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Bunge profits soar on back of crop price boomProfits at Bunge, the world's biggest oilseed processor, more than quadrupled in the second quarter, underlining how the boom in crop prices has lifted the US agribusiness sector well beyond Wall Street's expectationSource: FT.com - US homepage | 24 Jul 2008 | 1:02 pm Dow Chemical profit hurt by costsNEW YORK (Reuters) - Dow Chemical Co posted second-quarter earnings that fell short market of expectations as its price increases did not completely offset a sharp spike in energy and raw material costs.Source: Reuters: Business News | 24 Jul 2008 | 12:56 pm British Energy close to sale dealFrench energy firm EDF and British Gas owner Centrica are close to buying British Energy, the BBC learns.Source: BBC News | Business | World Edition | 24 Jul 2008 | 12:54 pm Stocks set for mixed startA mixed opening loomed for stocks Thursday as investors digested a sharp drop in Ford profits, strong results from Amazon.com, and awaited word about the strength of the troubled housing market.Source: Business and financial news - CNNMoney.com | 24 Jul 2008 | 12:49 pm Union Pacific profit rises, beats estimatesCHICAGO (Reuters) - No. 1 U.S. railroad Union Pacific Corp on Thursday reported a better-than-expected profit as strong pricing offset rising fuel costs, flooding in the U.S. Midwest and lower freight volumes.Source: Reuters: Business News | 24 Jul 2008 | 12:49 pm House passes housing bill; Bush lifts veto threatWASHINGTON (Reuters) - The House of Representatives passed a massive housing rescue bill on Wednesday after the White House dropped a threatened veto, paving the way for passage of measures aimed at shoring up the worst U.S. home market since the Great Depression.Source: Reuters: Business News | 24 Jul 2008 | 12:47 pm Ford posts $8.7-billion loss on truck slump (Reuters)
Source: Yahoo! News: Business | 24 Jul 2008 | 12:45 pm Ford posts $8.7-billion loss on truck slumpDETROIT (Reuters) - Ford Motor Co posted a $8.7 billion quarterly loss on Thursday as it wrote down the value of truck and SUV operations and cautioned that it did not expect to see a U.S. economic turnaround until 2010.Source: Reuters: Business News | 24 Jul 2008 | 12:45 pm Microsoft's online chief to leaveMicrosoft Corp. executive Kevin Johnson, who headed the software giant's online business and played a key role in the bid to buy Yahoo Inc., is leaving the company, Microsoft announced Wednesday.Source: Business and financial news - CNNMoney.com | 24 Jul 2008 | 12:44 pm Raytheon boosted by strong missile salesRaytheon, the US defence contractor, reported second-quarter profits ahead of expectations and raised its full-year forecast as it benefited from strong missile salesSource: FT.com - US homepage | 24 Jul 2008 | 12:44 pm Southwest boosted by clever fuel hedgesSouthwest Airlines posted its 69th straight quarterly profit, as hedges locked in most of the US low-cost carrier's jet-fuel expenses well below current market pricesSource: FT.com - US homepage | 24 Jul 2008 | 12:44 pm S&P, Dow stocks lower after jobless claims (Reuters)
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News: Business | 24 Jul 2008 | 12:43 pm S&P, Dow stocks lower after jobless claimsNEW YORK (Reuters) - The S&P 500 and Dow stock futures fell further on Thursday after data showed a larger-than-expected increase in the number of people filing for unemployment benefits in the latest week.Source: Reuters: Business News | 24 Jul 2008 | 12:43 pm Movers & Shakers: Thursday's biggest gaining and declining stocksStocks expected to move significantly in trading on Thursday include Amazon, Dow Chemical, LSI Logic, Medco, Newmont, Pulte, RadioShack, Ryland, Union Pacific and UST.Source: MarketWatch.com - Top Stories | 24 Jul 2008 | 12:43 pm Before the Bell: Boeing, McDonald's, Daimler in focusU.S. stock futures slipped Thursday after glum reports from Ford Motor Co. and Daimler on Thursday and ahead of more data on the troubled housing market, though Amazon.com is expected to be a bright spot after its earnings report.Source: MarketWatch.com - Top Stories | 24 Jul 2008 | 12:43 pm Unemployment claims jump past 400KRead full story for latest details.Source: Business and financial news - CNNMoney.com | 24 Jul 2008 | 12:42 pm New layoff filings jump as companies retrench (AP)AP - The number of newly laid off people filing claims for unemployment benefits bolted past 400,000 last week as companies trimmed their work forces to cope with a slowing economy.Source: Yahoo! News: Business | 24 Jul 2008 | 12:39 pm AmerisourceBergen swings to $108 million loss, to sell unitAmerisourceBergen swings to a fiscal third-quarter loss of $108 million, which it blame on workers compensation services provider PMSI, leading the Valley Forge, Pa. firm to sell the unit for at least $40 million.Source: MarketWatch.com - Top Stories | 24 Jul 2008 | 12:39 pm Ford posts $8.7 billion lossFord Motor Co. announced plans to transform its vehicle lineup and reported a massive second-quarter loss Thursday.Source: Business and financial news - CNNMoney.com | 24 Jul 2008 | 12:38 pm Sirius & XM Confirm FCC Discussions, With Caveats (XMSR, SIRI)XM Satellite Radio Holdings Inc. (Nasdaq: XMSR) and SIRIUS Satellite Radio (Nasdaq: SIRI) have come out with a release confirming that the companies are in discussions with the Enforcement Bureau of the FCC to settle outstanding enforcement matters. The companies hope to enter into a Consent Decree with the FCC terminating these inquiries. The companies expect to agree upon several issues as part of a possible Consent Decree, and here are some of those terms:Source: 24/7 Wall St. | 24 Jul 2008 | 12:37 pm Ford swings to $8.7 billion loss as SUVs pile upFord Motor Co. early Thursday reported a second-quarter loss of $8.7 billion, as the automaker’s SUVs and trucks, so crucial to the bottom line, piled up in dealerships as consumers turn to smaller, more fuel-efficient cars.Source: MarketWatch.com - Top Stories | 24 Jul 2008 | 12:37 pm Nokia patent deal with Qualcomm boosts both stocksHELSINKI (Reuters) - Nokia , the world's top cellphone maker, has ended three years of legal battles with wireless chip developer Qualcomm and signed a patent agreement that boosted both companies' shares.Source: Reuters: Business News | 24 Jul 2008 | 12:36 pm RadioShack posts surprise sales gain; shares surge in premarketRadioShack Corp.'s second-quarter profit dropped 12%, hurt by costs to change its headquarters lease and increase store payrolls, but sales unexpectedly rose after it accelerated promotions and sold more TV-converter boxes.Source: MarketWatch.com - Top Stories | 24 Jul 2008 | 12:32 pm Economic Report: Jobless claims highest since late MarchWASHINGTON (MarketWatch) -- First-time claims for state unemployment benefits rose last week to their highest level since late March, the government reported Thursday.Source: MarketWatch.com - Top Stories | 24 Jul 2008 | 12:31 pm Dow Chemical profits hit as costs soarDow Chemical earnings fell 27 per cent in the second quarter as the US chemicals producer suffered the largest jump in energy and raw materials costs in its historySource: FT.com - US homepage | 24 Jul 2008 | 12:31 pm Arctic has 90bn barrels of crudeThe Arctic holds as much as 90bn barrels of undiscovered oil and as much undiscovered gas as all the reserves known to exist in Russia, US government scientists saySource: FT.com - US homepage | 24 Jul 2008 | 12:29 pm UK retail sales fall 3.9% in JuneRetail sales in the UK fell 3.9% in June, reversing a sudden and unexpected 3.6% record surge seen in May.Source: BBC News | Business | World Edition | 24 Jul 2008 | 12:28 pm Robert PestonBritish Energy's long takeover saga is about to endSource: BBC News | Business | World Edition | 24 Jul 2008 | 12:17 pm Dow Chemical's quarterly profit falls on higher oil costsDow Chemical posts a 27% decline in second-quarter profit, saying the surge in oil prices added $1 billion to its overall costs compared to the first three months of 2008.Source: MarketWatch.com - Top Stories | 24 Jul 2008 | 12:17 pm easyJet to slash Stansted flights by 12pc as fuel rise biteseasyJet to slash Stansted flights by 12pc as fuel rise bitesSource: Telegraph Business | 24 Jul 2008 | 12:15 pm 3M profit up 3 percent, tops estimatesBOSTON (Reuters) - Diversified U.S. manufacturer 3M Co reported a 3 percent rise in quarterly earnings on Thursday, topping the average Wall Street forecast, as strong international demand more than offset a slowing U.S. economy.Source: Reuters: Business News | 24 Jul 2008 | 12:06 pm Kingfisher gets summer boost from B&QKingfisher shares were boosted in early trade on Thursday as it reported an improving trend in the UK.While the statement was positively received, with other strong performances from some of its businesses...Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Jul 2008 | 12:06 pm Dow Chemical profit hurt by costs (Reuters)Reuters - Dow Chemical Co posted second-quarter earnings that fell short market of expectations as its price increases did not completely offset a sharp spike in energy and raw material costs.Source: Yahoo! News: Business | 24 Jul 2008 | 12:04 pm GE Makes a Health Care Acquisition (GE, VITL)Vital Signs Inc. (NASDAQ: VITL) is going to gap way up this morning. The company is being acquired by General Electric Co. for $860 million in cash, which comes to $74.50 per share. Vital Signs will become part of GE Healthcare’s Clinical Systems business. GE is essentially buying a portfolio to expand medical operations in monitoring, anesthesia, sleep therapy, and respiratory care. If you review our exclusive interview with CFO Keith Sherin, he outlined the hurdles and benchmarks for the company to do a deal and he also noted that medical did have the "green light" to do a deal...Source: 24/7 Wall St. | 24 Jul 2008 | 12:02 pm Currencies: Rising recession fears weaken euroLONDON (MarketWatch) - The euro lost ground against the U.S. dollar and the Japanese yen Thursday after two closely watched leading indicators underlined expectations for significantly slower growth across the 15-nation euro zone.Source: MarketWatch.com - Top Stories | 24 Jul 2008 | 12:01 pm New $6.65 minimum wage kicks inThe federal government is set to boost the nation's minimum wage Thursday in the second of three increases mandated by Congress.Source: Business and financial news - CNNMoney.com | 24 Jul 2008 | 12:00 pm China's Zhongxing in talks with GM, FAW: sourcesSHANGHAI (Reuters) - Chinese pickup truck maker Hebei Zhongxing Automobile Co is in talks with General Motors and major Chinese automaker FAW Group to explore opportunities for cooperation, including possible equity ties, a source close to the situation said on Thursday.Source: Reuters: Business News | 24 Jul 2008 | 12:00 pm Ford's Truckin' Disaster"G.M.'s Global Vehicle Sales Fall as U.S. Woes Take Toll.""Chrysler to Cut 1,000 Salaried Jobs as Sales Dive." "VW, Peugeot, Fiat Steer Clear of Woes of U.S. Rivals." Add to those gloomy headlines (all found on page b3 of this morning's Wall Street Journal), the continuing nightmare at Ford. The company's second-quarter results were predictably bad: $8.7 billion loss, about 62 cents a share compared with an expectation of 27. Worse news, though, is that C.E.O. Alan Mulally is putting in reverse his prediction that Ford would be profitable in 2009, and with Kirk Kerkorian and Jerry York breathing down his neck, he should enjoy whatever wiggle room he has left. Now, the company is betting a potentially too-little, too-late switch away from the trucks and S.U.V.'s that had carried it for the past decade to make smaller cars and lighter trucks. The move will require a huge overhaul of factories and a big change in the way the company thinks. The big question now is whether there'll be much of an industry left in Detroit when the U.S. economy finally turns around. Mulally, the man who is supposed to reinvent Ford, has now delivered six losing quarters and just two profitable ones since taking over the battered Detroit giant, according to Bloomberg. Gasoline on its way to $4 a gallon and plunging sales of F-Series pickups forced Mulally in May to abandon his target of returning to profit in 2009, Bloomberg reported. There has been a 24 percent industrywide decline in full-size pickup sales this year. U.S. auto sales have dropped eight straight months and are down 10 percent through June. J.D. Power and Associates, citing a deteriorating U.S. economy, yesterday reduced its forecast for the year to 14.2 million sales, the lowest in 15 years, according to Bloomberg. CNBC reported Mulally said Ford would start to deliver profits when the economy returns to good health, but that he did not see the auto market rebounding until 2010. Overseas, Ford is doing better, according to 24/7WallSt.com, just not good enough to carry the sluggish U.S. business. Somewhere, Kerkorian is watching his 6.5 percent stake in the company look smaller and smaller and his long-standing belief in the U.S. auto industry looking less and less prudent. Related Links The US Economy Reaches a Fork in the Road Don't Blame Canada Can We Trust the TIPS Spread? Source: Portfolio.com: Top 5 | 24 Jul 2008 | 12:00 pm Nokia patent deal with Qualcomm boosts both stocks (Reuters)
Source: Yahoo! News: Business | 24 Jul 2008 | 11:58 am Retail sales slump as Britain gripped by economic slowdown (AFP)
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News: Business | 24 Jul 2008 | 11:58 am Ford to shift direction after $8.7bn lossFord Motor has unveiled an ambitious facelift for its troubled north American operations aimed at shifting its focus from big pick-up trucks and sport-utility vehicles towards smaller, more fuel-efficient passenger carsSource: FT.com - US homepage | 24 Jul 2008 | 11:52 am Ford to shift direction after $8.7bn lossFord Motor has unveiled an ambitious facelift for its troubled north American operations aimed at shifting its focus from big pick-up trucks and sport-utility vehicles towards smaller, more fuel-efficient...Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Jul 2008 | 11:52 am Middle class: 'On the edge'America's middle class is growing increasingly squeezed by sagging incomes and soaring expenses, experts told Congress on Wednesday.Source: Business and financial news - CNNMoney.com | 24 Jul 2008 | 11:51 am House OKs mortgage rescueThe House on Wednesday voted 272-152 to pass sweeping legislation that will offer up to $300 billion in assistance to troubled homeowners and throw government support behind mortgage finance giants Fannie Mae and Freddie Mac.Source: Business and financial news - CNNMoney.com | 24 Jul 2008 | 11:50 am London Markets: BG Group, Scottish & Southern pace U.K. delinersUpdates from Scottish & Southern Electricity and BG Group as well as further economic jitters contribute to weaker London trading, in line with what’s been a week-long retreat in commodities prices.Source: MarketWatch.com - Top Stories | 24 Jul 2008 | 11:47 am Kingfisher UK sales rebound on sunny weatherShares in Kingfisher, owner of the B&Q DIY chain, rose 8.4 per cent today as the summer weather helped to lift UK revenue on rising sales of outdoor furniture and barbecues.Source: Latest Business News from Times Online | 24 Jul 2008 | 11:41 am Oil edges higherRead full story for latest details.Source: Business and financial news - CNNMoney.com | 24 Jul 2008 | 11:41 am National City has $1.76 billion lossNEW YORK (Reuters) - National City Corp , a large U.S. Midwest regional bank, on Thursday posted a $1.76 billion loss, hurt by soaring losses on mortgage and real estate construction loans and a write-down for acquisitions.Source: Reuters: Business News | 24 Jul 2008 | 11:40 am Top Pre-Market Analyst Upgrades (APD, C, HBAN, MEOH, WFR, PPDI, SANM, SPG, WBS)These are some of the top pre-market analyst Upgrades and positive calls we are seeing this Thursday Morning: Air Products (APD) Raised to Overweight at JPMorgan. Citigroup (C’) raised to Equal Weight at Morgan Stanley. Huntington Bancshares (HBAN) Raised to Equal-Weight at Morgan Stanley. Methanex (MEOH) Raised to Buy at UBS. MEMC Electronic Materials (WFR) Raised to Overweight at JPMorgan; Raised to Buy at Citigroup. Pharmaceutical Product Development (PPDI) Raised to Outperform at Baird. Sanmina-SCI (SANM) Raised to Outperform at Credit Suisse. Simon Property Group (SPG) Started as Overweight at Lehman. Webster Financial (WBS) Raised to Overweight at Morgan Stanley....Source: 24/7 Wall St. | 24 Jul 2008 | 11:38 am Indications: U.S. stock futures edge lower ahead of housing dataU.S. stock futures slip after glum reports from Ford Motor Co. and Daimler on Thursday and ahead of more data on the troubled housing market.Source: MarketWatch.com - Top Stories | 24 Jul 2008 | 11:38 am Top Pre-Market Analyst Downgrades (ADP, T, BA, CTL, CMG, CTXS, COST, MCD, SWIR, TCB, TJX)These are some of the top pre-market analyst Downgrades and negative calls we are seeing this Thursday Morning: Automatic Data Processing (ADP) Cut to Equal Weight at Morgan Stanley. AT&T (T) Cut to Neutral at JPMorgan. Boeing (BA) Cut to Neutral at Cowen & Co. CenturyTel (CTL) Cut to Equal-Weight at Morgan Stanley. Chipotle Mexican Grill (CMG) Cut to Hold at Jefferies. Citrix Systems (CTXS) Cut to Neutral at Baird. Costco Wholesale (COST) Cut to Neutral at JPMorgan. McDonald’s (MCD) Cut to Hold at Deutsche bank. Sierra Wireless (SWIR) Cut to Underperform at Jefferies and cut to Sector Perform at...Source: 24/7 Wall St. | 24 Jul 2008 | 11:36 am Ford (F): All The Good News OverseasThe headlines about Ford's (F) second quarter will all be about its $7.8 billion loss. Most of that red ink is for asset impairments and does not directly address how the core operating businesses are doing. Once investors look outside the US, Ford is doing fine, but not fine enough to float Ford's entire boat.Source: 24/7 Wall St. | 24 Jul 2008 | 11:30 am Daimler shares plummet on profit warningDaimler's shares fell sharply on Thursday after the luxury carmaker issued a profit warning for the full year, saying sluggish growth in the car market, rising raw-material costs and the strong euro were...Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Jul 2008 | 11:25 am Qualcomm soars on Nokia dealSource: Business and financial news - CNNMoney.com | 24 Jul 2008 | 11:12 am Credit Suisse escapes further writedownsCredit Suisse on Thursday posted second-quarter net income of SFr1.2bn, down 62 per cent year-on-year, but sounded a cautious note about the outlook in spite of escaping further heavy writedowns in its...Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Jul 2008 | 11:07 am Credit Suisse escapes further writedownsThe Swiss bank sounded a cautious note about the outlook as it reported a 62% fall in second-quarter net income, but its investment banking unit escaped further heavy writedownsSource: FT.com - US homepage | 24 Jul 2008 | 11:07 am Euro slips on poor survey data in eurozone, GermanyThe euro fell on Thursday after downbeat surveys on eurozone business activity and German business sentiment dampened prospects of a interest rate rise by the European Central Bank, dealersSource: Infocious RSS raw feed - channel BNewsBusiness | 24 Jul 2008 | 11:06 am Arctic Circle may hold key to world oil supplyArctic Circle may hold key to world oil supplySource: Infocious RSS raw feed - channel BNPaperBusiness | 24 Jul 2008 | 11:05 am Arctic Circle may hold key to world oil supplyArctic Circle may hold key to world oil supplySource: Telegraph Business | 24 Jul 2008 | 11:05 am Ford posts $8.7B 2Q loss on asset write-downsFord Motor Co. says it lost $8.7 billion in the second quarter largely because of a reduction in the value of assets. The company also announced that it will bring six European small carSource: Infocious RSS raw feed - channel BNewsBusiness | 24 Jul 2008 | 11:01 am European stocks return to slippery slopeA brief surge for Europe's main stock markets came to a halt on Thursday, with share prices falling again as heavyweight energy stocks tumbled in London amid cooler oil prices.Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Jul 2008 | 11:01 am 43,000 Property Owners Face Auction of $127 million in Unpaid Taxes in AugustPay by August 1 to Avoid Penalties, Possible Loss of Homes, Pappas Says CHICAGO, July 24 /PRNewswire-USNewswire/ -- Some 43,000 property owners who owe...Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Jul 2008 | 11:00 am Raytheon Increases Full-year Guidance; Reports Strong Second Quarter 2008WALTHAM, Mass., July 24, 2008 /PRNewswire-FirstCall/ -- Highlights -- Sales of $5.9 billion, up 11 percent -- Operating income of $662 million, up 12...Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Jul 2008 | 11:00 am FTSE lower after weak retail sales dataLondon equities fell on Thursday, after news of a sharp fall in retail sales in June.The FTSE 100 fell 0.8 per cent to 5,406.7, a loss of 42 points by midday trade. The FTSE 250, more representative of...Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Jul 2008 | 11:00 am Franchise Services of North America Inc. Announces New FranchiseesTSX-V Trading Symbol: FSN CALGARY, July 24 /PRNewswire-FirstCall/ - Franchise Services of North America Inc. ("FSNA" or the "Company")...Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Jul 2008 | 11:00 am Stocks head for mixed open ahead of housing dataWall Street headed for a mixed open Thursday as investors awaited a report on the troubled housing market and watched oil prices edged higher. Investors were also awaiting the next roundSource: Infocious RSS raw feed - channel BNewsBusiness | 24 Jul 2008 | 10:59 am National City has $1.76 billion lossNEW YORK (Reuters) - National City Corp , a large Midwest regional bank, on Thursday posted a $1.76 billion loss, hurt by higher reserves for mortgage and real estate loans and a write-downSource: Infocious RSS raw feed - channel BNewsBusiness | 24 Jul 2008 | 10:57 am Oil rebounds while gold consolidatesOil prices staged a modest rebound on Thursday, trying to stabilise after their recent correction while gold consolidated after falling in the previous session. Nymex September West Texas Intermediate...Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Jul 2008 | 10:57 am Dow Chemical's profit hurt by costsNEW YORK (Reuters) - Dow Chemical Co said on Thursday that second-quarter earnings fell as its price increases had failed to offset a sharp spike in energy and raw material costs.Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Jul 2008 | 10:55 am Daimler's 2Q profit slips to nearly $2.2 billionCar maker Daimler AG said Thursday its second-quarter profit slipped mainly on charges related to its stake in Chrysler LLC, and blamed its reduced full-year earnings outlook on a slowing...Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Jul 2008 | 10:55 am Microsoft online chief exits after Yahoo! failureKevin Johnson, a Microsoft veteran and one of the key players in the software giant's failed $47.5 billion ($£23.9 billion) bid to buy Yahoo!, is leaving as the company attempts to re-energise its flagging internet business.Source: Latest Business News from Times Online | 24 Jul 2008 | 10:52 am Resource stocks lead Europe lowerEuropean equity indices fell on Thursday as mining and energy heavyweights dipped as investors took the opportunity to take profits amid falling commodity prices.Crude oil prices fell towards the $125-a-barrel...Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Jul 2008 | 10:50 am Credit Suisse Earnings Fall 62% but Top ExpectationsCredit Suisse posted a smaller-than-expected fall in second-quarter earnings as it managed more cash for the worlds wealthy and its investment banking unit returned to profit.Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Jul 2008 | 10:43 am Oil In The Land Of The Arora BorealisAfter four years of poking around in the Arctic Circle, the U.S. Geological Survey found that about 20% of the world's untapped oil is there beneath the ice. Of course, that ice is melting fast. The news raises that two most standard war cries around oil deposits: who owns it and will getting at it hurt the Earth's environment.Source: 24/7 Wall St. | 24 Jul 2008 | 10:40 am Hope for HSBC's KEB takeoverSouth Korea's financial regulator has taken its first steps towards considering HSBC's application to buy Korea Exchange Bank, a tentative move that could suggest an end is in sight for the long-running...Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Jul 2008 | 10:35 am The Biggest IP Battle On Earth Reaches A Truce (QCOM)(NOK)Wall St. cannot underestimate the extent to which the intellectual property battle between Nokia (NOK) and Qualcomm (QCOM) has created a log-jam that has held back advances in the world of the wireless internet. Now, that has changed and the industry has a great weight lifted from its ability to creat a much larger global business which can now actually compete with the PC-based internet.Source: 24/7 Wall St. | 24 Jul 2008 | 10:19 am House passes housing bill; Bush lifts veto threat (Reuters)
Source: Yahoo! News: Business | 24 Jul 2008 | 10:18 am Arctic 'has 90bn barrels of oil'The Arctic holds some 90bn barrels of oil, equal to Russia's known reserves, according to US government data.Source: BBC News | Business | World Edition | 24 Jul 2008 | 10:18 am Renault cuts 5,000 European jobsThe French car manufacturer Renault is going to cut its European workforce by 5,000 through voluntary redundancies.Source: BBC News | Business | World Edition | 24 Jul 2008 | 10:05 am Amazon shows resilienceRead full story for latest details.Source: Business and financial news - CNNMoney.com | 24 Jul 2008 | 9:59 am Microsoft's (MSFT) Internet Gladiator Leaves The Arena As The Company Fights OnAt most companies, if the head of a major division which has been under pressure leaves the firm, it is considered bad news. Microsoft (MSFT) is probably an exception.Source: 24/7 Wall St. | 24 Jul 2008 | 9:47 am Moneysupermarket.com's takeover bid came from Canadian pension fundMoneysupermarket.com's takeover bid came from Canadian pension fundSource: Telegraph Business | 24 Jul 2008 | 9:45 am Goldman $10 billion fund to invest in LBO loans: reportNEW YORK (Reuters) - Goldman Sachs has raised $10 billion to create a fund that will invest in loans used to back leveraged buyouts and take advantage of a gap in the markets caused by the credit crisis, according to a Financial Times report on Wednesday.Source: Reuters: Business News | 24 Jul 2008 | 9:30 am The Fed "Beige Book": Bedtime Reading For The Demented And DepressedThe Federal Reserve's most recent "beige book" is enough to frighten even the hearty and the brave. It may be one of the most pessimistic assessments of the economy to come out since the current financial crisis began. Looking through the contents of the document has to raise the questions about why analysts think banks will recover soon and why forecasters do not see a deep recession into 2009.Source: 24/7 Wall St. | 24 Jul 2008 | 9:30 am Easyjet plans cuts as costs biteAirline Easyjet will cut flights this winter to offset a challenging economic climate and high fuel prices that have hurt profitsSource: BBC News | Business | World Edition | 24 Jul 2008 | 9:18 am Credit Suisse returns to profitCredit Suisse's second-quarter profits beat expectations, helped by a good performance from its private banking arm.Source: BBC News | Business | World Edition | 24 Jul 2008 | 9:09 am MPs scrap France's 35-hour weekFrance's parliament passes a law which effectively ends the country's compulsory 35-hour working week.Source: BBC News | Business | World Edition | 24 Jul 2008 | 9:03 am Scottish & Southern warns of riseUK utility firm Scottish & Southern has warned customers it is likely to increase electricity and gas prices.Source: BBC News | Business | World Edition | 24 Jul 2008 | 9:01 am Rolls-Royce is shielded from UK slowdownRolls-Royce, the aerospace group, said that its clients in those countries which are benefiting from the steep rises in energy and commodity prices are helping it to ride the global economic downturn.Source: Telegraph Business | 24 Jul 2008 | 8:56 am Retail sales dive 3.9% in worst fall for 22 yearsRetail sales in June slumped at the fastest pace in more than 20 years, after trading in food stores fell at record rates.Source: Latest Business News from Times Online | 24 Jul 2008 | 8:48 am EasyJet profits to slide 43% as fuel costs biteEasyJet warned investors today that it expects its profits to slide by as much as 43 per cent as it struggles to cope with record high prices for aviation fuel.Source: Latest Business News from Times Online | 24 Jul 2008 | 8:25 am Moscow tops list of pricey citiesMoscow tops the league of the most expensive cities to live in for expatriates, followed by Tokyo and London.Source: BBC News | Business | World Edition | 24 Jul 2008 | 8:06 am Former Cazenove faces insider dealing chargeThe Financial Services Authority (FSA) is set to launch its second criminal prosecution this afternoon when it accuses a former partner at stockbroker Cazenove of insider trading.Source: Latest Business News from Times Online | 24 Jul 2008 | 7:52 am Media Digest 7/24/2008 Reuters, WSJ, NYTimes, FT, BloombergAccording to Reuters, Amazon (AMZN) earnings beat Wall St. forecasts. Reuters reports that Ford (F) wil keep its small pick-up plant open for two years.Source: 24/7 Wall St. | 24 Jul 2008 | 7:43 am Scottish & Southern Energy warns on profits as fuel bills set to soarA fresh round of energy price rises looked inevitable today as Scottish & Southern Energy (SSE) issued a stark warning that its first- half profits would be substantially lower than the results achieved in previous years.Source: Latest Business News from Times Online | 24 Jul 2008 | 7:36 am Rolls-Royce shrugs off civil aviation downturn with profits boostAn upbeat interim statement from Rolls-Royce, the aero-engine manufacturer, has largely shrugged off the effects of any downturn in civil aviation because of the high oil price, the economic slowdown and a dearth of available financing.Source: Latest Business News from Times Online | 24 Jul 2008 | 7:17 am Credit Suisse powers back into the blackCredit Suisse's investment banking division swung back into profit in the second quarter as the Swiss bank continued to show its rival UBS a clean pair of heels in their battle with the credit crunch.Source: Latest Business News from Times Online | 24 Jul 2008 | 7:03 am Russians issue legal threat to TNK- BP's Robert DudleyThe Russian billionaires fighting BP for control of their joint venture, TNK-BP, have turned up the heat on its chief executive, Robert Dudley, accusing him of breaching his duties and warning they may seek damages running into hundreds of millions of pounds.Source: Telegraph Business | 24 Jul 2008 | 7:00 am Qualcomm, Nokia sign licensing deal, end lawsuitsThe 15-year agreement gives Nokia a license to all the chip maker's patents.Cellphone chip maker Qualcomm Inc. and Nokia, the world's biggest maker of wireless phones, signed a new licensing agreement that ends global litigation and resolves concerns about Qualcomm's future licensing program. Source: L.A. Times - Business | 24 Jul 2008 | 7:00 am San Diego Highwayman gets mileage out of his altruismThomas Weller has been on a mission to aid stranded motorists since 1966. But gas prices have cut into his good deeds.Christin Ernst was in a fix. An errant screwdriver punctured her tire on a San Diego freeway, leaving her stranded. Source: L.A. Times - Business | 24 Jul 2008 | 7:00 am Home builders battle to surviveWith credit tight and sales stalled, developers try to scrape by while they wait for a turnaround.As homeowners lose their houses to foreclosure, builders worry about losing their shirts. Source: L.A. Times - Business | 24 Jul 2008 | 7:00 am Microsoft sees play as a profit centerThe software giant is expected to spotlight the Xbox and online entertainment as a growth driver.. -- When Microsoft Corp. makes its annual presentation to investors and analysts here today, executives will be preaching the value of patience to stockholders who are nervous about the world's largest software company's online prospects. Source: L.A. Times - Business | 24 Jul 2008 | 7:00 am Election challenge arises to SAG leadershipA dissident coalition says the faction that currently holds a slim majority on the board of the Screen Actors Guild has bungled current contract negotiations with the studios.As talks between the Screen Actors Guild and the major studios founder, a coalition of actors is mounting an election challenge to a group that swept SAG President Alan Rosenberg into office nearly three years ago, deepening a rift inside Hollywood's largest union. Source: L.A. Times - Business | 24 Jul 2008 | 7:00 am Mortgage woes hit Downey Savings & LoanThe Newport Beach thrift carries many of the kind of risky loans that brought down other lenders.When banks were failing in the 1980s, federal regulators turned to Downey Savings & Loan, a quietly successful, conservative Orange County institution, for help. Source: L.A. Times - Business | 24 Jul 2008 | 7:00 am BG Group sees profits soar on strong gas priceBG Group, the oil and gas group that is bidding for Australia's Origin Energy, has reported a 67 per cent leap in operating profits in the first half of the year, largely due to higher prices for gas and oil and higher production volumes, particularly of liquified natural gas.Source: Latest Business News from Times Online | 24 Jul 2008 | 6:53 am Ontario Teachers’ Pension Plan admits moneysupermarket.com bid talksOntario Teachers’ Pension Plan, one of Canada's largest pension funds, admitted late last night that it had made an approach to buy moneysupermarket.com. Its proposal was rejected by the price comparison site.Source: Latest Business News from Times Online | 24 Jul 2008 | 6:41 am Failed Yahoo bid prompts Microsoft shake-upMicrosoft revealed its disarray in the aftermath of its failed bid for Yahoo, announcing a major reorganisation and the unexpected departure of the executive who oversaw its offerSource: FT.com - US homepage | 24 Jul 2008 | 6:32 am Federal grand jury investigating Countrywide, IndyMac, New CenturySources say subpoenas have been issued to the lenders, in the clearest sign yet that prosecutors are looking into whether fraud and other crimes contributed to the mortgage debacle.A federal grand jury in Los Angeles has begun probing three of the nation's largest subprime mortgage lenders in the clearest sign yet that prosecutors are investigating whether fraud and other crimes contributed to the mortgage debacle. Source: L.A. Times - Business | 24 Jul 2008 | 6:03 am Housing bill heads to Senate; Bush withdraws veto threatThe measure would provide aid to save 400,000 homeowners from foreclosures and a plan to boost confidence in troubled mortgage giants Fannie Mae and Freddie Mac.The House approved a sweeping plan Wednesday to ease the country's most serious housing crisis since the Great Depression by providing aid to homeowners facing foreclosure and a federal backstop for struggling mortgage giants Fannie Mae and Freddie Mac. Source: L.A. Times - Business | 24 Jul 2008 | 6:03 am Dollar can't buck the trend lower vs. pesoAnti-inflation moves by Mexico's central bank could further boost the peso.The super peso is back. Source: L.A. Times - Business | 24 Jul 2008 | 5:35 am FCC appears likely to approve Sirius-XM mergerA majority of the commission reportedly is ready to approve the $3.9-billion deal if the nation's only two satellite radio operators agree to new conditions.Federal regulators appeared poised Wednesday to give final approval to the merger of the nation's only two satellite radio operators, which would bring together the two struggling companies after a 17-month quest. Source: L.A. Times - Business | 24 Jul 2008 | 4:32 am Gossip's Streaming SuccessFor a TV show structured entirely around a blog, the CW network's Gossip Girl sure has an ambivalent relationship with the internet.When the show debuted last September, original episodes were available for free on the network's website. That continued through January, when Gossip Girl’s last original episode before the 100-day writers' strike aired. Surprisingly, when the show returned in April, the streaming episodes were yanked, making Gossip Girl the CW's only show, aside from Smallville, not available online. (Fans could still purchase episodes via iTunes.) In the most recent twist, word leaked this weekend during the Television Critics Association press tour in Los Angeles that this fall, when season two of the popular drama returns to the air, streamed episodes will once again be available online. But the network, a joint enterprise from CBS and Warner Bros., is keeping a lid on its reversal, not even issuing a press release about the change of heart. "The passionate fans found other digital outlets and websites to watch their favorite show online," said a network spokesperson. "Ultimately, we've decided to begin streaming episodes of the show again on cwtv.com because we want the CW to be the primary destination for all things Gossip Girl, from on-air to online." That decision seems as obvious as the previous one was mystifying. The online episodes only ever averaged a viewership in the hundreds of thousands, according to people close to the network, while television ratings for new episodes averaged more than 2 million viewers per episode, according to numbers provided by Nielsen. But the people watching the show online comprised the most "passionate" part of the show's fan base, trading tidbits about plot points and the stars on other websites. By cutting them out, the CW also undermined one of Gossip Girl’s most attractive assets: young, tech-savvy viewers. For new episodes on TV last season, the average viewer age was an advertiser-friendly 26, according to Nielsen. The average for online viewers, which Nielsen doesn't measure, was undoubtedly lower. In addition, there's evidence that people who consume content online actually pay closer attention than those who watch it on TV, because they multitask less than their square-eyed counterparts, says Rachel Mueller-Lust, the executive vice president of networks at IAG Research, a firm that measures the effectiveness of advertising on television and the internet. Because Gossip Girl already performs very well in terms of viewer engagement, ranking among the top 20 prime-time TV shows for adults 18 to 34 and 18 to 49, it stands to reason that online viewers would constitute an even more committed, hyper-engaged audience (lest they miss a juicy tidbit). When they shut down the streaming episodes last spring, CW executives reportedly felt that they were cannibalizing their Nielsen ratings, which were low by network standards. Gossip Girl quickly became a cornerstone of the network's programming schedule anyway, and now, the network seems to have realized that alienating their most tech-savvy and devoted fans wasn't good P.R. "All the networks are looking to get more viewers engaged with the programming by doing streaming online," says Mueller-Lust. The problem, of course, is monetizing those viewers once they start to stream. Online episodes of Gossip Girl will have three or four ads each, making them far less profitable than your standard TV episode. But for now, the CW seems to have decided that un-monetized viewers is better than angry viewers—or no viewers at all. Source: Portfolio.com: Top 5 | 24 Jul 2008 | 4:00 am Nokia and Qualcomm settle patent disputeThe handset maker and the mobile phone chips producer announce a 15-year cross-licensing agreement that includes an upfront payment and ongoing royalties for QualcommSource: FT.com - US homepage | 24 Jul 2008 | 1:33 am Ithaca to drill markets for $70m share placingIthaca Energy, the North Sea focused oil and gas exploration group, is planning to raise around $70m (£35m) through a share placing to fund its development projects in the Outer Moray Firth, the company has revealed.Source: Telegraph Business | 24 Jul 2008 | 12:01 am Fannie Mae and Freddie Mac: House of Representatives approves bail-out dealThe beleaguered US housing market received a much-needed shot in the arm after politicians approved a wide-ranging series of proposals that will help 400,000 cash-strapped homeowners and help to bail out troubled mortgage finance firms Fannie Mae and Freddie Mac.Source: Telegraph Business | 24 Jul 2008 | 12:01 am Vodafone's surprise buybackVodafone surprised the City for the second time in a week, launching a £1bn share buyback just a day after its stock crashed on a revenue warning.Source: Telegraph Business | 24 Jul 2008 | 12:01 am Landlords defensive on monthly rentalsProperty owners hit back at demands from retail tenants to change to monthly payments.Source: Telegraph Business | 24 Jul 2008 | 12:01 am Bank of England has room for interest rate reliefThe so-called neutral level of interest rates is now below 5pc for the first time in well over a decade, indicating that the Bank of England will be able to leave the base rate lower for longer in the future, a report from a key Treasury adviser has shown.Source: Telegraph Business | 24 Jul 2008 | 12:01 am Bollard cuts interest rates - but what will the banks do now?The Official Cash Rate was this morning cut for the first time in five years but homeowners might have to wait for their mortgage rate to follow suit. Reserve Bank governor Alan Bollard this morning cut the OCR by 25 basis points,...Source: New Zealand Herald - Business | 23 Jul 2008 | 11:00 pm NZ Shares: Market jumps 1.2 pc after rate cutThe sharemarket reacted to today's Reserve Bank rates rate with a 1.2 per cent rise, building on yesterday's 1.8 per cent jump. The benchmark NZSX-50 index, up 58 points yesterday, rose another 41 points to 3242.4 in the first...Source: New Zealand Herald - Business | 23 Jul 2008 | 10:43 pm Economy - Wednesday (Investor's Business Daily)Investor's Business Daily - The Mortgage Bankers Assoc.'s mortgage applications index fell 6.2% in the week ended July 18 to 489.6 as 30-year mortgage rates rose 0.37 point 15 6.59%, the highest in a year. The purchase index fell 6.7% to 335.6 and the refi index fell 5.6% to 1392.7. Financial turmoil has caused interest rates to rise while soaring home-loan defaults have forced banks to curb credit, deepening the housing slump.Source: Yahoo! News: Business | 23 Jul 2008 | 10:36 pm Commerce Commission investigating Hanover FinanceThe Commerce Commission has announced it is investigating Hanover Finance, which yesterday froze $554m of investors' money. The Commission said the inquiry was into whether Hanover Finance has breached the Fair Trading Act by misleading...Source: New Zealand Herald - Business | 23 Jul 2008 | 10:30 pm In Brief - WednesdayWellpoint Q2 EPS rose 7% to $1.44, beating views by 8 cents. The HMO's revenue edged up 3% to $15.67 bil, above forecasts. It was...Source: Investor's Business Daily: BUSINESS | 23 Jul 2008 | 10:29 pm Business Briefs - WednesdayAsia, S. America power Praxair. The industrial gases producer said Q2 EPS climbed 21% to $1.08, topping views by 2 cents. Sales jumped 23% to...Source: Investor's Business Daily: BUSINESS | 23 Jul 2008 | 10:29 pm Steel Galvanizer Passes Price Hikes To Customers At Least For NowAZZ, a provider of hot-dip galvanizing services, surprised analysts by hitting a 28% margin in its galvanizing business during the first quarter.Source: Investor's Business Daily: BUSINESS | 23 Jul 2008 | 10:29 pm Trends & Innovations - WednesdayFree software poses security risksSource: Investor's Business Daily: BUSINESS | 23 Jul 2008 | 10:29 pm After The Close - WednesdayGARDNER DENVER (GDI), a maker of compressors and vacuums, said Q2 EPS rose 12% to 93 cents, a penny below views. Revenue grew 13% to $518 mil,...Source: Investor's Business Daily: BUSINESS | 23 Jul 2008 | 10:29 pm NZX first half profit up 18pc to $4.97mExchange operator NZX Group has lifted first half net profit 18 per cent to $4.97 million. Chief executive Mark Weldon said the result reflected the company's strategy of structuring NZX business lines to minimise the impact of...Source: New Zealand Herald - Business | 23 Jul 2008 | 10:20 pm Brian Fallow: Bollard asks what the hell - why wait?In a 'What the hell, why wait?' decision Reserve Bank governor Alan Bollard has cut the official cash rate, for the first time in more than five years. With two monsters on the rampage, recession and inflation, his money is on...Source: New Zealand Herald - Business | 23 Jul 2008 | 10:00 pm Many Planners Pan Equity-Indexed Annuities (The Irritable Investor)Financial planners widely pan equity-indexed annuities. You should too.Source: SmartMoney.com | 23 Jul 2008 | 9:51 pm Oil's Plunge Lifts StocksCrude oil futures continued their steep decline, and the major indexes finished higher.Source: SmartMoney.com | 23 Jul 2008 | 9:44 pm Privacy suit may change tabloidsThe legal fight in Britain surrounding what seems to be the perfect tabloid story could mean the end of the gossip rags as we know them. Stephen Beard reports.Source: Marketplace | 23 Jul 2008 | 9:36 pm Dept. of Labor tries to ease toxin rulesAs the clock runs down on the Bush administration, political appointees at the Department of Labor are rushing to make it tougher to regulate on-the-job exposure to certain chemicals. Sam Eaton reports.Source: Marketplace | 23 Jul 2008 | 9:36 pm Driving past the biofuel pumpBiodiesel and ethanol were once touted as cheap, eco-friendly options, but between rising prices and their impact on the cost of food, these alternative fuels are losing their good reputation. Tom Banse reports.Source: Marketplace | 23 Jul 2008 | 9:36 pm Policies pose as pro-marketIs it more important for a program to be market-oriented or just to appear that way? Commentator David Frum argues that recent proposals in Washington have been heavy on appearance and lacking on true market appeal.Source: Marketplace | 23 Jul 2008 | 9:36 pm Housing bill passes in HouseThe housing bill appears on its way to becoming law. Host Kai Ryssdal asks Nic Retsinas of Harvard's Joint Center for Housing Studies what impact the bill will have on the housing market.Source: Marketplace | 23 Jul 2008 | 9:36 pm States sue over auction-rate bondsNew York is reportedly considering securities fraud charges against UBS. The bank and other lenders have faced criticism and legal action over their sale of auction-rate securities. Amy Scott reports.Source: Marketplace | 23 Jul 2008 | 9:36 pm Money management units up for saleBanks eager to shore up cash are eyeing their money management units as assets that are easy to value and most likely to sell. Ashley Milne-Tyte reports.Source: Marketplace | 23 Jul 2008 | 9:36 pm U.S. companies offset losses overseasAs companies announced second-quarter earnings today, you had to listen close for much mention of the United States. The state of the dollar has many firms focused on success in foreign markets. Jeremy Hobson reports.Source: Marketplace | 23 Jul 2008 | 9:36 pm VIX Index of U.S. Stock Option Prices Advances 0.6% to 21.31Source: Bloomberg - All Podcasts | 23 Jul 2008 | 9:04 pm RDM's Sheldon Watching Financial ETFs to Gauge MarketSource: Bloomberg - All Podcasts | 23 Jul 2008 | 8:58 pm Telecom ETFs Jump on AT&T Numbers (Daily ETF Wrap-Up)AT&T's quarterly gains on the new iPhone help pop telecom ETFs.Source: SmartMoney.com | 23 Jul 2008 | 8:23 pm 5 Credit-Card Pitfalls Everyone Should Know About (Deal of the Day)Even a perfect credit score can't protect consumers from falling prey to these traps.Source: SmartMoney.com | 23 Jul 2008 | 8:15 pm Inflation Clubs Costco, Prompts Profit Warning (One-Day Wonder)Inflationary pressures crimp the retailer's bottom line, prompt profit warning.Source: SmartMoney.com | 23 Jul 2008 | 8:06 pm Finance sector starts to fight backDespite the freeze on Hanover funds there were positive developments in the finance company sector yesterday as Speirs Group and Allied Farmers said they would merge their finance operations to create a stronger $400 million company. Also,...Source: New Zealand Herald - Business | 23 Jul 2008 | 8:00 pm Kissinger Says Withdrawal Timeline Poses Danger to IraqSource: Bloomberg - All Podcasts | 23 Jul 2008 | 7:29 pm Setting Up Tax-Deductible Alimony Payments (Tax Guide)To help soften the blow of making payments to your ex, make sure to get these tax deductions.Source: SmartMoney.com | 23 Jul 2008 | 7:13 pm World oil prices keep tumblingNEW YORK - Oil prices shed nearly $US4 Wednesday, tumbling below $US125 a barrel for the first time since early June on growing fears that high prices and the weak US economy are destroying demand. Light, sweet crude for September...Source: New Zealand Herald - Business | 23 Jul 2008 | 7:00 pm Noted ETF Investor Reveals Current Favorites (ETF Focus)Tom Lydon transformed his advisory with ETFs. Here are some of his favorites.Source: SmartMoney.com | 23 Jul 2008 | 6:14 pm Blue Chip papers given to SFO at secret meetingA clandestine meeting at a public library has resulted in two suitcases full of original Blue Chip documents being handed in to the Serious Fraud Office. An unidentified man had offered the apparently stolen papers for sale to...Source: New Zealand Herald - Business | 23 Jul 2008 | 6:00 pm 8 Small-Cap Stocks With Big Growth Potential (Stock Screen)We found eight up-and-coming companies with plenty to offer growth investors.Source: SmartMoney.com | 23 Jul 2008 | 5:42 pm Armato Says Beach Volleyball Has American HeritageSource: Bloomberg - All Podcasts | 23 Jul 2008 | 5:22 pm Late night progress at the WTOGENEVA - A marathon meeting of the world's top commercial powers has ended early in the morning in Geneva with negotiators citing some progress in talks on a new global trade pact. The 12-hour meeting ended Thursday at around 3:30...Source: New Zealand Herald - Business | 23 Jul 2008 | 5:00 pm Porsche gets VW takeover okayBRUSSELS - Porsche SE has won European antitrust clearance to take control of Europe's biggest car maker, Volkswagen AG. The decision may add pressure on the German state of Lower Saxony to relinquish its veto rights over VW decisions....Source: New Zealand Herald - Business | 23 Jul 2008 | 5:00 pm Stocks Anticipate News Rather Than React to It (Tradecraft)Stocks anticipate news rather than react to it. Plus: The carry trade is back.Source: SmartMoney.com | 23 Jul 2008 | 4:53 pm NYU's Edward Altman Sees Default Risk for Ford and GMSource: Bloomberg - All Podcasts | 23 Jul 2008 | 4:14 pm Citigroup CFO: Breakup Not in the CardsSource: SmartMoney.com | 23 Jul 2008 | 4:06 pm Bush the Bartender"Wall Street got drunk," President Bush told a group of Republicans last week, unaware that his comments were being recorded. "It got drunk, and now it's got a hangover. The question is, how long will it sober up and not try to do all these fancy financial instruments?" (See the video here.) But Bush neglected to add that he was behind the bar, pouring the tequila shots for most of the night, and refusing to cut off the drunks before they'd reached their limits. The Bankers' Bailout IndyMac-n-Squeeze Fed: Wall Street Needs More Time Source: Portfolio.com: Top 5 | 23 Jul 2008 | 4:00 pm Author Mackey Discusses Origins of Lebanese Civil WarSource: Bloomberg - All Podcasts | 23 Jul 2008 | 3:00 pm iPhone's 3G(aps)A casual observer, or perhaps an extraterrestrial guest on Earth, might have thought from the lines of devotees waiting for the new Apple 3G that the $199 device repelled bullets, monitored coronary plaque buildup, gave driving directions, and whipped up chicken soup on command.According to 24/7 Wall St., however, many of the Apple addicts who have been loudly proclaiming their desperate need for an iPhone might have done well to learn a little more about the 3G network first to find out where it actually works. After placing calls to AT&T stores around the country and consulting coverage maps, 24/7 Wall St.'s Douglas McIntyre learns that the much-hyped 3G network doesn't even have coverage (yet) in many of the areas where yuppie iPhone fanatics are likely to find themselves. According to McIntyre, the suburbs of nearly every major city lack coverage in some areas, including chi-chi areas like L.A.'s Brentwood neighborhood and New York City suburbs Bedford and Ridgefield, among many others. Vermont, New Hampshire, Montana, and Wyoming are (unsurprisingly?) without coverage, and in Sun Valley, Idaho, and Vail, Colorado, coverage is limited. So what does this mean in practical terms? If you're heli-skiing in Jackson Hole, prepare for the same old sloooow download times. Voice calls will be unaffected, and while data functionality will still be available, it will be at the slower, pre-3G speeds. Despite the holes in coverage, Apple fans were more than eager to shell out $199 for the new device, which shattered previous iPhone sales records with 1 million handsets sold in the weekend after its July 11 launch. And AT&T continues to see the benefits of the iPhone partnership. The telecom's second-quarter results, out today, which represented the "lull" period before the release of the new phone and did not include any new iPhone 3G activations, still saw earnings jump 30 percent on the strength of the wireless business. Apple said in April that more than 40 percent of iPhone buyers are new AT&T customers, and the average user of the Apple handset spends almost twice as much as the average AT&T wireless customer on service. Related Links What's Good for Apple is Better for Everyone Else iMania Apple Makes iPhone What it Should Have Been All Along Source: Portfolio.com: Top 5 | 23 Jul 2008 | 3:00 pm New U.S. Embassy Opens in Berlin, Next to Brandenburg GateSource: Bloomberg - All Podcasts | 23 Jul 2008 | 1:59 pm Rich From the Fall, Richer From the RiseWill the man who perhaps made the most money from the credit crisis make even more on its rebound?He's certainly going to try. The hedge fund manager John Paulson is planning to raise a new fund to provide capital to financial firms that have been hurt by bad investments, according to unnamed sources speaking to Bloomberg. Paulson put his name on the map by betting heavily against subprime debt last year. His Credit Opportunities Fund returned 590 percent for 2007, helping him earn a $3.7 billion paycheck for the year. Now, Paulson & Co. reportedly wants to cash in on the way up. Bloomberg has few details on the fund, except that Paulson plans to raise it by the end of this year. Plenty of private equity funds and hedge funds have recently raised piles of money to invest in distressed assets in order to take advantage of opportunities in this weak economy. But it appears that Paulson is taking a different tact, by raising a fund that looks more like a sovereign wealth fund than a distressed debt fund. Sovereign funds from China and the Middle East pumped billions of new capital into many big financial firms early in the crisis. But in recent months, they've been conspicuously absent from the capital raises from firms like Merrill Lynch and Lehman Brothers. The funds have either become reluctant because of the losses on those previous investments or they've remained on the sidelines due to political backlash against them. It's certainly likely that big banks will continue to need new capital long after the end of this year as the losses from the credit crisis reach as much as $1.3 trillion, as Paulson predicts. But can he get so lucky twice in a row? It's certainly happened before. And Paulson is already bucking the trend for this year. While many hedge fund managers are struggling to produce returns in this dismal market, Paulson is reportedly already up 20 percent for the year. Related Links Hedge Fund Managers Not Earning Their Keep The Million Dollar Active vs Passive Wager Hedge Funds: The Legal Risks Source: Portfolio.com: Top 5 | 23 Jul 2008 | 11:30 am
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