Silver State joins the banking casualties in the US

Silver State, the Nevada-based bank that had John McCain's son on its board until July, has become the eleventh bank in the United States to fail this year after losses from souring house loans and land forced regulators to shut it down.
Source: Latest Business News from Times Online | 29 Apr 2015 | 11:00 pm

London Stock Exchange trading derailed by computer crash on frenzied day

Trading on the London Stock Exchange has been halted after a computer fault.
Source: Telegraph Business | 8 Sep 2008 | 1:45 pm

Oil rallies as Ike threatens

Oil prices rose Monday amid fears about Hurricane Ike's course through the Gulf of Mexico and ahead of OPEC's meeting in Vienna.

Source: Business and financial news - CNNMoney.com | 8 Sep 2008 | 1:09 pm

China and Japan hail U.S. mortgage rescue as doubts linger

TOKYO/LONDON (Reuters) - China and Japan, the biggest buyers of Freddie Mac and Fannie Mae bonds, on Monday praised Washington for rescuing the ailing mortgage giants, but investors said the bailout had not ended global credit market misery.

Source: Reuters: Business News | 8 Sep 2008 | 1:04 pm

Re-engineering AMD

New AMD chief Dirk Meyer tells Fortune his plan to put the chipmaker back on track. First up: Spin off manufacturing.

Source: Business and financial news - CNNMoney.com | 8 Sep 2008 | 1:02 pm

Electronic Arts Defines Financial Delays To Harry Potter Game (ERTS, TWX)

Source: 24/7 Wall St. | 8 Sep 2008 | 1:02 pm

Opening surge seen on Fannie, Freddie plan (Reuters)

Reuters - U.S. stocks headed for a sharply higher open on Monday, with the benchmark S&P 500 set to jump 2 percent or more, as the government bailout of U.S. home finance companies Fannie Mae and Freddie Mac spurs a global equity surge.

Source: Yahoo! News: Business | 8 Sep 2008 | 1:01 pm

Opening surge seen on Fannie, Freddie plan

NEW YORK (Reuters) - U.S. stocks headed for a sharply higher open on Monday, with the benchmark S&P 500 set to jump 2 percent or more, as the government bailout of U.S. home finance companies Fannie Mae and Freddie Mac spurs a global equity surge.

Source: Reuters: Business News | 8 Sep 2008 | 1:00 pm

US rescue boosts investor risk appetite

World equities markets rallied and Treasury prices tumbled after the US government seized control of Freddie Mac and Fannie Mae, which between them have outstanding liabilities of $5,400bn
Source: FT.com - US homepage | 8 Sep 2008 | 12:56 pm

Altria buys UST for $10B

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 8 Sep 2008 | 12:55 pm

Subprime Today: Washington takes over Fannie Mae, Freddie Mac

MarketWatch's daily rundown of news on subprime lending and the credit crisis.

Source: MarketWatch.com - Top Stories | 8 Sep 2008 | 12:53 pm

Trading in Fannie and Freddie suspended

US stocks were poised for a rally after the US government bail-out of Freddie Mac and Fannie Mae raised hopes confidence would return to the financial system. Shares in both were suspended ahead of the market opening on Wall Street
Source: FT.com - US homepage | 8 Sep 2008 | 12:52 pm

Boeing strike impact to be felt globally

TOKYO/PARIS (Reuters) - Aerospace groups dusted off contingency plans on Monday for a potentially lengthy strike at Boeing, whose workers halted production for a third day, while shares in the parent of European rival Airbus got a sharp boost.

Source: Reuters: Business News | 8 Sep 2008 | 12:49 pm

Altria buys UST for $11.7bn

Altria announced that it would buy US chewing tobacco maker UST for $11.7bn, in a deal which would help offset its declining US cigarette volumes and expand its range of alternative tobacco products
Source: FT.com - US homepage | 8 Sep 2008 | 12:48 pm

Pacific North West Capital Corp. & SOQUEM Thunder Target Update

TSX: PFN OTCBB: PAWEF Frankfurt: P7J ------------------------------------------------------------------------- - Initial trenching results at the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Sep 2008 | 12:45 pm

AEP Industries Inc. Reports Fiscal 2008 Third Quarter Results

SOUTH HACKENSACK, N.J., Sept. 8 /PRNewswire-FirstCall/ -- AEP Industries Inc. (Nasdaq: AEPI, the "Company") today reported financial results for its fiscal...
Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Sep 2008 | 12:45 pm

Cole Taylor Bank Connects to SVPCO Image Payments Network

One Of Chicago's Largest Independent Banks Participates In Nation's Leading Image Exchange Network NEW YORK, Sept. 8 /PRNewswire/ -- SVPCO, the paper and electronic...
Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Sep 2008 | 12:45 pm

Futures Movers: Crude-oil futures rise on storm concerns, GSE bailout

Crude-oil futures rose early Monday, getting a boost from concerns that Hurricane Ike will disrupt oil production in the Gulf of Mexico as well as the U.S. government’s takeover of mortgage giants Fannie Mae and Freddie Mac.

Source: MarketWatch.com - Top Stories | 8 Sep 2008 | 12:45 pm

Washington Mutual CEO to retire; stock climbs

Washington Mutual Inc. on Monday announces the departure of Chief Executive Officer Kerry Killinger following reports over the weekend the CEO of the embattled company is on the way out.

Source: MarketWatch.com - Top Stories | 8 Sep 2008 | 12:43 pm

Altria to buy dipping-tobacco maker UST for $11.7 billion

Tobacco giant Altria Group Inc. said Monday it plans to buy dipping-tobacco maker UST Inc. for $11.7 billion, boosting the Marlboro maker’s presence in the still-growing market for snuff at a time when cigarette volumes are falling.

Source: MarketWatch.com - Top Stories | 8 Sep 2008 | 12:40 pm

Surprise fall in price of goods leaving factories, ONS figures show

The price of goods leaving British factories dropped unexpectedly last month by the most in nearly three years as inflationary pressures eased.
Source: Telegraph Business | 8 Sep 2008 | 12:39 pm

Surprise jump in price of goods leaving factories, ONS figures show

The price of goods leaving British factories dropped unexpectedly last month by the most in nearly three years as inflationary pressures eased.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Sep 2008 | 12:39 pm

Food prices rise at the fastest rate on record

The price of goods leaving British factories dropped unexpectedly last month by the most in nearly three years as inflationary pressures eased.
Source: Telegraph Business | 8 Sep 2008 | 12:39 pm

RealEstate.com Partners with Smarter Agent(R) to Provide 50 Million Mobile Phone Users Access to National Database of Real Estate Listings

CHARLOTTE, N.C. and PHILADEPHIA, Sept. 8 /PRNewswire-FirstCall/ -- RealEstate.com today announces it will begin providing consumers access to its national database of...
Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Sep 2008 | 12:37 pm

5 Leveraged Financial Winners In Fannie/Freddie Seizure (LEH, AIG, NLY, CIM, WM)

Source: 24/7 Wall St. | 8 Sep 2008 | 12:35 pm

OPEC ministers gather, set for no change

VIENNA (Reuters) - OPEC ministers on Monday gathered in Vienna ahead of a meeting to review output policy, but were widely expected to leave formal targets unchanged, especially as a powerful hurricane could lift oil prices.

Source: Reuters: Business News | 8 Sep 2008 | 12:34 pm

Freddie, Fannie plan protects taxpayers: Paulson

LONDON (Reuters) - Treasury Secretary Henry Paulson said in an interview with U.S. radio broadast on Monday that a plan to take control of Freddie Mac and Fannie Mae had been structured in a way to protect U.S. taxpayers.

Source: Reuters: Business News | 8 Sep 2008 | 12:32 pm

Lehman reshuffles top management

US investment bank Lehman Brothers announces a shake-up of senior management as speculation about overseas interest intensifies.
Source: BBC News | Business | World Edition | 8 Sep 2008 | 12:32 pm

LSE halts trading after connection problems with clients

Connectivity problems with brokers led the London Stock Exchange to halt trading Monday morning, while rival exchanges benefited from heavy trading volumes in the financial sector.

Source: MarketWatch.com - Top Stories | 8 Sep 2008 | 12:31 pm

Uranium Energy Corp Completes Successful Hydrologic Tests and Files Production Area Authorization Application at the Goliad ISR Project

The Company Reports Additional Permitting Advances American Stock Exchange Symbol - UEC Frankfurt Stock Exchange Symbol - U6Z AUSTIN, Sept. 8...
Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Sep 2008 | 12:30 pm

Luna Gold intercepts 20.00 m of 9.04 g/t Au including 6.00 m of 27.72 g/t Au at the Cachoeira gold project, Brazil

VANCOUVER, Sept. 8 /PRNewswire-FirstCall/ - Luna Gold Corp. (TSXV-LGC) ("Luna" or the "Company) is pleased to announce new assay results from the Company's...
Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Sep 2008 | 12:30 pm

Juma al-Majid Group Chooses New POS Payment Infrastructure from Network International and Postilion

Integrated EPOS terminals deliver increased customer satisfaction and EMV compliance DUBAI, United Arab Emirates and LONDON, Sept. 8 /PRNewswire/ -- Postilion, a...
Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Sep 2008 | 12:30 pm

Bear Creek announces drilling start up on Piedra Sagrada Gold Targets, Peru

VANCOUVER, Sept. 8 /PRNewswire-FirstCall/ - Bear Creek Mining (TSX Venture: BCM) ("Bear Creek" or the "Company") is pleased to present its Piedra Sagrada Gold
Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Sep 2008 | 12:30 pm

Modern Technology Corp to Acquire Avatron Technology Group With Profitable Revenues Exceeding $32,000,000

OXFORD, Miss., Sept. 8 /PRNewswire-FirstCall/ -- Modern Technology Corporation (Pink Sheets: MODC) (
Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Sep 2008 | 12:30 pm

Knight Capital Group to Present at Lehman Brothers Global Financial Services Conference

JERSEY CITY, N.J., Sept. 8 /PRNewswire-FirstCall/ -- Knight Capital Group, Inc. (Nasdaq: NITE) today announced that Chairman and Chief Executive Officer Thomas M. Joyce...
Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Sep 2008 | 12:30 pm

Origin eyes $8 billion joint venture with Conoco to fend off BG

PERTH/LONDON (Reuters) - Origin Energy Ltd , fending off an $11 billion hostile bid from Britain's BG Group Plc , is to spin off its coalbed methane assets into a joint venture with U.S. oil major ConocoPhillips .

Source: Reuters: Business News | 8 Sep 2008 | 12:27 pm

Frequent fliers: No more free ride

The old adage - Nothing is life is free - is the new reality for frequent fliers.

Source: Business and financial news - CNNMoney.com | 8 Sep 2008 | 12:27 pm

Before the Bell: Fannie, Freddie, Lehman, WaMu, UST, Boeing in spotlight

U.S. stock futures leaped Monday after the government seized mortgage giants Fannie Mae and Freddie Mac , guaranteeing that trillions of dollars in mortgage-backed securities won't default anytime soon and triggering hopes that banks will resume lending to both customers and each other.

Source: MarketWatch.com - Top Stories | 8 Sep 2008 | 12:24 pm

Fannie, Freddie in spotlight as bailout sparks broad rally

WASHINGTON (MarketWatch) - U.S. Treasury Secretary Hank Paulson on Monday said the government's takeover of Fannie Mae and Freddie Mac was necessary, but it was "not something I wanted to do."

Source: MarketWatch.com - Top Stories | 8 Sep 2008 | 12:23 pm

Mortgage bail-out rallies markets

Financial markets rally as the US government says it is taking over mortgage lenders Freddie Mac and Fannie Mae in the biggest bailout in US history.
Source: BBC News | Business | World Edition | 8 Sep 2008 | 12:14 pm

Russia aims to corner energy market: U.S. official

ROME (Reuters) - Russia aims to extend its control over energy deliveries to the West and it is important that European countries push forward on efforts to diversify routes for oil and gas supplies, a senior U.S. official said on Monday.

Source: Reuters: Business News | 8 Sep 2008 | 12:10 pm

Wolfson Microelectronics chief executive Dave Shrigley steps down

The chief executive of Wolfson Microelectronics, the Scottish maker of semiconductors used in mobile phones, is stepping down for "personal family reasons".
Source: Telegraph Business | 8 Sep 2008 | 12:04 pm

Wolfson Microelectronics chief executive Dave Shrigley steps down

The chief executive of Wolfson Microelectronics, the Scottish maker of semiconductors used in mobile phones, is stepping down for "personal family reasons".
Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Sep 2008 | 12:04 pm

Altria to buy UST for $10.4 billion (Reuters)

Reuters - Altria Group Inc has agreed to buy smokeless tobacco company UST Inc for $10.4 billion, the companies said on Monday, in a move that will combine the Marlboro cigarette brand with the Skoal and Copenhagen smokeless tobacco products.

Source: Yahoo! News: Business | 8 Sep 2008 | 12:01 pm

Altria to buy UST for $10.4 billion

CHICAGO (Reuters) - Altria Group Inc has agreed to buy smokeless tobacco company UST Inc for $10.4 billion, the companies said on Monday, in a move that will combine the Marlboro cigarette brand with the Skoal and Copenhagen smokeless tobacco products.

Source: Reuters: Business News | 8 Sep 2008 | 12:01 pm

Asia Markets: Asia stocks rally after U.S. mortgage rescue plan

Asian stocks rally, with strong gains in financials as investor confidence surged following the U.S. government's decision to put mortgage finance companies Fannie Mae and Freddie Mac under conservatorship.

Source: MarketWatch.com - Top Stories | 8 Sep 2008 | 11:55 am

Flybe profits despite fuel costs

The regional UK airline Flybe has defied the steep rise in the cost of aviation fuel and posted a 14% rise in profits for the first quarter.
Source: BBC News | Business | World Edition | 8 Sep 2008 | 11:53 am

8 Stocks for Seekers of Small-Cap Values (Stock Screen)

A perfume maker is among the eight small-cap value stocks we like.

Source: SmartMoney.com | 8 Sep 2008 | 11:48 am

8 Stocks an M&A Specialist Would Love (Stock Screen)

We found eight stocks that'll appeal to fans of takeover-worthy companies.

Source: SmartMoney.com | 8 Sep 2008 | 11:47 am

8 Stocks With Modest P/E, P/S and P/CF Ratios (Stock Screen)

These eight stocks exhibit modest P/E, P/S and price/cash-flow ratios.

Source: SmartMoney.com | 8 Sep 2008 | 11:47 am

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

Stocks expected to move substantially in trading on Monday include Boeing, Fannie Mae and Freddie Mac, First Calgary Petroleums, GE, Lehman, Nokia, Parametric and UST.

Source: MarketWatch.com - Top Stories | 8 Sep 2008 | 11:46 am

Ike hits Cuba, set to move into Gulf of Mexico

NEW YORK (MarketWatch) -- Hurricane Ike churned over Cuba on Monday morning, with forecasters predicting the hurricane will move into the Gulf of Mexico and hit somewhere between Texas and Alabama by this weekend.

Source: MarketWatch.com - Top Stories | 8 Sep 2008 | 11:38 am

Top Pre-Market Analyst Downgrades (AZO, CX, FNM, ISIL, MHK, NVDA, PETM, POR, TSCO, UST)

These are some of the larger impact calls from analysts with downgrades or negative calls we are seeing this Monday morning with more than two hours to the open:

• AutoZone (AZO) Cut to Neutral at Goldman Sachs.
• Cemex (CX) Cut to Hold at Deutsche Bank.
• Fannie Mae (FNM) and Freddie Mac (FRE) Cut to Sell from Buy at Citigroup.
• Intersil (ISIL) Cut to Neutral at UBS.
• Mohawk Industries (MHK) Cut to Underweight at JPMorgan.
• NVIDIA (NVDA) Cut to Sell at UBS.
• PetSmart (PETM) Cut to Neutral at Goldman Sachs.
• Portland General Electric (POR) Cut to Neutral at Goldman Sachs.
• Tractor Supply (TSCO) Cut to Neutral at UBS.
• UST (UST) Cut to Neutral at UBS.

Jon C. Ogg
September 8, 2008

Source: 24/7 Wall St. | 8 Sep 2008 | 11:34 am

Trading halted on London Stock Exchange

Trading on the London Stock Exchange was suspended for more than two hours on Monday after a computer fault.A spokeswoman for the exchange said it was investigating "connectivity issues" and that the connection...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Sep 2008 | 11:33 am

Top Pre-Market Analyst Upgrades (CTRP, GS, LEH, MRVL, NLC, NUVA, PRU, RF, RIG, USG, ZION)

Source: 24/7 Wall St. | 8 Sep 2008 | 11:31 am

The Bailout Boost

Many questions remain about the government's seizure of the mortgage giants Fannie Mae and Freddie Mac, but the plan has already passed its first test.

Stock markets around the world rallied on news of the U.S. Treasury's takeover, relieved that government control of the prodigal twins of the U.S. financial system would ensure that credit remain flowing in the troubled mortgage market.

Benchmark stock indexes in Tokyo, Frankfurt, and London rose more than 3 percent. U.S. stock index futures were pointing to a higher opening this morning.

Equally as important was the positive reaction of China and Japan, the biggest buyers of Fannie and Freddie securities. Officials from both countries hailed the rescue.

"I think it will have a positive impact on the world economy as it eases worries over the U.S. economy through more stable financial markets in the United States," Bunmei Ibuki, the Finance Minister of Japan, told reporters, Reuters reported.

On Sunday, the Treasury announced plans to take over Fannie and Freddie, the two biggest buyers of U.S. mortgages, and put them in a conservatorship run by the Federal Housing Finance Agency. The C.E.O.'s of the two companies are stepping down.

By putting the full weight of the U.S. government behind the two, Treasury Secretary Hank Paulson is wagering that mortgage rates will ease and the nation's banking system will get enough breathing room to lend again. He's also gambling that removing the incentive of increasing shareholder value to focus more on stability and risk management will win a repaired Fannie and Freddie, and the U.S. economy, greater confidence at home and abroad.

"Our economy and our markets will not recover until the bulk of this housing correction is behind us," Paulson said on Sunday.

Whether the plan will succeed remains to be seen. But there are already clear losers.

Holders of common and preferred shares of Fannie and Freddie are some. Common shareholders aren't exactly wiped out, but they've come pretty close. The government is getting warrants for as much as 80 percent of the two companies' common shares. And dividends to preferred shareholders are being eliminated.

Taking one of the biggest hits is famed Legg Mason fund manager Bill Miller, who is Fannie's biggest investor. A number of regional banks are big Fannie and Freddie shareholders too—in particular Sovereign Bancorp.

Others, of course, have been betting against Fannie and Freddie for nearly a year, most famously hedge fund manager Bill Ackman.

And there will be a cost to taxpayers.

On CNBC, Paulson ducked the question, saying that Treasury had not done a specific analysis on it and noting that the answer will depend on how long it takes the housing market to recover.

William Poole, the former president of the Federal Reserve Bank of St. Louis, told Bloomberg Radio that he estimates that Treasury may need to cover as much as $300 billion in losses.

The federally chartered, shareholder-owned structure, with risks covered by taxpayers, is "an unacceptable situation," Poole told Bloomberg, saying that it is a "stopgap" that passes the ball to the next administration.

Poole is one of the few voices criticizing the bailout this morning. Yet how long will the euphoria last? The Bear Stearns rescue provided only a brief respite.  

Now that the government has used its big guns, this bailout better hold off the credit storm for a while.




Related Links
Price Restraint
The Blame Game
Little House on the Red Prairie


Source: Portfolio.com: Top 5 | 8 Sep 2008 | 11:30 am

London Stock Exchange trading hit by computer crash on frantic day

Trading on the London Stock Exchange has been halted after a computer fault.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Sep 2008 | 11:30 am

London Stock Exchange trading hit by computer crash on frantic day

Trading on the London Stock Exchange has been halted after a computer fault.
Source: Telegraph Business | 8 Sep 2008 | 11:30 am

Computer bug halts UK stocks surge

Source: Business and financial news - CNNMoney.com | 8 Sep 2008 | 11:27 am

Technical glitch halts LSE trades

The London Stock Exchange has suspended trading due to a technical problem.
Source: BBC News | Business | World Edition | 8 Sep 2008 | 11:24 am

OPEC: Production cutback is unlikely

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 8 Sep 2008 | 11:18 am

Boeing strike impact to be felt globally (Reuters)

Reuters - Aerospace groups dusted off contingency plans on Monday for a potentially lengthy strike at Boeing, whose workers halted production for a third day, while shares in the parent of European rival Airbus got a sharp boost.

Source: Yahoo! News: Business | 8 Sep 2008 | 11:13 am

WaMu CEO Killinger is out

Source: Business and financial news - CNNMoney.com | 8 Sep 2008 | 11:12 am

Eni to buy First Calgary in C$923 million deal

MILAN (Reuters) - Italy's Eni SpA has agreed to buy Canada's First Calgary Petroleums Ltd in a cash deal worth C$923 million ($865 million), the latest in a series of acquisitions aimed at boosting its oil and gas reserves.

Source: Reuters: Business News | 8 Sep 2008 | 11:11 am

China and Japan hail U.S. mortgage rescue as doubts linger (Reuters)

Reuters - China and Japan, the biggest buyers of Freddie Mac and Fannie Mae bonds, on Monday praised Washington for rescuing the ailing mortgage giants, but investors said the bailout had not ended global credit market misery.

Source: Yahoo! News: Business | 8 Sep 2008 | 11:08 am

Oil prices rise on hurricane fear

Oil prices rise on fears that Hurricane Ike could disrupt oil production in the Gulf of Mexico.
Source: BBC News | Business | World Edition | 8 Sep 2008 | 10:45 am

London Stock Exchange trading hit by computer crash

Trading on the London Stock Exchange has been halted after a computer fault.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Sep 2008 | 10:45 am

London Stock Exchange trading hit by computer crash

Trading on the London Stock Exchange has been halted after a computer fault.
Source: Telegraph Business | 8 Sep 2008 | 10:45 am

London halts trading after shares surge on US bailout

Trading on the London Stock Exchange (LSE) was halted this morning for the longest period in over eight years because of a “connectivity issue” on one of the busiest days of 2008 following America's £110 billion bailout of Fannie Mae and Freddie Mac.
Source: Latest Business News from Times Online | 8 Sep 2008 | 10:43 am

Merrill Lynch's (MER) Trading Lock Of The Week: Sell Merrill Lynch

Merrill Lynch (MER) came out with a clever bit of research this morning. As financial stocks take a sharp spike up due to the Fannie Mae (FNM) and Freddie Mac (FRE) bail-out news, use the bounce to sell shares in crummy financial firms.

According to MarketWatch, "The broker said traders might want to look for shorter-term "knee-jerk" reactions to the announcements, but rallies in the sector should still be used as opportunities to sell into strength."

Merrill may well be right. The action by the federal government will do little to solve the housing market's fall and the underlying credit crisis.

Of course, since Merrill is as bad off as most financial firms, the recommendation means that the brokerage is advising that investors dump its shares as well.

Douglas A. McIntyre

Source: 24/7 Wall St. | 8 Sep 2008 | 10:40 am

US financial rescue boosts investor risk appetite

World equities markets surged higher on Monday and the cost of protecting corporate debt from the risk of default tumbled in the wake of the US government's decision to take control of mortgage guarantors...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Sep 2008 | 10:40 am

Yen suffers after Treasury bail-out

The yen sold off on Monday and high-yielding currencies rallied as investors digested news that the US government had bailed out US mortgage guarantors Freddie Mac and Fannie Mae.Analysts said the decision...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Sep 2008 | 10:32 am

Starbucks (SBUX) Endorses McCain

Starbucks (SBUX) will begin offering a one-sheet newspaper that will cover the key issues which will have to be addressed by the candidates for president. The product is called the Good Sheet,

The paper will be produced by "Good, which was founded two years ago, has an editorial emphasis on philanthropy and activism."

Now people can come to the chain and read about energy policy, health care costs, and defense spending.

While it is nice that Starbucks wants to help educate the man in the street so that he can better understand the issues of the day, the chain runs the very real risk of being viewed as helping one side of the election or the other.

The nuts reading the free paper will all look for messages between the lines. These may be the same people who believe that they can hear radio transmissions from Mars if they put on foil hats, but there are a lot of them.

According to The New York Times, "The Good sheet features one advertiser an issue, which covers the cost of the sheet; Starbucks has not paid Good for the sheets." If an marketer who is giving a lot of money to John McCain happens to be that sponsor, people may get the wrong impression. The editors at Good may be taking positions in their paper. While these do not make it to the Starbucks product, it could be a nuisance

Starbucks has enough problems. It does not need patrons boycotting its stores because they believe that the chain has decided to support either liberal or reactionary positions. People are funny that way in an election year. They look for partisanship everywhere.

Douglas A. McIntyre

Source: 24/7 Wall St. | 8 Sep 2008 | 10:26 am

Washington Mutual ousts boss Kerry Killinger

Washington Mutual, one of America's biggest savings and loan providers, has ousted Kerry Killinger as chief executive, making him the latest casualty of the credit crunch, according to reports.
Source: Latest Business News from Times Online | 8 Sep 2008 | 10:18 am

Gas prices ease for 8th straight day

Gasoline prices continued to decline, easing for the eighth straight day, as Tropical Storm Hanna dumped heavy rain on the entire eastern coast of the United States, according to a nationwide survey of gas station credit card swipes.

Source: Business and financial news - CNNMoney.com | 8 Sep 2008 | 10:18 am

European banks charge higher in relief rally

European equity markets recovered strongly on Monday after the US government's decision to take control of troubled mortgage guarantors Freddie Mac and Fannie Mae.Banks dominated the top half of the tape,...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Sep 2008 | 10:16 am

Asian shares rally following US government bailout

Asia-Pacific equities rallied on Monday as investors were cheered by the US government's decision to take control of Freddie Mac and Fannie Mae, alleviating growing concerns about the health of the mortgage...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Sep 2008 | 10:13 am

Australian banks' historic deal

Australian bank St George agrees a takeover by Westpac Banking, the biggest banking acquisition in the country's history.
Source: BBC News | Business | World Edition | 8 Sep 2008 | 10:12 am

Why OPEC Should Cut The Supply Of Crude

T. Boone Pickens is trying to pay off OPEC to cut production. That should raise oil prices and help his campaign to move US energy sources to wind and natural gas. Then Pickens can make money on those huge windmill fields that he owns down it Texas.

Even a billionaire like Pickens does not have the cash to change OPEC's mind. If the cartel has any sense it will cut production to make money on higher oil prices. Who would pass up a cash windfall which is nearly guaranteed?

If OPEC does whittle down supply, it will be a great favor to the average US citizen.

The sucker play of falling gas prices and a drop in heating oil caused by an improving supply of crude is that it will cause some people to go back to using fuel. Driving a car will not be so awfully expensive. Keeping indoor temperatures at the home and office at 75 degrees will at least not bankrupt everyone who does not want to wear a sweater.

No one in the US who is walking around on two legs thinks that high oil prices are good. They can shake their fists at Saudi royalty and Venezuela's mentally unstable president Huge Chavez. But, oil producers are only doing what they should. They drill oil to make money. They want to be more like the US with its millions of miles of roads and consumers who can afford Hummers and beach houses.

If OPEC can get oil back over $125 a barrel and stay there, the US, Japan, China, and India may have reason to look to alternatives whether they be solar power, wind, or the return of the rickshaw.

Over time, OPEC may be cutting its own throat by chopping production. If it speeds the day of energy independence in consuming nations it will undermine the financial future of producing counties. But, by then members of the cartel may have bleed their fields dry and rue the day that they left money on the table.

Douglas A. McIntyre

Source: 24/7 Wall St. | 8 Sep 2008 | 10:08 am

Regulator closes mortgage broker

Another mortgage broker, Mr Mohammed Habib, based in Coventry, has been closed down by the FSA.
Source: BBC News | Business | World Edition | 8 Sep 2008 | 10:02 am

Russia aims to corner energy market: U.S. official (Reuters)

Reuters - Russia aims to extend its control over energy deliveries to the West and it is important that European countries push forward on efforts to diversify routes for oil and gas supplies, a senior U.S. official said on Monday.

Source: Yahoo! News: Business | 8 Sep 2008 | 9:57 am

BG Group suffers blow as Origin strikes new deal

BG Group’s hopes of completing an $11 billion ($£6.2bn) bid for one of Australia’s biggest energy companies has been dealt a severe blow after its target struck a lucrative contract with America’s ConocoPhilips.
Source: Latest Business News from Times Online | 8 Sep 2008 | 9:52 am

Thwarting The Google (GOOG) Deal With Yahoo! (YHOO)

The Association of National Advertisers, which includes big marketers like GM (GM), Procter & Gamble (PG), and Wal-Mart (WMT), argues that Google (GOOG) should not be allowed to sell advertising for Yahoo! (YHOO)

The ANA's position has the benefit of being right, even if Microsoft (MSFT) agrees with it.

According to The Wall Street Journal, the trade group "is concerned that the deal could raise the price of search advertising."

Of course Google will use its market position to raise rates. Between them, Google and Yahoo! (YHOO) control about 85% of the US search business. The entire motivation of the partnership is to show that Yahoo! can do well as a standalone company. That argument would hardly be helped if the revenue Google brings in is measly.

There is no legitimate claim that the Google/Yahoo! tie-up is not a monopoly. The companies may get away with it by saying that only a part of Yahoo!'s inventory will be put into the pool of advertising being sold. But, Google would be silly not to get as much money as it can for that inventory along with its own. Google's stock has suffered from the perception that its margins are falling. Over the last three months Yahoo!'s stock may be down 30%, but Google's has 20% as well.

The advantages that Google will have under the deal with Yahoo! are not much different from the advantages enjoyed by Microsoft or the old AT&T. Shareholders expect the deal to be a huge success. For that to happen, national advertisers have to take their lumps on pricing.

Douglas A. McIntyre

Source: 24/7 Wall St. | 8 Sep 2008 | 9:45 am

Nationwide rescues small lenders

The Nationwide Building Society says it will merge with two smaller rivals, the Derbyshire and Cheshire Building Societies.
Source: BBC News | Business | World Edition | 8 Sep 2008 | 9:39 am

Freddie, Fannie plan protects taxpayers: Paulson (Reuters)

Reuters - Treasury Secretary Henry Paulson said in an interview with U.S. radio broadast on Monday that a plan to take control of Freddie Mac and Fannie Mae had been structured in a way to protect U.S. taxpayers.

Source: Yahoo! News: Business | 8 Sep 2008 | 9:38 am

Asian stocks rebound on heels of Fannie Mae and Freddie Mac bailouts

SHANGHAI Asian stock markets, beaten down this year by the U.S. sub-prime crisis and faltering economy, roared back to life today after Washington announced plans to rescue troubled mortgage giants Fannie Mae and Freddie Mac.

Source: L.A. Times - Business | 8 Sep 2008 | 9:32 am

Asian stocks rebound on heels of Fannie Mae and Freddie Mac bailouts

SHANGHAI Asian stock markets, beaten down this year by the U.S. sub-prime crisis and faltering economy, roared back to life today after Washington announced plans to rescue troubled mortgage giants Fannie...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 8 Sep 2008 | 9:32 am

Manufacturers' prices fall on back of lower oil and metal costs

Prices charged by British manufacturers unexpectedly fell in August at the fastest rate in 22 years after the price of oil retreated and scrap metal costs declined.
Source: Latest Business News from Times Online | 8 Sep 2008 | 9:31 am

Replacing All The Bank And Brokerage CEOs Won't Save The System (C)(MER)(AIG)(FRE)(FNM)(WM)(WB)

Fannie Mae (FNM) and Freddie Mac (FRE) had their CEOs pushed out by the government this weekend. They will get fat pay packages and can go on to live in massive homes and become high-paid consultants. The head of Washington Mutual (WM) was keelhauled yesterday. He was replaced by the head of commercial mortgage broker Meridian Capital Group.

The board and CEO of Wachovia (WB) are about to bring in a new CFO, hoping to get Carlyle Group's David Zwiener to take the job. He is likely to get a nifty pay package for signing on to a sinking ship.

The parade of comings and goings of executives at banks, mortgage companies, brokerages, and insurance firms does not appear to have had the intended effect. Merrill Lynch (MER), Citigroup (C), and AIG (AIG) have engineered changes at the top. None of them have had any earnings recovery. If anything, their write-offs have grown and their stocks have fallen further. Apologists on the boards of the corporations would say that these recent troubles are not the fault of the new generation. But, there is not much evidence these latest regimes have done any good.

The trouble with bringing management into these financial operations is that they are in no position to fix what cannot be fixed. Almost all of the big US banks and brokerages made the same mistake at the same time. They are joined by a number of their overseas peers. For awhile it looked like Goldman Sachs (GS), home of the most ingenious people on Wall St., would dodge the trouble. Now analysts think Goldman will be pulled into the ugliness in the next quarter or two.

It is in the nature of company boards to feel that they have to do something when the stocks in their firms are down 80% or 90%. It at least puts a new coat of paint on the house. It makes them looks responsible. The old rascals who ran their operations don't get to use the executive wash room any more, but that doesn't fix the problem.

Wall St. will have to face the fact, and may have already done so, that every CEO at a major financial institution made errors in judgment along with the senior people who worked for them. The mortgage markets looked so good that they would have appeared irresponsible to sit on the sidelines and leave all that money for someone else.

The cycle of blame is in full force. By the time every CEO in the industry is replaced, the market may have fixed itself. The demand for housing will turn up at some point. All the management changes in the world can't alter that timing.

Douglas A. McIntyre

Source: 24/7 Wall St. | 8 Sep 2008 | 9:25 am

Brazil oil boom 'to end poverty'

Profits from major new offshore oil fields will be used to eradicate poverty and boost education, Brazil's President Lula vows.
Source: BBC News | Business | World Edition | 8 Sep 2008 | 9:19 am

Regulator asks KDB to rethink Lehman move

South Korea's financial regulator has called on state-owned Korea Development Bank to weigh its potential investment in the US bank given the unfavourable market conditions
Source: FT.com - US homepage | 8 Sep 2008 | 9:16 am

Nano car plant protest suspended

Opposition groups blocking work at a Tata Motors plant suspend their protests after the government agrees to return land.
Source: BBC News | Business | World Edition | 8 Sep 2008 | 9:04 am

Flybe soars back into profit

Flybe, the UK low-cost carrier, has shaken off the jump in aviation fuel prices to post full-year profits of £30.4m.
Source: Telegraph Business | 8 Sep 2008 | 8:58 am

European stocks soar in early trade, Paris up four percent (AFP)

AFP - European stock markets surged in early trading on Monday, mirroring sharp gains won across Asia after the US government seized control of ailing mortgage giants Fannie Mae and Freddie Mac.

Source: Yahoo! News: Business | 8 Sep 2008 | 8:27 am

FTSE 100 jumps after America bails out Fannie Mae and Freddie Mac

The FTSE 100 surged xxxx this morning, following an earlier rally across Asia, on hopes that the nationalisation of America's two biggest mortgage lenders may help revive the troubled US housing market.
Source: Telegraph Business | 8 Sep 2008 | 7:55 am

Media Digest 9/8/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

Source: 24/7 Wall St. | 8 Sep 2008 | 7:53 am

U.S. talks with Fannie, Freddie turned sour: sources

WASHINGTON (Reuters) - Amicable talks between Fannie Mae and Freddie Mac and the U.S. mortgage finance companies' regulator about an aid package ended abruptly as policy-makers resolved in recent days to seize the firms, industry sources with knowledge of the events said.

Source: Reuters: Business News | 8 Sep 2008 | 7:49 am

Lehman Brothers' international head steps down in shake-up

Jeremy Isaacs, the long-serving chief executive of Lehman Brothers's international operations, is leaving the troubled US investment bank as part of a wider shake-up of its senior management.
Source: Latest Business News from Times Online | 8 Sep 2008 | 7:43 am

Derbyshire and Cheshire turn to Nationwide as financial woes mount

Nationwide, Britain's biggest building society, has merged with smaller mutuals the Derbyshire and Cheshire following the "indentification of financial issues" at both companies..
Source: Telegraph Business | 8 Sep 2008 | 7:09 am

Nationwide confirms Cheshire and Derbyshire deals

Nationwide today confirmed that it is taking over the Derbyshire and the Cheshire building societies, two smaller rivals which have been forced into loss by the credit crunch.
Source: Latest Business News from Times Online | 8 Sep 2008 | 7:05 am

Google: From start-up to superpower

A household name and Web money machine, Google has grown up. As new fields beckon, challenges loom.

Google Inc. has changed the world. ¶ The way we learn, buy things, are entertained, view ourselves and everyone else -- all have been transformed by Google, which was incorporated in California 10 years ago Sunday. In the process, it has become one of the most powerful companies on the planet. ¶ It all began with Larry Page and Sergey Brin, two Stanford University graduate students who turned their research project into an Internet technology company. They bet that their search engine could run better than the rest and help, as they say, organize the world's information. ¶ They called it Google, a play on the mathematical term "googol" -- a 1 followed by 100 zeros. With its multicolored logo and stunningly quick results, the search engine not only became a pop culture hit but created one of the most active young verbs in our vocabulary.

Source: L.A. Times - Business | 8 Sep 2008 | 7:00 am

A Fed watcher outlines Bernanke's thinking

Ben S. Bernanke's appointment as chairman of the Federal Reserve was poorly timed. He had hardly gotten his feet under the desk before having to cope with possibly the most testing financial and economic crisis in nearly 30 years.

Source: L.A. Times - Business | 8 Sep 2008 | 7:00 am

'Bangkok Dangerous' edges out 'Tropic Thunder'

It's the slowest weekend at movie theaters in five years.

Rain and wind may have been whipping the Southeast, but "Tropic Thunder" was muted this weekend as moviegoers stayed home, leading to the slowest weekend for theaters in five years.

Source: L.A. Times - Business | 8 Sep 2008 | 7:00 am

Sport Technology's Flowboard sales pick up speed

Sport Technology is marketing a crossover for boarders of all kinds. It looks like a skateboard, rides like a surfboard and is touted as 'the next best thing to the snowboard.'

Mike Kern has a knack for catching a wave.

Source: L.A. Times - Business | 8 Sep 2008 | 7:00 am

OPEC expected to keep production unchanged

The cartel is expected to decide today to maintain oil output at a near-record pace.

The Organization of the Petroleum Exporting Countries, supplier of 40% of the world's oil, will probably keep producing at a near-record pace as $106-a-barrel crude squeezes the global economy.

Source: L.A. Times - Business | 8 Sep 2008 | 7:00 am

Spain's environmentalists sound alarm

A building boom is endangering some of the most precious flora and fauna in Europe, and sucking an already arid region dry.

A frayed copy of "Don Quixote" was tucked under the front seat of Roberto Oliveros' battered white truck as he sallied forth through the fast-changing plains of central Spain.

Source: L.A. Times - Business | 8 Sep 2008 | 7:00 am

U.S. takes control of Fannie Mae, Freddie Mac

Treasury Secretary Henry Paulson says stabilizing the firms is crucial to ending housing turmoil. The plan calls for billions in capital injections.

The federal government executed a sweeping takeover of mortgage giants Fannie Mae and Freddie Mac on Sunday in a move aimed at expanding the pool of money available for home finance and arresting a plunge in housing prices that endangers the nation's economy.

Source: L.A. Times - Business | 8 Sep 2008 | 7:00 am

Takeover of Fannie, Freddie will produce winners, losers

Borrowers could see rates fall, but investors in Fannie and Freddie may get hit hard.

The government's groundbreaking move Sunday to take control of Fannie Mae and Freddie Mac could give a much-needed boost to the housing market and the stock market as well.

Source: L.A. Times - Business | 8 Sep 2008 | 7:00 am

Korean regulators caution KDB over taking stake in Lehman

Korea’s financial regulator has warned Korea Development Bank for a second time to “carefully’’ consider if the time is right to buy a stake in Lehman Brothers, the troubled US securities firm.
Source: Telegraph Business | 8 Sep 2008 | 6:50 am

Fannie Mae and Freddie Mac rescue sends global stocks soaring

London's leading stocks rallied by nearly 190 points this morning, following the US Government’s bailout of Freddie Mac and Fannie Mae, the country's two stricken mortgage lenders, last night.
Source: Latest Business News from Times Online | 8 Sep 2008 | 6:36 am

Dollar strong after US bailout

The New Zealand dollar rose sharply today as markets reacted to the United States government bailout of mortgage finance companies Fannie Mae and Freddie Mac. The New Zealand dollar was at US68.20c by 5pm from US66.60c at 5pm on...
Source: New Zealand Herald - Business | 8 Sep 2008 | 5:25 am

PGG Wrightson wins stake in Silver Fern Farms

The Craig Norgate-led rural services company PGG Wrightson today won a 50 per cent stake in the nation's biggest meat company, Silver Fern Farms. Silver Fern said today a total of 75.62 per cent of the votes cast were in favour...
Source: New Zealand Herald - Business | 8 Sep 2008 | 2:00 am

Auction Crock?

We've seen S.E.C. investigations and lawsuits from state regulators for fraudulent marketing of auction rate securities. Banks have agreed to pay out $41 billion to their investors. We've seen two brokers indicted for misleading customers about the bonds.

Now comes a new allegation with regard to the frozen auction rate market: collusion.

Two class-action lawsuits were filed Friday in the southern district of New York—one on behalf of investors in auction rate securities and another on behalf of issuers of the bonds—against 11 banks that underwrote the securities.

The charge? Violating the Sherman Antitrust Act.

The issuer suit, brought by lawyers at Cohen Milstein Hausfeld & Toll on behalf of the City of Baltimore, accuses the banks of conspiring to falsely prop up the auction rate market by buying the securities when there were no other buyers, and similarly conspiring to simultaneously withdraw from the auctions.

Auction rate securities are long-term bonds usually backed by municipal loans or student loans that reset at auction on a short-term basis. Until February, they were marketed as low-risk, cashlike investments. When the banks withdrew from the market in February, issuers like Baltimore were forced to pay higher rates on their bonds, and investors were left holding securities they couldn't sell.

The banks named in the suit are: Citigroup, UBS, Merrill Lynch, Morgan Stanley, Lehman Brothers, Bank of America, Wachovia, Goldman Sachs, J.P. Morgan Chase, Royal Bank of Canada, and Deutsche Bank.

There's no smoking gun in the complaints, but they do effectively repurpose in a new way the damning emails that were unearthed by U.S. attorneys in New York and Massachusetts in their suits against Merrill Lynch and UBS. Those suits accused the banks of fraudulently marketing the securities even while they knew their market was freezing up.

This is the first suit that creates a time line leading up to February 13, when 87 percent of all auctions failed. The email communication indicates that officials at UBS and Merrill Lynch were well aware of what their competitors were doing. UBS's chief risk officer sends out this missive to its C.E.O.: "Watch our competitors closely; if they stop supporting auctions, we have much better freedom to stop [supporting auctions]." In another email, a UBS official relays conversations with colleagues Citigroup and Merrill Lynch on what they were doing in the auctions.

The banks clearly knew they were going to lose money if they kept supporting the auctions, but it remains a mystery why the market froze up so dramatically in mid-February. Many of the riskier auction rate securities, like those backed by subprime loans, had failed months earlier. But the banks simply stopped buying all auction rate securities very abruptly.

"There has to be an independent reason why they all pulled out at the same time," says Michael Hausfeld, partner at Cohen Milstein Hausfeld & Toll. "There has to be a connection, and we're going to make it." He hopes that if this case reaches the discovery phase, a whole new batch of emails will reveal communication among the officials at different banks.

Of course, proving an antitrust violation is no easy task. "You have to show some evidence of a conspiratorial agreement," says Columbia law professor John Coffee. "It's an uphill battle."

It's an uphill battle that's easier to fight when the Department of Justice also becomes interested in potential antitrust violations. In this case, there's no evidence of that.

Yet, anyway.

Related Links
No Security in Securities
The Abstract: Jackson Hole Symposium Papers
Let the Hedge Fund Lawsuits Begin


Source: Portfolio.com: Top 5 | 8 Sep 2008 | 1:00 am

U.S. seizes Fannie and Freddie

Federal officials on Sunday unveiled an extraordinary takeover of Fannie Mae and Freddie Mac, putting the government in charge of the twin mortgage giants and the $5 trillion in home loans they back.

Source: Business and financial news - CNNMoney.com | 8 Sep 2008 | 12:29 am

Wall St gets its wish - Fannie and Freddie bailed out by Govt

NEW YORK - Wall Street has finally got what it's been angling for: a bailout of mortgage giants Fannie Mae and Freddie Mac that could aid a recovery of the broken US housing market and arrest a slide in stock and credit markets worldwide. Overall,...
Source: New Zealand Herald - Business | 8 Sep 2008 | 12:00 am

Hank's Mortgage Surge

The prodigal twins of the U.S. financial system,Fannie Mae and Freddie Mac, were rescued from their financial ruin by a dramatic Federal government bailout that pledges capital and oversight to manage the companies through their rehabilitation.

“Our economy and our markets will not recover until the bulk of this housing correction is behind us,” said Treasury Secretary Henry Paulson, who was joined by Federal Housing Finance Agency Director James Lockhart in Washington today. “Fannie Mae and Freddie Mac are critical to turning the corner.'' The FHFA will have oversight over Fannie and Freddie.

That Paulson was saying it on a Sunday made the statement easily mistaken for a prayer. As the U.S. housing market plunged and the credit markets fell into crisis, the fates of Fannie and Freddie became crucial to the market and the nation’s economy. Now, the execution of the plan–the paring back of risk and the mantra of new management–will have to win over nervous Americans and their bankers.

By putting the full weight of the Treasury behind the pair, Paulson is wagering that mortgage rates will ease and the nation’s banking system will get enough breathing room to lend again. He’s also gambling that removing the incentive of increasing shareholder value to focus more on stability and risk management will win a repaired Fannie and Freddie, and the U.S. economy, greater confidence at home and abroad.

No stranger to risk while he was head of Wall Street giant Goldman Sachs, Paulson stands to carve out a unique legacy with the move. He’ll either be the man who saved the U.S. economy or the fool who doubled down in a market where falling asset prices dragged down all the leverage connected to them.

Paulson and his Capitol Hill cohort have put restrictions on the size of the twins’ mortgage portfolios—limiting them to $850 billion as of the end of 2009 and requiring them to decline by 10 percent each year until it hits $250 billion—and appointed new chiefs to the operation to begin the process. Fannie's portfolio was $758 billion at the end of July, and Freddie's was $798 billion.

Former Merrill Lynch president and TIAA-Cref CEO Herbert Allison, will take over Fannie's top post and David Moffett, who was vice chairman of US Bancorp, will head Freddie. They will work with existing management. They will replace Daniel Mudd and Richard Syron, respectively, but the pair will stick around as consultants to walk their successors through the muck of their balance sheets.

The plan's other key moves include eliminating the companies’ dividends; allowing Treasury to buy up to $100 billion of a special class of stock in each company as needed to maintain a positive net worth; providing secured short-term funding to the pair and 12 federal home-loan banks, and purchase mortgage-backed debt in the open market.

The common stockholders of Fannie and Freddie won't be eliminated under the conservatorships, but they will be last in line for any claims, Paulson said.

Related Links
The Blame Game
Incentives for Inflation
The US Economy Reaches a Fork in the Road


Source: Portfolio.com: Top 5 | 7 Sep 2008 | 11:30 pm

Need to know: Industrial fears ... BBC in talks ... Opec summit

Economics
Source: Latest Business News from Times Online | 7 Sep 2008 | 11:26 pm

US bazooka for Fannie Mae and Freddie Mac trumps Brown's peashooter

Two months ago Hank Paulson said that Congress had given him a bazooka by granting him power to intervene to support Fannie Mae and Freddie Mac, the US mortgage finance giants. The mere sight of the bazooka would so impress the markets that he would not actually have to use it, the US Treasury Secretary said. It is a measure of how fragile those markets have become that Mr Paulson was forced to pull the trigger yesterday.
Source: Latest Business News from Times Online | 7 Sep 2008 | 11:00 pm

NZ dollar up nearly 1c against greenback

The New Zealand dollar rose almost a cent against the greenback since Friday evening, after having dropped below US66c for the first time in 22 months earlier on Friday. Around 8am today the kiwi was buying US67.49c from US66.60c...
Source: New Zealand Herald - Business | 7 Sep 2008 | 11:00 pm

NZ Shares: Firm start for NZ market

Early gains by leading stocks helped the New Zealand sharemarket start the week on a firm footing. Around 10.15am the benchmark NZSX-50 index was up 15.55 points to 3351.72, after having slipped 12 points on Friday. Top stock...
Source: New Zealand Herald - Business | 7 Sep 2008 | 11:00 pm

Blog: Pimco's Bill Gross praises rescue of Fannie and Freddie

Source: L.A. Times - Business | 7 Sep 2008 | 10:50 pm

New boss for ASB Bank as Burrett steps down

ASB has appointed a new boss to replace Hugh Burrett who spent more than 40 years with the bank - seven in the top job. From the start of 2009 the managing director of ASB Group and chief executive of ASB Bank will be British international...
Source: New Zealand Herald - Business | 7 Sep 2008 | 10:30 pm

Ad body opposes Google-Yahoo alliance

Internet groups agree to voluntary delay to controversial search advertising partnership following complaint by Association of National Advertisers
Source: FT.com - US homepage | 7 Sep 2008 | 10:26 pm

Cunliffe asks regulator to consider new roaming inquiry

Communications Minister David Cunliffe is asking the Commerce Commission to consider a new investigation into price regulation of mobile phone roaming. Roaming allows subscribers of one mobile network to use their mobile telephone...
Source: New Zealand Herald - Business | 7 Sep 2008 | 10:00 pm

Paulson moves into recovery mode

Leading hedge fund says it is ready to consider backing rescue recapitalisations of troubled financial institutions – signalling a switch from betting against the sector to buying into it
Source: FT.com - US homepage | 7 Sep 2008 | 9:35 pm

Building work down 7 per cent in June - third fall in a row

The volume of residential building work put in place fell a seasonally adjusted 7.3 per cent in the June quarter, Statistics New Zealand (SNZ) said today. It was the third fall in a row, with the volume of residential building...
Source: New Zealand Herald - Business | 7 Sep 2008 | 9:00 pm

Bollard poised to cut cash rate

Reserve Bank governor Alan Bollard is expected to deliver another official cash rate cut on Thursday, amid signs that consumers are starting to cheer up. Consumer confidence, as measured by the fortnightly Roy Morgan survey, has...
Source: New Zealand Herald - Business | 7 Sep 2008 | 9:00 pm

JetBlue to auction flights on eBay

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 7 Sep 2008 | 8:58 pm

US Government takes over mortgage giants

WASHINGTON - The Bush administration has seized control of troubled mortgage giants Fannie Mae and Freddie Mac, aiming to stabilize the housing market turmoil that is threatening financial markets and the overall economy. Treasury...
Source: New Zealand Herald - Business | 7 Sep 2008 | 8:30 pm

Candidates get personal in swing vote fight

John McCain and Barack Obama are kicking off the first formal week of the general election race, signalling they plan to fight an unexpectedly conventional battle for swing voters in a handful of states in which attacks on personality will play a big role
Source: FT.com - US homepage | 7 Sep 2008 | 7:05 pm

Police recommend charges against Olmert

Israeli police have said Prime Minister Ehud Olmert should face criminal charges, issuing a non-binding recommendation in a corruption scandal driving him from office in the midst of peace talks with the Palestinians
Source: FT.com - US homepage | 7 Sep 2008 | 5:40 pm

Manufacturers turn to US

The latest cheap manufacturing site for European companies is not in Asia or eastern Europe but the US, say top executives from some of the continent's biggest companies
Source: FT.com - US homepage | 7 Sep 2008 | 5:19 pm

Zardari warned he must create 'new future'

The widower of Pakistan's assassinated former prime minister Benazir Bhutto will take oath on Tuesday as the country's next president, after his victory at the polls
Source: FT.com - US homepage | 7 Sep 2008 | 4:43 pm