Prior Year GREENVILLE, S.C., July 15 /PRNewswire-FirstCall/ -- JPS Industries, Inc. ...
Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jul 2008 | 12:30 pm

Paulson should consider receivership for Fannie, Freddie: report

(Reuters) - The U.S. Treasury Secretary could make greater progress toward a safer financial system by putting Fannie Mae and Freddie Mac into federal receivership, the Wall Street Journal said on Tuesday.

Source: Reuters: Business News | 15 Jul 2008 | 12:29 pm

The World's Greatest Investors (Cover Story)

We visit with Uncle Warren and four others to learn what they're buying now.

Source: SmartMoney.com | 15 Jul 2008 | 12:27 pm

Foreign-Stock Kickbacks (SmartMoney Magazine)

Dividend-paying foreign stocks turned out to be better bets than most U.S. stocks.

Source: SmartMoney.com | 15 Jul 2008 | 12:20 pm

Small Stocks Usually Lead a Comeback (SmartMoney Magazine)

The early rebound in small stocks indicates a recovery...soon.

Source: SmartMoney.com | 15 Jul 2008 | 12:20 pm

Navigating Your Next Cruise (SmartMoney Magazine)

Tips on navigating your cruise, whether you're on shore or on the high seas.

Source: SmartMoney.com | 15 Jul 2008 | 12:20 pm

Indoor Skiing Has Become a New Pastime (SmartMoney Magazine)

We travel 7,000 miles to try a black-diamond trail in the desert.

Source: SmartMoney.com | 15 Jul 2008 | 12:20 pm

Which Candidate Is Best for the Market? (SmartMoney Magazine)

History has a way of defying conventional wisdom on the candidates.

Source: SmartMoney.com | 15 Jul 2008 | 12:20 pm

The New-Home Blueprint (SmartMoney Magazine)

Today you can buy a McMansion for cheap. But building your dream house may be a better deal.

Source: SmartMoney.com | 15 Jul 2008 | 12:20 pm

Orders slow, Boeing says problem with 787 brakes

FARNBOROUGH (Reuters) - Orders slowed to a trickle and Boeing announced a problem with the software on the brakes of its yet-to-fly 787 Dreamliner, adding to a somber mood on the second morning of the Farnborough Airshow.

Source: Reuters: Business News | 15 Jul 2008 | 12:16 pm

'Fat-burning' bead marketing ends

A firm claiming its "fat-burning" beads triggered "automatic weight loss" is to stop UK promotions.
Source: BBC News | Business | World Edition | 15 Jul 2008 | 12:15 pm

Pricey gas: Fewer cops, more potholes

In what seems to be a perverse reaction to high gas prices, some cities are cutting back on public transit - at a time when their citizens need it most.

Source: Business and financial news - CNNMoney.com | 15 Jul 2008 | 12:10 pm

Deposits 'overwhelmingly' safe: FDIC

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 15 Jul 2008 | 12:10 pm

YouTube Anonymous

You know that SpongeBob SquarePants clip you watched on YouTube? No one needs to know.

Google and Viacom have reached an agreement to protect the personal details of millions of YouTube users in complying with a judge's order to provide Viacom with user data.

The data request is part of a broader legal battle between Google and Viacom over copyrighted material posted by YouTube users. The Digital Millennium Copyright Act of 1998 protects websites if users post such material, but Viacom argues that YouTube does not merit protection because it actively participates in posting videos and profits when users share them.

Earlier this month, the judge overseeing the case ordered Google to turn over a logging database on how often and who is watching a video on YouTube.

The data include YouTube user names, when a video was watched, and the user's internet protocol address. The order, by Judge Louis Stanton of the Federal District Court in Manhattan, had privacy advocates and many in the internet world up in arms.

Kurt Opsahl of the Electronic Frontier Foundation said at the time that "The court's erroneous ruling is a setback to privacy rights and will allow Viacom to see what you are watching on YouTube."

The two sides have now reached an agreement for Google to provide a database that preserves users' anonymity by substituting values for user name and IP addresses.

"We are pleased to report that Viacom, MTV, and other litigants have backed off their original demand for all users' viewing histories, and we will not be providing that information," Google said on its YouTube blog.

The agreement also includes others suing YouTube over copyright infringement, including the top soccer leagues in England and Scotland.

The agreement does not, however, yet extend to the viewing activity by YouTube and Google employees, although they have agreed to meet again on the issue in 14 days.

Michael Arrington on TechCrunch says, "Without IP addresses and user names, it will be significantly more difficult for Viacom to determine which individuals may have viewed any particular video. I for one have no further objections to this data being handed over from a privacy standpoint, although I still urge Viacom to stop the endless litigation and consider more innovative business models around their content."

Robert Andrews on PaidContent.org notes that the judge in the case had previously denied a request by Viacom that Google turn over the YouTube search source code. Still "Viacom will enjoy poring over the logs to try to find out how the site's copyright filtering works."


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Source: Portfolio.com: Top 5 | 15 Jul 2008 | 12:00 pm

Evergreen Solar Scores Another Major Contract (ESLR)

Evergreen Solar, Inc. (NASDAQ: ESLR) has signed a new long-term sales contract of roughly $1.2 Billion with IBC SOLAR AG in Germany. This contract runs through 2013 and brings Evergreen's total contractual backlog to nearly $3 Billion with 5 customers. This is a huge contract which we would consider an "up to" amount as these are listed as "take or pay." The solar panels for these take-or-pay contracts will be manufactured at the new facility in Devens, Massachusetts and at Evergreen's next factory, which is expected to open in 2010. So far, the company has locked up about 70% of...
Source: 24/7 Wall St. | 15 Jul 2008 | 11:53 am

MoD tests industry tie-up with new weapons programmes

Six new weapons programmes are to be announced today at the Farnborough Air Show in a partnership between industry and the Ministry of Defence designed to protect the "operational sovereignty" of the UK in missile development.
Source: Latest Business News from Times Online | 15 Jul 2008 | 11:47 am

iPhone 3G: Sold out in 21 states

Source: Business and financial news - CNNMoney.com | 15 Jul 2008 | 11:44 am

Citigroup CFO says 2-3 years before better returns: report

NEW YORK (Reuters) - Citigroup Inc Chief Financial Officer Gary Crittenden said it could be two to three years before returns at the largest U.S. bank by assets improve significantly, The New York Times said on Tuesday.

Source: Reuters: Business News | 15 Jul 2008 | 11:39 am

Top Pre-Market Analyst Upgrades (EHTH, FFIV, FDRY, LEN, OXPS, SGP, TWTI)

These are some of the top upgrades or positive analyst calls we have seen this Tuesday morning in early pre-market trading hours: eHealth (NASDAQ: EHTH) Raised to Perform from Underperform at Oppenheimer. F5 Networks (NASDAQ: FFIV) Started as Buy at Pacific Growth. Foundry Networks (NASDAQ: FDRY) Started as Buy at Pacific Growth. Lennar (NYSE: LEN) Raised to Neutral from Sell at UBS. OptionsXpress (NASDAQ: OXPS) Started as Market Outperform at JMP Securities. Schering-Plough (NYSE: SGP) Raised to Overweight from Equal-weight at Lehman Brothers. Third Wave (NASDAQ: TWTI) Cut to Hold from Buy at Deutsche Bank. Jon C. Ogg July 15,...
Source: 24/7 Wall St. | 15 Jul 2008 | 11:38 am

EU challenges roaming 'rip-off'

Regulators announce a crackdown on the cost of sending text messages on mobile phones within the EU.
Source: BBC News | Business | World Edition | 15 Jul 2008 | 11:38 am

Intel's Earnings: A Company Founded By A Pig Thief Gets Too Large

Robert Noyce, the creator of the big idea that became Intel (INTC), died in 1990 when he was 62. He never saw the company make it to the big time, since the stock was $1.25 on a good day that year. Noyce was from Iowa, and was briefly notorious in college for stealing a pig that became the center of a luau. This college prank almost got him thown out of Grinnell College before he could get his physics degree. Noyce invented the integrated circuit and was a cofounder of Intel in 1968, 22 years before his death and would...
Source: 24/7 Wall St. | 15 Jul 2008 | 11:37 am

Top Pre-Market Analyst Downgrades (AIG, ASMI, T, KMB, MOT, NRGN, WB, WMI, WOR)

These are some of the top downgrades or negative analyst calls we have seen this Tuesday morning in early pre-market trading hours: AIG (NYSE: AIG) Cut to Market Perform from Outperform at Wachovia. ASMI International (NASDAQ: ASMI) Started as Underperform at Jefferies. AT&T (NYSE: T) maintained Buy but Removed from Conviction Buy List at Goldman Sachs. Kimberly-Clark (NYSE: KMB) Cut to Market Perform from Outperform at Wachovia. Motorola (NYSE: MOT) Started as Sell at Societe Generale. Neurogen (NASDAQ: NRGN) Cut to Neutral from Buy at Pacific Growth. Wachovia (NYSE: WB) Cut to Underperform from Perform at Oppenheimer. Waste Management (NYSE:...
Source: 24/7 Wall St. | 15 Jul 2008 | 11:34 am

Inflation hits 3.8pc in June as squeeze tightens

The financial squeeze on British households is tightening after figures this morning showed that inflation rose to its highest level in 16 years in June.
Source: Telegraph Business | 15 Jul 2008 | 11:30 am

Inflation hits 3.8pc in June as squeeze tightens

The financial squeeze on British households is tightening after figures this morning showed that inflation rose to its highest level in 16 years in June.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jul 2008 | 11:30 am

Banks turn European stocks lower

European equities fell sharply on Tuesday after investors lost faith in US government plans to shore up confidence in financial groups, leading to widespread declines for banking stocks.By midday, the...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jul 2008 | 11:26 am

UK country homes suffer steepest price fall in more than a decade

Country homes have suffered their steepest fall in value in over a decade, according to the estate agent Knight Frank.
Source: Telegraph Business | 15 Jul 2008 | 11:20 am

UK country homes suffer steepest price fall in more than a decade

Country homes have suffered their steepest fall in value in over a decade, according to the estate agent Knight Frank.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jul 2008 | 11:20 am

Oil and gold rise as dollar sinks

Oil rose by more than $1 on Tuesday as supply concerns provided renewed upward momentum for crude prices while rising concerns about the health of the US financial system helped gold make further gains...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jul 2008 | 10:57 am

Asian stocks stage widespread decline

Asian stocks took their cue from Wall Street and financials were categorically sold off, following a timid drop on Monday, as concerns over the extending credit crisis and slowing economies ricocheted...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jul 2008 | 10:46 am

FTSE loses 5,200 mark as financials fall

London equities moved deeper into bear market territory on Tuesday, with financial stocks tracking Wall Street losses as investors lost faith in US government plans to protect US mortgage agencies. The...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jul 2008 | 10:46 am

Viacom 'backs off' YouTube demand

Google and Viacom reach a deal to protect the personal details of YouTube viewers while evidence is collected for a legal case.
Source: BBC News | Business | World Edition | 15 Jul 2008 | 10:45 am

Ailing sentiment hits dollar and global stocks

Global equities fell sharply and the dollar sank on Tuesday after US government plans to rescue ailing mortgage groups Freddie Mac and Fannie Mae left investors unconvinced.The dollar declined to a new...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jul 2008 | 10:43 am

Financial Website June Traffic: Yahoo! (YHOO) And AOL Still Out Front

Statistics for June visitors and pageviews at financial websites showed Yahoo! (YHOO) Finance and AOL Money (TWX) well ahead of competitors based on comScore data. Yahoo! had 17.538 million unique visitors followed by AOL at 15,235 million. A fairly distant third among the portals, MSN Money came in with 12.286 million uniques. Among the large business sites, Dow Jones online was in front with 8.304 unique visitors, followed by Forbes at 5.797 million. CNN Money had 5.218 million unique visitors and TheStreet.com had 4.854 million. Reuters.com was close behind at 4.271 million. BusinessWeek and Bloomberg were in a dead heat....
Source: 24/7 Wall St. | 15 Jul 2008 | 10:42 am

Lehman CEO mulls ways to take bank private: report

(Reuters) - Lehman Brothers Chief Executive Richard Fuld is considering ways to take the Wall Street investment bank private, the New York Post reported on Tuesday.

Source: Reuters: Business News | 15 Jul 2008 | 10:39 am

Dollar dives as Bernanke pours on more gloom

The pound rose above $2 for the first time this month, hitting a three and a half-month high, as promises by America's Federal Reserve and Treasury that they would not let mortgage giants Fannie Mae and Freddie Mac failed to prop up the dollar.$
Source: Latest Business News from Times Online | 15 Jul 2008 | 10:27 am

Family feud

The world's richest brothers, the Ambanis, are fighting again
Source: BBC News | Business | World Edition | 15 Jul 2008 | 10:04 am

David Cameron: UK economy needs 'full-blown' plan for recovery

A "full-blown plan for recovery" is needed to protect Britain's families and businesses from the "pain" being caused by the credit crisis, according to David Cameron.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jul 2008 | 10:00 am

David Cameron: UK economy needs 'full-blown' plan for recovery

A "full-blown plan for recovery" is needed to protect Britain's families and businesses from the "pain" being caused by the credit crisis, according to David Cameron.
Source: Telegraph Business | 15 Jul 2008 | 10:00 am

FTSE lower after Wall Street sell-off

London equities moved deeper into bear market territory on Tuesday, with financial stocks tracking Wall Street losses as the relief rally in the sector faded.The FTSE 100 fell 1.3 per cent to 5,232.9,...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jul 2008 | 9:58 am

Burberry bucks gloom with strong US sales

Burberry, the fashion brand, shrugged off any fears that it may be vulnerable to a downturn in luxury spending by reporting a strong start to the year, helped by a doubling of wholesale sales to the Middle East and China.
Source: Latest Business News from Times Online | 15 Jul 2008 | 9:49 am

Asian, European markets tumble as worries mount over U.S. financial woes

Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jul 2008 | 9:48 am

Squeeze on British households tightens as inflation hits 3.8pc

The financial squeeze on British households is tightening as the price of consumer goods rose to a xxx high in June
Source: Telegraph Business | 15 Jul 2008 | 9:26 am

BT plans to invest £1.5bn to take UK into broadband superleague

BT has suspended its share buyback program in order to plough £1.5bn into a super-fast broadband service that will serve up to 10m homes by 2012.
Source: Telegraph Business | 15 Jul 2008 | 9:10 am

EU set to cut cost of sending texts abroad

The cost of sending a text message when abroad in the European Union is set to be cut by 70pc from next year under new plans expected to be unveiled today.
Source: Telegraph Business | 15 Jul 2008 | 8:56 am

Inflation reaches ten-year high

Inflation hit record highs in June pushed up by the soaring cost of food and fuel.
Source: Latest Business News from Times Online | 15 Jul 2008 | 8:50 am

Kazakhmys denies Metalloinvest reverse takeover

Kazakhmys, the Kazakh copper miner in talks with Russia's Metalloinvest, has denied that the deal would involve a reserve takeover, despite reports that it planned to create a $50 billion ($£25 billion) London-listed mining giant.
Source: Latest Business News from Times Online | 15 Jul 2008 | 8:45 am

Premier pins hopes on Hovis relaunch

Premier Foods, the Mr Kipling cakes to Campbell's soup maker, said it expected its struggling Hovis bread business to start winning back market share in the second half of the year after spending £15 million improving the quality of its loaves.
Source: Latest Business News from Times Online | 15 Jul 2008 | 8:11 am

Housing transactions slump to lowest in 30 years, says RICS

The number of homes changing hands has slumped to its lowest level since records began 30 years ago.
Source: Telegraph Business | 15 Jul 2008 | 7:50 am

Gasoline prices fall in California, hold steady in U.S.

Source: L.A. Times - Business | 15 Jul 2008 | 7:00 am

Fed slaps new rules on mortgage lenders

Source: L.A. Times - Business | 15 Jul 2008 | 7:00 am

Banks hit by fallout from the crisis at IndyMac

Source: L.A. Times - Business | 15 Jul 2008 | 7:00 am

'King of beers' will be getting a new nationality

Source: L.A. Times - Business | 15 Jul 2008 | 7:00 am

State considers pay-as-you-drive auto insurance

Source: L.A. Times - Business | 15 Jul 2008 | 7:00 am

Currency: Dollar rises despite RB expectations

The New Zealand dollar strengthened today mainly in response to a weak US unit, and despite rising expectation the Reserve Bank will ease rates, possibly as early as next week. Traders were unsure which way to take the kiwi after...
Source: New Zealand Herald - Business | 15 Jul 2008 | 5:11 am

AOL launches personal finance site (Reuters)

Reuters - Time Warner Inc's AOL will launch a personal finance site on Tuesday, adding to a roster of new properties that do not bear its name.
Source: Yahoo! News: Business | 15 Jul 2008 | 4:48 am

Inflation jumps reducing chance of early rate cut

Soaring food and petrol prices pushed annual inflation up to 4 per cent in the June year after the Consumer Price Index (CPI) leapt a higher than expected 1.6 per cent in the June quarter, Statistics New Zealand said today. The...
Source: New Zealand Herald - Business | 15 Jul 2008 | 4:00 am

Brian Fallow: CPI stats make tough reading for Reserve Bank

If you spend your money on beer, pantyhose, shampoo, package holidays and consumer electronics inflation is not much of problem. If you spend it on petrol, food and electricity, on the other hand, it is, and it got worse in the...
Source: New Zealand Herald - Business | 15 Jul 2008 | 3:00 am

Investors playing it cautious: survey

Over 70 per cent of New Zealand investors are forecasting that inflation will continue to worsen over the next three months, according to a survey by investment company ING. Their latest Investor Dashboard Survey highlighted that...
Source: New Zealand Herald - Business | 15 Jul 2008 | 2:00 am

D-day for Petricevic to pay up $576,000

Today is D-day for former Bridgecorp boss Rod Petricevic. The founder of the failed finance company must come up with $576,100 by 5pm or face proceedings to bankrupt him. The amount is how much he owes Bridgecorp's receivers...
Source: New Zealand Herald - Business | 15 Jul 2008 | 1:45 am

More job cuts, restructuring at GM

General Motors chief executive Rick Wagoner is expected to announce the Detroit automaker's second major restructuring package in six weeks as the company looks to cut costs in the face of slumping sales. The company is also try...
Source: New Zealand Herald - Business | 15 Jul 2008 | 1:30 am

This gecko discovery just might stick

You know the little green gecko in the Geiko commercial? Well its real-life model has an amazing ability to attach its toes to any surface, then easily peel them off. Janet Babin reports on the commercial promise of that gecko talent.
Source: Marketplace | 15 Jul 2008 | 1:16 am

China says it's making progress on energy efficiency

China is making progress in a five-year effort launched in 2006 to improve energy efficiency in its fuel-guzzling economy, a state news agency said Tuesday, but the country is still falling short of its annual targets. Energy consumption...
Source: New Zealand Herald - Business | 15 Jul 2008 | 1:01 am

Hybrids like Fan and Fred are a bad mix

The combination of private and public ownership makes Fannie Mae and Freddie Mac hybrids, and that, says commentator Amity Shlaes, is a big part of the problem. It might be heresy to some, but she thinks privatization is the answer.
Source: Marketplace | 15 Jul 2008 | 12:53 am

After The Close - Monday

J.B. HUNT (JBHT), a trucking company, said its Q2 EPS rose 2.6% to 39 cents, topping views by 3 cents. Revenue grew 14% to $977 mil, above views,...
Source: Investor's Business Daily: BUSINESS | 15 Jul 2008 | 12:42 am

Industrial Manufacturer Turns Lean And Mean, And Profit Soars

Efficiency is vital to a manufacturer's lifeline because it reduces costs and boosts margins. Not all companies succeed.
Source: Investor's Business Daily: BUSINESS | 15 Jul 2008 | 12:42 am

Business Briefs - Monday

Million iPhones sold over 3 days. Apple said its new 3G smart phone had a "stunning opening weekend" and claimed sales of 1 mil iPhones...
Source: Investor's Business Daily: BUSINESS | 15 Jul 2008 | 12:42 am

Trends & Innovations - Monday

Overly optimistic retirees at risk
Source: Investor's Business Daily: BUSINESS | 15 Jul 2008 | 12:42 am

In Brief - Monday

Associated Banc-Corp (ASBC), a regional bank, said its Q2 EPS fell 37% to 37 cents, missing views by a dime, as it increased its provision to...
Source: Investor's Business Daily: BUSINESS | 15 Jul 2008 | 12:42 am

Investors set to sue financial adviser

More than 45 investors who received advice from financial advisory firm Vestar are preparing to take legal action against the firm in a bid to claim back millions lost or tied up in troubled finance companies. Vestar is currently...
Source: New Zealand Herald - Business | 15 Jul 2008 | 12:30 am

Paramount forced to suspend $450m financing

The credit crunch has hit home in Hollywood after Paramount Pictures, which has released a string of hit movies this year, was forced to suspend plans for a $450m film financing
Source: FT.com - US homepage | 15 Jul 2008 | 12:28 am

After Fannie and Freddie, what next?

The Treasury and the Fed are helping out Fannie Mae and Freddie Mac with another line of credit, access to special loans and maybe even buying their stock. Financial analyst Karen Shaw Petrou talks with Host Kai Ryssdal about what still needs to be done.
Source: Marketplace | 15 Jul 2008 | 12:26 am

Iran's oil insecurity runs deep

This week host Kai Ryssdal explores what's up with the oil market other than prices. Today he talks to George Joffe at Cambridge University about the world's fourth largest oil exporter -- Iran.
Source: Marketplace | 15 Jul 2008 | 12:11 am

Dawnay Day suffers new blow and sells £3m property stakes

The owners of investment company Dawnay Day were forced into further asset sales at the end of last week, selling stakes of over £3m in two Aim-listed property companies it manages.
Source: Telegraph Business | 15 Jul 2008 | 12:01 am

Family food bills rise by £1,100 in 12 months

Families are paying £1,100 more a year for their food than 12 months ago.
Source: Telegraph Business | 15 Jul 2008 | 12:01 am

Designer goods find new outlets

Even upscale stores are hurting from the slow economy. So what's a Prada or Coach or Saks Fifth Avenue retailer to do? Stacey Vanek-Smith finds out that more and more high-end brands are turning up in outlet malls.
Source: Marketplace | 14 Jul 2008 | 11:31 pm

SEC vows crackdown on false rumors

The Securities and Exchange Commission says it will go after originators of false rumors intended to manipulate stock prices. But, as John Dimsdale reports, gossip has been around since the stock market began.
Source: Marketplace | 14 Jul 2008 | 10:53 pm

TCI loses $1bn in worst month

The Children's Investment Fund, the London hedge fund, lost more than $1bn in its worst month ever in June as activists were hit particularly badly by the poor markets
Source: FT.com - US homepage | 14 Jul 2008 | 10:42 pm

New Yorker attacked for Obama cover

The magazine considered the bible of the white, liberal US intelligentsia was under attack for a satirical cover depicting Barack Obama as a Muslim and his wife Michelle as a terrorist
Source: FT.com - US homepage | 14 Jul 2008 | 10:35 pm

NZ Shares: Market opens up 0.2 per cent

The New Zealand sharemarket opened with a marginal increase ahead of this morning's food price index and consumer price index announcements. The benchmark NZSX-50 index was up 8 points, or 0.26 per cent, to 3088.2 at 10.10am today...
Source: New Zealand Herald - Business | 14 Jul 2008 | 10:28 pm

How bad is the future for banks?

When mortgage lenders report second-quarter earnings this week, poor showings won't be a surprise. But Wall Street didn't wait for the reports as bank stocks traded down today. Alisa Roth reports.
Source: Marketplace | 14 Jul 2008 | 10:16 pm

Richard Holbrooke Says U.S. `Cannot Fail' In Afghanistan

Source: Bloomberg - All Podcasts | 14 Jul 2008 | 10:14 pm

Masri Says Gulf Earnings So Far `Have Not Disappointed'

Source: Bloomberg - All Podcasts | 14 Jul 2008 | 10:10 pm

Bush lifts oil exploration ban

President lifts an executive order banning fresh oil exploration in US waters, ratcheting up pressure on Congress to consent to ending the 28-year moratorium on offshore drilling
Source: FT.com - US homepage | 14 Jul 2008 | 10:08 pm

US stocks: Slide continues on Wall St

Wall Street has extended its slump into yet another week, as investors worried that even a safety net set up for mortgage financiers Fannie Mae and Freddie Mac won't head off further troubles in the financial markets. Investors'...
Source: New Zealand Herald - Business | 14 Jul 2008 | 9:30 pm

Blog: Bank stocks dive as Wall Street fears more failures

Source: L.A. Times - Business | 14 Jul 2008 | 9:11 pm

North American's Baker Uses ETFs to Target Industries

Source: Bloomberg - All Podcasts | 14 Jul 2008 | 9:01 pm

Wall Street falls on fears over financials

Stocks fell as US government measures to shore up confidence in mortgage companies Fannie Mae and Freddie Mac failed to impress equity investors, and regional banks came under pressure
Source: FT.com - US homepage | 14 Jul 2008 | 8:57 pm

Willis Wants `Established & Sons' to Be Top Design Company

Source: Bloomberg - All Podcasts | 14 Jul 2008 | 8:40 pm

Heir Warfare

Chalk another one up for Marc Toberoff, the California attorney best known for tangling with entertainment colossi like Time Warner.

Most recently, Toberoff successfully tackled the media conglomerate for a share of the copyright to the popular Superman franchise on behalf of the heirs of the comic strip's co-creator, Jerome Siegel.

This time, the franchise in question is Lassie, the faithful collie who starred in a 1938 short story that was soon turned into a book, feature-length film, and radio and television series. Lassie, who faithfully came home to her owners after saving the day, lives on years after her creation in the form of film remakes, TV reruns, and myriad internet fan forums.

And last Friday, in a ruling from the U.S. Court of Appeals from the Ninth Circuit, partial rights to the iconic animal were returned to Winifred Knight Mewborn, the daughter of Eric Knight, who penned the original short story.

According to the court, Mewborn is now entitled to a share in Classic Media's copyright of the Lassie character, which it had been granted in the 1940s for the Lassie TV show.

"The ninth circuit is sending a message that the objective of copyright laws is to provide financial incentive to authors and creators to create," said Toberoff today in a phone interview. "That's good for the economy and good for the culture."

Toberoff declined to specify what percentage of the copyright Mewborn can claim, but it appears that she now has the rights to exploit that copyright—by, say, creating a new Lassie TV show or movie—unless a new license is negotiated with Classic Media, the New York-based company that owns and manages the rights to a stable of movie and TV characters.

Classic Media, meanwhile, didn't return a request for comment. A quick visit to the company's website shows that the company still features the pooch's furry face very prominently, alongside characters like Frosty the Snowman, Mr. Magoo, Rocky & Bullwinkle, and Lambchop.

For now, it appears that Lassie has two homes, and that someone will be hearing soon from Bullwinkle's lawyer.

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Source: Portfolio.com: Top 5 | 14 Jul 2008 | 8:30 pm

Deed Greed

The glossy auction catalogs were printed. Press releases were distributed. And last week, reporters toured Christie's galleries with 329 lots of James Brown memorabilia—including "sex" jumpsuits, platform shoes, and a baby grand piano.

The auction, originally scheduled for Thursday, was expected to bring in roughly $1 million in sales.

But a week before the event was to take place, the South Carolina Court of Appeals, which was reviewing the case, had not decided who had legal authority over the property to be auctioned off.

Today, the court ruled that the show may go on.

The potential delay of the auction is only the latest in the ongoing saga among those left behind by the Godfather of Soul. Within weeks of his death on Christmas Day 2006, Brown's heirs, would-be beneficiaries, and former business partners were battling in court over the estate and trust he established.

The problem wasn't that Brown didn't leave a will. The will he signed in 2000 named six children as recipients of his personal and household effects. The rest Brown left to two trusts established to fund education for his descendants and for underprivileged children. But since then, four additional individuals have claimed that DNA tests prove they are Brown's descendants, and the mother of one says she's Brown's lawful wife.

The dispute among his would-be heirs led the district court in Aiken, South Carolina, to appoint two attorneys—Adele Pope and Robert Buchanan—as overseers of Brown's affairs in November. Pope argued that an auction would help the cash-poor estate and trust (oddly, for one of the highest-earning dead celebrities).

The auction proceeds could offset mounting attorney bills, security for Brown's 60-plus-acre home, and defense against roughly $35 million in legal claims filed against the estate. Pope and Buchanan contracted with Christie's to sell a rainbow assortment of jumpsuits (estimated at $5,000 to $7,000 each), a bag of rollers and hair-care sprays ($200 to $300), and a note Brown scrawled on "Delta In-flight Service stationery" ($300 to $500) among other items, to pay some of these expenses.

At the very least, perhaps they could raise enough to pay the remaining $18,000 balance on his funeral bill.
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Source: Portfolio.com: Top 5 | 14 Jul 2008 | 8:30 pm

Fans Love Nadal, Olympic Ban Reversed, No Woods at U.K. Open

Source: Bloomberg - All Podcasts | 14 Jul 2008 | 7:17 pm

Motivating Macy's

With Macy's stock price down 40 percent since the beginning of May, its chief executive, Terry Lundgren, has filed a letter with the Securities and Exchange Commission urging management (and implicitly, investors) to maintain confidence in the struggling retailer.

"I recognize how distracting the economy is for all of our people," writes Lundgren in the letter dated July 11. "The headlines and newscasts are overflowing with gloom and doom. In spite of it all, I am proud of how our organization has risen to the challenge in continuing to embrace change, serve our customers, and innovate with unique new merchandise and marketing and selling programs."

Lundgren's letter follows on speculation that the company is experiencing a liquidity crisis, one of the factors that have driven the stock price down in recent weeks.

"Our corporation is financially healthy," writes Lundgren. "Our cash flow remains strong. We recently issued $650 million in new debt to retire existing debt that matures in the third quarter. And we have $2 billion in bank credit agreements in place, which we can tap when needed."

Boasts of financial health can, of course, sometimes have the unintentional consequence of increasing skepticism. Just ask Lehman Brothers.

But the Macy's letter was welcome by investors and analysts. Shares of Macy's surged as much as 9 percent today before settling back with a 4 percent gain by early afternoon.

Charles Grom, a retail analyst with J.P. Morgan, wrote today: "We've received numerous questions from investors over the past two weeks regarding Macy's liquidity position. From what we gather, fears of liquidity issues at Macy's seem to lack substance."

Perhaps most significant, after announcing in February that it would no longer report monthly sales of stores open at least a year, Lundgren chose to share the data opportunistically in Monday's letter. He said that for May and June, Macy's same-store sales are down 1.9 percent, noting that this well outperforms peers including J.C. Penney, Kohl's, Nordstrom, and the Gap.

Some might say that's the stock's precipitous share decline is just desserts for the company's decision to stop reporting monthly comps—never a popular move with analysts, and likely to cause negative speculation about the state of sales.

"Macy's decision to forgo both monthly S.S.S. and quarterly guidance has clearly backfired, in our opinion," Grom said.

The decline of 1.9 percent announced by Lundgren compares favorably with analyst expectations. Citigroup's Deborah Weinswig adjusted same-stores sales forecast last month, and is now looking for 2008 comps down 2.6 percent overall; Charles Grom is forecasting a 2 percent decrease for the second quarter, which will be reported on August 13.

Lundgren's comments brightened the outlook for Macy's today, but can the retailer provide the reassurance investors need? J.P. Morgan's Grom says that consensus earnings forecasts for Macy's are too high, and that the company still faces significant challenges matching performance for the second half of last year given the state of the economy.

Yet Kelly Tackett, a senior consultant with TNS Retail Forward, says she believes that the store is on the right track, focusing on its core strengths while bringing in branded partnerships in areas where it wouldn't otherwise compete. Tackett says she saw Macy's new Tommy Hilfiger initiative during a store visit in Cleveland last weekend, and was favorably impressed.

"Given that they have a ton of new initiatives on their plate that will drive full-price sales, that's definitely positive," says Tackett. "Towards fall and holiday we'll start to see results. They've got a lot going on, and if they can execute well, a couple months or couple quarters of less-than-stellar same-store sales is not going to affect the company in long run."


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Source: Portfolio.com: Top 5 | 14 Jul 2008 | 6:00 pm

A Legal Knock-Off

Holly Golightly would not be pleased.

Tiffany & Co., the famed jeweler where Holly nibbled on croissants as she gazed into its Fifth Avenue windows, has lost its bid to protect the precious items on display from the mass market of the internet, where "genuine" sometimes doesn't mean that at all.

A federal judge has shot down Tiffany's bid to hold eBay accountable for trademark infringement for what it claims were hundreds of thousands of counterfeit silver jewelry items offered for sale by third parties on the eBay website from 2003 to 2006.

At a two-day trial last November before Judge Richard Sullivan of the Federal District Court in Manhattan, most of the facts at issue were not in dispute. eBay admitted that counterfeit items are sold on the site, and argued that it has instituted a program to police the illegal acts of those in the "eBay community" who chose to hawk fake goods, taking postings down when given proper notice by retailers such as Tiffany.

Whatever eBay is doing, Tiffany argued, it is not enough—and it sought to hold the auction site accountable for "contributor trademark infringement"—because eBay could have anticipated that knockoffs would be sold and did nothing to prevent the problem in the first place.

The case grabbed the attention of the entire retail industry: If Tiffany had succeeded, Judge Sullivan's ruling would have imperiled the business model of internet retailing. Alas, Tiffany failed to persuade him: "Tiffany must ultimately bear the burden of protecting its trademark," Sullivan wrote. "Policymakers may yet decide that the law as it stands is inadequate to protect rights owners in light of the increasing scope of internet commerce." But under the law as it stands, eBay is, in fact, doing enough to stanch the flow of counterfeit items, despite Tiffany's characterization of the website as a worldwide, online version of the swap meets of bootleg eight-track cassettes in parking lots that were once the rage. (There's case law on this, if you can believe it: The record companies are every bit as zealous about their copyright as Tiffany is about its trademark silver, wrapped in a turquoise box.)

"The court finds that when eBay possessed the requisite knowledge, it took appropriate steps to remove listings and suspend service. Under these circumstances, the court declines to impose liability for contributory trademark infringement," Sullivan declared in his 66-page decision, issued this afternoon.

The lengthy opinion offers a revealing window into how eBay works its phenomenally successful empire: More than 6 million new listings are posted on eBay daily, and at any given time, some 100 million listings appear on the site. eBay works closely with sellers to foster increased sales, including the sellers of Tiffany jewelry, offering them seminars and workshops. At the trial, Tiffany's lawyers presented these features to show that eBay was in league with the counterfeiters, and therefore could not possibly claim that it was, as they say, shocked, shocked to find gambling going on in the casino.

Judge Sullivan, after the trial, asked both sides to brief him on a case that dates back to a time before computers, much less the dawn of internet commerce: It is a 1946 ruling from a Massachusetts federal district court called Coca-Cola Co. v. Snow Crest Beverages, in which Coca-Cola asserted that Snow Crest, a distributor, had contributed to infringing the Coca-Cola mark by selling "Polar Cola" to bartenders who sometimes mixed that fake soda into customers' "rum and Coke drinks." An investigation by  Coca-Cola found the practice went on in 82 bars. Coca-Cola passed that information along to Snow Crest's president. Coca-Cola tried to argue that this "generalized knowledge" was sufficient to establish a claim for trademark infringement.

The Massachusetts court was unimpressed by Coca-Cola's arguments, and today, Judge Sullivan was unimpressed by similar claims made by Tiffany.

The decision was no surprise to those following the case, for Sullivan hewed to the established caselaw.

"This is definitely a go-go status quo decision," says says Susan Scafidi of Fordham University School of law, the first U.S. professor to offer a course in fashion law in the country, and blogger on the subject. "The other way would have been huge."

Scafidi was disappointed by Sullivan's conservative approach, especially with respect to dusting off the Coca-Cola decision. "He wants not to be overturned," she says. " Had there been a little bit more judicial activism, or a little bit more sympathy for Tiffany's or a bit broader reading of the knowledge standard, we would have had a very different decision."

Luxury retailers aren't ready to give up the fight.  Milton Petraza, the chief executive of the Luxury Institute, which is pressing for policy changes or corporate changes at sites like eBay by demanding they authenticate goods before listing them on on their sites for purchase by consumers, didn't hide his disgust for the ruling. "The U.S court, just like the French courts, side with whatever company they have," he says. "But I think this is a bigger issue, a global issue. Eventually authentication will be demanded, not by the courts, not by the luxury brands, but by consumers who are buying those brands."

For now, eBay has won. In the absence of "actual knowledge" or "reason to know" that goods are counterfeit, eBay will not be held liable for fake goods hawked on its site. Something more than "generalized knowledge" is needed, so says Sullivan's decision.

Just what is anybody’s guess. Perhaps legislation. Or perhaps a trip to the brick and mortar store on Fifth Avenue for some retail therapy.

Holly would surely have approved of that.

Related Links
Internet Lawsuit: It's the Real Thing
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Source: Portfolio.com: Top 5 | 14 Jul 2008 | 5:30 pm

Albee Discusses `Occupant,' Play About Late Sculptor Nevelson

Source: Bloomberg - All Podcasts | 14 Jul 2008 | 5:21 pm

Turner Show Full of Color Arrives at New York's Met Museum

Source: Bloomberg - All Podcasts | 14 Jul 2008 | 5:20 pm

Madagascan Species in Residence at New York's Bronx Zoo

Source: Bloomberg - All Podcasts | 14 Jul 2008 | 5:19 pm

Deutsche Bank's Hooper Says U.S. May Be in Recession Now

Source: Bloomberg - All Podcasts | 14 Jul 2008 | 5:09 pm

Ringing the Newspaper Death Knell

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Source: Portfolio.com: Top 5 | 14 Jul 2008 | 4:30 pm

Britain Under the Lash

LONDON—The mood is so grim here that even those seeking distraction in the Max Mosley trial have been rudely reminded of the financial carnage.

London has been riveted by the trial of a lawsuit brought by Mosley, the head of the Formula One governing body and son of Britain's best-known fascist of the 1930s, against the News of the World. In a sting organized by the Murdoch tabloid, Mosley was caught on tape being flogged by strapping blond prostitutes until his buttocks bled. (Frequent flogging, it turns out, makes the skin prone to bleeding easily.)

Mosley appeared to win a crucial victory last week, when the News' star witness was a surprise no-show. Known only as Woman E, the prostitute could not testify because of her fragile emotional state, the News' lawyers claimed.

There may have been some payback, however. The News had promised her £25,000 (roughly $50,000) to secretly videotape the German-prison-theme orgy; in the end the paper paid her only £12,000, citing the credit crunch.

Yes, the financial pain is being felt everywhere—even where pain is the object.

In Britain, the panic and pessimism over the economy is nearly as intense as it is in the United States.

The London stock market has joined the U.S. market in bear-market territory, with the FTSE 100 index down 20 percent from its peak in June of last year. Economic growth is slowing, and unemployment has just started to creep up. Consumer confidence last month was just a tick above its all-time lows reached in 1990. Inflation is at a 10-year high, and home prices are sliding.

And Britain's housing bubble was arguably worse than ours, with home prices peaking in the fall of last year at six times average income, about double what they were in the United States. Since then, the Halifax house price index is down about 10 percent.

Homebuilder stocks are plummeting. Shares of Barratt Developments plunged 90 percent before it obtained a last-minute reprieve from its lenders. Retailers are hurting as well. Marks & Spencer, the iconic British retailer, posted an earnings warning earlier this month.  

The worst problems lie with the banks. Shares of Bradford & Bingley, a mortgage bank that specialized in lending to Britain's version of speculators—the "buy-to-let" crowd—bounced gingerly last week, as prospects that it would succeed in raising much-needed capital brightened.

But the markets continue to reel in the aftermath of Northern Rock's failure last year. Investors simply don't trust that the banks are capitalized enough or that the regulators are sufficiently on the ball. The Financial Services Authority, the British equivalent of the Securities and Exchange Commission, has been pushing for the banks to raise additional capital. But the worry is that there may not be enough capital to go around for all the U.K. banks.

British banks are too cheap to sell, but too dangerous to buy. The question now for the global markets is how bad things may get for two of the biggest: Barclays, which has a huge investment bank, and HSBC.

Shares of HSBC have held up relatively well. The management team has received credit for having taken big charges and cleaned up the mess around its acquisition of American subprime mortgage lender Household International. But like Wachovia's Golden West purchase, Household looks like the gift that will keep on giving. One hedge fund manager told me he has covered all of his British bank shorts, except for HSBC, arguing that it is vulnerable to a slowdown in China on the one hand and further problems with Household on the other.

Among many analysts and investors it is widely believed that Barclays will have to raise more money and that the bank has not yet come clean on the full extent of its charges. Analysts at Citigroup estimated late last month that the bank would have to raise £9 billion on top of the £4.5 billion it has already raised. After raising the capital, the bank still has a woefully thin safety margin, with 1.5 percent tangible equity to assets, ranking the bank the sixth weakest in Europe, according to the analysts. By comparison, at the end of the first quarter, Citigroup, which is thinly capitalized by U.S. standards, sat at about 3 percent.

Ominously, Barclays still looks overexposed to monoline insurers, as well as to commercial real estate and to Alt-A mortgage holdings in the United States. The Citigroup analysts ran the numbers as if Barclays had to take similar write-offs to those of Royal Bank of Scotland and found that Barclays would need an additional £9 billion in write-downs on top of the £4 billion it has already taken.

Poor Max Mosley. If it was pain he wanted, he should have put his money into financial stocks. It would have lasted longer and been so much less publicly embarrassing.

Achtung, baby!


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Source: Portfolio.com: Top 5 | 14 Jul 2008 | 3:30 pm

Wachovia Shares Downgraded to `Neutral' From `Buy' at UBS

Source: Bloomberg - All Podcasts | 14 Jul 2008 | 2:50 pm

Bud, Meet Stella

It's happy hour in Belgium.

After weeks of negotiations, the Belgian brewer InBev has agreed to acquire Anheuser-Busch for $70 per share in cash, or $52 billion. The boards of both companies have approved the merger.

The deal creates the world's biggest brewer, bringing brand names including Budweiser, Michelob, Stella Artois, and Bass under one owner.

The new company will be named Anheuser-Busch InBev. August Busch and one other Anheuser executive will join the board of the new company.

After facing resistance from the St. Louis-based Budweiser owner following its initial offer in June, InBev raised its purchase price by $5 per share.

The deal also puts an end to one of the longest-running family-owned American companies. The Budweiser owner was established more than 150 years ago.

There is a compelling strategic logic to this deal. Big brewers are wrestling with slowing markets in North America and Europe and rising commodity prices. The merger of Anheuser and InBev will give the combined company greater economies of scale with virtually no overlap in markets.

"This is truly one of those win-win situations where everyone should be pleased as punch," Tom Pirko, president of the consulting firm Bevmark, told the St. Louis Dispatch. InBev C.E.O. Carlos Brito "got what he wanted—took down the big prize. And (Anheuser-Busch) shareholders got a major premium that would have been in doubt for a long time to come."

The paper also notes that the combined company will produce 392 million barrels of beer per year, which is about 60 percent more than is made by the now No. 2 brewer, SABMiller.


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Source: Portfolio.com: Top 5 | 14 Jul 2008 | 1:30 pm