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US unemployment highest since 1994The US economy lost 240,000 jobs in October and the unemployment rate shot up to 6.5 per cent, providing further evidence of the deepening economic woes confronting Barack Obama as he prepares to become presidentSource: FT.com - US homepage | 7 Nov 2008 | 1:59 pm US jobless rate at 14-year highThe US jobless rate jumped to 6.5% in October, official figures show, the highest rate since March 1994.Source: BBC News | Business | World Edition | 7 Nov 2008 | 1:56 pm Wall Street steady in spite of job dataUS stocks were set to recover some of the heavy losses sustained in their biggest two-day slump since 1987 even after data showed the unemployment rate rose to a 14-year highSource: FT.com - US homepage | 7 Nov 2008 | 1:54 pm Wall Street poised for positive openU.S. stocks looked set for a positive start Friday, despite a dismal quarterly report from Ford and a worse-than-expected jobs report.Source: Business and financial news - CNNMoney.com | 7 Nov 2008 | 1:53 pm October job losses worse than feared (Reuters)
Source: Yahoo! News: Business | 7 Nov 2008 | 1:52 pm Frontier Oil, Refiner Earnings Lagging Peers (FTO, SUN, WNR, VLO)
Unlike Sunoco (NYSE:SUN) or Western Refining (NYSE:WNR), Frontier did
not say anything about trying to sell any assets. Valero Energy (NYSE:
VLO) appears to have recently signaled that the worst is behind too. Frontier noted an after-tax hedging gain of $64.2 million for the quarter and a $77.5 million after-tax inventory loss. The company doubled its cash balance to $464 million, up from $221.2 million at the end of the 2008 second quarter. Most of that gain was due to the issuance of about $195 million in senior long-term debt. The share prices of Frontier fell $0.06 yesterday and another $0.10 after hours. Frontier's stock is off its 52-week high by about 75% with a $12.45 close. That is also about 45% above its recent lows.
Paul Ausick Source: 24/7 Wall St. | 7 Nov 2008 | 1:52 pm Currencies: Dollar falls as job losses top forecastsThe U.S. dollar declined Friday after the Labor Department said more jobs were lost in October than forecast, indicating continued pain for the economy.Source: MarketWatch.com - Top Stories | 7 Nov 2008 | 1:50 pm Sprint posts loss as 1.1 million customers leaveWASHINGTON (MarketWatch) -- Sprint Nextel Corp. on Friday posted a loss in its third quarter after 1.3 million wireless customers canceled service or switched to rival carriers.Source: MarketWatch.com - Top Stories | 7 Nov 2008 | 1:50 pm October job losses worse than fearedWASHINGTON (Reuters) - Employers cut payrolls by 240,000 in October, much more severely than expected, while September registered the biggest monthly loss in jobs in nearly seven years, according to a government report on Friday that showed labor markets were sharply deteriorating.Source: Reuters: Business News | 7 Nov 2008 | 1:49 pm Before the Bell: Ford, Sanofi, unemployment in focusU.S. stock futures pointed higher Friday after bruising mid-week declines, but saw gains tempered after a key U.S. labor report showed the unemployment rate rose to a 14-year high of 6.5%. MoreSource: MarketWatch.com - Top Stories | 7 Nov 2008 | 1:47 pm Low Oil Toll: Conoco Delays Saudi Refinery (COP, TOT, CVX)
Yesterday, ConocoPhillips and Saudi Aramco, the Saudi national oil company, stopped the bidding on the refinery's construction, blaming "uncertainties in the financial and contracting markets." Translation: the Saudis are worried about their profits from crude oil and want to hold onto their cash. The Saudis weren't the only ones interested in building export refineries. Chevron (NYSE:CVX) joined with India's Reliance Industries to construct a 660,000 b/d behemoth at Jamnagar, alongside an existing 600,000 b/d refinery. The new plant is expected to be operational by the end of this year. Whether building export refineries is a good idea or not remains to be seen. Still, when the richest oil-producing country in the world calls a halt to new capital spending, we should be paying attention.
Paul Ausick Source: 24/7 Wall St. | 7 Nov 2008 | 1:46 pm Ford posts $3 billion loss, Toyota shares diveTOKYO/FRANKFURT (Reuters) - Ford Motor Co posted a $2.98 billion quarterly operating loss and shares in world No. 1 automaker Toyota Motor Corp plunged on Friday after it warned this year's profits would hit a 13-year low.Source: Reuters: Business News | 7 Nov 2008 | 1:45 pm Ford: Massive losses, job cutsFord Motor reported a $3 billion operating loss in the latest quarter, and said Friday it would reduce staff and capital spending in order to preserve its dwindling cash.Source: Business and financial news - CNNMoney.com | 7 Nov 2008 | 1:45 pm Stock futures cut gains after grim jobs data (Reuters)
Source: Yahoo! News: Business | 7 Nov 2008 | 1:44 pm Stock futures cut gains after grim jobs dataNEW YORK (Reuters) - Stock index futures cut gains on Friday after a government report showed U.S. employers cut payrolls by 240,000 in October, much more severely than expected, heightening fears that the economic downturn is deepening.Source: Reuters: Business News | 7 Nov 2008 | 1:44 pm States face unemployment cash crisisState unemployment insurance trust funds are rapidly running out of money amid soaring job losses.Source: Business and financial news - CNNMoney.com | 7 Nov 2008 | 1:43 pm Jobless rate hits 14-year high of 6.5%The nation's unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, the government said today. It was stark proof the economy is almost certainly in a recession.Source: L.A. Times - Business | 7 Nov 2008 | 1:43 pm Panasonic to buy Sanyo, more deals may followTOKYO (Reuters) - Panasonic Corp said it would acquire smaller rival Sanyo Electric Co, creating Japan's top electronics maker and foreshadowing further consolidation in an industry hit by slowing consumer demand.Source: Reuters: Business News | 7 Nov 2008 | 1:42 pm London Markets: U.K. stocks advance for first day in three; BA climbsU.K. stocks returned to gains Friday, a day after the shock 1.5 percentage point rate cut that underlined the recession fears surrounding the British economy.Source: MarketWatch.com - Top Stories | 7 Nov 2008 | 1:41 pm Job losses mount: 1.2 million in '08The government reported more grim news about the economy Friday, saying employers cut 240,000 jobs in October - bringing the year's total job losses to 1.2 million.Source: Business and financial news - CNNMoney.com | 7 Nov 2008 | 1:40 pm Indications: U.S. stock futures off session highs after jobs reportU.S. stock futures were pointing to opening gains Friday but were well off early highs as the unemployment rate jumped to 6.5% and 240,000 jobs were lost in October.Source: MarketWatch.com - Top Stories | 7 Nov 2008 | 1:35 pm As Unemployment Hits 6.5%, Those Expecting 7% Now Bracing for 8%
The non-farm payrolls came in at a whopping drop at -240,000. Estimates were for a drop of -200,000 or so, but the numbers being passed around yesterday on instant messengers from Wall Street professionals were more like -250,000. Some were even bracing for a drop of -275,000 and worse. September was revised sharply lower to show a job loss of 284,000. We have now lost 1.2 million jobs this year, and the NBER has not yet managed to get around to declaring an official recession. Here are the by-sector numbers we saw:
These numbers would have again been much worse if you took out the governemnt and health care workers from the equation. Uncle Sam and local governments added 23,000 jobs and health care workers grew by another 26,000 jobs. With all of the layoff announcements, you know what this means. The beatings will continue. Jon C. Ogg Source: 24/7 Wall St. | 7 Nov 2008 | 1:34 pm Ford announces huge third quarter loss, more layoffsFord Motor Co. said today it lost $129 million in the third quarter as the struggling automaker burned through $7.7 billion in cash.Source: L.A. Times - Business | 7 Nov 2008 | 1:34 pm Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.Source: MarketWatch.com - Top Stories | 7 Nov 2008 | 1:31 pm Economic Report: Unemployment rate leaps to 14-year high of 6.5%The U.S. unemployment rate jumped to a 14-year high of 6.5% in October as nearly a quarter million jobs were lost, the Labor Department reports.Source: MarketWatch.com - Top Stories | 7 Nov 2008 | 1:30 pm iPhone beating BlackBerry - reportSource: Business and financial news - CNNMoney.com | 7 Nov 2008 | 1:23 pm Sprint posts quarterly loss, customers fleeNEW YORK (Reuters) - Sprint Nextel Corp , the No. 3 U.S. mobile service, on Friday posted a third-quarter loss and a 12 percent drop in revenue as customers fled to rival services.Source: Reuters: Business News | 7 Nov 2008 | 1:15 pm Sprint posts quarterly loss, customers flee (Reuters)
Source: Yahoo! News: Business | 7 Nov 2008 | 1:15 pm Global stocks attempt reboundEuropean shares rose and markets in Asia bounced off their lows Friday as investors responded to the latest round of rate cuts from central banks around the world.Source: Business and financial news - CNNMoney.com | 7 Nov 2008 | 1:13 pm Oil rises above $62LONDON (Reuters) - Oil rose above $62 a barrel on Friday, as a weaker dollar helped support prices that had fallen to 20-month lows on gloom about the outlook for world economic growth.Source: Reuters: Business News | 7 Nov 2008 | 1:10 pm Ford burns through $7.7bn in third quarterThe carmaker announced a further round of cuts in jobs, capital spending and employee benefits as it reported a $3bn quarterly loss from its continuing operationsSource: FT.com - US homepage | 7 Nov 2008 | 1:10 pm Top Pre-Market Analyst Upgrades (ANF, BMY, CECO, EW, WYE)
Jon C. Ogg Source: 24/7 Wall St. | 7 Nov 2008 | 1:09 pm EU holds financial reform summitEU leaders meeting in Brussels try to map out a financial reform plan that they can take to a global summit in Washington.Source: BBC News | Business | World Edition | 7 Nov 2008 | 1:09 pm Top Pre-Market Analyst Downgrades (ACF, CLF, CVTX, PFE, SNY, THQI)
Jon C. Ogg Source: 24/7 Wall St. | 7 Nov 2008 | 1:08 pm Sprint (S) Earnings: Customers Go On Vacation, Won't ReturnSprint (S) had another dismal quarter. Revenue fell 12% to $8.8 billion. Net loss was $326 million compared to a $64 million profit. The company served 50.5 million customers at the end of the period, compared to 54.0 million at the end of the third quarter of 2007. For the quarter, total wireless customers declined by a net 1.3 million. Nothing else Sprint had to say mattered. It can't stay in business without customers. Douglas A. McIntyre Source: 24/7 Wall St. | 7 Nov 2008 | 12:59 pm Obama's priority: A better TARP?Despite government efforts, the credit markets remain frozen. Experts say President-elect Barack Obama needs to do something - fast.Source: Business and financial news - CNNMoney.com | 7 Nov 2008 | 12:58 pm Ford posts $3 billion loss, Toyota shares dive (Reuters)
Source: Yahoo! News: Business | 7 Nov 2008 | 12:57 pm Japan's Daiichi in Ranbaxy dealLeading Japanese pharmaceutical firm Daiichi Sankyo completes its $4.2bn (£2.6bn) takeover of the Indian drugs firm Ranbaxy.Source: BBC News | Business | World Edition | 7 Nov 2008 | 12:56 pm European leaders to press for actionLONDON (Reuters) - European leaders will propose a new global financial framework on Friday after the International Monetary Fund (IMF) warned the world's richest economies face their first year of contraction since World War Two.Source: Reuters: Business News | 7 Nov 2008 | 12:53 pm Ford sets more cost cuts as it narrows third-quarter lossFord Motor Co. on Friday said it narrowed its third-quarter loss, boosted by a gain of more than $2 billion gain related to its retiree health-care settlement, but announced more wrenching restructuring moves aimed at aligning production capacity with demand that has hit a historic snag in the face of global credit crisis.Source: MarketWatch.com - Top Stories | 7 Nov 2008 | 12:53 pm AIG jumps on report of possible change in loan termsNEW YORK (Reuters) - Shares of American International Group advanced 9.6 percent to $2.05 in premarket trade after the Wall Street Journal said federal officials were considering a...Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Nov 2008 | 12:50 pm AIG jumps on report of possible change in loan termsNEW YORK (Reuters) - Shares of American International Group advanced 9.6 percent to $2.05 in premarket trade after the Wall Street Journal said federal officials were considering a possible change in the terms of an $85 billion loan to the troubled insurer.Source: Reuters: Business News | 7 Nov 2008 | 12:50 pm Rates fall, but credit not yet flowingLending rates fell again Friday, but as the cost of borrowing eases, some government data suggest private lending is not expanding.Source: Business and financial news - CNNMoney.com | 7 Nov 2008 | 12:48 pm Windstream profit falls 10 percentNEW YORK (Reuters) - Windstream Corp , which provides telecommunications services in rural U.S. areas, posted a 10 percent drop in quarterly profit and a revenue decline on Friday as it...Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Nov 2008 | 12:47 pm UPDATE 1-Quebecor swings to Q3 profit on cable growth* Quebecor swings to Q3 profit * Revenue up 9 pct * To club SunSource: Infocious RSS raw feed - channel BNewsBusiness | 7 Nov 2008 | 12:40 pm UPDATE 2-Windstream 3rd-qtr profit falls 10 pctNEW YORK, Nov 7 (Reuters) - Windstream Corp , whichSource: Infocious RSS raw feed - channel BNewsBusiness | 7 Nov 2008 | 12:36 pm VW options power Porsche profitsPorsche is poised to reveal a double-digit increase in full-year pre-tax profit as the German sports carmaker is expected to have booked extraordinary gains from its contentious holding of Volkswagen optionsSource: FT.com - US homepage | 7 Nov 2008 | 12:34 pm Obama to meet economic advisersUS President-elect Barack Obama is set to meet with his economic advisers to develop a strategy to tackle the economic crisis.Source: BBC News | Business | World Edition | 7 Nov 2008 | 12:29 pm German production sees sharp fallGermany factory output falls sharply in September as the global slowdown hits demand for products from the world's top exporter.Source: BBC News | Business | World Edition | 7 Nov 2008 | 12:27 pm Sprint posts quarterly loss, customers fleeNEW YORK (Reuters) - Sprint Nextel , the No. 3 U.S. mobile service, on Friday posted a quarterly loss and weaker revenue as customers fled to rival services.Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Nov 2008 | 12:23 pm UPDATE 1-Sprint posts quarterly loss, customers flee*Lost 1.1 mln postpaid customers vs Street's 1.0 mln viewSource: Infocious RSS raw feed - channel BNewsBusiness | 7 Nov 2008 | 12:21 pm Ford (F) Earnings: Still Cutting Costs, No Plans For Better Cars
For obvious reasons, the company's earnings highlighted how much cash the company has, which is $29.6 billion between hard currency and lines of credit. No one thinks that is enough to get it through the current disaster in the auto industry. However, there was absolutely nothing of note in the entire announcement to indicate that Ford was putting a big load of effort behind building better cars. In the third quarter revenue fell $9 billion to $32 billion. After tax, the company lost $3 billion. Ford came up with a huge list of things it might do to make its situation better, but none of them had to do with making and selling better cars. Those "improvements" include an additional 10% reduction in North American salaried personnel-related costs; a reduction in capital spending enabled by efficiencies in Ford's global engineering and product development; a reduction in manufacturing, information technology, and advertising costs due to the company's "One Ford" global operations; and a reduction of inventories globally. Ford also said it would continue to explore divestitures of non-core assets and utilize equity-for-debt swaps and other incremental sources of financing to strengthen the company's balance sheet. In other words, slashing and financial engineering are at the core of the Ford plan. In North America Ford reported a pre- tax loss of $2.6 billion, compared with a loss of $1 billion a year ago. The decline reflected unfavorable volume and mix, and unfavorable net pricing, partly offset by cost.changes. In Europe, a "bright spot", the company reported a pre-tax profit of $69 million, compared with $293 million a year ago. The decline was primarily due to unfavorable cost changes. The only real region which was a winner was South America which reported a pre- tax profit of $480 million, compared with $386 million a year ago. The increase reflected higher net pricing, favorable volume and mix, and favorable changes in currency exchange rates. The one place Ford really needed to do well was a a bust. In Asia Pacific and Africa Ford had a pre-tax profit of $4 million compares with $30 million a year ago. The decline was due to unfavorable volume and mix, partly offset by favorable net pricing. Source: 24/7 Wall St. | 7 Nov 2008 | 12:16 pm Ford reports worse-than-expected results(Reuters) - Ford Motor Co on Friday reported a third-quarter loss per share of $1.31, ex-items. Highlights:Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Nov 2008 | 12:08 pm UPDATE 2-Gunmen attack Nigerian army at Chevron oil facilityspeedboats attacked the Nigerian military at an oil flow stationSource: Infocious RSS raw feed - channel BNewsBusiness | 7 Nov 2008 | 12:04 pm Friends Provident chief hires former colleagueFriends Provident, the UK life assurance and pensions group, has named Evelyn Bourke as its new chief financial officer.Source: Latest Business News from Times Online | 7 Nov 2008 | 12:03 pm Panasonic, Sanyo confirm they've entered into merger talksPanasonic and Sanyo Electric enter merger talks, potentially opening the door to the creation of Japan's biggest consumer-electronics company.Source: MarketWatch.com - Top Stories | 7 Nov 2008 | 11:57 am Misys Wins 'Best Trade Processing Product' Accolade in European Banking Technology Readers' Choice AwardsLONDON, November 7 /PRNewswire-FirstCall/ -- Misys (LSE: MSY), the global application software and services company, was awarded 'Best Trade Processing product'Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Nov 2008 | 11:56 am Government urges lenders to actPrime Minister Gordon Brown says the government has met bankers in an attempt to ensure lenders pass on the rate cut.Source: BBC News | Business | World Edition | 7 Nov 2008 | 11:53 am John Lewis upbeat on Christmas despite sales fallSales at John Lewis' department stores have fallen for a seventh consecutive week, but the high street bellwether has managed to turn around the previous week's steep decline.Source: Latest Business News from Times Online | 7 Nov 2008 | 11:45 am Toymaker Hornby bets on Lewis Hamilton and James BondToymaker Hornby bets on Lewis Hamilton and James Bond to give its business a boost in the run-up to Christmas.Source: BBC News | Business | World Edition | 7 Nov 2008 | 11:39 am Europe Markets: Europe stocks rise for first day in three, led by British AirwaysEurope stocks traded higher Friday after two days of bruising losses, led by firms including British Airways and Munich Re after quarterly results weren’t as grim as some had feared.Source: MarketWatch.com - Top Stories | 7 Nov 2008 | 11:38 am IMF and Europe offer Iceland loanIceland is to get a $6bn loan from the International Monetary Fund and some European countries, Poland's finance ministry says.Source: BBC News | Business | World Edition | 7 Nov 2008 | 11:30 am Stock futures point to stronger Wall Street open(Reuters) - Stock futures pointed to a higher Wall Street open on Friday, with futures for the Dow Jones, S&P 500 and Nasdaq up between 1.7 and 2.4 percent.Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Nov 2008 | 11:30 am Motorola (MOT) Takes On Water From Samsung And Qualcomm
Word came yesterday that the one place where Motorola still had the No.1 spot in handset market-share had fallen. That would be its home market, the US. Samsung took the trophy, and the last thing Motorola had to brag about other than layoffs is gone. According to The Wall Street Journal, "The South Korean company reached the milestone -- with 22.4% of the market compared with Motorola's 21.1% -- by offering carriers a full portfolio of devices, from high-end products such as the touch-screen Instinct to lower-end phones given free to customers who sign up with a particular carrier." Whatever capacity Motorola had to appeal to handset buyers in any market in the world is now officially departed. That news was not enough for one day. The world's leading provider of cell phone chips, Qualcomm (QCOM), issued a forecast that would make some believe that handset sales around the world could actually drop next year. People may even have to resort to using tin cans and string. Qualcomm made a astonishing observation. People are no longer replacing their phones quickly. They cycle of upgrading is now averaging about two years. Motorola does not have that long. Douglas A. McIntyre Source: 24/7 Wall St. | 7 Nov 2008 | 11:22 am Las Vegas Sands seeks capital in AsiaSheldon Adelson, chairman and chief executive of Las Vegas Sands, met with the Singapore government to discuss financing of the city state's first casino resort. The company is also in talks with other potential Asian investorsSource: FT.com - US homepage | 7 Nov 2008 | 11:11 am Oil rises, but analysts see $50 comingRead full story for latest details.Source: Business and financial news - CNNMoney.com | 7 Nov 2008 | 11:09 am Robert PestonHow much should the banks cut interest rates?Source: BBC News | Business | World Edition | 7 Nov 2008 | 11:07 am China: Worse Than Anyone Imagined
But, once something makes it to the front page of The New York Times, it is true everywhere and always. The paper says that "Just as China attained supercharged growth that astounded much of the world, it appears to be slowing more sharply and more quickly than anyone anticipated." That is too bad because economists had hoped that China's great miracle was "decoupled" from the economy in the West. China's export base and its new position as a major consumer of goods and services would keep the economy of the world's most populated country on track. Of course, the notion that national economies are decoupled from one another in a world which is essential operating under free trade was always hard to defend. But, it had the benefit of being hopeful and allowed people to sleep at night without worrying about a titanic global recession. It is no longer easy to make the case that China is any better off economically than the US is. America is too big an importer of Chinese goods. China's fall might lag the one in America, but never by more than a quarter or two. China has a treasury plump with capital from years of trade surpluses. It will have that dry powder to help it through the trouble. But, that cash may not be leaving China as it used to. Its sovereign funds may no longer be big shoppers. Worse, it may lose some of its appetite for US Treasury debt, which would make keeping a high deficit in America more expensive than it has been in decades. Douglas A. McIntyre Source: 24/7 Wall St. | 7 Nov 2008 | 11:05 am More people and firms going bustThe number of people and companies being declared insolvent in England and Wales has risen sharply, figures show.Source: BBC News | Business | World Edition | 7 Nov 2008 | 11:03 am Best ways to avoid a pink slipLook for unemployment to rise, peaking in the second half of the year. How to make yourself less expendable.Source: Business and financial news - CNNMoney.com | 7 Nov 2008 | 11:00 am Auctioning Detroit In Pieces: $50 Billion For GM (GM)
If one or all of The Big Three stops doing business, hundreds of thousands of jobs will be lost and the nation's tax base will take a hit at a time when the Treasury cannot afford that. But, none of the US car companies is going to stop operating, even for a day. The assumption that Detroit is trying to sell to Congress, the Fed, and Treasury is that the only way for the US car industry to survive is if it is run by US executives and controlled by US shareholders. One proposal currently making the rounds is that the government will get warrants it if puts money into any of the car firms. It is a comfortable affectation. It looks a little like the bank bailout formula. GM is worth a lot more than its $2.7 billion market cap. Toyota (TM) is about the same size in global sales, and it has a market cap of $106 billion. The variables between those two numbers include debt and liability covenants, labor obligations, and general direction of revenue growth. With the exception of the Japanese market, GM does about as well as Toyota does in Europe, South America, and Asia. GM's burdens are a series of poor decisions over a long period of time. Its market share is fine. The US government could hand GM a tremendous sum of money and watch it be burned up in the fire of management's stupidity. Or, the government could take GM through the equivalent of a pre-packaged bankruptcy by dictating what its future obligations to creditors and unions will be in exchange for equity in what GM may become. At that point, the car company could simply be worth more in pieces. Its best operations could be sold off without legacy obligation. Is GM worth as much as Toyota? No. But, in a restructuring of its relationship with debt holders and labor, one which allows it to continue operating without interruption, it is worth many times what its share price indicates. Douglas A. McIntyre Source: 24/7 Wall St. | 7 Nov 2008 | 10:47 am Asian Markets End the Week MixedAsian stock markets ended a mixed week with a mixed performance as investors awaited U.S. economic dataSource: Infocious RSS raw feed - channel BNPaperBusiness | 7 Nov 2008 | 10:43 am Darling summons bank chiefs over rate cut failureAlistair Darling summoned the chief executives of Britain’s biggest banks to Downing Street today to demand that they immediately pass on the Bank of England’s interest rate cut to their customers.Source: Latest Business News from Times Online | 7 Nov 2008 | 10:35 am Munich Re 3Q profit plummets, 2008 target dropped (AP)AP - Reinsurer Munich Re AG said Friday that it barely eked out a profit in the third quarter as its investments were hurt by falling stock markets, forcing the company to abandon its full-year earnings forecast for the second time this year.Source: Yahoo! News: Business | 7 Nov 2008 | 10:29 am Company collapses soar by 26% on downturnThe number of companies going bust soared by 26.3 per cent between July and September this year as the worsening economy took its toll on UK businesses.Source: Latest Business News from Times Online | 7 Nov 2008 | 10:24 am Chrysler cash drains away as crisis deepens: sourcesDETROIT (Reuters) - Chrysler LLC is rapidly burning through cash and being driven to prepare for a possible break-up if it can't clinch a merger with General Motors Corp or get government funding needed to ride out the economic crisis, people with knowledge of the situation said.Source: Reuters: Business News | 7 Nov 2008 | 9:55 am Chrysler cash drains away as crisis deepens: sources (Reuters)
Source: Yahoo! News: Business | 7 Nov 2008 | 9:55 am Asia-Pacific markets reverse early lowsJapan led a volatile day for Asia Pacific stock markets with the Nikkei falling 7.1 per cent in early trading before recovering most of its lossesSource: FT.com - US homepage | 7 Nov 2008 | 9:02 am Microsoft crushes Yahoo!'s hope of a new dealSteve Ballmer, chief executive of Microsoft, has delivered a crushing blow to Yahoo!'s hope of renewing bid talks between the two groups, saying that the world's largest software company is "not interested".Source: Latest Business News from Times Online | 7 Nov 2008 | 8:45 am Ballmer rules out new Yahoo bidThe head of Microsoft, Steve Ballmer, said his company would not bid for Yahoo again, following comments by the embattled internet company's chief executive which added to the belief that Yahoo was seeking a return to negotiationsSource: FT.com - US homepage | 7 Nov 2008 | 8:38 am Asian Stock Markets ReboundAsian markets were mixed but rebounded from early lows amid grim profit forecasts from Toyota and other companies as well as sluggish U.S. economic data.Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Nov 2008 | 8:19 am A state sales tax jump could backfireGov. Schwarzenegger's proposal for a temporary increase could drive consumers to buy outside the state or over the Internet.California has a reputation as a high-tax state. When it comes to sales taxes, at least, it's well deserved. Source: L.A. Times - Business | 7 Nov 2008 | 8:00 am BMW 750Li: Capitalism at its finestMore is better, proves this elephant of a sedan. It reaches 60 mph in 5.3 seconds. It turns corners and changes direction with sheer crazy agility. It's laden with luxuries. What more could you want?My driving partner and I were in the vicinity of Chemnitz, a somewhat dire little city in the former East Germany known for its alcoholism and an enormous monument to Karl Marx. Naturally, we had to see it. Source: L.A. Times - Business | 7 Nov 2008 | 8:00 am Stocks fall sharply for 2nd day, with Dow down 443 pointsSlumping retail sales fuel fears of weakening consumer spending. Technology stocks suffer after Cisco forecasts a decline in sales.The stock market endured its second thrashing in two days Thursday as dismal retail sales raised concern that a global recession could be longer and deeper than thought likely even a few weeks ago. Source: L.A. Times - Business | 7 Nov 2008 | 8:00 am Germany's economy hits the skidsA slump in auto sales, both domestic and foreign, heralds dark times in the world's No. 1 exporting nation. Germans who had just learned to loosen up their purse strings are cutting back.Just a few months ago, every car that auto worker Thomas Ortloff expertly painted was one closer to the record number expected to roll off the Opel assembly lines this year. Vacation time seemed a laughable idea. Source: L.A. Times - Business | 7 Nov 2008 | 8:00 am Disney's profit slips 13% amid slowdownFalling television ad sales and resort bookings lead to a 'sobering outlook' for the current year.Walt Disney Co. said Thursday that earnings skidded 13% for its fiscal fourth quarter, and executives gave what they called a "sobering outlook" for its current year because of slowing television advertising sales and theme park resort bookings. Source: L.A. Times - Business | 7 Nov 2008 | 8:00 am Retailers post worst October sales figures since at least 1971The report sends stocks lower for a second straight day. More bad economic news is expected as the government reveals unemployment figures for October.New signs piled up Thursday that the ailing economy is taking another turn for the worse, with a mounting toll on ordinary Americans. Source: L.A. Times - Business | 7 Nov 2008 | 8:00 am A state sales tax jump could backfireGov. Schwarzenegger's proposal for a temporary increase could drive consumers to buy outside the state or over the Internet. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Nov 2008 | 8:00 am Oil firms vow to fight Schwarzenegger's tax proposalCalifornia's governor seeks a 9.9% tax on every barrel of crude pumped out of the ground to help meet an $11.2-billion budget deficit. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Nov 2008 | 8:00 am Germany's economy hits the skidsA slump in auto sales, both domestic and foreign, heralds dark times in the world's No. 1 exporting nation. Germans who had just learned to loosen up their purse strings are cutting back. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Nov 2008 | 8:00 am Stocks fall sharply for 2nd day, with Dow down 443 pointsSlumping retail sales fuel fears of weakening consumer spending. Technology stocks suffer after Cisco forecasts a decline in sales. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Nov 2008 | 8:00 am Mattel to eliminate 1,000 jobs, including 170 at El Segundo headquartersThe cuts, attributed to the 'current economic environment,' amount to 3% of the toy giant's global workforce. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Nov 2008 | 8:00 am October retail sales figuresOctober was an awful month for retailers, as they reported the weakest sales growth for that month since at least 1970. Continued fears over the financial crisis left many consumers too scared to spend...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Nov 2008 | 8:00 am Oil firms vow to fight Schwarzenegger's tax proposalCalifornia's governor seeks a 9.9% tax on every barrel of crude pumped out of the ground to help meet an $11.2-billion budget deficit.California oil producers vowed Thursday to wage an all-out lobbying battle against Gov. Arnold Schwarzenegger's call for a 9.9% state tax on every barrel of crude pumped out of the ground. Source: L.A. Times - Business | 7 Nov 2008 | 8:00 am Obama faces a difficult choice for Treasury secretaryLawrence Summers has the president-elect's ear on economic matters, but his penchant for controversy gives pause to some. Ex-Federal Reserve chief Paul Volcker is seen as a more reassuring choice. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Nov 2008 | 8:00 am Tight economy puts squeeze on arts organizationsClosures, layoffs and downsizing are the order of the day as the downturn affects orchestras, museums and theater companies. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Nov 2008 | 8:00 am Obama faces a difficult choice for Treasury secretaryLawrence Summers has the president-elect's ear on economic matters, but his penchant for controversy gives pause to some. Ex-Federal Reserve chief Paul Volcker is seen as a more reassuring choice.During the campaign, when Barack Obama needed an authoritative voice to defend his tax and spending proposals, he turned to Lawrence H. Summers -- the Clinton administration Treasury secretary and former Harvard president who has one of the sharpest minds in modern economics. Source: L.A. Times - Business | 7 Nov 2008 | 8:00 am BA profits plunge 92% in 'bleakest' six monthsProfits at British Airways (BA) plummeted by 91.6 per cent in the first half of the year as the carrier scrambles to stay in the black for its full 2008 financial year.Source: Latest Business News from Times Online | 7 Nov 2008 | 7:54 am Australian Stocks: Market closes two per cent downSYDNEY - The Australian share market closed more than two per cent lower for its second consecutive day of losses on renewed fears of a global recession. Resource stocks led the market down after commodity prices fell and global...Source: New Zealand Herald - Business | 7 Nov 2008 | 7:21 am Microsoft tries to steal Verizon deal: report(Reuters) - Microsoft Corp, capitalizing on Google Inc's regulatory snarl, is working to steal a deal with Verizon Wireless away from its rival, the Wall Street Journal said.Source: Reuters: Business News | 7 Nov 2008 | 6:47 am NZ stocks: Market falls, follows world trendThe New Zealand sharemarket continued an unrelenting slide lower today but brokers took heart from a reasonably solid recovery by Telecom. The benchmark NZSX-50 index closed down 48.484 points, or 1.707 per cent, at 2791.646. Volume...Source: New Zealand Herald - Business | 7 Nov 2008 | 6:39 am Currency: Dollar falls as risk aversion increaseThe New Zealand dollar had a look below US58c today when stop loss selling and a return of risk aversion put it under pressure. Another meltdown on Wall Street overnight ratcheted up the risk aversion story and there was nowhere...Source: New Zealand Herald - Business | 7 Nov 2008 | 6:33 am A Solid Step Ahead of the StormSociete Generale's stock could soar -- if it continues to dodge the credit crisis.Source: SmartMoney.com | 7 Nov 2008 | 5:00 am Recession? What Recession?November and December are usually the months when baseball teams lavish free agents with enormous contracts and fans debate endlessly as to whether the new players will help their team the following spring.But commissioner Bud Selig warned owners at a recent meeting that their sport is not immune to wider economic problems and that owners should resist "getting too cocky" with their offers to star players like Manny Ramirez and C.C. Sabathia. Players and owners, however, didn't seem to take his advice to heart. First the Milwaukee Brewers offered Sabathia five-year, $100 million contract to stay with the team, but there's little chance he will even consider it. In fact, the deal was viewed basically as a public-relations move by the Milwaukee team to show fans that they made an effort to re-sign the star pitcher. Meanwhile, the deep-pocketed Yankees have made it clear that their sights are set on Sabathia, and are reportedly willing to offer him more than the $137.5 million that the New York Mets paid last year for left-handed starting pitcher Johan Santana. Perhaps that's not the fiscal responsibility Selig had in mind. Then there's the case of the enigmatic dreadlocked slugger Manny Ramirez, who almost single-handedly took the Los Angeles Dodgers into the second round of the playoffs after arriving from the Boston Red Sox in a highly publicized multiteam trade. The aging slugger—he'll turn 37 next season—told reporters after the Dodgers were eliminated from the playoffs that he was in no rush to re-sign with that team until he could test the market. "I want to see who is the highest bidder," he said. "Gas is up, and so am I." The Dodgers have supposedly made an offer to retain Ramirez that would make him the second-highest-paid baseball player after Alex Rodriguez of the Yankees. But Ramirez is holding out for more years on his contract and has yet to sign on the dotted line. Even a player like A.J. Burnett, a 31-year-old pitcher with a history of arm troubles, opted out of a contract with the Toronto Blue Jays that guaranteed him $12 million per season, thinking he could easily get more on the open market. It makes sense that teams like the Yankees and Dodgers would be anxious to open their wallets. After all, the Yankees are opening an expensive new ballpark next year, and Ramirez brought a level of excitement—and jersey sales—to the Dodgers that they hadn't seen in years. Then again, if the recession continues, there might be no one there to watch these players perform. Baseball attendance already dropped 1 percent last season, the first such drop in four years. Perhaps it's time for general managers to start paying attention to Selig after all. Related Links Dodgers Officially Introduce Manager Joe Torre Yankees at a Crossroads Torre Could Be Headed to Hollywood Source: Portfolio.com: Top 5 | 7 Nov 2008 | 5:00 am Ugly retail news keeps coming as Kirks' profits fall 30pcWellington department store Kirkcaldie & Stains is feeling the effects of a slowing economy, saying annual profits have fallen 30 per cent. The high end retailer said it is experiencing a difficult retail environment like many...Source: New Zealand Herald - Business | 7 Nov 2008 | 12:30 am White House Bid Won, Task Is Now Fixing Up Nation's HousingAfter a historic victory Tuesday, the easy part is now over for President-elect Barack Obama as he steps into the worst financial and housing...Source: Investor's Business Daily: BUSINESS | 7 Nov 2008 | 12:27 am Trends & Innovations - ThursdayVirtual shoppers hit with real taxesSource: Investor's Business Daily: BUSINESS | 7 Nov 2008 | 12:27 am In Brief - ThursdayCapella Education (CPLA), an online education company, said its Q3 EPS rose 17% to 34 cents, beating views by 3 cents. Revenue increased 17.5% to...Source: Investor's Business Daily: BUSINESS | 7 Nov 2008 | 12:27 am Dog And Cat Pharmacy Prospers By Selling Discount MedicinesIt's not just humans that are living healthier lives. So are their pets.Source: Investor's Business Daily: BUSINESS | 7 Nov 2008 | 12:27 am After The Close - ThursdayEZCORP (EZPW), which runs pawnshops and payday loan centers, said Q4 EPS rose 31% to 34 cents ex items, meeting estimates. Sales gained 19% to...Source: Investor's Business Daily: BUSINESS | 7 Nov 2008 | 12:27 am Business Briefs - ThursdayPerrigo misses on rising expenses. The maker of drugs and nutritional supplements said Q1 EPS rose 14% to 41 cents ex items, missing views by 2...Source: Investor's Business Daily: BUSINESS | 7 Nov 2008 | 12:27 am Chinese hack into White House networkChinese hackers have penetrated the White House computer network on multiple occasions, and obtained e-mails between government officials, a senior US official told the Financial TimesSource: FT.com - US homepage | 7 Nov 2008 | 12:24 am Frydman Says Rating System Should Be RegulatedSource: Bloomberg - All Podcasts | 7 Nov 2008 | 12:01 am 3i into red for first time in five years3i, Britain’s oldest private equity house, reported its first losses for five years yesterday, as buyout firms across the world begin to adjust to plummeting asset values.Source: Latest Business News from Times Online | 7 Nov 2008 | 12:00 am Rescue for UK Icesave investors to cost £800mAlistair Darling announced yesterday that it will cost the Treasury £800 million to fund the compensation of 240,000 British depositors with Icesave, the collapsed Icelandic bank.Source: Latest Business News from Times Online | 7 Nov 2008 | 12:00 am BMW puts the brakes on production of the Mini as sales of new cars plummetBMW, manufacturer of the Mini, announced plans yesterday to close its Oxford factory for four weeks to cut production as sales fall. Last month in Britain sales of the Mini plunged 40 per cent against a general market fall of 23 per cent.Source: Latest Business News from Times Online | 7 Nov 2008 | 12:00 am Earnings plunge at Telecom, down 34pcTelecom posted a 34 per cent fall in first quarter net earnings to $149 million, while saying it has yet to experience a significant impact from the current economic downturn. The company said today its earnings before interest,...Source: New Zealand Herald - Business | 7 Nov 2008 | 12:00 am Irish group ESBI to build UK power stationsAn arm of the Irish Government that operates peat-fired power stations is planning a €4 billion (£3.2 billion) investment drive to build power plants in Britain, The Times has learnt.Source: Latest Business News from Times Online | 7 Nov 2008 | 12:00 am Barclays's Callow Sees Coordinated Central Bank Rate CutsSource: Bloomberg - All Podcasts | 6 Nov 2008 | 11:58 pm Deep rate cuts in EuropeThe European Central Bank cut borrowing costs by half a percentage point to 3.25% and the Bank of England slashed 1.5 percentage points off its main rate to 3%Source: FT.com - US homepage | 6 Nov 2008 | 11:52 pm Resort tells residents: no more free golfOwners of sections alongside Taupo's troubled Kinloch golf resort are fuming that their right to complimentary membership has been axed. The promise of a free lifetime membership was a key attraction for many who bought sections...Source: New Zealand Herald - Business | 6 Nov 2008 | 11:30 pm VIX Index of U.S. Stock Option Prices Advances 16.7% to 63.68Source: Bloomberg - All Podcasts | 6 Nov 2008 | 11:26 pm RBC's Dow Says ETFs for Financials Are AttractiveSource: Bloomberg - All Podcasts | 6 Nov 2008 | 11:24 pm Europe cuts rates as Obama to address global crisis (Reuters)
Source: Yahoo! News: Business | 6 Nov 2008 | 11:19 pm NZ Shares: Market slides, hopes of US rally dashedThe New Zealand sharemarket was sliding in early trading, following world markets down as recession looms in the United States and Europe. Far from a post-election rally in the US, stocks there now appear likely to retest recent...Source: New Zealand Herald - Business | 6 Nov 2008 | 11:14 pm Warehouse sales down 2.1pc to $366mThe Warehouse Group has reported a 2.1 per cent fall in first quarter sales to $366.6 million, with a slowdown particularly noted in bigger ticket items. For the main Warehouse red sheds operation, sales for the period to October...Source: New Zealand Herald - Business | 6 Nov 2008 | 11:00 pm Hard times ahead for tech sector, says CiscoNEW YORK - Technology companies often say their products ought to remain appealing in an economic downturn because they can save businesses money by making operations more efficient. But corporate spending apparently is being cut...Source: New Zealand Herald - Business | 6 Nov 2008 | 10:30 pm Fidelity to cut nearly 1,300 jobs (AP)
Source: Yahoo! News: Business | 6 Nov 2008 | 10:15 pm Wall St plunge continues as US retail slumpsNEW YORK Wall Street has plunged for a second day, triggered by computer hardware maker Cisco Systems warning of slumping demand and retailers reporting weak sales for October. Concerns about widespread economic weakness sent...Source: New Zealand Herald - Business | 6 Nov 2008 | 10:00 pm Rupkey Sees `Impaired Assets' in U.S. Corporate Bond MarketSource: Bloomberg - All Podcasts | 6 Nov 2008 | 7:49 pm `Tis the Season for Some Retailers to Go Bankrupt, LiquidateSource: Bloomberg - All Podcasts | 6 Nov 2008 | 7:17 pm New frugality shows up in retail figuresRetail sales for October hit their weakest levels in more than three decades, with luxury stores taking the biggest hit. Marketplace's Sam Eaton reports that there's a psychological shift underway that may reshape the retail landscape.Source: Marketplace | 6 Nov 2008 | 7:17 pm Sprint puts NFL games on cell phonesIf you are a Sprint customer, you can now see NFL football games on your cell phone. It is part of the wireless company's exclusive $500 million partnership with the league. Rico Gagliano reports.Source: Marketplace | 6 Nov 2008 | 7:17 pm Margin calls rock the marketThe volatility in the market in the last few months can't all be blamed on what's happening to the economy. Also to blame: margin calls. As part of our "Marketplace Decoder" series, Bill Radke explains what those are.Source: Marketplace | 6 Nov 2008 | 7:16 pm Financial fallout in a Baltimore ERKai Ryssdal is in Baltimore where he spent an afternoon in the emergency room of Johns Hopkins Bayview Medical Center. He found a snapshot of the local economy there.Source: Marketplace | 6 Nov 2008 | 7:16 pm Where will Obama draw lobbyist line?Bashing lobbyists on the campaign trail invariably got the crowd roaring for Barack Obama. That puts him in a post-election quandary, though. Some of the best resumes he's getting are from lobbyists. Nancy Marshall Genzer reports.Source: Marketplace | 6 Nov 2008 | 7:16 pm The decline of a once-popular securityAsset-backed securities have lost the appeal that sparked a $500 billion buying frenzy a year ago. Last month, only one $500 million deal closed. Ashley Milne-Tyte reports why this hurts the economy.Source: Marketplace | 6 Nov 2008 | 7:16 pm Car makers put on push for more loansChief executives from General Motors, Ford and Chrysler are on Capitol Hill desperately seeking federal loans. What would happen if lawmakers said no? Jeff Tyler reports on the issues facing the companies as they fight for their lives.Source: Marketplace | 6 Nov 2008 | 7:16 pm Artificial intelligence getting very realWhat if computers became smarter than us? Yes, we know, you already saw that movie. But what if? Kai Ryssdal poses the question to Richard Dooling, author of "Rapture for the Geeks: When AI Outsmarts IQ"Source: Marketplace | 6 Nov 2008 | 7:16 pm Patient Drug Suits Questioned at U.S. Supreme CourtSource: Bloomberg - All Podcasts | 6 Nov 2008 | 7:01 pm John Herrmann Sees 243,000 U.S. Job Losses for OctoberSource: Bloomberg - All Podcasts | 6 Nov 2008 | 5:57 pm Retail Metrics' Perkins Sees `Worst in Memory' Holiday SeasonSource: Bloomberg - All Podcasts | 6 Nov 2008 | 5:22 pm U.S. Senator Gregg Says GOP Is Still a 'Broad Tent'Source: Bloomberg - All Podcasts | 6 Nov 2008 | 5:16 pm Blackstone Turns RedstoneThe third quarter was an ugly one for the Blackstone Group, but the private-equity firm is standing by the assumption that a crisis is a terrible thing to waste.Asset markdowns on its real estate and private-equity investments forced Blackstone to record a net loss of $340.3 million, or $1.27 per share. It was a disappointment for analysts covering the company, who had predicted a break-even quarter at Blackstone. Markdowns reflected performance through September 30, so they did not include the bloodbath of October. However, on a conference call with analysts, chief executive Stephen Schwarzman repeatedly stressed that depressed markets such as the current one present a number of good investing opportunities for Blackstone. Private-equity deals can be done for good prices without requiring much leverage. "The highest returns come from buying companies cheaply," president Tony James said. "We have seen this before: Prices crash, and even with little leverage, when companies recover with the overall economy we typically earn returns more than double normal returns." Despite their optimism, current conditions look bleak. Not surprisingly, raising new funds from investors continues to prove difficult. And Blackstone, which has a large exposure to the real estate market, expects values to continue to decline. Accounting for asset markdowns, Blackstone's real estate business reported negative revenues of $273.7 million during the quarter. As for its hedge fund businesses, James emphasized that the third quarter was one of the most difficult environments ever seen. While investors have stepped up redemptions from hedge funds across the industry, Blackstone expects to record net inflows for the year. Blackstone also touted its corporate advisory business during the quarter. Revenues in that group rose 120 percent over the same period last year as restructuring and reorganization advisory services are in high demand. Investors were not interested in Blackstone's emphasis on its long-term opportunities, however. Shares of the company fell by more than 12 percent. Related Links Barbarians Must Wait Did the End of the Investment Banks Cause the Latest Sell-Off? Hedge Funds: The Next Shoe to Drop Source: Portfolio.com: Top 5 | 6 Nov 2008 | 4:30 pm Yang's RemorseIs there a more pathetic C.E.O. than Jerry Yang?
Related Links Google Extends Web Search Lead Yahoo Earnings: Just How Bad? Yahoo Shareholders Steaming As Share Price Hits 5-Year Low Source: Portfolio.com: Top 5 | 6 Nov 2008 | 2:00 pm Blimey, That's a Rate Cut, Innit?Europe's central banks are turning on all the taps in a desperate effort to quench the fire raging through their economies.The Bank of England has stunned the markets by slashing its benchmark rate a full point and a half, to 3 percent, its lowest level since 1955. "It's absolutely staggering and deeply impressive," Brian Hilliard, director of economic research at Société Générale in London, told Bloomberg News. "They are clearly grasping the nettle and taking deep action. Boy, this is going to have an impact." Other European banks followed, but not as deeply. The European Central Bank cut its benchmark rate by a half point, to 3.25 percent, its lowest since October 2006. The Swiss central cut its rate by a half point. The problem for central banks in trying to ease the financial crisis with rate reductions is that deep cuts carry with them a whiff of panic, possibly unnerving the very markets they are trying to steady. But the British central bank, independent only since 1997, saw a significant deterioration and felt compelled to act boldly. "Since mid-September, the global banking system has experienced its most serious disruption for almost a century," the bank said in its statement. "While the measures taken on bank capital, funding, and liquidity in several countries, including our own, have begun to ease the situation, the availability of credit to households and businesses is likely to remain restricted for some time. As a consequence, money and credit conditions have tightened sharply." The rate cuts follow a wave of cuts earlier this month led by the Federal Reserve, which cut its benchmark by a half point, to 1 percent. The quandary for the banks now is how low rates can go before they are at zero and the tools available to stimulate their economies become limited. All are aware of the experience of Japan, which has had near-zero interest rates for more than a decade. As Edward Hadas says on Breakingviews.com: "These cuts are impressive, but aren't likely to do much. When borrowers and banks both want to get their leverage down, even negative real rates aren't particularly alluring. That, at least, was the experience in Japan for more than a decade. The U.S. is learning a similar lesson." Related Links Hit the Panic Button Incentives for Inflation Firing Blanks on Banks Source: Portfolio.com: Top 5 | 6 Nov 2008 | 1:30 pm Ugh, What a Feeling, ToyotaAs the U.S. auto industry begs for assistance from Washington, a report from Toyota Motor helps make the case that Detroit's woes are not just its own doing. Related Links Detroit Needs a Miracle Then There Were None "No More Excuses" Source: Portfolio.com: Top 5 | 6 Nov 2008 | 1:00 pm
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