World Business News Headlines for July 17, 2008

Justin Rose spends time learning his lines for Open drama

On Monday, when I finished my first practice round at Royal Birkdale, I stood by the 18th green and looked around at the grandstands, the scoreboards and clubhouse and thought what a great spectacle the Open Championship is. I also thought: “It is time I put my game face on.”
Source: Latest Business News from Times Online | 17 Jul 2008 | 4:20 pm

Stocks open higher on upbeat earnings results

NEW YORK -- Wall Street extended its rally into a second session today after stronger-than-expected quarterly reports from Coca-Cola Co., JPMorgan Chase & Co. and United Technologies Corp. gave investors some reassurance about the health of the economy. The Dow Jones industrial average rose more than 100 points.

Source: L.A. Times - Business | 17 Jul 2008 | 2:13 pm

Danaher profit rises 17% with help from acquisitions

SAN FRANCISCO (MarketWatch) - Danaher Corp. said Thursday its second-quarter earnings rose 17%, boosted by a 25% jump in sales, with revenue from recent acquisitions making the biggest contribution to the bottom line.

Source: MarketWatch.com - Top Stories | 17 Jul 2008 | 2:12 pm

Market Snapshot: U.S. stocks open by extending financial-led rally

U.S. stocks open broadly higher, taking their cue in part from J.P. Morgan Chase’s financial results.

Source: MarketWatch.com - Top Stories | 17 Jul 2008 | 2:12 pm

Bradford & Bingley gets cash call go-ahead

Bradford & Bingley shareholders have approved the bank's £400m rights issue at an extraordinary general meeting in Sheffield.
Source: Telegraph Business | 17 Jul 2008 | 2:11 pm

ValueClick: An Omen for Online Ad Spending? (VCLK)

This morning ValueClick (NASDAQ: VCLK) came out and dropped the bomb on forward guidance. The immediate guidance isn't such a bad issue but the forward guidance is. It lowered revenue guidance by 2% to $163 to $164 million, but cost cuts helped earnings guidance to $0.17 to $0.18 (up $0.02 on both). The online ad company cut its 2008 guidance from $730 to $745 million down to $655 to $675 million and cut prior EPS range of $0.81 to $0.83 down to a new lower range of $0.69 to $0.71. There is a much more important issue than this company...

Source: 24/7 Wall St. | 17 Jul 2008 | 2:09 pm

Saving IndyMac's mortgages

When FDIC Chairwoman Sheila Bair swooped in on Friday and took over IndyMac bank, she became steward to billions of dollars in customer savings deposits. She also inherited $200 billion worth of home mortgages - a sizable number of which are in trouble.

Source: Business and financial news - CNNMoney.com | 17 Jul 2008 | 2:09 pm

Continental smothered by fuel prices

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 17 Jul 2008 | 2:08 pm

Novartis 2nd-quarter profit climbs 21%, exceeds estimate

Novartis on Thursday reported that second-quarter net income increased a stronger-than-expected 21%, helped by growing sales of cancer drugs and vaccines.

Source: MarketWatch.com - Top Stories | 17 Jul 2008 | 2:07 pm

Ebay shares fall 13 pct after weak outlook, downgrades

NEW YORK (Reuters) - EBay Inc's shares fell more than 13 percent on Thursday after its cautious near-term outlook led to downgrades by several Wall Street analysts.

Source: Reuters: Business News | 17 Jul 2008 | 2:03 pm

JPMorgan profit falls but beats forecasts

NEW YORK (Reuters) - JPMorgan Chase & Co said on Thursday that second-quarter profit fell more than 50 percent, hurt by $1.1 billion in write-downs at its investment bank, but the results beat expectations and its shares rose nearly 5 percent.

Source: Reuters: Business News | 17 Jul 2008 | 2:03 pm

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.

Source: MarketWatch.com - Top Stories | 17 Jul 2008 | 2:01 pm

Stocks rise on profit optimism (Reuters)

Reuters - Stocks rose on Thursday as JPMorgan Chase & Co's higher-than-expected profit led a second straight day of gains by financial stocks as concerns about the credit crisis eased.

Source: Yahoo! News: Business | 17 Jul 2008 | 2:01 pm

Johnson Controls sees double-digit profit growth

Across-the-board growth helps Johnson Controls to double-digit gains in earnings during the third quarter, but the maker of components for cars and homes sees its stock tumble as it forecast fourth-quarter and full-year earnings below Street estimates.

Source: MarketWatch.com - Top Stories | 17 Jul 2008 | 2:01 pm

Stocks rise on profit optimism

NEW YORK (Reuters) - Stocks rose on Thursday as JPMorgan Chase & Co's higher-than-expected profit led a second straight day of gains by financial stocks as concerns about the credit crisis eased.

Source: Reuters: Business News | 17 Jul 2008 | 2:00 pm

BB&T profit dip tempered by Visa gain

Source: MarketWatch.com - Top Stories | 17 Jul 2008 | 2:00 pm

HBOS shares trade below rights issue price as deadline looms

LONDON (MarketWatch) -- With the deadline for investors to subscribe to HBOS' 4 billion pound ($8 billion) rights issue expiring Friday, the bank's shares are hovering just under the issue price, creating a risk that underwriters will have to buy up all the unwanted shares.

Source: MarketWatch.com - Top Stories | 17 Jul 2008 | 1:59 pm

Battered housing market sends MGIC into the red, results show

Mortgage insurance specialists MGIC Investment swings to a second-quarter loss, although revenue generates growth.

Source: MarketWatch.com - Top Stories | 17 Jul 2008 | 1:58 pm

Roadtrip to China: 8 rules for work and play

We've all been there: visiting a new country we inadvertently do or say something deemed offensive to locals. At best, we're embarrassed. At worst, we risk blowing a business deal or offending our hosts.

Source: Business and financial news - CNNMoney.com | 17 Jul 2008 | 1:57 pm

Stocks start strong

U.S. stocks were higher at Thursday's open as investors rallied behind falling oil prices and stronger-than-expected earnings from the financial sector for a second-consecutive day.

Source: Business and financial news - CNNMoney.com | 17 Jul 2008 | 1:57 pm

SunPower swings to a gain, brightens profit view

NEW YORK (MarketWatch) -- SunPower Inc. swings to a profit as the maker of solar panels brightens its earnings outlook on rising demand around the globe for its solar power modules.

Source: MarketWatch.com - Top Stories | 17 Jul 2008 | 1:57 pm

The New-Home Blueprint (SmartMoney Magazine)

Today McMansions are cheap. But building your dream house may be a better deal.

Source: SmartMoney.com | 17 Jul 2008 | 1:56 pm

CIT loss expands after sale of home lending unit

SAN FRANCISCO (MarketWatch) -- CIT Group on Thursday said its second-quarter loss ballooned as it took $2.1 billion in charges to exit the battered home lending market.

Source: MarketWatch.com - Top Stories | 17 Jul 2008 | 1:56 pm

US housing starts rise unexpectedly

The number of new housing starts in the US rose unexpectedly by 9.1 per cent in June to 1.066 million units. But officials gave warning that the increase, which far exceeded analysts expectations of a fall to 960,000, was proped up because of a rush among constructors to start projects before new building regulations came into force in New York.
Source: Latest Business News from Times Online | 17 Jul 2008 | 1:48 pm

Results Boost Stocks

Better-than-expected earnings from JPMorgan Chase, Coca-Cola and United Tech lifted the Dow.

Source: SmartMoney.com | 17 Jul 2008 | 1:46 pm

JP Morgan reveals rare cheer with better-than-expected profits

JP Morgan Chase has released some rare good news from the banking sector as it revealed better-than-expected second-quarter profits.
Source: Telegraph Business | 17 Jul 2008 | 1:43 pm

United Tech profit beats Street, raises forecast

BOSTON (Reuters) - Diversified U.S. manufacturer United Technologies Corp reported better-than-expected quarterly profit Thursday on solid demand for Otis elevators and fire and security equipment from the commercial construction sector, sending its shares up almost 5 percent.

Source: Reuters: Business News | 17 Jul 2008 | 1:40 pm

10 best places to ride out a gas crunch

Here, commutes are short or many residents get to work in ways that don't use a lot of fuel.

Source: Business and financial news - CNNMoney.com | 17 Jul 2008 | 1:38 pm

Oil steadies above $134 after slump

LONDON (Reuters) - Oil held above $134 a barrel on Thursday, after an initial fall that seemed like a continuation of its recent tumble on mounting evidence of fading demand in the United States and easing tensions between the U.S. and Iran.

Source: Reuters: Business News | 17 Jul 2008 | 1:26 pm

Dow Components Rocking Earnings So Far (KO, JPM, UTX)

This morning we are seeing futures rise on the news from DJIA components being solid on the earnings front. There are some mixed reactions, but we saw solid earnings in a tough environment out of Coca-Cola Co. (NYSE: KO), JPMorgan Chase (NYSE: JPM), and United Technologies Corp. (NYSE: UTX). Coca-Cola Co. (NYSE: KO) managed to beat EPS targets by $0.05 with $1.01 per share on a 17% revenue jump to $9.05 Billion; First Call estimates were $0.96 EPS and $8.93 Billion in revenues. The company said that its worldwide unit case volume rose by 3% in the quarter, with the...

Source: 24/7 Wall St. | 17 Jul 2008 | 1:20 pm

JPMorgan profit falls but beats forecasts (Reuters)

Reuters - JPMorgan Chase & Co said on Thursday that second-quarter profit fell more than 50 percent, hurt by $1.1 billion in write-downs at its investment bank, but the results beat expectations and its shares rose nearly 5 percent.
Source: Yahoo! News: Business | 17 Jul 2008 | 1:20 pm

Nokia posts 61% profit drop

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 17 Jul 2008 | 1:19 pm

Safeway posts higher profit

NEW YORK (Reuters) - Safeway Inc on Thursday reported higher second-quarter profit as its sales rose and the grocer said it reduced costs.
Source: Infocious RSS raw feed - channel BNewsBusiness | 17 Jul 2008 | 1:14 pm

Forecast Should Raise Diageo's Spirits (Today From Barron's)

It's happy hour for Diageo, the world's biggest seller of spirits, beer and wine.

Source: SmartMoney.com | 17 Jul 2008 | 1:13 pm

Wall Street spirits lifted by raft of solid earnings

US stocks were set to carry strong gains into a second session on Thursday as second quarter earnings season kicked into high gear and companies ranging from JP Morgan to United Technologies posted healthy results
Source: FT.com - US homepage | 17 Jul 2008 | 1:12 pm

Stocks point higher on upbeat earnigns results

U.S. stocks headed for a higher open Thursday after stronger-than-expected quarterly results from names like Coca-Cola, JPMorgan Chase and United Technologies offered investors some...
Source: Infocious RSS raw feed - channel BNewsBusiness | 17 Jul 2008 | 1:09 pm

JPMorgan's earnings tumble

JPMorgan Chase said Thursday that profit plunged in the second quarter, stung by $1.1 billion in writedowns, but the firm still managed to beat Wall Street projections.

Source: Business and financial news - CNNMoney.com | 17 Jul 2008 | 1:08 pm

Merck to fund Vioxx settlement in August

Merck says it will fund the $4.85 billion settlement designed to resolve tens of thousands of lawsuits related to its Vioxx painkiller, waiving its right to walk away from the settlement...
Source: Infocious RSS raw feed - channel BNewsBusiness | 17 Jul 2008 | 1:07 pm

Yahoo says Icahn's agenda presents significant risk

NEW YORK (Reuters) - Yahoo Inc on Thursday warned its shareholders that billionaire Carl Icahn's agenda presents a "significant risk" to their investment, and reiterated that it would only sell itself to Microsoft under the right terms.

Source: Reuters: Business News | 17 Jul 2008 | 1:07 pm

Home construction at slowest pace in 17 years

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 17 Jul 2008 | 1:05 pm

June housing starts up 9.1 pct; NY code cited (Reuters)

Reuters - Home building projects started in June surprisingly rose 9.1 percent due chiefly to a change in New York City building codes that, if it were ignored, would have seen starts decrease by 4.0 percent, a government report said on Thursday.
Source: Yahoo! News: Business | 17 Jul 2008 | 1:04 pm

June housing starts up 9.1 pct; NY code cited (Reuters)

June housing starts up 9.1 pct; NY code cited

WASHINGTON (Reuters) - Home building projects started in June surprisingly rose 9.1 percent due chiefly to a change in New York City building codes that, if it were ignored, would have seen starts decrease by 4.0 percent, a government report said on Thursday.

Source: Reuters: Business News | 17 Jul 2008 | 1:04 pm

CBIZ Webcasts Second-Quarter and First-Half 2008 Conference Call

CLEVELAND, July 17 /PRNewswire-FirstCall/ -- CBIZ, Inc. (NYSE: CBZ) has scheduled a conference call for Thursday, July 31, 2008 at 11:00 a.m. (ET) to discuss the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 17 Jul 2008 | 1:04 pm

Continental Airlines posts loss

NEW YORK (Reuters) - Continental Airlines Inc on Thursday reported a quarterly loss, citing high fuel prices, a weakening economy and a weak U.S. dollar.

Source: Reuters: Business News | 17 Jul 2008 | 1:01 pm

Elevators lift United Technologies' 2Q results

United Technologies Corp.'s second-quarter profit rose 11 percent, as the maker of everything from jet engines to ventilation systems reported strong growth at its subsidiaries Otis...
Source: Infocious RSS raw feed - channel BNewsBusiness | 17 Jul 2008 | 1:01 pm

New York construction boosts US housing

New US housing starts rose an unexpected 9.1 per cent in June, but economists cautioned against interpreting the jump as evidence of a bottoming of the US residential property market
Source: FT.com - US homepage | 17 Jul 2008 | 1:01 pm

Pacific State Bancorp Reports Earnings for the Second Quarter of 2008

Over 60 Consecutive Quarters of Positive Earnings STOCKTON, Calif., July 17 /PRNewswire-FirstCall/ -- Steven A. Rosso, President and C.E.O. of Pacific State Bancorp...
Source: Infocious RSS raw feed - channel BNewsBusiness | 17 Jul 2008 | 1:00 pm

Bite-Size Arts Ensemble Offers Big Experience to Emerging Artists

Inaugural Benefit Evening Makes the Audience Part of the Act CHICAGO, July 17 /PRNewswire-USNewswire/ -- The Bite-Size Arts Ensemble, a non-profit arts incubator, today...
Source: Infocious RSS raw feed - channel BNewsBusiness | 17 Jul 2008 | 1:00 pm

Peet's Coffee & Tea, Inc. to Report its Second Quarter 2008 Results

EMERYVILLE, Calif., July 17 /PRNewswire-FirstCall/ -- Peet's Coffee & Tea, Inc. (Nasdaq: PEET), the premier specialty coffee and tea company in the U.S., today...
Source: Infocious RSS raw feed - channel BNewsBusiness | 17 Jul 2008 | 1:00 pm

Triad Guaranty Announces the Retirement of Mark K. Tonnesen; William Ratliff Assumes Additional Duties as CEO and President

WINSTON-SALEM, N.C., July 17 /PRNewswire-FirstCall/ -- Triad Guaranty Inc. (Nasdaq: TGIC) announced today that its President and Chief Executive Officer, Mark K....
Source: Infocious RSS raw feed - channel BNewsBusiness | 17 Jul 2008 | 1:00 pm

Raytheon Technologies Promise to Improve Radar Affordability

TEWKSBURY, Mass., July 17, 2008 /PRNewswire/ -- Raytheon Company (NYSE: RTN) has developed an application for a pair of emerging technologies that dramatically increases...
Source: Infocious RSS raw feed - channel BNewsBusiness | 17 Jul 2008 | 1:00 pm

Mandelson warns on world trade talks

International agreements on climate change, food security and energy use may drift out of reach if next week's Geneva talks on liberalising world trade collapse, Peter Mandelson, the European Union's chief trade negotiator, said
Source: FT.com - US homepage | 17 Jul 2008 | 12:54 pm

EU seeks key deal on fruit trade

Failure to agree on tropical fruit exports to the EU would put a global trade deal at risk, the European Commission warns.
Source: BBC News | Business | World Edition | 17 Jul 2008 | 12:52 pm

Which Major Media Companies Will Buy The Big Blogs?

24/7 Wall St. recently listed The 25 Most Valuable Blogs. Two have been sold. Ars Technica was acquired by Conde Nast for about what we estimated. The 24/7 price tag was $15 million. Alley Insider reported that that Ars Technica’s price was $15 million to $20 million. PaidContent was sold to the Brit Guardian Group last week. The rumored price was $30 million. 24/7 estimated that the firm was only worth $3.5 million. We are told that a very large portion of the purchase price was contingent on future performance, but our number was probably still way off. A few...

Source: 24/7 Wall St. | 17 Jul 2008 | 12:46 pm

Canadian Solar Secondary Pricing Pressures Stock (CSIQ)

Canadian Solar Inc. (NASDAQ: CSIQ) has priced its follow-on secondary offering of 3,500,000 common shares at $34.00 per share. Deutsche Bank and Piper Jaffray are the joint book-runners for the Offering. The underwriters have also been granted a 30-day option to purchase up to 525,000 common shares to cover over-allotments. Shares are trading down 0.9% at $35.33 in pre-market trading. Its 52-week trading range is $6.50 to $51.80. You can join our open email distribution list to hear about secondary offerings, IPO's, spin-offs, mergers, and other special situations and financings. Jon C. Ogg July 17, 2008

Source: 24/7 Wall St. | 17 Jul 2008 | 12:45 pm

Jobless claims rise to 366,000 last week (Reuters)

Reuters - The number of U.S. workers filing new claims for jobless benefits rose by a less-than-expected 18,000 last week to 366,000 on a seasonally adjusted basis, a Labor Department report showed on Thursday.
Source: Yahoo! News: Business | 17 Jul 2008 | 12:41 pm

Jobless claims rise to 366,000 last week

WASHINGTON (Reuters) - The number of U.S. workers filing new claims for jobless benefits rose by a less-than-expected 18,000 last week to 366,000 on a seasonally adjusted basis, a Labor Department report showed on Thursday.

Source: Reuters: Business News | 17 Jul 2008 | 12:41 pm

Nokia Sales Increased 4% in Quarter

Beating expectations, Nokia said profit fell 61 percent from a year ago, when it booked a large gain. The company slightly upgraded its forecast for the cellphone market in 2008.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 17 Jul 2008 | 12:38 pm

Apple climbs to No. 3 in PC rankings

Mac make edges out Acer/Gateway/PackardBell to become the third-largest computer maker in the United States.

Source: Business and financial news - CNNMoney.com | 17 Jul 2008 | 12:24 pm

Ryanair withdraws 30% of planes from Stansted

Ryanair, the cut-price Irish airline, today announced it will withdraw nearly a third of its aircraft from London's Stansted airport and suspend operations at seven other European airports because of high fuel costs and airport fees.
Source: Latest Business News from Times Online | 17 Jul 2008 | 12:23 pm

Lawmakers seek oil-drilling deal - CNNPolitics

Source: Business and financial news - CNNMoney.com | 17 Jul 2008 | 12:22 pm

US stocks rally as JP Morgan beats forecasts

US shares soared in early trading today after JPMorgan Chase, the US investment bank, revealed second quarter trading ahead of analysts' expectations despite a 52 per cent fall in profits.
Source: Latest Business News from Times Online | 17 Jul 2008 | 12:06 pm

Coca-Cola profit tops view; shares rise (Reuters)

Reuters - Coca-Cola Co reported better-than-expected quarterly profit on Thursday before one-time items, helped by the weak dollar, and its shares rose 1.6 percent in premarket trade.
Source: Yahoo! News: Business | 17 Jul 2008 | 12:02 pm

Coca-Cola profit tops view; shares rise

NEW YORK (Reuters) - Coca-Cola Co reported better-than-expected quarterly profit on Thursday before one-time items, helped by the weak dollar, and its shares rose 1.6 percent in premarket trade.

Source: Reuters: Business News | 17 Jul 2008 | 12:02 pm

The Fortress Holds Secure

Score another one for the fortress balance sheet.

J.P. Morgan Chase, the largest U.S. financial institution to have largely weathered the credit storm, said today that second-quarter earnings fell 53 percent, as it took a hit on mortgage-related losses and on the costs of absorbing Bear Stearns.

But the results easily exceeded estimates, giving investors another reason to have faith in financial stocks a day after Wells Fargo's results impressed.

The bank more than doubled its provision for credit losses, raising its reserves by $1.3 billion, and it wrote down the value of mortgage-related positions and leveraged loans by $1.1 billion. The acquisition of Bear Stearns accounted for $540 million in losses.

For the quarter, J.P. Morgan earned $2 billion, or 54 cents per share, compared with $4.2 billion, or $1.20 per share, in the quarter a year ago. Net revenue, or revenue minus interest expenses, fell 3 percent, to $18.4 billion.

J.P. Morgan's results look stellar compared with other banks and Wall Street firms even as it has also been affected by the housing slump and resulting credit crunch. Thanks to what its chief executive, Jamie Dimon, has called its "fortress balance sheet," J.P. Morgan has not taken write-downs on the scale of others, nor has it scrambled desperately to raise new capital. Its chief rival, Citigroup, has taken more than $40 billion in write-downs.

Still, Dimon struck a strong note of caution today.

"Our expectation is for the economic environment to continue to be weak—and to likely get weaker—and for the capital markets to remain under stress," he said. "We remain conscious that since substantial risks still remain on our balance sheet, these factors will likely affect our business for the remainder of the year or longer."

One area of concern is the bank's credit-card business. Analysts have warned that card issuers face growing losses this year and next as more cash-strapped consumers are late or default on their payments. J.P. Morgan, along with Citi and Bank of America, have the greatest exposure to credit-card debt.

Earnings at J.P. Morgan's card business fell 67 percent in the quarter from a year ago because of a higher provision for credit losses.

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Source: Portfolio.com: Top 5 | 17 Jul 2008 | 12:00 pm

Top Pre-Market Analyst Downgrades (AMRI, BBY, EBAY, GGC, PLD, JOE, WFC)

These are not all of the analyst downgrades or negative calls affecting shares, but these are some of the calls impacting shares pre-market this Thursday morning: Albany Molecular (NASDAQ: AMRI) Cut to Hold from Buy at Jefferies. Best Buy (NYSE: BBY) Cut to Sell from Neutral at Goldman Sachs. eBay (NASDAQ: EBAY) Cut to Neutral from Buy at Goldman Sachs; Cut to Market Weight at Thomas Weisel. Georgia Gulf (NYSE: GGC) Cut to Underweight at Lehman. ProLogis (NYSE: PLD) Cut to Neutral from Overweight at JPMorgan. The St. Joe Co. (NYSE: JOE) Cut to Underperform at Wachovia. Wells Fargo (NYSE:...

Source: 24/7 Wall St. | 17 Jul 2008 | 12:00 pm

Top Pre-Market Analyst Upgrades (ACE, AUTH, CMCSA, IFX, LLTC, MCHP, SOLF, HOT)

These are not all of the upgrades and positive analyst calls affecting shares, but these are some of the calls impacting shares pre-market this Thursday morning: Ace Limited (NYSE: ACE) Raised to Buy from Hold at Citigroup. AuthenTec (NASDAQ: AUTH) Started as Overweight at JPMorgan. Comcast (NASDAQ: CMCSA) raised to Buy at Goldman Sachs. Infineon Tech (NYSE: IFX) Started as Buy at Jefferies. Linear Tech (NASDAQ: LLTC) Raised to Buy from Neutral at UBS. Microchip Technology (NASDAQ: MCHP) Raised to Buy from Neutral at UBS. Solarfun Power (NASDAQ: SOLF) Started as Buy at Jefferies. Starwood Hotels & Resorts (NYSE: HOT)...

Source: 24/7 Wall St. | 17 Jul 2008 | 11:51 am

US lawmakers attack bank secrecy

Top US and European bankers will appear before US lawmakers later over claims they promote tax fraud.
Source: BBC News | Business | World Edition | 17 Jul 2008 | 11:41 am

JPMorgan earnings beat expectations

JPMorgan Chase provided a relative bright spot for the US financial sector as it reported second-quarter results ahead of Wall Street expectations, despite $2.4bn in new write-downs and credit provisions
Source: FT.com - US homepage | 17 Jul 2008 | 11:32 am

JPMorgan earnings beat expectations

JPMorgan Chase provided a relative bright spot for the US financial sector on Thursday, reporting second-quarter results ahead of Wall Street expectations despite $2.4bn in new write-downs and credit provisions...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 17 Jul 2008 | 11:32 am

Clapham House sells Bombay Bicycle Club Indian take-away

Clapham House, the AIM-listed restaurant operator, has sold the Bombay Bicycle Club (BBC) chain for £4.4 million to Gourmet Restaurants, the company that owns Tiffinbites, a rival Indian restaurant chain.
Source: Latest Business News from Times Online | 17 Jul 2008 | 11:23 am

Write-downs hit JP Morgan profit

JP Morgan Chase sees profits in the second three months of 2008 fall, partly because of mortgage-related write-downs.
Source: BBC News | Business | World Edition | 17 Jul 2008 | 11:11 am

Older employees are happier than the young with their working lives

Older workers are the happiest employees while those in their thirties are most negative, research suggests.
Source: BBC News | Business | World Edition | 17 Jul 2008 | 11:00 am

Extended bank rally lifts European shares

European equity markets enjoyed a second-successive session of gains on Thursday as banks extended their rally into two days, helped by results from JPMorgan of the US.By midday, the main indices had extended...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 17 Jul 2008 | 11:00 am

Banks lead FTSE 100 rebound

London equities rebounded on Thursday, as embattled financial stocks found support from solid earnings news in the sector from the US.The FTSE 100 rose 2 per cent in mid-session trade to 5,250.1, a recovery...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 17 Jul 2008 | 10:57 am

Dollar slips on reserves fears

The dollar softened on Thursday after a strong showing in the previous session, pushed on to the back foot by news sovereign wealth funds were cutting their dollar holdings.The FT reported on Thursday...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 17 Jul 2008 | 10:56 am

Kingfisher poaches Ikea's UK chief executive

Kingfisher, the DIY group that owns B&Q, has hired the man who led the expansion of Ikea in Britain as the head of its international division.
Source: Latest Business News from Times Online | 17 Jul 2008 | 10:55 am

Nokia sends bullish signal on demand

The world's largest maker of mobile phones, reported a 13% year-on-year increase in earnings per share in the second quarter and sent out positive messages about future demand
Source: FT.com - US homepage | 17 Jul 2008 | 10:51 am

Nokia sends bullish signal on demand

Nokia, the world's largest maker of mobile phones, on Thursday reported a 13 per cent year-on-year increase in earnings per share in the second quarter and sent out positive messages about future demand...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 17 Jul 2008 | 10:51 am

Nokia (NOK) Sucks More Air Out Of The Handset Room (AAPL)(MOT)(RIMM)

Nokia (NOK) had a stronger second quarter than most people expected. According to The Wall Street Journal, "Nokia said sales rose to €13.15 billion from €12.59 billion. Analysts expected sales of €12.86 billion." Just as important, Nokia's global market share rose to 40% from 39% last year and the company shipped 122 million handsets. A great deal of the improvement came due to sales of units in India and China. This is not exactly good news for companies like Motorola (MOT), RIM (RIMM), and Apple (AAPL). The US and EU are becoming modest to zero growth markets for handsets. Improving...

Source: 24/7 Wall St. | 17 Jul 2008 | 10:39 am

Car Sales Recession Gets Worse Into 2009

At the beginning of this year, a number of US car companies said they thought that domestic units sales would drop only slightly from 2007. Those numbers have been revised down ever since. Most experts think the US market is worth about 14.5 million vehicles in 2008. That would be a collapse from the 16.1 million sold last year. Forecasts for 2009 are even worse. According to The Wall Street Journal, Standard & Poor's" now expects 2008 sales of 14.4 million vehicles, and a drop in 2009 to 14.1 million." If the errors in the predictions going into this year...

Source: 24/7 Wall St. | 17 Jul 2008 | 10:21 am

China sinks as Asia markets rally

Shanghai bucked the region-wide rally on Thursday after data showing a slowdown in Chinese growth and persistent pressures from producer prices weighed on investor sentiment in the market and concerns...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 17 Jul 2008 | 10:16 am

Spain broke rules in energy deal

Europe's top court says Spain broke EU law for trying to obstruct a German takeover of Spanish energy firm Endesa.
Source: BBC News | Business | World Edition | 17 Jul 2008 | 10:12 am

The Mirage Of Rising Global PC Sales (AAPL)(INTC)(AMD)(NVDA)(DELL)(HPQ)

Several reputable firms measure global PC sales. According to The Wall Street Journal, "Gartner Inc. said world-wide PC shipments grew 16% in the period, with U.S. shipments growing 4.2%." On the face of it, those numbers covering the second quarter are pretty good. Intel's (INTC) earnings were so strong and its forecasts so optimistic, that it would be hard to imagine that PC and server businesses would not have a booming year. But, the Gartner data seems to cut in another direction. All of the conflicting data cannot be right at the same time. What the PC sales data does...

Source: 24/7 Wall St. | 17 Jul 2008 | 10:08 am

Oil and gold in consolidation mode

Oil prices dipped on Thursday, continuing their recent correction, while gold steadied and base metals put on a mixed performance. ICE September Brent slipped 27 cents to $135.54 a barrel while Nymex August...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 17 Jul 2008 | 10:08 am

FBI 'probes US mortgage lender'

Failed US mortgage lender IndyMac Bank is reportedly being investigated by US officials over suspected fraud.
Source: BBC News | Business | World Edition | 17 Jul 2008 | 10:01 am

ebay (EBAY): Stealing Sales From The Old World Economy

Wall St. was not in love with ebay's (EBAY) earnings. They were outstanding, but the company's forecasts were light. According to The Wall Street Journal, "In the second quarter, eBay's faster-growing online payments, classifieds and advertising businesses helped counteract slower sales at the auctions business." Even with a modest performance from the company's original business, eBay earnings were up 22%. And, eBay raised its forecasts for the rest of the year, but very slightly. eBay's earnings say more about the broader economy than they do about eBay.Traditional classified and advertising businesses, traditional means of payment, and the commerce of auctions...

Source: 24/7 Wall St. | 17 Jul 2008 | 9:49 am

Standard Life attacks B&B over funding fiasco

The head of corporate governance at Standard Life's investment arm, Guy Jubb, made a stunning personal intervention at Bradford & Bingley's (B&B) emergency meeting today to demand that the board respect shareholders' rights.
Source: Latest Business News from Times Online | 17 Jul 2008 | 9:39 am

Shareholders back B&B cash call

Shareholders in beleaguered lender Bradford & Bingley back its fund-raising plan in a crunch week for UK banks.
Source: BBC News | Business | World Edition | 17 Jul 2008 | 9:37 am

Eurotunnel posts first interim net profit

The company that runs the Channel Tunnel on Thursday announced the latest in a series of strong revenue increases as the undersea link enjoys growing competitive advantages over ferries and airlines suffering...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 17 Jul 2008 | 9:36 am

Protest over Pakistan share slump

Hundreds of angry Pakistani investors hold violent protests at plunging share prices.
Source: BBC News | Business | World Edition | 17 Jul 2008 | 9:22 am

British families go camping as they tighten their belts

British families are abandoning their annual summer holiday in Europe for cheaper camping holidays at home, as they tighten their belts and stay away from the more expensive euro.
Source: Telegraph Business | 17 Jul 2008 | 9:14 am

British families go camping as they tighten their belts

Dawnay Day calls in receivers to two businesses

Dawnay Day, the financial conglomerate run by Guy Naggar and Peter Klimt, has placed two of its privately-held property companies into administration.
Source: Latest Business News from Times Online | 17 Jul 2008 | 9:10 am

Equitable Life: the key questions

What happened?
Source: Latest Business News from Times Online | 17 Jul 2008 | 9:07 am

Argentina Senate rejects farm tax

Senators in Argentina reject controversial tax rises on farm exports after a marathon 16-hour debate.
Source: BBC News | Business | World Edition | 17 Jul 2008 | 8:57 am

Tribal fight

Remote jungle confrontation with mining giant
Source: BBC News | Business | World Edition | 17 Jul 2008 | 8:56 am

Equitable Life victims 'should get billions in compensation'

Gordon Brown is under pressure to pay billions of pounds in compensation to the victims of the collapse of Equitable Life after a report found the Government guilty of serious failures in their handling of the company.
Source: Telegraph Business | 17 Jul 2008 | 8:47 am

Wal-Mart highlights locally grown program in Okla. (AP)

AP - Wal-Mart, the nation's largest retailer, has pledged to buy more produce from local farmers as it kicked off a campaign to highlight the fruits and vegetables grown in Oklahoma and sold in its stores.

Source: Yahoo! News: Business | 17 Jul 2008 | 8:02 am

US banks rally lifts global stock markets

Asian shares rebounded on Thursday, boosted by the biggest surge in US bank shares in 16 years and a decline in oil prices, providing some relief from fears about the global credit crisis spiralling out of control.
Source: Telegraph Business | 17 Jul 2008 | 7:45 am

US envoy to attend Iran-EU nuclear talks

The Bush administration confirmed that it would send a top diplomat to a meeting with a senior Iranian negotiator this weekend – a US policy shift that European diplomats hope will encourage more flexibility from Tehran over its disputed nuclear programme
Source: FT.com - US homepage | 17 Jul 2008 | 7:43 am

US claims UBS 'colluded' behind secrecy laws

UBS and a family-controlled company in Liechtenstein used the country's opaque banking rules to help well-heeled Americans hide almost $18 billion from tax authorities, according to a damning report published by a US Senate sub-committee today.$
Source: Latest Business News from Times Online | 17 Jul 2008 | 7:39 am

American, Delta post $2.5 billion in losses

The airlines blame rising fuel costs. But the results are better than expected and their shares soar as the price of oil drops sharply for a second day.

High fuel costs continued to batter the air travel industry Wednesday as two of the nation's largest carriers, American Airlines and Delta Air Lines Inc., posted losses totaling nearly $2.5 billion for the second quarter.

Source: L.A. Times - Business | 17 Jul 2008 | 7:00 am

Insect found in Tijuana poses risk to California citrus trade

Officials urge vigilance to prevent an infestation of the Asian psyllid.

A tiny insect that can carry a disease that kills citrus trees has been discovered just blocks south of the border in Tijuana, sending shock waves through the California citrus industry.

Source: L.A. Times - Business | 17 Jul 2008 | 7:00 am

It costs what?! Calculating the CPI requires a lot of shopping around

The consumer price index, used to gauge inflation, has jumped 5% since June 2007. Figuring it out means the Bureau of Labor Statistics staff must collect prices for items such as pizza, laptops and cars.

Kim Gomory treks more than 850 miles each month, stopping by more than 120 grocers, gas stations, restaurants, stores, health clubs and other businesses.

Source: L.A. Times - Business | 17 Jul 2008 | 7:00 am

L.A. city attorney sues insurer over health policy cancellations

Delgadillo's suit contends Blue Shield of California has illegally rescinded the coverage of more than 850 policyholders since 2002.

When Blue Shield of California learned that Ana Maria Simoes needed emergency surgery to remove her gall bladder, the company OKd the operation but also turned the case over to its investigative unit, according to corporate records disclosed Wednesday.

Source: L.A. Times - Business | 17 Jul 2008 | 7:00 am

Republicans not sold on this mortgage rescue plan

Several lawmakers see the bailout of Fannie Mae and Freddie Mac as too much government. The White House is working to turn them around.

Treasury Secretary Henry M. Paulson, increasingly the point man for the Bush administration as it struggles to steady the economy, made an emergency trip to Capitol Hill on Wednesday seeking to quell a rebellion among conservatives over the plan to shore up struggling mortgage giants Fannie Mae and Freddie Mac.

Source: L.A. Times - Business | 17 Jul 2008 | 7:00 am

Writers Guild unveils 'American Idol Truth Tour'

The move is the latest by the union in its campaign to bring reality TV shows under its umbrella.

Continuing its attempt to organize scribes who work in reality TV, the Writers Guild of America, West, has launched a campaign targeting the hit Fox TV show "American Idol."

Source: L.A. Times - Business | 17 Jul 2008 | 7:00 am

Bargain hunting picks up as Southern California home values fall further

Prices in the six-county region drop 29.3% in June compared with a year earlier. Some areas see sales rise as foreclosed houses are deeply discounted.

Southern California home values keep spiraling down, but sales volume is picking up in the Inland Empire and other areas where bargain hunters are snapping up foreclosed properties at steep discounts.

Source: L.A. Times - Business | 17 Jul 2008 | 7:00 am

Economic growth slows slightly in China

China said today that its sizzling economy cooled further in the second quarter, reflecting slowing global demand for its goods.

Source: L.A. Times - Business | 17 Jul 2008 | 7:00 am

Currency: Dollar retains overnight gains

The New Zealand dollar sat on its gains made overnight, barely moving in a 20-point range against the greenback and inching up on the Australian dollar. By 5pm, the kiwi was at US77.20c, little changed from US77.15c late yesterday....
Source: New Zealand Herald - Business | 17 Jul 2008 | 5:34 am

Waits improve at IndyMac bank branches

Some customers who are attempting withdrawals still report hurdles.

Customers of failed IndyMac Bank faced shorter waits and less confusion at branch locations Wednesday, but some depositors who closed their accounts encountered new hurdles when they tried to deposit cashier's checks at other banks.

Source: L.A. Times - Business | 17 Jul 2008 | 5:20 am

FBI probes IndyMac for possible fraud

An investigation has been launched into mortgage lender IndyMac following withdrawals by panicked depositors which led to the third-largest banking failure in US history
Source: FT.com - US homepage | 17 Jul 2008 | 4:39 am

Collusion claims in pathology business - Commerce Commission goes to court

The Commerce Commission has filed high court proceedings against pathology service providers New Zealand Diagnostic Group and Pathology Associates, alleging collusion over services. The commission alleged that from 2003, NZ Diagnostic...
Source: New Zealand Herald - Business | 17 Jul 2008 | 3:43 am

Telecom gives up big CBA contract

Telecom's business Gen-i is not tendering for another contract with Australian bank CBA after eight years' work, to concentrate on smaller clients with a trans-Tasman focus. Telecom signed a five-year, A$500 million ($638 million)...
Source: New Zealand Herald - Business | 17 Jul 2008 | 2:30 am

Qantas: 2000 job losses 'pure speculation'

SYDNEY - Qantas has labelled claims in media reports that it is about to axe 2000 jobs worldwide in a bid to offset skyrocketing jet fuel prices as "pure speculation". Following an internal email issued to Qantas staff this week,...
Source: New Zealand Herald - Business | 17 Jul 2008 | 2:11 am

UBS used 'cloak of secrecy' on US tax

US Congressional investigators will accuse UBS and Liechtenstein's LGT Group of using the 'cloak of bank secrecy laws' to help American clients evade billions of dollars in taxes
Source: FT.com - US homepage | 17 Jul 2008 | 2:04 am

Evasive Tactics

The Newport regatta has always drawn America's moneyed class, and the Art Basel show in Miami is hot on the nouveau riche circuit—making both glitzy venues ideal for financial giants to prospect for new clients.

But UBS, one of the world's largest banks, had another goal in mind when it shelled out money for the UBS Regatta Cup in Newport or the Art Basel Art Fair in Miami, or performances in major U.S. cities by the UBS Vervier Orchestra.

The European banking behemoth, according to findings to be released on Capitol Hill Thursday, dispatched "advisers" to the 25 most-affluent housing areas in the United States to chat up the very rich and persuade them to deposit money in UBS accounts that could evade U.S. taxes.

American money is a big lure for global banks, but sending foreign bankers to make pitches is illegal. The report, done by the Senate Permanent Subcommittee on Investigations, said the advisers UBS sent to the U.S. were supplied with encrypted laptops and business cards that didn't connect them to the bank's "wealth management" operation. The secrecy also extended to the bank advising its troops to carry only cryptic notes and spreadsheets with no names attached.

Some even got role-playing advice: "One morning you are intercepted by an F.B.I. agent. He looks for some information about one of your clients and explains to you that your client is involved in illegal activities. Question 1: What would you do in such a situation? Question 2: What are the signs indicating that something is going on?"

The Senate subcommittee's report, which probed the bank’s operations between 2000 and 2007, was released to mark the beginning of hearings that will put on the spot several top UBS officials as well as a lineup of U.S. tax evaders.

UBS is a star witness. The co-star of the report, Liechtenstein Global Trust, owned by the royal family of that microstate tax haven, refused to participate.

UBS ran its U.S. operation through desks in Geneva, Zurich, and Lugano and managed accounts for some 19,000 American clients, collecting $18 billion to $20 billion in assets that were "undeclared" to the I.R.S., and that earned the bank $200 million in profits.

After a new agreement with Switzerland in 2001 required reporting of U.S. citizens' accounts with U.S. securities to the I.R.S., UBS helped 250 Americans sell about $2 billion in U.S. securities and opened new accounts in the names of offshore corporations, and transferred assets to those accounts, treating the shell companies as non-U.S. citizens.

As tax investigators circled, the bank sought to calm its American tax-evading clients, the Senate probe found. A November 2002 letter reassured them that "a Swiss bank which runs afoul of Swiss privacy laws will face sanctions by its Swiss regulator" and "information relative to your Swiss banking relationship is as safe as ever and that the possibility of putting pressure on our U.S. units does not change anything."

To avoid clients from being discovered by tax authorities, the bank didn't use names when it wired funds; and when client advisers needed to speak on the telephone, they used code names, the report said.

When the European Union required banks to identify the beneficial owner of the assets involved in wire transfers, UBS restricted its Swiss bankers' use of wires and began to require clients to fly to Switzerland to withdraw cash. Other times, the bankers advised their clients to use Swiss credit cards.

They also told clients to destroy all offshore banking records existing in the United States and to misrepresent the receipt of funds from the Swiss bank account in the United States as loans from the Swiss Bank.

A UBS spokesperson Karina Byrne said the bank wouldn't be curtailing its global activities but declined to comment on the "tax-evasion aspect." UBS is now under investigation by the I.R.S., the S.E.C., and U.S Department of Justice, according to the Senate report.

L.G.T., which operates with cloak-and-dagger secrecy, was undone by a disgruntled former employee who copied to DVDs about 1,400 names of foreign account holders, including more than 100 Americans. He sold them to German intelligence for $7 million and also talked to Senate subcommittee staff about the practices of L.G.T., whose C.E.O. is Prince Max von und zu Liechtenstein, the second son of Prince Hans-Adam II, the nation's sovereign.

The Senate probe states that L.G.T. told U.S. clients to open accounts in the name of Liechtenstein foundations and complex offshore structures so they could hide their ownership.

It used "transfer corporations" as way stations to disguise asset transfers to and from L.G.T. accounts. One was at the Banca del Gottardo, the Lugano bank that was the Swiss subsidiary of Robert Calvi's Banco Ambrosiano until that collapsed in 1982.

U.S. clients would be assigned code words to confirm the identities of banker and client, according to the Senate report. It even used "transfer accounts" inside the bank, moving deposits through them to erase any paper trail. It also warned bankers: "CAUTION: Calls may be made only from public phone booths abroad (Switzerland, Austria, etc.)!"

One satisfied client, until he was caught, was Frank Lowy, founder and majority shareholder of Westfield, the world's largest shopping center company, whose $6.4 billion ranks him No. 222 on Forbes' billionaires list. Lowy had to pay $25 million in back taxes to Australia and was tired of doing so. He used complex offshore structures to hide a paltry $68 million.

Source: Portfolio.com: Top 5 | 17 Jul 2008 | 2:00 am

In Brief - Wednesday

Host Hotels & Resorts (HST), a REIT, said its Q2 funds from operations, an industry metric, was flat at 56 cents, missing views by a penny....

Source: Investor's Business Daily: BUSINESS | 17 Jul 2008 | 12:37 am

Business Briefs - Wednesday

Merrill selling Bloomberg stake. The investment bank after hours agreed to sell its stake in Bloomberg back to the news and financial data company...

Source: Investor's Business Daily: BUSINESS | 17 Jul 2008 | 12:37 am

After The Close - Wednesday

POLYCOM (PLCM), a maker of video devices, said its Q2 EPS rose 17% to 35 cents ex items, missing views by a penny. Revenue rose 16% to $272 mil....

Source: Investor's Business Daily: BUSINESS | 17 Jul 2008 | 12:37 am

Israeli Cell Phone Provider Wades Through Regulations To Grow

Heavy regulation can suffocate businesses. Just ask any American firm that operates under the Sarbanes-Oxley Act.

Source: Investor's Business Daily: BUSINESS | 17 Jul 2008 | 12:37 am

Trends & Innovations - Tuesday

Tech knowledge makes some wary

Source: Investor's Business Daily: BUSINESS | 17 Jul 2008 | 12:37 am

Strong opening for Australian sharemarket

The Australian stock market opened over one per cent higher today after a strong US lead as sharp gains in local banking stocks overcame weakness in the resources sector. The benchmark S&P/ASX200 index was up 59.6 points, or 1.22...
Source: New Zealand Herald - Business | 17 Jul 2008 | 12:35 am

Dawnay, Day Treveria shrugs off parent's woes

Asset manager Dawnay, Day Treveria said yesterday its trading and assets are unaffected by the troubles of parent company Dawnay, Day Group, whose lender Norwich Union has called in BDO Stoy Hayward as administrative receiver to parts of the group.
Source: Telegraph Business | 17 Jul 2008 | 12:01 am

Equitable's road to ruin

1762 Equitable Life, the world's oldest mutual insurer, is founded.
Source: Telegraph Business | 17 Jul 2008 | 12:01 am

Lord Turner: FSA regulators who failed to spot the Northern Rock crisis should lose pensions

Financial regulators who failed to spot the Northern Rock crisis and oversaw the worst mis-selling scandal in history should lose their "diamond-plated" pension scheme, their new head has been urged.
Source: Telegraph Business | 17 Jul 2008 | 12:01 am

Land Securities warns on property performance

Land Securities, the UK's largest commercial property company, warned that the faltering economy could lead to further falls in capital values in the struggling property sector.
Source: Telegraph Business | 17 Jul 2008 | 12:01 am

Pay up and say sorry for Equitable scandal

More than a million people lost up to half of their life savings after the Government gave the public a "wholly misleading picture" of the safety of their investments, an official inquiry into the collapse of Equitable Life finds today.
Source: Telegraph Business | 17 Jul 2008 | 12:01 am

Gattung back in business - joins Norgate in new wool venture

Former Telecom chief executive Theresa Gattung, once one of New Zealand's highest paid executives, is back in business. Just a year after departing as chief executive of our biggest listed company Telecom, Gattung has been appointed...
Source: New Zealand Herald - Business | 16 Jul 2008 | 11:30 pm

NZ Shares: Market opens strongly after Wall St jump

The sharemarket this morning picked up from strong afternoon trading yesterday after Wall Street rose sharply. The three major US stock indexes rallied more than 2.5 per cent, powered by the best day in two decades for some major...
Source: New Zealand Herald - Business | 16 Jul 2008 | 11:05 pm

Judge orders Blue Chip boss to pay $15.4m

Blue Chip founder Mark Bryers has been ordered to pay a Singapore-based property developer $15.4 million or potentially face bankruptcy. Late yesterday, the High Court ruled that Mr Bryers must pay Consolidated Technologies Development...
Source: New Zealand Herald - Business | 16 Jul 2008 | 11:00 pm

Economy - Tuesday (Investor's Business Daily)

Investor's Business Daily - As interest rates continue to fall, an index of home loan demand increased to 522.2 for the week ended July 11, up from 513.4 a week earlier, according to the Mortgage Bankers Association. Refinancing activity grew 6.9%, but applications for loans to buy a home dipped 1.7%. The average 30-year fixed mortgage rate fell to 6.22%.
Source: Yahoo! News: Business | 16 Jul 2008 | 10:51 pm

Wells Fargo cheer lifts banks

Shares in Wells Fargo, the fifth-largest US bank, leapt by more than 32 per cent on Wednesday after it reported better-than-expected second-quarter results and lifted its dividend, leading other financial stocks and broader equity markets higher
Source: FT.com - US homepage | 16 Jul 2008 | 10:29 pm

Sovereign funds cut exposure to weak dollar

Some of the world's largest sovereign wealth funds are seeking to scale back their exposure to the US dollar in a sign of global concern about the currency
Source: FT.com - US homepage | 16 Jul 2008 | 10:24 pm

Bordewich Says Washington's Death Spurred City's Growth

Source: Bloomberg - All Podcasts | 16 Jul 2008 | 10:04 pm

Rakon signs up to huge China joint venture

GPS chip maker Rakon said today it would form a joint venture with the owners of Chinese based Timemaker Crystal Technology Limited (Timemaker). Rakon will hold a 70 per cent share in the JV and will also take a 40 per cent share...
Source: New Zealand Herald - Business | 16 Jul 2008 | 10:00 pm

Investors remain a wary bunch

New Zealand investor confidence remains at its lowest level since 2001, a bank survey today showed. A net 1 per cent of respondents to the ASB Bank investor confidence survey believed their investment returns would worsen in the...
Source: New Zealand Herald - Business | 16 Jul 2008 | 9:45 pm

Bloomberg's Keene Says Job Cuts Moving Up `Food Chain'

Source: Bloomberg - All Podcasts | 16 Jul 2008 | 9:36 pm

Ashraf Ghani Says U.S. Isn't Doing Enough in Afghanistan

Source: Bloomberg - All Podcasts | 16 Jul 2008 | 9:24 pm

Wall St. Journal cuts 50 staff in realignment (AP)

AP - The Wall Street Journal is eliminating 50 editorial positions as part of a realignment that combines editorial oversight for its print and online editions, Managing Editor Robert Thomson said Wednesday.
Source: Yahoo! News: Business | 16 Jul 2008 | 9:23 pm

Legacy Asset's Hartzell Invests in China, Gold Through ETFs

Source: Bloomberg - All Podcasts | 16 Jul 2008 | 9:07 pm

Wells Fargo Boosts Financial ETFs (Daily ETF Wrap-Up)

Wells Fargo's rosy second-quarter numbers cause rally in financial ETFs.

Source: SmartMoney.com | 16 Jul 2008 | 9:02 pm

And the Winner Is&Bloomberg

Let the speculation about Bloomberg begin.

Merrill Lynch will raise $4.5 billion to $5 billion by selling its 20 percent stake in Bloomberg L.P. back to the New York City mayor who founded it, according to several reports. The bank also held talks about selling all or part of its 49 percent stake in the money manager BlackRock, but those talks have now been shelved.

Merrill is expected to announce the sale when it reports earnings on Thursday afternoon.

As Merrill Lynch's balance sheet has further deteriorated in recent months, it became clear to its chief executive John Thain that the firm would need to sell one of its prized assets in order to improve its liquidity position. The circumstances Thain agreed to in its earlier capital raises from outside investors prevent it from issuing more common stock to raise cash.

This sale may not mean that Thain is out of the woods yet. The company is expected to report its fourth consecutive quarterly loss on Thursday. Analysts expect it to record as much as $6 billion dollars in write-downs of its most toxic assets, on top of the $30 billion it has already marked down.

And the sale price is slightly less than the $5 billion to $6 billion that Thain estimated it was worth during a conference call last month. Because Michael Bloomberg had veto rights over who would buy the stake, the sale was likely without any competitive bids.

With this deal, the chatter around the media company's fate will undoubtedly reach new peaks. It will also raise speculation about Mayor Bloomberg's next move.

The deal values Bloomberg at as much as $25 billion, a figure that puts to rest a longstanding mystery over the financial media firm's valuation. The company's success was on selling subscriptions to its data services over proprietary terminals, which are fixtures on most Wall Street trading desks. It also has a global wire service as well as television and other media properties.

Just last week, Bloomberg announced a number of changes to its structure, including the separation of its television and radio businesses from its print news business. It also formed a new unit, Bloomberg Ventures.

These are changes that were ushered in since the company hired Norman Pearlstine from Carlyle Group in May.

As the firm regroups and brings its ownership under one roof, plenty of media watchers wonder what the future holds for Bloomberg.

Will Mayor Mike return to his roots after his term ends and expand the media giant that made him a billionaire?

No doubt he's noticed how cheap the New York Times Company looks these days.

Source: Portfolio.com: Top 5 | 16 Jul 2008 | 9:00 pm

Retailers Back Big Back-to-School Sales (Deal of the Day)

Sluggish sales are forcing retailers to pull out all the stops on back-to-school deals.

Source: SmartMoney.com | 16 Jul 2008 | 8:33 pm

High Frequency's Weinberg `Hopeful' Oil Prices Will Fall

Source: Bloomberg - All Podcasts | 16 Jul 2008 | 8:15 pm

Dow, S&P 500 Leap 2.5%

A rebound in the financial sector and sharp decline in oil prices led to a broad rally.

Source: SmartMoney.com | 16 Jul 2008 | 8:13 pm

Wells Fargo Beats Street, Lifts Financials (One-Day Wonder)

Surprisingly strong profits from the West Coast bank boost financial sector.

Source: SmartMoney.com | 16 Jul 2008 | 8:08 pm

Programming for hearts and minds

In our latest Conversations From the Corner Office, Showtime CEO Matt Blank talks with host Kai Ryssdal about the network's chances in the new television landscape and life as part of the broadcast giant CBS.
Source: Marketplace | 16 Jul 2008 | 7:26 pm

Leadership PACs key to political funding

Most political candidates now fund their campaigns through what are called "leadership political action committees." In the first part of a special series, Steve Henn explains how those PACs work in the presidential election.
Source: Marketplace | 16 Jul 2008 | 7:26 pm

We need to build new safety nets

Commentator Robert Reich says "The Great Moderation" of the last two decades led Americans to think we didn't need much by way of social insurance. But now, he says, a radical economic swing is back and we should react to it.
Source: Marketplace | 16 Jul 2008 | 7:26 pm

Nigeria a valued but risky oil source

In his continuing series of interviews on oil prices, host Kai Ryssdal talks with Fareed Mohamedi of PFC Energy about how Nigeria's production of about 2 million barrels of crude a day affects what we pay at the gas pump.
Source: Marketplace | 16 Jul 2008 | 7:26 pm

Dems' new ally in Congress: GOP

Republican lawmakers have helped override a presidential veto on Medicare, and they've called for more time to consider the Treasury Department's plan to help Fannie Mae and Freddie Mac. Nancy Marshall Genzer reports on the GOP rebelliousness.
Source: Marketplace | 16 Jul 2008 | 7:26 pm

Wall Street not big on short-selling rule

The SEC decision to crack down on an especially risky variety of short-selling -- naked shorting -- has prompted a big debate on Wall Street about how much shorting, naked or otherwise, ought to be allowed. Alisa Roth reports.
Source: Marketplace | 16 Jul 2008 | 7:26 pm

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