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Asda and Tesco launch price war over milkThe pint of milk was at the centre of a ferocious supermarket price battle yesterday as Asda and Tesco vowed to cut millions of pounds from customers’ shopping bills this weekend.Source: Latest Business News from Times Online | 15 Aug 2008 | 10:17 pm TNK-BP partners to meet as Bob Dudley is bannedBP and its Russian co-owners in TNK-BP plan to meet next month in an effort to resolve their feud over the group’s management and to consider a partial flotation.Source: Latest Business News from Times Online | 15 Aug 2008 | 7:59 pm Readymix loss as crunch hits concreteConcrete maker Readymix reported a €9.6m (£7.6m) first-half loss as the group suffers from the slowdown in the property market.Source: Telegraph Business | 15 Aug 2008 | 12:53 pm Chrysalis set to announce £1.2m lossChrysalis, the music publisher, expects to report a full-year loss of about £1.2m despite several recent chart successes with Portishead and hip hop singer Estelle.Source: Telegraph Business | 15 Aug 2008 | 12:50 pm J.C. Penney quarterly profit fallsNEW YORK (Reuters) - Retailer J.C. Penney Co Inc said on Friday quarterly profit fell 36 percent, hurt by cutbacks in consumer spending, and forecast further sales declines for the current quarter.Source: Reuters: Business News | 15 Aug 2008 | 12:09 pm Futures rise on oil, commodities pullbackNEW YORK (Reuters) - Stock index futures rose on Friday as the strengthening U.S. dollar drove global commodity prices down, boosting hopes of a rebound in consumer spending and an easing of inflation.Source: Reuters: Business News | 15 Aug 2008 | 12:05 pm Abercrombie & Fitch profit down; outlook short (Reuters)Reuters - Teen clothing retailer Abercrombie & Fitch Co reported a lower quarterly profit on Friday and forecast full-year earnings below analysts' estimates, as the weak U.S. economy leads consumers to cut back on buying clothes.Source: Yahoo! News: Business | 15 Aug 2008 | 12:03 pm Abercrombie & Fitch profit down; outlook shortNEW YORK (Reuters) - Teen clothing retailer Abercrombie & Fitch Co reported a lower quarterly profit on Friday and forecast full-year earnings below analysts' estimates, as the weak U.S. economy leads consumers to cut back on buying clothes.Source: Reuters: Business News | 15 Aug 2008 | 12:03 pm Buffett's latest buy: NRG EnergyRead full story for latest details.Source: Business and financial news - CNNMoney.com | 15 Aug 2008 | 11:59 am Dollar rally picks up steamThe dollar extended its rally Friday, hitting a nearly 2-year high against the pound and gaining further against the euro, amid troubling signs about the European economy.Source: Business and financial news - CNNMoney.com | 15 Aug 2008 | 11:50 am Indications: U.S. stock futures edge up as dollar rises and gold, oil dropU.S. stock futures edged higher on Friday, as gains for the dollar triggered a fresh drop in oil futures and a break below $800 an ounce for gold.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 11:46 am Liechtenstein signals tax reformLiechtenstein, which has been at the centre of a row over tax evasion, says it will co-operate more fully on tax matters.Source: BBC News | Business | World Edition | 15 Aug 2008 | 11:39 am 24/7 Wall St. Most Overpaid CEO Of The Day: Building Materials (BLG) CEO Robert E. Mellor
Over the course of the last 52-weeks, BLG has hit a 52-week high of $15.09 and now trades at $1.65. It is likely to drop at the open, due to a poor Q2. That will bring the company's market cap down to about $45 million. The maker of building products said it lost $31.9 million, or $1.10 per share, during the three months ending June 30. That compares with a year-ago profit of $19.4 million, or 66 cents per share. BLG also has over $379 million in long-term debt. Perhaps next year, Mr. Mellor will work for $1. Douglas A. McIntyre Source: 24/7 Wall St. | 15 Aug 2008 | 11:37 am Deloitte boss pockets £5.7m despite downturnBritian's best paid accountant, the boss of accountancy firm Deloitte, earned £5.7 million this year after annual profits at the partnership rose by 16 per cent to more than £650 million.Source: Latest Business News from Times Online | 15 Aug 2008 | 11:35 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 11:31 am London Markets: Miners drag on London as gold, silver futures dropLosses from mineral extractors pulled London shares into the red on Friday, offsetting a better performance from retailers such as Marks & Spencer and Next.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 11:30 am Commodities Corner: Gold's resilient properties lie in questionGold was supposed to be more resilient, both literally and figuratively, to the sell off in commodities -- yet prices for the precious metal have dropped more than $100 per ounce in the past two weeks.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 11:30 am Russ Berrie and Company, Inc. To Discuss Second Quarter 2008 Results on August 19, 2008OAKLAND, N.J., Aug. 15 /PRNewswire-FirstCall/ -- Russ Berrie and Company, Inc. (NYSE: RUS) today announced that management will host a conference call and audio webcast...Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Aug 2008 | 11:30 am Gold slumps below $800 as dollar extends rallyGold fell below $800 for the first time this year as the recent commodity rally continued to unwind and the dollar hit new highs against the euro, sterling and the yen as fears of a global slowdown grewSource: FT.com - US homepage | 15 Aug 2008 | 11:28 am Gold slumps below $800 as dollar extends rallyGold fell below $800 for the first time this year, extending the recent sell-off in the commodities sector, as the dollar's rally gathered pace amid fears of a global slowdown.Tumbling metals prices gave...Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Aug 2008 | 11:28 am Liechtenstein to cooperate with foreign states on tax evasionLiechtenstein ruler Prince Alois on Friday said the principality should cooperate with foreign states on tax evasion issues, saying that changes could yield opportunities for its financial...Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Aug 2008 | 11:23 am Pound drops further against stronger dollarThe pound continued to fall today as the dollar surged further over fears of weakening economic growth in the eurozone.Source: Telegraph Business | 15 Aug 2008 | 11:23 am Abercrombie & Fitch net profit fallsNEW YORK (Reuters) - Teen clothing retailer Abercrombie & Fitch Co reported a lower quarterly profit on Friday, hurt by a higher tax rate and declining sales at stores open at least a...Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Aug 2008 | 11:22 am Investing checklist: 6 rules for successI'm retiring and will soon be headed to Oxford University to begin my second act. So this will be my last column for Money. At a time like this, it's only natural to look back at one's career. So I've been reviewing my articles of the past 23 years to see where I've been right and where I've been wrong - and why.Source: Business and financial news - CNNMoney.com | 15 Aug 2008 | 11:22 am No raise for you...and that's the good newsWith the price of practically everything jumping, you probably wouldn't mind getting a bigger paycheck.Source: Business and financial news - CNNMoney.com | 15 Aug 2008 | 11:20 am Fly private for lessThink traveling with the jet set is too expensive? Try these tricks and you can fly in peace for as little as half the price.Source: Business and financial news - CNNMoney.com | 15 Aug 2008 | 11:18 am Early-Bird Analyst Upgrades (EMKR, IAG, PNM, PCLN, SDXC)These are some of the very early morning upgrades and positive calls we have seen from the analyst community this Friday morning:
Jon C. Ogg Source: 24/7 Wall St. | 15 Aug 2008 | 11:16 am Early-Bird Analyst Downgrades (CMVT, CTRP, GET, DNA, HAR, JNJ, PTRY, WDFC)These are some of the early analyst calls we are seeing early this Friday morning:
Jon C. Ogg Source: 24/7 Wall St. | 15 Aug 2008 | 11:13 am In the deep endSpeedo makes waves at the Beijing OlympicsSource: BBC News | Business | World Edition | 15 Aug 2008 | 11:10 am Home repossessions up 24pc on last yearThe number of home owners at risk of losing their homes has risen by nearly a quarter in the past year, new figures show.Source: Telegraph Business | 15 Aug 2008 | 11:10 am London lifted as commodity prices fallStocks in London were slightly higher on Thursday, as gains made by retailer and travel stocks were capped by weaker miners.In afternoon trade, the FTSE 100 was up 4 points, or 0.07 per cent, to 5,501...Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Aug 2008 | 11:05 am Euro falls on prospect of ECB rate cutsThe dollar hit a near six-month high against the euro Friday on speculation that the European Central Bank would begin cutting interest rates next year to boost the shrinking eurozone...Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Aug 2008 | 11:04 am Europe Markets: Airlines, export-oriented shares lead Europe higherAirlines and exporters lead Europe stocks higher on Friday as crude-oil prices and the euro continued to retreat.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 11:00 am Brascan - Launches Doubled for First Half 2008, Six Month EBITDA Reached R$138 MillionRIO DE JANEIRO, Brazil, Aug. 15 /PRNewswire-FirstCall/ -- Brascan Residential Properties S.A. ("Brascan" or "Company" or "BRP") (Bovespa: ...Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Aug 2008 | 11:00 am Trisul S.A. - Net Revenue Grows 71% Over Second Quarter of 2007, Reaching R$82.2 MillionRecord Contracted Sales of R$189 million growing 216% over 2Q07 SAO PAULO, Brazil, Aug. 15 /PRNewswire-FirstCall/ -- Trisul S.A. (Sao Paulo Stock Exchange: TRIS3),...Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Aug 2008 | 11:00 am [video] Peter Michel, President and CEO of iSECUREtrac Corp. Discusses Second Quarter Highlights on WallSt.net's 3-Minute Press ShowOMAHA, Neb., Aug. 15 /PRNewswire-FirstCall/ -- iSECUREtrac Corp. (OTC Bulletin Board: ISEC), an industry leader in electronic monitoring solutions, today announced that...Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Aug 2008 | 11:00 am European shares climb furtherEurope's main stock markets extended gains on Friday after an overnight rally on Wall Street which also helped to lift Japanese share prices, dealers said. In late morning...Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Aug 2008 | 10:56 am Yahoo! appoints Carl Icahn allies to the boardYahoo! has appointed two new board members from activist investor Carl Icahn's rival slate, as part of its deal to avoid a proxy battle.Source: Telegraph Business | 15 Aug 2008 | 10:50 am Stocks set to keep climbingStocks looked set Friday to extend the previous session's advance as oil prices fell further and the dollar rallied.Source: Business and financial news - CNNMoney.com | 15 Aug 2008 | 10:48 am Pound at two-year low as commodity prices fallThe pound is set for its biggest weekly drop against the dollar in 13 years, after it slid for the 11th consecutive day as speculation mounted that a recession will force the Bank of England to cut interest rates.Source: Latest Business News from Times Online | 15 Aug 2008 | 10:43 am Bank Holiday travel chaos looms as airport workers strikeHolidaymakers face travel chaos over the Bank Holiday after ground staff at Gatwick and Stansted Airports voted to strike in disputes over pay, with workers at other airports expected to follow.Source: Latest Business News from Times Online | 15 Aug 2008 | 10:33 am Cadillac unveils its first wagonSource: Business and financial news - CNNMoney.com | 15 Aug 2008 | 10:23 am China Cars Sales Slow To A Walk, A Bad Dream In Detroit (GM)(F)
The problem with light trucks being at the cutting edge of sales increases is that China is slowly increasing the prices of gas and diesel to try to push down demand and to cut the subsidies it gives to its big oil companies to buy crude high and sell buy-products low. The practice costs the central government tens of billions of dollars a year. With a recession slowing car sales in North American and Europe, Ford (F) and GM (GM) have had to rely on Latin American and the developing countries in Asia for growth. Revenue from those nations is becoming dominated by China which is now the second largest vehicle market in the world. To some extent, the recovery of US car companies will be driven by plans to get to break-even in the US and import profits from regions where unit sales are still growing. That was supposed to be China. Douglas A McIntyre Source: 24/7 Wall St. | 15 Aug 2008 | 10:08 am Ghana approves telecoms takeoverGhanaian parliament approves Vodafone's takeover of state-owned Ghana Telecom.Source: BBC News | Business | World Edition | 15 Aug 2008 | 10:02 am China Bottles Inc. Announces Strong Second Quarter 2008 ResultsFOGANG, China, Aug. 15 /Xinhua-PRNewswire-FirstCall/ -- China Bottles Inc. ("The Company") (OTC Bulletin Board: CBTT), a leading plastic packaging solution...Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Aug 2008 | 10:00 am Galway Resources reports 40 feet of high grade mineralization at the Victorio projectTORONTO, Aug. 15 /PRNewswire-FirstCall/ - Galway Resources Ltd. (GWY: TSX-V) is pleased to announce more encouraging drilling results from the Victorio molybdenum-tungsten...Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Aug 2008 | 10:00 am How we're payingClick the link to find out how inflation is hitting you in the pocketSource: Latest Business News from Times Online | 15 Aug 2008 | 9:58 am How to influence peopleThey're often at the top of companies, or in sales -- those lucky people who seem to be born persuasive, with a seemingly magical ability that makes others listen to them, trust them, and act on what they say.Source: Business and financial news - CNNMoney.com | 15 Aug 2008 | 9:55 am Gold falls below $800 as dollar strengthensGold fell below $800 an ounce for the first time in eight months as part of a wider commodities sell-off as the dollar strengthened.Source: Telegraph Business | 15 Aug 2008 | 9:55 am Gold falls below $800 as dollar strengthensGold fell below $800 an ounce for the first time in eight months as part of a wider commodities sell-off as the dollar strengthened.Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Aug 2008 | 9:55 am SI: Phelps claims 6th gold in BeijingSource: Business and financial news - CNNMoney.com | 15 Aug 2008 | 9:48 am Futures point to a higher open on Wall Street (Reuters)
Source: Yahoo! News: Business | 15 Aug 2008 | 9:47 am U.S. pressures Delphi over pension plans: report(Reuters) - The U.S. government has asked bankrupt auto parts maker Delphi Corp to transfer more than $1.5 billion of unfunded pension obligations to former parent General Motors Corp by September 30, the New York Times said.Source: Reuters: Business News | 15 Aug 2008 | 9:47 am A game-changing solar dealThe construction of the world's largest photovoltaic power plants will supply PG&E with 800 megawatts and shake up the solar industry.Source: Business and financial news - CNNMoney.com | 15 Aug 2008 | 9:45 am Drowning In Gas With No Life Jacket In Sight
Unless auto companies begin to give away free gas to bring in customers, the trend may get worse. Analysts now think the US market may only produce 14.5 milion vehicle sales this year, and if the economy gets worse that number could fall toward 13.5 million in 2009. Each recessions has its own peculiar characteristics. This one is marked by gas and food prices which drive purchasing power out of the consumer's financial accounts. Gas replaces the car. Food prices prevent clothing purchases. High interest rates on consumer spending drive down savings. As the system has collapsed in upon itself, the government has tried to stimulate the economy through tax rebates and easier money from the Fed. The irony of this is that the financial picture has gotten worse and not better. What the actions have done is drive up the deficit and insures that taxes will have to be raised down the road. The nominal inflation rate is now around 6%. But, the rising prices of oil and agricultural commodities lag as they are passed on to the consumer in the form of finished goods. That mean inflation could rise to 8% in the Fall. The neighbors may be burning leaves for heat instead of amusement. A car with 100,000 miles on it saves a typical household $25,000 because the purchase of a new vehicle can be deferred another year. With the exception of food, housing, and heat, almost anything can be deferred, and most things will be. Douglas A. McIntyre Source: 24/7 Wall St. | 15 Aug 2008 | 9:44 am European exporters lifted as euro softensEuropean shares bounced back on Friday as the euro sank to a six-month low against the dollar, boosting exporters as the sliding oil price lifted airlines. The pan-European FTSE Eurofirst 300 rose 0.8...Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Aug 2008 | 9:40 am Sterling continues to lose groundThe pound falls against the dollar for the 11th consecutive day amid worries over the strength of the UK economy.Source: BBC News | Business | World Edition | 15 Aug 2008 | 9:39 am Wind turbine-maker powers aheadA surge in demand for renewable energy leads to a large order backlog for the world's biggest wind turbine-maker, Vestas.Source: BBC News | Business | World Edition | 15 Aug 2008 | 9:28 am Home repossessions rise 24% to 15-year highHouse repossession actions have soared to the highest level since the last recession, reflecting the increased burden placed on British borrowers as the cost of living soars.Source: Latest Business News from Times Online | 15 Aug 2008 | 9:26 am Liechtenstein to join fight against tax evasionAlpine tax haven Liechtenstein is expected to announce a crackdown today on wealthy foreigners who hide cash in its banks.Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Aug 2008 | 9:25 am Liechtenstein to join fight against tax evasionAlpine tax haven Liechtenstein is expected to announce a crackdown today on wealthy foreigners who hide cash in its banks.Source: Telegraph Business | 15 Aug 2008 | 9:25 am Gold slumps below $800 as downturn fears growGold fell below $800 for the first time this year as commodity prices fell wholesale after the dollar extended its rally amid fears of a global slowdown.Spot gold fell 3.6 per cent to $776.90 a troy ounce,...Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Aug 2008 | 9:20 am Hong Kong GDP Misses Forecasts
The news is not sparkling for the Chinese economy has a whole. Four of the five largest economies in the world are now either in a deepening recession or are getting there. As The Wall Street Journal points out, "The global economy -- which had long remained resilient despite U.S. weakness -- is now slowing significantly." There is a notion, mostly spread by buffoons, that China can manage to dodge a slowdown. It has enough consumer consumption activity in country to keep GDP moving up at rates near 10%. China can't stay out of the maelstrom. The crippled economies of the West and Japan will decrease imports to a crawl as consumers drown in gasoline and grain. Word from the U.S. Bureau of Economic Analysis is that people in the US spent more on gas than cars in June. That is bound to mean that the appetite for imports of all sorts will drop sharply. China has had a good run, but even its stock market, which is down more than 50% in under a year, is sending a signal that what was once well is now ill. The recession will catch up to China sooner than most expert predict. Douglas A. McIntyre Source: 24/7 Wall St. | 15 Aug 2008 | 9:17 am Dollar hits 7-month high as metals prices tumbleThe dollar surged to a seven month high on Friday as tumbling metals prices gave the greenback's recent rally an added boost. Gold plunged over 3 per cent, trading below $800 for the first time this year,...Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Aug 2008 | 9:17 am Currencies: Dollar rally extends, sending gold sharply lowerThe dollar’s rally extended on Friday as traders continued to react to data showing the economies of five of the Group of Seven industrialized nations contracted during the second quarter.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 9:01 am Swatch confident on outlook while first-half profit slips 9%Swatch Group Friday posted a 9% decline in first-half profit after it booked a loss on financial investments including its stake in China’s largest watch retailer, but the world’s largest watchmaker reiterated its outlook for the year.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 9:01 am Google (GOOG) Lands Deal With No. 4 Cellular Carrier, What Happened To No.1?
This is an important move for Google, and CEO Eric Schmidt recently told CNBC that he thinks the company can, eventually, earn more from mobile services than it can from desktops. Gadget sites are full of buzz on the new smart phone, which could a serious challenge to the iPhone's dominance, but here's the question: if Google's technology is so wonderful, why is it settling for the No. 4 carrier, T-Mobile? Was that a strategic decision? Did Google just not want to work the No 1 or No.2,, Verizon Wireless (VZ)(VOD) or AT&T (T)? It's hard to imagine. The Times also suggests that there may be issues with developers: "Some makers of mobile software programs have complained that creating applications for Android has been difficult, as Google has continued to make changes to the operating system and has at times been too busy to provide support to developers. Some of those software makers have chosen to focus their development efforts, at least for now, on phones that are already on the market..." Google shareholders are understandably excited about the new phone but it's worth remembering that when companies venture into new territory, most of the time the result is failure. Source: 24/7 Wall St. | 15 Aug 2008 | 8:57 am Business roundup: Readymix hitReadymix, the concrete maker, reported a 9.6m (7.6m) first-half loss hit by a sharp fall in demand for its products.Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Aug 2008 | 8:55 am Business roundup: Readymix hitReadymix, the concrete maker, reported a €9.6m (£7.6m) first-half loss hit by a sharp fall in demand for its products.Source: Telegraph Business | 15 Aug 2008 | 8:55 am "Activist" Takes A Stake In Cablevision (CVC): Why Bother?
The Wall Street Journal quotes a few analysts who read great meaning into this investment: "Everybody was wondering why Jimmy got religion all of a sudden. Now we know why." - Craig Moffett, an analyst at Sanford C. Bernstein & Co. " "The Dolan family may be trying to head off a public 'war-of-words' in the media." - Richard Greenfield, an analyst at Pali Capital. Here's the thing: the company's dual-class voting structure means that the Dolan family controls 75% of the voting rights, giving it full control over the board of directors and the company's future. Philip Falcone, the guy who runs Harbinger, can make all the noise and demands he wants, and he might even get a couple seats on a family-controlled board. But any ideas that Falcone has are the equivalent of going up the CEO in a bar and telling him how he should run the business. Maybe he'll do what you suggest, and maybe he won't. He'll do whatever he wants, and Falcone's stake isn't going to accomplish anything. Harbinger has, inexplicably, developed a track record of taking an activist stance at tightly-held companies with dual-class voting structures. Back in March he secured 2 of the 15 seats on The New York Times Co.'s (NYSE: NYT) board of directors. I commented that "the problem is that having 2 seats on a 15-member board won't provide any additional leverage, as far as I can tell.This quixotic activist campaign, however noble, is likely to result in a big fat nothing." So far that's certainly been the case, and it will likely will be at Cablevision too. There might be really good reasons to buy shares in Cablevision -- but Harbinger's stake isn't even close to being one. Source: 24/7 Wall St. | 15 Aug 2008 | 8:51 am Recruitment firm snubs takeoverRecruitment firm Michael Page snubs an approach from rival Adecco about a possible takeover.Source: BBC News | Business | World Edition | 15 Aug 2008 | 8:42 am Vestas Wind Systems shares climb as order backlog growsShares in Vestas Wind Systems jumped as much as 8% Friday after the wind turbine manufacturer announced strong growth in second-quarter net profit and a big jump in its order backlog as rising energy prices help drive demand.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 8:42 am Asia Markets: Shanghai, Tokyo rise, but end with weekly lossesAsian markets ended mixed Friday, with resource stocks such as BHP Billiton and Cnooc dropping on a sharp retreat in commodity prices, while exporters and shipping stocks ranked among gainers.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 8:41 am U.S. pressures Delphi over pension plans: report (Reuters)
Source: Yahoo! News: Business | 15 Aug 2008 | 8:33 am Oil falls to $113 on bearish global demand (Reuters)
Source: Yahoo! News: Business | 15 Aug 2008 | 8:28 am Oil falls to $113 on bearish global demandLONDON (Reuters) - Oil dropped by $2 to $113 a barrel on Friday to trade near the lowest since early May, pressured by faltering global demand and rising supply.Source: Reuters: Business News | 15 Aug 2008 | 8:28 am John Lewis sales surge on soup and silverwearThe John Lewis Partnership today reported surging sales for the second week of August, as poor weather sent shoppers into its department stores and led them to seek out comfort food at its Waitrose chain.Source: Latest Business News from Times Online | 15 Aug 2008 | 8:24 am Australian shares hit by falling resourcesAsia-Pacific equities were mixed on Friday, with resource companies falling on the back of lower crude oil and gold prices while Japanese stocks managed to edge higher as the weaker yen boosted exporters...Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Aug 2008 | 8:24 am T-Mobile to offer first Android smartphone(Reuters) - Deutsche Telekom's T-Mobile USA will be the first carrier to offer a mobile phone based on Google Inc's Android software, the New York Times reported, citing people briefed on the company's plans.Source: Reuters: Business News | 15 Aug 2008 | 8:13 am Best Buy registers trademark in RussiaMOSCOW (Reuters) - Best Buy Co Inc , the leading U.S. electronics chain, is expanding into Russia, having registered its Future Shop trademark to operate on the fast-growing market, two business dailies reported on Friday.Source: Reuters: Business News | 15 Aug 2008 | 8:08 am Michael Page ends Adecco takeover talksMichael Page has ended takeover talks with Adecco, after revealing the Swiss group's proposal had "materially undervalued the company".Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Aug 2008 | 8:08 am Michael Page ends Adecco takeover talksMichael Page has ended takeover talks with Adecco, after revealing the Swiss group's proposal had "materially undervalued the company".Source: Telegraph Business | 15 Aug 2008 | 8:08 am T-Mobile to offer first Android smartphone (Reuters)
Source: Yahoo! News: Business | 15 Aug 2008 | 8:00 am Media Digest 8/15/2008 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters writes that Merrill Lynch (MER) will freeze all hiring through the end of the year. Reuters reports that the FAA proposes a $7.1 million fine against AMR (AMR). Reuters reports the consumer prices were up sharply as employment softened. Reuters reports that Morgan Stanley (MS) and JP Morgan (JPM) hsa settled their auction-rate probes. Reuters writes the Pickens stands by his alternative energy plan despite falling oil. Reuters reporsts the Wachovia (WB) may need capital and could sell its money management unit. The Wall Street Journal writes that four of the world's top economies may be falling into recession. The Wall Street Journal reports that more speculation is being seen in the oil market. The Wall Street Journal reports that UBS (UBS) is being accused of auction-rate fraud by the NH AG The Wall Street Journal writes that Harbinger Capital has bought 4.9% of Cablevision (CVC) probably to press for changes The Wall Street Journal reports that Apple (AAPL) is working on solutions for dropped iPhone calls. The Wall Street Journal reports that a court decision set a high bar for record labels that want to claim damages from file-sharing services. The Wall Street Journal writes that Gannett (GCI) eliminated 1,000 jobs. The Wall Street Journal reports that Toyota (TM) will see US sales recover slowliy TheWall Street Journal reports that the US governement is pressuring Delphi on its pension obligations. The Wall Street Journal reports that T-Mobile will offer the first Google-powered smartphone. The Wall Street Journal reports that GM's (GM) hybrid is nearly ready for testing. The FT reports that Merrill Lynch may avoid a $29 billion UK tax bill because of losses. Bloomberg reports that US consumers spent more on gas than cars for first time in 26 years. Douglas A. McIntyre Source: 24/7 Wall St. | 15 Aug 2008 | 7:53 am China investment beats forecastsChina's capital investment has risen more than expected in the first half of 2008, official figures show.Source: BBC News | Business | World Edition | 15 Aug 2008 | 7:50 am Google faces defamation lawsuit in India: report (Reuters)
Source: Yahoo! News: Business | 15 Aug 2008 | 7:44 am Google faces defamation lawsuit in India: report(Reuters) - Google Inc's India subsidiary is being sued for alleged defamation in the Bombay High Court by an Indian construction equipment company, The Wall Street Journal said.Source: Reuters: Business News | 15 Aug 2008 | 7:44 am Gold falls below $800 as dollar strengthensGold fell below $800 an ounce for the first time in eight months as part of a wider commodities sell-off.Source: Telegraph Business | 15 Aug 2008 | 7:30 am Chrysalis spins into the red as hits turn to missesChrysalis, the independent music group, said it would end the year in the red, and blamed the faltering economy, a lack of hits in summer, the Hollywood writer's strike, and an abortive sale process for its difficulties.Source: Latest Business News from Times Online | 15 Aug 2008 | 7:26 am Asia Markets 8/15/2008 (HMC)
The Hang Seng fell 1.3% to 21,112. Tencent Holding fell 4% to 62.40. Sino Land fell 2.9% to 13.96. The Shanghai Composite rose .6% to 2,450. Data from Reuters. Douglas A. McIntyre Source: 24/7 Wall St. | 15 Aug 2008 | 7:25 am Ford plans new luxury crossover vehicle: report(Reuters) - Ford Motor Co is expected to announce Friday that it will build a new seven-passenger luxury crossover, the Wall Street Journal said, citing two people familiar with the automaker's plans.Source: Reuters: Business News | 15 Aug 2008 | 7:19 am Rice heads to Tbilisi as Russia questions US aidUS secretary of state Condoleezza Rice headed to Tbilisi for emergency talks with Georgian president Mikheil Saakashvili, as Moscow called on the US to disclose what was inside the cargoes Washington is shipping as humanitarian aidSource: FT.com - US homepage | 15 Aug 2008 | 7:12 am Next 'Harry Potter' film to be delayed eight monthsWarner Bros. says the schedule shift from November will take advantage of a summer short of blockbusters.Talk about a disappearing act: Harry Potter just vanished from the 2008 movie schedule. Source: L.A. Times - Business | 15 Aug 2008 | 7:00 am High energy costs hike consumer prices in JulyThe inflation rate, at 5.6%, is the highest in 17 years, the Labor Department says.The government delivered a triple dose of bad news for consumers Thursday that roughly added up to this: If your wallet seems thinner than it used to be, it's not your imagination. Source: L.A. Times - Business | 15 Aug 2008 | 7:00 am 'Tropic Thunder' could knock 'Dark Knight' off No. 1Calls for boycotting the Hollywood satire starring Ben Stiller, Robert Downey Jr. and Jack Black could actually help ticket sales this weekend.A shape-shifting mummy couldn't dethrone "The Dark Knight" at the box office two weeks ago, and neither could a pair of stoners last weekend. Now comes a trio of self-absorbed actors with a chance to knock Batman from No. 1. Source: L.A. Times - Business | 15 Aug 2008 | 7:00 am State quashes sale of Anaheim Memorial Medical Center to Pacific HealthThe attorney general's office cites factors including 'pending criminal investigations' and a civil complaint.The latest deal to sell Anaheim Memorial Medical Center collapsed Thursday when state officials nixed its $57-million purchase by Pacific Health Corp., which faces allegations that it defrauded Medicare and Medi-Cal. Source: L.A. Times - Business | 15 Aug 2008 | 7:00 am Wall Street ends higher, buoyed by drop in oilCrude's decline counteracts unsettling inflation news. The Dow gains 82 points.Stocks rose sharply Thursday as oil prices fell and investors were unfazed by higher-than-expected inflation in July. Source: L.A. Times - Business | 15 Aug 2008 | 7:00 am Bugattis and the sale of the centuryRare cars like the 1927 Bugatti Type 35B resurface as prized collections go to auction.This small black race car of four score years is not, truth be told, particularly fast. Compared with modern sports cars -- exotically engineered speed cyborgs, half-alloy, half-electronics -- the 1927 Bugatti Type 35B I'm riding in is a laughably simple machine. Source: L.A. Times - Business | 15 Aug 2008 | 7:00 am Michael Page ends takeover talks with AdeccoMichael Page, the recruitment specialist, announced this morning that it has halted talks with Adecco, the Swiss-based recruiter, over a £1.3 billion bid for the company.Source: Latest Business News from Times Online | 15 Aug 2008 | 6:47 am Ex-Apple lawyer in options dealThe former top lawyer at Apple agrees to pay $2.2m to settle charges over stock options.Source: BBC News | Business | World Edition | 15 Aug 2008 | 6:41 am Consumer prices up sharply, job market softensWASHINGTON (Reuters) - U.S. inflation hit a 17-year high last month, underscoring the pressure on Americans who face soaring gasoline and food costs while their job prospects dim and incomes shrink.Source: Reuters: Business News | 15 Aug 2008 | 4:58 am China's fixed-asset investment jumps in Jan to JulyHONG KONG (MarketWatch) -- China's fixed-asset investments growth grew at a faster-than-expected pace in the first seven months of the year, driven by higher spending on resource projects and reconstruction works arising from the Sichuan Province earthquake and winter snow storms that were the worst in half a century.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 4:43 am Woolies says it'll take Warehouse decision to Supreme CourtAustralian supermarket giant Woolworths says it wants to take its battle with regulators over the Warehouse takeover to the Supreme Court. Woolworths said it would seek leave from the Court to appeal the recent decision of the...Source: New Zealand Herald - Business | 15 Aug 2008 | 4:34 am JPMorgan raises $1.6bn to boost balance sheetJPMorgan Chase raised $1.6bn in hybrid securities to bolster its balance sheet but had to pledge to pay a high interest rate to lure investorsSource: FT.com - US homepage | 15 Aug 2008 | 2:00 am Sapporo summerJapanese workers introduce daylight savingSource: BBC News | Business | World Edition | 15 Aug 2008 | 1:47 am Blog: Got foreign stocks? Newly hot dollar is doing a number on themSource: L.A. Times - Business | 15 Aug 2008 | 1:03 am Recession shows its face - retail sales fallThe higher cost of necessities is squeezing spending on other things, according to economists picking over the June quarter retail sales data released today. The data revealed a "consumer recession" and likely confirmed Reserve...Source: New Zealand Herald - Business | 15 Aug 2008 | 1:00 am Profits up 20pc at Michael Hill despite slow NZ salesProfits are growing at listed jewellery chain Michael Hill, despite flat sales in its domestic base. Its 52 jewellery stores here helped the business notch up revenue of $97m in New Zealand in the year to June 30, down 0.4 per...Source: New Zealand Herald - Business | 15 Aug 2008 | 12:30 am In Brief - ThursdayNetflix, an online movie rental firm, said its 55 shipping centers were disrupted technical problems and that it was unable to ship DVDs for...Source: Investor's Business Daily: BUSINESS | 15 Aug 2008 | 12:25 am Deed Deals Let Investors Buy Discount Homes Fast"Doing a deed" has a new meaning in the real estate world. It's becoming shorthand for a way troubled homeowners can avoid a jam and...Source: Investor's Business Daily: BUSINESS | 15 Aug 2008 | 12:25 am Business Briefs - ThursdayKohl's beats, raises '08 guidance. The department store chain said after hours that its Q2 earnings slid 7% to 77 cents a share, topping forecasts...Source: Investor's Business Daily: BUSINESS | 15 Aug 2008 | 12:25 am Trends & Innovations - ThursdayU.S. minorities to become majoritySource: Investor's Business Daily: BUSINESS | 15 Aug 2008 | 12:25 am After The Close - ThursdayYAHOO (YHOO) said it appointed Frank Biondi, former CEO of Viacom, and John Chapple, ex-CEO of Nextel Partners, to its board. They are allies of...Source: Investor's Business Daily: BUSINESS | 15 Aug 2008 | 12:25 am Taking Good Care Of Customers Helps Avoid Restaurant SlowdownBusiness at Buffalo Wild Wings has taken off, even as the rocky economy has sent many eateries into a nose dive.Source: Investor's Business Daily: BUSINESS | 15 Aug 2008 | 12:25 am US banks give clients $7bn refundMorgan Stanley and JP Morgan buy back billions of dollars worth of securities following a widespread US probe.Source: BBC News | Business | World Edition | 15 Aug 2008 | 12:08 am Booming cruising keeps dollars flowingAs tough times fall on the New Zealand tourism sector, fair winds continue to blow through the cruise industry. Figures released today show a record 168,000 passenger and crew arrivals last season, which meant $204 million being...Source: New Zealand Herald - Business | 14 Aug 2008 | 11:30 pm Auction-rate buybacks top $48bnJPMorgan and Morgan Stanley join other Wall Street banks to repurchase a total of more than $48bn in auction-rate securities as regulators accuse them of misrepresenting the faltering debt market as liquid and safeSource: FT.com - US homepage | 14 Aug 2008 | 11:25 pm Donald Trump to buy Ed McMahon's houseTrump will allow McMahon, who was facing foreclosure, to continue living in the home.It's "The Donald" to the rescue. Source: L.A. Times - Business | 14 Aug 2008 | 11:07 pm Mortgage slump may be bottoming outMortgage approvals for the week ended August 8 appear to show approvals bottoming out in recent weeks after a long decline that started in early 2007. The number of mortgage approvals in the week ended April fell to 5,994, but...Source: New Zealand Herald - Business | 14 Aug 2008 | 11:00 pm NZ Shares: Fletcher highlight in early gainThe New Zealand sharemarket moved up in early trade as Fletcher Building continued to strengthen following Wednesday's annual profit result. Soon after the opening of the stock exchange today Fletcher shares were up 15c to 689,...Source: New Zealand Herald - Business | 14 Aug 2008 | 10:53 pm Merrill set to avoid UK tax after $29bn lossMerrill Lynch is unlikely to pay corporation tax in the UK for decades after $29bn of losses were charged to its London-based subsidiarySource: FT.com - US homepage | 14 Aug 2008 | 10:52 pm VIX Index of U.S. Stock Option Prices Retreats 5.6 % to 20.34Source: Bloomberg - All Podcasts | 14 Aug 2008 | 10:07 pm Stock takes : Off the rails?Two years ago, former Fletcher Building chief executive Ralph Waters warned that if interest rates stayed high and the economic cycle got tough, some of the private equity deals being done at giddy prices were "going to end in some...Source: New Zealand Herald - Business | 14 Aug 2008 | 10:00 pm Five Surprising Summer Wines for Burgers, Hot Dogs on the GrillSource: Bloomberg - All Podcasts | 14 Aug 2008 | 9:47 pm Retail ETFs Rally as Markets Brush Off Inflation (Daily ETF Wrap-Up)Good showings by Wal-Mart and other chains provided a nice lift to retail ETFs.Source: SmartMoney.com | 14 Aug 2008 | 9:33 pm 8 Stocks Flying Under Wall Street's Radar (Stock Screen)Get to know these eight unknown stocks before Wall Street lets the cat out of the bag.Source: SmartMoney.com | 14 Aug 2008 | 9:22 pm 30-year mortgages remain at 6.52 percent (AP)
Source: Yahoo! News: Business | 14 Aug 2008 | 9:18 pm Foodstuffs in the running to swallow up LiquorlandGrocery giant Foodstuffs' presence in liquor retailing could get a shot in the arm as it looks to swallow Liquorland. The co-op, which controls around 56 per cent of the grocery retailing sector, is understood to be one of several...Source: New Zealand Herald - Business | 14 Aug 2008 | 9:00 pm ABC Wants You!As the fall TV season approaches, the broadcast networks are looking awfully skittish.News Corp.'s Fox is nervous about keeping its No. 1 spot in the ratings. Meanwhile, General Electric's NBC and the CW, jointly owned by Time Warner and CBS, are freaked out about having had to order new series without vetting them via pilot episodes. ABC, though, may be the most anxious of all. It's apparently nervous that viewers won't even remember to turn on their TV sets during the week of September 21, when the fall season officially starts. With its "National Stay at Home Week" campaign, ABC is cheekily encouraging viewers to save gas, save money, and help the environment by turning on their TV sets instead of firing up their engines during the week that new fall programming hits the air. "It's a fun way to package and present our premiere week and make it uniquely ABC as well," Mike Benson, the network's executive vice president for marketing," told Variety. But the effort, which consists of promotional ads and a soon-to-launch matching website, might come across less as saucy fun than as an insecure plea for ratings—and maybe a justified one. During the spring programming season, which was hampered by the writers' strike, many shows didn't jump back into viewers' hearts as successfully as the networks might have wished. The ratings decline was especially bad news in a media climate where cable TV, videogames, the internet, and other forms of entertainment have been steadily encroaching on the audiences of the broadcast networks for years. And after a summer packed with reality shows and half-baked competition series, audiences may feel even more disenchanted with network TV. "All networks should have constant concern, even if there wasn't a strike, about the fracturing and fragmenting of their audiences," John Rash, senior vice president and director for broadcast negotiations at Campbell Mithun, an advertising agency in Minneapolis, says. "But it's particularly important after the interruptions of last season to try to start fresh and, in effect, hit reset" with viewers. Rash adds that with only two new programs airing this fall, ABC has fewer opportunities to attract new viewers, or lure old ones back. An ABC spokeswoman said she couldn't put an executive on the line to talk about the campaign. She explained that most network executives were out of the office this week. We guess they must all be at home, watching TV.Related Links Saving TV Zuckervision CBS Buying CNET for $1.8 Billion Source: Portfolio.com: Top 5 | 14 Aug 2008 | 9:00 pm Unusual appeal by Ed McMahon's agent: Please, buy Ed's houseSource: L.A. Times - Business | 14 Aug 2008 | 8:56 pm Financials Lead RallyTraders brushed off an unexpectedly high reading on core inflation and lifted the major indexes.Source: SmartMoney.com | 14 Aug 2008 | 8:52 pm 8 Stocks With Enviable Profitability (Stock Screen)We dug up eight promising stocks of companies with enviable bottom lines.Source: SmartMoney.com | 14 Aug 2008 | 8:47 pm Chinese Travel Agent Ctrip Sees Shares Rise (One-Day Wonder)Investors booked passage on China's largest online travel company.Source: SmartMoney.com | 14 Aug 2008 | 8:13 pm When Buying Tuition Insurance Makes Sense (Deal of the Day)How to decide whether buying insurance to cover a child's pricey education makes sense.Source: SmartMoney.com | 14 Aug 2008 | 7:35 pm Manufacturing contractsNew Zealand's manufacturing industry contracted for the third time in four months. The July manufacturing index was 48.8, from 45.3 in June, Wellington-based employer group Business New Zealand said. The June measure was the...Source: New Zealand Herald - Business | 14 Aug 2008 | 7:30 pm Starbucks: Stirred, Not ShakenIt's a good day for Starbucks' chief executive, Howard Schultz, as one vulture, at least, has given up circling: Fast-food baron and activist investor Nelson Peltz has dumped his stake in Starbucks.News that the activist investor's interest has waned sent Starbucks stock up almost 5 percent in afternoon trading today, as the move seems to signal that Peltz feels the company is getting back on track on its own. Peltz's Trian Fund Management disclosed in May that it had bought 898,500 shares of Starbucks (which represents less than 1 percent of outstanding shares)—potentially disturbing news for the coffee chain's executives, given Peltz's reputation for buying into companies (Heinz, Wendy's, Cadbury) and pressuring the management into changes. Peltz's sale was disclosed in filings with the Securities and Exchange Commission, which do not say when the shares were sold or why. So what motivated Peltz's decision? It's hard to point to an obvious impetus, as Starbucks' stock has continued on its downward trajectory through 2008 (shares have lost almost half their value in the past year). But an aggressive campaign of store closings, slowed expansion, and management restructuring announced in July were largely welcomed as a step in the right direction. Whatever Peltz's reasoning, Schultz will be glad for the extra bit of breathing room as he attempts to right the ship. Related Links Starbucks' New Gimmick: Reasonable Prices Long Shot Shrinking Starbucks Source: Portfolio.com: Top 5 | 14 Aug 2008 | 7:30 pm Media : Hedge fund gets all of its ducks in a rowEyebrows were raised this week when New York hedge- fund Elliott International nominated two Kiwi businessman - including recently appointed Infratil director Mark Tume - to join the Telecom board. Telecom is on the fringes of...Source: New Zealand Herald - Business | 14 Aug 2008 | 7:00 pm Goldman Says Economic Recovery Requires More SavingSource: Bloomberg - All Podcasts | 14 Aug 2008 | 6:56 pm Deutsche Bank's Mayer Sees ECB Rate Cut at Start of 2009Source: Bloomberg - All Podcasts | 14 Aug 2008 | 6:54 pm 8 Midsize Stocks With Big-Time Ambitions (Stock Screen)We found eight just-right stocks that are neither too large nor too small.Source: SmartMoney.com | 14 Aug 2008 | 6:18 pm Wachovia heads surprise banking recoveryWall Street stocks rose for the first time in three sessions as a rally in the banking sector and a decline in oil prices offset concerns about rising inflation and high levels of jobless claimsSource: FT.com - US homepage | 14 Aug 2008 | 6:17 pm Slideshow: 7 Gadgets to Help You Get in Shape (Deal of the Day)Are the Olympics inspiring you to get in shape? These gadgets will help get you there.Source: SmartMoney.com | 14 Aug 2008 | 6:13 pm Euro zone, we feel your painUntil now, Europe has escaped the economic problems troubling the United States. But there it was: news today that Germany, France and Italy had terrible second quarters. Stephen Beard reports on what happened.Source: Marketplace | 14 Aug 2008 | 5:37 pm Why oil prices soar and dipOil is an especially volatile commodity this year. First it soared to record prices, now it's going the other way. Host Kai Ryssdal asks an oil expert to help sort this out. You might be surprised by this expert's prediction.Source: Marketplace | 14 Aug 2008 | 5:37 pm Buchholz: Listen up, DetroitYou know the saying, Don't put all your eggs in one basket. Apparently Detroit auto makers haven't heard it. Commentator Todd Buchholz says big cars turned out to be just like the dot-com craze. A bubble. And it burst.Source: Marketplace | 14 Aug 2008 | 5:35 pm Truth-testing Obama's tax planBarack Obama unveiled new details about his tax-cut plan today. It includes the tax cuts -- and who will pay for them. Jeremy Hobson looked at the math to see if Obama's numbers hold up.Source: Marketplace | 14 Aug 2008 | 5:35 pm Inflation hits 17-year highThe July Consumer Price Index rose more than expected, as the average weekly earnings fell in the same month. But how does that mesh with plummeting home prices? Mitchell Hartman reports.Source: Marketplace | 14 Aug 2008 | 5:31 pm Will This Hound Hunt?The forces that have made 2008 such a miserable year for newspapers have so far been kinder to the magazine industry. With their big photographs, glossy paper, more deeply reported articles, and less time-sensitive subject matter, magazines generally have been less vulnerable to the internet's pull on consumers—and thus advertisers.Indeed, newspaper publishers from News Corp. to the Washington Post Co. are starting glossy supplements of their own in hopes of replacing dwindling revenue from classified listings with cash from lucrative display ads. That doesn't mean everything's hunky-dory in magazine land—as the circulation figures released earlier this week show. Across the industry, newsstand sales were down a startling 6.3 percent, a loss that had to be replaced with expensive giveaway copies. And while there's some debate over how much of the shift is cyclical and how much secular, it's clear that at least some readers are turning away from magazines. It's against this backdrop that Time Inc.—the Time Warner division responsible for its namesake newsweekly and 125 other magazines, including InStyle, Family Circle, Money, and Golf Magazine—is preparing a major industrywide initiative that just might point the way forward for publishers. In mid- to late-September, it will unveil Maghound, a new membership service that will allow consumers to pay one price for a flexible mix of monthly magazines. "Look at TiVo, iTunes, Netflix," Dave Ventresca, president of Maghound Enterprises, says. "They have raised consumer expectations of how much control they should have over their media choices. We haven't seen that kind of innovation in the magazine space. Sending seven or eight renewal notices in the mail and saying 'Time to write a check'—that seems like an antiquated way to do things." From the consumer's perspective, Maghound will work like this: You choose how many magazines you want to receive each month—three for $4.95, five for $7.95, seven for $9.95, and a dollar each above that. All issues published by those magazines will be sent to you that month. (Time Inc.'s iconic weeklies—including Time, People, and Sports Illustrated—are also available through Maghound, but because of their increased frequency they will cost more.) "The model we're following is a lot like cable TV," says Ventresca. Members can change the mix of titles they receive as often as they like, managing their accounts on the web or through email (although there will also be a phone option for late adopters). Publishers, meanwhile, will receive a fixed dollar payment for each copy delivered to Maghound members. For the time being, they'll be able to report those copies to the industry circulation-auditing bodies as single-copy sales, equivalent to newsstand copies—this even though Maghound copies won't be sold at anything like full price. Ventresca defends that practice: "You've got real consumers spending real money and making their decisions in a magazine-centric environment," he says. It is, at any rate, a temporary measure until the auditors can amend their rules to create a new circulation category, he adds. While Maghound has been in development for four years at Time Inc., its roots go back to the late 1990s, when lawsuits by state attorneys general forced sweepstakes companies like Publishers Clearing House and American Family Publishers to severely curtail their activities. Forced to replace the huge numbers of subscribers they'd been getting from sweepstakes firms, publishers turned to independent contractors to solicit subscriptions. After initial successes, these subscription agents began charging more and more even as they supplied names of increasingly dubious quality and sometimes engaged in fraudulent practices to create the appearance of paying customers where none existed. Since auditors began cracking down on shady agents in 2004, publishers have been obliged to lean more heavily on "verified"—that is, giveaway—circulation to doctor's offices, hotels, and other public places, as well as subscriptions that retailers hand out as a sales promotion; the number of copies distributed through this channel rose nearly 16 percent in the year's first half. No wonder publishers have been quick to sign up for Maghound. Ventresca won't say specifically which have enrolled their magazines, but the menu will include 240-plus titles at launch, with dozens more already enrolled. "We certainly have talked to just about everyone," Ventresca says, adding that some negotiations have been held up by disagreements over wholesale price. "This offers a good, positive economic return for the publishers, but there's always a question of where that should be." There's also a question of whether publishers should be wary of handing over a portion of their sales to a rival. Ventresca insists that his unit won't discriminate against non-Time Inc. titles—mostly. "In a jump-ball situation, then yes, Time Inc. titles would get some preference" when it comes to, say, promotion on Maghound's website, he says. "But Maghound will be trying to maximize Maghound's revenues, not Time Inc.'s revenues," he adds. "We're viewing this very much as an industry initiative." Some observers are skeptical about how much difference it will make to the industry's long-term fortunes, however. "It's kind of marginal," says one circulation analyst who asked to remain anonymous because he has not been fully briefed on Maghound's plans. "My feeling is people who sign up will forget about it and the magazines will keep coming whether they want them or not." It's worth noting that the services Ventresca cites in explaining Maghound—iTunes, TiVo, and Netflix—all deliver digital products. (Netflix mails its DVDs, but has said its future lies in streaming video over the Web.) Are ink-and-paper magazines a hopeless anachronism in this context? Maybe, but many publishers are taking a flier rather than risk missing out on a source of cash and readers, however ultimately insignificant it might turn out to be. Peter Winn, director of planning and development at Bonnier Corp., which publishes Parenting, Popular Science, Ski, and other magazines, says he thinks it's important to the industry for all major publishers to get behind Maghound. Bonnier is making 32 of its 40-plus magazines available. "Is it going to replace how we do circulation?" Winn asks. "I don't think anybody knows the answer to that question yet."Related Links Mag Publishers Resist Rapid-Report Regime Magazine Awards: The Breakdown, by Company Time Piece: Is Time Inc. Ready for a Spin-Out? Source: Portfolio.com: Top 5 | 14 Aug 2008 | 5:00 pm Keep an Open Mind About Closed-End Funds (Tradecraft)Though eclipsed in popularity by ETFs, closed-end funds offer unique opportunities.Source: SmartMoney.com | 14 Aug 2008 | 4:51 pm How to Go Broke a Few Cents at a Time (Tradecraft)Don't wait too long to take losses. Plus: Attention Wal-Mart shoppers.Source: SmartMoney.com | 14 Aug 2008 | 4:47 pm After GeorgiaRussia's conflict with Georgia has sparked worries over the small country's ability to provide a secure energy transit route for the West.Georgia contends that Russia targeted the 3-year-old Baku-Tbilisi-Ceyhan pipeline, and a Wall Street Journal reporter saw large bomb craters in a plain near the pipeline. (Russia has denied targeting it.) The B.T.C. pipeline, operated by BP, was the first to bring Caspian oil to market while bypassing Russia. It carries 850,000 barrels of oil a day, or about 1 percent of the world's crude oil supply, from Azerbaijan through Georgia and Turkey. Portfolio.com asked Kent Moors of Duquesne University, who is also an energy and risk-management consultant specializing in the Caspian region, about the prospects of a more aggressive Russia on global energy markets. Why haven't oil prices moved higher after the attacks? There are a couple of reasons. Increasing demand from many parts of the world is beginning to temper. That combined with the fact that the B.T.C. was already down meant that the market was pretty well insulated from any great concern—provided the conflict is limited. If it continues or if it spreads into other areas of the Caucuses, then it's a completely new ballgame. What other regions are at risk? We have a situation that is developing off of the Sea of Azov, which is a water buffer between Russia and Ukraine. It remains to be seen who actually controls the development of offshore crude oil and natural gas in the Sea of Azov. We may have a difficulty there. To the extent that the Russians gain greater hold of Abkhazia (a separatist territory in Georgia), there is some early indication that there might be some medium-sized crude and natural-gas deposits in the Black Sea off of the Abkhazian coast. Abkhazia almost two years ago argued that they wanted Russian oil companies to develop it, and, of course, Georgia said absolutely not. Now it's a situation where Russia may lobby quite energetically to be able to develop those deposits. So that's another area where people have to be somewhat concerned because of the animosity between Russia and the Ukraine. The other issue is that Russian operating companies—we're talking about Lukoil, Gazprom, and to a lesser extent, Rosneft—have been moving into Turkmenistan and into Uzbekistan. So now we're talking about the eastern portion of the Caspian. Plus, the Russians may be close to an agreement in principle with the Iranians on mutual development and pricing of natural gas. And I think that's the overall strategy here. It isn't so much about acquiring territory or expanding an empire. It's about being able to control the throughput of oil and natural gas. What impact will this have on Western Europe, which gets 40 percent of its natural gas from Russia? After the B.T.C. was built, the Russians knew that pipelines could be built bypassing them, so they have been particularly careful to honor all contracts. One of the deputy C.E.O.'s of Russia's Gazprom said recently that the Russians are as dependent upon the Europeans as customers as the Europeans are dependent upon the Russians as a source, and I think that's basically true. The Russians also are never going to ratify the Energy Charter Treaty like Europe wants them to do. (The treaty would allow foreign access to pipelines within Russia.) The Europeans are still holding out on this, but their leverage is being minimized because they need the natural gas. Where does the U.S. stand in all of this? The U.S. is being marginalized. We're still the 1,200-pound gorilla, so you can't just ignore our interests. But despite the fact that we're just 5 percent of the population and consume about 29 percent of the energy in the world, that doesn't have the same clout as it used to. The primary increased demand worldwide is coming from developing countries like China and India, and also from genuinely developing countries like those in Africa. B.T.C. is our only success in the region to try to bypass Russia, and that's not likely to be duplicated in the near future. People have seen this coming for years, and we've done virtually nothing to negotiate with Russia. And what of foreign investment? Putting it crassly: There's money to be made here. And unless you get to a situation in which you have a genuine concern that military ventures are going to offset domestic opportunities in Russia, it has minimal effect. Foreign investment should remain strong. Related Links Putin's Power Grab Russia Pumps It Up Brilliantly Evil Source: Portfolio.com: Top 5 | 14 Aug 2008 | 4:30 pm Amgen Added to Goldman's `Conviction Buy' ListSource: Bloomberg - All Podcasts | 14 Aug 2008 | 4:17 pm BA, American and Iberia sign dealLONDON -- British Airways, American Airlines and Spain's Iberia said today they have signed a revenue-sharing deal that -- if approved by regulators -- will see the trio set prices together and share seat capacity on trans-Atlantic flights.Source: L.A. Times - Business | 14 Aug 2008 | 3:56 pm Wal-Mart sees slowdown spreadingThe world's largest retailer reported a 17 per cent rise in quarterly profit and raised its full-year earnings view, as shoppers seek low prices on food, health-care products and electronics its storesSource: FT.com - US homepage | 14 Aug 2008 | 3:30 pm US inflation at highest since 1991US consumer prices rose 0.8 per cent in July, twice as fast as expected, damping hopes that falling crude oil prices and slowing consumer demand would rapidly ease inflation pressuresSource: FT.com - US homepage | 14 Aug 2008 | 1:31 pm The New SheriffEliot Spitzer was spotted walking up Park Avenue in Midtown Manhattan last week, eyelids pink with weariness, shoulders stooped, and—strikingly—all alone. That same day, Andrew Cuomo—Spitzer's successor as New York's attorney general—had a lieutenant whip off letters to J.P. Morgan, Morgan Stanley, and Wachovia alerting them they were in his sights. He was fresh from negotiating billion-dollar agreements with UBS and Citigroup over the promotion of auction-rate securities, the letters said, and he wanted more. Today, the attorney general announced that J.P. Morgan and Morgan Stanley have agreed to buy back more than $7 billion in auction-rate securities and pay $60 million penalties. It is Cuomo's turn in the crusader limelight, and despite rough edges and ambition reminiscent of his predecessor, he's winning acclaim for his focus, flexibility, discipline, and consumer-friendly results (which eluded Spitzer as top lawyer for the state) that often sets a national agenda. Picking Up the Pieces Cuomo the Cop Cuomo Dusts Off the Spitzer Playbook Source: Portfolio.com: Top 5 | 14 Aug 2008 | 12:30 pm Smiling on Wal-MartWhat's clear is that even amid a recession, consumers are buying apparel, electronics, and other nonessentials if the price is right.The biggest retailer and discounter, Wal-Mart Stores, has reported a 17 percent gain in second-quarter earnings, exceeding estimates. And the chain has raised its forecast for full-year earnings, predicting earnings of as much as $3.50 per share, higher than Wall Street estimates. Sales overseas shone again for Wal-Mart, rising 17 percent to $25.3 billion. More important, sales in the United States did better than expected as well. Sales at stores open at least year, excluding fuel sales, rose 4.5 percent, higher than the company's estimates. "We have improved customer traffic and ticket and overall sales growth in our markets," Wal-Mart's chief executive, Lee Scott, said. "While inflation and higher fuel costs are pressuring suppliers, retailers, and customers worldwide, we're confident that Wal-Mart is well-positioned for this economy." But the company also had some cautionary notes. It warned that earnings for the current quarter could fall short of Wall Street estimates. And it indicated that sales are volatile week to week. August has been weak for retailers as the effect of the government stimulus checks fades. Wal-Mart has forecast that U.S. same-store sales will rise 1 to 2 percent this month, which would be its smallest gain since March. Related Links This Week, All Eyes On C.P.I. Big Stores, Big Woes Week of Grim Earnings May Stifle Stocks Source: Portfolio.com: Top 5 | 14 Aug 2008 | 12:00 pm
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