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Eight arrested in investigation by Financial Services AuthorityThe campaign by the Financial Services Authority (FSA) to clean up the City entered an aggressive new phase yesterday with the arrest of eight people suspected of running an insider-trading ring.Source: Latest Business News from Times Online | 30 Jul 2008 | 1:10 pm SFO wins appeal over BAE Saudi arms dealThe Serious Fraud Office (SFO) today won its appeal to the Law Lords against a High Court ruling that it acted unlawfully in halting a corruption inquiry into an arms deal between Saudi Arabia and defence giant BAE Systems.Source: Telegraph Business | 30 Jul 2008 | 11:00 am Zimbabwe introduces new currencyZimbabwe's central bank is to introduce a new currency on 1 August to fight the effects of hyperinflation.Source: BBC News | Business | World Edition | 30 Jul 2008 | 10:44 am Lords overturn Saudi probe rulingThe House of Lords rules the Serious Fraud Office was lawful when it halted a probe into a £43bn Saudi arms deal.Source: BBC News | Business | World Edition | 30 Jul 2008 | 10:35 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.Source: MarketWatch.com - Top Stories | 30 Jul 2008 | 10:31 am SEC extends limits on naked short sellingThe Securities and Exchange Commission has extended an order designed to prevent so-called naked short selling in stocks of major financial companies, including mortgage giants Freddie Mac and Fannie Mae. Originally a 10-day emergency order set to expire July 31, it now will run through Aug. 12 and won't be extended further.Source: MarketWatch.com - Top Stories | 30 Jul 2008 | 10:19 am Zimbabwe knocks 10 zeros off currencyRead full story for latest details.Source: Business and financial news - CNNMoney.com | 30 Jul 2008 | 10:16 am Nintendo: Wii Uber Alles (MSFT)(SNE)It has to gall corporate leviathans Microsoft (MSFT) and Sony (SNE) that Nintendo trumps them in the video game console business. The modest Japanese company did it again in the last quarter. The Japanese manufacturer of Super Mario and Pokemon video games reported Wednesday a 107.27 billion yen ($996 million) profit for April-June, up from 80.25 billion yen the same period the previous year.Source: 24/7 Wall St. | 30 Jul 2008 | 10:16 am Stock futures point to mixed open on Wall St.(Reuters) Stock futures point to a mixed opening on Wall Street on Wednesday after strong gains in the previous session spurred by a sharp drop in oil prices and data showing an improvement in consumer sentiment.Source: Reuters: Business News | 30 Jul 2008 | 10:03 am EADS profit climbs 46%, misses forecasts after $1.1 bln chargeEuropean aerospace and defense giant EADS on Wednesday reports a 46% jump in second-quarter profit, but still misses market expectations due to a 715 million euro ($1.1 billion) charge for delays in its A380 superjumbo aircraft.Source: MarketWatch.com - Top Stories | 30 Jul 2008 | 10:01 am Stock rally may not have legsU.S. stocks were poised for a weak open Wednesday as investors awaited the latest report on U.S. gas demand and a reading on jobs in the private sector.Source: Business and financial news - CNNMoney.com | 30 Jul 2008 | 10:00 am Wii sales boost Nintendo profitSource: Business and financial news - CNNMoney.com | 30 Jul 2008 | 9:56 am Siemens (SI) Shows It True Colors, A Lesson For GE (GE)Most of the executives at Siemens (SI) are being dragged off in handcuffs as part of the prosecutions in the company's bribery scandal. But, the few managers who remain are doing a spectacular job. If they can avoid any more police raids, the conglomerate should do very well.Source: 24/7 Wall St. | 30 Jul 2008 | 9:53 am Cubs deal: World Series of tax dodgingThe Chicago Cubs may not make it to the World Series this season, yet still end up as players in a classic event: the World Series of tax dodging. That's because I think the team owner, Sam Zell's Tribune Co., is trying to unload the Cubs in a way likely to draw heat from tax authorities.Source: Business and financial news - CNNMoney.com | 30 Jul 2008 | 9:52 am India blamed for Doha collapse by trying to protect poor farmersGlobal trade relations slumped to a new low today after the US and Europe blamed India's efforts to protect its army of poor farmers for the collapse of the Doha round of World Trade Organisation (WTO) talks.Source: Latest Business News from Times Online | 30 Jul 2008 | 9:46 am Indications: U.S. stock futures flattish after volatile start to the weekU.S. stock futures were perched slightly lower on Wednesday after a herky-jerky start to the week, with an estimate of monthly employment and another wave of earnings due for release.Source: MarketWatch.com - Top Stories | 30 Jul 2008 | 9:45 am Offer for Aviva's policyholdersAbout a million policyholders in two of Norwich Union's with-profit funds are to be made payout offers averaging £1,000.Source: BBC News | Business | World Edition | 30 Jul 2008 | 9:44 am Asia Markets: Airline, financial stocks lead bounce backAsian markets rebound strongly Wednesday, as exporters such as Nintendo Co. and banks such as HSBC Holdings advance on the back of Wall Street gains. Investors also snap up airline and steel stocks as worries about inflation abate on a pullback in crude-oil prices.Source: MarketWatch.com - Top Stories | 30 Jul 2008 | 9:40 am Cracking down on mortgage scammersWhile Congress and the Bush administration are focusing on bailing out struggling homeowners and financial companies, another group of federal officials are going after the people who helped propel the country into the mortgage crisis.Source: Business and financial news - CNNMoney.com | 30 Jul 2008 | 9:37 am Detroit Bites The Hand That Feeds It (GM)(F)Chrysler is exiting the car leasing business and GM (GM) and Ford (F) have a foot out the door. All of those SUVs that come back off lease sit on dealer lots because no one wants them. People leasing cars are also being hit by the economic downturn, so they often become deadbeats, forcing the car companies to send " the repo man" to get the vehicles back in the middle of the night. Defaults don't do much for car finance unit earnings.Source: 24/7 Wall St. | 30 Jul 2008 | 9:33 am Wii helps Nintendo profits surgeSoaring sales of the Wii console help Nintendo achieve 34% growth in three-month profits.Source: BBC News | Business | World Edition | 30 Jul 2008 | 9:30 am ArcelorMittal's record Q2 profit tops expectationsBRUSSELS (Reuters) - World No. 1 steelmaker ArcelorMittal reported record second-quarter results, far above expectations, on Wednesday as it managed to raise prices and offset raw material costs despite economic gloom.Source: Reuters: Business News | 30 Jul 2008 | 9:30 am ArcelorMittal's record Q2 profit tops expectationsBRUSSELS (Reuters) - World No. 1 steelmaker ArcelorMittal reported record second-quarter results, far above expectations, on Wednesday as it managed to raise prices and offset raw...Source: Infocious RSS raw feed - channel BNewsBusiness | 30 Jul 2008 | 9:30 am Corning hopes TV sales hold upFears of an inventory pile up in flat-panel TVs have shattered Corning's share price this summer. Come Wednesday, we'll see if the panic was warranted.Source: Business and financial news - CNNMoney.com | 30 Jul 2008 | 9:28 am Farming Drives Germanys Bayer EarningsBayers quarterly core profit rose 5 percent as strong sales of its weed and fungus killers and cancer drugs more than offset weaker plastics earnings.Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Jul 2008 | 9:27 am Oil prices rebound above 123 dollarsOil prices rebounded slightly above 123 dollars a barrel in London on Wednesday as the market awaited weekly data on the health of energy inventories in the United States. ...Source: Infocious RSS raw feed - channel BNewsBusiness | 30 Jul 2008 | 9:27 am Nintendo Q1 profit up 32 pct on Wii; DS sales dip (Reuters)
Source: Yahoo! News: Business | 30 Jul 2008 | 9:26 am Nintendo Q1 profit up 32 pct on Wii; DS sales dipTOKYO (Reuters) - Nintendo Co Ltd's quarterly profit rose 31.5 percent on the runaway success of its Wii game console, but the Japanese video game maker kept its annual outlook well short of market expectations.Source: Reuters: Business News | 30 Jul 2008 | 9:26 am 2008 South-East Europe NBG Big Cap EventATHENS, Greece, July 30 /PRNewswire/ -- - Save the Date: "2008 South-East Europe NBG Big Cap Event" September 18th & 19th, Athens, Greece ...Source: Infocious RSS raw feed - channel BNewsBusiness | 30 Jul 2008 | 9:26 am ArcelorMittals Record Q2 Profit Tops ExpectationsArcelorMitta, the No. 1 steelmaker, reported record second-quarter results, far above expectations, as it managed to raise prices and offset raw material costs.Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Jul 2008 | 9:23 am Applicure's dotDefender Web Application Firewall Now Included as Standard With All New DedicateNOW Web ServersPartnership Delivers Affordable Enterprise-Class Security to Hosting Providers CHICAGO, July 30 /PRNewswire-FirstCall/ -- Applicure Technologies, a global leader in...Source: Infocious RSS raw feed - channel BNewsBusiness | 30 Jul 2008 | 9:21 am Next bucks the high street trendNext has bucked the trend on the high street after reporting better than expected sales for the second quarter.Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Jul 2008 | 9:20 am Next bucks the high street trendNext has bucked the trend on the high street after reporting better than expected sales for the second quarter.Source: Telegraph Business | 30 Jul 2008 | 9:20 am Dell (DELL) Hopes To Hunt And Kill Apple (AAPL) iPodDell (DELL) wants to accomplish what no other company has been able to do over the last five years. It wants to hunt down and kill the Apple (AAPL) iPod like a mangy dog. That probably won't work, but Dell has as good a chance as any company for getting a little piece of the music download and digital media player pie.Source: 24/7 Wall St. | 30 Jul 2008 | 9:15 am Cadbury's sweetened by mint salesA rise in sales of chewing gum and throat lozenges has helped boost Cadbury's profits by 28% in the first half of the year.Source: BBC News | Business | World Edition | 30 Jul 2008 | 9:15 am London Markets: Insurers stand out in stronger LondonInsurers Admiral Group and Aviva stand out in a stronger London market on Wednesday, with both companies rallying after releasing second-quarter reports.Source: MarketWatch.com - Top Stories | 30 Jul 2008 | 9:06 am Karadzic extradited to The HagueRadovan Karadzic, the former Bosnian Serb leader has arrived in The Hague to face charges of genocide at the international criminal tribunal after Serbia's justice minister signed a final extradition orderSource: FT.com - US homepage | 30 Jul 2008 | 9:05 am Lloyds TSB expects mortgage market to improveLloyds TSB expects more mortgage lenders to come back to the market in the second half of the year, in a rare flicker of good news for the troubled industry.Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Jul 2008 | 9:05 am Lloyds TSB expects mortgage market to improveLloyds TSB expects more mortgage lenders to come back to the market in the second half of the year, in a rare flicker of good news for the troubled industry.Source: Telegraph Business | 30 Jul 2008 | 9:05 am Lloyds TSB expects mortgage market to improveLloyds TSB expects more mortgage lenders to come back to the market in the second half of the year, in a rare flicker of good news for the troubled industry.Source: Telegraph Business | 30 Jul 2008 | 9:05 am Europe buoyed by steel resultsEuropean stocks were buoyant on Wednesday, taking a lead from equity markets in the US and Asia and responding well to a number of earnings reports.Topping the bill was ArcelorMittal, the world's largest...Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Jul 2008 | 9:02 am ArcelorMittal surprises with 31-percent profit surge, sees moreArcelorMittal, the biggest steel group in the world, reported a 31-percent leap in net profit to 8.2 billion dollars (5.3 billion euros) on Wednesday and said it expected even stronger...Source: Infocious RSS raw feed - channel BNewsBusiness | 30 Jul 2008 | 8:54 am Oil drifts, with all eyes on gas demandRead full story for latest details.Source: Business and financial news - CNNMoney.com | 30 Jul 2008 | 8:48 am Gas Natural to decide on Fenosa approachGas Natural was on Wednesday morning hours away from deciding whether to make an offer for Unin Fenosa, Spain's third-biggest power company.A deal between the two would create an integrated energy group...Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Jul 2008 | 8:47 am Alcatel-Lucent top bosses resignAlcatel-Lucent parts company with its chairman and chief executive as it cuts sales growth targets again.Source: BBC News | Business | World Edition | 30 Jul 2008 | 8:37 am Fannie, Freddie rescue won't be cheapWhen it comes to rescuing Fannie Mae and Freddie Mac, there's not likely to be any middle ground.Source: Business and financial news - CNNMoney.com | 30 Jul 2008 | 8:36 am Aviva plans 1bn Norwich Union payoutAviva, the world's fifth largest insurance company, on Wednesday said it would make a 1bn cash payment to 1m Norwich Union Life policyholders next year in a deal that will also generate a one-off embedded...Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Jul 2008 | 8:36 am EADS extends Airbus restructuring, tackles dollarFRANKFURT/PARIS (Reuters) - European aerospace group EADS said on Wednesday it was extending its Power8 restructuring at planemaker Airbus and measures to tackle a weak dollar as it posted weaker-than-expected second quarter profit.Source: Reuters: Business News | 30 Jul 2008 | 8:35 am Sharp profit fall for Lloyds TSBLloyds TSB suffers a sharp drop in profits in the first half of 2008 after a fall in the value of its stock market-related assets.Source: BBC News | Business | World Edition | 30 Jul 2008 | 8:34 am SEC extends limits on short salesRead full story for latest details.Source: Business and financial news - CNNMoney.com | 30 Jul 2008 | 8:32 am ArcelorMittal profit more than doublesArcelorMittal on Wednesday says its second-quarter profit more than doubled, and like U.S. Steel, gave an upbeat outlook for the third quarter.Source: MarketWatch.com - Top Stories | 30 Jul 2008 | 8:29 am Lloyds raises payout despite 70% profits fallLloyds TSB kicked off the UK banking interim results season on Wednesday with a 70 per cent fall in reported pre-tax profits to 599m, as asset write-offs and volatility in its insurance business hit the...Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Jul 2008 | 8:28 am Bayer second-quarter profit off 13 percentThe German pharmaceutical and chemicals group Bayer posted a 13-percent drop in second-quarter net profit on Wednesday but said it reflected a one-off item and that the business itself had...Source: Infocious RSS raw feed - channel BNewsBusiness | 30 Jul 2008 | 8:25 am Cadbury net profit drops by 38 percentCadbury, the British maker of confectionery, said on Wednesday that net profit fell 38 percent to 113 million pounds (143 million euros, 224 million dollars) in the first half of 2008 afterSource: Infocious RSS raw feed - channel BNewsBusiness | 30 Jul 2008 | 8:23 am iPhone apps store a hitApple's iPhone apps store is a hit with consumers -- but on the developer side, tempers are becoming increasingly frayed.Source: Business and financial news - CNNMoney.com | 30 Jul 2008 | 8:18 am Aviva policyholders set for £1,000 windfallAviva, the insurance group that owns Norwich Union, today pledged to return up to £1,000 to its one million policyholders and increase its dividend by 10 per cent.Source: Latest Business News from Times Online | 30 Jul 2008 | 8:16 am Nintendo reports 32% rise in profitsTOKYO, July 30 - Nintendo's quarterly profit rose 31.5 percent on the runaway success of its Wii game console, but the Japanese video game maker kept its annual outlook well short of market expectations...Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Jul 2008 | 8:13 am Europe Markets: ArcelorMittal, Siemens propel Europe higherStocks in Europe trade higher on Wednesday, as a flurry of earnings from companies including the world’s top steelmaker, ArcelorMittal, and engineering giant Siemens receive a thumbs-up.Source: MarketWatch.com - Top Stories | 30 Jul 2008 | 8:13 am Dismay at collapse of trade talksInternational negotiators express disappointment at the failure of trade talks in Geneva, but some vow to fight on.Source: BBC News | Business | World Edition | 30 Jul 2008 | 8:10 am Siemens' earnings beat expectationsSiemens posted stronger than expected third-quarter earnings on Wednesday and said it aimed to expand revenues twice as fast as global economic growth in the next fiscal year.Europe's biggest engineering...Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Jul 2008 | 8:06 am Oil holds steady near $122 on waning US demandOil prices held steady Wednesday in Asia near $122 a barrel after sliding overnight on expectations that this year's surge in energy costs is undermining U.S. gasoline demand sent crude.Source: Infocious RSS raw feed - channel BNewsBusiness | 30 Jul 2008 | 8:05 am Whole Foods (WFMI) Buy-Out Of Wild Oats Back In LimboHere's something you don't see everyday: a recently completed merger facing more anti-trust scrutiny. But an appeals court has ruled that evidence of antitrust concerns in the Whole Foods/Wild Oats deal must reconsidered. The New York Times reports that "in a 2-to-1 ruling, a three-member panel of the United States Court of Appeals for the District of Columbia Circuit, in Washington, sent the case back to a lower court to consider the evidence more fully."Source: 24/7 Wall St. | 30 Jul 2008 | 8:02 am Lloyds TSB profit drops 63% as impairment charges riseU.K. bank Lloyds TSB says Wednesday that its first-half net profit fell 63% after weak markets hurt investments at its insurance arm while impairment or “bad debt charges" surged in its wholesale and international business.Source: MarketWatch.com - Top Stories | 30 Jul 2008 | 8:02 am China's Growing Affluence Drives Investors to New Emerging MarketsAMSTERDAM, July 30 /PRNewswire/ -- - New End Market is Primary Draw For Doing Businesses in Southeast Asia China has been the cornerstone for manySource: Infocious RSS raw feed - channel BNewsBusiness | 30 Jul 2008 | 8:00 am OJSC Rosinter Restaurants Holding Introduces its IL Patio Brand in HungaryBUDAPEST and MOSCOW, July 30 /PRNewswire-FirstCall/ -- Rosinter Restaurants Holding OJSC (Rosinter), the leading Casual Dining Restaurants Chain in Russia and the CIS...Source: Infocious RSS raw feed - channel BNewsBusiness | 30 Jul 2008 | 8:00 am Media Digest 7/30/2008 Reuters, WSJ, NYTimes, FT, BloombergAccording to Reuters, oil is nearing a 20% drop from its peak, moving into bear market range. Reuters writes that HP (HPQ), Yahoo! (YHOO), and Intel (INTC) are looking at ways to make the internet into a utility for broad research projects.Source: 24/7 Wall St. | 30 Jul 2008 | 7:57 am As oil nears 20 percent "bear" market, bulls unfazedSINGAPORE (Reuters) - As the rout in oil prices nears the 20 percent mark that for stocks would signal a bear market, many analysts offer a word of caution -- don't mistake a healthy correction for the end of a multi-year bull trend.Source: Reuters: Business News | 30 Jul 2008 | 7:40 am Northern Rock scars RAB Capital profitsHedge fund RAB Capital, one of the largest shareholders in Northern Rock when the bank was nationalised in February, this morning announced that its first half pre-tax profit had almost halved and assets under management had shrunk by more than $1 billion in six months.$Source: Latest Business News from Times Online | 30 Jul 2008 | 7:29 am Asia Markets 7/30/2008 (CN)(CHU)Markets in Asia were mostly higher. The Nikkei rose1.6% to 13,368. Mazda rose 3.3% to 623. Nissan rose 3% to 837. The Hang Seng rose 1.8% to 22,647. China Netcom (CN) rose 3.1% to 23.50. China Unicom (CHU) rose 3.8% to 15.94 The Shanghai Composite fell .5% to 2,837. Data from Reuters Douglas A. McIntyreSource: 24/7 Wall St. | 30 Jul 2008 | 7:25 am Strike-hit Lufthansa cuts flightsGerman airline Lufthansa cuts long-haul flights for the first time since members of the Verdi union went on strike on Monday.Source: BBC News | Business | World Edition | 30 Jul 2008 | 7:11 am Rick Nicita leaving CAA to lead Morgan Creek ProductionsThe longtime Hollywood agent will attempt to bring the production company back to its glory days of the early 1990s.Rick Nicita, a longtime Hollywood agent whose clients include Tom Cruise and Nicole Kidman, is leaving the agency business after 42 years to become a movie executive. Source: L.A. Times - Business | 30 Jul 2008 | 7:00 am Scrabulous goes off Facebook, but Scrabble goes downA computer attack on the authorized version of the game deals a blow to Hasbro.Hasbro Inc. to Scrabulous: N-I-X-E-D, for a minimum of 13 points. Source: L.A. Times - Business | 30 Jul 2008 | 7:00 am Post-quake callers overload phone systemsThe state Office of Emergency Services issues an appeal to limit dialing so that 911 calls can get through.Telephone service was disrupted over a widespread area of Southern California in the wake of Tuesday's earthquake, phone companies said, but not because of equipment damage. Source: L.A. Times - Business | 30 Jul 2008 | 7:00 am ESPN plans to launch online network dedicated to 'action sports'Websites will court fans of such activities as surfing, skateboarding, motocross and snowboarding -- sports that don't get carried on mainstream television.ESPN, looking beyond the middle-aged male sports fan, will unveil a new digital strategy Wednesday aimed at the Dogtown crowd. Source: L.A. Times - Business | 30 Jul 2008 | 7:00 am Court overturns ruling that allowed Whole Foods-Wild Oats mergerThe Federal Trade Commission opposed the deal, but prospects for reversing it are unclear.The purchase of Wild Oats Markets Inc. by rival organic foods purveyor Whole Foods Market Inc. turned a bit wilder than anticipated on Tuesday when a federal appeals court overturned a lower-court ruling that allowed the merger to go through. Source: L.A. Times - Business | 30 Jul 2008 | 7:00 am Home-price declines hit a recordAn index shows prices in the Los Angeles area fell 24.5% in May from a year earlier. Among 20 cities measured, the drop was 15.8% over that period.U.S. home prices fell by their worst rate of decline ever in May, according to data released Tuesday. Source: L.A. Times - Business | 30 Jul 2008 | 7:00 am Carcinogen worries stick to food packagingPerfluorooctanoic acid is found in 98% of Americans' blood. The chemical industry says the concerns are based on animal tests and there's no evidence PFOA is harmful to humans.The next time you make some microwave popcorn or cook a frozen pizza, consider this: The packaging of many of these products contains a chemical that the Environmental Protection Agency considers potentially carcinogenic and wants businesses to voluntarily stop using by 2015. Source: L.A. Times - Business | 30 Jul 2008 | 7:00 am Stocks soar as oil prices slideDow gains 266 points. Crude and many other commodities are well off their recent peaks, which is good news for consumers.The 6-year-old bull market in oil and other commodities has a serious limp. Source: L.A. Times - Business | 30 Jul 2008 | 7:00 am Mervyns, a California retail fixture, files for bankruptcyThe department store chain is the latest in a series of retailers to enter bankruptcy, as a weak economy has been made more tenuous by job losses and high gas prices.The Mervyns department store chain Tuesday joined the parade of retailers entering bankruptcy, staggered by a tottering economy made more tenuous by escalating job losses and higher gasoline prices. Source: L.A. Times - Business | 30 Jul 2008 | 7:00 am Lloyds TSB profits dive 70% on rising writedownsLloyds TSB saw its pre-tax profit fall by 70 per cent in the first half of the year after turbulent global markets and the continuing credit crunch took their toll on the high street lender.Source: Latest Business News from Times Online | 30 Jul 2008 | 6:37 am EADS to extend cost-cutting planEADS extends its Power8 cost-cutting programme, that has already cost 10,000 jobs, for an extra year.Source: BBC News | Business | World Edition | 30 Jul 2008 | 6:32 am As oil nears 20 percent "bear" market, bulls unfazed (Reuters)
Source: Yahoo! News: Business | 30 Jul 2008 | 6:20 am Currency: Dollar at 10 month low versus greenbackThe New Zealand dollar dropped to a 10-month low against the greenback today, after Reserve Bank Governor Alan Bollard indicated there was plenty of room for further interest rate cuts. By 5pm the kiwi was buying US73.45c, having...Source: New Zealand Herald - Business | 30 Jul 2008 | 5:56 am Inflation-fighting system working well, says BollardThe system of inflation targeting pioneered by New Zealand was serving it well despite the annual inflation rate being at 4 per cent and expected to hit 5 per cent this quarter, Reserve Bank Governor Alan Bollard said today. Speaking...Source: New Zealand Herald - Business | 30 Jul 2008 | 4:30 am SEC extends emergency order on short-sellingThe emergency order, which bars so-called "naked short-selling" in 19 banks, including big Wall Street firms, was due to expire late Tuesday night, but will now be in effect until August 12 and will not be further extendedSource: FT.com - US homepage | 30 Jul 2008 | 4:22 am BHP to Rio Tinto holders: We boosted your sharesHONG KONG (MarketWatch) - Rio Tinto's shares would be trading at a lower price without the benefit of his company's offer, BHP Billiton Chairman Don Argus contended Wednesday in a letter to Rio Tinto shareholders.Source: MarketWatch.com - Top Stories | 30 Jul 2008 | 4:10 am More jobs possible as glass company expandsUnited States-based glass manufacturer Owens-Illinois Inc (O-I) today announced plans to invest $80 million to expand its Penrose, Auckland, plant and create more jobs. The company said it would add another furnace and two glass...Source: New Zealand Herald - Business | 30 Jul 2008 | 4:00 am A Quant's QuestSecretive and publicity shy, David E. Shaw made billions of dollars using fantastically complex computer algorithms to trade on Wall Street.Now this former computer scientist at Columbia University turned tycoon is about to finish the most powerful supercomputer in history. Not to make a killing on the stock market, but to solve some of the trickiest problems in biology: How the molecules that comprise "life" function and interact at the most basic level. It may seem like a James Bond movie: mysterious billionaire-genius designs megacomputer to probe life's secrets. Will he perhaps tinker with them, too, in a nefarious scheme to dominate the world by creating enhanced life forms or bio-silicon superbeings? There's no sign that Shaw is going super-villain. Nor does he need to, considering the practical and potentially profitable uses for his megacomputer. Knowing more about the complex interactions inside us could lead to better and more efficacious drugs, and to develop computer models that can simulate what happens even at the atomic level of life. It could lead to new ideas for developing computers and other machines based on cells and molecules. Shaw's device, which he's named "Anton" in homage to pioneering microbiologist Anton van Leeuwenhoek, might also take humans several steps closer to having a schematic of how life works at its most elemental levels. Several years ago, Shaw stepped down from the day-to-day management of his derivatives firm, D.E. Shaw and Company—which in June 2008 was managing upwards of $39 billion in investments. He became chief scientist of his own computer laboratory, D.E. Shaw Research, home of the team making Anton. Characteristically, Shaw has been mostly mum about Anton, referring the inquisitive to a technical paper on the project in the journal Communications of the Association for Computing Machinery. His computer uses the massively parallel computing technology that Shaw helped develop at Columbia in the 1980s. Anton simultaneously runs 512 specialized processors called "application-specific integrated circuits." Unlike other supercomputers that have more general-use applications, including weather forecasting, these processors are specifically designed to calculate the three-dimensional characteristics of molecules. Shaw's team could use Anton to solve one of the most perplexing mysteries of molecular life: how proteins, the building blocks of life, each acquire a distinctive three-dimensional shape that allows them to perform millions of functions in a living organism. Proteins, which include enzymes, hormones, and the collagen in bones and skin, are made in cells according to instructions from DNA. They're strands of amino acids bunched up like wads of string into distinctive shapes and held together by subtle physical forces that are still poorly understood. Current supercomputers, including IBM's BlueGene/L and Stanford University's Folding@home (which uses legions of idle laptops to increase computing power), can take thousands of hours to simulate the folding of a single protein. Even then, these computers can create simulations of functions in molecules that last only a billionth or a millionth of a second. Scientists must then validate the findings. Anton could run simulations going up to 1,000 times longer, allowing scientists to get much closer to what really happens when, say, a protein folds. "If you can do 1,000 times longer, real proteins come into play," Shaw reportedly said in a lecture at Stanford in 2006. The more that scientists know about proteins and other critical molecules in the human body, the more precise they can be when developing drugs. "He's making a big step forward with this," Benoit Roux, a biophysicist at the University of Chicago, told the New York Times. Roger Brent, director of the Molecular Sciences Institute in Berkeley, California, suggested in the Times article that scientists may not know what such a powerful computer is capable of until they use it. He pointed out that the original Anton—Van Leeuwenhoek, who perfected the microscope in Holland in the 17th century—didn't know that protozoa and other single-cell organisms existed in pond water until he trained his newfangled lenses on a sample. Shaw also is a major investor in Schrödinger, a chemical and bio-physical simulation software business that could benefit from Anton's new technology.Related Links Gene-Sequencing Warrior Sequencing at the Speed of Lightning The T-Rex Inside Me Source: Portfolio.com: Top 5 | 30 Jul 2008 | 4:00 am Abano lifts profits 56pc to $7.8mAbano Healthcare Group, which fought off a takeover bid during the year, is reporting a 56 per cent increase in annual net profit to $7.8 million. The result for the year to the end of May was achieved on revenue up 38 per cent...Source: New Zealand Herald - Business | 30 Jul 2008 | 3:00 am SEC extends short selling curb through August 12 (Reuters)
Source: Yahoo! News: Business | 30 Jul 2008 | 2:43 am SEC extends short selling curb through August 12WASHINGTON (Reuters) - U.S. securities regulators have extended through August 12 an emergency rule aimed at curbing abusive short selling in the stocks of 19 major financial firms, including mortgage giants Freddie Mac and Fannie Mae .Source: Reuters: Business News | 30 Jul 2008 | 2:43 am Investors told: spread your risks and don't do anything rashAs the troubled financial industry takes another hit, investors are being reminded to spread their risks and advised against doing anything rash. The New Zealand Guardian Trust yesterday advised it was suspending new investments...Source: New Zealand Herald - Business | 30 Jul 2008 | 2:00 am Aussie iron miner keen on West Coast explorationAustralia's Fortescue Metals - the self-proclaimed "new force in iron ore" - is interested in the West Coast's iron sands, according to The Australian newspaper today. The Pilbara iron ore miner has lodged several applications...Source: New Zealand Herald - Business | 30 Jul 2008 | 1:00 am Growth-Minded Retailer Writes The Textbook In AnthropologieThe Anthropologie store in mid-town Manhattan was filled with shoppers on this steamy morning.Source: Investor's Business Daily: BUSINESS | 30 Jul 2008 | 12:27 am In Brief - TuesdayRegal Beloit (RBC), a maker of motion control and power generation products, said Q2 EPS rose 8% to $1.14, a penny below views. Sales rose 32% to...Source: Investor's Business Daily: BUSINESS | 30 Jul 2008 | 12:27 am Trends & Innovations - Tuesday'Practical jet pack' demonstratedSource: Investor's Business Daily: BUSINESS | 30 Jul 2008 | 12:27 am Business Briefs - TuesdayWaste Management beats views. The No. 1 U.S. trash hauler climbed 2.4% to 35.92 and said Q2 EPS rose 13% to 63 cents ex items, beating views by 4...Source: Investor's Business Daily: BUSINESS | 30 Jul 2008 | 12:27 am After The Close - TuesdayCOVANTA (CVA), an energy company, said Q2 EPS rose 21% to 29 cents, a cent above views. Sales grew 19% to $423 mil, also above views. It backed...Source: Investor's Business Daily: BUSINESS | 30 Jul 2008 | 12:27 am UK's FSA says 8 arrested in insider dealing probeLONDON (Reuters) - The Financial Services Authority, the UK's financial regulator, said eight people were arrested across London and the south-east of England on Tuesday as part of a major inquiry into insider dealing.Source: Reuters: Business News | 30 Jul 2008 | 12:13 am Alcatel-Lucent bosses to stand down as it issues profits warningThe architect of the $11.5bn (£5.8bn) transatlantic tie-up between Alcatel and Lucent paid the price for the turmoil that has beset the merged telecoms equipment group as it issued another profits warning.Source: Telegraph Business | 30 Jul 2008 | 12:01 am Australia faces worse crisis than AmericaThe world's financial storm has swept through Australia and New Zealand this week amid mounting signs of contagion across the Pacific region.Source: Telegraph Business | 30 Jul 2008 | 12:01 am Downturn in high street sales is worst since the mid-1980sThe high street is now suffering its worst slump since comparable records began a quarter of a century ago, new figures show.Source: Telegraph Business | 30 Jul 2008 | 12:01 am British Airways and Iberia: New board holds key to airline tie-upBritish Airways and Iberia may have surprised the market with its announcement yesterday of merger talks, but for insiders the process had been going on for well over a month.Source: Telegraph Business | 30 Jul 2008 | 12:01 am Exercise caution in Russia, Tony Hayward warns investorsForeign investors in Russia should tread carefully, according to Tony Hayward, the chief executive of BP, who is fighting over control of the company's oil joint venture in the country, TNK-BP.Source: Telegraph Business | 30 Jul 2008 | 12:01 am Abbey becomes UK's biggest mortgage lenderHigh street lender flourishes under Santander's ownership and writes a third of new domestic mortgages in the last quarter.Source: Telegraph Business | 30 Jul 2008 | 12:01 am Trade talks failure a blow to NZ - expertsThe WTO talks were virtually doomed before they started, according to a Wellington business leader who attended the fruitless talkfest in Geneva that ended overnight (NZ time) in frustration once again. "The deal that was on the...Source: New Zealand Herald - Business | 30 Jul 2008 | 12:00 am Telecom denies 1500 jobs to go to PhilippinesTelecom said a report today it may move most customer service jobs to the Philippines with more than 1500 jobs threatened is inaccurate. The Dominion Post said it had obtained an email that stated the company's faults service was...Source: New Zealand Herald - Business | 29 Jul 2008 | 11:30 pm Dorchester: Rescue plan 'next month'Dorchester Pacific, whose stricken finance company Dorchester Finance has defaulted on its loans, aims to finalise a survival plan in mid-August and put it to a vote in the last week of August or early September. "We are confident...Source: New Zealand Herald - Business | 29 Jul 2008 | 11:30 pm What is Obamanomics?Presumptive Democratic nominee Barack Obama, who just finished a well-received trip to Europe, is turning his attention to economics . Obama today was scheduled to meet with Federal Reserve Chairman Ben Bernanke to discuss the credit crisis and the Illinois senator's plans to strengthen oversight of financial institutions if elected president, according to The Wall Street Journal. He also was set to speak with Treasury Secretary Henry Paulson, the paper said.Source: 24/7 Wall St. | 29 Jul 2008 | 11:29 pm Housing Market Continues To PlungeThe housing market continues to be in freefall. The S&P/Case-Shiller Index plunged 15.8 percent in May, the biggest decline since records began being kept in 2001. All 20 Metropolitan Statistical Areas (MSAs) measured by the index fell. Nine of the MSAs are showing record lows and 10 had double-digit declines.Source: 24/7 Wall St. | 29 Jul 2008 | 11:24 pm Wall Street analysts see bigger 2008 loss for MerrillBANGALORE (Reuters) - Several analysts, including Oppenheimer's Meredith Whitney, widened their loss view on Merrill Lynch , after the Wall Street investment bank and brokerage said it will take a $5.7 billion third-quarter writedown as it unloads risky debt and raises $8.5 billion in capital.Source: Reuters: Business News | 29 Jul 2008 | 11:01 pm Sony may lose games champion crown despite profit jumpSony may be about to lose its 13-year title as the world's biggest games console maker, despite a surprise jump in profits at its PlayStation division.Source: Latest Business News from Times Online | 29 Jul 2008 | 11:00 pm British Airways merger with Iberia could smooth a bumpy rideThe last Anglo-Spanish alliance in the airlines business was one of the worst deals ever - the decision by Ferrovial to pay £10 billion and assume another £4 billion of debt for the sheer pleasure of owning Heathrow, Gatwick and the rest of the BAA stable. So it is only fair to approach BA's mooted tie-up with Iberia with a degree of caution.Source: Latest Business News from Times Online | 29 Jul 2008 | 11:00 pm BP rings up record profits of £4.74 billionA doubling of the returns from its troubled Russian joint venture and the soaring cost of oil helped BP to report record second-quarter profits of $9.46 billion ($£4.74 billion).Source: Latest Business News from Times Online | 29 Jul 2008 | 11:00 pm Why the Doha Round of talks finally diedThe bricks are crumbling in the house of global trade and the Brics, those fashionable emerging markets of Brazil, Russia, India, China, are crumbling, too, wracked by inflation, slackening growth and the flight of hot money.Source: Latest Business News from Times Online | 29 Jul 2008 | 11:00 pm Why the Doha Round of talks finally diedThe bricks are crumbling in the house of global trade and the Brics, those fashionable emerging markets of Brazil, Russia, India, China, are crumbling, too, wracked by inflation, slackening growth and the flight of hot money.Source: Latest Business News from Times Online | 29 Jul 2008 | 11:00 pm Pipeline sabotage pushes oil prices upSINGAPORE - Oil prices rose above US$125 a barrel Tuesday on supply concerns sparked by the sabotage of two oil pipelines by militants in Nigeria. Light, sweet crude for September delivery added 33 cents to US$125.06 a barrel...Source: New Zealand Herald - Business | 29 Jul 2008 | 11:00 pm Economy - Tuesday (Investor's Business Daily)Investor's Business Daily - Some 62% of American investors believe the economy is contracting, according to a survey by asset management firm Schroders. But 94% said they still expect to profit from their investments during the next 12 months. The economy grew at a 1% annual rate in Q1 and Wall Street estimates that growth accelerated to a 2.3% pace in Q2. But falling home prices, the credit crunch and high energy prices have hurt sentiment.Source: Yahoo! News: Business | 29 Jul 2008 | 10:50 pm MetLife posts earnings drop; misses view (Reuters)
Source: Yahoo! News: Business | 29 Jul 2008 | 10:48 pm MetLife posts earnings drop; misses viewNEW YORK (Reuters) - MetLife Inc , the largest U.S. life insurer, said on Tuesday its second-quarter profit fell on investment losses and a decline in insurance earnings, sending its shares sliding nearly 10 percent.Source: Reuters: Business News | 29 Jul 2008 | 10:47 pm US home prices plunge by 15.8%US house prices suffered a record annual decline of 15.8 per cent in May, offering scant hope that the ailing US housing industry could be on the path to recoverySource: FT.com - US homepage | 29 Jul 2008 | 10:31 pm Cramer Attacks John Thain of Merrill Lynch (MER, NYX)On CNBC's MAD MONEY tonight, Jim Cramer came out and added the Merrill Lynch (NYSE: MER) CEO John Thain to his "Wall of Shame" full of CEO's that he wants to see go away. He noted that the problems of Thain go all the way back to when Thain was CEO of the New York Stock Exchange (NYSE: NYX) for lying to him then about making up market share losses to NASDAQ.Source: 24/7 Wall St. | 29 Jul 2008 | 10:28 pm Denny's 2Q earnings drop amid tough economy (AP)AP - Denny's Corp. said Tuesday that its net income plummeted in the second quarter because of the sale of some company stores and weak consumer spending.Source: Yahoo! News: Business | 29 Jul 2008 | 10:26 pm Republican senator Ted Stevens indictedSenator Ted Stevens of Alaska, the longest serving US Republican senator ever, was charged with seven counts of making false statements, according to a federal grand jury indictmentSource: FT.com - US homepage | 29 Jul 2008 | 10:26 pm Billion-dollar bankruptcies highest since 2003NEW YORK (Reuters) - Billion-dollar bankruptcies are at their highest in five years only half way through 2008, according to bankruptcy filing tracker BankruptcyData.com.Source: Reuters: Business News | 29 Jul 2008 | 10:21 pm Doha trade talks collapseThe Doha round of global trade talks, now in its seventh year, broke up without agreement on Tuesday after nine days of tense negotiationsSource: FT.com - US homepage | 29 Jul 2008 | 10:07 pm VIX Index of U.S. Stock Prices Retreats 9.08 % to 22.03Source: Bloomberg - All Podcasts | 29 Jul 2008 | 9:14 pm Clarida Says Fed Is Fundamentally Changing Its RollSource: Bloomberg - All Podcasts | 29 Jul 2008 | 9:10 pm Eastern's Barglow Sees Global `Slowdown,' Likes China ETFSource: Bloomberg - All Podcasts | 29 Jul 2008 | 9:05 pm Violinist Chang Says Prodigy Label Hard to EscapeSource: Bloomberg - All Podcasts | 29 Jul 2008 | 8:57 pm Oil Industry Prospers, Ford Changes Production, Beijing HotelsSource: Bloomberg - All Podcasts | 29 Jul 2008 | 8:46 pm All the Way BackThe major indexes recovered all of Monday's losses and then some after surprising data on the consumer.Source: SmartMoney.com | 29 Jul 2008 | 8:23 pm SoCal earthquake has everyone a-TwitterSource: L.A. Times - Business | 29 Jul 2008 | 8:22 pm Housing and Financials Gain, Despite Bad News (Daily ETF Wrap-Up)Merrill, falling home prices don't dissuade traders from financial, housing ETFs.Source: SmartMoney.com | 29 Jul 2008 | 8:16 pm Investors Say Sayonara to Sony After Warning (One-Day Wonder)A profit warning sparks selloff of the Japanese electronics and entertainment giant.Source: SmartMoney.com | 29 Jul 2008 | 8:05 pm Auto Makers Hit the Brakes on Leasing Programs (Deal of the Day)Chrysler, other lenders pull out of money-losing auto leases. Here's what to expect.Source: SmartMoney.com | 29 Jul 2008 | 7:01 pm Job SecurityGood afternoon, Ben.Thanks for taking the time to meet with me. I know Hank's been keeping you busy with his latest crazy bailout idea—rumor has it he wants to take over those horrid Washington Nationals. Maybe he can get the Yankees to underwrite the deal. But I like that in meeting with me today you've made long-term career goals your top priority. It's still early, but the polls and prediction markets say that I have a really good shot at being president. Have you read those stories? Anyway, let's get to the matter at hand. As we both know, your term is up in January 2010 and it's not going to look great for me to keep around someone appointed by one of our country's worst presidents. At the same time, I know you probably don't want to have the shortest term at the Fed since Bill Miller. So maybe there's a compromise. Here are three things I'll need you to concentrate on in '09 so you'll have a good shot at a second term. And just to get it out of the way: Take the rest of the summer off. And the fall, while you're at it. I don't care so much what you do to help the economy through November; in fact, it'll be better for my campaign if you and that overeager Geithner don't do anything at all. Keep Wall Street Accountable Thanks to your esteemed predecessor, the Fed was asleep at the wheel when lending standards went out the window. We all know the mess that caused. So, it'll be up to the next president—did I mention that'll probably be me?—to figure out a new regulatory framework for Wall Street. You were part of the lax Greenspan Fed, so you already have a mark against you. I'll need you to show me that you're serious about clamping down on exotic practices that could send the financial system into turmoil again. We need better capital adequacy measures and increased transparency in lending and derivatives markets. And if investment banks are going to borrow from the Fed, then they have to be overseen by the Fed. But working in your favor: You don't come from Wall Street, so you have fewer bridges to burn than Hank—who is on his way out, of course. Forget About Inflation Targeting The Fed's mandate is to keep prices stable and employment high, but the Fed has for years made inflation its primary concern. But as you well know, Paul Volcker, one of my top economic advisers, faced a much tougher inflation environment in the '70s than you are dealing with now. Thanks to him, inflation has been licked for the most part. Yet over the same period, incomes for most families in the United States have remained stagnant—so you'll understand if my priorities are a little different from yours. Our economy lives and dies with the spending habits of ordinary Americans, and all the latest signs—higher credit-card delinquencies, declining home-equity loan withdrawals—point to a major slowdown leading to possibly the worst recession since the early 1980s. It is true that energy prices are going through the roof, but that hasn't seeped into other areas. The fact that that hasn't happened probably means that the laws of supply and demand are trying to tell us something: Look for alternative energy sources. Don't worry about that though. That's not the Fed's job. But what it does mean for you is that it's in your best interest to put inflation in front of growth. I'm not saying forget about inflation, but you and your predecessors have built up enough credibility among investors over the last 25 years to allow us to shift the Fed's focus to ordinary Americans and their sagging wages for once. End the Bubble-Burst Cycle One of this country's most eminent economic historians, Charles Kindleberger, laid out the case showing that one asset bubble leads to another, from Japan to East Asia to U.S. Tech to Housing to Who Knows What? But with each passing bubble, the financial system gets one step closer to total collapse. I know your stance as an expert on the causes of the Great Depression is that interest-rate policy is a poor tool for bubble-popping. You say the best way to fight bubbles is to prevent them from forming in the first place. You've also said that "micro-level policies" are much more effective in this area, but ironically the Fed already had these over loan standards. What happened there, Ben? Perhaps that was Greenspan running the show his way. Now that you're in charge of the economy, how about going back to your academic roots and figuring out how to get us out of the Bubble-Burst cycle? Greenspan's nickname was the Maestro, but all his conducting did was lead us into the worst global financial crisis in 80 years. Maybe if you follow my lead, they will call you the Savior. (Think Gentle Ben will like the idea? Be sure to comment below.) Related Links The Great Depression Debate Not a Bad Job The Fed Turns Up the Tap Source: Portfolio.com: Top 5 | 29 Jul 2008 | 7:00 pm 401(k) Debit Cards Can Put Retirement at Risk (The Irritable Investor)Times are tough, but using a 401(k) debit card to tap your nest egg isn't the answer.Source: SmartMoney.com | 29 Jul 2008 | 6:19 pm Banks pressed to follow Merrill debt saleLeading global banks including Citigroup and UBS faced renewed pressure to write down or sell billions of dollars in toxic assets following Merrill Lynch's disposal of $30bn in mortgage-related securities at a cut priceSource: FT.com - US homepage | 29 Jul 2008 | 6:19 pm BA and Iberia look for savings in mergerBritish Airways and Spain's Iberia have revealed they are in talks on a merger that would create Europe's third-biggest airline in the latest restructuring in the troubled industrySource: FT.com - US homepage | 29 Jul 2008 | 6:05 pm Stevens indicted for false statementsAlaska's Senator Ted Stevens is accused of seven counts of making false statements on financial disclosure forms related to his close ties with an energy company. Steve Henn reports.Source: Marketplace | 29 Jul 2008 | 6:02 pm Froehlich Sees Oil Falling as Governments Cut SubsidiesSource: Bloomberg - All Podcasts | 29 Jul 2008 | 5:35 pm 8 Stocks to Hunker Down With in Uncertain Times (Stock Screen)Some stocks hold up better than others during uncertain economic times. We found eight.Source: SmartMoney.com | 29 Jul 2008 | 5:29 pm 8 Stocks for Fans of Takeover Targets (Stock Screen)We found eight stocks that passed the muster of merger-and-acquisition math.Source: SmartMoney.com | 29 Jul 2008 | 5:07 pm Pacific salmon supply drying upSalmon fisheries in the Pacific Northwest are in serious trouble and dwindling supply means fish markets and restaurants are scrambling to find an alternative for their customers. Mitchell Hartman reports.Source: Marketplace | 29 Jul 2008 | 4:41 pm Letters from our listenersHost Kai Ryssdal reads listener comments on a few of our recent stories. This week: The yarn industry is tight knit in tough times, defending clotheslines and clearing up a few yellow flags on our Formula 1 coverage.Source: Marketplace | 29 Jul 2008 | 4:41 pm Best Beach Reads: 'Pattern Recognition'Commentator and writer Karrie Jacobs continues our series on the best summer beach reads with William Gibson's "Pattern Recognition."Source: Marketplace | 29 Jul 2008 | 4:41 pm Firefighting efforts burn through moneyThe equipment necessary to stave off wildfires costs a lot of money. Host Kai Ryssdal asks L.A. Times reporters Bettina Boxall and Julie Cart who's making a buck off the blazes.Source: Marketplace | 29 Jul 2008 | 4:41 pm Mass. lender can't aid 40,000 studentsFamilies in Massachusetts had been counting on a state-run lending agency for college aid, but tough times on the credit markets mean students will have to turn elsewhere. Curt Nickisch reports.Source: Marketplace | 29 Jul 2008 | 4:41 pm Merrill Lynch unloads subprime loansThe big bank had been waiting with the hope of breaking even on its loan portfolio, but announced late yesterday that it will sell off its repackaged debt at a huge loss. Bob Moon reports.Source: Marketplace | 29 Jul 2008 | 4:40 pm WTO's Doha round derails againTrade talks in Geneva derailed today as the U.S., India and China failed to reach an agreement on farm tariffs. Host Kai Ryssdal asks Marketplace's Stephen Beard if this is the end for the Doha round.Source: Marketplace | 29 Jul 2008 | 4:40 pm AMC's Mad ProgressSunday night's season premiere of Mad Men, AMC's breakout show about a buttoned-down 1960s-era advertising firm, scored a record number of viewers—over 2 million—for the series.That total was more than 400,000 higher than Mad Men's season one premiere, which generated 1.6 million viewers last July, and more than double the first season's average number of viewers per episode, just 925,000. Despite that impressive growth, Mad Men was kind of slapped around by Lifetime's Army Wives and USA's In Plain Sight—both of which easily more than doubled Mad Men's viewers. Still, the show is providing an important edge for AMC, a cable channel whose programming includes 12-hour Chuck Norris marathons anchored by the Missing In Action trilogy. It gives the Rainbow Media-owned station the kind of strong foothold in original programming that The Closer gave TNT and is now table stakes in the cable business. Compared to last season, Sunday's numbers lay a strong foundation. Last summer, only four episodes out of 13 aired with over 1 million viewers. Call it the Emmy effect. "I'm not surprised at all," says Brad Adgate, senior vice president at media planning and buying agency Horizon Media. "I think getting 16 Emmy nominations right before the premiere of a show is going to give anybody a shot in the arm." What's more, Adgate doesn't expect the Emmy pop to be a one-time boost to Mad Men's viewership. Instead, he predicts that the numbers could prove sustainable for the network now that the show has achieved mainstream recognition via its multiple Emmy nominations and heaps of critical acclaim. There's potential upside. The Closer averages 5 million to 7 million viewers per episode, numbers that are propelling cable's most popular scripted series into territory formerly the sole province of the network channels. For instance, Sunday stalwart Army Wives recruited 3.6 million and In Plain Sight snagged 4.2 million pairs of eyeballs, making it the most-watched scripted cable show in Sunday's 10 p.m. time slot for which Nielsen has numbers (Showtime, whose Weeds and Secret Diary of a Call Girl had reruns during this time slot, has an agreement with Nielsen not to release ratings). Winning the ratings race in Sunday's 10 p.m. time slot overall was Dateline's second hour on NBC, with 7.6 million viewers and a household rating of 5.2 percent, compared to Mad Men's 1.4 percent. On ABC, a rerun of Desperate Housewives ensnared 3 million viewers, and a new episode of CBS's Flashpoint scored almost 4 million. Still, that's old-school network TV. In the world of cable comers, we're betting there won't be anything "mad" this week about the men and women working in AMC's New York headquarters. Related Links Summertime Slump Globes Downgrade--Now What Of The Oscars? Unreal Source: Portfolio.com: Top 5 | 29 Jul 2008 | 4:30 pm Two Key Lessons for Today's Markets (Common Sense)This market's testing my confidence, and proving you need courage in your convictions.Source: SmartMoney.com | 29 Jul 2008 | 3:29 pm The Fed's Rate-Cutting Days Are Likely Over (Common Sense)The Fed's rate-cutting days are likely over ? so investors need to shift gears.Source: SmartMoney.com | 29 Jul 2008 | 3:00 pm It's a Good Time to Buy AAPL, GOOG (Common Sense)Shares have been smacked down recently, giving investors a nice buying opportunity.Source: SmartMoney.com | 29 Jul 2008 | 3:00 pm Alcatel-Lucent chiefs to step downThe beleaguered telecoms equipment group parted company with both its chairman and chief executive, following turmoil since it was created from a transatlantic merger two years agoSource: FT.com - US homepage | 29 Jul 2008 | 2:22 pm Disregard Bond Insurance, Rating Companies: CommentarySource: Bloomberg - All Podcasts | 29 Jul 2008 | 2:08 pm Merrill to Post Bigger-Than-Estimated Loss, Credit Suisse SaysSource: Bloomberg - All Podcasts | 29 Jul 2008 | 2:01 pm Wall Street analysts see bigger 2008 loss for Merrill (Reuters)
Source: Yahoo! News: Business | 29 Jul 2008 | 1:17 pm Finally, Time to Start OverWill John Thain have a spring in his step today? The Merrill Lynch C.E.O. must be feeling like he just completed a weeklong cleansing diet—lighter, healthier, happier. It was a painful process, but purging is sometimes the only way to start over. But he deserves some credit for being the first to throw it all out for practically nothing and start over. (But, as Felix Salmon reminds us, just because this latest write-down was large, doesn't mean it's the last.) The Man Who Saved (or Got Suckered by) Wall Street Geithner Explains the Bear Stearns Rescue Bear Funds Being Liquidated: Who Wants to Buy? Source: Portfolio.com: Top 5 | 29 Jul 2008 | 1:00 pm The Animated EisnerMichael Eisner, the longtime boss at Disney, always said he was a creative guy. It was just hard to tell in the midst of the constant state of battle in which he seemed to be, especially during his final years running the House of Mouse.But now, Eisner's second act is in full bloom. His Tornante Company today said it has sold its first animated series, Glenn Martin D.D.S., to Viacom's Nickelodeon. Maybe much like his new lead character—a dentist who leaves his practice behind and takes his family on a cross-country road trip in a van with a toothbrush on top—Eisner was truly looking for something different. The program is expected to debut next summer, and Nickelodeon has ordered 20 episodes. Now, other than worrying whether Sumner Redstone will keep his nose out of Glenn Martin's character development, it seems clear that Eisner is content with his new career. He doesn't seem to be itching to run a major media company and relishes the smaller, maybe more interesting, spotlight he's now in. He's bought baseball-card giant Topps, produced some webcast video series, and now he has a buddy, Glenn Martin, D.D.S., to keep exploring what's next. Related Links How Mickey Got His Groove Back Geraldine Laybourne The Takeaway: Writers Strike, Day 92 Source: Portfolio.com: Top 5 | 29 Jul 2008 | 12:00 pm European stocks fall as banks slide (AFP)
Source: Yahoo! News: Business | 29 Jul 2008 | 11:05 am
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