Circuit City files for Chapter 11 bankruptcy

Circuit City Stores Inc. on Monday says it filed for protection from its creditors under Chapter 11 of the U.S. bankruptcy code.

Source: MarketWatch.com - Top Stories | 10 Nov 2008 | 1:37 pm

McDonald's October same-store sales rise 8.2 percent

NEW YORK (Reuters) - McDonald's Corp on Monday said global sales at its fast-food restaurants open at least 13 months rose 8.2 percent in October.

Source: Reuters: Business News | 10 Nov 2008 | 1:34 pm

McDonald's October same-store sales rise 8.2 percent (Reuters)

Reuters - McDonald's Corp on Monday said global sales at its fast-food restaurants open at least 13 months rose 8.2 percent in October.
Source: Yahoo! News: Business | 10 Nov 2008 | 1:34 pm

Indications: U.S. stock futures climb as China unveils stimulus

U.S. stock futures rose on Monday, with commodities and their extractors getting a particular lift after China unveiled a stimulus package worth more than $500 billion.

Source: MarketWatch.com - Top Stories | 10 Nov 2008 | 1:34 pm

Santander raises $9 billion, HSBC profits up

MADRID/LONDON (Reuters) - Spain's Santander launched a shock $9.2 billion rights issue on Monday as traditionally strong banks joined ailing rivals in bolstering their capital in the face of recession.

Source: Reuters: Business News | 10 Nov 2008 | 1:32 pm

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.

Source: MarketWatch.com - Top Stories | 10 Nov 2008 | 1:31 pm

HSBC profit rises while U.S. business deteriorates

HSBC Holdings says Monday that its third-quarter pretax profit rose from a year earlier after it reclassified $13 billion of assets and generated gains from the changing value of its own debt.

Source: MarketWatch.com - Top Stories | 10 Nov 2008 | 1:28 pm

Nortel sets sweeping cost cuts, posts big loss (Reuters)

Reuters - Nortel Networks Corp reported a large quarterly loss and announced a round of sweeping cost-cutting on Monday that includes laying off 1,300 another people as the economic downturn eats away at its business and strains its balance sheet.

Source: Yahoo! News: Business | 10 Nov 2008 | 1:24 pm

Nortel sets sweeping cost cuts, posts big loss

TORONTO (Reuters) - Nortel Networks Corp reported a large quarterly loss and announced a round of sweeping cost-cutting on Monday that includes laying off 1,300 another people as the economic downturn eats away at its business and strains its balance sheet.

Source: Reuters: Business News | 10 Nov 2008 | 1:24 pm

Circuit City files for bankruptcy

Circuit City Stores Inc., the No. 2 electronics seller, filed for bankruptcy protection Monday, thus becoming the latest retailer hurt by a worsening economic downturn.

Source: Business and financial news - CNNMoney.com | 10 Nov 2008 | 1:23 pm

AIG: Bailed out again

Troubled insurer American International Group got a new, $152.5 billion deal from the federal government on Monday, as the Federal Reserve and Treasury Department made significant changes to the terms of the company's original bailout.

Source: Business and financial news - CNNMoney.com | 10 Nov 2008 | 1:19 pm

Top Pre-Market Analyst Upgrades & Downgrades (CIM, CCE, KMB, KSS, WFC, AMAT, FTI, SSYS)

Source: 24/7 Wall St. | 10 Nov 2008 | 1:18 pm

DHL cuts 9,500 U.S. jobs

Global delivery company DHL announced Monday that it was cutting 9,500 jobs as it discontinues air and ground operations within the United States.

Source: Business and financial news - CNNMoney.com | 10 Nov 2008 | 1:17 pm

Apple beyond Steve Jobs

Let's start with some uncomfortable truths. We wouldn't be publishing an article about the under-the-radar guy who's most likely to succeed Steve Jobs as chief executive of Apple if Jobs himself hadn't shown up at a company event in San Francisco in June looking frightfully skinny and pale.

Source: Business and financial news - CNNMoney.com | 10 Nov 2008 | 1:16 pm

Forecast 2009: Your spending

Source: Business and financial news - CNNMoney.com | 10 Nov 2008 | 1:15 pm

Deutsche Post's DHL exiting much of its U.S. business

Deutsche Post on Monday says it’s closing most of its U.S. air and ground business as the delivery services firm suffers from the deteriorating economy.

Source: MarketWatch.com - Top Stories | 10 Nov 2008 | 1:14 pm

Stock futures jump on China stimulus, AIG news (Reuters)

Reuters - Stock index futures rose on Monday, signaling that Wall Street will extend a global equity rally sparked by news that China planned a multibillion economic stimulus to shore up demand in the world's fourth largest economy.

Source: Yahoo! News: Business | 10 Nov 2008 | 1:13 pm

Stock futures jump on China stimulus, AIG news

NEW YORK (Reuters) - Stock index futures rose on Monday, signaling that Wall Street will extend a global equity rally sparked by news that China planned a multibillion economic stimulus to shore up demand in the world's fourth largest economy.

Source: Reuters: Business News | 10 Nov 2008 | 1:13 pm

Government increases AIG bailout to $150 billion

WASHINGTON/NEW YORK (Reuters) - The Federal Reserve hiked its support for insurer American International Group Inc to about $150 billion on Monday after an initial bailout attempt failed to stem massive losses.

Source: Reuters: Business News | 10 Nov 2008 | 1:12 pm

Government increases AIG bailout to $150 billion (Reuters)

Reuters - The Federal Reserve hiked its support for insurer American International Group Inc to about $150 billion on Monday after an initial bailout attempt failed to stem massive losses.

Source: Yahoo! News: Business | 10 Nov 2008 | 1:12 pm

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

Stocks expected to move significantly in trading on Monday include AIG, Centennial Communications, Benjamin Franklin Bancorp, Coke Enterprises, HSBC, Isis Pharma, Nortel, NRG, SunPower and Whole Foods.

Source: MarketWatch.com - Top Stories | 10 Nov 2008 | 1:12 pm

Goldman slashes India growth forecast: report

Goldman Sachs significantly cuts its forecasts for India’s economic growth this year and next, blaming “knock-on” effects from the global financial crisis, a news report said.

Source: MarketWatch.com - Top Stories | 10 Nov 2008 | 1:10 pm

Astonishingly Good Numbers At McDonald's (MCD)

McDonald's (MCD) and Wal-Mart (WMT) may be the only retailers in the country who are doing extraodinarily well. The reason may be simple. What they sell is cheap and, in the case of MCD, if they food does not kill customers, it will keep them filed up straight through the recession.

In October, global comparable sales rose 8.2%.

U.S. comparable sales increased 5.3% to some extent to the continued popularity of McDonald's Monopoly game. What a way to sell food.

In Europe, strong performance in the U.K., France and Russia and positive results in nearly all other markets drove a comparable sales increase of 9.8%. Monopoly may not sell in Europe but inexpensive hamburgers do.

Comparable sales were up 11.5% in Asia/Pacific, Middle East and Africa.

Douglas A. McIntyre

Source: 24/7 Wall St. | 10 Nov 2008 | 1:09 pm

New calls for Treasury to help carmakers

WASHINGTON (Reuters) - There were fresh calls on Sunday for the Bush administration to help stalled U.S. automakers, but Democratic and Republican officials said taxpayers cannot repeatedly support business rescues.

Source: Reuters: Business News | 10 Nov 2008 | 1:00 pm

Deutsche Bank Punting Solar Stocks (CSIQ, ENER, FSLR, SPWRA, STP)

Source: 24/7 Wall St. | 10 Nov 2008 | 12:58 pm

Circuit City files for bankruptcy

NEW YORK (Reuters) - Circuit City Stores Inc, the No. 2 U.S. consumer electronics retailer, filed for bankruptcy protection on Monday, falling victim to tighter credit terms from vendors and a loss of market share to Best Buy Co, Wal-Mart Stores Inc and other rivals.

Source: Reuters: Business News | 10 Nov 2008 | 12:55 pm

Circuit City files for bankruptcy (Reuters)

Reuters - Circuit City Stores Inc, the No. 2 U.S. consumer electronics retailer, filed for bankruptcy protection on Monday, falling victim to tighter credit terms from vendors and a loss of market share to Best Buy Co, Wal-Mart Stores Inc and other rivals.

Source: Yahoo! News: Business | 10 Nov 2008 | 12:55 pm

Deutsche Post to cut 9,500 jobs in US

Mail and logistics company Deutsche Post AG says it will cut 9,500 jobs and close all of its DHL express service centers in the U.S. amid heavy losses in the market there. In a statement
Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Nov 2008 | 12:54 pm

Brown raises tax cut speculation

Gordon Brown says tax cuts are among things being looked at for the pre-Budget report, which is due "in the next few days".
Source: BBC News | Business | World Edition | 10 Nov 2008 | 12:54 pm

EU calls for cod fishing to be cut by 25 percent

The European Commission called on Monday for cod fishing in the North East Atlantic to be cut by a quarter next year and urged a targeted ban on fishing cod, haddock and whiting off the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Nov 2008 | 12:53 pm

Circuit City (CC) File For Chapter 11

What more is there to say?

Douglas A. McIntyre

Source: 24/7 Wall St. | 10 Nov 2008 | 12:53 pm

Nortel swings to $3.4 billion quarterly loss, cuts outlook

Telecom-equipment vendor Nortel swings to a third-quarter net loss of $3.4 billion as carriers cut spending amid the economic downturn.

Source: MarketWatch.com - Top Stories | 10 Nov 2008 | 12:52 pm

Circuit City files for Chapter 11 protection

Circuit City Stores has filed for bankruptcy about a week after it said it would close 20 percent of its stores. The Richmond, Virginia-based electronics retailer has been struggling as...
Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Nov 2008 | 12:50 pm

Emirates profit sinks on oil cost

Emirates Airline reports a 88% drop in its net profit for half a year to 30 September on higher oil prices.
Source: BBC News | Business | World Edition | 10 Nov 2008 | 12:50 pm

Centennial 100% Premium Buyout Could Ignite Sector (CYCL, T)

Source: 24/7 Wall St. | 10 Nov 2008 | 12:45 pm

India's auto sales plunged in October (AP)

AP - Sales of passenger vehicles in India fell by 9.1 percent in October, as high interest rates and tight consumer credit took their toll on what had been one of the world's fastest growing automobile markets, according to the Society of Indian Automobile Manufacturers, an industry group.
Source: Yahoo! News: Business | 10 Nov 2008 | 12:44 pm

FTSE 100 up 122.55 points at 4,487.51

Share prices were higher at midday Monday on the London Stock Exchange. At noon, the FTSE 100-share index was up 122.55 points at 4,487.51.
Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Nov 2008 | 12:42 pm

How to save your retirement

Without a doubt, the past few months have ranked as the most tumultuous - and scariest - times that I've seen in the more than 20 years I've been at Money magazine. We've witnessed events that up to now had been almost unimaginable: the stock market fluctuating wildly and governments around the globe taking extraordinary steps to unlock frozen credit markets. And it's still unclear when the economy and the markets will hit bottom.

Source: Business and financial news - CNNMoney.com | 10 Nov 2008 | 12:39 pm

Japan, emerging markets in firing line

LONDON (Reuters) - Economic gloom swept through Japan and several emerging nations on Monday and U.S. authorities bailed out struggling insurer AIG, buying $40 billion in new shares to prevent its collapse.

Source: Reuters: Business News | 10 Nov 2008 | 12:37 pm

AIG wins new $40bn bail-out cash

Insurance giant AIG gets fresh financial help from the US government, bringing the total aid package for the firm to about $150bn.
Source: BBC News | Business | World Edition | 10 Nov 2008 | 12:34 pm

Oil above $64 on China stimulus, Saudi supply cut

LONDON (Reuters) - Oil rose more than 5 percent on Monday, fueled by hopes that plans around the world to lift growth could avert recession and by Saudi Arabia's intention to cut crude supplies to Asia in December.

Source: Reuters: Business News | 10 Nov 2008 | 12:33 pm

Hyundai Motor opens its first European car plant

South Korean auto maker Hyundai Motor Co. on Monday officially opened a new 1 billion euro ($1.3 billion) car plant in the Czech Republic, its first production facility in Europe. The...
Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Nov 2008 | 12:33 pm

Mon Arc Corp (MONA) PP365.com appoints regional agents

BEIJING, Nov. 10 /PRNewswire-FirstCall/ - Mon Arc Corporation's (MONA) ( href="http://www.monacorporation.com">www.monacorporation.com ) operating subsidiary PP365.com...
Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Nov 2008 | 12:30 pm

Land Star (LDSR) Car Lift Manufacturer Merger Update

BEIJING, China, Nov. 10 /PRNewswire-FirstCall/ - Land Star Inc. (LDSR) href="http://www.landstarcorp.com">www.landstarcorp.com ) further to the company news release of...
Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Nov 2008 | 12:30 pm

The Bank of New York Mellon Introduces Enhanced Administration Services for Private Equity Funds

Full suite of outsourcing services address need for better compliance, internal controls and accuracy; New investments follow Q2 acquisition in fund of hedge funds administration
Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Nov 2008 | 12:30 pm

'Make It Yours' in Minutes with Great American Cookies'(R) New Seasonal Offerings

ATLANTA, Nov. 10 /PRNewswire/ -- Great American Cookies has announced the launch of the fall "Make It Yours" promotion. Beginning just in time for the holidays,...
Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Nov 2008 | 12:26 pm

Nortel (NT) Turns 1,300 People Out Into The Cold

It is cold in Canada this time of year and for some people it will get colder. One of the nation's largest company, Nortel (NT), will dump 1,300 people and freeze salaries as it fights for its life. Telecom equipment providers like NT and Alcatel-Lucent (ALU) are punting employees are a remarkable rate.

Nortel posted a third-quarter loss of $3.4 billion, or $6.85 per share, compared with a year-earlier profit of $27 million, or $.05, and it cut its earnings estimate.

Chief Executive Officer Mike Zafirovski who was bought in to save the company has not done a terribly good job. The stock is down from a 52-week high of $19.42 to $1.17. It is a good bet it goes lower today.

Douglas A. McIntyre

Source: 24/7 Wall St. | 10 Nov 2008 | 12:24 pm

China says stimulus plan important for world

China's massive stimulus package is meant to help support global growth by boosting Chinese investment and consumer spending, Premier Wen Jiabao said Monday. "We must implement the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 10 Nov 2008 | 12:22 pm

Majestic Wine suffers as champagne goes flat

Majestic Wine, Britain’s biggest wine warehouse group, said today that a 6.4 per cent fall in sales of champagne, led by a cutback in corporate spending, has hit profits.
Source: Latest Business News from Times Online | 10 Nov 2008 | 12:17 pm

Wall Street set for a boost

U.S. stock futures rose Monday, as the U.S. government unveiled a sweeping restructuring plan for AIG and China announced a massive stimulus package.

Source: Business and financial news - CNNMoney.com | 10 Nov 2008 | 12:10 pm

London Markets: Miners, oil producers sparkle in upbeat London action

London shares advance on Monday, with commodity-sector shares performing well after China unveiled measures to stimulate its economy.

Source: MarketWatch.com - Top Stories | 10 Nov 2008 | 12:10 pm

The Fed: Fed, Treasury revamp AIG support

The Federal Reserve and the U.S. Treasury have restructured the government’s support for American International Group, the insurance giant taken over on Sept. 16.

Source: MarketWatch.com - Top Stories | 10 Nov 2008 | 12:10 pm

Bailing on Nike to create own shoe line

Source: Business and financial news - CNNMoney.com | 10 Nov 2008 | 12:01 pm

AIG receives second US bailout on $24.5bn loss$

The US Government rushed to the rescue of AIG for a second time today, taking a $40 billion stake in stricken American insurer as it unveiled massive losses for the third quarter.$
Source: Latest Business News from Times Online | 10 Nov 2008 | 11:59 am

Spam e-mailers get one response in 12.5 million and still cash in

Spammers get one response for every 12.5m e-mails they send and still make big profits, suggests a study.
Source: BBC News | Business | World Edition | 10 Nov 2008 | 11:53 am

Oil jumps above $64

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 10 Nov 2008 | 11:49 am

T Boone Picken's Plan To Run American Energy System

T. Boone Pickens plans to ruin the American electricity infrastructure by overloading it with power from his windmill farms. He may have access to cheap energy, but he may not have access to a means of getting it to where it will do any good.

According to The New York Times, "Adding electricity from the wind and the sun could increase the frequency of blackouts and reduce the reliability of the nation’s electrical grid."

The potential fiasco can be filed under the name of plans which are too good to be true. Wind energy that destroys it own means of transportation.

Douglas A. McIntyre

Source: 24/7 Wall St. | 10 Nov 2008 | 11:25 am

Record fall in UK producer prices

The cost of goods leaving UK factories fell 1% in October, figures show, the largest amount since records began.
Source: BBC News | Business | World Edition | 10 Nov 2008 | 11:25 am

AIG chief tries to soothe US taxpayers

Edward Liddy, chief executive of AIG, moved to defuse political opposition to the government's revised $150bn rescue plan as the group revealed a $24.5bn net loss in the third quarter
Source: FT.com - US homepage | 10 Nov 2008 | 11:19 am

Things At Dell (DELL) Get Worse Under Michael Dell

Bringing Michael Dell back to run the company he founded seems to be making things worse.

Last week, Dell (DELL) said it would have to cut more costs and even made the ludicrous suggestion that employees take vacation without pay. As far as anyone knows, Mr. Dell has the money to take that week off. The people who work for him probably don't.

Dell (DELL) apparently does not have much new to bring in buyers during the holiday season. Since there will be a buyers' strike due to the recession, getting people to step up to buy PCs will be hard anyway. Having a spectacular and inexpensive product line may be the only way around that.

According to The Wall Street Journal. "The company has lagged rivals this holiday season in releasing new notebook personal computers, which make up the biggest segment of the consumer market." It is also going to be late to market with its portable music player.

In the face of competition from HP (HPQ), Apple (AAPL), Lenovo, and Acer, being late is being dead.

Michael Dell was brought back to the company with great fanfare, but he has delivered nothing that would cheer shareholders beyond cost cuts. Dell is beginning to look more like tech also-ran Sun (JAVA) than industry leader HP. Over the last year, HP's shares are off less than 30%. Dell's are off 55%.

After nearly two years at the helm, results show that Dell is the wrong man for the Dell job. It is time for the board to get someone else before matters get worse.

Douglas A. McIntyre

Source: 24/7 Wall St. | 10 Nov 2008 | 11:18 am

IBM (IBM) And P&G (PG) Bail Out Detroit

IBM (IBM) will pay about $4 billion in taxes this year. Procter & Gamble (PG) will pay closer to $6 billion. If GM (GM) is losing $1 billion a month, the income taxes from the two healthy companies could support is for nearly a year.

With about $40 billion in tax payments this year, Exxon Mobil (XOM) could support all of The Big Three. Since the oil company made money off high fuel prices perhaps that is only just.

Treasury may knuckle under to calls for saving the US car industry. Some analysis puts the job losses at almost three million if all three of the car firms go bust. But, that assumption is almost certainly wrong and there may be absolutely no reason for the Fed or Treasury to put much capital into Detroit.

What is missing in the debate about the car companies is two things. The first is that the root problem behind the failure of these firms is not as much the economy is it is their lack of ability to make cars that anyone wants. The Japanese and Europeans have done much better and they have the balance sheets to show it. The other issue is that the burden of labor costs and debt won't be washed away simply because the government provides even more debt which will have to be repaid.

The fact of the matter is that Ford (F), GM (GM), and Chrysler have remarkably valuable assets, but they are hidden under layers of obligation which will continue to crush them even as the economy improves. Until those obligations are cut away, the US auto industry will remain in a permanent decline.

The federal government is better off insisting that The Big Three auction off their assets to financially healthy owners. If interim loans have to be in place to buy the time for that, then so be it. The advantage to offering the car companies in pieces is that there are a number of potential buyers from private equity firms to foreign car companies. If the UAW and creditors are faced with domestic car companies in Chapter 11, they will almost certainly negotiate their fates with firms which have the capital to keep the American automotive industry operating without interruption. Will bond holders, creditors, and the unions take less than what they have if a qualified buyer is in the wings? Probably, because what they have is only on paper in the terms of UAW contracts and loan documents. They disappear when The Big Three do.

The American auto industry does not need a loan; it needs a forced restructuring. If it gets that some jobs will be lost and some write-offs will be taken but the fate of the car companies will be substantially improved.

Douglas A. McIntyre

Source: 24/7 Wall St. | 10 Nov 2008 | 11:04 am

Nationwide warns on house prices

Britain's biggest building society, the Nationwide, says it expects house prices to continue to fall in 2009/10.
Source: BBC News | Business | World Edition | 10 Nov 2008 | 11:00 am

Taxing our gas guzzling relapse

Gas prices have plummeted 44% since peaking at over $4 a gallon this summer, and are now averaging around $2.30.

Source: Business and financial news - CNNMoney.com | 10 Nov 2008 | 10:50 am

Brakes put on Indian car making

Slowing demand sees Indian car production cut back, industry figures show.
Source: BBC News | Business | World Edition | 10 Nov 2008 | 10:49 am

AIG (AIG): A Firm With Ineffective Management Makes Problems Worse

AIG (AIG) probably has the wrong management in place. A retired CEO from Allstate may not be the man. The insurance company lost another $24.47 billion billion in the third quarter.

The current plan at the damaged insurance company is "if at first you don't succeed, try, try again". It is the American character never to give up on something that has be started, no matter how futile the cause. The US government's financial rescue program has a bit of that spirit in it. Regardless of how bleak a large insurance company or bank's prospects may be, the Treasury and Fed are prepared to barrel ahead.

One reasons that giving up on troubled financial companies seems to be a bad idea is the lesson of Lehman Brothers. As it fell, it damaged large numbers of firms which held its paper.

AIG and the government are close to a deal which is substantially better than the first rescue which involved a $85 billion loan and the US getting 80% of the firm's equity. According to The Wall Street Journal, "Under the terms ironed out late Sunday, the government would give AIG more money, including $40 billion from the U.S. Treasury's $700 billion Troubled Asset Relief Program. It would also receive less interest than on the bulk of the original loan, while freeing AIG from exposure to some of the risky financial instruments that nearly caused it to file for bankruptcy protection."

AIG management does not have to power to solve its problems. Fixing the company involves dumping its credit default swaps and selling off a number of its healthy divisions to pay back government loans. The sales of some of AIG's units are going slowly because the credit crisis makes it difficult for potential buyers to get financing.

The only answer to the AIG conundrum may be for the government to appoint a receiver who has the power to buy any of the insurance company's problem assets and auction off many of its business, providing Treasury-supported financing to qualified buyers. Otherwise, AIG could wait the better part of a year while the liquidity climate improves to the point that it can find firms that are willing to acquire many of its more attractive operations.

Loaned money from the government to buyers of AIG assets will almost certainly lead to a faster workout for the insurance company. Financially robust acquirers are more likely to be able to pay back government loans than AIG is. Creditworthy operators will quickly end up with the most valuable parts of the insurance company.

The most significant problem with all of the programs being run by the Fed and Treasury is that they work too slowly. Money that goes into troubled companies does not come out fast enough. In the case of ruined firms like AIG, management no longer has the capacity to repair the broad damage. All it can do is ask for more and more capital as the economic crisis deepens.

AIG needs new management and that will have to be provided by the government.

Douglas A. McIntyre

Source: 24/7 Wall St. | 10 Nov 2008 | 10:37 am

Hong Kong stocks rise on China stimulus plan (AP)

AP - Hong Kong's stock benchmark advanced 3.5 percent Monday after China unveiled a $586 billion package to protect its economy from a rapidly unfolding global slowdown.
Source: Yahoo! News: Business | 10 Nov 2008 | 10:31 am

HSBC takes $4.3bn hit on US loans

HSBC's losses relating to the US housing market crisis reach $4.3bn (£2.7bn) in the third quarter.
Source: BBC News | Business | World Edition | 10 Nov 2008 | 10:14 am

Factory costs plunge fuels new rate cut hope

Prices paid by British factories for raw materials tumbled at a record pace during October, heightening expectations that inflation is set to fall sharply and could dip well below the Bank of England's 2 per cent target.
Source: Latest Business News from Times Online | 10 Nov 2008 | 10:05 am

Oil up on China investment plan

Oil prices climb more than $2 a barrel following China's multi-billion dollar stimulus package aimed at boosting its economy.
Source: BBC News | Business | World Edition | 10 Nov 2008 | 9:53 am

Stocks surge after China stimulus

Stock markets across Asia jump a day after China announced a $586bn economic and infrastructure stimulus plan.
Source: BBC News | Business | World Edition | 10 Nov 2008 | 9:43 am

Chinas Stimulus Plan Buoys Markets in Asia and Europe

Stocks gained in Europe and Asia on Monday, a day after the Chinese government announced a $586 billion economic stimulus plan.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Nov 2008 | 9:32 am

HSBC bad debt charges soar to $4.3 billion$

HSBC today revealed that charges on consumer loans that have gone sour soared by $700 million to $4.3 billion during the third quarter as Europe's biggest bank by assets felt the pain of America's nosedive into recession.$
Source: Latest Business News from Times Online | 10 Nov 2008 | 9:23 am

Pendragon to lose £30m as car sales plunge

Pendragon, the car dealership, today said it would lose £30 million this year as sales collapse amid the faltering economy.
Source: Latest Business News from Times Online | 10 Nov 2008 | 8:28 am

Nationwide profits dive on 17% mortgage drop

Nationwide's mortgage lending to homebuyers slid almost 17 per cent to £10.9 billion during the six months to the end of September as the UK's biggest building society felt the effects of the tumbling housing market.
Source: Latest Business News from Times Online | 10 Nov 2008 | 8:08 am

Fox film unit Searchlight looks to regain its shine

'Slumdog Millionaire' and 'The Wrestler' could help the specialty movie division find its footing after recent stumbles. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Nov 2008 | 8:00 am

'Madagascar: Escape 2 Africa' is breakout hit at box office

The DreamWorks film beats expectations, as did Universal's 'Role Models' at No. 2.

Just when signs of box-office doldrums began worrying studio execs, a flock of escaped zoo animals saved the day.

Source: L.A. Times - Business | 10 Nov 2008 | 8:00 am

Gift card holders may be out of luck in retail bankruptcies

They could lose more than $75 million from store and restaurant closings in 2008, an analyst says.

On Wall Street, lawmakers are talking about how "toxic debt" threatens banks and lending. Out on Main Street, shoppers better start thinking about "toxic" gift cards from companies that could go bankrupt. They won't be worth the plastic they are printed on.

Source: L.A. Times - Business | 10 Nov 2008 | 8:00 am

Travelers enjoying lower airfares

Airlines and hotels are cutting prices and offering bargains to lure strapped consumers in a sluggish economy.

With the economy in distress, there may be no cheaper time to travel than this winter as a sharp drop in demand forces airlines, hotels and cruise companies to slash fares, cut rates and lower fees.

Source: L.A. Times - Business | 10 Nov 2008 | 8:00 am

U.S. gas prices drop 17% in 2 weeks

The average is $2.30 nationally and $2.57 in California. Demand continues to slide. The average price of regular...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Nov 2008 | 8:00 am

Train travel on track for a large push

Going by rail is gaining favor amid high fuel costs. Plans in the state and elsewhere may encourage more use.

After half a century as more of a curiosity than a convenience, passenger trains are getting back on track in some parts of the country.

Source: L.A. Times - Business | 10 Nov 2008 | 8:00 am

Train travel on track for a large push

Going by rail is gaining favor amid high fuel costs. Plans in the state and elsewhere may encourage more use. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Nov 2008 | 8:00 am

Screening films outdoors is no day in the park

With various cost and production challenges, showing feature films in amphitheaters and parks requires a host of business skills. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Nov 2008 | 8:00 am

Ads are taking the economy into account

Marketers tout the value of products to boost sales during the downturn.

Tough economic times are making new cars, clothing and electronics a tough sell. So corporate marketers are trying a new message: We feel your pain.

Source: L.A. Times - Business | 10 Nov 2008 | 8:00 am

China's $586-billion stimulus plan could boost world economy

The planned spending, more than expected, should have a global effect, analysts say.

Potentially providing an important lift to a faltering global economy, China unveiled plans Sunday to pump about $586 billion into infrastructure projects and other stimulus measures to bolster domestic demand and shore up its weakening economy.

Source: L.A. Times - Business | 10 Nov 2008 | 8:00 am

Screening films outdoors is no day in the park

With various cost and production challenges, showing feature films in amphitheaters and parks requires a host of business skills.

The lawn at the Grove shopping center looked like a slumber party one recent evening, as 75 people sprawled in sleeping bags and blankets on the grass to watch the 1984 film "Ghostbusters" on an inflatable screen.

Source: L.A. Times - Business | 10 Nov 2008 | 8:00 am

Retail data will be key to stock market's direction

To get a fix on the consumer, investors will focus on results from Wal-Mart and on government data.

Wall Street heads into another potentially turbulent week with investors set to pore over a government report on retail sales and earnings from Wal-Mart Stores Inc. to get a better reading on the consumer.

Source: L.A. Times - Business | 10 Nov 2008 | 8:00 am

'Madagascar: Escape 2 Africa' is breakout hit at box office

The DreamWorks film beats expectations, as did Universal's 'Role Models' at No. 2. Just when signs of box-office...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Nov 2008 | 8:00 am

Gift card holders may be out of luck in retail bankruptcies

They could lose more than $75 million from store and restaurant closings in 2008, an analyst says. On Wall Street,...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Nov 2008 | 8:00 am

Fox film unit Searchlight looks to regain its shine

'Slumdog Millionaire' and 'The Wrestler' could help the specialty movie division find its footing after recent stumbles.

Fox Searchlight is one of the premiere specialty labels in Hollywood, releasing successful movies such as "Little Miss Sunshine," "Sideways" and the pop-culture juggernaut "Juno."

Source: L.A. Times - Business | 10 Nov 2008 | 8:00 am

Ads are taking the economy into account

Marketers tout the value of products to boost sales during the downturn. Tough economic times are making new cars,...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Nov 2008 | 8:00 am

Firms facing tougher climate

Entrepreneurs see falling employment and tighter credit standards, reports show.

A trio of new reports provides more evidence that small businesses, considered by many to be an engine of economic growth, could have a tough time pulling the country back to prosperity.

Source: L.A. Times - Business | 10 Nov 2008 | 8:00 am

DHL parent may cut 13,000 jobs in U.S.

Up to 13,000 people, including shipping clerks and warehouse workers, may be let go. Germany's Deutsche Post is...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Nov 2008 | 8:00 am

Travelers enjoying lower airfares

Airlines and hotels are cutting prices and offering bargains to lure strapped consumers in a sluggish economy. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 10 Nov 2008 | 8:00 am

HBOS shares rise as board rejects duo's deal

Shares in HBOS, the mortgage lender that is in merger talks with Lloyds TSB, jumped more than 7 per cent this morning in the wake of an audacious proposal by two Scottish business grandees to take control of the bank.
Source: Latest Business News from Times Online | 10 Nov 2008 | 7:58 am

Australian Stocks: Market rises 1.3 per cent

MELBOURNE - The Australian share market firmed more than 1.3 per cent, buoyed by energy and resources stocks in anticipation that China's $586 billion economic stimulus plan would continue to drive export demand. At the 1615 close...
Source: New Zealand Herald - Business | 10 Nov 2008 | 7:38 am

NZ stocks: Market rises along with Asian markets

The New Zealand sharemarket started the week strongly, after Saturday's election produced a clear cut result for a National-led government. But brokers said a strong performance by the United States market in the face of bleak...
Source: New Zealand Herald - Business | 10 Nov 2008 | 6:22 am

Citigroup in talks to buy a bank: report

(Reuters) - Less than a month after walking away from Wachovia Corp, Citigroup Inc is in discussions to acquire another U.S. bank, the Wall Street Journal said, citing people familiar with the situation.

Source: Reuters: Business News | 10 Nov 2008 | 6:03 am

Currency: NZ dollar stronger after election result

The New Zealand dollar started the week broadly stronger mostly because of a big economic stimulus package in China. The election of a National Party-led government on Saturday was welcomed but dealers said the market continued...
Source: New Zealand Herald - Business | 10 Nov 2008 | 5:48 am

Australian central bank tips rate cuts

The Reserve Bank of Australia (RBA) has left the door open to further falls in official interest rates, after revising down its estimates for economic growth and warning of the need to avoid a sharp slowdown in the months ahead. The...
Source: New Zealand Herald - Business | 10 Nov 2008 | 3:30 am

Clean-up of Northland oyster farms gets costly

After an unsuccessful legal battle that threatened to bankrupt them, a group of Bay of Islands oyster farmers now need to find up to $3.5 million to clean up their polluted farms. The 11 oyster farmers, forced to shut up shop by...
Source: New Zealand Herald - Business | 10 Nov 2008 | 2:30 am

China authorises 'massive' stimulus package

China announced a 'massive infrastructure spending programme' as part of a new fiscal stimulus plan aimed at boosting the country's rapidly slowing economy
Source: FT.com - US homepage | 10 Nov 2008 | 2:00 am

Boom time for low-cost travel operators

The international tourism industry faces a tough year in 2009, but low-cost travel operators could be the big winners from the global economic downturn, according to an annual report released today. The World Travel Market 2008...
Source: New Zealand Herald - Business | 10 Nov 2008 | 2:00 am

Wall Street turns to consumers to gauge economy (AP)

AP - Wall Street heads into another turbulent week with investors set to pore over a government report on retail sales and earnings from Wal-Mart Stores Inc. to get a better reading on the consumer.

Source: Yahoo! News: Business | 10 Nov 2008 | 1:51 am

Post offices at risk if they lose account task, MPs say

The post office network could face thousands of closures if it loses a vital contract, MPs fear.
Source: Latest Business News from Times Online | 10 Nov 2008 | 12:00 am

Demand for mobile video pushes operators to an expensive upgrade

The timing could hardly be worse. Mobile phone operators have spent billions of pounds rolling out 3G services for comparatively little return; now, amid a financial downturn and at the onset of a global recession, they are gearing up to do it all again.
Source: Latest Business News from Times Online | 10 Nov 2008 | 12:00 am

Banks tighten screws and draw up secret blacklists

Banks are drawing up secret black-lists to ban businesses from overnight borrowing as the credit crunch moves into a damaging new phase, The Times has learnt.
Source: Latest Business News from Times Online | 10 Nov 2008 | 12:00 am

Freightways buys Perth data storage business

Freightways is paying A$3.5 million ($4 million) for a document and data storage business in Perth. The company said today that the purchase of Access Information Management gave it a national data storage presence across Australia. Freightways...
Source: New Zealand Herald - Business | 9 Nov 2008 | 11:45 pm

Wall Street jobs axe threatens 70,000

The financial industry is bracing for a fresh round of job cuts as Wall Street banks slash costs to cushion the blow of further market turbulence and deepening economic woes in 2009
Source: FT.com - US homepage | 9 Nov 2008 | 11:32 pm

NRG rejects Exelon merger bid as 'risky'

NRG Energy, the US power producer, rejected as 'risky' and 'opportunistic' an unsolicited $6.2bn merger bid by Exelon to ­create the US's largest power producer
Source: FT.com - US homepage | 9 Nov 2008 | 11:15 pm

NZ stocks: Market strong after NZ election

The New Zealand sharemarket started the week strongly, after Saturday's New Zealand election produced a clear cut result for a National-led government. Among leading stocks, Telecom was up 5c to 231 having hit a new intraday low...
Source: New Zealand Herald - Business | 9 Nov 2008 | 11:00 pm

Currency: NZ dollar broadly stronger post-election

The New Zealand dollar started the week broadly stronger as a clear cut election result was delivered on Saturday night. By 8am the kiwi was buying US59.73c, having traded in a range between US58.50c and US59.40c for most of the...
Source: New Zealand Herald - Business | 9 Nov 2008 | 9:20 pm

BNZ's owner announces surprise A$2bn capital raising

National Australia Bank, which owns BNZ, has announced a surprise A$2 billion capital raising through the sale of new shares to institutional investors in Australia. As recently as a few weeks ago NAB said it had no plans for...
Source: New Zealand Herald - Business | 9 Nov 2008 | 9:00 pm

Former UBS chief forgoes bonus

Peter Wuffli, former chief executive of UBS has forgone SFr12m ($10m) in bonus entitlements out of solidarity with the stricken Swiss bank
Source: FT.com - US homepage | 9 Nov 2008 | 8:03 pm

Obama set to push 'big bang' reform package

US President-elect Barack Obama intends to push a comprehensive programme of social and economic reform beyond an immediate emergency stimulus package, Rahm Emanuel, the next White House chief of staff, indicated
Source: FT.com - US homepage | 9 Nov 2008 | 7:17 pm

Sovereign funds cool on rescue finance

Sovereign wealth funds are losing their enthusiasm for providing rescue financing to distressed financial institutions, and for investing in developed markets
Source: FT.com - US homepage | 9 Nov 2008 | 6:37 pm