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Chevron, The Economic Mess, and Tumbling Oil (CVX)
International crude and liquids production is already down 6% for the first two months of the quarter, and Chevron expects that to continue. Prices have been higher for the two months, but September price realizations are certain to be lower. Downstream refining and marketing benefited from the drop in crude oil prices. Marketing margins got the bigger boost--up from $1.18/b on the West Coast to $10.04/b for July and August. Only in Latin America did marketing margins fall. This reflects the fact that pump prices did not fall as fast as crude prices because Chevron priced its gasoline at what consumers would pay. Historically, when crude prices fall, oil companies restrict investment. E&P spending and capex are reined in significantly. So far, none of the big integrated oil companies have announced pullbacks in investments because they're sitting on piles of cash from nearly two years of high crude prices. The bad news is that the global economy weighs heavily on demand for energy. The International Energy Agency (IEA) now projects that global demand for crude for 2008 will increase by just 0.5%, down a full point from original estimates. The IEA's estimate for 2009 is also lower. Production cuts from OPEC are not likely to have much effect on crude prices unless the cuts are dramatic. And that is not likely to happen because OPEC members need the cash that oil exports generate. Until the world's financial mess is sorted out, and governments move to restore confidence in the markets, no amount of oil in the ground or significant quarterly earnings will direct oil company share prices back up.
Paul Ausick Source: 24/7 Wall St. | 10 Oct 2008 | 3:49 pm Ministers seek summit solutionsFinance minister from the Group of Seven rich countries will be meeting in Washington to discuss the credit crunch.Source: BBC News | Business | World Edition | 10 Oct 2008 | 3:43 pm US volatile after global sell-offWall Street stocks were highly volatile in a dizzying open session that saw the Dow fall more than 600 points before recovering most of its losses. London's FTSE 100 fell 9%. European indices also tumbled. Japanese shares touched 20-year lows, leading Asia-Pacific down as fears of a global recession mountedSource: FT.com - US homepage | 10 Oct 2008 | 3:40 pm Oil prices hit 13-month lowOil prices plunged to a 13-month low Friday as investors worried that the weakening global economy was driving down demand for fuel worldwide.Source: Business and financial news - CNNMoney.com | 10 Oct 2008 | 3:36 pm S&P's Wyss Says More Coordinated Bank Guarantees NeededSource: Bloomberg - All Podcasts | 10 Oct 2008 | 3:34 pm Fear grips global stock marketsShares around the world suffer sharp falls amid concerns of a global economic slowdown.Source: BBC News | Business | World Edition | 10 Oct 2008 | 3:29 pm Bush vows to stabilise US economyPresident George W Bush vows to work "aggressively" to restore economic stability, as world stock markets tumble.Source: BBC News | Business | World Edition | 10 Oct 2008 | 3:29 pm GE meets lowered bar with 22% profit fallGeneral Electric meets the lowered bar that it set for itself by reporting a 22% third-quarter profit fall, as problems at the group's finance arm more than offset profit increases at its energy infrastructure and cable media units.Source: MarketWatch.com - Top Stories | 10 Oct 2008 | 3:28 pm Stocks extend huge losses over credit concernsPrices swing wildly in a session that seems driven by investor panic. Foreign markets were pounded overnight.NEW YORK -- The global stock sell-off grew more furious this morning, as selling begat selling and the Dow Jones industrial average plummeted more than 700 points in the first few minutes of trading. Source: L.A. Times - Business | 10 Oct 2008 | 3:26 pm Oil prices dive to one-year lows as stock markets slide (AFP)
Source: Yahoo! News: Business | 10 Oct 2008 | 3:23 pm Currencies: Yen firms, British pound tumbles on global equity plungePlunging global equity markets and ever-deepening turmoil in the financial sector underpin the Japanese yen, while sending the British pound to a nearly five-year low against the U.S. dollar.Source: MarketWatch.com - Top Stories | 10 Oct 2008 | 3:21 pm Bond Report: Treasurys down as supply concerns outweigh equities' volatilityTreasury notes traded lower, pushing yields higher, as prospects for growing volumes of government debt coming on the market outweigh any flight-to-quality buying brought on by ongoing volatility in the stock market.Source: MarketWatch.com - Top Stories | 10 Oct 2008 | 3:19 pm Tech Stocks: Wild market brings swings to sectorTechnology stocks swung wildly at the start of another erratic day of trading Friday, amid mixed signals from the tech sector and new efforts by the U.S. government to put the brakes on the worldwide credit crisis.Source: MarketWatch.com - Top Stories | 10 Oct 2008 | 3:18 pm Text of Bush statement on the economyAmericans should have confidence in the future of the markets and the economy, President Bush says in a short statement from the White House. The complete text of his statement.Source: MarketWatch.com - Top Stories | 10 Oct 2008 | 3:18 pm GE profit falls 22%, meeting lowered forecastFAIRFIELD, Conn. -- General Electric Co. spared investors any nasty new surprises as it reported a 22 percent drop in third-quarter earnings, meeting its own lowered forecast and blaming the decline on its struggling financial arm. The company's loan and lease business has been battered by the worse financial crisis since the 1929 stock market crash.Source: L.A. Times - Business | 10 Oct 2008 | 3:18 pm Morgan Stanley shares hit again after Moody's warningBOSTON (MarketWatch) -- Shares of Morgan Stanley fell again Friday as the firm battles unceasing and unsettled questions about its viability.Source: MarketWatch.com - Top Stories | 10 Oct 2008 | 3:17 pm UK PM demands fuel price cutsUK Prime Minister Gordon Brown calls for falls in the price of oil to be passed on to consumers 'as quickly as possible'.Source: BBC News | Business | World Edition | 10 Oct 2008 | 3:15 pm Market Snapshot: U.S. stocks down again as shaken investors pull out of equitiesU.S. stocks tally losses for an eighth consecutive day but stepped back from an opening plunge that had the Dow Jones Industrial Average sliding under 8,000 for the first time in more than five years, amid heightened fears over a global recession.Source: MarketWatch.com - Top Stories | 10 Oct 2008 | 3:14 pm Rightmove could lose three quarters of agentsMore than 75 per cent of UK estate agents are threatening to remove properties currently listed on the UK's biggest property website, according to an online poll.Source: Latest Business News from Times Online | 10 Oct 2008 | 3:13 pm No rescue for Hardy Amies companyThe company founded by the former dressmaker to the Queen, has filed for administration after a rescue bid failed.Source: BBC News | Business | World Edition | 10 Oct 2008 | 3:12 pm Venezuela shuts down McDonald'sVenezuela shuts all branches of restaurant chain McDonald's for 48 hours, citing tax irregularities, officials say.Source: BBC News | Business | World Edition | 10 Oct 2008 | 3:04 pm Danske Bank's Christensen Says Iceland Needs `Foreign Help'Source: Bloomberg - All Podcasts | 10 Oct 2008 | 3:03 pm Emerging Markets Report: Emerging markets tumble; some countries shut tradingStocks in emerging markets plunge Friday, forcing trading suspensions on numerous exchanges, as a collapse in investor confidence and fears about a global recession triggered panic selling around the world.Source: MarketWatch.com - Top Stories | 10 Oct 2008 | 3:03 pm Financial Stocks: Morgan Stanley falls again, broad sector risesMorgan Stanley tumbles anew as the Wall Street bank’s stock comes under renewed attack despite repeated reassurances that the firm has enough liquidity.Source: MarketWatch.com - Top Stories | 10 Oct 2008 | 2:55 pm Energy Stocks: Oil stocks face another grueling session with widespread lossesEnergy stocks again are off to a rocky session, as major industry indexes open solidly lower and most oil shares take a beating along with crude futures.Source: MarketWatch.com - Top Stories | 10 Oct 2008 | 2:52 pm BGC Partners' Buik Calls For G7 to Guaranty DepositorsSource: Bloomberg - All Podcasts | 10 Oct 2008 | 2:48 pm A cult soda brand fights for survivalTwo months after announcing a second-quarter loss and sales far short of expectations, Seattle beverage maker Jones Soda laid off nearly 40% of its workforce this week, cutting 42 of its 110 employees.Source: Business and financial news - CNNMoney.com | 10 Oct 2008 | 2:35 pm Global rout, bank woes roil Wall Street (Reuters)
Source: Yahoo! News: Business | 10 Oct 2008 | 2:35 pm Corporate women walk 'thin pink line'Not long ago, in a workshop with a group of senior executives, coach Lois Frankel tried a little experiment.Source: Business and financial news - CNNMoney.com | 10 Oct 2008 | 2:34 pm WTO chief calls meeting to discuss crisis impact on trade financeThe World Trade Organisation chief on Friday invited heads of development and commercial banks to a meeting in Geneva next month to discuss the impact of the economic crisis on trade...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Oct 2008 | 2:34 pm Spain: Plan to help banks will cost taxpayers zeroSpain's government insisted Friday that a 30 billion euros ($41 billion) fund it will use to buy assets from banks starved for liquidity will have zero cost for taxpayers. That's becauseSource: Infocious RSS raw feed - channel BNewsBusiness | 10 Oct 2008 | 2:34 pm Bush says anxiety feeding market instabilityPresident Bush is arguing that high anxiety among both investors and the general public about the economy is making the credit crisis more severe. Bush went to the Rose Garden of the...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Oct 2008 | 2:33 pm Morgan Stanley shares drop on MUFG concerns, outlook (Reuters)
Source: Yahoo! News: Business | 10 Oct 2008 | 2:32 pm Salad Creations Opens 50th Restaurant- Number One Salad Concept Also Eclipses 100th Franchise Sold in Just Over Three Years - FT. LAUDERDALE, Fla., Oct. 10 /PRNewswire/ --Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Oct 2008 | 2:30 pm Genesee & Wyoming Announces Q3 Financial Release Conference Call and WebcastGREENWICH, Conn., Oct. 10, 2008 /PRNewswire-FirstCall/ -- Genesee & Wyoming Inc. (GWI) (NYSE: GWR) announces the following conference call and webcast: WHAT:...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Oct 2008 | 2:29 pm GE profit falls 22%, meeting lowered forecastFAIRFIELD, Conn. -- General Electric Co.'s third-quarter profit fell 22 percent, hurt by lower earnings at its finance business, which has been battered by the worst financial crisis since the stock market...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Oct 2008 | 2:26 pm PTC Alliance Continues its Global Expansion by Opening an Office in South AsiaPITTSBURGH, Oct. 10 /PRNewswire/ -- In an effort to access high growth markets in China and India, PTC Alliance is opening an office in South Asia. Additionally, a...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Oct 2008 | 2:25 pm Judge says hearing on Wachovia possible Monday (Reuters)Reuters - A U.S. District Court Judge said there would be no hearing on Friday in the federal case over the rival bids of Citigroup and Wells Fargo & Co for Wachovia Corp after Citigroup dropped out of the deal on Thursday, according to court documents.Source: Yahoo! News: Business | 10 Oct 2008 | 2:24 pm Pressure on G7 leaders as Wall St. erratic at open (Reuters)
Source: Yahoo! News: Business | 10 Oct 2008 | 2:24 pm Robert PestonA global solution is needed to end the economic crisisSource: BBC News | Business | World Edition | 10 Oct 2008 | 2:23 pm Metlife Rated `Overweight' at Morgan StanleySource: Bloomberg - All Podcasts | 10 Oct 2008 | 2:22 pm Greenspan sees 1st half 2009 U.S. housing recoveryNEW YORK (Reuters) - Former Federal Reserve chairman Alan Greenspan said the U.S. housing market will begin to recover in the first half of 2009, according to an article he wrote for...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Oct 2008 | 2:17 pm Stocks extend huge losses over credit concernsNEW YORK -- Wall Street extended its devastating losses today, but prices swung sharply as investors scooped up shares decimated by more than a week of intense and panicked selling. The Dow Jones industrials,...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Oct 2008 | 2:13 pm Sichuan Zhiquan Special Cement Closes $40M Financing to Expand Cement Production in the Earthquake Affected AreasCHENGDU, China, Oct. 10 /Xinhua-PRNewswire/ -- Sichuan Zhiquan Special Cement ("Zhiquan" or the "Company") announced the closing of a $40M convertibleSource: Infocious RSS raw feed - channel BNewsBusiness | 10 Oct 2008 | 2:10 pm US stocks extend huge losses over credit concernsWall Street extended its devastating losses Friday, but prices swung sharply as investors scooped up shares decimated by more than a week of intense and panicked selling. The Dow Jones...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Oct 2008 | 2:06 pm Webcast Alert: Caraustar Industries, Inc. Announces Third Quarter 2008 Financial Results WebcastATLANTA, Oct. 10 /PRNewswire-FirstCall/ -- Caraustar Industries, Inc. (Nasdaq: CSAR) announces the following Webcast: What: Third Quarter 2008 Financial...Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Oct 2008 | 2:06 pm Market Holidays Challenging Morgan Stanley Financing (MS, MTU)
While stocks are trading a full day today and Monday, the US bond market closes at 2:00 PM EST today ahead of Columbus Day and the US bond market is closed Monday, October 13, 2008 in observance of Columbus Day. To make matters worse, it feels like a midnight infomercial and the cheesy salesman saying, "But wait Jimmy, there's more." The Japanese financial markets are closed on Monday, October 13 in observance of Health and Sports Day. This means that despite all the terms being set and despite both sides wanting to close this deal, they cannot physically close until Tuesday, October 14, 2008. No one ever said life would be easy.
Jon C. Ogg Source: 24/7 Wall St. | 10 Oct 2008 | 1:57 pm Credit crunch gleeIran celebrates the global meltdown, but for how long?Source: BBC News | Business | World Edition | 10 Oct 2008 | 1:55 pm GM says bankruptcy is not an option (Reuters)
Source: Yahoo! News: Business | 10 Oct 2008 | 1:51 pm Global Markets Dive in Relentless SelloffGlobal investors looked to leaders meeting in Washington for coordinated action to end the financial turmoil on Friday as stocks plummeted again around the world.Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Oct 2008 | 1:50 pm OPEC's Chance To Kick The West While It's Down
Brent crude broke down over $7 to trade under $80. The fall from $147 to these levels will cost the oil producing nations hundreds of billions of dollars over the next year. OPEC is about to cut production and cut it sharply, at least enough to push oil back over $100. It will, essentially, add another weight to be added to the list of things which could deepen the recession. There is one silver lining. OPEC states need to put the money somewhere. As the US Treasury prints money to bail out the economy, someone will have to buy out bonds. That will probably be investors from the Middle East and China. Douglas A. McIntyre Source: 24/7 Wall St. | 10 Oct 2008 | 1:31 pm Interbank lending in deep freezeBank-to-bank lending rates rise despite aggressive measures from governments worldwide to tackle the credit freeze.Source: BBC News | Business | World Edition | 10 Oct 2008 | 1:29 pm Forecast for Global Oil Demand CutOil prices fell to their lowest level in more than a year, as the slowing global economy led the International Energy Agency to cut its forecast for global demand.Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Oct 2008 | 1:07 pm Spotts Says Short-Selling Ban Created Selling PressureSource: Bloomberg - All Podcasts | 10 Oct 2008 | 1:01 pm Beacon Power Secures Additional Financing (BCON)
Beacon sold 8.7 million units at $0.91 per unit, with each unit being comprised of 1 share of common stock and 1 warrant with a $1.20 exercise price. The warrants can be immediately separated from the shares and exercise terms will allow conversion after 6-months and the warrants will expire in 5-years. The gross proceeds of the offering are $7.9 million, and Beacon will receive roughly $7.2 million net after deducting selling fees and expenses for the offering. Merriman Curhan Ford was the lead placement agent and Kaufman Brothers was a co-placement agent. The investment transaction is expected to close on October 15, 2008. Beacon's plan is to commercialize its patented flywheel energy storage technology to perform frequency regulation services on the grid. Beacon's Smart Energy Matrix is designed to be a non-polluting, megawatt-level, utility-grade flywheel-based solution that will provide sustainable frequency regulation services. It seems some small speculative alternative energy companies are still able to raise cash even under the current market conditions being highly unfavorable for speculative and safe companies alike. Based on yesterday's close, its market cap is over $94 million. As of June 30, it had roughly $16.68 million in cash and its total liabilities were listed as $5.155 million. Shares are down 6% at $0.99 pre-market after closing down $0.08 at $1.06 Thursday. Its 52-week trading range is $0.84 to $2.49.
Jon C. Ogg Source: 24/7 Wall St. | 10 Oct 2008 | 12:58 pm BA says 450 managers to leaveAround 450 managers are to leave British Airways as part of the group's latest efforts to cut costs, as its profits plunge. BA had offered voluntary redundancy to up to 1,400 managers.The airline warned...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Oct 2008 | 12:45 pm IBM Shows Credit Markets Aren't Entirely Closed (IBM)
It appears that the company is selling 5-year noted at a spread of 387.5 basis points over treasuries. The deal spread for a 10-year issuance was also at a spread of 387.5 basis points over treasuries, and its 30-year component has a spread of 400 basis points over treasuries. The implied coupons from the filing show 6.50% for the 5-year, 7.625% for the 10-year, and 8.00% for the 30-year offering. Underwriters are B of A, Barclays, Credit Suisse, and Deutsche Bank. Co-managers are listed as BNP Paribas Securities, HSBC Securities (USA), Mitusbishi UFJ Securities, Mizuho Securities, Morgan Stanley, and USB Securities LLC. What is interesting here is the ramifications for the issue. Investors may be tight on capital and trying to hoard cash. But this is showing that some funds can be put to work. Companies like IBM paying essentially 4% higher than treasuries is atrocious under historical spread standards. In today's climate it isn't all that bad. Sometimes a small loss has to be considered a victory.
Jon C. Ogg Source: 24/7 Wall St. | 10 Oct 2008 | 12:37 pm Credit crisis hits GE finance unitGeneral Electric on Friday reported a 12 per cent drop in quarterly profit, meeting a forecast the conglomerate had lowered two weeks ago, as the credit crisis crimped results at its financial services...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Oct 2008 | 12:33 pm Global oil demand forecast to shrinkRead full story for latest details.Source: Business and financial news - CNNMoney.com | 10 Oct 2008 | 12:19 pm Is the Google-Yahoo pact a monopoly?Yahoo's ad alliance with Google seems like a great deal to the companies' top executives. Now they just have to win over the Justice Department.Source: Business and financial news - CNNMoney.com | 10 Oct 2008 | 12:16 pm Mortgage problems among homeowners up by 50%The number of homeowners seeking help after falling behind with their mortgage payments soared by more than 50 per cent over the past three months, according to figures from a leading debt charity.Source: Latest Business News from Times Online | 10 Oct 2008 | 12:13 pm Dollar rises against euro as global markets sinkRead full story for latest details.Source: Business and financial news - CNNMoney.com | 10 Oct 2008 | 12:12 pm Top Pre-Market Analyst Downgrades (EYE, CRL, LLY, ESLR, INTC, SPWRA)These are some of the top pre-market analyst downgrades we are seeing this Friday morning:
Jon C. Ogg Source: 24/7 Wall St. | 10 Oct 2008 | 12:05 pm Top Pre-Market Analyst Upgrades (BXP, DWA, DUK, MET, MTB, PRXL, POR, PFG, PSA, UDR)These are some of the top pre-market analyst calls we are seeing this Friday morning:
Jon C. Ogg Source: 24/7 Wall St. | 10 Oct 2008 | 12:02 pm Stop the WorldAssume the crash position. Stocks tumbled in early trading before pulling back a bit. The Dow Jones industrial average tumbled nearly 700 points, falling below 8,000 for the first time since April 2003. The Dow soon recovered to show a modest gain, before heading back down. At 10:42 a.m., the Dow is down 340 poitns. Earlier, Japanese stocks fell nearly 10 percent. London was down 7 percent, while Frankfurt slid as much as 9 percent. U.S. stocks have been sliding for seven consecutive days. Since the market hit its record high a year ago on Thursday, stocks have lost more than $8.5 trillion, as measured by the Dow Jones Wilshire 5000, according to the Wall Street Journal. As the bloodbath spreads, Washington and other governments are exploring a number of options, including temporarily insuring all deposits, as Germany and Ireland have done, backing loans among banks, and pumping cash into banks by buying preferred or common shares. “We have witnessed a startling drop in the stock market,” one that has been “driven by uncertainty and fear,” President Bush said this morning. The president vowed to resolve the crisis. The U.S. government, “has a wide range of tools at our disposal,” he said, noting that the $700 billion bailout package gives the Treasury the power to buy or insure troubled assets and to buy stakes in financial institutions. Despite the rumblings of additional government intervention, fear continues to grip the credit markets. The three-month dollar Libor, or the London Interbank Offered Rate, climbed to 4.82 percent. General Electric said third-quarter earnings fell, matching expectations since its recent profit warning. The absence of bad surprises may help steady the market today. Wall Street Requiem Wall Street Kings, Crowned Insider Trading Suspects Settle Up 
Source: Portfolio.com: Top 5 | 10 Oct 2008 | 12:00 pm As Credit Crisis Spreads, Global Approach WeighedThe U.S. and Britain appear to be coming to a common solution a day before a meeting of financial leaders.Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Oct 2008 | 11:57 am Renault lines up Pelata as successor to GhosnRenault, the French carmaker, has created a new position of chief operating officer for Patrick Pelata, who will become the official number two to Carlos Ghosn, the president and chief executive.Source: Latest Business News from Times Online | 10 Oct 2008 | 11:46 am Global stock selloffGlobal fears about the financial crisis deepened on Friday as stock markets the world over fell sharply and government officials scrambled to contain the damage.Source: Business and financial news - CNNMoney.com | 10 Oct 2008 | 11:34 am Channel 4 abandons digital radio on cost groundsChannel 4 this morning abandoned its plans to launch three digital radio stations, saying it can no longer afford the £10 million cost of launching the service as advertising revenues collapse in reaction to the credit crunch.Source: Latest Business News from Times Online | 10 Oct 2008 | 11:23 am U.S. weighs backing bank debt, deposits: reportsSYDNEY (Reuters) - The U.S. government is weighing guaranteeing billions of dollars in bank debt and temporarily insuring al U.S. bank deposits, in a bid to unfreeze bank lending and staunch massive losses in equity markets, The Wall Street Journal reported on Friday.Source: Reuters: Business News | 10 Oct 2008 | 11:22 am GE profit drops in line with cut forecastBOSTON (Reuters) - General Electric Co reported a 22 percent drop in third-quarter net income that matched its recently cut forecast as the global crunch hurt results at its hefty GE Capital arm, offsetting strong demand for electricity-generating turbines and jet engines.Source: Reuters: Business News | 10 Oct 2008 | 11:18 am Channel 4 abandons digital radioChannel 4 pulls the plug on three proposed digital radio stations owing to a slump in advertising revenues.Source: BBC News | Business | World Edition | 10 Oct 2008 | 11:15 am Da Vinci hedge fund suspends redemptionsA hedge fund that invests in Russia and other former Soviet countries has today suspended redemptions by investors, citing "extraordinary economic events".Source: Latest Business News from Times Online | 10 Oct 2008 | 11:14 am Money-market funds flock to guarantee program (AP)AP - Nearly all the $3.4 trillion in money-market mutual funds is expected to be federally guaranteed for at least the next three months, now that all the major fund providers signed up to participate by a deadline that passed Wednesday.Source: Yahoo! News: Business | 10 Oct 2008 | 11:12 am Stock futures briefly add losses after GE resultsNEW YORK (Reuters) - Stock index futures briefly added to losses on Friday after General Electric , a diversified manufacturer and a Dow component, posted quarterly results.Source: Reuters: Business News | 10 Oct 2008 | 11:11 am Plunging stocks pile pressure on G7 policymakersLONDON (Reuters) - The world's economic powers faced huge pressure Friday to devise drastic remedies to revive the banking system and end panic selling in financial markets.Source: Reuters: Business News | 10 Oct 2008 | 11:03 am Sir Alan Sugar acquires Woolworths stakeLONDON, Oct 10 - On Friday Alan Sugar, the millionaire founder of Amstrad computers and host of BBC television's The Apprentice, confirmed in a statement to the stock exchange he had purchased a 3.88 percent...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Oct 2008 | 10:59 am Hard Times, But GE Looks Like a Safe Harbor (GE)
There were some key highlights: Industrial segment earnings were +12%; Financial services earnings were $2.0 billion; Infrastructure orders were +9%; Commercial paper was $88 billion. Energy Infrastructure led the quarter with a 31% increase in segment profit. NBC Universal grew segment profit 10%. Technology Infrastructure grew segment profit 2%. Here is what is important for the future. GE's total orders backlog has grown by 20% and now stands at a massive $170 billion. According to our data, that backlog represents almost an entire year's worth of revenues. While GE did not give detailed guidance, CEO Jeff Immelt noted that the company is "on track to meet our September 25 revised guidance for the full year...". The company did note that its 2008 total earnings should be about $20 Billion. Here is the key issue at GE, and this may differ from what you read elsewhere. Many of these segment numbers are contracting and the company is taking wider loss provisions by another $500 million. But these figures are still very much in-line with what the company offered up back on September 25. It is also a position where the company is not signaling a massive blood-letting or a massive defection with order cancellations. The fact that it still made a profit in financial services is paramount and underscores that there is still an ability to generate profits in hard times. In today's horrible stock market, GE's numbers are actually a win and good enough to offer some stability for the markets which have been in free fall. It is impossible to know where this will trade today after some overseas markets fell 10% to catch up to the U.S. But all in all, this should offer at least some stability. The company has even noted that it might use its capital to be aggressive in the long-term, another sign that Immelt and friends aren't preparing to jump into the abyss. We'd expect that the debt ratings agencies will come out and issue reaffirmations of GE's key "AAA" debt rating based on the stability of the overall business operations in these troubled times. Shares closed down 7.9% Thursday at $19.01, the lowest share price for GE this entire decade. m So far shares are indicated up about 1% with under 3 hours to go before the open.
Jon C. Ogg Source: 24/7 Wall St. | 10 Oct 2008 | 10:55 am Barclays to cut 3,000 after Lehman dealBarclays PLC will cut about 3,000 jobs in the aftermath of its purchase of bankrupt Lehman Brothers' North American investment banking and capital markets businesses, Fortune has learned.Source: Business and financial news - CNNMoney.com | 10 Oct 2008 | 10:44 am Fears grip investors as global equities routedLONDON (Reuters) - Europe joined Asia's panic selling of stocks on Friday, knocking the benchmark world equity index to a 5-year trough, while the low-yielding yen jumped as fears grew that policymakers' efforts to contain the global financial crisis won't be enough.Source: Reuters: Business News | 10 Oct 2008 | 10:34 am Russia Approves Loan Plan to Ease Credit CrunchParliament passed a law unlocking Central Bank lending to private banks in a $36 billion bailout, continuing a strategy that has relied on making government oil profits available to banks.Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Oct 2008 | 10:32 am C4 pulls plug on digital radio plansChannel 4 announced on Friday it was cancelling plans to become a digital radio broadcaster and pulling out of a consortium in which it is the majority shareholder.But remaining members of 4 Digital Group,...Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Oct 2008 | 10:31 am Dow 7,000 May Make Sense
The last time the Dow spent any time under 7,000 was in 1997. The markets had seen the tail end of the S&L crisis. The Resolution Trust Corporation, which began its work in 1989, closed shop in late 1995. The DJIA had been moving up as the banking crisis ended. It moved higher until 2000 when the tech bubble burst. If the Dow hits 7,000 now, it will be on the way down, and not on the way up. Up until recently, the economy would have been considered much better off than it was in 1997 or after the downfall of the tech industry. Real estate values were certainly higher and the value of assets on the balance sheets of financial institutions had gone up exponentially. Corporate earnings were remarkably good in 2006 and analysts were forecasting that they would be substantially better in 2007 and 2008. The market is not just devaluing earnings, assets, and leverage now. It is devaluing expectations. These were driven primarily by forecasts that EPS for many of the companies in the S&P 500 would continue to grow at double-digit rates and that home real estate values would continue to appreciate by at least 10% a year. Stated as simply, the value of the Dow, which may fall further than it has already, indicates that none of the estimates about the broad economy for 2008 and 2009 will come true. Economists are now suggesting that the recession could last three or four quarters. The GDP has not been under that kind of assault since 1973. The period of tough times caused the Dow to drop from more than 1,000 to 600. The reset of the Dow going on now is similar. If this is a tougher recession than the one 35 years ago, then the drop in the markets is likely to be more profound. If the current view of experts is right, the drop in GDP will stop sometime the middle of next year. That would argue that the Dow would be stuck at about 7,000 until Q2 2009. If history is a fair marker, the market should have built a base and will start to recover. Douglas A. McIntyre Source: 24/7 Wall St. | 10 Oct 2008 | 10:21 am Tesco cuts price of petrol by 3p a litreTesco said today that it was cutting the cost of petrol by 3p a litre as oil prices fell to their lowest level for a year.Source: Latest Business News from Times Online | 10 Oct 2008 | 10:02 am DTZ appoints former Barclays man as chiefPaul Idzik, Barclays' chief operating officer until May this year, is to be the new group chief executive of DTZ, one of the world's largest commercial property consultancies.Source: Latest Business News from Times Online | 10 Oct 2008 | 9:52 am AIG borrows 57 percent of government loan: report(Reuters) - American International Group Inc has so far borrowed $70.3 billion under a U.S. government bailout loan even as regulators keep a close eye on how the insurer is using those funds, The Wall Street Journal said.Source: Reuters: Business News | 10 Oct 2008 | 9:35 am Merrill Lynch (MER), Wachovia (WB), And Morgan Stanley (MS) Deals Could Fail
That may have changed in the last 24 hours. Moody's has warned it may cut the long-term debt ratings of Morgan Stanley (MS) and its stock has been down as much as 30% during several of the most recent trading sessions. It closed yesterday at $12.45. The potential downgrade by Moody's is only the tip of an iceberg. With credit instruments and mortgage-backed paper almost certainly continuing to fall in value, the assets on the Morgan Stanley balance sheet are almost certainly losing a great deal of their value. MUFJ, which is probably having credit issues of its own as the Japanese markets falter, could simply decide the transaction is too risky and walk away. There also are problems which may arise in the Bank of America/Merrill Lynch deal. Bank of America's stock is down to under $20 due to concerns that all bank creditworthiness is faltering and lack of interest in the financial company's recent stock offering. It is almost certain that Merrill's balance sheet has been damaged over the last week. It has already written off billions of dollars for the value of its impaired assets. Bank of America may look at Merrill and decide that it cannot field the due diligence necessary to re-examine the brokerage company's balance sheet. Even if it could, it a failing market, those figures are a moving target. Perhaps the deal most at risk is the Wells Fargo (WFC) takeover of Wachovia (WB). Both WFC and Citigroup (C) found that the Wachovia balance sheet was weaker than expected. Citigroup, which has dropped out of the bidding, wanted FDIC backing for much of the Wachovia asset base. Wells Fargo decided to move forward without any government assistance, It may regret that as it is likely that Wachovia's balance sheet is almost certainly more compromised than it was a week ago. The crisis has made for odd and unexpected marriages between financial companies. It may have come to the point where it also causes some divorces. Douglas A. McIntyre Source: 24/7 Wall St. | 10 Oct 2008 | 9:10 am M.Stanley under pressure on MUFG concerns, outlookHONG KONG/TOKYO (Reuters) - Pressure mounted on Morgan Stanley on Friday, with investors unconvinced about its deal with Mitsubishi UFJ and two analyst reports citing concerns about the bank's earnings outlook.Source: Reuters: Business News | 10 Oct 2008 | 8:48 am Buffett pips Gates to top new Forbes list: report(Reuters) - Warren Buffett has overtaken Bill Gates to become the richest American in the Forbes 400 list, Bloomberg said, citing a recalculated list to be published later this month.Source: Reuters: Business News | 10 Oct 2008 | 8:07 am Japan rejects N Korea nuclear proposalJapan has rejected a North Korean proposal on nuclear verification, in a major blow to US efforts to reach a deal with Pyongyang towards removing nuclear weapons from the Korean peninsulaSource: FT.com - US homepage | 10 Oct 2008 | 8:01 am Asian markets plunge after huge Wall Street lossesJapan's Nikkei stock average falls 9.6% to 8,276, the worst one-day loss since the crash in 1987.SHANGHAI — Panic swept Asian markets today on the heels of Wall Street's selloff, as Japan's stock index plunged nearly 10% and shares throughout the region tumbled. Source: L.A. Times - Business | 10 Oct 2008 | 7:55 am September retail sales plummet: SpendingPulseNEW YORK (Reuters) - A worsening job market and financial market turmoil slammed U.S. consumer spending in September, despite falling gasoline and food prices, according to a private report released on Friday.Source: Reuters: Business News | 10 Oct 2008 | 7:16 am BMW 335d sedan: Elegant electronics and a gestalt-altering dieselThis is a car, an engine, for fully grown adults whose idea of motoring pleasure is high fuel economy. Yes, it will go fast, but the real exaltation is in going far.We'll never know how many BMW owners suffered a severe mental break and began wearing their underpants outside their clothes and talking to their Cheerios on account of iDrive, the company's famously frustrating multi-function rotary controller. All we know for sure is that previous versions of iDrive did for human factors engineering what big rocks did for Sisyphus. Source: L.A. Times - Business | 10 Oct 2008 | 7:00 am Presssure builds for a global economic strategyThe Group of 7 finance ministers meeting in Washington are warned that they must act decisively to prevent a worldwide recession.The way the current financial crisis spread around the world like a brush fire, outracing all efforts to contain it, underscored a painful reality: We have a global economy but nothing close to a global system for managing it. The world may be flat when it comes to the increasingly interconnected economies of the 21st century, but it still has borders -- and conflicting national interests to go with them. Source: L.A. Times - Business | 10 Oct 2008 | 7:00 am Q & A on Europe's crisisThe Times talks to Charles Goodhart, professor emeritus of banking and finance at the London School of Economics and an expert on European monetary policy.Charles Goodhart is professor emeritus of banking and finance at the London School of Economics and an expert on European monetary policy. He spoke in his office Thursday with Times staff writer Henry Chu about Europe's handling of the economic crisis and the role of the European Central Bank, or ECB, which joined Wednesday with central banks around the world in lowering interest rates. It was the ECB's first rate decrease in five years, from 4.25% to 3.75%, after keeping the rate elevated to ward off inflation. Source: L.A. Times - Business | 10 Oct 2008 | 7:00 am Nightmare on Wall StreetThe Dow suffers its biggest one-day percentage loss in more than two decades.The fear gripping the stock market escalated Thursday as panicky investors pushed the Dow Jones industrial average to its biggest one-day percentage loss in more than two decades and worries grew that efforts to ease the global credit crisis wouldn't work. Source: L.A. Times - Business | 10 Oct 2008 | 7:00 am Air New Zealand touts being green, quirkyThe carrier's environmental initiatives are a reflection of the nation it represents.Thousands of Southern Californians fly to this remote country every year to check the vast stretches of unspoiled mountainous and coastal beauty made famous by the epic "Lord of the Rings" trilogy. Source: L.A. Times - Business | 10 Oct 2008 | 7:00 am GM and Ford may be too big to failGiven the automakers' pervasive presence in the U.S. economy and their value as symbols of industrial might, many believe they wouldn't be allowed to go under.With sales of General Motors and Ford vehicles down more than 17% this year and the companies' stock prices at lows not seen in decades, one might expect the bankruptcy vultures to be circling over Detroit. Source: L.A. Times - Business | 10 Oct 2008 | 7:00 am Fonterra donates to Chinese charity after melamine scandalFonterra, its reputation bruised by its part in the recent Chinese contaminated milk scandal, says it is donating $5 million to a charity aimed at helping China's children and mothers. The money - $US5 million ($NZ8.3m) will be...Source: New Zealand Herald - Business | 10 Oct 2008 | 4:13 am Europe cuts losses as Dow pares fallInternational crisis meeting | Emergency funding released | Timeline of turmoilSource: Latest Business News from Times Online | 10 Oct 2008 | 3:20 am NZX, NZ Institute lay out crisis plan for economyThe current global financial crisis is one of the most serious events the New Zealand economy has faced for decades, says a new report prepared by the NZ Stock Exchange and the NZ Institute thinktank. And it says New Zealand's...Source: New Zealand Herald - Business | 10 Oct 2008 | 2:00 am Citi ends talks with Wells Fargo on WachoviaNEW YORK (Reuters) - Citigroup abandoned its brief but acrimonious battle with Wells Fargo & Co over Wachovia Corp, one of the United States' largest banks, losing out on a deal crucial to strengthening its retail banking business but vowing to pursue up to $60 billion in legal claims.Source: Reuters: Business News | 10 Oct 2008 | 1:31 am Iceland meltdown puts UK charities, police, councils at riskLONDON - British police departments, local authorities and charities are bracing for potentially painful losses as the financial maelstrom sucking Iceland toward insolvency draws in investors from across Britain. An umbrella body...Source: New Zealand Herald - Business | 10 Oct 2008 | 1:00 am Not enough digits on clock to record US$10 trillion debtNEW YORK - In a sign of the times, the National Debt Clock in New York City has run out of digits to record the growing figure. As a short-term fix, the digital dollar sign on the billboard-style clock near Times Square has been...Source: New Zealand Herald - Business | 10 Oct 2008 | 12:30 am NZ shares plunge 4.96pc - Asia also hammeredAnother billion dollars of value has been wiped off the value of the New Zealand stock exchange today as Asia-Pacific stock markets go through a horrific Friday fall. The benchmark NZX-50 index has now fallen 4.1 per cent today,...Source: New Zealand Herald - Business | 10 Oct 2008 | 12:00 am Blog: Convenient scapegoat: 'Short sale' ban lifts, stocks diveSource: L.A. Times - Business | 9 Oct 2008 | 11:46 pm GE Capital scales back lendingGeneral Electric's finance arm has significantly reduced its lending activities to middle-market private equity firms over the past few weeks as the credit crisis takes a toll on its ability to finance leveraged buyoutsSource: FT.com - US homepage | 9 Oct 2008 | 11:41 pm Citi pulls out of Wachovia battleWells Fargo looked set to acquire Wachovia in a $11.7bn all-share deal after Citigroup pulled out of the bitter battle for the US sixth-largest bank because it did not want to buy the lender's bad assets portfolio without government helpSource: FT.com - US homepage | 9 Oct 2008 | 11:03 pm Tension rises between Bank of England and TreasuryCo-operation is fast becoming the buzzword of international officials battling to quell global economic upheavals. As ministers from around the world fly into Washington for crisis talks this weekend, the need for a united front is emphasised by all.Source: Latest Business News from Times Online | 9 Oct 2008 | 11:00 pm Readers put tax cuts ahead of KiwiSaverNzherald.co.nz Your Views contributors care little for KiwiSaver and just want National's proposed tax cuts. The section has recently attracted a handful of writers whoSource: New Zealand Herald - Business | 9 Oct 2008 | 11:00 pm NZ Shares: Market falls across the board after US slumpThe New Zealand sharemarket is down 1.8 per cent in early trading today. Some Asian markets recovered yesterday and the Australian market pulled off its lows as central banks around the world cut interest rates, but US equities...Source: New Zealand Herald - Business | 9 Oct 2008 | 11:00 pm IMF to make emergency loans available to developing worldAn emergency funding scheme for countries plunged into economic and financial distress by the escalating global credit crisis has been activated by the International Monetary Fund.Source: Latest Business News from Times Online | 9 Oct 2008 | 11:00 pm US under pressure to rush out cash injectionThe US was under pressure to rush out a bank recapitalisation plan to reassure the markets after yesterday's dramatic late plunge in stock prices. US officials were hoping to have some time to finish the plan but analysts said they could be forced to act immediately.Source: FT.com - US homepage | 9 Oct 2008 | 10:58 pm 6 Stocks Overlooked by Wall Street (Stock Screen)We found six promising stocks that have been overlooked by Wall Street analysts.Source: SmartMoney.com | 9 Oct 2008 | 10:19 pm Share price falls blamed on shorts' returnThe return of short sellers to the US market after a near-three-week ban was blamed for a sharp drop in prices as General Motors and Morgan Stanley led stock markets sharply lowerSource: FT.com - US homepage | 9 Oct 2008 | 9:53 pm Credit Crisis Continues to Plague ETFs (Daily ETF Wrap-Up)Despite rate cuts, a late selloff causes ETFs to post seventh straight day of losses.Source: SmartMoney.com | 9 Oct 2008 | 9:48 pm UK and Iceland clash on crisisBritain was locked in an increasingly acrimonious dispute with Iceland on Thursday night after the nationalisation of the Nordic country's largest banks put close to £800m of local authority money at risk and prompted Gordon Brown to threaten to seize the assets of Icelandic companiesSource: FT.com - US homepage | 9 Oct 2008 | 9:48 pm Buckley Says Long Campaigns Hurt Candidate AuthenticitySource: Bloomberg - All Podcasts | 9 Oct 2008 | 9:45 pm What sells: Health care hot, housing notSmall companies in the finance and real-estate fields have been hit hard this past year, reporting declines in many niches of the industry. But other small businesses are still thriving despite the economic downturn: Software publishers and medical labs enjoyed double-digit growth over the last 12 months, according to new research by financial services company Sageworks.Source: Business and financial news - CNNMoney.com | 9 Oct 2008 | 9:42 pm VIX Index of U.S. Stock Option Prices Advances 11.1% to 63.92Source: Bloomberg - All Podcasts | 9 Oct 2008 | 9:31 pm No DealWe're one step closer to Wellschovia Fargo and one step further from Citichovia. This is a blow to Citigroup, which was looking forward to adding Wachovia's extensive retail banking operations to its own branch count, giving it a wider footprint, especially in the Southeast. It would have added a significant number of deposits to its balance sheet. Still, Citigroup insisted it never wanted Wachovia, but that it agreed to step up and take it in order to avoid systemic financial risk to the already fragile system. After it was blindsided by Wells Fargo's offer, however, it appeared willing to fight to the end for the bank it claimed it didn't want. But what exactly this means for Wells Fargo is unclear. In recent days, reports surfaced that both Wells and Citi, in poring over Wachovia's books during negotiations, found assets that were in worse condition than either originally believed. As it stands, the Wells Fargo deal comes without any guarantees from the government. (Update: Yes, Wells Fargo will go ahead with its original offer) Related LinksThe Bank Heist What's Wachovia Worth? Worldwide Bank Clearance Sale
Source: Portfolio.com: Top 5 | 9 Oct 2008 | 9:30 pm Emerging Market's Growth Rate Strains InfrastructuresSource: Bloomberg - All Podcasts | 9 Oct 2008 | 9:28 pm Below 9,000A late selloff sent the Dow to its seventh straight loss. The index has shed 23% of its value since Sept. 26.Source: SmartMoney.com | 9 Oct 2008 | 9:04 pm 3 Safe Harbors for Your Cash (Ticked Off)The stock market upheaval has many investors seeking shelter from the financial storm.Source: SmartMoney.com | 9 Oct 2008 | 9:04 pm 4 Tips: Smart Money Moves for a Down Economy (Consumer Action)Use these four tips to bolster your finances during tough economic times.Source: SmartMoney.com | 9 Oct 2008 | 9:01 pm Most Funds Fared Poorly in Third Quarter (Fund Insight)It's been a historic three months for markets. Here's how mutual funds fared.Source: SmartMoney.com | 9 Oct 2008 | 8:59 pm 18 Funds Offering Consistent Returns (Fund Screen)Tired of your ping-ponging portfolio? These funds are known for consistent returns.Source: SmartMoney.com | 9 Oct 2008 | 8:58 pm Bailout Might Not Be Popular, But It's Necessary (Common Sense)Voters and investors might not like the bailout, but doing nothing is far worse.Source: SmartMoney.com | 9 Oct 2008 | 8:55 pm For Long-Term Investors, Now Is Time to Buy (Common Sense)Why buy during the worst financial crisis of my lifetime? The answer is simple.Source: SmartMoney.com | 9 Oct 2008 | 8:54 pm Government Needs to Take Baby Steps on Bailout (Ahead of the Curve)Hastily approving a bailout plan devoid of details is worse than no bailout at all.Source: SmartMoney.com | 9 Oct 2008 | 8:54 pm Oil slides as Opec calls emergency meetingOil prices plunged below $85 a barrel, the lowest level in a year, as Opec, the oil exporting countries' cartel, called an emergency meeting to discuss reducing its crude production to halt the collapse in pricesSource: FT.com - US homepage | 9 Oct 2008 | 8:53 pm The markets and the crisis of trustWhy are investors stubbornly resisting efforts to restore faith in the market? Kai Ryssdal turns to Andrew Lo, a professor at MIT's Sloan School of Management, for an answer.Source: Marketplace | 9 Oct 2008 | 8:53 pm Learning from Japan's 'Lost Decade'The closest parallel to our financial state is perhaps Japan in the early '90s. Its recession is known as the Lost Decade and by many accounts is still going on. Scott Tong reports from Tokyo.Source: Marketplace | 9 Oct 2008 | 8:53 pm Limits sought on credit-default swapsSEC Chairman Christopher Cox has repeatedly sought to plug up "the regulatory black hole" of credit-default swaps, a big issue in the credit crisis. Nancy Marshall Genzer explains.Source: Marketplace | 9 Oct 2008 | 8:53 pm Is the Great Depression coming back?The word "depression" has been on the lips of many politicians, news people and pundits of late. Reporter Nate DiMeo takes a look back into history to see if all this Depression talk makes any sense.Source: Marketplace | 9 Oct 2008 | 8:53 pm What will it take to free up credit?Rate cuts. Bailouts. Injections of cash. The Fed has used almost every tool it has to try to restore confidence in the markets and loosen the credit squeeze. To no avail. Ashley Milne-Tyte reports.Source: Marketplace | 9 Oct 2008 | 8:53 pm GM shares fall; Dow sinks below 9,000S&P's warning that it was reviewing General Motors credit rating for a possible downgrade sent the auto maker's shares down 30 percent and helped drag the DOW below 9,000. Steve Henn has more.Source: Marketplace | 9 Oct 2008 | 8:53 pm ETF's Meralli Sees Gulf Demand for `Safe-Haven' MetalsSource: Bloomberg - All Podcasts | 9 Oct 2008 | 8:35 pm Afternoon FrightA deep slide in stocks is disturbing enough. But a sudden free fall is truly frightening.Right before 3 p.m. today, the Dow Jones industrial average was down around 200 points. Then, as if a door in the floor had just swung open, the Dow plummeted. The blue-chip index more than tripled its losses in the last hour of trading. "This cascading waterfall sell-off is ugly," said Barry Ritholtz on the Big Picture. The Dow closed down 678.91 points, or 7.3 percent. The Dow is now down nearly 40 percent from a year ago. The Standard & Poor's 500 index ended down 7.62 percent. It was the seventh consecutive decline in stocks; the Dow is under 9,000 for the first time in five years. The violent selling was a vivid illustration of the fears that still rattle the markets. Financial shares were again in the spotlight. But the fear is that the credit crisis has spread beyond finance and is threatening to cripple industries like auto. Every company needs access to capital. Without it, the economy will seize up. The turmoil came even on a day of positive signs. I.B.M. released the highlights of strong quarterly earnings a week early. The White House confirmed that the Treasury was considering pumping capital into banks. The tension is whether any government response can quench a wild fire spreading out of control. "Nobody living today has been in a market environment like this,'' Robert Schaeffer, a money manager at Becker Capital Management, told Bloomberg News. "People are flying blind.'' The main stress points: General Motors: The automaker said sales in western Europe were weak, just a week after it posted another drop in U.S. sales. At around 3 p.m., Standard & Poor's warned that it may cut its ratings on G.M. and Ford Motor, citing "the rapidly weakening state of most global automotive markets, along with capital market conditions that will remain a serious challenge for the foreseeable future." Shares of G.M. plunged 31 percent. Ford fell nearly 22 percent. Morgan Stanley: Its shares tumbled 26 percent, apparently on concerns that it may not close a $9 billion investment from Mitsubishi UFJ Financial Group of Japan. American International Group: In addition to its $85 billion loan, the insurer may need to tap the Fed for another $38 billion—not a confidence-building move. And tomorrow? General Electric, whose G.E. Capital business has been a concern for investors, reports quarterly results. An event with greater potential for terrifying surprises is the auction of some $400 billion worth of credit default swap contracts on Lehman Brothers. Banks and investors may be nervous, but Felix Salmon for one is optimistic that the auction will create new disasters. Related Links S&P Flirts With A New Top Market of the Absurd Hotchkiss Your Money Goodbye, Groton
Source: Portfolio.com: Top 5 | 9 Oct 2008 | 8:30 pm Are you a good negotiator?To get what you want, you have to know how to ask for it. See how strong your bargaining skills are.Source: Business and financial news - CNNMoney.com | 9 Oct 2008 | 8:19 pm Further US bail-out hearings possibleThe US Senate banking committee is considering additional hearings before the November elections to examine the roots of the financial crisis and oversight of the $700bn rescue plan, people familiar with the matter saidSource: FT.com - US homepage | 9 Oct 2008 | 8:03 pm Obama, McCain May Use `10th Justice' to Influence Supreme CourtSource: Bloomberg - All Podcasts | 9 Oct 2008 | 7:48 pm Apparel chains report dismal September sales (AP)
Source: Yahoo! News: Business | 9 Oct 2008 | 7:33 pm Vodafone makes offer for VodacomVodafone's strategy of seeking to boost growth by expanding its presence in emerging markets took a big step forward last night when it announced a R22.5bn ($2.5bn) offer for a controlling stake in Vodacom, South Africa's biggest mobile phone operatorSource: FT.com - US homepage | 9 Oct 2008 | 6:41 pm F&P's plant opensFisher & Paykel Appliances has officially opened its new Thailand manufacturing plant. The factory, in Rayong, is located in the duty free zone of the Amata City Industrial Estate and began production in March. Annual laundry...Source: New Zealand Herald - Business | 9 Oct 2008 | 6:30 pm Treasury may buy stake in banksThe Treasury Department is considering taking an ownership stake in some banks. Host Kai Ryssdal speaks with Washington Bureau Chief John Dimsdale on how the plan would work.Source: Marketplace | 9 Oct 2008 | 6:01 pm NZ 24th on competition listNew Zealand placed 24th in this year's Global Competitiveness Report produced by the World Economic Forum, unchanged from last year. The US topped the survey followed by Switzerland.Source: New Zealand Herald - Business | 9 Oct 2008 | 5:30 pm Property trust fallThe Goodman Property Trust fell in value by $55.6 million, or 3.4 per cent, in the six months to September. Trust manager Goodman Ltd said the total value of the trust's industrial and business property portfolio was $1.58 bil...Source: New Zealand Herald - Business | 9 Oct 2008 | 4:30 pm Why Iceland Is MeltingJust a little more than year ago, Icelanders were enjoying the good life: a healthy economy, relaxing mineral pools, a new ranking by the United Nations as the most developed nation in the world, and a new Björk album. And now those good times are history. Related Links Firing Blanks on Banks What's Wachovia Worth? Where is Citi's M&A Expertise?
Source: Portfolio.com: Top 5 | 9 Oct 2008 | 3:00 pm
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