Yahoo! bows to pressure as Carl Icahn joins the board

Yahoo! has finally given in to pressure from activist investor Carl Icahn, just weeks ahead of the group's annual meeting and granted him three seats on the company's board.
Source: Telegraph Business | 21 Jul 2008 | 1:40 pm

Bank of America profit falls 41 percent but tops views (Reuters)

Reuters - Bank of America Corp on Monday reported a quarterly profit that fell less than expected, as improved investment banking results offset a surge in bad loans, causing shares of the largest U.S. retail bank and mortgage lender to soar.

Source: Yahoo! News: Business | 21 Jul 2008 | 1:06 pm

Yahoo and Icahn settle, Microsoft deal seen adrift (Reuters)

Reuters - Yahoo Inc will appoint activist investor Carl Icahn and two of his nominees to its board, settling a proxy battle and making an immediate transaction with Microsoft Corp less likely.

Source: Yahoo! News: Business | 21 Jul 2008 | 1:02 pm

Bank of America beats expectations

Bank of America said second quarter earnings fell 41 per cent to $3.41bn but still easily beat expectations on record revenues of $20.32bn
Source: FT.com - US homepage | 21 Jul 2008 | 1:01 pm

Roche offers to buy out Genentech for $43.7 billion (Reuters)

Reuters - Swiss drugmaker Roche Holding AG offered to acquire all outstanding shares in its U.S. partner Genentech Inc for $43.7 billion in cash to reinforce its position in cancer medicines.
Source: Yahoo! News: Business | 21 Jul 2008 | 1:00 pm

BofA earnings and deal news lifts Wall Street

US stocks were set for modest gains after profits fell less than expected at Bank of America and some deal news in the pharmaceuticals sector cheered investors
Source: FT.com - US homepage | 21 Jul 2008 | 12:53 pm

Currencies: Dollar flat after Bank of America results

The dollar loses ground against other major currencies except the British pound, ahead of financial results from U.S. regional banks and economic data.

Source: MarketWatch.com - Top Stories | 21 Jul 2008 | 12:52 pm

Many Monday Pre-Market Downgrades (CEG, FIS, FISV, DNA, KBW, NKE, PSO, SHW, SWIR, SWK, WERN, WIT)

These are among the top analyst Downgrades or negative analyst calls affecting shares this Monday morning in pre-market trading: Constellation Energy (NYSE: CEG) Downgraded to Underperform at Jefferies. Fidelity National (NYSE: FIS) Cut to Perform at Oppenheimer. Fiserv (NASDAQ: FISV) Cut to Perform at Oppenheimer. Genentech (NYSE: DNA) Raised to Overweight at Lehman. KBW (NYSE: KBW) Cut to Market Perform at FBR. Nike (NYSE: NKE) Cut to Neutral at HSBC. Pearson plc (NYSE: PSO) Cut to Sell at Deutsche Bank. Satyam Computer Services (NYSE: SAY) Cut to Equal Weight at Morgan Stanley; Cut to Underperform at Credit Suisse. Sherwin Williams...
Source: 24/7 Wall St. | 21 Jul 2008 | 12:52 pm

Merck and Schering-Plough to delay results for Vytorin data

Because of a scientific presentation on their controversial cholesterol therapy Vytorin, blue chip Merck and fellow drugmaker Schering-Plough have postponed the release of their respective quarterly results until after the close of trading Monday.

Source: MarketWatch.com - Top Stories | 21 Jul 2008 | 12:48 pm

EU offers 60% cut in farm tariffs

The European Union offers to reduce agricultural tariffs by 60% to kick-start trade talks in Geneva.
Source: BBC News | Business | World Edition | 21 Jul 2008 | 12:47 pm

Roche bids $43.7 billion for rest of Genentech

Swiss drug giant Roche Holding AG on Monday says it has offered to buy the 44% of U.S. biotech giant Genentech Inc. it doesn’t already own for $43.7 billion.

Source: MarketWatch.com - Top Stories | 21 Jul 2008 | 12:47 pm

Movers & Shakers: Monday's biggest gaining and declining stocks

Among the companies whose shares are expected to see active trade in Monday’s session are Bank of America, Genentech, Apple and Yahoo.

Source: MarketWatch.com - Top Stories | 21 Jul 2008 | 12:46 pm

Yahoo puts Icahn on board

Yahoo announced a settlement with investor Carl Icahn over the online giant's line-up of candidates for board of directors, including the addition of the investor activist himself.

Source: Business and financial news - CNNMoney.com | 21 Jul 2008 | 12:45 pm

Yahoo reaches deal with Icahn

Yahoo reaches an agreement with the activist investor Carl Icahn that will stop him trying to replace its board.
Source: BBC News | Business | World Edition | 21 Jul 2008 | 12:41 pm

Your portfolio: What works now

U.S. stocks are down, bonds are dicey, and the stuff you don't own is way up. What's out of vogue and what'll stay in style?

Source: Business and financial news - CNNMoney.com | 21 Jul 2008 | 12:41 pm

Mervyn's may be forced to file for Chapter 11: report

Mervyn’s LLC may be forced to file for Chapter 11 bankruptcy protection as early as this month if the California department-store chain fails to persuade its suppliers to ship products for the back-to-school season, according to a published report.

Source: MarketWatch.com - Top Stories | 21 Jul 2008 | 12:41 pm

Before the Bell: Bank of America, Roche, Yahoo in focus

U.S. stock futures on Monday advanced as Bank of America joined peers in beating analyst estimates, with the pharmaceutical sector also in the spotlight as Roche Holdings bid close to $44 billion for the stake it doesn't own in Genentech.

Source: MarketWatch.com - Top Stories | 21 Jul 2008 | 12:35 pm

Investors eye health of Apple's Steve Jobs: report

BANGALORE (Reuters) - Industry and investor concerns about the health of Apple Inc's Chief Executive Steve Jobs have not dimmed more than a month after he appeared dramatically thinner at the firm's annual developers' conference, The New York Post said on Monday.

Source: Reuters: Business News | 21 Jul 2008 | 12:34 pm

Banks Further Tighten Lending Rules For Businesses Large And Small

Just when the economy needs banks to be opening their doors for more lending, they are locking the safe down tight. According to The Wall Street Journal, "The heavy losses banks have taken on mortgage-related securities are forcing them raise cash levels, leading to tighter lending."
Source: 24/7 Wall St. | 21 Jul 2008 | 12:34 pm

Albemarle posts higher quarterly earnings

NEW YORK (Reuters) - Specialty chemical maker Albemarle Corp on Monday posted higher-than-expected second-quarter earnings on strong results for catalysts and other technologies used in petroleum refining.

Source: Reuters: Business News | 21 Jul 2008 | 12:34 pm

Park your cash in a safe place

The stock market is volatile, banks are getting battered and everyone is talking about losing money. If you're feeling skittish about your savings, you're not alone.

Source: Business and financial news - CNNMoney.com | 21 Jul 2008 | 12:33 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 | 21 Jul 2008 | 12:31 pm

Stocks rise after Bank of America's results

NEW YORK (Reuters) - Stock futures rose on Monday as Bank of America posted quarterly results that buoyed hopes about the financial services sector, while Roche Holding AG proposed to buy the portion of biotech company Genentech it doesn't already own for $43.7 billion.

Source: Reuters: Business News | 21 Jul 2008 | 12:29 pm

Stocks poised to rally

Stock futures climbed Monday morning as investors cheered better-than-expected earnings from Bank of America and the announcement of a deal between Yahoo and activist investor Carl Icahn.

Source: Business and financial news - CNNMoney.com | 21 Jul 2008 | 12:26 pm

HBOS investors sign on for just 8.3% of $8 billion share sale

Shareholders of HBOS, the U.K.’s biggest mortgage lender, subscribe for just 8.3% of the shares available in an $8 billion rights issue, leaving underwriters scrambling to find buyers for the remaining stock.

Source: MarketWatch.com - Top Stories | 21 Jul 2008 | 12:24 pm

Stocks rise after Bank of America's results (Reuters)

Reuters - Stock futures rose on Monday as Bank of America posted quarterly results that buoyed hopes about the financial services sector, while Roche Holding AG proposed to buy the portion of biotech company Genentech it doesn't already own for $43.7 billion.

Source: Yahoo! News: Business | 21 Jul 2008 | 12:23 pm

Vytorin delays Merck, Schering earnings

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 21 Jul 2008 | 12:20 pm

MarketWatch First Take: Roche bets it can hug Genentech a little closer

It will take some delicate managerial skills on Roche Holding’s part if the Swiss drug maker hopes to squeeze costs out of its Genentech Inc. deal without stifling the innovation that’s been a hallmark of the company.

Source: MarketWatch.com - Top Stories | 21 Jul 2008 | 12:20 pm

Indications: Bank of America, Genentech lead stock futures higher

U.S. stock futures on Monday advanced as Bank of America joined peers in beating analyst estimates, with the pharmaceutical sector also in the spotlight as Roche Holdings bid close to $44 billion for the stake it didn’t own in Genentech and as Merck and Schering-Plough were due to release a study on a key cholesterol drug.

Source: MarketWatch.com - Top Stories | 21 Jul 2008 | 12:20 pm

Bank of America profit falls 41 percent but tops views

NEW YORK (Reuters) - Bank of America Corp, the largest U.S. retail bank, on Monday posted lower but better-than-expected quarterly results, offsetting a surge in bad debts tied to falling home prices and a slowing economy.

Source: Reuters: Business News | 21 Jul 2008 | 12:19 pm

Roche offers to buy out Genentech for $43.7 billion

BASEL, Switzerland (Reuters) - Swiss drugmaker Roche Holding AG offered to acquire all outstanding shares in its U.S. partner Genentech Inc for $43.7 billion in cash to reinforce its position in cancer medicines.

Source: Reuters: Business News | 21 Jul 2008 | 12:18 pm

Oil jumps on Iran, storm

Oil prices rebounded sharply Monday, following the largest four-day slide in oil trading history, as traders focused on a break down of negotiations with Iran, as well as Tropical Storm Dolly, which is making its way into the Gulf of Mexico.

Source: Business and financial news - CNNMoney.com | 21 Jul 2008 | 12:16 pm

Unilever sells Bertolli olive oil for €630m

Unilever, the maker of Domestos bleach and Flora spread, has sold Bertolli, the world’s bestselling olive oil, to Grupo SOS, Spain's second largest quoted food group, for €630 million (£500 million).
Source: Latest Business News from Times Online | 21 Jul 2008 | 12:15 pm

Yahoo nominates Icahn to board, settles proxy fight

NEW YORK (Reuters) - Yahoo Inc will appoint activist investor Carl Icahn and two members of his slate of directors to the company's board, settling a proxy battle ahead of its August 1 annual shareholders meeting.

Source: Reuters: Business News | 21 Jul 2008 | 12:12 pm

Icahn to join Yahoo board

Carl Icahn is to join the board of Yahoo as part of a settlement of the activist investor's proxy battle with the internet search group
Source: FT.com - US homepage | 21 Jul 2008 | 12:12 pm

Bank of America profit tumbles 41%

Bank of America became the latest bank to report better-than-expected earnings, even as it revealed Monday that its profits plunged 41% during the most recent quarter.

Source: Business and financial news - CNNMoney.com | 21 Jul 2008 | 12:11 pm

Hasbro profit tops view, costs remain challenging

NEW YORK (Reuters) - Hasbro Inc , the No. 2 U.S. toymaker, posted a higher-than-expected quarterly profit on Monday, boosted by sales of toys tied to movies such as the latest "Indiana Jones" release and by brands like G.I. Joe and Transformers.

Source: Reuters: Business News | 21 Jul 2008 | 12:09 pm

Wall Street banks carry Autonomy to record profits

Software company Autonomy today announced record second-quarter profits, driven by strong organic revenue growth, and is set to benefit from Wall Street banks that need to use its search systems to help protect against litigation.
Source: Latest Business News from Times Online | 21 Jul 2008 | 12:07 pm

Health insurers seek rebound after brutal first half

NEW YORK (Reuters) - Health insurers will need to show some signs of stability when they report second-quarter earnings, beginning on Tuesday, if they are to lure back investors to their beaten-down stocks.

Source: Reuters: Business News | 21 Jul 2008 | 12:06 pm

In the Eye of the Credit Storm

When a rescue plan for Fannie Mae and Freddie Mac was hastily cobbled together over a weekend, the point man on the latest threat to the world economy was a 45-year-old Treasury official with little government experience.

The official, Anthony W. Ryan, was thrust into the frontlines of the credit crisis after Treasury Secretary Henry Paulson's top assistant, Robert Steel, unexpectedly left to become chief executive of Wachovia. Steel had been a main architect of the Bush administration's response to the mortgage crisis. So when the shares of the two mortgage giants plunged on Friday, July 11, provoking fears of a meltdown, the job fell to Ryan, who led a team of a dozen people that came up with the bailout plan.

So far, he has received acceptable marks for putting the plan together. But the surprising wave of fierce resistance the plan initially drew from Congressional Republicans highlights the difficulities Ryan and the other top Treasury officials, all from the financial industry, face. They have little or no experience, working the levers of Congress and the rest of the federal government, have had in responding to the crises spawned by the collapse of subprime mortgage market.

Anthony Ryan •Assistant Secretary of the Treasury for Financial Markets. December 2006 to July 2008. •Previously, a partner of Grantham, Mayo, van Otterloo & Co. • Before that, a portfolio manager at asset management firms including State Street Corporation and The Boston Company. • 1985 graduate of the University of Rochester. Masters Degree from the London School of Economics & Political Science in 1986. • Married, with four children.

Ryan had previously spent his entire career in the investment industry, most recently as a partner at Grantham, Mayo, van Otterloo & Co., the Boston-based asset management firm cofounded by famed value investor Jeremy Grantham.

When Paulson, the former chief executive of Goldman Sachs, first came to Washington as Treasury Secretary in May 2006, he brought along Ryan as an adviser.  Exactly how this happened is not clear. In an interview with Portfolio.com, Ryan says he had never met Paulson before, although they knew many individuals in common, several of whom had recommended him to Paulson. The Treasury Secretary chose Ryan to help coach him for his Senate confirmation hearings, then brought him in when he took office.

Ryan clearly has less stature than Steel, who had been vice chairman of Goldman Sachs and who has wider and higher level contacts in the financial industry that made it easier for him to get in touch quickly with key people during a crisis.

But supporters of Ryan says his brief time in government, working with Steel and Paulson, has not been an impediment.

"The last two years have aged him in experience like dog years,"says Eric Mindich, a former Goldman Sachs trader and chief executive of the $12 billion hedge fund Eton Park Capital Management.

Mindich knows Ryan from a private-sector subcommittee of the President's Working Group on Financial Markets, an interagency council that was created after the stock market crash of 1987.

That group had been among Ryan's main roles, along with oversight of  Treasury bonds and other financing. His job did not involve crisis management, or dealing with Congress, or regulation of outside entities.

The new challenge has meant more than just a change in responsibilities. The housing and credit crises have pushed Ryan and other Bush administration officials into an unexpected regulatory, big-government role that conflicts with their long-stated free-market beliefs.

 One aide to a Congressional financial committee say these officials suddenly find themselves having to fill the role that Franklin Roosevelt's "Brain Trust" did in grappling with the Depression.

In a series of speeches in recent months, Ryan has sharply criticized the financial services industry for "the erosion of market discipline." He said this was a leading cause of the subprime meltdown.
 
Yet Ryan himself was instrumental in giving the same firms a central role in proposing the solutions. Committees under the aegis of industry organizations  like the Securities Industry and Financial Markets Association and the American Securitization Forum, are the leading groups charged with developing "best practices" concerning transparency and disclosure to investors of risks related to asset-backed securities.

Ryan says he sees no inherent conflict in this.

"Firms that benefited because they had better practices are sharing those with other firms. I do believe the leaders in the industry can drive the industry to improve their practices."

Neither Congressional Democrats nor Republicans have been willing to openly criticize Ryan and other Treasury officials for the way they handled the rescue plan for Fannie Mae and Freddie Mac. But some Republicans are concerned that the plan could put taxpayers on the hook for huge sums.

Democrats have backed the plan, and had been quick to accuse Republicans of endangering the economy by opposing it. A spokesman for the House Financial Services Committee, chaired by Representative Barney Frank, Democrat of Massachusetts, insisted that the Treasury officials had been "very, very adept." He added, "Our being in government so long, and them being in industry so long, it sort of balances out."

House Republican leaders, stung by criticisms that their opposition to the bailout threatened the economy, have reversed course and endorsed the plan. A staffer for the Republican Study Group, an organization of more than 100 House members that promotes conservative economic policies, said he was not  aware of any specific displeasure by members in the way the Treasury officials handled the plan, although some members still strongly oppose it.

But aides to two House members, one a Democrat, the other Republican, said earlier communication by Treasury officials on the plan might have avoided the initial conflict, and delay of approval, now not expected until sometime this week.

To enhance Ryan's clout in helping Paulson deal with the current problems, though, President Bush nominated him, even though only six months remain for the administration. The Senate, however, has not scheduled any confirmation hearings, and  it will probably will not before the summer recess in early August.

A Treasury spokeswoman,  Jennifer Zuccarelli  said  "we're keeping Congress fully occupied right now" dealing with the bailout plan.

Ryan says that when Steel told him he was leaving for Wachovia, he took his successor aside and told him "Look, the Secretary has your confidence, your colleagues have confidence in you. Just continue to believe in yourself, and know that you have a great team."

Related Links
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Source: Portfolio.com: Top 5 | 21 Jul 2008 | 12:00 pm

Buying the Pharma Team

The glittering debuts of blockbuster drugs have been few and far between in recent years. And big pharmaceutical companies have increasingly decided to buy new drugs or entire biotech companies instead of pouring additional billions to get something out of their research pipeline.

The most recent example is an offer today by Roche, the Swiss drug giant, to buy out the rest of Genentech, the California biotech company (ticker symbol DNA—how cool is that?), for $43.7 billion.

The offer is a sharp shift in strategy by Roche, which has previously kept an arm's length distance from its investments. Roche owns 56 percent of Genentech.

Franz Humer, the chairman of Roche, said the two companies had collaborated for more than 20 years, but that it was time to put the partnership "on a new level."

"We are absolutely convinced that it is in the interest of both parties that we acquire the 100 percent and then structure it in a way that strengthens both sides of the operation."

Roche is offering $89 a share, which represents a premium of just 9 percent over Genentech's closing stock price on Friday.

Analysts at Cazenove said that Roche will have to increase its offers. "We would expect Roche will have to make a significantly higher offer if it is to acquire Genentech," they wrote in a research note.

Indeed, the average premium for recent pharmaceutical deals is 63 percent, notes Reuters, citing Credit Suisse research.



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Source: Portfolio.com: Top 5 | 21 Jul 2008 | 12:00 pm

Russia demands work contract in TNK-BP visa row

Russia’s migration service today warned it would not grant a visa to Robert Dudley, chief executive of TNK-BP, unless he presents a valid work contract within six days. The latest twist in the Anglo-Russian dispute could help the Russian billionaire co-owners of TNK-BP oust the BP-backed executive.
Source: Latest Business News from Times Online | 21 Jul 2008 | 11:54 am

Oil up above $130 after inconclusive Iran talks (Reuters)

Reuters - Oil rose back above $130 a barrel on Monday after inconclusive talks at the weekend between Iran and world powers helped the market to recover from its biggest one-week slide on record.

Source: Yahoo! News: Business | 21 Jul 2008 | 11:51 am

Oil up above $130 after inconclusive Iran talks

LONDON (Reuters) - Oil rose back above $130 a barrel on Monday after inconclusive talks at the weekend between Iran and world powers helped the market to recover from its biggest one-week slide on record.

Source: Reuters: Business News | 21 Jul 2008 | 11:51 am

Profit falls at Bank of America

The US's largest retail bank, Bank of America, reports its fourth quarterly profit decline in a row.
Source: BBC News | Business | World Edition | 21 Jul 2008 | 11:47 am

Golden Key Names John W. Mitchell as the Society's New Chief Executive Officer

ATLANTA, July 21 /PRNewswire/ -- Golden Key International Honour Society's Board of Directors recently named John W. Mitchell to serve as the Society's Chief...
Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jul 2008 | 11:45 am

Yahoo! Partially Capitulates to Icahn (YHOO)

Yahoo! Inc. (Nasdaq:YHOO) just took away any near-term embedded call option in its stock. The company has reached an agreement with Carl Icahn to settle their pending proxy contest related to the annual meeting, but this is really a partial settlement that looks muted rather than anything made of substantial shareholder benefits. While many of the proxy fight questions have just been answered, this is a "go it alone strategy" for Yahoo! and should take away any immediate likelihood that this company will be acquired in any meaningful way. Eight members of Yahoo!'s current Board of Directors will stand for...
Source: 24/7 Wall St. | 21 Jul 2008 | 11:43 am

Yahoo settles with Carl Icahn

(Reuters) - Yahoo Inc said on Monday it has reached a settlement with billionaire investor Carl Icahn over their pending proxy contest related to Yahoo's 2008 annual meeting of...
Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jul 2008 | 11:42 am

Asian stocks gain on oil news, U.S. earnings

HONG KONG — Asian stock markets rose sharply Monday as sentiment improved thanks to lower crude oil prices and stronger-than-expected earnings from U.S. banks.

Source: L.A. Times - Business | 21 Jul 2008 | 11:41 am

Investors eyes health of Apple's Steve Jobs: report

BANGALORE (Reuters) - Industry and investor concerns about the health of Apple Inc's Chief Executive Steve Jobs have not dimmed more than a month after he appeared dramatically thinner at...
Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jul 2008 | 11:40 am

Yahoo settles with Icahn to avert control battle

Yahoo has reached a settlement with activist investor Carl Icahn to avoid a battle for control of the company. The agreement announced Monday will avert a battle over control of the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jul 2008 | 11:37 am

Hasbro posts 2nd-qtr profit, beats Wall St. view

Toymaker Hasbro Inc. said Monday second-quarter profit rose, helped by demand for "Star Wars"- and "Indiana Jones"- related toys and the benefit of a weaker dollar. The Pawtucket,...
Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jul 2008 | 11:36 am

Equifax and National Consumer Telecom & Utilities Exchange Extend Agreement Through 2015

ATLANTA, July 21 /PRNewswire-FirstCall/ -- Equifax Inc. (NYSE: EFX) and The National Consumer Telecom & Utilities Exchange, Inc. (NCTUE) announced today that the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jul 2008 | 11:30 am

Torchmark Corporation Announces Second Quarter 2008 Earnings Release and Conference Call

MCKINNEY, Texas, July 21 /PRNewswire-FirstCall/ -- Torchmark Corporation (NYSE: TMK) will release Second Quarter 2008 earnings after the market closes on Wednesday, July...
Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jul 2008 | 11:30 am

Southern Trust Securities Partners with IPWM and Opens New Offices in Spain

CORAL GABLES, Fla., July 21 /PRNewswire-FirstCall/ -- Southern Trust Securities Holding Corp. ("STSHC") (OTC Bulletin Board: SOHL), a financial services company
Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jul 2008 | 11:30 am

Lorillard Announces Conference Call Details for its Second Quarter 2008 Earnings

GREENSBORO, N.C., July 21 /PRNewswire-FirstCall/ -- Lorillard Inc., (NYSE: LO), the third largest manufacturer of cigarettes in the United States, today announced the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jul 2008 | 11:30 am

Oil prices rally on US weather, Iran concerns

Oil prices rose on Monday on news of stormy weather which could threaten energy facilities in the US Gulf of Mexico, and after fruitless talks between the US and crude producer Iran,...
Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jul 2008 | 11:25 am

Merck, Schering delay earnings for Vytorin update

NEW YORK (Reuters) - Merck & Co and Schering-Plough said they would delay release of company earnings until after the stock market closes on Monday, in order to update investors on a new important study of their shared Vytorin cholesterol fighter.

Source: Reuters: Business News | 21 Jul 2008 | 11:22 am

China drives VW sales to record

German carmaker Volkswagen posts record first-half sales thanks to a boost in deliveries to China.
Source: BBC News | Business | World Edition | 21 Jul 2008 | 11:21 am

Google ad slump widens

In the clearest sign yet that online ad sales growth cannot outrun a global economic slowdown, Google reported the first-ever sequential quarterly revenue decline in its U.K. business. The dip, as reported in the company's second-quarter earnings Thursday, cut into Google's overall international growth, bringing it down to 52% from 55% in the first quarter.

Source: Business and financial news - CNNMoney.com | 21 Jul 2008 | 11:12 am

HP's ambitious nanotech project

Imagine walking down the supermarket aisle with a cheap device you could hold up to a tomato. If the sensor detects a pesticide residue, you'd know the "organic" label is a lie. Similar tools could track the chemical content of water in a stream, telling you if there was lead contamination and when it got there, or keep constant watch on a bridge and tell if a structural steel beam was at risk of collapse.

Source: Business and financial news - CNNMoney.com | 21 Jul 2008 | 11:12 am

'Dark Knight': Biggest box-office debut ever

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 21 Jul 2008 | 11:08 am

Top 10 Early Bird Analyst Calls (AIG, CTAS, KBW, NTES, NKE, SAY, SHW, SWK, TEVA, WFMI)

These are only some of the early bird analyst calls that we have seen in early Monday pre-market trading, but these are some of the more active stock names: American International Group (NYSE: AIG) Raised to Buy at Banc of America. Cintas Corp. (NASDAQ: CTAS) Raised to Equal Weight at Morgan Stanley. KBW (NYSE: KBW) Cut to Market Perform at FBR. NetEase (NASDAQ: NTES) Raised to Outperform at Credit Suisse. Nike (NYSE: NKE) Cut to Neutral at HSBC. Satyam Computer Services (NYSE: SAY) Cut to Equal Weight at Morgan Stanley; Cut to Underperform at Credit Suisse. Sherwin Williams (NYSE: SHW)...
Source: 24/7 Wall St. | 21 Jul 2008 | 11:01 am

HBOS investors take up just 8.3pc of issue

The largest rump of shares ever to be placed following a rights issue will fall on the market today as investment bankers try to offload 3.5bn worth of HBOS stock.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jul 2008 | 11:00 am

HBOS investors take up just 8.3pc of issue

The largest rump of shares ever to be placed following a rights issue will fall on the market today as investment bankers try to offload £3.5bn worth of HBOS stock.
Source: Telegraph Business | 21 Jul 2008 | 11:00 am

Icahnhoo!

Jerry Yang lives to fight another day.  

Less than two weeks before a proxy showdown with activist investor Carl Icahn, Yahoo agreed to a deal that will put Icahn on Yahoo's board.

Under an agreement announced today, the board of Yahoo will be expanded to 11 from 8 directors. Icahn will get a seat, and two candidates will be selected from a list recommended by Icahn. That list will include Icahn's slate of candidates. Icahn will vote his stake in favor of the board.

"We are gratified to have reached this agreement, which serves the best interests of all Yahoo stockholders," said Roy Bostock, the chairman of Yahoo. "We look forward to working productively with Carl and the new members of the board on continuing to improve the company's performance and enhancing stockholder value."

The single idea driving Icahn's proxy challenge was that the board of Yahoo had bungled an offer from Microsoft and that only replacing the board would lead to a sale.

Now that it is clear that Icahn will no longer be an agent provocateur for Steve Ballmer of Microsoft, a deal is less likely to happen soon. That may disappoint Yahoo shareholders today.

And Yahoo shareholders will be mindful of Icahn's less-than-stellar track record as a director of another technology company, Motorola.

Still, Icahn did not have much choice but to cut a deal. His chances of succeeding at the August 1 Yahoo shareholders meeting appeared slim, especially after a large and influential investor, Bill Miller of Legg Mason, said on Friday that he would vote his shares for the current board.

Not everyone was apparently happy about the deal with Icahn. Robert Kotick, the chief executive of games company Activision, is stepping down from the board.

Related Links
Parsing Microsoft: Easy Dude, I Was Only Reaching for My Zune
Ballmer and Icahn, B.F.F.'s
Parsing Yahoo: $33 Is More Than $28


Source: Portfolio.com: Top 5 | 21 Jul 2008 | 11:00 am

Another Call To Break-Up Citigroup (C)

The idea of breaking Citigroup (C) into pieces is hardly new. From the day Sandy Weill threw the place together, many analysts could see no benefit to an umbrella company holding everything from a brokerage firm to commodities trading operations. The stock market has proved the critics right. The creation of Citi has had little benefit.
Source: 24/7 Wall St. | 21 Jul 2008 | 10:56 am

Harbinger suspends Inmarsat talks

Inmarsat, the UK-based satellite communications group, on Monday said takeover discussions with Harbinger Capital Partners had been suspended.The hedge fund owns a 28.5 per cent stake in the company and...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jul 2008 | 10:52 am

Harbinger suspends Inmarsat talks

Inmarsat says it is open to future proposals despite an the hedge fund ending discussions dues to regulatory issues
Source: FT.com - US homepage | 21 Jul 2008 | 10:52 am

European markets dip as HBOS rights issue disappoints (AFP)

AFP - Europe's main stock markets fell on Monday when the financial services sector was dampened by news of a disappointing rights issue from British home loan provider HBOS, dealers said.

Source: Yahoo! News: Business | 21 Jul 2008 | 10:50 am

Obama arrives in Iraq

US Democratic presidential candidate Barack Obama flew to Iraq to get a first-hand look at security conditions in the country, where violence is at its lowest since early 2004
Source: FT.com - US homepage | 21 Jul 2008 | 10:50 am

High-end mobiles boost LG profits

South Korean electronics firm LG Electronics increases quarterly earnings by 84%.
Source: BBC News | Business | World Edition | 21 Jul 2008 | 10:47 am

FTSE rallies on stronger banks and oil

London shares turned into positive territory as heavily-weighted mining and oil stocks were bought on speculation commodity prices were due another run higher after several sessions of losses.Meanwhile,...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jul 2008 | 10:43 am

Itty-Bitty PCs Attack Computer Company Margins (AAPL)(DELL)(HPQ)(INTC)(RIMM)(NOK)

The PC industry's race to create smaller and smaller computers to stave off competition from smart phones has begun to backfire. Intel (INTC) has started making tiny, energy-efficient chips to power the new machines which are meant to be mobile, using WiFi and 3G cellular networks to connect to the .
Source: 24/7 Wall St. | 21 Jul 2008 | 10:33 am

Citigroup results buoy Asian markets

Asia Pacific shares on Monday benefited from the announcement by the biggest US bank, Citigroup, of smaller-than-expected losses last week. Financial stocks rose and raw material producers also gained...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jul 2008 | 10:04 am

Earnings Police Go After McDonald's (MCD) Premium Coffee

Probably the worst thing that ever happened to Starbucks (SBUX) was when McDonald's (MCD) went into the premium coffee business. Consumer Reports even rated the fast food chain's java ahead of the sludge that Starbucks is serving. McDonald's has 14,000 US stores, so it holds a natural advantage for product distribution.
Source: 24/7 Wall St. | 21 Jul 2008 | 9:58 am

Spain leads European markets lower

Spanish stocks led European shares downwards on Monday as markets snapped a three-day rally buffeted by headwinds from the property and banking sectors although gains by commodities companies broke the...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jul 2008 | 9:56 am

Dollar eases as oil rebounds

The dollar eased on Monday as a rebound in oil prices and worries about the health of the US financial system weighed on the currency.The dollar received a boost last week after several large US banks...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jul 2008 | 9:42 am

Facebook challenges German rival

Germany's Studivz says the intellectual property dispute that Facebook has brought against it is without merit.
Source: BBC News | Business | World Edition | 21 Jul 2008 | 9:38 am

Roche bids $44bn for Genentech stake$

Roche, the Swiss drugs company, today made a $43.7 billion ($£22 billion) cash bid for the remaining stake in Genentech, its San Francisco-based partner.
Source: Latest Business News from Times Online | 21 Jul 2008 | 9:35 am

HBOS investors snub share issue

The UK's biggest mortgage lender HBOS says only 8% of its £4bn share issue was taken up by existing investors.
Source: BBC News | Business | World Edition | 21 Jul 2008 | 9:33 am

Roche Tries To Torpedo Genentech (DNA) Shareholders

Swiss drug company Roche is trying to steal the part of biotech company Genentech (DNA) that it does not already own. Roche has offered to buy the 45% of DNA that belongs to public shareholders for $89 a share. That is less than a 10% premium above where the company traded at the end of last week. The total value of the buy-out would be $43.7 billion.
Source: 24/7 Wall St. | 21 Jul 2008 | 9:33 am

Domino's Pizzas profits rise 33% as diners stay at home

Profits at Domino’s Pizza’s rose nearly 33 per cent in the first six months of its financial year as cost-conscious diners shunned restaurants for a cheaper night in.
Source: Latest Business News from Times Online | 21 Jul 2008 | 9:24 am

Roche Offers $43.7 Billion for Genentech Stake

The Swiss drug maker was seeking to acquire the 44 percent of Genentech that it does not already own.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jul 2008 | 9:00 am

FTSE pares losses as oil groups rally

London shares pared their losses as heavily-weighted mining and oil stocks were bought on speculation commodity prices were due another run higher after several sessions of losses.Oil prices had their...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jul 2008 | 8:59 am

Oil rebounds as Iran nuclear talks disappoint

Oil prices rebounded by more than $2 a barrel on Monday after last week's hefty correction and crude's strength bolstered base metals and gold. Nymex August West Texas Intermediate rose $2.03 to $130...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jul 2008 | 8:41 am

Roche Offers to Buy Out Genentech

The Swiss drug maker Roche Holding said Monday that it was offering about $43.7 billion to acquire the 44 percent of the biotechnology company Genentech that it does not already own.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jul 2008 | 8:40 am

Roche launches $44bn Genentech offer

The Swiss drugs group offered to acquire the 44.1% stake in its US biotech partner that it does not already own, as it reported a 2% fall in first-half net profit due in part to the weak US dollar
Source: FT.com - US homepage | 21 Jul 2008 | 8:25 am

Alistair Darling set for U-turn on foreign profits tax plan

Alistair Darling is to scrap plans to crack down on British companies avoiding tax on foreign profits, it has been reported. The Chancellor's plan to be tougher on tax avoidance in return for exempting foreign profits from tax threatened to provoke an exodus of businesses from Britain, according to some analysts.
Source: Telegraph Business | 21 Jul 2008 | 7:55 am

Media Digest 7/21/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, Roche has offered to buy-out Genentech (DNA) for $42.7 billion. Retuers reports that one of Yahoo!'s (YHOO) activist investors has called for a compromise which would put some of Carl Icahn's nominees on the company's board.
Source: 24/7 Wall St. | 21 Jul 2008 | 7:52 am

'Gloomy' forecast for UK economy

The economic outlook for next year is looking gloomier as business confidence sags, top forecasters suggest.
Source: BBC News | Business | World Edition | 21 Jul 2008 | 7:52 am

HSBC shares jump on CIC investment hopes

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 | 21 Jul 2008 | 7:45 am

Inmarsat dives after hedge fund suspends talks

Shares in Inmarsat, the mobile satellite communications group, plunged 12.2 per cent today after it emerged that Harbinger Capital, the activist American hedge fund investor, has suspended talks over a possible takeover.
Source: Latest Business News from Times Online | 21 Jul 2008 | 7:34 am

Asia Markets 7/21/2008

Markets in Asia were mostly higher. Japan was closed for a holiday. The Hang Seng rose 3.3% to 22,603. China Life (LFC) rose 5% to 29.45. China Petroleum (SNP) rose 4.9% to 7.86. The Shanghai Composite was up 1.7% to 2,826. Data from Reuters. Douglas A. McIntyre
Source: 24/7 Wall St. | 21 Jul 2008 | 7:23 am

Sanofi in Australian vitamin deal

French drugs giant Sanofi-Aventis is to buy Australia's largest distributor of vitamin supplements.
Source: BBC News | Business | World Edition | 21 Jul 2008 | 7:00 am

Treasury Secretary Paulson calls bank system secure

He also says IndyMac won't be the last bank to fail, but the proportion will be small.

Seeking to reassure a worried public, Treasury Secretary Henry M. Paulson Jr. said Sunday that the U.S. banking system was secure but other bank failures could follow the recent collapse of Pasadena-based IndyMac before the situation stabilized.

Source: L.A. Times - Business | 21 Jul 2008 | 7:00 am

Be innovative, but design what meets consumers' needs

Eleven years ago, Clayton Christensen's book, "The Innovator's Dilemma," was a bestseller. He showed how innovation could become a form of trap.

Source: L.A. Times - Business | 21 Jul 2008 | 7:00 am

A user-friendly video game industry?

Publishers at the E3 convention highlight diversions for the family and technology that bypasses the controller.

At the video game industry's largest event of the year, many of the A-list heroes were no-shows: Halo's Master Chief. Legend of Zelda's Zelda. Grand Theft Auto IV's Niko Bellic.

Source: L.A. Times - Business | 21 Jul 2008 | 7:00 am

Travertine Spa owner looks to make bigger mark in body-care market

Terry Carter is trying to grow his La Palma-based business despite the sluggish economy.

During these ugly economic times, selling beauty products takes a little extra sweat, maybe a little more road time.

Source: L.A. Times - Business | 21 Jul 2008 | 7:00 am

Urgency is absent in contract stalemate between SAG, studios

Neither side says it's in a rush to resolve significant differences in contract talks

Hollywood's long, hot summer does not appear to be ending any time soon.

Source: L.A. Times - Business | 21 Jul 2008 | 7:00 am

Research firm Nielsen tallying product placement ads

Firms are vying to provide the information to advertisers who want to keep tabs on where competitors' products are popping up in TV shows.

On the fourth floor of an office building in this green Connecticut town, Sarah Martin goes to work every day as a television watcher.

Source: L.A. Times - Business | 21 Jul 2008 | 7:00 am

Shifts in consumer spending may have lasting effects

Firms are trying to figure out which habits among shoppers will stick as fuel and food prices tighten wallets.

Adrienne Radtke plans to keep riding her bike to work even if gasoline prices drop. Steve Pizzini got rid of his Cadillac Escalade in favor of a 16-year-old Acura and doesn't expect to have another gas-guzzler.

Source: L.A. Times - Business | 21 Jul 2008 | 7:00 am

Box-office records fall to Batman's heroics

'Dark Knight' hauls in an estimated $155.3 million in three days and leads the industry to its best weekend ever.

Holy opening weekend, Batman!

Source: L.A. Times - Business | 21 Jul 2008 | 7:00 am

Sales of Southern California companies drop sharply

L.A. County sells about a third fewer firms than in the same period last year, Riverside County about half as many.

Sales of retail shops, restaurants, beauty salons and other small and medium-size businesses in Los Angeles County are down by almost a third in the first six months of the year compared with the same period last year, according to BizBen.com, a San Ramon, Calif.-based clearinghouse that lists small, private California businesses for sale and reports statewide sales data.

Source: L.A. Times - Business | 21 Jul 2008 | 7:00 am

HBOS shares stabilise despite 92% rights issue snub

Shares in HBOS this morning stabilised at the rights issue price as the bank announced that just 8.29 per cent of its £4 billion rights issue was taken up by its shareholders.
Source: Latest Business News from Times Online | 21 Jul 2008 | 6:15 am

Roche in $43.7bn Genentech offer

Swiss drugs firm Roche offers to buy all outstanding shares in its US partner Genentech for $43.7bn.
Source: BBC News | Business | World Edition | 21 Jul 2008 | 6:05 am

Currency: Dollar little changed ahead of rate decision

The New Zealand dollar finished its local session near where it started, as traders waited for the Reserve Bank's interest rate decision on Thursday. At 5pm today the kiwi was buying US76.18c, little changed from the US76.13c open...
Source: New Zealand Herald - Business | 21 Jul 2008 | 5:36 am

Five Mile liquidation hearing adjourned

A liquidation hearing for the Five Mile Holdings company of high-profile property developer Dave Henderson was adjourned for a week in the High Court in Christchurch today. Earlier this month Hanover Finance said it had instructed...
Source: New Zealand Herald - Business | 21 Jul 2008 | 4:26 am

Economists: 2nd half growth likely to be anemic (AP)

AP - Call it the big fizzle. The hoped-for second-half economic rebound is looking to be lethargic, with the country straining under high energy prices and fallout from the housing and credit debacles.
Source: Yahoo! News: Business | 21 Jul 2008 | 4:07 am

Takeovers Panel prepares for possible Contact Energy bid

The Takeovers Panel is taking further steps to prepare for a possible bid for Contact Energy that could be made if majority owner Origin Energy is taken over. The Takeovers Panel said today it was looking for an independent expert...
Source: New Zealand Herald - Business | 21 Jul 2008 | 3:14 am

Top level capital markets taskforce unveiled

Details of a new taskforce designed to maintain and strengthen New Zealand's capital markets have been revealed by the Government. Commerce Minister Lianne Dalziel said the new "Capital Market Development Taskforce" will see government...
Source: New Zealand Herald - Business | 21 Jul 2008 | 3:00 am

U.S. retailer Mervyn's fights for survival: WSJ (Reuters)

Reuters - Department store chain Mervyn's LLC is fighting for survival after a lender pulled financing and some vendors stopped shipments, the Wall Street Journal reported on its website on Sunday.
Source: Yahoo! News: Business | 21 Jul 2008 | 2:03 am

Migrant outflow to Australia at 19-year high

The net outflow of people from New Zealand to live permanently or long term (PLT) in Australia reached its highest annual level in 19 years last month. The net outflow to Australia was 31,900 in the June 2008 year, the highest...
Source: New Zealand Herald - Business | 21 Jul 2008 | 2:00 am

Employment breaks bill set to become law

A parliamentary select committee has recommended a bill putting workers' rights to rest and meal breaks and infant feeding breaks into law. When the bill was introduced, Labour Minister Trevor Mallard said there were no statutory...
Source: New Zealand Herald - Business | 21 Jul 2008 | 1:00 am

Man who fronted abortive Silverjet rescue sees Sandhaven Resources shares suspended

The oil and gas company headed by Ian Ilsley, the man who fronted the abortive rescue of all business-class airline Silverjet, has had its shares suspended after repeatedly failing to file its annual accounts.
Source: Telegraph Business | 21 Jul 2008 | 12:01 am

Movers and shakers

Movers and shakers
Source: Telegraph Business | 21 Jul 2008 | 12:01 am

Unemployment to hit 2m for first time under Labour

The number of people out of work will reach two million for the first time in a decade of Labour rule, as the housing market downturn leads to hundreds of thousands of job losses in the wider economy, an influential analysis warns today.
Source: Telegraph Business | 21 Jul 2008 | 12:01 am

The week ahead

A guide to company results and meetings, and economic statistics.
Source: Telegraph Business | 21 Jul 2008 | 12:01 am

A Witty cure for a sick patient

GSK boss tells Jonathan Russell why keeping the consumer arm instead of focusing on drugs is just what the doctor ordered.
Source: Telegraph Business | 21 Jul 2008 | 12:01 am

Dumpster diving with the freegans: Why pay for food?

James Hall is amazed at all the goodies on offer as he joins anti-consumerist activists in 'dumpster diving'
Source: Telegraph Business | 21 Jul 2008 | 12:01 am

Fall in June electronic card transactions

The total value of electronic card transactions (ECT) with New Zealand-based merchants fell a seasonally adjusted 0.6 per cent last month from May. The figures released today by Statistics New Zealand (SNZ) show further signs of...
Source: New Zealand Herald - Business | 21 Jul 2008 | 12:00 am

Overseas trips down 11 per cent in June

The number of New Zealanders leaving on short term overseas trips dropped by 11 per cent last month from a year earlier, partly due to school holiday timing. Figures released by Statistics New Zealand (SNZ) today show the number...
Source: New Zealand Herald - Business | 20 Jul 2008 | 11:30 pm

Happy ending likely once horror movie ends

As the grim economic news piles up ever higher, so the headlines grow ever more lurid. The latest, inspired by a gloom-laden assessment of prospects from the Ernst & Young Item Club, suggests that Britain faces an “economic horror movie”.
Source: Latest Business News from Times Online | 20 Jul 2008 | 11:00 pm

Big companies delay suppliers' cash

Big companies are delaying payment to smaller suppliers by more than 100 days in the biggest squeeze on small firms' cashflows since the early 1990s.
Source: Latest Business News from Times Online | 20 Jul 2008 | 11:00 pm

Average home asking price down £4,000 on a year ago

Homeowners are resorting to increasingly aggressive price cuts in an effort to sell their properties, with asking prices across England and Wales an average £4,000 less than they were a year ago as a new realism sets in across the housing market.
Source: Latest Business News from Times Online | 20 Jul 2008 | 11:00 pm

Bollard to make tough call this week

Five years after he last cut the Official Cash Rate (OCR), Reserve Bank Governor Alan Bollard is poised to start a new easing cycle, but whether he begins next Thursday or waits until September is too close to call. Forced to pick...
Source: New Zealand Herald - Business | 20 Jul 2008 | 11:00 pm

NZ Shares: Market keeps rising after last week's bounce

The New Zealand sharemarket has continued its bounce back from a three-year low hit in the middle of last week. Helping lift the market early today was a 19c gain by Fletcher Building to 665, after the shares had halved in the...
Source: New Zealand Herald - Business | 20 Jul 2008 | 10:45 pm

Wealth funds missed out on BlackRock deal

Sovereign wealth funds missed an opportunity to expand their foothold in the US financial system when Merrill Lynch last week decided against selling its 49 per cent stake in BlackRock, the fund manager, people familiar with the talks said
Source: FT.com - US homepage | 20 Jul 2008 | 10:39 pm

Union presses Citigroup to break up

Citigroup has come under pressure from activist union shareholders who want the financial conglomerate to break itself up.
Source: FT.com - US homepage | 20 Jul 2008 | 10:36 pm

Treasury welcomes Freddie Mac fundraising

A senior official welcomed Freddie Mac's efforts to continue raising capital from private ­investors after a ­government rescue plan for the mortgage firm was announced
Source: FT.com - US homepage | 20 Jul 2008 | 10:31 pm

'Dark Knight' sets record with $155m weekend

The latest instalment in the revived Batman franchise scored Warner Brothers the best weekend opening by a film, giving the studio a significant boost and generating $155.3m in its first two days of release in the US
Source: FT.com - US homepage | 20 Jul 2008 | 10:03 pm