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Gabelli Enters SPAC IPO Game (GBL, VZ)Last night there was a filing from Gabelli Entertainment & Telecommunications Acquisition Corp. to come public via an initial public offering for a special purpose acquisition company (SPAC) or a blank-check company. This is for a sale of $200 million in units with each unit consisting of 1 share of common stock and one warrant with a $7.50 strike price. This has ties to GAMCO Investors Inc. (NYSE: GBL) and even to Verizon Communications (NYSE: VZ) via an ex-CFO.Source: 24/7 Wall St. | 5 Aug 2008 | 1:01 pm NewsWatch: U.S. stock futures climb as oil continues retreatU.S. stock futures gained on Tuesday as oil prices continued to drop, with no change in rates -- and possibly on outlook -- expected from the Federal Reserve.Source: MarketWatch.com - Top Stories | 5 Aug 2008 | 1:00 pm June retail sales falter in euro zoneRetail sales across the 15-nation euro zone post a larger-than-expected drop in June, throwing another cloud across the single-currency area’s already fading economic outlook.Source: MarketWatch.com - Top Stories | 5 Aug 2008 | 12:57 pm D.R. Horton's loss narrows; Hovnanian adopts new rights planD.R. Horton's third-quarter loss narrow, but the home builder's CEO concedes that business conditions "remain challenging."Source: MarketWatch.com - Top Stories | 5 Aug 2008 | 12:52 pm Lehman may sell entire investment management unit: report(Reuters) - CNBC reports Lehman Brothers Holdings Inc is considering selling its entire investment management business, including private equity and hedge fund stakes, rather than just its Neuberger Berman business, as the bank looks to raise capital.Source: Reuters: Business News | 5 Aug 2008 | 12:47 pm Oil sinks $2 on demand fearsOil prices pushed below $120 a barrel Tuesday ahead of the Federal Reserve's decision on a key interest rate as investors anticipate further economic trouble for the U.S., which could erode demand for crude products.Source: Business and financial news - CNNMoney.com | 5 Aug 2008 | 12:47 pm Brain game - sending a UK child to school costs £1,077, report saysThe cost of sending a child to school rises to £1,077 a year, according to a report by the Centre for Economics and Business Research.Source: BBC News | Business | World Edition | 5 Aug 2008 | 12:47 pm Stocks set for pre-Fed boostAnother drop in oil prices gave stock futures a boost early Tuesday, ahead of the Federal Reserve's decision on interest rates.Source: Business and financial news - CNNMoney.com | 5 Aug 2008 | 12:44 pm Archer Daniels Midland's fourth-quarter profit falls 61%Archer Daniels Midland reports a 61% drop in fourth-quarter profit, reflecting tough year-ago comparisons when the company disposed of certain assets.Source: MarketWatch.com - Top Stories | 5 Aug 2008 | 12:41 pm Fed starts meeting, rates seen on hold (Reuters)
Source: Yahoo! News: Business | 5 Aug 2008 | 12:39 pm Fed starts meeting, rates seen on holdWASHINGTON (Reuters) - The U.S. Federal Reserve Board began a one-day meeting on Tuesday expected to end with interest rates on hold as dismal housing markets and tight credit weigh on the economy.Source: Reuters: Business News | 5 Aug 2008 | 12:39 pm Before the Bell: Procter & Gamble, AIG, crude oil in the spotlightU.S. stock futures stepped higher as oil prices continued to drop, with the Federal Reserve expected to keep rates unchanged later in the session.Source: MarketWatch.com - Top Stories | 5 Aug 2008 | 12:35 pm 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 | 5 Aug 2008 | 12:31 pm P&G net up, sees commodity costs up $3 billion in FY09CHICAGO (Reuters) - Procter & Gamble Co posted higher quarterly profit on Tuesday as price increases and cost controls more than offset soaring costs for oil and other commodities.Source: Reuters: Business News | 5 Aug 2008 | 12:22 pm Marvel profit beats Street, raises '08 forecast(Reuters) - Marvel Entertainment Inc , which licenses comic-book characters, posted a 60 percent rise in quarterly profit, helped by higher licensing sales and initial contributions from its film segment, and raised its 2008 outlook.Source: Reuters: Business News | 5 Aug 2008 | 12:22 pm Tropical Storm Edouard makes Texas landfallTropical Storm Edouard makes landfall on the upper Texas coast, but energy markets quickly discount the storm's potential to disrupt production in coastal areas or the Gulf of Mexico.Source: MarketWatch.com - Top Stories | 5 Aug 2008 | 12:22 pm Ex-Bear CEO speaks outSource: Business and financial news - CNNMoney.com | 5 Aug 2008 | 12:19 pm Outside the Box: Israel faces a stormy political autumnEhud Olmert’s resignation announcement last week has hardly released a yawn from Tel Aviv’s financial markets, but the uncertainty that accompanies such an unnatural departure may soon generate economic mayhem as well.Source: MarketWatch.com - Top Stories | 5 Aug 2008 | 12:16 pm Repossessions rise 40% as mortgage arrears worsenHousing repossessions rose by more than 40 per cent in the first three months of the year as the number of people in arrears on their mortgage payment soared to over 300,000.Source: Latest Business News from Times Online | 5 Aug 2008 | 12:14 pm Credit Crunch Forces Homeowners to Hand Back KeysLONDON, August 5 /PRNewswire/ -- The UK Insolvency Helpline ( href="http://www.insolvencyhelpline.co.uk">http://www.insolvencyhelpline.co.uk ) has revealed a...Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Aug 2008 | 12:12 pm Oil price falls further to $118Oil prices touch $118 a barrel, the lowest price for three months, as figures indicate supplies are rising.Source: BBC News | Business | World Edition | 5 Aug 2008 | 12:10 pm Liquidator Converts Waste and Helps Create New Jobs!Uplifting news in these uncertain economic times GRAND RAPIDS, Mich., Aug. 5 /PRNewswire/ -- Liquid Asset Partners LLC works with major retailers to put a new face onSource: Infocious RSS raw feed - channel BNewsBusiness | 5 Aug 2008 | 12:10 pm Procter & Gamble profit surges 33%Read full story for latest details.Source: Business and financial news - CNNMoney.com | 5 Aug 2008 | 12:07 pm Yahoo investor wants reviewRead full story for latest details.Source: Business and financial news - CNNMoney.com | 5 Aug 2008 | 12:07 pm SocGen Q2 net falls 63 pct, less than fearedPARIS (Reuters) - France's Societe Generale posted a 63 percent fall in second-quarter net profit on Tuesday, hit by losses at its corporate and investment banking unit, but the results beat most analysts' expectations.Source: Reuters: Business News | 5 Aug 2008 | 12:06 pm Metro Funding Closes a $3.875M LoanPARAMUS, N.J., Aug. 5 /PRNewswire/ -- Metro Funding Corp. (MFC), a private asset-based commercial real estate lender, announces the funding of a $3,875,000 loan to...Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Aug 2008 | 12:00 pm China Agritech Schedules Conference Call to Discuss Second Quarter 2008 ResultsBEIJING, Aug. 5 /Xinhua-PRNewswire-FirstCall/ -- China Agritech, Inc. (OTC Bulletin Board: CAGC) ("China Agritech" or "the Company"), a leading liquidSource: Infocious RSS raw feed - channel BNewsBusiness | 5 Aug 2008 | 12:00 pm National Penn Bancshares, Inc. Named for Eleventh Consecutive Year to Staton Institute's List of America's Finest CompaniesBOYERTOWN, Pa., Aug. 5 /PRNewswire-FirstCall/ -- National Penn Bancshares, Inc. (Nasdaq: NPBC) is pleased to announce that it was recognized in the 2009 edition of the...Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Aug 2008 | 12:00 pm Blount Announces 2008 Second Quarter Results- Second quarter sales increased by 14.4% from second quarter of 2007 - Sales backlog as of June 30th at a record level of $131.1 million - Diluted earnings per share of $0.21...Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Aug 2008 | 12:00 pm Cowen Group, Inc. Announces 2008 Second Quarter ResultsNEW YORK, Aug. 5 /PRNewswire-FirstCall/ -- Cowen Group, Inc. (Nasdaq: COWN) today announced its operating results for the quarter ended June 30, 2008. TotalSource: Infocious RSS raw feed - channel BNewsBusiness | 5 Aug 2008 | 12:00 pm Broadridge Financial Solutions, Inc. Announces Tender Offer for up to $75 Million Aggregate Principal Amount of its 6.125% Senior Notes Due 2017LAKE SUCCESS, N.Y., Aug. 5 /PRNewswire-FirstCall/ -- Broadridge Financial Solutions, Inc. (NYSE: BR) announced that it has commenced today a cash tender offer to purchaseSource: Infocious RSS raw feed - channel BNewsBusiness | 5 Aug 2008 | 12:00 pm Zions Bancorporation to Webcast Presentation at the KBW Large-Cap Bank ConferenceSALT LAKE CITY, Aug. 5 /PRNewswire-FirstCall/ -- Doyle L. Arnold, vice chairman and chief financial officer of Zions Bancorporation (Nasdaq: ZION), will make a...Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Aug 2008 | 12:00 pm E-House Announces Changes to its Board of DirectorsSHANGHAI, China, Aug. 5 /Xinhua-PRNewswire-FirstCall/ -- E-House (China) Holdings Limited ("E-House") (NYSE: EJ), a leading real estate services company in...Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Aug 2008 | 12:00 pm Warning as mortgage arrears riseThe City watchdog says mortgage firms should treat customers fairly as the number of people facing arrears and repossessions rises.Source: BBC News | Business | World Edition | 5 Aug 2008 | 11:59 am Futures jump on oil price drop; Fed eyed (Reuters)
Source: Yahoo! News: Business | 5 Aug 2008 | 11:55 am Futures jump on oil price drop; Fed eyedNEW YORK (Reuters) - Stock index futures rose on Tuesday as a sharp slide in oil prices calmed inflation concerns and buoyed optimism about spending by consumers and businesses, key contributors to profit growth.Source: Reuters: Business News | 5 Aug 2008 | 11:55 am P&G Earnings Half Empty & Half Full (PG)Procter & Gamble (NYSE: PG) posted a 33% earnings gain to $0.92 net EPS, but before a tax gain it showed $0.80 EPS. Estimates from First Call were $0.78 EPS. For its next quarter the company is also forecasting $0.98 to $1.00 EPS, while analysts were looking for $1.00 flat; and for its fiscal year ahead it sees earnings of $3.80 to $3.87 EPS versus expectations of $3.85 EPS.Source: 24/7 Wall St. | 5 Aug 2008 | 11:50 am London Markets: Consumer stocks boost London as oil price slidesGains from companies attuned to consumer spending trends and some better news on the earnings front help London shares to advance on Tuesday, overcoming a bit of weakness in shares of oil producers and miners, as oil prices drop again.Source: MarketWatch.com - Top Stories | 5 Aug 2008 | 11:49 am New Zealand 'enters recession'New Zealand is already thought to be in a recession, according to a report by the country's Treasury.Source: BBC News | Business | World Edition | 5 Aug 2008 | 11:48 am Procter & Gamble's profit rises 33%, sees higher costsProcter & Gamble Co., the household-products giant, reports a 33% gain in quarterly profit, helped by tax benefits.Source: MarketWatch.com - Top Stories | 5 Aug 2008 | 11:48 am D.R. Horton posts bigger-than-expected lossNEW YORK (Reuters) - D.R. Horton , the largest U.S. home builder, posted a bigger-than-expected quarterly loss on Tuesday, citing challenging market conditions in the industry.Source: Reuters: Business News | 5 Aug 2008 | 11:47 am Swift Energy Is a Gulf Coast Beauty (Today From Barron's)Don't let the recent pullback in oil distract you from the bright prospects for Swift Energy.Source: SmartMoney.com | 5 Aug 2008 | 11:47 am Did Motorola get the right guy?New Motorola co-CEO Sanjay Jha is a superstar technologist, but he lacks experience solving the kinds of problems the struggling phonemaker now faces.Source: Business and financial news - CNNMoney.com | 5 Aug 2008 | 11:38 am More housing pain for banks - analystThe credit crisis is far from over, star analyst Meredith Whitney tells Fortune magazine in its upcoming issue.Source: Business and financial news - CNNMoney.com | 5 Aug 2008 | 11:36 am Syron's SongIt'll come as no surprise that allegations have surfaced that Dick Syron, the now-embattled boss of Freddie Mac, ignored warnings from risk managers and underlings to tighten up the mortgage giant's balance sheet and cut risk as far back as 2004.According to this mornings New York Times, Syron's defense is that—as he collected $38 million in compensation since 2003—he was under pressure from competing interests to keep the American homeownership juggernaut rolling. Now that the housing crisis has rolled over his company and a good portion of U.S. homeowners, that protest rings hollow. The executives around Freddie (and its dysfunctional sister, Fannie Mae) says Syron turned a blind eye to the company's deteriorating lending standards and kept snapping up portfolios of risky loans. What is shocking is that both Syron and his counterpart at Fannie, Daniel Mudd, say they had it all covered and that only a precipitous decline in the U.S. housing market could've hurt them. What exactly, one might ask, did they expect after a cheap-money housing rally that lasted for the past decade? A soft landing. They should at least be honest that they knew they'd be bailed out and shot the moon. Most appalling, however, is Syron's self-interested take on a collapse that's crippled the housing market. "If I had better foresight, maybe I could have improved things a little bit. But, frankly, if I had perfect foresight, I would never have taken this job in the first place." Hmmm. Maybe, with perfect hindsight, shareholders (or maybe even taxpayers) will sue to get some of that $38 million back. Related Links Hoping for a Fed Encore Memo to the Next President Wait. Weren't Treasuries Supposed to Be Really Safe? Source: Portfolio.com: Top 5 | 5 Aug 2008 | 11:30 am Northern Rock makes a £585m lossNorthern Rock made a bigger-than-expected loss of £585m in the first half of the year, and will get a £3bn cash injection.Source: BBC News | Business | World Edition | 5 Aug 2008 | 11:28 am Top Pre-Market Analyst Upgrades (AIG, AU, AAPL, BLKB, CREE, GENZ, HGG, LL, RDS.A, WBD)These are some of the top analyst upgrades and positive calls we are seeing this Tuesday morning: American International Group (AIG) Raised to Buy at UBS. Anglogold (AU) Raised to Outperform at Credit Suisse. Apple (AAPL) Started as Buy at UBS. Blackbaud (BLKB) Raised to Buy at Jefferies. Cree (CREE) Raised to Outperform at Morgan Keegan. Genzyme (GENZ) Started as Buy at Banc of America.Source: 24/7 Wall St. | 5 Aug 2008 | 11:28 am Top Pre-Market Analyst Downgrades (BBY, BBBY, CC, DELL, HPQ, JNS, LIZ, LSI, PIR, RACK, RSH, SFD)These are some of the top Downgrades or negative calls we are seeing early this Tuesday morning. Neutral and Hold ratings are not technically negative, but they aren't ringing endorsements either. Best Buy (BBY) Started as Hold at KeyBanc. Bed Bath & Beyond (BBBY) Started as Hold at KeyBanc.Source: 24/7 Wall St. | 5 Aug 2008 | 11:25 am Are Europeans really that lazy? Maybe notEuropeans rarely feel more superior to us Americans than at this time of year, and you can't blame them. They're taking their umpteen-week vacations, perhaps enjoying state-funded massages in Baden-Baden, while we're trying desperately to squeeze every drop of fun out of our measly two or three weeks off before returning to the salt mines.Source: Business and financial news - CNNMoney.com | 5 Aug 2008 | 11:23 am Michael Page rises 32% on Adecco bid approachShares in Michael Page, the recruitment company, today rose to an eight-month high after it confirmed it had received an approach by Adecco, its larger Swiss rival.Source: Latest Business News from Times Online | 5 Aug 2008 | 11:18 am Otter Tail Loses Its Tail (OTTR)Otter Tail Corp. (NASDAQ: OTTR) may have been caught with its tail between its legs. The small diversified mini-conglomerate has warned that its earnings were going to fall short of expectations. For those new to Otter Tail, this is one which Jim Cramer featured for its wind power operations. Based on its very diversified operations and its small size, we've dubbed this on "General Eclectic" to describe the manner of the conglomerate's operations. We have also noticed how Bill Gates was an owner of this one.Source: 24/7 Wall St. | 5 Aug 2008 | 10:45 am Oil Price Slide Likely To Stop At $120Economists are giddy over the prospects of $100 crude. Predictions of oil dropping to that level are almost as prevalent as were forecasts of $200 just three months ago. The swings in the forecasts show just how little experts know about where prices are going.There are too many factors pressuring speculation, supply, and demand to guess at where oil will be at the end of this month, let alone the end of the year. Several forces will likely conspire to keep prices where they are now or even raise them.Source: 24/7 Wall St. | 5 Aug 2008 | 10:36 am Recession nears as service sector shrinks for third monthBritain moved a step closer to recession today as gloomy figures from the services sector suggested the economy has ground to a halt while manufacturing output fell more sharply than expected.Source: Latest Business News from Times Online | 5 Aug 2008 | 10:29 am BA target Iberia has 6-month lossSpanish airline Iberia unveils a sharp drop in earnings, as it plans a merger with British Airways.Source: BBC News | Business | World Edition | 5 Aug 2008 | 10:23 am Former Bear Stearns CEO mulling job offers: report(Reuters) - Former Bear Stearns CEO Alan Schwartz is weighing a number of options as he prepares to leave JPMorgan Chase, including joining an investment bank or well-heeled private-equity firm, the New York Post quoted sources as saying.Source: Reuters: Business News | 5 Aug 2008 | 10:05 am A Fed Rate Increase In The MakingNinety-nine out of one hundred economist say that the Fed will not raise rates this time around. The agency will express it concern about inflation and leave it there. The agnosticism about about the roles of inflation and recession serve the economy poorly. By not playing favorites, the Fed pushes out the day when it cannot do anything because events have moved well ahead of it. Bernanke and his fellows can look at recent employment figures and increasing prices and hope that one or the other will begin to dissolve back in the direction of what is normal.Source: 24/7 Wall St. | 5 Aug 2008 | 10:03 am Data points to weaker UK economyThe UK service sector shrinks for a third month in a row, while manufacturing output also falls, figures show.Source: BBC News | Business | World Edition | 5 Aug 2008 | 9:58 am Freddie Mac chief disregarded warning signs: report(Reuters) - U.S. mortgage market giant Freddie Mac's chief executive dismissed internal warnings that could have protected the company from some of the financial problems now engulfing it, the New York Times said, citing more than two dozen current and former high-ranking executives and others.Source: Reuters: Business News | 5 Aug 2008 | 9:48 am Japan shares fall for 3rd sessionSource: Business and financial news - CNNMoney.com | 5 Aug 2008 | 9:39 am Fuel costs hit Air France profitsAir France-KLM says profits for the April to June period fell nearly 60% as the airline was hit by rising fuel costs.Source: BBC News | Business | World Edition | 5 Aug 2008 | 9:39 am China Begins To Look Like 1980s JapanJapan hosted the Olympics in 1972, toward the end of a decade in which its economy grew 10%. Now China gets the games and word is that its GDP expansion will be a disappointing 9% this year. None of that means anything. Any country can get the games now. Luxembourg and Iceland probably have a shot. China does have trouble, and it is not like anything the country has ever experienced.Source: 24/7 Wall St. | 5 Aug 2008 | 9:38 am UBS: Called as evidenceOn May 19, shortly after 52 UBS employees had just left to join Vestra, Richard Wayne-Wynne, an investment director, telephoned a client, identified as “George”, to inform him of the mass resignations.Source: Latest Business News from Times Online | 5 Aug 2008 | 9:33 am Iberia earnings hit by surging fuel costsIberia of Spain on Tuesday became the latest airline to feel the impact of high fuel costs and flagging growth rates, reporting a sharp fall in first-half net profits.The flag-carrier, which last week...Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Aug 2008 | 9:30 am Societe General in profit slumpFrench bank Societe Generale sees quarterly profits fall by 63%, as its investment banking unit is hit by the credit crunch.Source: BBC News | Business | World Edition | 5 Aug 2008 | 9:27 am Pimco's El-Erian: Buy more foreign stocksEven in this century's darkest days of recession and war, U.S. households kept on spending. But one of the smartest investors on the planet says the American consumer is finally out of steam.Source: Business and financial news - CNNMoney.com | 5 Aug 2008 | 9:24 am Pensions buyouts boost L&GLegal & General on Tuesday reported first-half figures at the top end of analysts' expectations, as Tim Breedon, chief executive, said the insurer had shown resilience in difficult market conditions...Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Aug 2008 | 9:16 am UBS: Parting shotsForty e-mails and letters from former and departing UBS employees were presented to the court by Vestra's lawyers as evidence of the level of dissatisfaction at the Swiss bank.Source: Latest Business News from Times Online | 5 Aug 2008 | 9:15 am Oil below $120 as commodities retreatOil prices remained at three-month lows around the $120 level on Tuesday as selling pressure continued to sweep across commodity markets on fears a global economic slowdown will bite further into demand...Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Aug 2008 | 9:12 am Insuring IndiaForeign insurance firms could get greater accessSource: BBC News | Business | World Edition | 5 Aug 2008 | 9:11 am Financials boost FTSELondon equities made solid progress on Tuesday, energised by a strong showing for insurance stocks after strong numbers from Legal & General. The FTSE 100 strode 1.1 per cent higher to 5,377.5 in morning...Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Aug 2008 | 9:06 am MUFG reports 66% slide in quarterly profitsMitsubishi UFJ Financial Group yesterday unveiled a 66 per cent drop in first quarter net profits, highlighting the deteriorating business environment facing Japanese banks amid a slowing economy and weak...Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Aug 2008 | 8:59 am Asian indices led lower by energy stocksAsia-Pacific equities were mostly lower on Tuesday after energy prices dropped overnight, sending resource heavy markets such as Australia down to its lowest in more than two and a half years.Crude oil...Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Aug 2008 | 8:54 am SocGen Q2 net falls 63 pct, less than feared (Reuters)
Source: Yahoo! News: Business | 5 Aug 2008 | 8:29 am Freddie Mac chief disregarded warning signs: report (Reuters)
Source: Yahoo! News: Business | 5 Aug 2008 | 8:17 am Oil falls as fears for growth intensifyOil prices remained at three-month lows around $120 a barrel, as selling pressure continued to sweep commodity markets on fears that a global economic slowdown will bite further into demandSource: FT.com - US homepage | 5 Aug 2008 | 7:56 am Barclays sells life arm for 753mBarclays said on Tuesday it expected a 330m gain from selling its life assurance business to Swiss Re, providing some relief for investors before the UK lender reports a likely drop in interim profits...Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Aug 2008 | 7:52 am Can Porn Industry "Stimulate" The Economy?Many Americans have taken the $168 billion in government largesse that the government granted them to spend on stimulating the economy on stimulating themselves. According to The New York Times of all places, a porn industry research firm estimates that many adult entertainment sites have seen a 20 to 30 percent growth in membership rates since the checks were sent out in May. The increases came during the industry's slow season. Porn has a slow season? Who knew?Source: 24/7 Wall St. | 5 Aug 2008 | 7:50 am Iberia and Air France-KLM profits hit by soaring oil priceThe European aviation sector suffered another blow today when two of the Continent's largest carriers, Iberia and Air France-KLM, reported a massive collapse in profits.Source: Latest Business News from Times Online | 5 Aug 2008 | 7:48 am Merrill's (MER) CEO Cites "Employee Morale" As Reason To Raise FundsMerrill Lynch CEO John Thain's decision to sell billions of dollars in bad mortgages at fire sale prices attracted the scorn of Wall Street, which saw it as an ill-time move and a departure from his previous pledge that he would not raise any additional capital. The New York Times reports that "Mr. Thain, brought in to fix the mistakes of his predecessor, is now facing criticism over his decision to raise more capital — a move that caused eye-popping dilution for Merrill's shares."Source: 24/7 Wall St. | 5 Aug 2008 | 7:44 am Taxpayers take another Northern Rock hitThe Government's financial track record suffered a fresh dent today as it emerged it was preparing to write off up to £3 billion of taxpayer-funded loans to Northern Rock to strengthen the stricken bank's balance sheet.Source: Latest Business News from Times Online | 5 Aug 2008 | 7:35 am Energy stocks keep FTSE in checkLondon equities were lower on Tuesday, as oil prices fell far enough to hit energy stocks. Wider losses were prevented by a strong showing for insurance stocks after well-received numbers from Legal &...Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Aug 2008 | 7:29 am N Rock 585m loss as pensions talks stallTalks on the value of government promises to shore up Northern Rock's retirement scheme are close to deadlock, as the bank's board and pension scheme trustees fail to reach agreement over its deficit.The...Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Aug 2008 | 7:12 am Air France-KLM profit nose dives on fuel spikePARIS, Aug 5 - Air France-KLM, the world's biggest airline by passenger numbers, said on Tuesday its first-quarter net profit more than halved due to a spike in oil prices and an economic slowdown.The...Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Aug 2008 | 7:02 am Disney plots box-office turnaroundThe studio pins its hopes on a batch of late-year releases to revive its flagging market share.Disney's film division, experiencing one of its worst slumps at the box office in years, is counting on talking dogs and singing teens to turn things around. Source: L.A. Times - Business | 5 Aug 2008 | 7:00 am Violent films viewed by millions of children, study findsViolent movies attract, on average, 12.5% of 10- to 14-year-olds in the country, a Dartmouth study says.The bloodthirsty fisherman isn't the only one who can claim, "I Still Know What You Did Last Summer." Source: L.A. Times - Business | 5 Aug 2008 | 7:00 am Gasoline prices fall againCrude oil futures drop, meaning more relief for consumers could be on the way. The Energy Department says the average gas price declined to $3.88 a gallon nationally and $4.205 in California.Gasoline prices are still tumbling, the government reported Monday, while a steep drop in crude oil prices in New York futures trading could indicate that more relief for consumers is on the way. Source: L.A. Times - Business | 5 Aug 2008 | 7:00 am Online advertising growth slowsThe slowing economy is starting to hurt an unexpected segment of the advertising world: the Web.The slowing economy is starting to hurt an unexpected segment of the advertising world: the Web, which has been growing fast for half a decade. Source: L.A. Times - Business | 5 Aug 2008 | 7:00 am On JetBlue, a blanket and pillow will cost you $7The once-free amenities are now 'eco-friendly,' says the airline. The fee is the latest charged by a carrier for a formerly complimentary service.A cozy snooze will now come at a cost on some JetBlue Airways flights. Source: L.A. Times - Business | 5 Aug 2008 | 7:00 am Allstate settles with California insurance commissioner on homeowners' coverageThe insurer agrees not to oppose a 28.5% rate cut, while Steve Poizner drops an effort to seek refunds for policyholders who might have paid too much in recent years.California Insurance Commissioner Steve Poizner has quietly dropped an effort to seek refunds for Allstate Corp. policyholders who might have paid too much for their homeowners' coverage in recent years. Critics immediately denounced his decision. Source: L.A. Times - Business | 5 Aug 2008 | 7:00 am Wall Street heavyweight puts smarts into own firmKen Moelis has had a storied career at Drexel Burnham, UBS and elsewhere. Ties he forged along the way are helping him thrive now.Wall Street's most drastic upheaval in decades has become the opportunity of a lifetime for Ken Moelis. Source: L.A. Times - Business | 5 Aug 2008 | 7:00 am Jerry Brown sues YourTravelBiz.com over alleged pyramid schemeThe state attorney general, who seeks to shut down the operation, asks for more than $25 million in fines and restitution.California Atty. Gen. Jerry Brown sued an Internet-based travel business Monday, accusing it of operating a pyramid scheme and seeking more than $25 million in fines and restitution. Source: L.A. Times - Business | 5 Aug 2008 | 7:00 am Mistrial motion denied in Bratz vs. Barbie caseMGA Entertainment sought a mistrial because of a juror's alleged ethnic slur. But a judge says the remarks were made near the end of deliberations.The Barbie vs. Bratz fight in federal court will go on. Source: L.A. Times - Business | 5 Aug 2008 | 7:00 am Barclays, GKN, Drax: Business roundup Aug 5Barclays has agreed to to sell is life assurance business to Swiss Re for £753m. Barclays Life Assurance is the combined life assurance business of Barclays and Woolwich in the UK, which ceased to accept new customer applications in 2001Source: Telegraph Business | 5 Aug 2008 | 6:50 am Michael Page, Barclays, GKN, Drax: Business roundup Aug 5Barclays has agreed to to sell is life assurance business to Swiss Re for £753m. Barclays Life Assurance is the combined life assurance business of Barclays and Woolwich in the UK, which ceased to accept new customer applications in 2001Source: Telegraph Business | 5 Aug 2008 | 6:50 am Barclays offloads insurance arm to Swiss ReBarclays booked a £330 million profit this morning, marginally strengthening its balance sheet, after selling its closed life assurance book to Swiss Re.Source: Latest Business News from Times Online | 5 Aug 2008 | 6:34 am Crude oil falls below $120 as US consumers weakenEmbattled American consumers are facing an even tighter fiscal squeeze after the US experienced the biggest increase in the cost of goods and services for almost three years.Source: Telegraph Business | 5 Aug 2008 | 6:20 am NZ Stocks: Dollar lower after RBA rates decisionThe New Zealand dollar was pulled lower today by the Australian dollar, after Australia's central bank left interest rates on hold and appeared finished with rate rises. By 5pm, the kiwi was at US72.60c from US72.86c late yesterday....Source: New Zealand Herald - Business | 5 Aug 2008 | 5:32 am Kindle. Or Kindling?Since the Kindle was launched last November, it has been the subject of careful dissection, review, and speculation by countless blogs and news outlets, sparking one of techland's all-too-frequent debates: Is Amazon's new e-reader a game-changer?More pressing than whether the answer is yes or no is why we're even talking about it in the first place. The game in question is reading, after all—not exactly a growth industry, as Simon & Schuster and Random House will tell you. While Amazon has yet to provide official sales figures, TechCrunch has a source saying that the online retailer has sold 240,000 of the e-readers in their first eight months on sale, for a total of almost $100 million in revenue. It's not difficult to imagine that, thanks to its aggressive Kindle marketing push (such as prime advertising space in the middle of Amazon's homepage), those 240,000 units represent a good portion of the total market for the device out there. Consider that the literate population of the United States is about 270 million, and that according to a 2007 A.P.-Ipsos survey, one in four people didn't read a single book in the past year. Of those who did read books, the average consumption was seven per year—too few by a long shot to warrant buying a pricey e-reader device. The Kindle is not going to make a reader out of a nonreader. Few will say, "Gee, reading books and magazines was prohibitively difficult before, but now that there's a $359 electronic reader available, I'm going to start!" A 2005 Gallop survey reported that 25 percent of people say they read at least part of 10 to 49 books per year, which would mean around 68 million qualify as having a motive, at least, to use an e-reader. Then there's the question of financial means. Only the top 18 percent of households make $100,000 or more, which seems like a reasonable cutoff for figuring out who would spend $359 (down from $399) during a recession on a highly discretionary device, even given a love for reading. Of the 12 million Americans with the means and the motive to purchase a Kindle, a whole host of other factors come into play. Count out the technophobes and Luddites, a demographic for which e-readers like the Kindle tragically self-select. The 2007 A.P.-Ipsos survey showed that the heaviest readers are female and over 50, while conversely, tech users skew young and male. Even those who play well with microchips have plenty of reasons for wanting to make reading a semiconductor-free experience. It can be difficult to unwind while interacting with a gadget, and many people enjoy the physical artifact of a book, relishing the feeling of accomplishment when pushing through something paper. So the Kindle's target buyer would be a person who reads so much that they have ceased instilling books and periodicals with nostalgic value…yet not so much that they are rarely far enough from a computer to really need a separate device. To top it off, one can imagine a single device (and Amazon account) being used by an entire household. And we're talking only about those that choose a Kindle, of course, rather than a competing device such as Sony's portable reader. So, all things considered, how many Kindles does that work out to? Two million? One million? Five hundred thousand? Jeff Bezos surely did a market-sizing exercise or two of his own before flying off the handle in excitement over e-readers, and he must have seen something more than a few hundred million in revenue (a mere rounding error to the company's $14.8 billion annual take) worth getting carried away over. Two surefire benefits for Amazon to having an installed base of Kindle users is that profit margins on e-books are very high, and given the ease of downloading content to the device from Amazon, they have a virtual lock on Kindle users' book purchases. Then there's the potential business from the academic market. Textbooks are so clunky, expensive, and universally loathsome to free-spending college students, one could imagine that demographic paying a pretty penny for a slender e-reader replacement. What other options does Amazon have for expanding the Kindle's market? One factor that could really change the game is if the Kindle dropped dramatically in price; companies currently write off their low margins on devices such as gaming consoles, iPods, and printers as marketing costs in return for selling in the high-margin content. But for this to be true with a Kindle, you'd have to believe that users actually read more than they otherwise would because they have a kindle. The data doesn't exist for this yet, but again, it seems unlikely. Book sales have been steady over the past several years; the Kindle also offers newspapers and magazines in digital format, but newspaper circulation has continued to decline over the past 20 years, and the magazine titles currently stocked by the Kindle store—such as Newsweek, Time, U.S. News & World Report, Readers Digest, and the Nation—are some of the worst-faring out there. The bottom line? Designing the game-changing e-reader, it seems, is more like designing the game-changing harpsichord than the iPod. Related Links A Solar-Powered iPod? Puh-lease! What to Expect From Apple at WWDC How Apple Got Everything Right By Doing Everything Wrong Source: Portfolio.com: Top 5 | 5 Aug 2008 | 4:00 am Big holder Capital Research wants Yahoo vote probe (Reuters)
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The proposal to shut down the two slaughter chains was outlined to staff on July 22, and affects 225...Source: New Zealand Herald - Business | 5 Aug 2008 | 12:15 am Morgan Stanley issues alert on Spanish banksMorgan Stanley, the investment bank, has issued a major alert on the health of Spanish banks, warning that a replay of the ERM crisis in the early 1990s could wipe out the capital base of weak lenders exposed to the property crash.Source: Telegraph Business | 5 Aug 2008 | 12:01 am US consumer inflation rise hits spendingEmbattled American consumers are facing an even tighter fiscal squeeze after the US experienced the biggest increase in the cost of goods and services for almost three years.Source: Telegraph Business | 5 Aug 2008 | 12:01 am Maybe Vanni's missed a trick with his holsWhat is it about public figures and their domestic holidays this year? 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Increasing utility and food bills were responsible for the decline in average balances of the bank’s 8.2 million current account holders in the UK, HSBC said.Source: Latest Business News from Times Online | 4 Aug 2008 | 11:00 pm UBS faced plot to poach staff and clientsUBS won a court order yesterday barring a group of former and departing executives from poaching clients of its UK wealth management unit.Source: Latest Business News from Times Online | 4 Aug 2008 | 11:00 pm Petrol prices, inflation top concerns for Aust businessesA survey across the Tasman has found more business executives there are concerned about petrol prices than at any other time in the last 16 months. The Dun and Bradstreet survey found 47 per cent of Australian executives surveyed...Source: New Zealand Herald - Business | 4 Aug 2008 | 11:00 pm Economy - Monday (Investor's Business Daily)Investor's Business Daily - The Conference Board's July employment trends index fell 0.9% to 112.1 after an upwardly revised 113.1 in June. The index, first released in June, has been in decline for the past year. Last Fri., the Labor Dept. said the U.S. lost 51,000 jobs in July, fewer than expected but still the 7th straight monthly slide. Unemployment rose to a 4-year high of 5.7%.Source: Yahoo! News: Business | 4 Aug 2008 | 10:52 pm Imclone says $4.5bn Bristol-Myers bid too lowImclone's board said Bristol-Myers Squibb's $60-per-share takeover bid appeared too low but added that it would still study the unsolicited offer. Investor Carl Icahn, chairman of Imclone, said the bid "greatly undervalues" the companySource: FT.com - US homepage | 4 Aug 2008 | 10:18 pm A good deal or a steal?The Internet has transformed bargain hunting as we know it, but it's also changed the way thieves unload stolen goods, making fencing hot items easier than ever before. Renita Jablonski reports.Source: Marketplace | 4 Aug 2008 | 9:56 pm Airport buyer bewareWhile you're waiting for a flight, you and your wallet are a captive audience for retail shops. Commentator Moira Manion explains how working in the airport can give an employee's conscience a workout.Source: Marketplace | 4 Aug 2008 | 9:56 pm What you're saying without speakingThose twitchy feet may give away more about you than you think. Host Kai Ryssdal talks with Carol Kinsey Goman about the secret language of non-verbal cues.Source: Marketplace | 4 Aug 2008 | 9:56 pm Reinventing brands for ChinaThe Olympics have moved the spotlight to China and the marketers from the West are following quick behind. But how best to present your product to a vastly different culture? Scott Tong reports.Source: Marketplace | 4 Aug 2008 | 9:55 pm Advertisers not fully sold on MySpaceSocial networks like MySpace offer marketers the ability to target messages precisely, but many are still leery of the unpredictable content their ads will be seen alongside. Mitchell Hartman reports.Source: Marketplace | 4 Aug 2008 | 9:55 pm Get ready for the Almost-a-Dollar menuThe down economy has consumers turning to fast food to cut costs, but rising commodity prices mean places with Dollar Menus like McDonald's may have to consider some inflation of their own. Rico Gagliano reports.Source: Marketplace | 4 Aug 2008 | 9:55 pm Ford, GM consider engine partnershipStiff foreign competition is reportedly driving two domestic rivals to consider a big partnership. Ford and GM may be teaming up to develop new engines. Alisa Roth reports.Source: Marketplace | 4 Aug 2008 | 9:55 pm Turning down the heat on inflationWhen the Fed gets together to discuss interest rates on Tuesday, inflation and the high prices consumers are seeing will be at the top of the agenda. Bob Moon reports.Source: Marketplace | 4 Aug 2008 | 9:55 pm Drop in oil hurts energy sector on Wall StWall Street stocks fell for a third session as a sharp drop in oil prices helped consumer-facing stocks but hurt commodity-related sectorsSource: FT.com - US homepage | 4 Aug 2008 | 9:45 pm Circuit City defends its sense of humor (AP)AP - Ignoring Alfred E. Neuman's mantra of "What, me worry?," Circuit City Stores Inc. temporarily banished the irreverent MAD Magazine from its store's shelves for poking fun at the consumer electronics retailer.Source: Yahoo! News: Business | 4 Aug 2008 | 9:37 pm Prinze of the RingFreddie Prinze Jr. apparently likes a bloody, sweaty smackdown as much as the next teen heartthrob.The thirtysomething actor, better known for winning tender hearts in romantic comedies than breaking heads on a wrestling mat, will join the creative team of World Wrestling Entertainment, the company announced last week. No title, start date, or specific responsibilities for Prinze were available, but a press release did mention that Prinze—who is married to Sarah Michelle Gellar, another teen favorite from her stint on Buffy the Vampire Slayer—is a "long-time fan" of WWE. It's unclear how that—or Prinze's puppy-dog eyes, which starred in chick flicks like She's All That and Head Over Heels—will help him help WWE. The company is facing increased competition in the extreme sports and fighting programming category, both from established players like mixed martial arts company Ultimate Fighting Championship, and upstarts like the International Fight League. Still, the addition may actually make some sense. Prinze has "a high profile and is part of the core 12 to 34-year-old male demographic" that constitutes WWE's main audience, says Brad Adgate, senior vice president at media planning and buying agency Horizon Media. "A lot of people are gunning for WWE because of the size and scope of its viewers. It probably makes sense to energize the brand," with an addition like this. Plus, Adgate predicts, the actor will have insights into the show's fan base. Raw, WWE's live Monday night slugfest, still consistently averages 5 million viewers a week for USA, where it is broadcast. ECW, or Extreme Championship Wrestling, airs on the SciFi channel and was down in the ratings before a WWE draft earlier this summer. But Friday Night Smackdown faces an uncertain future when it moves this fall from the CW, where it had 4 million viewers, to Fox's obscure MyNetworkTV. The three shows did prove valuable in the writers' strike-afflicted winter and spring. But with competitors swinging from the sidelines, WWE thinks it has found something that will set it apart. "Having someone like Freddie on the WWE creative team brings a different set of experiences to the table," says Chris McCumber, executive vice president of marketing, brand strategy, and digital at USA, which is, along with the SciFi channel, a cable property of NBC Universal. "It is always good to have professionals with different expertise and backgrounds putting their minds together to create original material." But to get Prinze fans really tuning in, it might work better to put the actor in the ring. Stage name? The Incredible Hunk. Related Links SMACKED DOWN Unbeaten Patriots Continue to Dominate Airwaves The New Model of Celebrity Athlete Source: Portfolio.com: Top 5 | 4 Aug 2008 | 9:30 pm Motorola taps Qualcomm for mobiles chiefMotorola scored a coup with the recruitment of a highly rated executive to head its mobile phone business, which will be spun out of the US electronics group next yearSource: FT.com - US homepage | 4 Aug 2008 | 9:00 pm Return to Health for Some, Comeuppance for Commodities (Daily ETF Wrap-Up)ETFs betting against commodities hit a rich vein. Emerging markets submerged.Source: SmartMoney.com | 4 Aug 2008 | 8:56 pm Sparks Says ETFs Are Valuable Tool for Index or Industry GroupSource: Bloomberg - All Podcasts | 4 Aug 2008 | 8:55 pm VIX Index of U.S. Stock Option Prices Advances 4.1% to 23.49Source: Bloomberg - All Podcasts | 4 Aug 2008 | 8:39 pm A Dip Before the FedA higher reading on inflation and a decline in energy prices left stocks lower before Tuesday's statement.Source: SmartMoney.com | 4 Aug 2008 | 8:10 pm HSBC cautions on credit crisis in AsiaStephen Green, chairman, signals emerging markets would not be immune to a severe economic slowdown in the USSource: FT.com - US homepage | 4 Aug 2008 | 7:57 pm Burying Commodities, Digging Into Numbers (The Invisible Hand)Inflation is no longer the gravest threat. And that's not such great news.Source: SmartMoney.com | 4 Aug 2008 | 7:51 pm Playwright Rebeck's First Book Focuses on Media SatireSource: Bloomberg - All Podcasts | 4 Aug 2008 | 7:03 pm General counsel quits as UBS fallout continuesDavid Aufhauser has quit as the general counsel of the Swiss bank's investment banking division as the fall-out widens from investigations into the failed market in auction rate securitiesSource: FT.com - US homepage | 4 Aug 2008 | 7:02 pm Oil is Falling. Blame the Shorts!Oil speculators. Legislators love to blame them for the spike in oil prices, but it's unlikely they will speak out to commend them for its reversal.Hedge fund managers and other traders reaped huge windfalls as the price of a barrel of oil more than doubled over the past year to a high of $147 last month. While the cost of a gallon of gas surpassed $4, legislators wanted some accountability, and they looked squarely at the investors who profited most from it. But now oil is falling, and hedge funds are again poised to benefit. Oil dipped below $120 per barrel on Monday for the first time since May. And the data from the Commodity Futures Trading Commission shows that short positions on oil outnumbered long positions in July for the first time since the start of 2007. This begs the question, then. Are hedge funds the arbiters of the reversal or merely the lucky beneficiaries of it? It's hard to ignore the other market forces at work here, since there's always an explanation for the movement of oil prices. Today's fall of more than $4 per barrel, for instance, can be attributed to the weakening threat from tropical storm Edouard on operations in the Gulf of Mexico. Investors are also more bearish on oil since the threat of a prolonged economic recession could weaken demand. Last week, the government reported evidence that gasoline consumption is down slightly from this time last year. And of course, there is evidence that even some of the savviest investors might not have properly timed oil's reversal. The Wall Street Journal reports that several funds, including Jana Partners and London's RAB Capital, took a hit in July due to declining energy prices. The New York Post reports that Phil Falcone's Harbinger Capital, which made winning bets on the subprime crisis, hasn't fared so well since oil started its dive in recent weeks. So it's most probable that some combination of the short bets and the market forces are fueling the decline in oil prices. Hedge funds are often made the scapegoats for the capital market's woes, but they almost never get recognition for helping to cure them. Related Links Just How Rich Are the Richest Hedge Fund Managers? Credit Market Quote of the Day When a Curve Steepener Loses $800 Million Source: Portfolio.com: Top 5 | 4 Aug 2008 | 7:00 pm 4 Ways to Save on College Textbooks (Deal of the Day)These new sites and services offer college students big savings on textbooks.Source: SmartMoney.com | 4 Aug 2008 | 6:59 pm Greenspan warns of more bank bail-outsMore banks and financial institutions could end up being bailed out by governments before the credit crisis is over, Alan Greenspan, the former chairman of the Federal Reserve, warns in an article in Tuesday's Financial TimesSource: FT.com - US homepage | 4 Aug 2008 | 6:29 pm Daiwa's Moran Says Productivity Slowing Inflation's RiseSource: Bloomberg - All Podcasts | 4 Aug 2008 | 5:28 pm Eurozone factory prices hit record highSoaring energy costs boosted producer prices to a record annual rate of increase in June, data showed, adding to gloomy news for the European Central Bank three days before its meetingSource: FT.com - US homepage | 4 Aug 2008 | 5:14 pm Miller, Zacharia Discuss U.S. Economy, Israeli PoliticsSource: Bloomberg - All Podcasts | 4 Aug 2008 | 5:06 pm Health-Care ETFs May Cure an Ailing Portfolio (Tradecraft)Health-care ETFs might offer a cure for your ailing portfolio. 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Unemployment Spikes A Trickle-Down Theory of Subprime Pain High Anxiety Source: Portfolio.com: Top 5 | 4 Aug 2008 | 4:00 pm Take Public Transit, Earn Cash and Other Rewards (Deal of the Day)Commuters can earn cash and other awards just for taking the subway or bus to work.Source: SmartMoney.com | 4 Aug 2008 | 2:54 pm On the Ball: Baseball Trades, Mariano Rivera, Knicks, RangersSource: Bloomberg - All Podcasts | 4 Aug 2008 | 2:50 pm Senator Reed Says Global Problems Need American LeadershipSource: Bloomberg - All Podcasts | 4 Aug 2008 | 2:46 pm Yes, That's $2 Trillion of Debt-Related Losses (Today From Barron's)Economist Nouriel Roubin says we're only in the second inning of an 18-month recession.Source: SmartMoney.com | 4 Aug 2008 | 2:17 pm Koch, D'Amato Discuss Possible Vice Presidential CandidatesSource: Bloomberg - All Podcasts | 4 Aug 2008 | 1:54 pm Nortel Networks Cut to `Hold' From `Buy' at JefferiesSource: Bloomberg - All Podcasts | 4 Aug 2008 | 1:52 pm Socially Responsible Funds Soften on Nuclear Power (SmartMoney Magazine)Socially responsible funds are starting to soften on nuclear power.Source: SmartMoney.com | 4 Aug 2008 | 1:07 pm ICE boosted by volatile energy marketsIntercontinental Exchange, the electronic exchange group, on Monday reported the second strongest quarter in its history, benefitting from volatile energy markets as companies sought to hedge against spiralling oil prices by buying futures contracts or increasing their use of over-the-counter tradingSource: FT.com - US homepage | 4 Aug 2008 | 12:33 pm One Year Later, Holding OnAs the credit crisis turns one year old this week, some European banks appear to be weathering the storm better than others.HSBC, Europe's largest bank, reported a significant decline in profit for the first half of this year, but it still outperformed expectations. Net income fell to $7.7 billion from $10.9 billion last year. Analysts expected it to post $7.3 billion in profit. But HSBC's pain appears to be concentrated in its North American operations, due in large part to its exposure to the mortgage market through its ownership of Household International, which is the largest subprime lender in the U.S. HSBC bought the lender in 2003. The bank's profit rose in Europe, Latin America, and most of Asia. But the HSBC's chairman said he expects the momentum of growth in Asia and other emerging markets to slow. Meanwhile, the bank that started the credit crisis on August 9, 2007, by halting withdrawals from certain subprime funds, BNP Paribas, is expected to post a decline in profits later this week. But analysts expect BNP's results to exceed those from its French competitors such as Société Générale. "It's surprising, they've resisted very well," Pierre Chedeville, banking analyst with CM-CIC Securities, told Bloomberg. "They spent all of last summer calling clients to reassure them." BNP Paribas' move to halt withdrawals sparked a massive wave of fear across the global banking system and was considered to be the official start of the credit crisis. Other European banks, such as Royal Bank of Scotland and UBS, have endured deeper losses. Related Links HSBC Bails Out Its S.I.V.s Unsecured Personal Debt: The Next Shoe to Drop? HSBC Takes a Hit But Sees Profit Source: Portfolio.com: Top 5 | 4 Aug 2008 | 12:30 pm
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