Interest rates held at 5pc by Bank of England

The Bank of England's Monetary Policy Committee opted to leave rates unchanged after weighing up the twin threat of rising inflation and the sharp slowdown in the British economy, which is increasingly at risk of sliding into recession.
Source: Telegraph Business | 7 Aug 2008 | 12:04 pm

Eurozone rates on hold at 4.25%

The European Central Bank maintains eurozone interest rates at 4.25% after its latest meeting.
Source: BBC News | Business | World Edition | 7 Aug 2008 | 11:47 am

Wal-Mart (WMT): The "Recession Proof" Theory Leaves The Building

The big theory after Wal-Mart (WMT) announced its June same-store sales was that the company was recession-proof. People were going from higher-priced retailers to Wal-Mart to save money because the economy was forcing them to do so. Wal-Mart was to be the one large American company that stepped out of the way as the recession rolled on.
Source: 24/7 Wall St. | 7 Aug 2008 | 11:46 am

BA bosses in price-fixing charge

Four current and former British Airways executives may face jail if convicted of fixing the price of fuel surcharges.
Source: BBC News | Business | World Edition | 7 Aug 2008 | 11:46 am

Retailers report mixed sales results in July (AP)

AP - Americans are increasingly shifting their spending to necessities and away from nonessentials like apparel. That has resulted in solid sales gains in July for low-priced operators like Wal-Mart Stores Inc. and sluggish sales for mall-based apparel chains.
Source: Yahoo! News: Business | 7 Aug 2008 | 11:44 am

Wal-Mart July sales below Wall Street view

NEW YORK (Reuters) - Wal-Mart Stores Inc on Thursday reported a 3 percent rise in July sales at U.S. stores open at least a year, below Wall Street estimates, and issued a cautious forecast for August sales as shoppers run out of extra cash from tax rebate checks.

Source: Reuters: Business News | 7 Aug 2008 | 11:43 am

Robert Peston

Barclays losses are less than others hit by credit crunch
Source: BBC News | Business | World Edition | 7 Aug 2008 | 11:41 am

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.

Source: MarketWatch.com - Top Stories | 7 Aug 2008 | 11:31 am

Sirius XM Radio narrows second-quarter loss

NEW YORK (MarketWatch) -- In its first quarterly earnings report since its merger, Sirius XM Satellite said its loss narrowed in the second quarter compared to the year-earlier period when it stood alone as Sirius Satellite Radio.

Source: MarketWatch.com - Top Stories | 7 Aug 2008 | 11:30 am

Futures fall on Wal-Mart sales miss (Reuters)

Reuters - Stock index futures extended losses on Thursday after Wal-Mart Stores Inc the world's largest retailer, posted July same-store sales that fell short of Wall Street's forecasts, adding to concerns about consumer spending.

Source: Yahoo! News: Business | 7 Aug 2008 | 11:29 am

Futures fall on Wal-Mart sales miss

NEW YORK (Reuters) - Stock index futures extended losses on Thursday after Wal-Mart Stores Inc the world's largest retailer, posted July same-store sales that fell short of Wall Street's forecasts, adding to concerns about consumer spending.

Source: Reuters: Business News | 7 Aug 2008 | 11:29 am

Wal-Mart posts sales gain

Wal-Mart Stores Inc. on Thursday reported a 3% increase in July sales at U.S. stores open at least one year, attributing the increase to low prices.

Source: Business and financial news - CNNMoney.com | 7 Aug 2008 | 11:27 am

Sirius losses narrow on subscriber growth

Source: Business and financial news - CNNMoney.com | 7 Aug 2008 | 11:27 am

London Markets: Oil producers, miners, Barclays up, BoE leaves rates on hold

Oil companies, mineral extractors and a turnaround in Barclays shares help London to modest gains on Thursday morning, with BP and Anglo American performing well amid some renewed strength in oil and gold prices.

Source: MarketWatch.com - Top Stories | 7 Aug 2008 | 11:26 am

Wal-Mart July sales miss estimates (Reuters)

Reuters - Wal-Mart Stores Inc on Thursday reported a 3 percent rise in sales at U.S. stores open at least a year in July, slightly below Wall Street estimates.

Source: Yahoo! News: Business | 7 Aug 2008 | 11:22 am

Bank holds UK interest rate at 5%

The Bank of England keeps its key interest rate at 5% as it weighs up the slowing economy with inflation worries.
Source: BBC News | Business | World Edition | 7 Aug 2008 | 11:21 am

Warner Music quarterly loss narrows

NEW YORK (Reuters) - Warner Music Group posted a smaller quarterly loss as improved sales in Europe softened the effects of the slowdown in the global music industry, the company said on Thursday.

Source: Reuters: Business News | 7 Aug 2008 | 11:21 am

Stocks set to fall

U.S. stock futures drifted early Thursday after a big loss at AIG raised credit jitters and oil prices rebounded.

Source: Business and financial news - CNNMoney.com | 7 Aug 2008 | 11:20 am

Sirius (SIRI): A Miss Is As Good As A Mile

Sirius (SIRI) second quarter earnings demonstrated once again that, even after a merger with XM the new entity is not a viable business. The company's gross subscriber additions were 1,029,287, barely above the 1,002,145 in the same quarter last year.
Source: 24/7 Wall St. | 7 Aug 2008 | 11:19 am

Indications: U.S. stock futures drops on AIG loss, Wal-Mart view

U.S. stock futures declined Thursday after American International Group reported a $5.36 billion loss on more mortgage-related write-downs and Wal-Mart Stores said August sales growth would slow.

Source: MarketWatch.com - Top Stories | 7 Aug 2008 | 11:18 am

Toyota Q1 drops, keeps outlook amid U.S. slump

TOKYO (Reuters) - Toyota Motor Corp , the world's biggest automaker, posted a 28 percent drop in quarterly net profit, dented by a strong yen and slumping U.S. sales, and kept its forecasts unchanged for what is set to be its most challenging year in recent memory.

Source: Reuters: Business News | 7 Aug 2008 | 11:12 am

Wall Street: Goodbye to fat bonuses

Looks like Wall Street bankers can kiss those fat bonuses goodbye this year.

Source: Business and financial news - CNNMoney.com | 7 Aug 2008 | 11:12 am

Top Pre-Market Analyst Upgrades (BPFH, CAAS, CTXS, HAYN, MMC, NDAQ, RL, RMD)

These are not all of the analyst upgrades or positive calls we are seeing, but these are the stand out calls early this Thursday morning: Boston Private Financial (BPFH) Raised to Overweight at JPMorgan. China Automotive Systems (CAAS) Started as Buy at Merriman Curhan Ford. Citris (CTXS) Started as Outperform at Bernstein. Haynes International (HAYN) Raised to Overweight at JPMorgan. Marsh & McLennan (MMC) Raised to Market Perform at FBR. NASDAQ OMX (NDAQ) Raised to Outperform at FBR. Polo Ralph Lauren (RL) Raised to Outperform at Morgan Keegan. Resmed (RMD) Raised to Hold at Citigroup. Jon C. Ogg August 7,...
Source: 24/7 Wall St. | 7 Aug 2008 | 11:09 am

Bank of England policymakers leave key rate unchanged

LONDON (MarketWatch) -- Bank of England policymakers on Thursday voted to leave the central bank's key lending rate unchanged at 5% as the British economy wrestles with the threat of a significant economic slowdown and accelerating inflation pressures.

Source: MarketWatch.com - Top Stories | 7 Aug 2008 | 11:09 am

Top Pre-Market Analyst Downgrades (AIG, ANEN, AVP, KMX, CTRN, EW, FMX, LAMR, TRMK, VMW)

These are not all of the downgrades or negative calls we are seeing, but these are the stand out calls early this Thursday morning: AIG (AIG) Cut to Market Perform at FBR. Anaren (ANEN) Cut to Neutral at Piper Jaffray. Avon Products (AVP) Cut to Neutral at Credit Suisse. CarMax (KMX) Cut to Market Perform at Raymond James. Citi Trends (CTRN) Cut to Neutral at Piper Jaffray. Edwards Lifesciences (EW) Cut to Underweight at JPMorgan. Femsa (FMX) Cut to Equal-weight at Morgan Stanley. Lamar Advertising (LAMR) Started as Sell at Citigroup. Trustmark (TRMK) Cut to Underweight at JPMorgan. VMware (VMW)...
Source: 24/7 Wall St. | 7 Aug 2008 | 11:07 am

20 most dependable cars

Source: Business and financial news - CNNMoney.com | 7 Aug 2008 | 11:05 am

Lonmin says to contest Xstrata bid vigorously

LONDON (Reuters) - South Africa-focused platinum producer Lonmin said on Thursday it would vigorously contest a $10 billion bid approach from miner Xstrata , but gave little sign of what steps it might take in its defense.

Source: Reuters: Business News | 7 Aug 2008 | 11:04 am

Lexus once again tops JD Power dependability study

Lexus once again stands alone atop a closely watched list of vehicle dependability after Buick slipped from the No. 1 spot it shared with the Japanese luxury brand last year, J.D. Power and
Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Aug 2008 | 11:00 am

Bank of England holds interest rate at 5%

The Bank of England rebuffed mounting concerns over the rapidly weakening economy today and held interest rates at 5 per cent as it pursued its drive to quell soaring inflation.
Source: Latest Business News from Times Online | 7 Aug 2008 | 11:00 am

Stocks head for mixed open ahead of jobs report (AP)

AP - Wall Street headed for a mixed open Thursday as investors awaited government readings on unemployment and consumer credit.

Source: Yahoo! News: Business | 7 Aug 2008 | 10:57 am

Oil rises to near $120, halting slide

Concerns that tension over Iran's nuclear program could lead to conflict propelled oil prices upward Thursday to near $120 a barrel, halting a four-week slide. Light, sweet crude for...
Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Aug 2008 | 10:55 am

Euro gains ground before ECB rate call

The euro climbed against the dollar on Thursday ahead of a European Central Bank meeting, where eurozone interest rates were expected to be left on hold, dealers said. The...
Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Aug 2008 | 10:53 am

Stocks head for mixed open ahead of jobs report

Wall Street headed for a mixed open Thursday as investors awaited government readings on unemployment and consumer credit. The market expects the Labor Department to report that the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Aug 2008 | 10:53 am

Barclays profits slide after £2.45bn charges

Pre-tax profits at the bank fell by a third to £2.75bn, with the biggest fall coming at its Barclays Capital investment banking arm. Impairment charges and credit provisions totalled £2.45bn and John Varley, chief executive, called the results 'acutely disappointing'
Source: FT.com - US homepage | 7 Aug 2008 | 10:49 am

Toyota Q1 drops, keeps outlook amid U.S. slump

TOKYO (Reuters) - Toyota Motor Corp , the world's biggest automaker, posted a 28 percent drop in quarterly net profit, dented by a strong yen and slumping U.S. sales, and kept its...
Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Aug 2008 | 10:48 am

Toyota Q1 drops, keeps outlook amid U.S. slump (Reuters)

Reuters - Toyota Motor Corp (7203.T), the world's biggest automaker, posted a 28 percent drop in quarterly net profit, dented by a strong yen and slumping U.S. sales, and kept its forecasts unchanged for what is set to be its most challenging year in recent memory.

Source: Yahoo! News: Business | 7 Aug 2008 | 10:48 am

Bank of England to announce rate decision

The Bank of England was to make its latest decision over British interest rates on Thursday, with some economists forecasting a surprise rise in borrowing costs owing to surging inflation.
Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Aug 2008 | 10:46 am

China tightens currency controls to curb inflows

China has issued new controls on transfers of foreign currencies, moving to contain inflationary pressures by curbing the speculative inflows, or so-called hot money, that has been flooding
Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Aug 2008 | 10:45 am

Japan Cabinet lowers overall economic assessment

Japan painted a darker picture of its economic health Thursday, warning of deteriorating exports, output and corporate profits _ signals that may point toward a contraction of the world's...
Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Aug 2008 | 10:43 am

Nestle's 1H profits up 6.1 percent

Nestle SA, the worlds biggest food and drink company, reported a 6.1 percent growth in first-half net profits Thursday despite rising transport and raw materials costs and slowing bottled...
Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Aug 2008 | 10:42 am

Deutsche Telekom 2Q profit down

Deutsche Telekom AG said Thursday its second-quarter net profit dropped 35 percent as the strength of the euro, the continued exit of traditional landline consumers and higher debt costs...
Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Aug 2008 | 10:41 am

Chrysler, Nissan in talks to make midsize cars: report

(Reuters) - Chrysler LLC is in talks with Japan's Nissan Motor Co about jointly producing midsize cars, a partnership that would move the U.S. auto maker toward a radical new business model, the Wall Street Journal said Thursday.

Source: Reuters: Business News | 7 Aug 2008 | 10:40 am

House prices 'fell 1.7% in July'

The Halifax says house prices fell 1.7% in July, with the average property price now 8.8% lower than at the same point last year.
Source: BBC News | Business | World Edition | 7 Aug 2008 | 10:23 am

Cisco's call gets good reception

Cisco sees challenges continuing well into next year and lowered its sales target slightly on Tuesday, but tech investors focused on the company's stabilizing domestic corporate business.

Source: Business and financial news - CNNMoney.com | 7 Aug 2008 | 10:22 am

Barclays reports 35% drop in profit

Source: Business and financial news - CNNMoney.com | 7 Aug 2008 | 10:15 am

YouNoodle takes its own test

The world's first free business start-up valuation tool analyses its own prospects.
Source: Telegraph Business | 7 Aug 2008 | 10:15 am

The Mortgage Crater Gets Deeper, Storm Flags Up For Banks

The IMF and NYU economist Nouriel Roubini can say "I told you so." Both put estimates for mortgage write-downs at over $1 trillion. Banks executives are hoping the number is half of that. The lower number is wrong. As Sam Spade said, it is "the stuff that dreams are made of." Mortgage defaults are in the process of rising rather than falling.
Source: 24/7 Wall St. | 7 Aug 2008 | 10:13 am

Oil rebounds after 4-week slide

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 7 Aug 2008 | 10:12 am

Pakistan coalition to impeach Musharraf

Pakistan's ruling coalition led by the party of slain former prime minister Benazir Bhutto has agreed to begin impeachment proceedings against President Musharraf
Source: FT.com - US homepage | 7 Aug 2008 | 10:09 am

U.S. probe reportedly targets price fixing for pre-packaged ice

A federal probe is targeting allegations of price fixing in the $1.8 billion U.S. market for pre-packaged ice, according to a Wall Street Journal report.

Source: MarketWatch.com - Top Stories | 7 Aug 2008 | 10:09 am

Toyota's profit hit by weak U.S. sales

Source: Business and financial news - CNNMoney.com | 7 Aug 2008 | 10:04 am

European insurers take profit hit

Europe's biggest insurers, including Allianz and Axa, report profit falls as a result of the financial market turmoil.
Source: BBC News | Business | World Edition | 7 Aug 2008 | 10:02 am

Peter Brimelow: Long-time Bear Granville turns bullish

The good news: a long-time bear has turned bullish. The bad news: it’s Joe Granville.

Source: MarketWatch.com - Top Stories | 7 Aug 2008 | 9:57 am

Toyota Reports Fall in First-Quarter Profit

Toyotas fiscal first-quarter profit plunged 28 percent from the previous year.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Aug 2008 | 9:54 am

McDonald's (MCD): Raise Prices, Dump Customers

McDonald's (MCD) is caught between the rising prices of commodities and the need to keep the cost of its food and drinks low. So, the company has decided it may raise what it charges customers. Just a little. That is probably a mistake.
Source: 24/7 Wall St. | 7 Aug 2008 | 9:50 am

Europe Markets: Oil majors, banks spark turnaround for European shares

European shares fall in early trading on Thursday as investors weigh up a raft of earnings from some of the region’s top banks and insurers as well as Swiss food producer Nestle.

Source: MarketWatch.com - Top Stories | 7 Aug 2008 | 9:50 am

AIG loses $5.4 billion in quarter

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 7 Aug 2008 | 9:49 am

Halifax piles more misery on housing market

British house prices fell for a sixth month running in July to an average of £177,351 - a price in line with the average in June 2006.
Source: Latest Business News from Times Online | 7 Aug 2008 | 9:41 am

GM (GM) CEO Has Support Of .000839% Shareholder

Since Richard Wagoner became CEO of General Motors (GM), the stock has gone from the $60 per share range down to its current price of $10.25. But not to worry: the company's lead outside director George M.C. Fisher told The New York Times that "We are absolutely convinced we have the right team under Rick Wagoner's leadership to get us through these difficult times and on to a bright future."
Source: 24/7 Wall St. | 7 Aug 2008 | 9:39 am

Nestle profit up 6% on coffee creamer, KitKat

Nestle SA, the world’s largest food company by sales, says first-half profit rose 6% as the Swiss giant was able to grow demand for powdered coffee creamer and KitKit chocolate.

Source: MarketWatch.com - Top Stories | 7 Aug 2008 | 9:36 am

Currencies: Euro up, pound flat ahead of rate decisions

LONDON (MarketWatch) -- The European single currency rebounded higher against the dollar Thursday, buoyed ahead of the European Central Bank's decision on interest rates.

Source: MarketWatch.com - Top Stories | 7 Aug 2008 | 9:29 am

AIG (AIG): Stupidity's Special Child

AIG (AIG) has made the assumption that other firms like Merrill Lynch (MER) and Citigroup (C) did. Changing CEOs will somehow alter the course of a systemic problem which curses the financial industry.The mortgage-related paper crisis touched every banking and brokerage firm because each and every one made the same basic mistakes in analyzing the markets. AIG was particularly crass in its CEO change. It took the company's chairman, on whose watch many of the investment mistakes were made, and put him into the top job. AIG did not even feign an attempt to find a high-powered outsider who was...
Source: 24/7 Wall St. | 7 Aug 2008 | 9:10 am

Utilities lift European equity markets

European banking stocks shrugged off a bigger-than-expected fall in quarterly profits from Dexia and KBC, while pleasing results in the utilities sector also supported the market.By mid morning, the FTSE...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Aug 2008 | 9:08 am

Toyota's profits beat forecasts

Japanese carmaker Toyota sees quarterly profits drop less than expected but highlights the tough trading environment.
Source: BBC News | Business | World Edition | 7 Aug 2008 | 8:54 am

FTSE higher as banks gain ground

London equities rose on Thursday, after Barclays found support as investors concentrated on its bottom line, turning away from news of fresh writedowns at the bank.The FTSE 100 rose 0.6 per cent, or 32...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Aug 2008 | 8:48 am

Fortis sale to Ping An hits regulatory delay

AMSTERDAM, Aug 7 - Fortis, the Belgian-Dutch financial group which is trying to boost its solvency, said Chinese authorities had delayed approval of the sale of half of its asset management arm to China's...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Aug 2008 | 8:46 am

Under Armour (UA) Feeling Under-Loved

Shares of Under Armour (UA) closed on Wednesday at $32.92, 55% off the 52-week high of $73.40. And yet, according to an interesting company profile in today's New York Times, "There are two kinds of people in the world: those who know what Under Armour is, and those who are just finding out." Marshal Cohen, the chief analyst for the NPD Group, told the Times that "they connect better with the consumer than any brand we've seen in a decade."
Source: 24/7 Wall St. | 7 Aug 2008 | 8:44 am

McDonald's says more product price rises possible

BEIJING (Reuters) - McDonald's Corp said on Thursday it was considering further price increases, but would do nothing that slowed customer traffic into its global network of stores.

Source: Reuters: Business News | 7 Aug 2008 | 8:35 am

Barclays profit slumps by a third

Barclays reports a 33% drop in profits for the first half of 2008 to £2.75bn, with more write-downs linked to the credit crunch.
Source: BBC News | Business | World Edition | 7 Aug 2008 | 8:08 am

South Korea surprised by interest rate rise to 5.25%

The Bank of Korea surprised markets on Thursday with a controversial decision to raise interest rates to a seven-and-a-half year high as it was squeezed unhappily between surging inflation and a weakening economy.
Source: Latest Business News from Times Online | 7 Aug 2008 | 8:04 am

Ladbrokes stung by high rollers in tax havens

Ladbrokes, the betting chain, announced a drop in profits today as high-rolling customers moved to offshore gambling operations and Euro 2008 was won by the favourite, Spain.
Source: Latest Business News from Times Online | 7 Aug 2008 | 7:59 am

Barclays profits slide after 2.45bn charges

First-half pre-tax profits at Barclays fell by a third to 2.75bn, the bank revealed on Thursday, as it took impairment charges and credit provisions totalling 2.45bn, up from 959m. John Varley, chief executive...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Aug 2008 | 7:59 am

Friends battered as wealth buyer fails to bite

Friends Provident confirmed today that it has been unable to attract serious bids for its wealth management businesses, which it wants to sell as part of a transformation to concentrate on its core insurance and pensions business.
Source: Latest Business News from Times Online | 7 Aug 2008 | 7:52 am

Media Digest 8/6/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, Freddie Mac (FRE) now has a negative net worth which means some investors think it should trade close to zero. Reuters writes that AIG (AIG) posted a huge loss of over $5 billion on bad mortgage bets. Reuters reports that Carl Icahn has joined the Yahoo! (YHOO) board and will begin to pressure the company to make a transaction.
Source: 24/7 Wall St. | 7 Aug 2008 | 7:50 am

Barclays, Cobham: Business roundup August 7

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Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Aug 2008 | 7:45 am

Barclays, Cobham: Business roundup August 7

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Source: Telegraph Business | 7 Aug 2008 | 7:45 am

FTSE lower after Barclays writedowns

London equities fell on Thursday after news of fresh writedowns at Barclays stirred up worries about the financial sector, ending a two-session rally. The FTSE 100 fell 0.4 per cent to 5,466.6, a fall...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Aug 2008 | 7:32 am

Dresdner losses weigh on Allianz

Heavy losses at Allianz's up-for-sale Dresdner Bank subsidiary continued to dog Europe's biggest insurance group as it revealed a big drop in second-quarter profits and abandoned its growth forecasts.Allianz...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Aug 2008 | 7:26 am

Time Warner to split AOL as revenue plummets

The box office success of Sex and the City failed to offset a 26 per cent fall in profits at Time Warner, which reported lower revenue from print and online.
Source: Latest Business News from Times Online | 7 Aug 2008 | 7:11 am

Freddie Mac pushed deeper into the red

Freddie Mac, the American government-chartered mortgage financing giant, plans to cut its dividend by at least 80 per cent after a $3.5 billion ($£1.79 billion) hit from the credit crunch pushed it four times as far into the red for the second quarter as the market had forecast.
Source: Latest Business News from Times Online | 7 Aug 2008 | 7:07 am

Toyota quarterly profits fall 28%

TOKYO, Aug 7 Toyota Motor Corp the world's biggest automaker, posted a smaller-than-expected 28 per cent drop in quarterly net profit, dented by a strong yen and slumping US sales, and kept its forecasts...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Aug 2008 | 7:05 am

Pipeline fire disrupts oil flow across Turkey

Oil flows on the Baku-Tbilisi-Ceyhan pipeline in eastern Turkey, which carries one million barrels a day, have been halted by an explosion and fire.
Source: Latest Business News from Times Online | 7 Aug 2008 | 7:02 am

Calorie counts could be added to menus at some chain restaurants in L.A. County

Supervisor Zev Yaroslavsky wants the eateries to provide a caloric breakdown for all their offerings to help diners 'make the right dietary choices.' ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Aug 2008 | 7:00 am

Anaheim General Hospital hit with dozens of citations over staffing, care

The findings put the hospital's funding at risk and come as its owner, Pacific Health, is named in a suit accusing it of defrauding the Medi-Cal and Medicare programs.

An Anaheim hospital that treats a large share of poor patients in the region has been slapped with dozens of citations by two independent sets of regulators for inadequate staffing and poor medical care.

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

Howard Hughes' Spruce Goose hangar for sale

The cavernous space where the mogul built his infamous seaplane is now used as a soundstage for movie and TV shoots. Real estate experts value it at more than $60 million.

A chunk of Howard Hughes' Los Angeles is on the block: the cavernous hangar where the aviation mogul built his infamous Spruce Goose aircraft that flew only once -- for about one minute -- in 1947. ¶ It was wartime when Hughes Aircraft Co. got a government contract to build three flying boats intended to transport troops and equipment across oceans. Hughes set out to build a seaplane capable of carrying 750 fully armed soldiers nonstop from Honolulu to Tokyo. ¶ Among his many challenges was the fact that no plane that big had ever been built, and he couldn't use materials considered crucial to the war effort, such as aluminum, to make it. He decided to use wood and settled on birch, which made the popular nickname "Spruce Goose" irksome to him. ¶ The plane's real name was Hercules. It sported a wingspan of 320 feet and weighed 200 tons. It was built in a redwood hangar that remains south of Marina del Rey on a wide patch of land where office campuses are being built to complement Playa Vista's residential neighborhood under construction next door.

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

Internet security experts racing to patch hole

A flaw in the domain name system allows hackers to steer traffic and steal information.

A gaping hole in the foundation of the Internet can allow malicious hackers to launch new attacks on corporate systems as well as individual computer users, a leading technology security researcher said Wednesday.

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

Disney to target boys with rebranded cable channel

The entertainment giant plans to relaunch Toon Disney as Disney XD, which will be aimed at boys ages 6 to 14.

Someday, Disney hopes its princes will come.

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

Cisco, oil push stocks higher

The Dow Jones industrial average rises 40.30 points after falling almost 100 early in the session.

Wall Street logged another winning day Wednesday as a drop in oil prices and a better-than-expected profit report from technology bellwether Cisco Systems helped corral the market's worries about the financial sector.

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

Sprint, Qwest sales drop as subscribers switch to rivals

The telephone companies are losing customers to Verizon Wireless and AT & T.

Sprint Nextel Corp. and Qwest Communications International Inc. posted lower second-quarter sales amid heightened competition for telephone customers.

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

Calorie counts could be added to menus at some chain restaurants in L.A. County

Supervisor Zev Yaroslavsky wants the eateries to provide a caloric breakdown for all their offerings to help diners 'make the right dietary choices.'

Los Angeles County, you're going on a diet whether you like it or not.

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

Insurer AIG reports $5.4bn loss

Insurer American International Group reports a quarterly loss of $5.36bn with profits wiped out by writedowns on assets.
Source: BBC News | Business | World Edition | 7 Aug 2008 | 6:44 am

Barclays' profits drop a third

John Varley, chief executive of Barclays, today posted what he called an "acutely disappointing" 33 per cent slide in first-half profits to £2.8 billion and apologised for the collapse in the bank's share price.
Source: Latest Business News from Times Online | 7 Aug 2008 | 6:34 am

Games to turn investors on or off China?

BEIJING (Reuters) - The Olympic Games that start in Beijing on Friday will probably only enhance China's attractiveness as an investment destination, but there is still plenty that could go wrong to chill sentiment.

Source: Reuters: Business News | 7 Aug 2008 | 6:25 am

McDonald's says more product price rises possible (Reuters)

Reuters - McDonald's Corp said on Thursday it was considering further price increases, but would do nothing that slowed customer traffic into its global network of stores.

Source: Yahoo! News: Business | 7 Aug 2008 | 6:25 am

Strategic Finance suspends withdrawals

Strategic Finance Ltd, which says on its website it is a leader in the financial services field, has suspended redemptions of its secured debenture stock and subordinated notes, effective today. Strategic Finance has also ceased...
Source: New Zealand Herald - Business | 7 Aug 2008 | 5:56 am

HSBC denies new deadline for $6.3 billion KEB deal

SEOUL/HONG KONG (Reuters) - HSBC Holdings on Thursday denied a South Korean media report saying it had agreed with U.S. private equity firm Lone Star to set a new deadline for a $6.3 billion deal for control of Korea Exchange Bank.

Source: Reuters: Business News | 7 Aug 2008 | 5:43 am

Chrysler, Nissan in talks to make midsize cars: report (Reuters)

Reuters - Chrysler LLC is in talks with Japan's Nissan Motor Co (7201.T) about jointly producing midsize cars, a partnership that would move the U.S. auto maker toward a radical new business model, the Wall Street Journal said Thursday.

Source: Yahoo! News: Business | 7 Aug 2008 | 5:21 am

Croissants, cheese and foie gras to be taxed? Mon Dieu!

There is a God. After decades of taunting the rest of the world with the cruel boast that the French don't put on weight despite their diet of croissants and camembert, President Nicolas Sarkozy's government has finally admitted that the chic-est people in the world get fat just like the rest of us.
Source: Latest Business News from Times Online | 7 Aug 2008 | 5:17 am

Metal Bender With a Modern Mission (Today From Barron's)

Chicago Bridge & Iron is a play on the fast-growing build-out of energy infrastructure.

Source: SmartMoney.com | 7 Aug 2008 | 4:34 am

Fullers staff angered by restructure

Employees are up in arms over proposed restructuring at Fullers Bay of Islands. Fullers is to be incorporated into parent company InterCity and staff have been told they may have to reapply for their jobs. Up to four positions...
Source: New Zealand Herald - Business | 7 Aug 2008 | 2:35 am

From bull to bust: Tracking the plunge in commodities

Source: L.A. Times - Business | 7 Aug 2008 | 1:41 am

Tabcorp profit hit by pokies ruling

Listed Australian gaming company Tabcorp has posted an after-tax loss of almost A$165 million for the 2008 financial year. The loss is partly due to the Victorian Government's decision to end the duopoly over poker machine licences. The...
Source: New Zealand Herald - Business | 7 Aug 2008 | 1:30 am

Petricevic is declared bankrupt

Bridgecorp founder Rod Petricevic has been adjudicated bankrupt. The ruling was made just after 5pm at the High Court in Auckland. Earlier today it emerged the former financier also owes troubled Hanover Finance $4 million. Hanover...
Source: New Zealand Herald - Business | 7 Aug 2008 | 1:00 am

Unemployment rate rises again

The unemployment rate rose to a two-year high of 3.9 per cent in the June quarter, even as job numbers rose strongly, reversing an equally sharp decline the previous quarter. The 26,000, or 1.2 per cent, rise in jobs to 2.17 million...
Source: New Zealand Herald - Business | 7 Aug 2008 | 1:00 am

Tokyo concedes end to long spell of growth

The Japanese government downgrades its assessment of the economy to 'deteriorating' after the key June coincident indicators index fell a preliminary 1.6%
Source: FT.com - US homepage | 7 Aug 2008 | 12:57 am

After The Close - Wednesday

AIG (AIG) swung to a Q2 loss of 51 cents a share ex items. Wall St. expected a 63-cent profit. The insurance giant lost $5.36 bil net on over $11...
Source: Investor's Business Daily: BUSINESS | 7 Aug 2008 | 12:45 am

In Brief - Wednesday

Dean Foods (DF), the nation's largest dairy company, said Q2 EPS rose 10% to 33 cents, 1 cent above views. Sales gained 9% to $3.1 bil, below...
Source: Investor's Business Daily: BUSINESS | 7 Aug 2008 | 12:45 am

Acquisition Gives Booster Shot To Provider Of Home Health Care

There's nothing like a king-size buyout to lift a business to the next level. Look no further than a recent deal by home health nursing dynamo...
Source: Investor's Business Daily: BUSINESS | 7 Aug 2008 | 12:45 am

Business Briefs - Wednesday

FTI tops, warns of 2nd-half costs. The business advisory firm said Q2 EPS rose 25% to 66 cents, topping views by 6 cents. Revenue grew 41% to...
Source: Investor's Business Daily: BUSINESS | 7 Aug 2008 | 12:45 am

Trends & Innovations

Every U.S. adult fat in 40 years? If trends of the past three decades continue, 86% of American adults could be overweight by 2030 and 100% by...
Source: Investor's Business Daily: BUSINESS | 7 Aug 2008 | 12:45 am

Demand for minerals and metals boost Vale, Xstrata net

RIO DE JANEIRO/LONDON (Reuters) - Robust demand for minerals and metals boosted Vale's net income to a record in the second quarter and helped its former takeover target, Xstrata, beat expectations for its first-half earnings.

Source: Reuters: Business News | 7 Aug 2008 | 12:38 am

F&C hit by uncertainty over Friends Provident stake

F&C Asset Management admitted it had lost a further £1.9bn of business, with its chief executive blaming the uncertainty surrounding Friends Provident's majority stake in the asset manager.
Source: Telegraph Business | 7 Aug 2008 | 12:01 am

Citigroup may pay $5bn to investors in frozen securities

Citigroup is considering paying more than $5bn (£2.5bn) to buy out individuals and charities that invested in the now-frozen auction-rate securities market as part of an attempt to reach a deal with angry regulators.
Source: Telegraph Business | 7 Aug 2008 | 12:01 am

Liberty asset values fall 7pc as it raises bad debt provision

FTSE 100 property group Liberty International spooked the market by revealing a 7.4pc fall in the value of its assets and an increase in bad debt provisions.
Source: Telegraph Business | 7 Aug 2008 | 12:01 am

GLG Partners posts 64pc less as star Greg Coffey eyes London

GLG Partners is the latest hedge fund to highlight the credit crisis after unveiling a 64pc drop in profits in its second quarter results, the last with star hedge fund manager Greg Coffey on board.
Source: Telegraph Business | 7 Aug 2008 | 12:01 am

IMF warns that UK is on the brink of recession

The International Monetary Fund heaped more misery on the Chancellor Alistair Darling by slashing its growth forecasts for the UK economy and warning a recession was not out of the question.
Source: Telegraph Business | 7 Aug 2008 | 12:01 am

Johnson names John Talbot as new chairman

The struggling textiles cleaning company Johnson Service Group has appointed John Talbot executive chairman as it unveiled plans for a £10m fundraising through an open offer at 20p.
Source: Telegraph Business | 7 Aug 2008 | 12:01 am

Lonmin board rejects Xstrata's £5bn takeover offer

Xstrata put an end to weeks of speculation yesterday by unveiling a proposed £5bn takeover of platinum miner Lonmin, whose board immediately rejected the approach.
Source: Telegraph Business | 7 Aug 2008 | 12:01 am

Threre's more where that came from - oil and gas upgrade for Pohokura field

Oil and gas reserves in this country's largest petroleum field at Pohokura, offshore from New Plymouth, have both been lifted. The Ministry of Economic Development's latest Energy Data File shows the field's oil reserves up 38...
Source: New Zealand Herald - Business | 7 Aug 2008 | 12:00 am

AOL drags Time Warner income down

AOL continued to weigh on Time Warner as the media group reported a 26 per cent drop in second-quarter income, largely because of weakness at its internet division
Source: FT.com - US homepage | 6 Aug 2008 | 11:59 pm

AIG and Freddie damp recovery hopes

American International Group and Freddie Mac damped hopes for an easing of the financial crisis after reporting another quarter marked by billions of dollars of credit-related writedowns and substantial losses
Source: FT.com - US homepage | 6 Aug 2008 | 11:39 pm

Citigroup to settle securities conflict

Citigroup is nearing an agreement to buy back at least $5bn worth of auction-rate securities and pay a $100m fine in a settlement with regulators that could be announced as early as Thursday, and that would pave the way for similar deals by other banks
Source: FT.com - US homepage | 6 Aug 2008 | 11:39 pm

Better times on the Horizon

Lines company Horizon Energy has reported an after tax profit of $5.5 million for the year ending March 31. The numbers were down on the previous year but the company is forecasting an after tax profit of between $5.3m and $5.6m...
Source: New Zealand Herald - Business | 6 Aug 2008 | 11:30 pm

Global problem

How has the credit crunch hit different parts of the world?
Source: BBC News | Business | World Edition | 6 Aug 2008 | 11:13 pm

Brook move sparks exit talk

High-profile fund managers Simon Botherway and Paul Glass have stepped down as directors of Brook Asset Management, sparking talk that the pair may be preparing to leave the business and set up on their own. Botherway led the establishment...
Source: New Zealand Herald - Business | 6 Aug 2008 | 11:00 pm

Trading halt on Strategic Finance

A halt has been placed on trading in the securities of Strategic Finance listed on the NZDX market, ahead of an announcement by the company. NZX Regulation said the halt was at the request of the company, with the announcement...
Source: New Zealand Herald - Business | 6 Aug 2008 | 11:00 pm

NZ Shares: Solid start for local market

The New Zealand sharemarket had a solid start to trading, building on yesterday's surge and following continued gains in US equities. With its annual result out tomorrow, top stock Telecom helped pull the market ahead, adding 4c...
Source: New Zealand Herald - Business | 6 Aug 2008 | 10:50 pm

Fortress goes to Hollywood with $300m

Wall Street has given Hollywood film financing a wide berth since the onset of the credit crunch, but Fortress Investment, one of the largest publicly traded alternative investment funds, is bucking the trend to the tune of $300m
Source: FT.com - US homepage | 6 Aug 2008 | 10:31 pm

Former Director Reinhart Says U.S. Asking Too Much of Fed

Source: Bloomberg - All Podcasts | 6 Aug 2008 | 9:57 pm

Parry Says Fed Is Facing `Serious' Policy Challenges

Source: Bloomberg - All Podcasts | 6 Aug 2008 | 9:54 pm

8 Stocks With Accelerating Sales Growth (Stock Screen)

Accelerating sales growth makes these eight stocks intriguing.

Source: SmartMoney.com | 6 Aug 2008 | 9:41 pm

Drake Recommends ETFs to Follow Rapid Moves in Market

Source: Bloomberg - All Podcasts | 6 Aug 2008 | 9:34 pm

VIX Index of U.S. Stock Prices Retreats 4.3 % to 20.23

Source: Bloomberg - All Podcasts | 6 Aug 2008 | 9:34 pm

Olympian O'Brien Expects `Great Races' at Beijing Games

Source: Bloomberg - All Podcasts | 6 Aug 2008 | 9:24 pm

West Says `Diamond Dreams' Combines Music, Baseball

Source: Bloomberg - All Podcasts | 6 Aug 2008 | 9:21 pm

Commodities Dug Up, Techs Refurbished (Daily ETF Wrap-Up)

Wall Street's whiz kids bought whatever they'd been selling, and vice versa.

Source: SmartMoney.com | 6 Aug 2008 | 8:50 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 | 6 Aug 2008 | 8:50 pm

8 Stocks Enjoying Ample Insider Buying (Stock Screen)

When company insiders are buying up their own shares, you should too.

Source: SmartMoney.com | 6 Aug 2008 | 8:50 pm

Gains in energy and materials lift Wall Street

US stocks climbed modestly for a second straight session as energy and materials stocks made ground and investors cheered some decent results from technology bellwether Cisco
Source: FT.com - US homepage | 6 Aug 2008 | 8:38 pm

Finding value in lumber mill leftovers

Demand for sawdust has grown tremendously, with prices in some parts of the country doubling. But the housing slump means there's less of this unlikely commodity to go around. Nina Keck reports.
Source: Marketplace | 6 Aug 2008 | 8:31 pm

Commodities coming down from highs

So far, 2008 has been a roller coaster year for commodities. Host Kai Ryssdal talks with Financial Times columnist John Authers about the role speculation played in the wild prices.
Source: Marketplace | 6 Aug 2008 | 8:30 pm

Clocking China's economic pace

While the world watches the speed of its athletes, China's economy continues sprinting on as well. Now economists are trying to determine just how fast it's going. Scott Tong reports.
Source: Marketplace | 6 Aug 2008 | 8:30 pm

Slowdown could help China open up

Protests have already begun near Olympic sites in Beijing in anticipation of Friday's opening ceremonies. Commentator David Frum wonders if a slumping economy might be the key to opening up Chinese society.
Source: Marketplace | 6 Aug 2008 | 8:30 pm

Old tech could deliver $12 computer

First, the $100 laptop. Now, computers as inexpensive as $12. An MIT team hopes to create the low-cost machines by looking to technology from the early days of computing. Nancy Marshall Genzer reports.
Source: Marketplace | 6 Aug 2008 | 8:30 pm

Private prisons hold on in hard times

America's largest private prison operator is preparing to report its earnings and analysts are wondering how the for-profit prison industry will cope with a down economy. Ashley Milne-Tyte reports.
Source: Marketplace | 6 Aug 2008 | 8:30 pm

Corn prices pop ADM's ethanol profits

Rising costs have driven Archer Daniels Midland, the world's largest grain processor, to plan a move away from corn as the primary component in its ethanol production. Dan Grech reports.
Source: Marketplace | 6 Aug 2008 | 8:30 pm

Another down quarter for Freddie

Freddie Mac posted its fourth-straight quarterly loss, signaling continued gray skies in the housing market and reminding investors of the firm's uncertain future. Alisa Roth reports.
Source: Marketplace | 6 Aug 2008 | 8:30 pm

Stocks Finish Higher

The major indexes extended Tuesday's big gains on lower oil prices and rosy results from the tech sector.

Source: SmartMoney.com | 6 Aug 2008 | 8:16 pm

Whole Foods Gets Hammered After Warning (One-Day Wonder)

Whole Foods gets hammered after the upscale grocer warned of tough economic times.

Source: SmartMoney.com | 6 Aug 2008 | 8:08 pm

Big banks seek to limit their own risks

In the wake of the credit crisis, the world's largest banks are calling for dramatic revisions to the securitisation and derivatives industries
Source: FT.com - US homepage | 6 Aug 2008 | 8:08 pm

New 401(k) Fee Rules Slow to Materialize (The Irritable Investor)

New disclosure rules are in the pipeline, but they may not take effect before 2010.

Source: SmartMoney.com | 6 Aug 2008 | 7:57 pm

Blog: Freddie Mac: Home price drop just 'halfway through'

Source: L.A. Times - Business | 6 Aug 2008 | 7:53 pm

Auto Insurers Offer Discounts to Those Who Drive Less (Deal of the Day)

Auto insurers offer steep discounts to drivers who spend less time on the road.

Source: SmartMoney.com | 6 Aug 2008 | 6:58 pm

Rejected Xstrata builds up Lonmin holding

Xstrata continued to build up a stake in Lonmin after making a surprise $10bn hostile takeover bid for the platinum producer, which was rejected
Source: FT.com - US homepage | 6 Aug 2008 | 6:50 pm

How to Climb Aboard the Money Train (Today From Barron's)

Our romance with rails has been rekindled. Here's how to climb aboard the money train.

Source: SmartMoney.com | 6 Aug 2008 | 6:47 pm

Author Shareen Brysac Recounts Invention of Middle East

Source: Bloomberg - All Podcasts | 6 Aug 2008 | 6:13 pm

Embarrassing Cleanup of Auction-Rate Bond Mess: Commentary

Source: Bloomberg - All Podcasts | 6 Aug 2008 | 5:56 pm

Illusionist Jillette Says Honesty Is Necessary for Show

Source: Bloomberg - All Podcasts | 6 Aug 2008 | 4:01 pm

Good Show by Time Warner

The Joker and Carrie Bradshaw have something in common—apart from funny clothes, that is. Jeff Bewkes, Time Warner's C.E.O, called them out in the second-quarter earnings release as examples of Time Warner's creative work and "the industry's most compelling content."

Bewkes has reason to feel good this quarter as the company reports a 5 percent gain in revenue.

Yes, AOL is a dying beast. But Time Warner's performance in cable and film was cause for celebration at a time when all big media conglomerates are struggling with a weak economy.

The really good news came from the company's cable units, Turner Broadcasting and HBO, where revenue rose 9 percent fueled by gains in subscriptions and advertising. Bewkes chalked up Turner's ad gains to the unit's entertainment content, led by TNT series like The Closer and Saving Grace, the July season premieres of which captured the first and second highest-rated spots for cable shows for the year.

Time Warner's biggest division, Time Warner Cable, saw revenue increase 7 percent thanks to a rise in subscription revenues. The unit will be spun off in a deal set to close around the end of the year, and which will result largely in dividend payments to Time Warner Cable shareholders, including Time Warner.

The company's film business, comprising Warner Bros. and New Line Cinema, reaped the biggest revenue increase of all—a respectable 14 percent thanks to the home video popularity of I Am Legend and The Bucket List, and good box-office showings for Sex and the City and Get Smart. The Dark Knight, executives reiterated on the call, will not impact film revenue until the third quarter—but box office sales have the film on track to become the second highest-grossing flick of all time.

"Our studios produced eight of the top 15 grossing films of all time," said Bewkes, acknowledging the occasional "misfire" like this summer's flop Speed Racer. "Our hits far outweigh our misses."

There were plenty of misses in internet and publishing. At AOL, revenue declined 16 percent over the quarter a year ago as subscribers fled and advertising suffered. AOL is now the company's smallest unit by revenue. Looking ahead to 2009, Bewkes promised that his decision to operate AOL's internet access and online-advertising businesses separately would take hold, opening the door to Time Warner to do "something strategic with either business." Like, sell one of them, perhaps?

AOL's quarterly revenue decline was outpaced by Time Warner's beleaguered publishing division, which suffered a 6 percent decrease in revenue this quarter, fueled largely by a 9 percent drop in ad revenue and almost flat subscription sales. Particular losers in terms of sales were titles Synapse and Southern Living at Home; digital publishing revenue actually rose thanks to People.com, Time.com, and CNNMoney.com.


Related Links
Time Warner's Pleasant Surprise
Splitting Cable, Still Pondering AOL
The Time Warner Cable Control Premium: $0


Source: Portfolio.com: Top 5 | 6 Aug 2008 | 4:00 pm

Cisco Cut to `Equal Weight' From `Overweight' At Lehman

Source: Bloomberg - All Podcasts | 6 Aug 2008 | 2:56 pm

Freddie's Red

The Treasury Department ought to make sure its emergency plan for the mortgage giants is ready soon.

For one, the bleeding at the second-biggest buyer of mortgages, Freddie Mac, shows no signs of stopping. Freddie today reported a larger-than-expected loss of $821 million for the fourth quarter. It was its fourth consecutive quarterly loss.

The company is still talking about raising $5.5 billion in additional capital, but disclosed no details about how it plans to do so. It also said it expected to cut its dividend of 25 cents per share to 5 cents or less. In short, the scramble to raise capital is far from over.

Dick Syron, Freddie's chief executive, who ignored warnings about deteriorating lending standards and growing risk four years ago, noted that the company still has "a surplus over all regulatory capital requirements."

But he cautioned, "We expect continued housing and economic weakness will affect our overall performance this year."

Freddie's credit-related expenses, including provisions for losses, grew to $2.8 billion in the quarter, double that of the quarter a year ago. The provision for credit losses rose as delinquency rates increased and the number of foreclosures rose.

"The credit deterioration has largely been driven by the continued decline in home prices and other declines in regional economic conditions, particularly in the North Central, Southeast, and West regions," the company said in a statement.

Shares of Freddie have tumbled 76 percent this year as fears mount that the company, and its larger sister, Fannie Mae, do not have enough capital in the face of the deepest housing slump since the Depression. A year ago, Freddie reported a profit of $729 million for the quarter.

The big loss today may dampen some of the bullishness in the market.

The one silver lining in the wobbles of the mortgage giants is the work the crisis is providing for Wall Street. Goldman Sachs and J.P. Morgan Chase are helping Freddie, while Morgan Stanley is advising the Treasury Department.



Related Links
Dud Loans Slap Freddie Mac
'Not Bad' is the New 'Great!'
Bad Day at Blackstone


Source: Portfolio.com: Top 5 | 6 Aug 2008 | 11:30 am

Time Warner second-quarter earnings fall 26%

Time Warner Inc.'s second-quarter earnings fell 26% on declining subscriber fees at its AOL online unit and lower ad revenue at the Time publishing business, the media conglomerate said Wednesday.

Source: L.A. Times - Business | 6 Aug 2008 | 11:18 am