World Business News Headlines for July 20, 2008

Federal Reserve: A Vote For Recession?

The old saw is that the Federal Reserve cannot battle inflation and recession at the same time. If true, it would appear that more agency governors are opting for letting an economic downturn run its course, even if it is a long one. That would be a mistake. According to Bloomberg, "The Federal Reserve shouldn't wait for housing and financial markets to stabilize before it begins raising interest rates, central bank policy maker Gary Stern said."

Source: 24/7 Wall St. | 20 Jul 2008 | 1:14 pm

NewsWatch: Stocks face heavy earnings week with new hope

Investors will start next week -- one of the most loaded of the second-quarter earnings season -- hopeful that a nascent positive tone on Wall Street will continue to lift stocks. Crude oil prices seems to be on a downtrend while earnings so far seem to be not as bad as feared.

Source: MarketWatch.com - Top Stories | 20 Jul 2008 | 1:00 pm

Fresh push in global trade talks

Trade negotiators from 30 countries meet in Geneva on Monday to make a fresh push towards a global trade deal.
Source: BBC News | Business | World Edition | 20 Jul 2008 | 12:44 pm

Citigroup (C) Chairman Sees Two-Year Housing Recession

If Citigroup (C) chairman Win Bischoff is right, then his bank and the US economy are going to be cornered by a deepening recession for the next two years. According to Reuters, the Citi chair "has warned that house prices in Britain and the United States are likely to keep falling for another two years." The implications of his comments go well beyond housing. Prices for home have dropped over 10% this year and in some regions including parts of California and Florida housing has slipped 20%. A housing depression that moves deep into 2010 would certainly take the wind...

Source: 24/7 Wall St. | 20 Jul 2008 | 12:36 pm

Hackers 'jailbreak' the iPhone 3G

Source: Business and financial news - CNNMoney.com | 20 Jul 2008 | 12:09 pm

End in sight?

Is a global trade deal really on the horizon?
Source: BBC News | Business | World Edition | 20 Jul 2008 | 11:27 am

Mortgages: expensive, scarce

Source: Business and financial news - CNNMoney.com | 20 Jul 2008 | 11:24 am

Freddie chief's jackpot

Freddie Mac chief Richard Syron wants to avoid a government bailout for many reasons. A filing the struggling mortgage giant made Friday lists over 10 million of them.

Source: Business and financial news - CNNMoney.com | 20 Jul 2008 | 11:17 am

Gas stays away from record

Fuel prices at the pump fell again overnight, a nationwide survey of gas station credit card swipes showed Friday.

Source: Business and financial news - CNNMoney.com | 20 Jul 2008 | 11:03 am

Cameron not rejecting tax rises

Tory leader David Cameron refuses to reveal whether he would raise taxes if he becomes prime minister.
Source: BBC News | Business | World Edition | 20 Jul 2008 | 10:58 am

Ping: Inside Nairobi, the Next Palo Alto?

A relatively small number of places all in wealthy countries or in China and India create nearly every important technological advance. But some people in Nairobi, Kenya, are hoping to change that. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Jul 2008 | 10:46 am

HBOS to reveal share issue result

Halifax Bank of Scotland will reveal on Monday the level of investor demand for new shares in its £4bn rights issue.
Source: BBC News | Business | World Edition | 20 Jul 2008 | 9:43 am

Dow, Kuwait to base joint venture in Michigan

DUBAI (Reuters) - An $11 billion joint plastics venture between Dow Chemical Co and a unit of Kuwait Petroleum Corp will be based in Michigan, the two companies said in a statement on Sunday.

Source: Reuters: Business News | 20 Jul 2008 | 9:39 am

Dow, Kuwait to base joint venture in Michigan

DUBAI (Reuters) - An $11 billion joint plastics venture between Dow Chemical Co and a unit of Kuwait Petroleum Corp will be based in Michigan, the two companies said in a statement on...
Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Jul 2008 | 9:39 am

New Midwest Airlines Schedule Retains Service to 32 Cities

Three Cities Eliminated From Mainline Service, West Coast Served Through Kansas City; Expansion of Northwest Codeshare Agreement Will Add Service to 100 New City Pairs ...
Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Jul 2008 | 9:00 am

Web pioneer Gross revitalized by green energy

LOS ANGELES (Reuters) - In 1973, when Bill Gross was 15 and cars were lined up at every gas station in Southern California, the aspiring engineer wanted to do something about spiking energy prices.

Source: Reuters: Business News | 20 Jul 2008 | 8:45 am

Web pioneer Gross revitalized by green energy

LOS ANGELES (Reuters) - In 1973, when Bill Gross was 15 and cars were lined up at every gas station in Southern California, the aspiring engineer wanted to do something about spiking energy
Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Jul 2008 | 7:45 am

Gulf states look to harvest food from foreign investment

Faced with a scarcity of fertile land, water shortages and surging world food prices, wealthy Arab states in the Gulf are seeking to secure their food supplies by investing in agriculture...
Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Jul 2008 | 7:28 am

Asia takes aim at Europe in luxury yacht building

KAOHSIUNG, Taiwan (Reuters) - Fast-moving Asia is vying for a bigger share of the multi-billion-dollar luxury ship market serving the rich and famous.

Source: Reuters: Business News | 20 Jul 2008 | 7:17 am

Asia takes aim at Europe in luxury yacht building

KAOHSIUNG, Taiwan (Reuters) - Fast-moving Asia is vying for a bigger share of the multi-billion-dollar luxury ship market serving the rich and famous.
Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Jul 2008 | 7:17 am

Money Watch

Money Watch The ad: Turn in your gold jewelry and coins for cash!
Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Jul 2008 | 7:00 am

Searching online for a home: Many websites, varying insights

Maps, data, detailed listings come with some sites. But 'most visited' doesn't necessarily mean 'most helpful.'

First of two parts.

Source: L.A. Times - Business | 20 Jul 2008 | 7:00 am

Getting life insurance for those with health problems

Dear Liz: I am having difficulty getting a life insurance policy for my husband. He is 39 but takes medication for his heart and kidneys. Can you suggest any companies that would be willing to extend coverage?

Source: L.A. Times - Business | 20 Jul 2008 | 7:00 am

A Camarillo divorcee takes control of her finances

Marjorie Diehl asks a financial planner to help her invest her nest egg for a secure retirement.

During her three marriages, Marjorie Diehl says she never felt in control of her financial destiny.

Source: L.A. Times - Business | 20 Jul 2008 | 7:00 am

Getting life insurance for those with health problems

In this economy, failure is an option

Investors are pushing institutions to the limits to assess risk.

The U.S. economy appears to be caught in a cycle of recurrent panic attacks. So many things have gone wrong, and so much anxiety has accumulated in the financial system, that nothing seems safe.

Source: L.A. Times - Business | 20 Jul 2008 | 7:00 am

Knowing your insurance limits on bank accounts is key

Coverage caps vary, and grasping how they work is crucial if you want to put more than $100,000 in one bank. The...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Jul 2008 | 7:00 am

A refi lifeline, with strings

The government's condition-laden plan to aid at-risk borrowers makes it clear: This won't be a free ride. WASHINGTON...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Jul 2008 | 7:00 am

A Camarillo divorcee takes control of her finances

Marjorie Diehl asks a financial planner to help her invest her nest egg for a secure retirement. During her three...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Jul 2008 | 7:00 am

Banks responsible for the loss of trust

By his own admission, Simi Valley resident Vince Asturi knew he had nothing to worry about when federal authorities took over IndyMac Bank.

Source: L.A. Times - Business | 20 Jul 2008 | 7:00 am

Knowing your insurance limits on bank accounts is key

Coverage caps vary, and grasping how they work is crucial if you want to put more than $100,000 in one bank.

The rules that govern federal deposit insurance are of more than passing interest to Bill Hogle, a 61-year-old Santa Monica retiree.

Source: L.A. Times - Business | 20 Jul 2008 | 7:00 am

A back-to-school break: Cheap is in

As fall approaches, thrift stores and bargain outlets are favored shopping destinations for the well-dressed teen

Back-to-school shopping is always fraught with peril for fashion-conscious teens. As they prowl the stores, they know that a summer blunder can mean a long fall stuck with stuff they don't want to wear.

Source: L.A. Times - Business | 20 Jul 2008 | 7:00 am

A refi lifeline, with strings

The government's condition-laden plan to aid at-risk borrowers makes it clear: This won't be a free ride.

WASHINGTON -- After six months of haggling and political gamesmanship, a massive housing-relief bill is heading for final approval.

Source: L.A. Times - Business | 20 Jul 2008 | 7:00 am

Get used to gas prices topping $4

Regarding your column, " Filling up but going nowhere ," (Consumer Confidential, July 16), the really sad part is now that consumers are used to paying over $4 a gallon for gas, the price of gasoline will probably never go lower. If somehow, something better fuel-wise comes along, and no one demands gasoline, the price will be about the same.

Source: L.A. Times - Business | 20 Jul 2008 | 7:00 am

His trailers keep moviegoers parked

Benedict Coulter has worked on previews for about 250 films over three decades.

Benedict Coulter was rushing to finish the first trailer for Baz Luhrmann's "Australia," a World War II-era drama starring Nicole Kidman and Hugh Jackman, in time to get it delivered to theaters with May's "Indiana Jones and the Kingdom of the Crystal Skull."

Source: L.A. Times - Business | 20 Jul 2008 | 7:00 am

Banks responsible for the loss of trust

By his own admission, Simi Valley resident Vince Asturi knew he had nothing to worry about when federal authorities took over IndyMac Bank.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Jul 2008 | 7:00 am

Consumer Briefs

VIDEO GAMES Get ready for James Bond, Guitar Hero
Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Jul 2008 | 7:00 am

A back-to-school break: Cheap is in

As fall approaches, thrift stores and bargain outlets are all the rage for the well-dressed teen Teen picks Back-to-school shopping is always fraught with peril...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Jul 2008 | 7:00 am

In this economy, failure is an option

Investors are pushing institutions to the limits to assess risk. The U.S. economy appears to be caught in a cycle...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Jul 2008 | 7:00 am

Wal-Mart's fashion show previews back-to-school (Reuters)

Reuters - Wal-Mart Stores Inc presented a colorful, casual line of youthful looks for kids and teens on Saturday at a fashion show that previewed the mass-market chain's new low-cost offerings for back to school.
Source: Yahoo! News: Business | 20 Jul 2008 | 6:03 am

Wal-Mart's fashion show previews back-to-school

SAN FRANCISCO (Reuters) - Wal-Mart Stores Inc presented a colorful, casual line of youthful looks for kids and teens on Saturday at a fashion show that previewed the mass-market chain's new low-cost offerings for back to school.

Source: Reuters: Business News | 20 Jul 2008 | 6:03 am

China warns ExxonMobil to drop Vietnam deal: report

China has warned US oil giant ExxonMobil to drop an exploration deal in the seas off Vietnam and said the project could threaten any future mainland contracts, a Hong Kong newspaper...
Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Jul 2008 | 5:08 am

ECB fight against inflation a tough sell as economy stumbles (AFP)

AFP - The European Central Bank is trying to convince people in the eurozone that taking a tough stand on inflation will get them through lean economic times, arguing that long-term gains warrant short-term pain.

Source: Yahoo! News: Business | 20 Jul 2008 | 4:19 am

No Olympic hangover for Chinese economy: experts

China's robust economy is unlikely to hit the skids after the Olympics, unlike most host nations who have endured post-Games downturns, experts say. All but one host of the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Jul 2008 | 4:13 am

Bids for Chicago Cubs submitted

CHICAGO/NEW YORK (Reuters) - The first bids for the storied Chicago Cubs and related assets were submitted on Friday in an auction that could fetch more than $1 billion, according to a source close to the process.

Source: Reuters: Business News | 20 Jul 2008 | 2:31 am

Bids for Chicago Cubs submitted

Scary economy, real solutions

There's a lot to fear in the economy these days, but that doesn't mean you should hit the panic button. These simple steps can protect you from looming dangers.

Source: Business and financial news - CNNMoney.com | 20 Jul 2008 | 1:08 am

Tesco to tackle government over apprentice red tape

John Denham, the minister for innovation and skills, will meet executives from the supermarket chain Tesco this week to deliver a promise to "tear up" the red tape around employing apprentices.
Source: Telegraph Business | 20 Jul 2008 | 12:01 am

Investment banks no longer in the frame for financing the movies

There is a Eureka moment in the musical The Producers, when the accountant Leo Bloom begins his doomed quest to put on the worst show ever. "Under the right circumstances, a producer could make more money with a flop than he could with a hit," he says.
Source: Telegraph Business | 20 Jul 2008 | 12:01 am

Aberdeen is toasting high fuel costs

While rising energy prices have contributed to the rest of Britain staring at recession, the same forces are creating an economic boom in Scotland's oil capital.
Source: Telegraph Business | 20 Jul 2008 | 12:01 am

Financial crisis means boom time for the restructuring companies

As an increasing number of British companies need emergency surgery, Helen Power unmasks the restructuring advisers who wield the corporate scalpel to save them
Source: Telegraph Business | 20 Jul 2008 | 12:01 am

Weinsteins' Hollywood star begins to fade

Bob and Harvey Weinstein's latest venture seemed destined to have a happy ending, but three years after it was started, the Weinstein Company is facing a nasty twist in the tale. Tom Teodorczuk reports.
Source: Telegraph Business | 20 Jul 2008 | 12:01 am

Dawnay, Day's fight to see the dawn of another day

Jonathan Russell and Richard Fletcher describe the investment firm's scramble to avoid administration.
Source: Telegraph Business | 20 Jul 2008 | 12:01 am

Gordon Brown throws out his fiscal rule book and fulfils Labour's economic destiny

There used to be a cardinal rule in British politics that Labour would - eventually - wreck the economy. Our post-war history is littered with grim episodes involving left-wing ministers struggling with huge debts and a plunging currency.
Source: Telegraph Business | 20 Jul 2008 | 12:01 am

City of London seeks to retain its dominant status

The Chancellor and the Mayor are looking at how London emerges from the credit crisis and strengthens its position as the world's dominant financial centre, writes Louise Armitstead.
Source: Telegraph Business | 20 Jul 2008 | 12:01 am

HSBC edges closer to Shanghai listing

HSBC has held talks with China's main sovereign investment fund over a potential investment in Europe's largest bank, The Sunday Telegraph has learned.
Source: Telegraph Business | 20 Jul 2008 | 12:01 am

Permira fishing for Findus

The owner of Captain Birdseye has made a tentative approach to buy Findus, one of its biggest European rivals, in a move that would give it greater clout in the battle against soaring commodity prices.
Source: Telegraph Business | 20 Jul 2008 | 12:01 am

High-street’s big retail guns revolt over rent

BRITAIN’s biggest retailers have united against their landlords in an unprecedented rebellion and are calling for a radical change to the way in which they pay their rents.
Source: Latest Business News from Times Online | 19 Jul 2008 | 11:00 pm

Royal Dutch Shell sells wind stake to Eon and Dong Energy

THE oil giant Royal Dutch Shell has agreed to sell its stake in the £2.5 billion London Array, the world’s largest offshore wind farm, to Eon and Dong Energy, its former partners.
Source: Latest Business News from Times Online | 19 Jul 2008 | 11:00 pm

Brakes put on airport growth

PLANS to expand airports in southeast England are in disarray after ministers unexpectedly put off a decision to allow an increase in passengers at Stansted in Essex.
Source: Latest Business News from Times Online | 19 Jul 2008 | 11:00 pm

Investors flee as confidence in banks crumbles

Nobody predicted the scale of the collapse. Until the credit crunch began last August, banks were riding high. They had profited by exploiting all manner of financial exotica to boost their earnings. The money was rolling in. Shareholders were happy.
Source: Latest Business News from Times Online | 19 Jul 2008 | 11:00 pm

RBS takes charge of care-home bail-out

THE Royal Bank of Scotland has stepped in to lead the rescue of Four Seasons, the debt-laden nursing-home chain, after the group’s owner, the Qatar Investment Authority (QIA), abandoned salvage plans.
Source: Latest Business News from Times Online | 19 Jul 2008 | 11:00 pm

Investors swoop on Dawnay Day estate

TWO of Britain’s wealthiest private investors are poised to fight it out to buy the property assets of Dawnay Day, the financial-services group.
Source: Latest Business News from Times Online | 19 Jul 2008 | 11:00 pm

Hungry China will dig miners out of a hole

MINING groups have spared the blushes of private and professional investors over the past year. As financial services, housebuilding and media stocks have crumbled, the commodities boom has made groups such as BHP Billiton, Anglo American and Rio Tinto look star performers. Without the backstop provided by miners and oil and gas groups, the FTSE 100 would already be well south of 5,000.
Source: Latest Business News from Times Online | 19 Jul 2008 | 11:00 pm

Housing market action held back to autumn

THE Treasury is ready to come forward with a package of measures to stabilise the housing market, but no action is expected until the autumn.
Source: Latest Business News from Times Online | 19 Jul 2008 | 11:00 pm

UK economy heads for ‘horror movie’

BRITAIN is facing an “economic horror movie” because of a “toxic mixture” of a moribund credit market and volatile oil prices, according to a leading forecasting group.
Source: Latest Business News from Times Online | 19 Jul 2008 | 11:00 pm

High-street bank HBOS faces rights issue disaster

THE high-street bank HBOS will tomorrow admit to one of the most disastrous rights issues in corporate history when it concedes that as few as 10% of its investors took up its £4 billion share offer.
Source: Latest Business News from Times Online | 19 Jul 2008 | 11:00 pm

Where Americans will (and won't) cut back

Source: Business and financial news - CNNMoney.com | 19 Jul 2008 | 10:03 pm

Zimbabwe issues Z$100bn note

The central bank in Zimbabwe is to issue Z$100bn bank notes, as hyperinflation pushes prices in the country ever-higher.
Source: BBC News | Business | World Edition | 19 Jul 2008 | 9:54 pm

NewsWatch: Stocks face heavy earnings week with new hope

Source: MarketWatch.com - Top Stories | 19 Jul 2008 | 9:00 pm

Wal-Mart: The new FDA

Source: Business and financial news - CNNMoney.com | 19 Jul 2008 | 6:36 pm

Spain mulls changing airline routes to offset fuel costs

Spain is considering changing commercial airline routes to make them shorter and more direct in order to offset high fuel prices, Public Works minister Magdalena Alvarez said Saturday.
Source: Infocious RSS raw feed - channel BNewsBusiness | 19 Jul 2008 | 6:34 pm

Ecuador looks to Iran and China in new oil refinery

China and Iran are interested in investing in a six-billion-dollar oil refinery Ecuador is building with Venezuelan help on the Pacific coast, President Rafael Correa said Saturday.
Source: Infocious RSS raw feed - channel BNewsBusiness | 19 Jul 2008 | 6:29 pm

Ford to retool U.S. plants for European cars: report (Reuters)

Reuters - Car maker Ford Motor Co is drawing up plans to retool American plants to make small, fuel-efficient passenger cars that it mainly makes and sells in Europe, the Wall Street Journal reported on Saturday.
Source: Yahoo! News: Business | 19 Jul 2008 | 5:52 pm

Ford to retool U.S. plants for European cars: report

CHICAGO (Reuters) - Car maker Ford Motor Co is drawing up plans to retool American plants to make small, fuel-efficient passenger cars that it mainly makes and sells in Europe, the Wall Street Journal reported on Saturday.

Source: Reuters: Business News | 19 Jul 2008 | 5:52 pm

Investors flock to forced house sales

As homeowners struggle under high interest rates on top of escalating food and fuel bills, mortgagee sale numbers are rising - attracting property investors who are snapping up homes for a fraction of their valuations. High-profile...
Source: New Zealand Herald - Business | 19 Jul 2008 | 5:00 pm

Bargains galore beyond Bombays

As the property market slump deepens, mortgagee sales are not the only source of bargain buying. For investors willing to look out of Auckland and Wellington, provincial cities are already offering properties for sale considerably...
Source: New Zealand Herald - Business | 19 Jul 2008 | 5:00 pm

Fran O'Sullivan : New Zealand in critical Geneva world food talks

Trade Minister Phil Goff has packed himself off to Geneva for critical talks which he hopes will ultimately go some way to alleviating the world food crisis. That's if the bare bones of a global trade deal can be finalised. There...
Source: New Zealand Herald - Business | 19 Jul 2008 | 5:00 pm

Kiwis do hard yards

There's a reason New Zealand's pool of innovative website techies is generally of the younger age bracket: they are able to handle the late nights, the early mornings, the seven-days-a-week accountability. Operating out of a trendy...
Source: New Zealand Herald - Business | 19 Jul 2008 | 5:00 pm

Investors rev up for auction

A collection of important vintage and collectable motorcycles being auctioned this week is attracting investors from overseas and locally. The motorbikes, being offered by Webb's auction house, have come from private collections...
Source: New Zealand Herald - Business | 19 Jul 2008 | 5:00 pm

Building wealth : Getting into the property business

I have always preferred commercial property to residential property. Commercial property (warehouses, offices and shops) is higher yielding, easier to manage, works on long-term leases and has less maintenance. However, it takes a...
Source: New Zealand Herald - Business | 19 Jul 2008 | 5:00 pm

Investment advice : Have your pie and eat it

There's a new option for bank account and finance company debenture savers that is set to significantly reduce tax bills. Until recently, most investors in term deposits and debentures paid their highest tax rate on the interest payments...
Source: New Zealand Herald - Business | 19 Jul 2008 | 5:00 pm

Top tips : Business on the web

Michael Turner, founder of Eventfinder Ltd, discusses business on the web. What's the first step in launching a website? You need to clearly define what your objective is. A cost-effective way for people to find and contact...
Source: New Zealand Herald - Business | 19 Jul 2008 | 5:00 pm

Boatbuilder's course altered

Glamour Auckland boatbuilder Sensation Yachts has sold its Australian shipyard to focus on developing a $500 million state-of-the-art facility in Singapore. Owner Ivan Erceg, brother of dead liquor baron Michael, said the New South...
Source: New Zealand Herald - Business | 19 Jul 2008 | 5:00 pm

Ford reportedly sets sights on building its overseas cars in U.S.

Ford Motor Co., in reaction to growing demand for fuel-efficient vehicles on its home turf, is reportedly looking at retooling some of its U.S. plants to build compact passenger cars it has already been producing and selling in Europe.

Source: MarketWatch.com - Top Stories | 19 Jul 2008 | 4:52 pm

Gill South: Flexible work law a new twist for employers to grapple with

July is one of the most stressful times of the year for working parents. Along with April, September and December/January, that is. The common theme? School holidays. As of the start of this month, working parents and others who...
Source: New Zealand Herald - Business | 19 Jul 2008 | 4:30 pm

NewsWatch: Stocks face heavy earnings week with new hope

Source: MarketWatch.com - Top Stories | 19 Jul 2008 | 4:00 pm

Earnings Outlook: Weak U.S. dollar should boost Big Pharma earnings

Major pharmaceutical companies are expected to roll out higher second-quarter earnings reports in coming days, helped partly by strong overseas sales stoked by a weak U.S. dollar.

Source: MarketWatch.com - Top Stories | 19 Jul 2008 | 2:00 pm

NewsWatch: Stocks face heavy earnings week with new hope

Source: MarketWatch.com - Top Stories | 19 Jul 2008 | 1:00 pm

Auto Review: 2008 Smart Fortwo Passion Cabriolet -- Small is beautiful

If we are to make it through this period of high gasoline prices, we have to change our thinking. And from all indications, consumers are doing just that. Ron Amadon previews the super-small 2008 Smart Fortwo Passion Cabriolet that's being snapped up in Europe, and now the U.S.