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Updated vision for a Hollywood Hills trilevelThe distressed post-and-beam is restored to pristine condition, with contemporary green touches.Mr. Magoo, the nearsighted 1950s cartoon character, would have appreciated the open floor plan of this classic Midcentury Modern, if not the drop-dead view of Universal City and the east Valley from practically every room in the house. ¶ Fortunately, producer and writer Leo Salkin, who wrote stories for the animated series and lived in the trilevel for many years, could take full advantage of the Buff, Straub and Hensman 1960s architecture, which maximized the outdoor vistas. The firm was known for its innovative indoor/outdoor designs and simplistic minimalism. ¶ "I saw this house as a wonderful space to display art, and the building itself is art," said current owner and pop-art dealer Phil Selway. "I feel surrounded not only by the history of the architecture, but by the contemporary elements too." Source: L.A. Times - Business | 17 Aug 2008 | 7:00 am Getting the 411 on phone chargesThe lifting of price controls for phone services has been extremely lucrative for companies like AT & T and Verizon.On Sept. 1, AT&T Inc. will cut the number of free 411 calls offered to customers each month to one from three. At first glance, that seems like a fairly small thing. Source: L.A. Times - Business | 17 Aug 2008 | 7:00 am Standard Life cuts final bonus payouts by 9%Standard Life has cut payouts for 800,000 mortgage and savings endowment policyholders by as much as 9 per cent, the Scottish insurer announced this week.Source: Latest Business News from Times Online | 16 Aug 2008 | 5:40 pm China Heads Toward "Recession"
China's growth slowed to 10.1% in the last quarter. That means the economy has been losing its acceleration for more than a year. Bloomberg writes that ``China needs much faster growth than an average Western country as it has to generate 10 million jobs a year,'' said Tao Dong, chief Asia economist at Credit Suisse Group AG in Hong Kong. ``Eight percent growth in China is equivalent to a recession. Below nine percent would make the authorities quite nervous.'' Of course, a sharp drop in GDP in China would mean that imports from countries, especially the US, may begin to fall off. It begins a great circle of faltering economies around the world which could cause a recession as deep as the one in 1973/1974. The signs are there. Plummeting real estate values. Overextended credit. The world's fast growing country's losing their steam Douglas A. McIntyre Source: 24/7 Wall St. | 16 Aug 2008 | 1:44 pm NewsWatch: Small-cap mutual funds surprising leaders in tough marketIt's a grim reminder of how unforgiving this market has been that out of almost 3,000 diversified U.S. stock mutual-funds, only a handful are in the black so far this year. And the biggest surprise is that many of these strong performers are the unlikeliest survivors: small caps.Source: MarketWatch.com - Top Stories | 16 Aug 2008 | 1:00 pm Auto Review: High style in the 2008 Rolls Royce PhantomIt is the car of kings, queens, rock stars, and potentates all over the world. In various forms, it has been setting the standard for luxury worldwide for over a century. Ron Amadon takes you for a ride in the spectacular 2008 Rolls Royce Phantom.Source: MarketWatch.com - Top Stories | 16 Aug 2008 | 1:00 pm Gas down 35 cents in 30 daysAnother penny came off the national average price of gasoline Saturday, the 30th straight daily decline, bringing the total drop in the period to more than 35 cents a gallon.Source: Business and financial news - CNNMoney.com | 16 Aug 2008 | 12:49 pm Think flying stinks? It may get worseJet setters, get ready for more fare hikes and fewer flights.Source: Business and financial news - CNNMoney.com | 16 Aug 2008 | 12:02 pm Personal Finance Daily: The week's 10 best Personal Finance stories: Aug. 11-15In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Aug. 11-15:Source: MarketWatch.com - Top Stories | 16 Aug 2008 | 12:01 pm Feels like a recession - Small businessesThe National Federation of Independent Business' monthly Index of Small Business Optimism fell one point to 88.2 in July, continuing one of the longest strings of recession-level readings in the 22-year history of the survey. Weak capital-spending plans, lower earnings, a soft labor market and heavy inventory reductions contributed to the continuing decline.Source: Business and financial news - CNNMoney.com | 16 Aug 2008 | 11:59 am Guru Investment Watch: Buffett, Icahn, Gates, Peltz, Heebner
Every quarter there is a push to see Warren Buffett's investment
holdings for Berkshire Hathaway. He broke these down into three groups
alphabetically and consolidated these for simplicity. Carl Icahn's Icahn Enterprises is always an interesting watch because he can cause waves in so many companies. This quarter we focused on his biotech and BioHealth sector investments because some seemed odd or left over and his efforts in Yahoo!, Motorola, and Time Warner are already known. Bill Gates and his Cascade Investment LLC vehicle have always been interesting to watch because of his investment foresight into trends that frequently do not make sense for several quarters and then seem very obvious. His latest stock investment list has him looking like a garbage man and looking south towards trends in Mexico, among many others. Nelson Peltz and his TRIAN FUND MANAGEMENT made some interesting stock choices, some of which made an impact on share prices. He's known for food and restaurant activist changes and this list was very different than before. Ken Heebner's CGM FOCUS FUND really appears to still have stuck with commodities despite the downturn. His last quarter performance was huge, although this quarter his fund is off to a rock start.
Jon C. Ogg Source: 24/7 Wall St. | 16 Aug 2008 | 11:31 am Former DirecTV head named LA Times publisherThe Los Angeles Times is getting a new publisher. The paper's Web site says Eddy Hartenstein _ the former head of DirecTV _ will assume the post on Monday. He'll be taking over at a...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Aug 2008 | 10:27 am UBS certain will be independent in 2 years: reportZURICH (Reuters) - UBS AG's chairman is sure the troubled Swiss bank will still be independent in two years' time, according to an interview published on Saturday.Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Aug 2008 | 10:11 am UBS certain will be independent in 2 years: reportZURICH (Reuters) - UBS AG's chairman is sure the troubled Swiss bank will still be independent in two years' time, according to an interview published on Saturday.Source: Reuters: Business News | 16 Aug 2008 | 10:11 am Lehman in talks to sell real estate, securities: reportNEW YORK (Reuters) - Lehman Brothers is in talks for potential sale of its $40 billion portfolio of commercial real estate and securities in an effort to bolster its finances following costly credit-related write-downs, the Financial Times said in its online edition.Source: Reuters: Business News | 16 Aug 2008 | 9:07 am Penney, Abercrombie beat estimates but cautiousNEW YORK (Reuters) - J.C. Penney Co Inc and Abercrombie & Fitch Co reported quarterly profits that beat Wall Street expectations on Friday, but came up short in their earnings...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Aug 2008 | 9:07 am Penney, Abercrombie beat estimates but cautiousNEW YORK (Reuters) - J.C. Penney Co Inc and Abercrombie & Fitch Co reported quarterly profits that beat Wall Street expectations on Friday, but came up short in their earnings forecasts, joining other U.S. retailers who fear a deeper slowdown in consumer spending toward year's end.Source: Reuters: Business News | 16 Aug 2008 | 9:07 am Oil's drop, dollar's rise key to more gainsNEW YORK (Reuters) - Bolstered by falling oil prices and a rising dollar, U.S. stocks could extend their modest gains next week, even in the face of still troubling consumer- and housing-related data.Source: Reuters: Business News | 16 Aug 2008 | 9:06 am Hershey raises candy prices, blames higher costsLOS ANGELES (Reuters) - Candy maker Hershey Co said on Friday it was raising U.S. prices by roughly 10 percent and warned that the higher cost of ingredients such as cocoa, corn sweetener, sugar and peanuts would weigh on profits.Source: Reuters: Business News | 16 Aug 2008 | 8:23 am Anhanguera Posts Growth of 60.4% in Adjusted Net Income in 2Q08VALINHOS, Brazil, Aug. 16 /PRNewswire/ -- Anhanguera Educacional Participacoes S.A. - ANHANGUERA (BOVESPA: AEDU11) announces today its results for the second quarter of...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Aug 2008 | 8:13 am FAA seeks payment of $10.2 mln Southwest fineWASHINGTON (Reuters) - Regulators upheld a record $10.2 million fine against Southwest Airlines Co for alleged safety violations and want payment this month, the U.S. Federal Aviation Administration said on Friday.Source: Reuters: Business News | 16 Aug 2008 | 7:11 am Fed officials fret on growth, point to rate holdBLOOMINGTON, Illinois (Reuters) - Two top Federal Reserve officials on Friday voiced concern about weak U.S. economic growth for the rest of 2008 and said inflation, while a worry, should start to fade over time.Source: Reuters: Business News | 16 Aug 2008 | 7:02 am Mexican central bank raises rates again to battle inflationThe third increase since June may be the last for a while as the economy slows and commodity prices moderate. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Aug 2008 | 7:00 am L.A. Times names Eddy Hartenstein to publisher's postThe former DirecTV chief must contend with steep declines in circulation and advertising revenues.Eddy Hartenstein, the former head of satellite television provider DirecTV, will become the new publisher of the Los Angeles Times on Monday. Source: L.A. Times - Business | 16 Aug 2008 | 7:00 am Party's over for investors in foreign stocksLate arrivals are stung as values plunge after five years of solid growth.Foreign stocks had been the shining stars in many U.S. investors' portfolios from 2003 through 2007. This year, they're beginning to look like black holes. Source: L.A. Times - Business | 16 Aug 2008 | 7:00 am Wall Street fluctuates on consumer sentiment dataNEW YORK -- Wall Street fluctuated today as the price of oil extended its decline but a disappointing report on consumer sentiment reminded the market of the economy's continuing troubles.Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Aug 2008 | 7:00 am Wall Street ends mixed on credit concerns, oilMost stocks rose Friday as lower commodity prices boosted the outlook for consumer companies and the two largest bond insurers had their credit ratings affirmed.Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Aug 2008 | 7:00 am California's unemployment rate rises to 7.3%Nearly 15,000 jobs were lost in July because of ongoing slowdowns in construction, real estate and financial services.California's unemployment rate climbed to a 12-year high last month as the state continued to bleed jobs in the real estate and construction industries. Source: L.A. Times - Business | 16 Aug 2008 | 7:00 am Olympic gold medalists eyed for sales potentialOlympians will draw the spotlight, but it's hard to predict who's golden in the long run.The closing ceremony in Beijing is still a week away, but sports marketers already are scrambling to determine which athletes can squeeze the most sponsorship gold from their Olympic feats. Source: L.A. Times - Business | 16 Aug 2008 | 7:00 am Chocolate maker Hershey to raise prices 11%Hershey Co. said Friday that it planned to raise prices on its products by an average of 11% as it tries to stem the effect of soaring commodities costs, and it trimmed its projections for 2008 and 2009...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Aug 2008 | 7:00 am Party's over for investors in foreign stocksLate arrivals stung as values plunge after five years of solid growth. Foreign stocks had been the shining stars...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Aug 2008 | 7:00 am Airlines offer discount fares for fallAmid tumbling oil prices and flagging demand, some routes have been discounted 50%. Air travelers suffering from...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Aug 2008 | 7:00 am Vishay Intertechnology offers to buy International RectifierLast year, Vishay Intertechnology Inc. bought a key unit of El Segundo's International Rectifier Corp.Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Aug 2008 | 7:00 am L.A. Times names Eddy Hartenstein to publisher's postThe former DirecTV chief must contend with steep declines in circulation and advertising revenues. Eddy Hartenstein,...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Aug 2008 | 7:00 am Former IndyMac employees seek probe of Sen. Charles SchumerThey seek action by Atty. Gen. Jerry Brown and hire CRC Public Relations to represent them. Former IndyMac Bank...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Aug 2008 | 7:00 am Olympic gold medalists eyed for sales potentialOlympians will draw the spotlight, but it's hard to predict who's golden in the long run. The closing ceremony...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Aug 2008 | 7:00 am Swimming pool owners stay afloat by doing their own maintenanceOwners are wading into the murky realm of chemicals and pH. 'It's not very hard,' says one. Could be unsanitary, says a trade group.Victor Pineda has found a pile of money in a hole in his Whittier backyard. Source: L.A. Times - Business | 16 Aug 2008 | 7:00 am Breaking up big banks questioned as losses mountAmerica's biggest banks have suffered unprecedented losses from the ongoing credit crisis, and that's made some investors question whether the big financial conglomerates should be broken...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Aug 2008 | 5:11 am Market Snapshot: U.S. stocks likely to be under the influence of oilU.S. stock-market action next week is likely to take cues from the currency and commodities markets.Source: MarketWatch.com - Top Stories | 16 Aug 2008 | 4:01 am Kroger Recalling Corn Puff SnackCINCINNATI, Aug. 15 /PRNewswire/ -- The Kroger Co. said today it is recalling packages of Kroger Hulless Corn Puff Poppers - Extreme Butter (artificially flavored) in...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Aug 2008 | 2:00 am Business Briefs - FridayCapital One rises on July trends. One of the biggest issuers of MasterCard and Visa credit cards said its U.S. credit-card business was a bit...Source: Investor's Business Daily: BUSINESS | 16 Aug 2008 | 1:00 am Billions And Billions ServedNo man is an island, and in today's interconnected economy, neither is any company. A chipmaker good at engineering the hottest new microprocessor...Source: Investor's Business Daily: BUSINESS | 16 Aug 2008 | 1:00 am ADP Sees Big Payday With Broader LineupIf you earn a paycheck or have employees, chances are you've heard of Automatic Data Processing.Source: Investor's Business Daily: BUSINESS | 16 Aug 2008 | 1:00 am Drug Company Comes In A Day Late, But Not A Dollar ShortBig Pharma looks for billion-dollar drugs to keep growing at rates that please Wall Street.Source: Investor's Business Daily: BUSINESS | 16 Aug 2008 | 1:00 am In Brief - FridayHasbro (HAS), a game maker, got a positive outlook from Moody's, which affirmed its rating. Moody's said Hasbro improved its credit metrics, and...Source: Investor's Business Daily: BUSINESS | 16 Aug 2008 | 1:00 am Trends & Innovations - FridayElectric-bike sales skyrocketingSource: Investor's Business Daily: BUSINESS | 16 Aug 2008 | 1:00 am After The Close - FridayHERSHEY'S (HSY) plans to raise the price of its products by about 10%, blaming high commodity prices. The chocolate giant also warned '08 EPS...Source: Investor's Business Daily: BUSINESS | 16 Aug 2008 | 1:00 am India Globalization Capital Schedules Conference Call Aug. 18th to Discuss Financial Results for the Quarter Ending June 30, 2008BETHESDA, Md., Aug. 15 /PRNewswire-FirstCall/ -- India Globalization Capital, Inc. (Amex: IGC), (Amex: IGC.WS), (Amex: IGC.U) will hold a conference call to discuss its...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Aug 2008 | 12:55 am Lehman in talks to sell real estate, securities: report (Reuters)
Source: Yahoo! News: Business | 16 Aug 2008 | 12:31 am Lehman in talks to sell real estate, securities: reportNEW YORK (Reuters) - Lehman Brothers is in talks for potential sale of its $40 billion portfolio of commercial real estate and securities in an effort to bolster its finances following...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Aug 2008 | 12:31 am Birch Mountain reports second quarter resultsCALGARY, Aug. 15 /PRNewswire-FirstCall/ - Birch Mountain Resources Ltd. ("Birch Mountain" or the "Company") (BMD: TSX and AMEX) yesterday reported financial...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Aug 2008 | 12:31 am Sterling continues to lose groundThe pound hovers near two-year lows against the dollar amid worries over the strength of the UK economy.Source: BBC News | Business | World Edition | 16 Aug 2008 | 12:10 am Lawsuit threat to Merrill LynchNew York State's attorney general threatens to sue US bank Merrill Lynch for misleading investors.Source: BBC News | Business | World Edition | 16 Aug 2008 | 12:08 am Wachovia $8.8bn buyback settles investor complaintsWachovia has become the latest US investment bank to buy back auction-rate securities to settle complaints that it misled investors, taking the total industry settlement to more than $40bn (£21.5bn).Source: Telegraph Business | 16 Aug 2008 | 12:01 am Diary: Fools’ gold has no currency out EastMore bad news for the banking community.Source: Telegraph Business | 16 Aug 2008 | 12:01 am Pound and gold down as dollar risesThe pound could soon dive to barely more than a dollar and a half while gold prices plunge to $650, experts predicted yesterday amid fresh evidence that the commodity boom is ending and the dollar's resurgence is under way.Source: Telegraph Business | 16 Aug 2008 | 12:01 am British Land's Cheesegrater call may be full of holesIN DECEMBER 1991 Sir Stuart Lipton and Godfrey Bradman marked the completion of the Broadgate development with the help of the late Roy Castle, Can Can dancers and a fireworks display.Source: Telegraph Business | 16 Aug 2008 | 12:01 am Helly Hansen sails back into the mainstreamHelly Hansen's outdoor clothing became a surprise hip-hop hit, but now its CEO wants to steer it back to its nautical roots, writes Rowena MasonSource: Telegraph Business | 16 Aug 2008 | 12:01 am Chrysalis expected to face £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 | 16 Aug 2008 | 12:01 am Economic downturn means London skyscrapers may not reach completionSome City developments may not be viable in the current climate, writes Jonathan Russell.Source: Telegraph Business | 16 Aug 2008 | 12:01 am Bradford & Bingley cash call snub leaves banks picking up the tabUBS, Citigroup and Britain's leading high-street banks have been left to step in with close to £200m of funding for Bradford & Bingley after investors all but snubbed the cash call.Source: Telegraph Business | 16 Aug 2008 | 12:01 am Quantum of Solace's James Bond goes green with golden KaJames Bond may be a hard-nosed secret agent with a licence to kill and an eye for the ladies, but in this age of booming oil prices it appears he too has developed a concern for the environment.Source: Telegraph Business | 16 Aug 2008 | 12:01 am Stelios Haji-Ioannou takes on easyJet in legal claim over brandEasygroup founder Stelios Haji-Ioannou has launched a legal claim against easyJet, in which he has a 16pc stake, to clarify whether the budget airline is breaking the rules of its branding agreement.Source: Telegraph Business | 16 Aug 2008 | 12:01 am Yukon-Nevada Gold Corp. considers operational and financial alternatives at Jerritt Canyon, NevadaVANCOUVER, Aug. 15 /PRNewswire-FirstCall/ - Yukon-Nevada Gold Corp. (Toronto Stock Exchange: YNG; Frankfurt Xetra Exchange: NG6) today announces the consideration of various...Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Aug 2008 | 11:55 pm FAA seeks payment of $10.2 mln Southwest fine (Reuters)
Source: Yahoo! News: Business | 15 Aug 2008 | 11:51 pm Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trade in Monday's session are Lowe's Cos., Trina Solar Ltd., and Hershey Co.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 11:35 pm Oil's drop, dollar's rise key to more gains (Reuters)
Source: Yahoo! News: Business | 15 Aug 2008 | 11:22 pm Merrill Lynch faces NY lawsuit over ARSAndrew Cuomo, New York's attorney-general, said he would take imminent legal action against Merrill Lynch, calling the bank's proposal to buy back auction rate securities from investors "woefully inadequate".Source: FT.com - US homepage | 15 Aug 2008 | 11:18 pm After Hours: Hershey raising prices to offset higher costs; shares fallHershey Co. shares fall more than 4% after the food producer revises its financial outlooks because it is facing higher costs.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 11:12 pm BP prepares itself for battles with Russian oligarchsBP and its Russian partners are set to discuss next month a partial float of its TNK-BP joint venture.Source: Latest Business News from Times Online | 15 Aug 2008 | 11:00 pm Liechtenstein bows to pressure with reformLiechtenstein, the tiny Alpine principality renowned as a tax haven, has signalled that it will reform its notoriously secret banking sector to make it more difficult for rich foreigners to hide money.Source: Latest Business News from Times Online | 15 Aug 2008 | 11:00 pm Stelios takes easyJet to court over brandingSir Stelios Haji-Ioannou is taking easyJet, the airline that he founded, to the High Court to try to limit its ability to make money from activities that may clash with his other ventures. The surprising spat between the budget carrier and its founder stunned the City yesterday and threatens to limit the airline’s ability to raise revenues.Source: Latest Business News from Times Online | 15 Aug 2008 | 11:00 pm It's so easy to be agreeable when the well-heeled beat a path to your doorThere are certain things you just can't say in polite circles. Such as: “Ricky Gervais isn't very funny” . . . “Judi Dench can't act” . . . “Gordon Brown is a fine leader of men.” The business equivalent of these sacrilegious sentiments is probably: “I don't think the John Lewis Partnership has anything to teach us, actually.”Source: Latest Business News from Times Online | 15 Aug 2008 | 11:00 pm Merrill Lynch charges losses to British armThe UK will suffer twice over from Merrill Lynch's investment woes, after a regulatory filing indicated that Britain will bear a large portion of its recent losses — in the form of lost tax revenue — at the same time as an internal memo warned staff that it had embarked on a hiring freeze across the group.Source: Latest Business News from Times Online | 15 Aug 2008 | 11:00 pm Vladimir Putin makes Robert Maxwell look small-fryOne of the curious trends of recent years has been the Western business community’s enduring love affair with the unlovely Russia. With every passing week, it becomes clearer that this is a country run by and for people little different from gangsters. The tanks rolling into Georgia have reminded us that they are gangsters with keys to a big arsenal.Source: Latest Business News from Times Online | 15 Aug 2008 | 11:00 pm The holiday is over for cheap travel abroadA rapid rise in the dollar could spell bad news for British manufacturers, even as the slide in sterling makes their products cheaper for overseas buyers.Source: Latest Business News from Times Online | 15 Aug 2008 | 11:00 pm Need to know: Opec cuts forecast ... Tesco cuts prices ... Yahoo! truceEconomicsSource: Latest Business News from Times Online | 15 Aug 2008 | 11:00 pm Underwriters take hit as Bradford & Bingley shareholders shun rightsInstitutions are thought to have bought up to 20 per cent of the shares available in Bradford & Bingley’s rights issue, which was aimed at raising £400 million.Source: Latest Business News from Times Online | 15 Aug 2008 | 11:00 pm SunPower rallies on role in giant PG&E solar projectSunPower Corp. shares rally after the solar-panel maker announces its participation in a giant 800-megawatt, photovoltaic project, hailed by industry insiders as the first major utility-scale endeavor of its kind in the United States.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 10:36 pm Lehman in talks to sell $40bn in real estateLehman Brothers is in talks with potential buyers over the sale of its $40bn portfolio of commercial real estate assets and securities in an effort to replenish its balance sheetSource: FT.com - US homepage | 15 Aug 2008 | 10:32 pm Latin American Markets: Mexican stocks gain ground after rate hike; Brazil slumpsMexican stocks edge higher after the central bank indicates that it may be near the end of its interest rate-tightening cycle. A slide in energy prices sends Brazilian stocks lower.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 10:30 pm Canadian Markets: Drop in oil, gold reels in Toronto stocks FridaySAN FRANCISCO (MarketWatch) -- Canadian stocks retreated for the second straight day Friday as crude-oil and gold futures closed lower, pulling down shares of energy and mining companies.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 10:26 pm Economic Diary on Japan Rates, U.S. Housing, ZEW SurveySource: Bloomberg - All Podcasts | 15 Aug 2008 | 10:21 pm Some investors may be left out of auction rate settlementNEW YORK (MarketWatch) -- Despite the recent rash of auction-rate securities settlements between regulators and the Wall Street banks, investors shouldn't hold their breath waiting to be cashed out.Source: MarketWatch.com - Top Stories | 15 Aug 2008 | 10:19 pm U.S. Consumer Prices at 17-Year High; Streamlining CarsSource: Bloomberg - All Podcasts | 15 Aug 2008 | 10:16 pm Mrs. Fields to file for bankruptcyRead full story for latest details.Source: Business and financial news - CNNMoney.com | 15 Aug 2008 | 9:51 pm Gold falls below to $800 an ounceCommodity prices including gold, copper and aluminium, decline amid fears of slowing demand.Source: BBC News | Business | World Edition | 15 Aug 2008 | 9:43 pm Retailers face frugal shoppers through 2009 (AP)
Source: Yahoo! News: Business | 15 Aug 2008 | 9:42 pm Stocks struggle as oil slidesThe Dow and S&P 500 rose and the Nasdaq slipped Friday in a choppy session in which oil prices flirted with 3-month lows, the dollar rallied, and tech stocks slid.Source: Business and financial news - CNNMoney.com | 15 Aug 2008 | 9:39 pm VIX Index of U.S. Stock Option Prices Retreats 3.7% to 19.58Source: Bloomberg - All Podcasts | 15 Aug 2008 | 9:20 pm Price hike hammers HersheySource: Business and financial news - CNNMoney.com | 15 Aug 2008 | 9:08 pm No Silver Lining for Precious Metals ETFs (Daily ETF Wrap-Up)Precious metals ETFs were tarnished by the big declines in silver and gold prices.Source: SmartMoney.com | 15 Aug 2008 | 9:02 pm Fed officials fret on growth, point to rate hold (Reuters)
Source: Yahoo! News: Business | 15 Aug 2008 | 8:53 pm Retailer strength helps lift Wall StreetUS stocks climbed modestly in a quiet session of trading, and made slight gains for the week, as oil prices dropped back and investors digested some positive results from retailersSource: FT.com - US homepage | 15 Aug 2008 | 8:50 pm Dow, S&P 500 rise as lower oil lifts retailersNEW YORK (Reuters) - The Dow and S&P 500 rose on Friday, as sinking commodity prices raised hopes of a consumer spending recovery, helping push shares of retailers higher.Source: Reuters: Business News | 15 Aug 2008 | 8:35 pm Fisher Says Consumption Slowdown May Cause Bond DefaultsSource: Bloomberg - All Podcasts | 15 Aug 2008 | 8:21 pm Stocks End Week LowerMixed economic data left traders uninspired, and stocks failed to recover fully from a two-day selloff.Source: SmartMoney.com | 15 Aug 2008 | 8:18 pm Raw Deal: Overdraft protectionTerry Read transferred $400 into his wife's checking account on a Friday. Over the weekend, his wife used her debit card to make some small purchases, and on Monday she was slammed with a $35 overdraft fee because his cash transfer hadn't cleared yet.Source: Business and financial news - CNNMoney.com | 15 Aug 2008 | 7:45 pm 52-Week Low Club (CCJ, CVI, EIX, MDR, SSRI, ZINC)
Jon C. Ogg Source: 24/7 Wall St. | 15 Aug 2008 | 7:35 pm So are we in a recession or not?One minute the headlines say we're zooming towards a recession, the next minute economic surveys say we're actually OK. What's going on? Tess Vigeland talks to economists Diane Swonk and Michael Englund.Source: Marketplace Money | 15 Aug 2008 | 7:23 pm Commodity plunge picks up speed as bulls fleeSource: L.A. Times - Business | 15 Aug 2008 | 7:05 pm Repopulating New OrleansTo rebuild a city, you have to know who's back and who's not. Tess Vigeland talks to New Orleans demographer Allison Plyer about the state of the Crescent City three years after Hurricane Katrina.Source: Marketplace Money | 15 Aug 2008 | 7:04 pm Oil sinks as global economy slowsOil prices fell below $112 a barrel Friday as the dollar continued to climb and investors feared that weak economic growth would translate into lower crude demand worldwide.Source: Business and financial news - CNNMoney.com | 15 Aug 2008 | 7:04 pm Netflix in ship shape againSource: L.A. Times - Business | 15 Aug 2008 | 7:04 pm Penney, Abercrombie beat estimates but cautious (Reuters)
Source: Yahoo! News: Business | 15 Aug 2008 | 7:01 pm The kiwi dollar's big tumbleThe kiwi dollar hit an 11-month low of US68.25c against the greenback this week, stoking hopes this is the sustained fall our exporters have been praying for. Then again, the kiwi was trading around these levels a year ago, and...Source: New Zealand Herald - Business | 15 Aug 2008 | 7:00 pm Chrysler aims to cut supply chain costs by 25 percentDETROIT (Reuters) - Chrysler LLC aims to cut its supply chain costs by 25 percent in the next three years, and improve its relationship with suppliers, John Campi, executive vice president of procurement, said on Friday.Source: Reuters: Business News | 15 Aug 2008 | 6:59 pm Local relish adds to Olympic flavourThere is an immense sense of excitement in the Chinese capital – a city en fête, not in fear – as Beijing provides a little local seasoning to an Olympic circus that generally exists in a bubble.Source: FT.com - US homepage | 15 Aug 2008 | 6:56 pm World's Best and Worst Developed Markets (Ticked Off)Our trip around the globe to discover hot developed stock markets left us cold.Source: SmartMoney.com | 15 Aug 2008 | 6:38 pm Have Commodities Run Out of Gas? (Ahead of the Curve)Searching for reasons behind the tumble in oil and other commodity prices? Don't.Source: SmartMoney.com | 15 Aug 2008 | 6:29 pm Slideshow: Olympic Memorabilia Worth Big Bucks (Rip-Off of the Week)Source: SmartMoney.com | 15 Aug 2008 | 6:18 pm Surge for the dollar as global fears riseThe dollar surged to a two-year high against the pound and a six-month peak against the euro as fears about spreading economic gloom triggered a sell-off in commoditiesSource: FT.com - US homepage | 15 Aug 2008 | 6:14 pm Buffett snaps up NRG stakeWarren Buffett has bought a stake in NRG Energy, the US power producer, and has sold most of his shares in brewer Anheuser-BuschSource: FT.com - US homepage | 15 Aug 2008 | 6:11 pm Watch Out for Fake Olympic Memorabilia (Rip-Off of the Week)The games may be authentic but many of the souvenirs aren't. Here's how to spot a fraud.Source: SmartMoney.com | 15 Aug 2008 | 6:05 pm The Best Places to Seek Refinancing (Deal of the Day)The best places for struggling homeowners to seek help refinancing their mortgage.Source: SmartMoney.com | 15 Aug 2008 | 6:03 pm U.S. Department of Health Drafts Ruling to Redefine AbortionSource: Bloomberg - All Podcasts | 15 Aug 2008 | 5:35 pm 24/7 Wall St. Day Trading Alerts: SunPower (SPWR)
SPWR Source: 24/7 Wall St. | 15 Aug 2008 | 5:33 pm Morgan Stanley, JPMorgan Settle Auction-Rate ProbeSource: Bloomberg - All Podcasts | 15 Aug 2008 | 5:33 pm The little soccer team that couldFull disclosure first: This is not an Olympics story. It's about a soccer team in Germany that made it to the big league, the Bundesliga. But Rene Gutel reports that many Germans are not so happy with the team's success.Source: Marketplace | 15 Aug 2008 | 5:31 pm Hot Jobs: Air Conditioner RepairmanWhen it gets really hot out and your air conditioner conks out, Russ Wichterman could be your knight in shining armor. Wichterman tells us what it's like to be an air conditioning repairman.Source: Marketplace | 15 Aug 2008 | 5:30 pm Week on Wall StreetStockbroker and business analyst David Johnson in Dallas chats with host Tess Vigeland about the week on Wall Street. The go over markets, commodities, oil, the dollar and whether or not we can relax.Source: Marketplace | 15 Aug 2008 | 5:27 pm Department stores trying to be hipSears, JCPenny and other stores are re-branding to appeal to a younger clientele. Sears even sought image advice from MTV. Nancy Farghalli reports that the new looks are ready for back-to-school shoppers.Source: Marketplace | 15 Aug 2008 | 5:26 pm Copyrights upheld for open source codeA ruling by a Federal appeals court that open-source software can be protected by copyright is expected to have enormous effect not just for coders, but for the tech world at large. Jeremy Hobson reports.Source: Marketplace | 15 Aug 2008 | 5:24 pm NY Times raising its newsstand priceBuying a New York Times at a newsstand Monday will cost an extra quarter, making it $1.50. But with people already pinching pennies and newspaper circulations declining, why raise the price? Ashley Milne-Tyte reports.Source: Marketplace | 15 Aug 2008 | 5:18 pm Nature has a hand in natural gas costsThe price of natural gas is down. But it's not just because of lower crude oil prices or word that three states will provide new supplies. Dan Grech reports on an unexpected factor in the availability of the important fuel.Source: Marketplace | 15 Aug 2008 | 5:15 pm Think We're in a Recession? Head to Disneyland. (Ahead of the Curve)A recent trip to Disneyland confirmed my belief that this country is not in a recession.Source: SmartMoney.com | 15 Aug 2008 | 5:15 pm Pros and cons of a stronger dollarThe dollar is gaining strength in foreign exchange markets, particularly against the euro. Is that a good thing? It depends. John Dimsdale reports how a stronger dollar affects the American economy.Source: Marketplace | 15 Aug 2008 | 5:14 pm Missile shield accord draws Russian fireRussia warned Poland that it could become the target of a nuclear attack if it allowed the US to station part of a missile defence shield on its territorySource: FT.com - US homepage | 15 Aug 2008 | 5:09 pm Exporter gain equals consumer pain - the effect of a falling dollarExporter gain is consumer pain as the falling kiwi looks set to curb the strong buying power enjoyed by New Zealanders over recent years. Overseas travel and some goods such as whiteware are set to become dearer over the next six...Source: New Zealand Herald - Business | 15 Aug 2008 | 5:03 pm AMD (AMD) Gets Goosed By PC Numbers (AAPL)(INTC)(HPQ)(DELL)
PC sales growth for the last quarter was better than expected. MarketWatch writes, Worldwide shipments grew 3.1% from the first quarter, and 16.1% from the year-earlier period based on numbers from International Data Corp. The increase in AMD's shares shows that its investors are reaching for news. In the quarter, "Intel's processor shipments alone grew nearly 4.3% over the first quarter and 20.8% year over year, while Advanced Micro Devices Inc.processor shipments were flat" The data would seem to be more exciting for Dell (DELL), Hewlett-Packard (HPQ), and Apple (AAPL). Of course their shares are not down 55% over the last year like AMD's are. Douglas A. McIntyre Source: 24/7 Wall St. | 15 Aug 2008 | 5:02 pm Liam Dann : Prospect of low dollar not so appealing for the rest of usOn one simple level the strength of a nation's currency is a measure of its wealth. So, although our exporters will never let us forget how important a fall in the dollar is, for the rest of the us the prospect is not nearly so...Source: New Zealand Herald - Business | 15 Aug 2008 | 5:00 pm Brian Gaynor : Big company results have great impactResults this month from Telecom, Telstra and Fletcher Building have an important bearing on the domestic sharemarket because the two New Zealand companies represent 25 per cent of the benchmark NZX-50 Gross Index and Telstra's performance...Source: New Zealand Herald - Business | 15 Aug 2008 | 5:00 pm Board proposals test Telecom strategyElliott International's bid to get Mark Tume and Mark Cross on to the Telecom New Zealand board of directors has revived the idea of a wider structural separation of telco. It is tempting to think of the influential US hedge fund...Source: New Zealand Herald - Business | 15 Aug 2008 | 5:00 pm 'Sin stocks' a safer bet in hard timesAs a global recession looms, what better way to cope than to eat, drink and be merry? Even as consumers face soaring energy costs, rising food prices and higher mortgages or rent, it seems clear they're not prepared to forgo many...Source: New Zealand Herald - Business | 15 Aug 2008 | 5:00 pm When jobs dry up, make cupcakesJessica Walter didn't go to Harvard University to study cupcakes, but they're what she does since losing her job as a vice-president in credit strategy at Bear Stearns. "I want to teach kids to cook," said Walter, 27, who founded...Source: New Zealand Herald - Business | 15 Aug 2008 | 5:00 pm Slowdown squeezes UK tourismThe number of visitors to Britain fell 5 per cent in the three months to June. The International Passenger Survey by the Office for National Statistics revealed that Americans, who traditionally account for a large slice of the...Source: New Zealand Herald - Business | 15 Aug 2008 | 5:00 pm Botry-Zen shareholders block capital planBotry-Zen Ltd has an uncertain future after its shareholders scuppered a planned capital raising. The maker of products to control fungal infections in grapes and other produce was trying to raise $1.8 million through a private...Source: New Zealand Herald - Business | 15 Aug 2008 | 5:00 pm Trouble in paradise ...Cinderella, Snow White, Tinkerbell and other fictional fixtures of modern-day childhood were handcuffed, frisked and loaded into police vans yesterday at the culmination of a labour protest that brought a touch of reality to the Happiest...Source: New Zealand Herald - Business | 15 Aug 2008 | 5:00 pm Major US retailers see sales dipTwo of the biggest-name US retailers, JC Penney and Abercrombie & Fitch report lower sales.Source: BBC News | Business | World Edition | 15 Aug 2008 | 4:59 pm Taleb Says Crisis Continues Until Banks' Management ChangesSource: Bloomberg - All Podcasts | 15 Aug 2008 | 4:52 pm Q&A: dollar gainsThe factors behind the greenback's recent rallySource: BBC News | Business | World Edition | 15 Aug 2008 | 4:27 pm D'Amato Says Republicans Supporting Obama Is WorrisomeSource: Bloomberg - All Podcasts | 15 Aug 2008 | 4:24 pm Cuomo plans suit against Merrill LynchRead full story for latest details.Source: Business and financial news - CNNMoney.com | 15 Aug 2008 | 4:21 pm 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 | 4:11 pm Can't cash in if you can't cash outMany investors put their money into auction-rate securities, but had trouble getting money back when the credit crunch hit. Tess Vigeland talks to Bob Moon, who's been following the securities' settlement case.Source: Marketplace Money | 15 Aug 2008 | 4:04 pm Target-Date Fund Fees Can Add Up (Ticked Off)These retirement funds are convenient, but some fund families pile on the costs.Source: SmartMoney.com | 15 Aug 2008 | 4:00 pm A look at overseas investing nowInvestments in emerging markets like China were all the rage a year ago. Now that they're in the same slump as the U.S, is overseas investing still a hot ticket? Tess talks to Andrew Ang of Columbia's Business School.Source: Marketplace Money | 15 Aug 2008 | 3:51 pm Attached to the HIPAALast week, Marketplace's Steve Henn profiled companies that make money selling your medical info online. This week he explains why that's legal, even with privacy laws.Source: Marketplace Money | 15 Aug 2008 | 3:45 pm Straight Story: Mortgage bailoutsDoes it pay to be prudent? Economics editor Chris Farrell thinks so. This week, he talks with Tess Vigeland about the pros and cons of bank and mortgage bailouts.Source: Marketplace Money | 15 Aug 2008 | 3:42 pm Fired upChinese computer maker Lenovo eyes Olympic glorySource: BBC News | Business | World Edition | 15 Aug 2008 | 3:33 pm US industrial output edges higherThe output of US factories, mines and power plants rose by 0.2% in July, driven by a rise in car production.Source: BBC News | Business | World Edition | 15 Aug 2008 | 3:26 pm Day in the Work Life: Opera starOpera myth number one debunked: You don't have to be heavy to sing big. Professional tenor Richard Troxell takes us through the riveting highs and lows of his job.Source: Marketplace Money | 15 Aug 2008 | 3:22 pm Ken Heebner & CGM Stick With Commodities (CNX, BTU, FCX, PBR, HES, SLB, WFT, X, CGMFX)While many funds and money managers are under watch, Ken Heebner and the investments in his CGM FOCUS FUND (CGMFX) are perhaps more closely watched than any other in today's current market. Some may love Warren Buffett and his no non-sense approach, but Ken Heebner actually has a better track record since inception and he is known for blowing out of sectors when he feels he should or can. In fact, you could almost think of the FOCUS FUND as being run more and more like a hedge fund with very loose guidelines on which stocks he can or can't pick from. The fund also noted about 14% of the total assest that were sold short, so he does make bets against sectors as well. As of June 30, Heebner was still extremely focused on the commodity and global growth stories. We went through to look for his positions in the Focus Fund that are worth more than $500 Million. Keep in mind that several other positions were just shy of the mark, so the overall values and holdings are better compared down further on at the full list. Here were his top holdings in the CGM FOCUS FUND: CONSOL Energy Inc. (NYSE: CNX), Peabody Energy Corp. (NYSE: BTU), Freeport-McMoRan (NYSE: FCX), Petroleo Brasileiro S.A. (NYSE: PBR), Hess Corporation (NYSE: HES), Schlumberger Limited (NYSE: SLB), Weatherford International (NYSE: WFT), and United States Steel Corp. (NYSE: X). Over the last 10-years the CGM FOCUS FUND has risen 936.1%, with a 5-year return of 355.2%, a 1-year return of 70.7%, and a Q2 performance of 27%. That hasn't continued for the first half of Q3. "CGMFX" is an open-end mutual fund that trades at the net asset value posted each day. On June 30, 2008 the fund's share price went out at $61.46. It was listed as of the August 14 close at $47.12. That is a drop of 23.3%. Conversely, the Vanguard 500 Index Fund that tracks the S&P 500 Index actually rose 1.3%. The prior quarter when the Focus fund did so well there was roughly an 11% drop in the S&P 500.
We would caution that just because the markets in commodities and
global growth have given back many gains in recent weeks, that is not
an assurance that Ken Heebner is still active in all of these names.
The losses are sharp in some of the names and Heebner is known for
hitting the ejection seat without prejudice if he feels something has
topped or if something has changed. It would lead one to believe that
Heebner has stuck with the commodity stocks and global growth stocks or
that his short sales aren't working. But with his past performance we
won't rush to any major judgment as we are half way through the
quarter. It is very possible that in mid-November his September 30,
2008 holdings may be entirely different if Heebner feels a major change
is afoot. Below is the full list of EQUITY holdings (about 94% of the
fund) as of June 30, 2008:
ALUMINUM -- 0.2% TOTAL COMMON STOCKS (stated cost $8,490,315,234) $9,753,370,740 In the quarterly filing with the SEC, CGM's team noted "We believe the worst of the current financial ordeal is behind us though it is still too early to expect a broad recovery in the economy. Fortunately, we believe there are bright spots in the economy, areas of strength to provide select investment opportunities in an otherwise difficult market." Many of Heebner's picks are victim of the stocks following commodity prices, yet most of his picks are those which he feels are going to grow whether the commodity prices go back up 25% or go down 25%. So far Heebner and his team are seeing a rough start and the team may have stuck with the winners for too long. He may have changed positions already and he might not have. Either way, he's still a huge draw and investors are going to play close attention to his moves when they can.
Jon C. Ogg Source: 24/7 Wall St. | 15 Aug 2008 | 3:19 pm Kicking offIs Premiership football feeling the credit crunch?Source: BBC News | Business | World Edition | 15 Aug 2008 | 3:12 pm Bradford & Bingley cash call endsThe deadline for take-up of Bradford & Bingley's £400m rights issue closes.Source: BBC News | Business | World Edition | 15 Aug 2008 | 3:06 pm In Beijing, bargain for bottom dollarSo you're one of the lucky tourists in Beijing to see the Olympics. Are you having trouble getting good deals when you go shopping? Scott Tong strolls through the Silk Market and shows us how it's done.Source: Marketplace Money | 15 Aug 2008 | 3:01 pm Consumers' mood improvesNEW YORK (Reuters) - Consumer confidence improved slightly in early August thanks to a drop in gasoline prices, but worries about a recession still weighed heavily on consumers' minds, according to a survey released on Friday.Source: Reuters: Business News | 15 Aug 2008 | 3:00 pm New York Law to Russian ClawMore than a decade before he became Georgia's president, Mikheil Saakashvili was just another struggling law student with big plans tooling around Manhattan on his bicycle. Saakashvili would have likely modeled for a more robust response from the West. Well studied in the intricate dance among nations, he wrote a seminar paper on humanitarian intervention, which focused on ethnic conflicts in the former Soviet satellite states. Unlike many other 1994 graduates of Columbia Law School, Saakashvili put his training to the test on the world stage. Enemy of the State An Unintended Consequence of Universal Healthcare First Bytes: $100 Million Tax Bill Edition Source: Portfolio.com: Top 5 | 15 Aug 2008 | 3:00 pm Getting PersonalThis week, Chris Farrell talks to a New York City librarian about how to cover his moving expenses.Source: Marketplace Money | 15 Aug 2008 | 2:58 pm US consumer sentiment improves as oil fallsUS consumer sentiment improved this month to its highest level since April, a survey showed on Friday, as Americans were more optimistic about the future, including short-term inflation, even as they were gloomier about current conditionsSource: FT.com - US homepage | 15 Aug 2008 | 2:54 pm JC Penney suffers as shoppers cut backJC Penney, the mainstream department store chain, became the latest mid-range US retailer to report a fall in profits, as consumers cut back on purchases or opt instead for cheaper discount stores.Source: FT.com - US homepage | 15 Aug 2008 | 2:47 pm What's this buzz about energy drinks?Energy drinks are a multibillion-dollar industry with scores of brands on the shelves. But which is worth stocking up on in your fridge? We asked energy drink junkie Sean Cole to go exploring.Source: Marketplace Money | 15 Aug 2008 | 2:45 pm Hey, Soros, Is Your Back Aching?George Soros thinks the world may be in for a long recession and that housing prices will continue to fall more than most economists expect. He thinks a "superbubble" has been forming for 25 years—and it's currently collapsing.But he thinks Lehman Brothers is going places. The notable philanthropist, political activist, and hedge fund investor who made a killing on smart currency bets in the 1990s, disclosed in a filing yesterday that his fund raised its stake in the troubled investment bank from 10,000 shares to 9.5 million shares during the second quarter. The stake, worth about $188 million, comes to 1.4 percent of Lehman's outstanding shares. Let's hope he's in it for the long haul, because the trade doesn't seem to be paying off so far. Lehman shares started the second quarter in the mid-$40s, falling to $19.81 by June 30. They hit $12.40 on July 15 but have since bounced back a bit. They're up nearly 5 percent today to $16.95. Lehman has reportedly been searching for new sources of capital, including the possibility of selling its asset-management business, Neuberger Berman. Soros made an even bigger bet on oil during the second quarter, which also hasn't panned out the way he'd hoped. His fund took an $811 million stake in Brazil's state-run oil company Petroleo Brasileiro. The gamble accounts for about 22 percent of the fund's equity portfolio, according to Bloomberg. The stock has lost 28 percent since June 30, knocking about $235 million off the value of Soros' stake. In a recent interview with the Wall Street Journal, Soros said he's rich because he knows when he's wrong. "And I would say that I basically have survived by recognizing my mistakes," he said. "I very often used to get backaches due to the fact that I was wrong. Whenever you are wrong, you have to fight or [take] flight. When [I] make the decision, the backache goes away." Wonder how his back is feeling today? Related Links Regulate All Lenders Extra Credit, Soros Edition Black Hole Source: Portfolio.com: Top 5 | 15 Aug 2008 | 2:30 pm The Spigot Reopens at American Water Works (Today From Barron's)American Water Works will benefit from a flood of new investments in water infrastructure.Source: SmartMoney.com | 15 Aug 2008 | 2:14 pm Nordstrom Cut to `Neutral' at Merrill on Deteriorating MarginsSource: Bloomberg - All Podcasts | 15 Aug 2008 | 1:39 pm Mystery Russian billionaire buys world's most expensive home.A mystery Russian billionaire has smashed the record for the world's most expensive home.Source: BBC News | Business | World Edition | 15 Aug 2008 | 1:28 pm Capital One auto loan delinquencies rise in July (Reuters)Reuters - Capital One Financial Corp , one of the largest issuers of MasterCard and Visa credit cards, said on Friday more borrowers are falling behind on their auto loans, while credit metrics in its U.S. credit card portfolio were more stable.Source: Yahoo! News: Business | 15 Aug 2008 | 1:05 pm
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