More Blight For Merck (MRK)

Merck (MRK) and Schering-Plough (SGP) make two of the most widely sold drugs in the world. One is cholesterol drug Zetia. Another is a related drug called Vytorin. The sales of the treatments topped $5 billion last year.

Zetia and Vytorin are more examples of how little the FDA cares about the health of the general population.

The two drugs do not seem to be terribly effective. Worse, according to The New York Times, scientists are debating whether there is a link between the products and cancer.

A treatment that does little or nothing for the patient other than bring potential harm should not be on the market at all.

The FDA has become a fairly ineffective agency and that has been of benefit to many pharma companies. If Zetia were pulled from the market, Merck's financials would be significantly damaged. Merck's shares trade at just over $35, which is near a 52-week low. But, any investor buying in now faces the risk that the government will knuckle under to protests about Zetia and severely limit the drug's use.

It is an odd brew. If patients using the Merck drug are helped by limits on Zetia's prescriptions, Merck's shareholders will be massacred.

Douglas A. McIntyre

Source: 24/7 Wall St. | 2 Sep 2008 | 1:11 pm

Oil's tumble set to lift Wall St at open (Reuters)

Reuters - Stocks headed for a higher open on September's first trading day on Tuesday as oil prices slid sharply, easing concerns about the outlook for consumer and business spending.

Source: Yahoo! News: Business | 2 Sep 2008 | 1:05 pm

Oil's tumble set to lift Wall St at open

NEW YORK (Reuters) - Stocks headed for a higher open on September's first trading day on Tuesday as oil prices slid sharply, easing concerns about the outlook for consumer and business spending.

Source: Reuters: Business News | 2 Sep 2008 | 1:04 pm

ConocoPhillips sees minor damage to Magnolia from Gustav

TORONTO (Reuters) - ConocoPhillips said Tuesday its Magnolia platform in the Gulf of Mexico sustained only minor damage from Hurricane Gustav, according to a spokesman for the company.

Source: Reuters: Business News | 2 Sep 2008 | 1:00 pm

Oil industry tallies up damage from Gustav

Oil companies, rig owners and refiners spread out across the Gulf Coast to look for damage from Hurricane Gustav on Tuesday, and some were already putting equipment and people back in place
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Sep 2008 | 12:54 pm

Oil retreats to $105 as hurricane fears recede$

Oil prices fell back to just over $105 a barrel today after Hurricane Gustav appeared to leave America's Gulf relatively unscathed and producers prepared to restart refineries.$
Source: Latest Business News from Times Online | 2 Sep 2008 | 12:54 pm

Global Alumina Announces Updated Interim Project Budget

TORONTO, Sept. 2 /PRNewswire/ -- Global Alumina Corporation (TSX: GLA.U) (the "Company" or "Global Alumina"), a corporation participating in a joint ...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Sep 2008 | 12:52 pm

Stamp duty threshold raised: reactions

The Government’s package of measures to revive the housing market attracted wildly varying reactions from analysts, experts and interested parties.
Source: Telegraph Business | 2 Sep 2008 | 12:48 pm

Chancellor raises stamp duty threshold to £175,000

Buyers of homes worth up to £175,000 will not have to pay stamp duty, the Chancellor has announced in a surprise move to try to revive the housing market.
Source: Telegraph Business | 2 Sep 2008 | 12:48 pm

Futures Movers: Oil futures tumble $8 on limited Gustav damage

The bottom drops out of oil prices on Tuesday, with light sweet crude tumbling over $8 a barrel in electronic trading as what’s now called Tropical Depression Gustav doesn't cause the damage to oil installations that many had feared.

Source: MarketWatch.com - Top Stories | 2 Sep 2008 | 12:46 pm

AEP Industries Inc. Schedules Conference Call to Discuss Third Quarter 2008 Financial Results

SOUTH HACKENSACK, N.J., Sept. 2 /PRNewswire-FirstCall/ -- AEP Industries Inc. (Nasdaq: AEPI), a manufacturer, marketer and distributor of an extensive range of plastic...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Sep 2008 | 12:45 pm

Alitalia backer says 'No' to Air France stake: report

Allowing Air France-KLM to take a stake in a restructured Alitalia would be a "fundamental mistake," one of the backers of the near bankrupt Italian airline's rescue said in remarks...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Sep 2008 | 12:44 pm

Real Estate Valuation Expert to Talk About the Valuation of Distressed Real Estate

OYSTER BAY, N.Y., Sept. 2 /PRNewswire/ -- James MacCrate (CRE, MAI, ASA), a respected real estate valuation expert, lecturer, and author was one of the first experts to...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Sep 2008 | 12:44 pm

Oil prices crumble as global economic outlook dims

By afternoon in Europe, light, sweet crude for October delivery was down $8.06 a barrel to $107.40 in electronic trading on the New York Mercantile Exchange. The last time prices hovered...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Sep 2008 | 12:43 pm

Stocks set for strong start

Stocks were poised to rally Tuesday as the dollar strengthened and oil prices tumbled as Hurricane Gustav appeared to cause less damage than expected along the Gulf Coast.

Source: Business and financial news - CNNMoney.com | 2 Sep 2008 | 12:43 pm

Before the Bell: Oil futures, Lehman, Google, Allianz in the spotlight

U.S. stock market futures jumped higher Tuesday as crude-oil futures tumbled following limited storm damage to oil installations in the Gulf of Mexico.

Source: MarketWatch.com - Top Stories | 2 Sep 2008 | 12:42 pm

Oil plunges more than $7

Oil futures tumbled more than $7 on Tuesday after Hurricane Gustav hit the Gulf region with less force and apparently less damage than initially feared. Prices were also pulled lower by a strengthening dollar.

Source: Business and financial news - CNNMoney.com | 2 Sep 2008 | 12:41 pm

How J.P. Morgan steered clear of the credit crunch

It was the second week of October 2006. William King, then J.P. Morgan's chief of securitized products, was vacationing in Rwanda. One evening CEO Jamie Dimon tracked him down to fire a red alert. "Billy, I really want you to watch out for subprime!" Dimon's voice crackled over King's hotel phone. "We need to sell a lot of our positions. I've seen it before. This stuff could go up in smoke!"

Source: Business and financial news - CNNMoney.com | 2 Sep 2008 | 12:39 pm

Alcatel-Lucent hires new CEO

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 2 Sep 2008 | 12:37 pm

Hurricane Gustav won't hit reinsurers hard: Fitch

LONDON (Reuters) - Hurricane Gustav, which lashed the coast of Louisiana and the Gulf of Mexico but by Tuesday had weakened to a tropical depression, is unlikely to hit reinsurers too hard, credit rating agency Fitch said on Tuesday.

Source: Reuters: Business News | 2 Sep 2008 | 12:35 pm

Oil price fall lifts Wall Street

US stocks were set for a higher start as Hurricane Gustav lost strength and oil prices fell back sharply, cheering traders returning from the Labor Day holiday
Source: FT.com - US homepage | 2 Sep 2008 | 12:34 pm

Oil falls to $108 as Gustav fades

LONDON (Reuters) - Oil slid to around $108 a barrel on Tuesday after early reports showed Hurricane Gustav had spared major U.S. Gulf oil facilities.

Source: Reuters: Business News | 2 Sep 2008 | 12:33 pm

It Is Not All About Doom and Gloom: Opportunity Knocks for Capital Equity Inc.

Commercial Real Estate Finance Firm Expands to a New Location TUSTIN, Calif., Sept. 2 /PRNewswire/ -- Capitalequity.com, known as Capital Equity Inc., a Commercial...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Sep 2008 | 12:32 pm

The First American Corporation to Present at Lehman Brothers Global Financial Services Conference

-Overview of Financial Services and Information Solutions Businesses to be Webcast- SANTA ANA, Calif., Sept. 2 /PRNewswire-FirstCall/ -- The First American ...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Sep 2008 | 12:32 pm

SpongeTech Delivery Systems, Inc. Reports Fiscal Year End Results

Company Reports Robust Revenue Increase Topping $5.6M in Sales Posts Increase of $2M Dollars in Net Profits Year Over Year New Product Offerings Keep Company Poised for...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Sep 2008 | 12:30 pm

Vitran Corporation Inc. to present at 2008 Morgan Keegan Equity Conference on September 5

TORONTO, Sept. 2 /PRNewswire-FirstCall/ - Vitran Corporation Inc. (NASDAQ: VTNC, TSX: VTN), a North American transportation and logistics firm, today announced that it is...
Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Sep 2008 | 12:27 pm

Hedge funds team up to pressure Deutsche Boerse

Activist hedge funds Atticus Capital and The Children’s Investment Fund are teaming up to demand changes at Deutsche Boerse, including possibly replacing members of the stock exchange operator’s supervisory board.

Source: MarketWatch.com - Top Stories | 2 Sep 2008 | 12:26 pm

British government seeks to boost flagging housing market

The British government, aiming to revive a slumping housing market, on Tuesday announces it will temporarily suspend a tax on certain residential property sales and introduce other measures designed to aid first-time home buyers and homeowners in danger of foreclosure.

Source: MarketWatch.com - Top Stories | 2 Sep 2008 | 12:23 pm

Top 5 Inexpensive Ways to Boost Your Home's Value (Consumer Action)

Here are some easy and inexpensive ways to boost your home's value.

Source: SmartMoney.com | 2 Sep 2008 | 12:18 pm

Indications: U.S. stock futures jump as oil tumbles

U.S. stock futures climbed on Tuesday to start a holiday-shortened week after limited hurricane damage to the Gulf Coast and the oil installations in the Gulf of Mexico caused oil futures to tumble.

Source: MarketWatch.com - Top Stories | 2 Sep 2008 | 12:16 pm

Therese Poletti's Tech Tales: Oracle's new CFO not well-known to Wall Street

Oracle Corp. surprised Wall Street last week by naming Jeff Epstein as chief financial officer, an executive not widely known in the technology investment community. But the announcement raises another issue: Where's Chief Executive Larry Ellison?

Source: MarketWatch.com - Top Stories | 2 Sep 2008 | 12:02 pm

M&S hires Del Boy to boost food sales

Marks & Spencer is all but consigning its much-parodied "this is not just food" advertising campaign to history — and turning to Del Boy to boost sales of its ready meals.
Source: Latest Business News from Times Online | 2 Sep 2008 | 12:01 pm

How the housing crash hurts your retirement

You already know that the housing crisis has wreaked havoc with the economy and financial markets, not to mention the lives of millions who've lost or could lose their homes. But there may be a less obvious casualty too: your retirement prosperity.

Source: Business and financial news - CNNMoney.com | 2 Sep 2008 | 11:59 am

Dollar gains as Gustav weakens

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 2 Sep 2008 | 11:50 am

Stamp duty threshold raised to £175,000 to help first-time buyers

Buyers of homes worth up to £175,000 will not have to pay stamp duty, the Chancellor has announced in a surprise move to try to revive the housing market.
Source: Telegraph Business | 2 Sep 2008 | 11:48 am

Stamp duty threshold raised to 175,000 to help first-time buyers

Buyers of homes worth up to 175,000 will not have to pay stamp duty, the Chancellor has announced in a surprise move to try to revive the housing market.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Sep 2008 | 11:48 am

Apple closes in on China iPhone deal - report

Source: Business and financial news - CNNMoney.com | 2 Sep 2008 | 11:40 am

Turning around North American business is priority: GM

TALEGAON, India (Reuters) - General Motors Corp's most important priority is to turn around its North American business and it will continue investments in emerging markets, its chief operating officer said on Tuesday.

Source: Reuters: Business News | 2 Sep 2008 | 11:38 am

Movers & Shakers: Tuesday's biggest gaining and declining stocks

Among the companies whose shares are expected to see active trade in Tuesday's session are the major oil companies as well as Alcatel-Lucent, Boeing, Elbit Systems, Ericsson, Gilat Satellite, Google, Novacea, Prudential, Qimonda and Sciele Pharma.

Source: MarketWatch.com - Top Stories | 2 Sep 2008 | 11:37 am

MarketWatch First Take: Memo to Ballmer: Hit the panic button now

Tuesday’s announcement that Google is launching Chrome, a new Internet browser, heightens the pressures building on Steve Ballmer and Microsoft.

Source: MarketWatch.com - Top Stories | 2 Sep 2008 | 11:32 am

Nokia takes on Apple with 'all you can eat' music

Nokia is aiming to take on the might of Apple's iPod by releasing a phone that will allow owners to download an unlimited amount of music for a fixed fee.
Source: Latest Business News from Times Online | 2 Sep 2008 | 11:26 am

Lone Star may face order to sell KEB shares: regulator

SEOUL (Reuters) - Lone Star may face an order to sell shares in Korea Exchange Bank (KEB) after a regulatory omission, a watchdog said on Tuesday, a move analysts say would not hinder the U.S. private equity house's $6.3 billion deal with HSBC.

Source: Reuters: Business News | 2 Sep 2008 | 11:20 am

Alcatel-Lucent taps Verwaayen, Camus for top roles

Alcatel-Lucent revamped its top management team on Tuesday, tapping former BT boss Ben Verwaayen as its new CEO and Lagardere executive Philippe Camus as its new chairman in the hope they can help revive the French-American telecom equipment maker’s ailing fortunes.

Source: MarketWatch.com - Top Stories | 2 Sep 2008 | 11:15 am

Kingfisher launches daily flight between London and Bangalore

The billionaire businessman known as "Branson of Bangalore" is defying soaring worldwide fuel costs to go head-to-head with British Airways and launch his first international airline service.
Source: Latest Business News from Times Online | 2 Sep 2008 | 11:12 am

China Merchants posts 33% rise in first-half profit

Port operator China Merchants Holdings said Tuesday first-half net profit rose about one-third from a year earlier bolstered by strong container shipping demand and expanded route service to Europe.

Source: MarketWatch.com - Top Stories | 2 Sep 2008 | 11:12 am

UK recession this year, OECD says

The OECD says the UK economy will fall in recession in the second half of 2008 and sharply cuts its growth forecast.
Source: BBC News | Business | World Edition | 2 Sep 2008 | 11:04 am

Alcatel-Lucent names new CEO and chairman

PARIS (Reuters) - Alcatel-Lucent named its new leadership on Tuesday, handing the task of turning round the loss-making telecoms equipment group to former British Telecom chief executive and industry veteran Ben Verwaayen.

Source: Reuters: Business News | 2 Sep 2008 | 11:03 am

Oil slides toward $100 a barrel

Crude oils heads back toward $100 a barrel, as oil facilities in the Gulf of Mexico are spared by Hurricane Gustav
Source: BBC News | Business | World Edition | 2 Sep 2008 | 11:00 am

Lehman-Korea talks back on

Source: Business and financial news - CNNMoney.com | 2 Sep 2008 | 10:58 am

Oil falls to $108 as Gustav fades (Reuters)

Reuters - Oil slid to around $108 a barrel on Tuesday after early reports showed Hurricane Gustav had spared major U.S. Gulf oil facilities.

Source: Yahoo! News: Business | 2 Sep 2008 | 10:57 am

Asian stocks fall amid political turmoil

Source: Business and financial news - CNNMoney.com | 2 Sep 2008 | 10:44 am

KDB Chief Says Banks Are Seeking Lehman Deal

The head of Korea Development Bank said that the state-owned lender was in talks to acquire troubled American investment bank Lehman Brothers.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Sep 2008 | 10:43 am

Britain is set to fall into recession this year

The UK economy will fall into recession during the second half of this year, according to the Organisation for Economic Co-operation and Development (OECD)
Source: Latest Business News from Times Online | 2 Sep 2008 | 10:33 am

KDB confirms Lehman talks; Korea bank shares fall

SEOUL (Reuters) - State-owned Korea Development Bank (KDB) confirmed on Tuesday it was in talks with Lehman Brothers over a possible joint investment in the U.S. bank with other Korean banks, sending local banking shares lower.

Source: Reuters: Business News | 2 Sep 2008 | 10:25 am

iPhone: 8M and counting

Source: Business and financial news - CNNMoney.com | 2 Sep 2008 | 10:21 am

Commerzbank And A Big American Bank Merger (JPM)(BAC)(WM)(WB)

The Commerzbank buy-out of Dresdner Bank was not a shotgun wedding. Neither institution was failing. The severe balance sheet problems facing may other global money center banks were not an important consideration.

The Commerzbank decision was based simply on added scale and eliminating costs. Media reports are that at least 9,000 people will be cut out of the new company. But, the action does add a level of preparedness if the credit markets get much worse.

The damage done to large US banks, especially from mortgage-related securities is far from over. Other credit debt is beginning to default and should push earnings at financial companies down further. The need to marry weak banks with stronger ones has become acute in America and the efficiencies of the Commerzbank deal makes them more plausible.

If US bank balance sheets do get worse, the weakest institutions will have to be married off with stronger ones. Wachovia (WB) is the most likely to go. Banks of America (BAC) or JP Morgan (JPM) are the most likely to pick it up. Washington Mutual (WM) will be taken out if the credit climate deteriorates. It will almost certainly get pushed together with a stronger firm as well.

Commerzbank's deal for Dresdner is prophylactic. It protects the new entity by pulling out expenses which, in turn, makes its a better candidate for weathering an ongoing storm.

American banks would do well to take the merger as a template. The market does not need as many big banks as it has. Mergers make for stronger, more efficient companies and that is what a recession calls for.

Douglas A. McIntyre

Source: 24/7 Wall St. | 2 Sep 2008 | 10:14 am

Airlines and cars drive European stocks up

European stock markets climbed on Tuesday as a steep drop in the price of oil drove airlines and automobile stocks forwards, while commodities stocks continued to loose ground. In late morning trade, the...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Sep 2008 | 10:07 am

Sterling slumps to fresh lows

The rout of sterling continued on Tuesday as government plans to revive the UK's ailing housing market received a luke-warm reception from traders.The UK Treasury announced the zero rate tax band on stamp...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Sep 2008 | 10:06 am

Hays warns of weak UK jobs market

Overseas growth helps recruitment group Hays see profits rise 25% but it warns of tough UK trading.
Source: BBC News | Business | World Edition | 2 Sep 2008 | 10:01 am

Crude prices tumble as Gustav passes

Hurdles to restarting production and strengthening US dollar push crude to a five-month low of $105.46 a barrel
Source: FT.com - US homepage | 2 Sep 2008 | 10:00 am

Crude prices tumble as Gustav passes

Crude oil prices on Tuesday tumbled to a five-months low of $105.46 a barrel as energy traders sold contracts following minor damage to refineries from hurricane Gustav and strengthening of the US dollar...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Sep 2008 | 10:00 am

KBD Chief Says Banks Are Seeking Lehman Deal

The head of Korea Development Bank said that the state-owned lender was in talks to acquire troubled American investment bank Lehman Brothers.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Sep 2008 | 9:58 am

Mexicans sending home less money

The slowing of the US economy and the fall in the dollar has led to a sharp drop in the amount of money that Mexicans are sending home.
Source: BBC News | Business | World Edition | 2 Sep 2008 | 9:58 am

Struggling sterling hits new lows

The pound's dismal run continues as fears about the health of the UK economy persist.
Source: BBC News | Business | World Edition | 2 Sep 2008 | 9:53 am

Virgin leads airline plan to buy Gatwick

Virgin Atlantic has held talks with financial partners over a possible bid to buy Gatwick Airport.
Source: Latest Business News from Times Online | 2 Sep 2008 | 9:51 am

Fall in oil boosts jittery Asian markets

Political turmoil in Japan and Thailand overwhelmed an early rally for Asia Pacific stock markets that had been triggered by a big fall the price of oil near to five-month lows. There was no lead overnight...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Sep 2008 | 9:51 am

Alcatel-Lucent Appoints 2 Top Executives

Alcatel-Lucent moved to right its struggling business and smooth its internal conflicts, appointing two veteran European business leaders to its top posts.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Sep 2008 | 9:50 am

Turning around North American business is priority: GM (Reuters)

Reuters - General Motors Corp's most important priority is to turn around its North American business and it will continue investments in emerging markets, its chief operating officer said on Tuesday.

Source: Yahoo! News: Business | 2 Sep 2008 | 9:46 am

Gustav And Oil Pricing's New Calculus

Earlier this year, it did not take much to disrupt the price of oil and send it rocketing up. The market was inclined to believe that almost all news about crude was bad news. OPEC was aligned against US interests. Demand in China was insatiable. Speculators were making hundreds of millions of dollars manipulating prices higher to profit from their long positions.

Most of that has clearly changed, but the evidence from Gustav's run through the Gulf shows that it has changed more than expected and that the alterations may be nearly permanent.

As recently as June, news of a supply interruption would move crude up a few dollars. A broken pipeline in Canada did it and so did concerns about storms in the North Sea and political unrest in Nigeria. Oil would move to $200 and nothing was likely to stop it.

In the case of Gustav, oil prices dropped $4 to $109 before the damage from the storm could even be assessed. Some companies made statements that there had been no devastation, but not one could state with certainty that they had not lost some capacity.

In just three months, the psychology of oil prices have moved from one of neurosis to one of normality.

The market cannot look to a unique event which may have turned thinking on crude 180 degrees. Traders do believe that speculators have been pushed out of the market. Falling prices hurt their calls on $150 levels. A threat of government regulation may have sent some into deep caves.

More important, Wall St. is willing to have faith that supply and demand are the critical drivers of price and demand is falling. American car owners and airlines have cut use. Anecdotal information from Asia is that consumption from emerging markets is dropping as their economies slow. The administration said it was willing to open the Strategic Oil Reserve if Gustav had done much to cut supply.

Falling crude prices may be one of the few examples of the sum of the parts being worth more than the whole. The long-term trend is almost certainly that oil supply will fall. OPEC ministers have said they do not propose to increase supply at their meeting next week.

But, for the time being, oil traders simply believe that the worst of high pricing is behind them and trading against that trend is dangerous.

Douglas A. McIntyre

Source: 24/7 Wall St. | 2 Sep 2008 | 9:33 am

Australia cuts interest rates for first time in seven years

Australia's central bank cut interest rates today for the first time in nearly seven years, amid signs of slowing economic growth.
Source: Latest Business News from Times Online | 2 Sep 2008 | 9:17 am

Companies That Slash R&D In Tough Times Hurt Shareholder Returns

In his latest column for The New York Times, Mark Hulbert discusses a study that shows that companies that invest aggressively in research and development tend to reward shareholders with strong returns over the long-term. He writes that ". . . when times are tough, beware of companies that cut their spending on research and development. The stock market tends to punish such businesses and reward those with a commitment to R.& D. — often years before long-term projects reap benefits."

But it's very tempting for companies to slash R&D expenses when times are tough because it can provide a short-term jolt to earnings because it reduces expenses without reducing sales in the short-run. It often takes years for sales and earnings to reap the benefits of R&D investments so it's always a tempting place to cut costs during lean times. But in the long run, that's the exact opposite of what companies that build long-term value do.

It's tempting to just think about this study in the context of research and development, but I think the ramifications are broader: companies that make major changes in their business model in response to the vicissitudes of the macroeconomic environment are often not making the decisions that drive long-term shareholder value. Last month some investors worried about that in the context of Whole Foods Market's (WFMI) decision to try to attract more value-oriented shoppers, in spite of the premium price strategy that has driven its growth over the decades. And yet far too many companies make this mistake: banks lent aggressively when times were good and, now that the housing market has weakened, they've reined in their lending, perhaps too much.

When evaluating companies for investment, investors might do well to focus on companies that focus on long-term value, and are willing to put up with short-term earnings weakness in the pursuit of longer-term strategic goals. Because investors may punish these stocks for lower earnings, you might have a great opportunity to buy well-managed comanies at bargain prices.

Zac Bissonnette

Source: 24/7 Wall St. | 2 Sep 2008 | 8:50 am

Stamp duty to be suspended in Government's homebuyer package

Stamp duty is to be suspended as part of a government bid to boost the ailing housing market.
Source: Telegraph Business | 2 Sep 2008 | 8:48 am

Stamp duty threshold raised to £175,000

Stamp duty is to be suspended as part of a government bid to boost the ailing housing market.
Source: Telegraph Business | 2 Sep 2008 | 8:48 am

Stamp duty threshold raised to 175,000

Stamp duty is to be suspended as part of a government bid to boost the ailing housing market.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Sep 2008 | 8:48 am

Stamp duty to be suspended in Government's homebuyer package

Stamp duty is to be suspended as part of a government bid to boost the ailing housing market.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Sep 2008 | 8:48 am

Stamp duty to be suspended in Government's homebuyer package

Stamp duty is to be suspended as part of a government bid to boost the ailing housing market.
Source: Telegraph Business | 2 Sep 2008 | 8:48 am

Stamp duty threshold raised to £175,000

Stamp duty is to be suspended as part of a government bid to boost the ailing housing market.
Source: Telegraph Business | 2 Sep 2008 | 8:48 am

Thai PM declares a state of emergency

Thai Prime Minister Samak Sundaravej has declared a state of emergency in Bangkok and given the army control of public order after overnight clashes between pro- and anti-government protesters
Source: FT.com - US homepage | 2 Sep 2008 | 8:43 am

Brown announces stamp duty holiday in housing rescue package

Properties costing less than £175,000 will be exempt from stamp duty for the next year in an attempt by the Prime Minister to revive the stagnant housing market and to relaunch his own faltering premiership.
Source: Latest Business News from Times Online | 2 Sep 2008 | 8:17 am

Virgin looking at buying Gatwick

Virgin Atlantic confirms it is interested in being part of a consortium to buy Gatwick Airport.
Source: BBC News | Business | World Edition | 2 Sep 2008 | 8:11 am

Alcatel-Lucent recruits ex-BT chief for revamp

Shares in Alcatel-Lucent fell today after the telecom equipment giant confirmed that Ben Verwaayen, the former chief executive of BT, will head the troubled company.
Source: Latest Business News from Times Online | 2 Sep 2008 | 8:09 am

Media Digest 9/2/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

Source: 24/7 Wall St. | 2 Sep 2008 | 7:59 am

Asia Markets 9/2/2008 (LFC)(CN)

Markets in Asia fell.

The Nikkei was off 1.8% to 12,609. Bridgestone was up 3.5% to 1850. Canon was down 7.3% to 4670.

The Hang Seng dropped 1% to 20,689. China Life (LFC) rose 2% to 27.55. China Netcom (CN) rose 1% to 18.42.

The Shanghai Composite fell .9% to 2,305.

Data from Reuters.

Douglas A. McIntyre

Source: 24/7 Wall St. | 2 Sep 2008 | 7:27 am

Asia Markets 9/2/2008 (LFC)(CN)

Markets in Asia fell.

The Nikkei was off 1.8% to 12,609. Bridgestone was up 3.5% to 1850. Canon was down 7.3% to 4670.

The Hang Seng dropped 1% to 20,689. China Life (LFC) rose 2% to 27.55. China Netcom (CN) rose 1% to 18.42.

The Shanghai Composite fell .9% to 2,305.

Data from Reuters.

Douglas A. McIntyre

Source: 24/7 Wall St. | 2 Sep 2008 | 7:27 am

Lehman and KDB edge closer to deal

Korea Development Bank (KDB) confirmed that it was in talks with Lehman Brothers about investing in the US securities company amid mounting speculation that a deal is imminent
Source: FT.com - US homepage | 2 Sep 2008 | 7:13 am

More signs of economic weakness likely

U.S. payrolls probably fell and manufacturing stalled in August, reports are expected to show.

Payrolls in the U.S. probably fell in August for an eighth month and manufacturing stalled, signaling that growth faltered, economists said before reports this week.

Source: L.A. Times - Business | 2 Sep 2008 | 7:00 am

Movie theaters offering upscale ambience

Some cinemas are kicking up the experience -- and the ticket price -- offering such things as reclining seats, high-end food and alcoholic beverages.

No matter how bad the economy gets, people will always head to the movies for two hours of affordable entertainment -- or so the theory goes.

Source: L.A. Times - Business | 2 Sep 2008 | 7:00 am

Google to launch browser to compete with Microsoft

Chrome intensifies the battle between the tech giants and continues Web software's drive to supersede the operating system.

Bidding to dominate not only what people do on the Web but how they get from site to site, Google Inc. plans to release a browser today to compete with the likes of Internet Explorer and Firefox.

Source: L.A. Times - Business | 2 Sep 2008 | 7:00 am

Mid-tier retailers try on new brands

With consumer budgets tight, Kohl's, Penney and others are switching out lines and pitching private labels.

This back-to-school season will go down as the Battle of the Brands.

Source: L.A. Times - Business | 2 Sep 2008 | 7:00 am

Housing slump drags on broader Southern California economy

The state's 7.4% unemployment rate, a 12-year high, reflects job losses in sectors dependent on the real estate market.

The Promenade Shops at Dos Lagos opened two years ago in Corona, aimed at serving the legions of people moving into upscale new housing tracts in the surrounding hills.

Source: L.A. Times - Business | 2 Sep 2008 | 7:00 am

Secondhand shops now often are first choice

Many consumers are making money by raiding their closets to sell clothes on consignment, creating deals for strapped shoppers.

As befits a recording artist living in fashion-conscious California, Laura Cohn has an extravagant wardrobe stuffed with world-class labels and high-wattage jewelry.

Source: L.A. Times - Business | 2 Sep 2008 | 7:00 am

A bang-up summer movie season ends with a whimper

'The Dark Knight' and other superhero films help break the season's box-office revenue record, but the Labor Day weekend is lackluster overall. 'Tropic Thunder' is No. 1 again.

The R-rated comedy "Tropic Thunder" held on to the top box-office slot for the third weekend in a row, ending a summer popcorn movie season dominated by superheroes.

Source: L.A. Times - Business | 2 Sep 2008 | 7:00 am

More corporate types are taking up blogging

Experts say it's a useful tool for talking directly to customers or giving a personal touch to a big business.

Jason Calacanis, who got into blogging early and big, has quit.

Source: L.A. Times - Business | 2 Sep 2008 | 7:00 am

Exports jump at L.A., Long Beach ports but imports falter

Incoming goods are down so much that the twin ports are on pace to record their second straight year of declines in overall international trade.

Forget scrap paper, plastics, scrap metal and the bounty of agricultural harvests. Until this year, the biggest U.S. contribution to the international supply chain were vast mountains of empty cargo containers outbound on ships to China, where they were quickly refilled with the imports on which American consumers have come to depend.

Source: L.A. Times - Business | 2 Sep 2008 | 7:00 am

South Korea in talks with Lehman

South Korea confirms speculation that it is interested in troubled US investment bank Lehman Brothers.
Source: BBC News | Business | World Edition | 2 Sep 2008 | 6:51 am

Manufacturing sector seen stuck on hold in August (Reuters)

Reuters - The manufacturing sector likely stalled for a second straight month in August as the persistent housing slump and tight credit conditions crimped the overall business climate.

Source: Yahoo! News: Business | 2 Sep 2008 | 6:50 am

Manufacturing sector seen stuck on hold in August

NEW YORK (Reuters) - The manufacturing sector likely stalled for a second straight month in August as the persistent housing slump and tight credit conditions crimped the overall business climate.

Source: Reuters: Business News | 2 Sep 2008 | 6:50 am

Virgin Radio to become Absolute

Virgin Radio is to be rebranded as Absolute Radio as its Indian owner aims to turn it into a global business.
Source: BBC News | Business | World Edition | 2 Sep 2008 | 6:09 am

Lehman Brothers faces Korean takeover bid

The government-backed Korea Development Bank (KDB) today ended weeks of speculation and declared that it was assembling a bidding consortium to negotiate a possible investment in Lehman Brothers.
Source: Latest Business News from Times Online | 2 Sep 2008 | 6:05 am

Australia lowers interest rates

Australia's central bank cuts interest rates for the first time in seven years as its economy slows
Source: BBC News | Business | World Edition | 2 Sep 2008 | 5:57 am

Oil complex spared the brunt of Gustav

The storm misses the areas most heavily populated with oil and natural-gas drilling rigs and production platforms.

Energy analysts and traders were cautiously optimistic Monday that the vital Gulf Coast oil complex had dodged a potentially devastating blow.

Source: L.A. Times - Business | 2 Sep 2008 | 5:45 am

On first scan, little oil damage seen from Gustav (Reuters)

Reuters - Several major U.S. refiners said early checks on Monday showed their facilities were unharmed by Hurricane Gustav, but at least two others were said to be considering dipping into the U.S. Strategic Petroleum Reserve to keep operations going after the storm shut down key waterways.

Source: Yahoo! News: Business | 2 Sep 2008 | 5:31 am

On first scan, little oil damage seen from Gustav

HOUSTON (Reuters) - Several major U.S. refiners said early checks on Monday showed their facilities were unharmed by Hurricane Gustav, but at least two others were said to be considering dipping into the U.S. Strategic Petroleum Reserve to keep operations going after the storm shut down key waterways.

Source: Reuters: Business News | 2 Sep 2008 | 5:31 am

Mighty River asks Govt to call in new wind farm scheme

State-owned Mighty River Power is asking Government to fast-track its application to build a 131-turbine wind farm near Palmerston North. The environment minister can "call in" a proposal if it is deemed to be of national significance...
Source: New Zealand Herald - Business | 2 Sep 2008 | 3:30 am

Sharemarket hit hard by August slump - trading falls 20pc

NZX, operator of the New Zealand Stock Exchange, will be hoping for the warmer weather to spark some renewed interest in share trading, after today releasing details of a sad, slack August. Total number of trades on the stock exchange...
Source: New Zealand Herald - Business | 2 Sep 2008 | 3:00 am

Pregnancy revelation gives Republicans pause

Sarah Palin, John McCain's Republican running mate in the US presidential race, revealed that her 17-year-old daughter, Bristol, was pregnant and would marry the father of the child
Source: FT.com - US homepage | 2 Sep 2008 | 2:54 am

Miners and drillers join forces in new lobby group

Unhappy miners and other resource-based companies are setting up a new lobby group named "Straterra" to represent their interests. "Straterra's mandate will be to advocate for the resource sector, including minerals, coal and aggregates,"...
Source: New Zealand Herald - Business | 2 Sep 2008 | 2:00 am

Telco hits out at National's fibre plan

One of the biggest challengers in the telecommunications business, TelstraClear, has attacked National Party plans for a fibre-optic network, saying the party should be focused on business. The telco says the main result of faster...
Source: New Zealand Herald - Business | 2 Sep 2008 | 1:00 am

Richard Branson weighs up £2bn bid for Gatwick

Sir Richard Branson, the Virgin tycoon, is planning to wade into the break-up of BAA by tabling a bid for Gatwick Airport that could cost more than £2bn, The Daily Telegraph has learned.
Source: Telegraph Business | 2 Sep 2008 | 12:01 am

Sterling slides to below $1.80 as investors react to Darling warning

The pound slid beneath the $1.80 mark for the first time in two years as traders abandoned British investments following Alistair Darling's warning that the economy is facing its worst threat for 60 years.
Source: Telegraph Business | 2 Sep 2008 | 12:01 am

Superstore to offer 'senior service'

Tesco is planning to open Britain's first supermarket designed for elderly people.
Source: Telegraph Business | 2 Sep 2008 | 12:01 am

Recession confirmed, but we've reached the bottom, say economists

The New Zealand economy is being hit by a salvo of negative factors and is in recession , the New Zealand Institute of Economic Research said today. In its quarterly predictions report the NZIER said gross domestic product was...
Source: New Zealand Herald - Business | 2 Sep 2008 | 12:00 am

Crude falls as Gustav fears ease

Oil prices fall sharply after signs Hurricane Gustav is not strengthening as it hit the US Gulf of Mexico coast.
Source: BBC News | Business | World Edition | 1 Sep 2008 | 11:16 pm

Retail investors in US equities hits low

Individual ownership of US stocks has fallen to a record low, underscoring the increasing importance of institutional investors in domestic equity markets, according to a new report
Source: FT.com - US homepage | 1 Sep 2008 | 10:39 pm

Reset loans add to US home woes

The stricken US mortgage market is set to suffer further setbacks in the next two years as $96bn of risky home loans sold with initial flexible payment options switch to more stringent terms
Source: FT.com - US homepage | 1 Sep 2008 | 10:38 pm

Google (GOOG) Browser: Crush Mozilla, Challenge Microsoft (MSFT)

Microsoft's (MSFT) Internet Explorer has dominated the browser world for nearly a decade. It has also been part of legal accusations that the world's largest software company used the ubiquity of its operating systems to help its online business.

Recently the Firefox browser, a free product built and supported by the Mozilla Foundation has picked up, by some measures, a 20% global share. Google (GOOG) will enter the market and do what it can to crush Firefox and take what it can from Microsoft.

According to The Wall Street Journal, the product, called Google Chrome, "is designed to make it easier and faster to browse the Web, by offering enhanced address-bar features and other elements that are very different from those on other browsers."

Since Internet Explorer comes loaded on the great majority of PCs, the Google product may not find it so easy to dislodge. Firefox, on the other hand, is in most cases downloaded from the Mozilla website. For Google Chrome to be successful, it would have to take another 15% to 20% of Microsoft's browser share, or take a much larger piece of the Firefox business.

Google's challenge will be to compete for the market of users who are willing to independently locate and download an Internet Explorer option. The number of consumers who will to opt to make that effort is probably very limited. It is one of the reasons that the Linux operating system never made much progress against Windows. Most PC users are willing to hold to the value of utility. Pulling disparate pieces of software from the internet does not have broad appeal for casual computer users.

Google Chrome may do fine, but it is likely to kill Firefox in the process.

Douglas A. McIntyre

Source: 24/7 Wall St. | 1 Sep 2008 | 10:37 pm

NZ Shares : Market up in early trade

The New Zealand sharemarket lifted in early trade as investors pushed up the price of Telecom and other leading stocks. Around 10.10am today the benchmark NZSX-50 index was up 9.49 points to 3367.2, having gained 4.5 points yesterday. Top...
Source: New Zealand Herald - Business | 1 Sep 2008 | 10:36 pm

Google launches internet browser

Google is to release its own internet browser in what amounts to its most direct attack yet on Microsoft's dominance of PC software
Source: FT.com - US homepage | 1 Sep 2008 | 10:34 pm

EU warns Russia of talks delay

European Union leaders warned Russia that they would postpone talks on a new long-term partnership agreement unless Moscow withdrew its troops in Georgia to positions occupied before last month's fighting
Source: FT.com - US homepage | 1 Sep 2008 | 10:07 pm

Consigning waste to dustbin of history

When his friend, photographer Fernando Pereira, died on board Greenpeace ship Rainbow Warrior 23 years ago, Michael Braungart vowed never to return to New Zealand. But the former Greenpeace activist has come back - intent on spreading...
Source: New Zealand Herald - Business | 1 Sep 2008 | 10:00 pm

Sterling drops to record low against euro

The pound suffered as money markets digested warnings from Alistair Darling that the economic times the UK faces 'are arguably the worst they've been in 60 years'
Source: FT.com - US homepage | 1 Sep 2008 | 9:04 pm

American Consumer Circa 1973

Source: 24/7 Wall St. | 1 Sep 2008 | 8:48 pm

PGG Finance bucks the trend

PGG Wrightson Finance has burst through the half-billion-dollar loan book barrier and expects to keep growing. The loan book at the company, which is owned by listed rural services company PGG Wrightson, grew by 27 per cent in...
Source: New Zealand Herald - Business | 1 Sep 2008 | 8:00 pm

Dominion sees forecast go from profit to heavy loss

Just days before its trustees decide whether or not to call in the receivers, stricken Dominion Finance Holdings has revised its March year result from a previously advised net profit of $8.95 million to a $108 million loss. Dominion,...
Source: New Zealand Herald - Business | 1 Sep 2008 | 7:00 pm

'I am sunlight, not moonlight'

Meet a woman who's trying to get Cambodia a piece of the action in the international silk trade. The silk empire she's stitched together is the biggest employer in her province. Rachel Louise Snyder reports.
Source: Marketplace | 1 Sep 2008 | 6:36 pm

A life of work in a Pakistani tannery

For four years, six days a week, 17-year-old Mohmen has been working in a Pakistani leather factory. What does he have to look forward to in life? More of the same. But he says he's made peace with it. Gregory Warner reports.
Source: Marketplace | 1 Sep 2008 | 6:36 pm

One sweet career: Tasting chocolate

Chloe Doutre-Roussel is the closest thing to a rock star in the world of fine chocolate. As a freelance chocolate expert, she is in great demand around the world, not just because of her extraordinary palate but because of her brutal honesty.
Source: Marketplace | 1 Sep 2008 | 6:36 pm

Humble link in the global delivery chain

A pigeon keeper in old Beijing finds he must support his family by becoming a carrier pigeon for the new century -- hauling express-mail packages through the supermodern capital of China. Sandy Tolan reports.
Source: Marketplace | 1 Sep 2008 | 6:36 pm

Study finds little impact from drug ads

The pharmaceutical industry spends billions of dollars on direct-to-consumer advertising. But a Harvard Medical School study says the ads aren't really working. Janet Babin reports.
Source: Marketplace | 1 Sep 2008 | 6:35 pm

Refineries, rigs take Gustav's blows

Oil companies won't know the full extent of damage to offshore oil rigs and refineries in and along the Gulf of Mexico until Hurricane Gustav passes. But they think measures they've taken should limit the losses.
Source: Marketplace | 1 Sep 2008 | 6:35 pm

Centers help evacuees wait out storm

As Hurricane Gustav came ashore along the Gulf Coast, more than 2 million evacuees found shelters to wait out the storm. Tess Vigeland got the perspective of two members of the Southern Baptist Convention, which is providing assistance.
Source: Marketplace | 1 Sep 2008 | 6:35 pm

Strategic's buyers play down positives

While they are paying a fraction of what they sold the business for little more than a year ago, Strategic Finance's management and former owners are hardly making a killing on their repurchase of the company, chief executive Kerry...
Source: New Zealand Herald - Business | 1 Sep 2008 | 6:00 pm

Another Stent Failure For Boston Scientific (BSX)

Investors have another reason to bail out of Boston Scientific (BSX). It has been in a battle with the medical research community for over a year fighting the perception that its drug-coated stents may be unsafe.

Comments about the potential danger of stents has sharply cut their use for treatment of cardiovascular disease.

The latest research on stent use compared to open heart surgery indicates that stents are relatively less effective. According to Reuters, "Despite the advent of drug-eluting stents, surgery comes out a winner," Douglas Weaver, president of the American College of Cardiology.

If the study results had fallen the other way, BSX might have hoped for a pick-up in sales of one of its most important products.

No such luck. Shares in Boston Scientific trade at $13, down from $44 a little over four years ago.

Douglas A. McIntyre

Source: 24/7 Wall St. | 1 Sep 2008 | 4:26 pm

Goldman Sachs gets nod for Indian mutual fund unit (Reuters)

Reuters - Goldman Sachs said it has regulatory approval to launch mutual funds in India, Asia's third-largest economy, joining the likes of AIG , JPMorgan and South Korea's Mirae Asset who have started operations in the past 18 months.
Source: Yahoo! News: Business | 1 Sep 2008 | 11:17 am