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NewsWatch: Dollar's bottom could be real thing this time, analysts saySAN FRANCISCO (MarketWatch) -- Investors watching the dollar's dramatic rally at the end of this week could be forgiven for skeptically wondering, is it for real, and is it sustainable?Source: MarketWatch.com - Top Stories | 10 Aug 2008 | 1:00 pm UBS 'to appoint Swiss Life chairman to board'Banking giant UBS will appoint the head of insurer Swiss Life to its board in a bid to restore confidence after a year of record losses and legal turmoil, weekly SonntagsZeitung reported...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Aug 2008 | 12:43 pm Georgia says Russia has opened second frontGeorgia said Russian troops were storming a Georgian-controlled gorge in a second breakaway region, opening a second front in a conflict that threatens to engulf the region in all-out war as fighting continued in South OssetiaSource: FT.com - US homepage | 10 Aug 2008 | 12:32 pm Virgin challenges BA's US tie-upSir Richard Branson writes to the US presidential hopefuls, opposing a proposed merger between BA and American Airlines.Source: BBC News | Business | World Edition | 10 Aug 2008 | 12:29 pm UK economy 'worse than thought'The UK's leading employers' organisation, the CBI warns that the UK economy is in a worse state than previously thought.Source: BBC News | Business | World Edition | 10 Aug 2008 | 10:14 am Iran, Algeria to discuss OPEC-style gas groupTEHRAN (Reuters) - Iran and Algeria are expected to discuss the formation of an OPEC-style gas group during a visit by Algerian president Abdelaziz Bouteflika to Tehran, Iran's ambassador to Algeria said in remarks published on Sunday.Source: Reuters: Business News | 10 Aug 2008 | 9:02 am Study up on how to spend 529 funds for collegeTap the tax-free savings plan -- but only for IRS-approved expenses. Buy the wrong thing and you could be hit with taxes and a 10% penalty on your earnings.Your 18-year-old is on the way to college, and you're tapping into that stash of money you've accumulated over the years in one of those tax-free college savings plans. ¶ But if you want to pay for more than room, board, tuition and books, you'd better check with the federal revenooers first. Buy the wrong thing and you could be hit with taxes and a 10% penalty on your earnings. ¶ Want to use the money to buy a laptop computer for the kid? Maybe you can, maybe not. Want to pay off part of a student loan taken the year before? Forget about it. Got enough for a down payment on a used car so college boy can come home once in a while? You've got to be kidding. Even transportation at school isn't covered. Source: L.A. Times - Business | 10 Aug 2008 | 7:00 am Give the doctor a checkup before ordering a house callThe new breed of 'concierge physician' aims high-priced services at the well-off. One is on probation with the state Medical Board. H e refers to himself as Dr...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Aug 2008 | 7:00 am Condo buyers are in the driver's seatBut with few projects on the horizon, good deals that are available now may not last. Saving up for a brand-new...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Aug 2008 | 7:00 am Condo buyers are in the driver's seatBut with few projects on the horizon, good deals that are available now may not last.Saving up for a brand-new condo that's move-in ready? Just want to turn the key and unpack your boxes? Condominiums are a popular alternative to single-family homes because of their relative affordability and low upkeep. But with little construction on the horizon, there will be fewer newly built units to pick from down the road. Source: L.A. Times - Business | 10 Aug 2008 | 7:00 am Taking steps to make sure your builder won't go bustWith more firms in financial trouble, buyers could be left holding the bag. It's always wise for would-be home...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Aug 2008 | 7:00 am Taking steps to make sure your builder won't go bustWith more firms in financial trouble, buyers could be left holding the bag.It's always wise for would-be home buyers to make sure that the builders they choose are on solid footing. But at a time when many companies are teetering on the brink of financial ruin, it's necessary to be as picky about the builder as the floor plans and options he offers. Source: L.A. Times - Business | 10 Aug 2008 | 7:00 am Angelino Heights Victorian houseThe 1880s monument sold for $1 in 1978. Fully restored, the property is priced at nearly $1.5 million. Photos Built in the 1880s and...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Aug 2008 | 7:00 am Give the doctor a checkup before ordering a house callThe new breed of 'concierge physician' aims high-priced services at the well-off. One is on probation with the state Medical Board.H e refers to himself as Dr. House Call. In glossy brochures mailed recently to thousands of well-to-do households from Malibu to Brentwood, he said he was seeking to be a "caring, old-fashioned Marcus Welby kind of good doctor without the office hassles." Source: L.A. Times - Business | 10 Aug 2008 | 7:00 am Homeowners get tax breaks in housing billThe Housing and Economic Recovery Act doesn't only stave off foreclosures and help troubled lenders. First-time buyers, older homeowners and others also benefit. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Aug 2008 | 7:00 am PMI sees California and Florida weakening while most of nation's housing markets recoverMortgage insurer PMI Group's latest report on the risk of falling home prices concludes there are "two distinctly different paths" right now: Most of the nation's housing markets are showing signs of...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Aug 2008 | 7:00 am PMI sees California and Florida weakening while most of nation's housing markets recoverMortgage insurer PMI Group's latest report on the risk of falling home prices concludes there are "two distinctly different paths" right now: Most of the nation's housing markets are showing signs of improvement, but bubble-inflated markets in California and Florida are showing signs of further deterioration amid rising foreclosures.Source: L.A. Times - Business | 10 Aug 2008 | 7:00 am Homeowners get tax breaks in housing billThe Housing and Economic Recovery Act doesn't only stave off foreclosures and help troubled lenders. First-time buyers, older homeowners and others also benefit.Tax breaks for owning real estate are undergoing another shift, thanks to the Housing and Economic Recovery Act recently signed into law by President Bush. Source: L.A. Times - Business | 10 Aug 2008 | 7:00 am Poizner's shameful actionOn " Poizner drops refund effort " (Aug. 5):Source: L.A. Times - Business | 10 Aug 2008 | 7:00 am Study up on how to spend 529 funds for collegeTap the tax-free savings plan -- but only for IRS-approved expenses. Buy the wrong thing and you could be hit with taxes and a 10% penalty on your earnings. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Aug 2008 | 7:00 am Poizner's shameful actionOn " Poizner drops refund effort " (Aug. 5):Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Aug 2008 | 7:00 am The Debt Trap: Outside U.S., Credit Cards Tighten GripCredit cards have become commonplace in Turkey, but so has the curse of debt.Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Aug 2008 | 6:56 am The Food Chain: Darfur Withers as Sudan Sells FoodSudan is capitalizing on high global food prices at a time when millions there barely have enough to eat.Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Aug 2008 | 6:42 am Financial regulation shake-up still needed in wake of subprime crisisThe global financial crisis may have sparked calls for markets and governments to be more tightly regulated, but a year after the credit crunch hit reforms are still a long way off,...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Aug 2008 | 5:17 am Economic Preview: Consumer spending heading for a fallWith the stimulus checks just a memory, U.S. consumer spending is set to decline in the third quarter for the first time in 17 years, economists say.Source: MarketWatch.com - Top Stories | 10 Aug 2008 | 4:01 am The credit crunch bites, even in St Tropez ...Luxury retailers, hotels and other high-end services have reported a dramatic drop in business in St Tropez, a traditional summer haunt of the rich and famous, as the credit crunch bites.Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Aug 2008 | 3:50 am Spain facing worse economic slowdown than expectedThe Spanish economy, long a motor of growth and job creation in the eurozone, is facing a deeper and faster-than-expected slowdown as the impact of the end of a property boom spreads to...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Aug 2008 | 3:44 am Inflation dip brings little comfort for weary Baltic consumersShouldering the heaviest inflation burden in the EU, consumers in the Baltic states of Lithuania, Latvia and Estonia are fed up, drawing little comfort from official data showing price...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Aug 2008 | 3:39 am Phelps wins first gold medal in quest for eightMichael Phelps of the US began his eight-gold quest for ultimate Olympic glory in men's swimming, winning a gold medal in the 400m individual medley and smashing his own world recordSource: FT.com - US homepage | 10 Aug 2008 | 3:09 am King Soopers and City Market Stores Ask Customers to Check Refrigerators and Freezers for Recalled BeefDENVER, Aug. 9 /PRNewswire/ -- King Soopers and City Market stores are asking customers to check for ground beef they may have recently purchased that is part of a recallSource: Infocious RSS raw feed - channel BNewsBusiness | 10 Aug 2008 | 3:00 am Fred Meyer Asks Customers to Check Refrigerators and Freezers for Recalled BeefPORTLAND, Ore., Aug. 9 /PRNewswire/ -- Fred Meyer stores are asking customers to check for ground beef they may have recently purchased that is part of a recall announcedSource: Infocious RSS raw feed - channel BNewsBusiness | 10 Aug 2008 | 3:00 am Violence in China's Xinjiang kills fiveSuspected Muslim separatists armed with homemade grenades drove a taxi into a government office complex in farwest China and police killed five in renewed violence two days into the OlympicsSource: FT.com - US homepage | 10 Aug 2008 | 2:09 am Google, Yahoo partially disclose terms of ad pactSAN FRANCISCO (Reuters) - Google Inc and Yahoo Inc released on Friday excerpts of a pact covering their search advertising partnership that keeps secret financial terms and the extent of other ties between the two.Source: Reuters: Business News | 10 Aug 2008 | 1:52 am Gordon Brown and his cohorts go back to their Keynesian default settingI hesitate to admit this, but one of my earliest memories is a political speech. I distinctly remember, as a pyjama-clad seven-year old, hearing the following words. "We used to think you could spend your way out of recession by boosting government spending. .."Source: Telegraph Business | 10 Aug 2008 | 12:01 am Michael Grade and ITV's missing X FactorDoes Michael Grade have what it takes to turn ITV around? Juliette Garside looks at his performance.Source: Telegraph Business | 10 Aug 2008 | 12:01 am Grosvenor looks for a key to the property gameBreaking with more than 300 years of tradition, the Duke of Westminster's property empire is pondering derivatives, reports Jonathan Russell.Source: Telegraph Business | 10 Aug 2008 | 12:01 am HSBC is doing fine but there are better plays in other sectorsYou know you are doing something right when even your fiercest critic starts showering you with compliments.Source: Telegraph Business | 10 Aug 2008 | 12:01 am Blackstone joins China's Haier in bid for GE's appliances unitThe investment firm Blackstone is joining forces with one of China's largest consumer goods-makers in the $7bn auction of General Electric's appliances unit.Source: Telegraph Business | 10 Aug 2008 | 12:01 am Renault's flamboyant F1 boss roars into fast lane with £5.8m payoutFlavio Briatore, the flamboyant boss of Renault's Formula One team, has good reason to smile, despite his outfit languishing fifth in the standings after last week's Hungarian Grand Prix.Source: Telegraph Business | 10 Aug 2008 | 12:01 am DSG to review Italian and Spanish chainsCurrys owner, DSG International, has instructed Citigroup to carry out a strategic review of its Italian and Spanish chains with a view to possibly selling the businesses.Source: Telegraph Business | 10 Aug 2008 | 12:01 am Online bingo is a mecca for middle classesEyes are down on the bottom line for internet gaming operators as a new breed of gamblers stays in to play, reports Rowena Mason.Source: Telegraph Business | 10 Aug 2008 | 12:01 am Georgia war sparks Russian market fearsRussian financial markets are likely to be thrown into turmoil this week following the outbreak of fighting between Russian military and Georgian government forces in South Ossetia.Source: Telegraph Business | 10 Aug 2008 | 12:01 am Credit crisis one year on: How sub-prime put a stop to Go BusinessTwo years ago broker Andrew Strode-Gibbons was living the property tycoon dream, writes Jonathan Sibun.Source: Telegraph Business | 10 Aug 2008 | 12:01 am Xstrata digs up £5bn for raid on LonminTHE mining group Xstrata is this weekend finalising a £5 billion fundraising that will clear the way for it to make a formal bid for rival Lonmin within the next few weeks.Source: Latest Business News from Times Online | 9 Aug 2008 | 11:00 pm Xstrata digs up £5bn for raid on LonminTHE mining group Xstrata is this weekend finalising a £5 billion fundraising that will clear the way for it to make a formal bid for rival Lonmin within the next few weeks.Source: Latest Business News from Times Online | 9 Aug 2008 | 11:00 pm HBOS to prop up builderThe high-street bank HBOS must inject about £100m of fresh cash into Crest Nicholson in the coming weeks to prevent the housebuilder from breaching banking covenants.Source: Latest Business News from Times Online | 9 Aug 2008 | 11:00 pm US lures Dyson's engineer schoolSir James Dyson is considering a proposal to build his £56m design and engineering school overseas after suffering another planning setback in Bath.Source: Latest Business News from Times Online | 9 Aug 2008 | 11:00 pm Bank needs to keep pay demands in checkThe inflation forecasts we report this week make worrying reading for Mervyn King and his fellow members of the monetary policy committee (MPC), the group that sets interest rates.Source: Latest Business News from Times Online | 9 Aug 2008 | 11:00 pm Rich hit by property crunch - super-rich unscathedREIGNING over 68th Street between Central Park and the designer shops of Fifth Avenue, the Henry T Sloane mansion has one of the most desirable addresses in Manhattan.Source: Latest Business News from Times Online | 9 Aug 2008 | 11:00 pm Inflation heading for 5%, say forecastersInflation is set to crash through 4% this week - twice the government’s target rate - and economists are warning that soaring food and energy costs are poised to push the cost of living even higher next month.Source: Latest Business News from Times Online | 9 Aug 2008 | 11:00 pm BAE in new £20bn Saudi arms dealBAE Systems is in talks to sell dozens more Eurofighter Typhoon aircraft to Saudi Arabia in a deal that will reawaken bribery allegations made over earlier arms sales to the Gulf kingdom.Source: Latest Business News from Times Online | 9 Aug 2008 | 11:00 pm Oyster name en route to historyTHE Oyster ticket brand, used by more than 6m commuters in the capital, could disappear after Transport for London (TfL) fired Transys, the company that manages the swipecard system.Source: Latest Business News from Times Online | 9 Aug 2008 | 11:00 pm Red faces over British Airways adsBritish Airways has had to rewrite its terminal five advertising campaign after The Sunday Times pointed out that it made incorrect claims about punctuality.Source: Latest Business News from Times Online | 9 Aug 2008 | 11:00 pm Aussie finance firm in receivershipFinance company investors have been dealt another blow with news an Australian firm which sold debentures on both sides of the Tasman has gone into receivership. A statement on the website of Cymbis Finance Australia says receivers...Source: New Zealand Herald - Business | 9 Aug 2008 | 10:36 pm Verizon, unions debate contracts as deadline loomsVerizon Communications Inc. and two unions representing 65,000 workers are still talking contracts, one day ahead of a deadline for a possible strike. Representatives of the...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Aug 2008 | 10:13 pm Venezuela, Iran to loan Bolivia 225 mln dlrs for cement firm: officialVenezuela and Iran are to loan Bolivia 225 million dollars to create a state cement company for the construction of roads and houses, the deputy minister for small and medium business,...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Aug 2008 | 9:24 pm NewsWatch: Dollar's bottom could be real thing this time, analysts saySAN FRANCISCO (MarketWatch) -- Investors watching the dollar's dramatic rally at the end of this week could be forgiven for skeptically wondering, is it for real, and is it sustainable?Source: MarketWatch.com - Top Stories | 9 Aug 2008 | 9:00 pm Democrats adopt goal of health care guaranteeRead full story for latest details.Source: Business and financial news - CNNMoney.com | 9 Aug 2008 | 8:41 pm One American killed, another injured in Beijing attackAn American man was killed and his wife was seriously injured in a knife attack in Beijing marring the opening of the 29th Olympic Games, Chinese authorities report.Source: MarketWatch.com - Top Stories | 9 Aug 2008 | 6:45 pm Collapsing values hit homeThe housing crash is plunging more homeowners into negative equity, with their mortgage debt exceeding the value of their property. Falling values mean New Zealanders who bought property from mid-2006 to the end of last year will...Source: New Zealand Herald - Business | 9 Aug 2008 | 5:00 pm Fran O'Sullivan: Pride before the fallBridgecorp's investors may not have to wait too long before getting to enjoy some vicarious satisfaction by watching as "Rocking" Rod Petricevic is stripped of the keys to his Porsche 911 for good. The $120,000 Porsche, which is...Source: New Zealand Herald - Business | 9 Aug 2008 | 5:00 pm Uncertain twilight yearsElderly investors watching billions of dollars leak from their retirement nest want answers from the Government, their financial advisers and the directors of the troubled finance companies they invested in. Financial planner Liz...Source: New Zealand Herald - Business | 9 Aug 2008 | 5:00 pm Martin Hawes : Best rewards in aggressionWith only two exceptions, everybody who joins KiwiSaver should opt for an aggressive fund - one that has a high proportion of shares and property. Although such a fund will show a great deal of volatility, it will provide better returns. Given...Source: New Zealand Herald - Business | 9 Aug 2008 | 5:00 pm Bernard Hickey : Market needs choiceOne of the reasons more than 158,000 New Zealanders now have more than $5.3 billion frozen in finance companies and mortgage funds is they have lacked choices for bond-type investments. New Zealanders are often accused of being...Source: New Zealand Herald - Business | 9 Aug 2008 | 5:00 pm Top tips : Queries on taking control of your careerPeter Kerridge, search partner, and Chris Johnson, coaching partner, with Kerridge & Partners answer queries on taking control of your career. What should my CV look like? How should I invest my time? For many people, this...Source: New Zealand Herald - Business | 9 Aug 2008 | 5:00 pm Competitive salaries on offerA shortage of candidates with specialist skills is pushing employers to offer bigger salaries, results from the latest Hays Quarterly Report released to the Herald on Sunday show. Jason Walker, managing director of Hays in New...Source: New Zealand Herald - Business | 9 Aug 2008 | 5:00 pm SportsWatch: US wins gold in fencing, Phelps breaks Olympic recordMariel Zagunis wins the first U.S. gold medal of the Beijing Olympic Games in women's sabre fencing, while swimmer Michael Phelps begins his pursuit of eight gold medals by setting a new Olympic record, according to reports.Source: MarketWatch.com - Top Stories | 9 Aug 2008 | 4:58 pm GATX offers over $3 billion for GE's rail services unit: reportGATX Corp. is offering more than $3 billion for General Electric's Rail Services unit, according to a published report.Source: MarketWatch.com - Top Stories | 9 Aug 2008 | 4:43 pm Banks Buying Back Auction-Rate Securities: More Write-Downs? (C)(WB)(UBS)(MER)(MS)
A number of analysts have tried to value the auction-rate paper. Several public companies which had the instruments on their balance sheets were forced to write-down their value and take P&L charges, most of which hit in the first quarter. Some individual investors could not sell their positions at all as the market for trading in auction-rates disappeared just after the first of the year. There is little reason to believe that the $300 billion auction-rate market will become more liquid now than it has been for the last six months. That means as the year goes on banks and brokerage companies many have to take charges for the securities they will be buying back as part of settlements with state attorneys general and the federal government. Some of this paper will not be purchased from clients until 2009, which means write-offs for their value could stretch into next year. There is no fixed rule on what value auction-rates have now or how much that could change over upcoming months. If the paper is worth 80% of its face value, Merrill, Citi, and UBS could face $8 billion in charges. That may mean each may be looking at the challenge of raising more money. The auction-rate disaster will not be as bad and the mortgage-backed securities debacle, but it could be troublesome enough to drive bank and brokerage stocks down further. Douglas A. McIntyre Source: 24/7 Wall St. | 9 Aug 2008 | 4:29 pm Russia bombs Georgian towns, hostilities escalateHundreds of Russian tanks and troops move into the breakaway region of South Ossetia and bomb Georgian towns Saturday as the conflict between Russia and Georgia escalated, leaving scores of people dead and wounded, according to media reports.Source: MarketWatch.com - Top Stories | 9 Aug 2008 | 4:08 pm NewsWatch: Dollar's bottom could be real thing this time, analysts saySAN FRANCISCO (MarketWatch) -- Investors watching the dollar's dramatic rally at the end of this week could be forgiven for skeptically wondering, is it for real, and is it sustainable?Source: MarketWatch.com - Top Stories | 9 Aug 2008 | 4:00 pm Russia stages raid near key oil pipeline: GeorgiaRussian warplanes on Saturday staged a raid near a major international oil pipeline that runs through Georgia but did not damage it, Georgia's prime minister said. The...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Aug 2008 | 3:42 pm Market Snapshot: U.S. stocks look to build on oil, dollar-induced gainsStocks will attempt next week to build on the strong gains, with an eye on economic, inflation and retail sales data that might further boost the dollar and pressure oil and commodities.Source: MarketWatch.com - Top Stories | 9 Aug 2008 | 3:25 pm Gas prices fall: 23 days and countingRetail gasoline prices fell, on average, a penny overnight, extending declines for the 23nd straight day, a survey of gas station credit card swipes showed Saturday.Source: Business and financial news - CNNMoney.com | 9 Aug 2008 | 2:53 pm 99 bottles of beer: A guide to the classicsFortune's home-brewed guide to classic American beers.Source: Business and financial news - CNNMoney.com | 9 Aug 2008 | 2:31 pm The new math of lendingWith banks tightening their credit standards, many have to walk a fine line when it comes to lending to consumers.Source: Business and financial news - CNNMoney.com | 9 Aug 2008 | 2:28 pm iPhone: Trouble in the App StoreSource: Business and financial news - CNNMoney.com | 9 Aug 2008 | 2:16 pm 1.2 million pounds of beef recalledRead full story for latest details.Source: Business and financial news - CNNMoney.com | 9 Aug 2008 | 2:15 pm MBIA (MBI) And Ackman: Killing The Messenger
The people who run MBIA have decided to blame the misdeeds on their watch on someone else, a handy tool employed by executives everywhere. Hedge fund manager Bill Ackman has seen MBIA for what it was, an insurance operator that took on too much risk. He has been short the stock for some time, and vocal about how badly MBIA has been run. Now the company is talking about suing Ackman as a means of punishing him for his opinions and his intelligent observation that MBIA shares would fall. According to The New York Post, MBIA is "assessing all our options, including litigation" against Ackman's Pershing Square Capital Management LP, Chief Executive Officer Jay Brown said on a conference call yesterday. Short sellers are often viewed as the most wicked people in the financial community, building their businesses on rumors and unnecessarily negative characterizations of the prospects of the companies they short. If that is true, Ackman's campaign against MBIA is novel because its premise has been true. Douglas A. McIntyre Source: 24/7 Wall St. | 9 Aug 2008 | 1:34 pm Auto Review: 2008 Toyota Prius -- Try to find oneOne can debate forever if a hybrid makes sense, but one can't debate that the Toyota Prius sips gas, is good on emissions, and lets the owner feel green and save green; Ron Amadon gives the Prius a test ride.Source: MarketWatch.com - Top Stories | 9 Aug 2008 | 1:00 pm Continental eyes acquisition for bid defense: paper (Reuters)Reuters - Continental is considering buying a peer company as part of its defense against a hostile 11.3 billion euro ($17 billion) bid from Schaeffler Group, the Financial Times reported on Saturday.Source: Yahoo! News: Business | 9 Aug 2008 | 11:36 am Continental eyes acquisition for bid defense: paperFRANKFURT (Reuters) - Continental is considering buying a peer company as part of its defense against a hostile 11.3 billion euro ($17 billion) bid from Schaeffler Group, the Financial Times reported on Saturday.Source: Reuters: Business News | 9 Aug 2008 | 11:36 am
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