World Business News Headlines for July 20, 2009

Domino's Pizza profits jump 25% on sales boost

Britons' enthusiasm for pizza was unabated despite the summer's hot weather, sending Domino's Pizza sales up 15 per cent in the six months to the end of June.

Source: Latest Business News from Times Online | 20 Jul 2009 | 11:03 am

Iceland to inject £1.29bn into banking system

Iceland will attempt to restore its bombed-out banking system with an IKr 270 billion (£1.29 billion) injection of capital.

Source: Latest Business News from Times Online | 20 Jul 2009 | 10:52 am

Mortgage lending hits six-month high on 17% rise

Mortgage lending to homeowners jumped 17 per cent in June according to new figures, but economists remain cautious over the strength of the property market.

Source: Latest Business News from Times Online | 20 Jul 2009 | 10:36 am

New Magna offer for Opel to demand IP rights: report (Reuters)

Reuters - A Magna-led (MGa.TO) consortium of bidders for Opel will make a new offer for the German carmaker on Monday that includes a demand for rights to its intellectual property, a Russian newspaper reported.
Source: Yahoo! News: Business | 20 Jul 2009 | 10:13 am

D’oh!

shcoolsign1

Source: Business Pundit | 20 Jul 2009 | 10:08 am

Schwab (SCHW) Is Sued For Fraud

New York State Attorny General Andrew Cuomo is suing Charles Schwab (SCHW) for fraud. The legal action alleges that the brokerage sold auction rate securities to clients with little effort to educate customers about how the financial instruments worked and little warning to them when the market in ARS collapsed. The action is unusual because dozens [...]

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Source: 24/7 Wall Street | 20 Jul 2009 | 10:06 am

Telecom Report: Big phone companies are unlikely antitrust targets

Top regulators in the Obama administration are applying tougher scrutiny to big business, but talk that they might take on the nation’s biggest phone companies sounds hollow.

Source: MarketWatch.com - Top Stories | 20 Jul 2009 | 10:00 am

Tories reveal bank reform plans

Opposition parties say how they would regulate banking to prevent a repeat of the financial crisis.
Source: BBC News | Business | World Edition | 20 Jul 2009 | 9:58 am

Swine flu fears hit travel group shares

Fears about the impact of swine flu on the tourism industry hit travel groups today in an otherwise resilient market.

Source: Latest Business News from Times Online | 20 Jul 2009 | 9:55 am

A World With 1.4 Billion Old People By 2040

The world will have 1.3 billion people over 65 by 2040, according to a new report from the US Census Bureau. According to Reuters, “An aging population will push up pension and health care costs, forcing major increases in public spending that could slow economic growth in rich and poor countries.” The financial burden for caring for [...]

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Source: 24/7 Wall Street | 20 Jul 2009 | 9:50 am

Nissan to create hundreds of jobs

Nissan announces that its Wearside factory will start producing batteries for electric cars, creating 350 jobs.
Source: BBC News | Business | World Edition | 20 Jul 2009 | 9:49 am

CIT close to a second chance

CIT Group was expected to announce a deal with key bondholders for $3 billion in funding that would stave off a bankruptcy filing for the cash-strapped lender, according to reports published Monday.
Source: Business and financial news - CNNMoney.com | 20 Jul 2009 | 9:48 am

Summer rise in mortgage lending

UK mortgage lending rose in June from the previous month, lenders say, but the total is still half that seen in 2008.
Source: BBC News | Business | World Edition | 20 Jul 2009 | 9:45 am

Australia says China-Rio case a signal for investors

SINGAPORE (Reuters) - Australia's trade minister said on Monday China's detention of Rio Tinto employees would not hurt economic relations if handled properly, but said the case was a signal to everyone looking to invest in China.

Source: Reuters: Business News | 20 Jul 2009 | 9:43 am

Indications: U.S. stock futures up as CIT said to get rescue

U.S. stock futures advance Monday after the lender CIT Group is reported to have received a private sector bailout, removing one threat to the recovery at the onset of a heavy week for earnings.

Source: MarketWatch.com - Top Stories | 20 Jul 2009 | 9:40 am

Asian stocks race ahead on earnings recovery hopes

Asian stocks raced ahead Monday, sending some regional indexes to their highest finishes in several months on optimism about corporate earnings reports.

Source: MarketWatch.com - Top Stories | 20 Jul 2009 | 9:37 am

Australia says Rio Tinto detention sends signal to investors in China

Australia's trade minister said on Monday China's detention of Rio Tinto employees would not hurt economic relations if handled properly but said the case was a signal to everyone looking to invest in China.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Jul 2009 | 9:34 am

CIT rescue reports give markets another boost (AP)

AP - World stock markets advanced again Monday as investors welcomed reports that U.S. commercial lender CIT Group Inc. is close to securing enough funding to avoid filing for bankruptcy protection from creditors.

Source: Yahoo! News: Stock Markets News | 20 Jul 2009 | 9:30 am

CIT rescue reports give markets another boost

World stock markets advanced again Monday as investors welcomed reports that U.S. commercial lender CIT Group Inc. is close to securing enough funding to avoid filing for bankruptcy...
Source: RSS feed - channel BNewsBusiness | 20 Jul 2009 | 9:30 am

Indian journey

Steelworker's daughter fights for plant's future
Source: BBC News | Business | World Edition | 20 Jul 2009 | 9:30 am

Chip sector views more upbeat after Intel results

Intel Corp.’s second-quarter results kicked off a tech earnings season that some analysts say points to a more upbeat second half of the year for the semiconductor industry.

Source: MarketWatch.com - Top Stories | 20 Jul 2009 | 9:30 am

U.K. Conservatives want BOE to be main regulator

The Bank of England would become the main regulator of Britain’s financial system, stripping away many of the powers currently held by the Financial Services Authority, if the Conservative party wins the next general election, the party’s chief finance spokesman said Monday.

Source: MarketWatch.com - Top Stories | 20 Jul 2009 | 9:27 am

GM to receive new bids for Vauxhall today

General Motors (GM) will receive two new bids for Vauxhall today in a move which could see more of the British carmaker's 5,000 jobs secured.

Source: Latest Business News from Times Online | 20 Jul 2009 | 9:22 am

New Magna offer for Opel to demand IP rights: report

MOSCOW (Reuters) - A Magna-led consortium of bidders for Opel will make a new offer for the German carmaker on Monday which includes a demand for rights to Opel's intellectual property, a Russian newspaper reported.

Source: Reuters: Business News | 20 Jul 2009 | 9:20 am

Conservatives to boost Bank of England's powers abolish FSA in City shakeup

Conservatives would abolish Financial Services Authority and give its powers to the Bank of England if it wins the next general election.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Jul 2009 | 9:13 am

Bleak outlook

Fuel costs and strong yen hit Japan's fishermen
Source: BBC News | Business | World Edition | 20 Jul 2009 | 9:09 am

Iceland in move to bolster banks

Iceland unveils a £1.3bn plan to get its banking system back on its feet after its three main banks collapsed last year.
Source: BBC News | Business | World Edition | 20 Jul 2009 | 9:08 am

Baltic exposure hits Swedish bank

Swedish banking group SEB reports a loss for the April-to-June period after being hit by heavy losses in the Baltics.
Source: BBC News | Business | World Edition | 20 Jul 2009 | 9:08 am

It May Be Time to Move: Gain Competitive Advantage by Leveraging the Effects of the Recessionary Economy.

LOS ANGELES, July 20 /PRNewswire/ -- Seeing a silver lining in the dark clouds of the economic downturn, companies that take advantage of labor cost differentials, soft real...
Source: RSS feed - channel BNewsBusiness | 20 Jul 2009 | 9:07 am

KKR moves closer to going public

Kohlberg Kravis Roberts & Co. and its KKR Private Equity Investors LP affiliate formally agree to a deal under which the iconic private-equity buyout specialist could go public.

Source: MarketWatch.com - Top Stories | 20 Jul 2009 | 9:05 am

Rating The Top Twenty Magazine Websites 2009

24/7 Wall St. completed an analysis of newspapers websites for the years 2008 and 2009. We have added magazines to this analysis because print media clearly faces potential extinction if it cannot move most of its content to the internet in a way that brings in very substantial revenue. The attempts to do this have [...]

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Source: 24/7 Wall Street | 20 Jul 2009 | 9:02 am

Baltic losses push SEB into the red

Swedish bank Skandinaviska Enskilda Banken swings to a second-quarter loss due to soaring bad debt charges in the Baltic countries.

Source: MarketWatch.com - Top Stories | 20 Jul 2009 | 9:01 am

UPDATE 1-India's Supreme Court seeks explanation on gas deal

* Asks Reliance Ind, Reliance Nat why pact shd not be cancelled * Clears way for govt to be party in case * Sets Sept. 1 for next hearing (Adds detail, background, market reaction. bylines)
Source: RSS feed - channel BNewsBusiness | 20 Jul 2009 | 9:00 am

FTSE 100 heads for sixth rise in a row

London shares climbed in early trade on Monday on course to rise for the sixth straight day tracking gains in Asia as a lastminute 3bn £1.8bn rescue of US CIT Group lifted sentiment.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Jul 2009 | 8:52 am

London Markets: Lloyds Banking Group advances in higher London

Lloyds Banking Group shares climb in London, helping the FTSE 100 index extend gains from last week, following a report that it could post a first-half profit.

Source: MarketWatch.com - Top Stories | 20 Jul 2009 | 8:51 am

Commercial mortgage failure at 20-year high in U.S.: report (Reuters)

Reuters - Commercial mortgages at U.S. banks have been failing at the fastest rate in nearly 20 years, the Wall Street Journal said, citing its own analysis.
Source: Yahoo! News: Business | 20 Jul 2009 | 8:42 am

Commercial mortgage failure at 20-year high in U.S.: report

(Reuters) - Commercial mortgages at U.S. banks have been failing at the fastest rate in nearly 20 years, the Wall Street Journal said, citing its own analysis.

Source: Reuters: Business News | 20 Jul 2009 | 8:42 am

Commercial mortgage failure at 20-year high in U.S.: report

(Reuters) - Commercial mortgages at U.S. banks have been failing at the fastest rate in nearly 20 years, the Wall Street Journal said, citing its own analysis.
Source: RSS feed - channel BNewsBusiness | 20 Jul 2009 | 8:42 am

Australia says China-Rio case a signal for investors

When delegating, avoid staffers with blowtorches

If you want to grow your business, you can't do everything yourself. That's obvious, right?
Source: Business and financial news - CNNMoney.com | 20 Jul 2009 | 8:33 am

World stocks gain as earnings, CIT boost sentiment

Asian stock markets extended their advance Monday, with investors emboldened by U.S. lender CIT Group's eleventh-hour deal to stave off bankruptcy and optimism about corporate earnings....
Source: RSS feed - channel BNewsBusiness | 20 Jul 2009 | 8:32 am

Vane Minerals names former minister non-exec chairman

July 20 (Reuters) - Mineral explorer and producer Vane Minerals Plc said on Monday it appointed former UK trade minister Richard Needham as non-executive chairman, effective immediately.
Source: RSS feed - channel BNewsBusiness | 20 Jul 2009 | 8:31 am

RHJ pushes ahead with Opel bid: report

Belgian financial investor RHJ International is making a serious push for a stake in General Motors’ Opel unit as the deadline for the sale of the unit looms.

Source: MarketWatch.com - Top Stories | 20 Jul 2009 | 8:30 am

UPDATE 2-ASMI to accelerate front-end cuts, shed 400 jobs

(Adds details on job cuts, stock price, ASML background)
Source: RSS feed - channel BNewsBusiness | 20 Jul 2009 | 8:29 am

Stocks could get CIT lift

Stocks were poised for a higher open Monday as investors awaited an expected announcement that CIT has obtained emergency financing.
Source: Business and financial news - CNNMoney.com | 20 Jul 2009 | 8:19 am

Stock futures point to firmer Wall St open after CIT deal

(Reuters) - U.S. stock index futures were higher, pointing to a firmer start on Wall Street on Monday, with both the Dow Jones futures and the S&P 500 futures up 0.3 percent by 3.56...
Source: RSS feed - channel BNewsBusiness | 20 Jul 2009 | 8:17 am

Stock futures point to firmer Wall St open after CIT deal

(Reuters) - U.S. stock index futures were higher, pointing to a firmer start on Wall Street on Monday, with both the Dow Jones futures and the S&P 500 futures up 0.3 percent by 3.56 a.m. ET, and the Nasdaq futures up 0.2 percent.

Source: Reuters: Business News | 20 Jul 2009 | 8:17 am

Stock futures point to firmer Wall St open after CIT deal (Reuters)

Reuters - U.S. stock index futures were higher, pointing to a firmer start on Wall Street on Monday, with both the Dow Jones futures and the S&P 500 futures up 0.3 percent by 3.56 a.m. ET, and the Nasdaq futures up 0.2 percent.

Source: Yahoo! News: Business | 20 Jul 2009 | 8:17 am

Stock futures point to firmer Wall St open after CIT deal (Reuters)

Source: Yahoo! News: Stock Markets News | 20 Jul 2009 | 8:17 am

UPDATE 1-Hopu, Temasek eye $1 bln China iron ore IPO -sources

* Iron ore miner Lung Ming seeks to raise up to $1 billion
Source: RSS feed - channel BNewsBusiness | 20 Jul 2009 | 8:13 am

Europe Markets: Banks pace gains for European shares

European shares gain ground again on Monday, with banks some of the strongest performers as earnings stay in focus and after reports that U.S. lender CIT will be bailed out.

Source: MarketWatch.com - Top Stories | 20 Jul 2009 | 8:02 am

Charles Schwab denies Cuomo ARS allegations

(Reuters) - Charles Schwab Corp, the largest U.S. online brokerage, denied allegations by New York Attorney General Andrew Cuomo of civil fraud in its marketing and sale of Auction Rate Securities (ARS).

Source: Reuters: Business News | 20 Jul 2009 | 8:00 am

Charles Schwab denies Cuomo ARS allegations (Reuters)

Reuters - Charles Schwab Corp , the largest U.S. online brokerage, denied allegations by New York Attorney General Andrew Cuomo of civil fraud in its marketing and sale of Auction Rate Securities (ARS).
Source: Yahoo! News: Business | 20 Jul 2009 | 8:00 am

Media Digest 7/20/2008

Reuters: CIT (CIT) is close to a $3 billion rescue by bondholders. Reuters: A new survey suggests that the US recession is not over. Reuters: The White Houses wants healthcare through Congress before the August recess. Reuters: Corporate cost cuts could become counter-productive. Reuters: By 2040 there will be 1.3 billion senior citizens on earth. Reuters: KKR Euronext listing is [...]

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Source: 24/7 Wall Street | 20 Jul 2009 | 7:55 am

Resolution sweetens Friends Provident offer

Entrepreneur Clive Cowdery has sweetened his proposed offer for the UK insurer including a cash element.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Jul 2009 | 7:50 am

Resolution sweetens £1.6bn offer for Friends

Resolution, the investment vehicle co-founded by insurance entrepreneur Clive Cowdery, has sweetened the terms of its proposed £1.6 billion offer for Friends Provident, the insurer, ahead of talks between the two groups aimed at reaching an agreed deal.

Source: Latest Business News from Times Online | 20 Jul 2009 | 7:47 am

London lifted by bid speculation

Bid activity helped support London equity markets on Monday, in spite of some pressure from investors keen to take profits after last week's bumper returns.Friends Provident and the insurance sector were...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2009 | 7:46 am

Nissan electric car plan could create 300 new jobs

Nissan, Japan's third biggest automotive group, is to plough £200 million into electric car production in a move which will create more than 300 new jobs and could safeguard thousands more.

Source: Latest Business News from Times Online | 20 Jul 2009 | 7:37 am

Domino's Pizza bucks the recession

The fastfood chain bucks the recession as Britain's appetite for pizza grows.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Jul 2009 | 7:28 am

Australian sharemarket edges up

The Australian share market closed in positive territory as stronger commodity prices helped drive the resources sector. The benchmark S&P/ASX200 index closed up 49.5 points, or 1.24 per cent, at 4,050.3 points, while the broader...
Source: New Zealand Herald - Business | 20 Jul 2009 | 7:25 am

Sharemarket opens week positive

The New Zealand sharemarket started the week with a modest gain on modest volume. A positive international backdrop is helping sentiment but the market continues to be in wait-and-see mode for the local corporate earnings season. The...
Source: New Zealand Herald - Business | 20 Jul 2009 | 7:22 am

Asia Markets And Europe Open 7/20/2009

Market in Asia were higher with China indexes advancing sharply. Japan was closed for a holiday. The Hang Seng rose 3.1% to 19,380. The Shanghai Composte was up 2.4% to 3,267. At the open in Europe, the FTSE was up .5% to 4,410. Rio Tinto (RTP) was up 2.9%. The Dax was higher by 1% to 5,029. The CAC 40 advanced [...]

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Source: 24/7 Wall Street | 20 Jul 2009 | 7:21 am

'Harry Potter' charms the box office

'Half-Blood Prince,' the sixth installment in the film series, has one of the largest starts of all time, earning $396.7 million worldwide in its first five days.

After muggles packed the midnight shows, "Harry Potter and the Half-Blood Prince" quickly slowed down at the box office and resembled, well, the last "Potter" movie.

Source: L.A. Times - Business | 20 Jul 2009 | 7:00 am

Investors hoping for more good earnings news

The Dow Jones industrial average is coming off its best week since March after better-than-expected profits and forecasts from several big companies.

Investors are hoping companies' streak of good earnings news continues this week.

Source: L.A. Times - Business | 20 Jul 2009 | 7:00 am

FDIC takes over Vineyard Bank and Temecula Valley Bank

The failed Southern California banks will reopen today under new owners. Two failed Southern California banks...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2009 | 7:00 am

'Harry Potter' charms the box office

'Half-Blood Prince,' the sixth installment in the film series, has one of the largest starts of all time, earning $396.7 million worldwide in its first five days. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2009 | 7:00 am

File California tax system revision effort under flawed

The panel handed the giant task has neglected Prop. 13 implications and faces an upcoming deadline. The governor's focus on revenue 'volatility' is just an excuse for giving the rich a new tax break.

In these budget-crisis days, when California citizens showing true public spirit are thin on the ground, I propose a tip of the hat to Gerald L. Parsky .

Source: L.A. Times - Business | 20 Jul 2009 | 7:00 am

Panavision's future is in need of focus

The camera maker's bright past has been overshadowed by heavy debt, CEO shake-ups and decreasing demand for its equipment as many filmmakers switch to digital technology.

When producer John Wells was preparing to shoot his crime drama "Southland," he chose a digital camera that few had heard of a few years ago. The Red One was inexpensive, easy to use and enthusiastically endorsed by his friend and director Steven Soderbergh, who used it to film his two-part movie last year about Che Guevara.

Source: L.A. Times - Business | 20 Jul 2009 | 7:00 am

Big firms pay better, but workers not more skilled - study

Big firms offer better pay, but their employees aren't necessarily more skilled, new research says. A study of large and small private sector firms, looking at 12,000 workers in nine countries, including 1700 New Zealand workers,...
Source: New Zealand Herald - Business | 20 Jul 2009 | 7:00 am

Panavision's future is in need of focus

The camera maker's bright past has been overshadowed by heavy debt, CEO shake-ups and decreasing demand for its equipment as many filmmakers switch to digital technology. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2009 | 7:00 am

FDIC takes over Vineyard Bank and Temecula Valley Bank

The failed Southern California banks will reopen today under new owners.

Two failed Southern California banks will reopen today under new owners, after the Federal Deposit Insurance Corp. took control of them late Friday.

Source: L.A. Times - Business | 20 Jul 2009 | 7:00 am

Highway spending isn't the stimulus it was envisioned to be

Only a third of the 5,600 road projects approved by Washington under Obama's Recovery Act have been given the go-ahead for construction.

In February, when Congress approved President Obama's mammoth plan to stimulate the economy, transportation projects were supposed to be among the fastest-acting pieces of the $787-billion package.

Source: L.A. Times - Business | 20 Jul 2009 | 7:00 am

CIT Group may be near a deal for financing

Funding would enable the business lender to avoid bankruptcy after the government turned down a request for a second bailout.

CIT Group Inc., the struggling lender denied more federal aid last week, may be close to securing needed funding to avoid bankruptcy, a source close to the matter said.

Source: L.A. Times - Business | 20 Jul 2009 | 7:00 am

File California tax system revision effort under flawed

The panel handed the giant task has neglected Prop. 13 implications and faces an upcoming deadline. The governor's focus on revenue 'volatility' is just an excuse for giving the rich a new tax break. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2009 | 7:00 am

Port 'casuals' have sinking feeling amid cargo woes

Jobs are scarce for the last-in-line nonunion dockworkers. Nearby communities also feel their pain.

At a hiring hall in the seaside community of Wilmington, a handful of job hopefuls reminisced about boom times, when the place was mobbed night and day by nonunion dockworkers seeking employment and vendors selling tacos and work gloves.

Source: L.A. Times - Business | 20 Jul 2009 | 7:00 am

The week ahead

Week at a glance TODAY Conference Board releases its index of leading economic indicators for June.
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2009 | 7:00 am

The week ahead

Week at a glance TODAY Conference Board releases its index of leading economic indicators for June.

Source: L.A. Times - Business | 20 Jul 2009 | 7:00 am

Investors hoping for more good earnings news

The Dow Jones industrial average is coming off its best week since March after better-than-expected profits and forecasts from several big companies. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2009 | 7:00 am

FCC chairman has broad approach to Net access

Making high-speed Internet available throughout the U.S. is a top priority of Julius Genachowski.

Expanding high-speed Internet access throughout the United States is a top priority for Julius Genachowski as he starts his term as chairman of the Federal Communications Commission.

Source: L.A. Times - Business | 20 Jul 2009 | 7:00 am

FCC chairman has broad approach to Net access

Making high-speed Internet available throughout the U.S. is a top priority of Julius Genachowski. Expanding high-speed...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2009 | 7:00 am

Highway spending isn't the stimulus it was envisioned to be

Only a third of the 5,600 road projects approved by Washington under Obama's Recovery Act have been given the go-ahead for construction. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2009 | 7:00 am

SEB hit by eastern Europe writedown

STOCKHOLM, July 20 - Swedish banking group SEB posted a sharply weaker-than-expected second-quarter operating profit on Monday, hit by writedowns as deep recessions bit into its business in eastern Europe...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2009 | 6:58 am

Deadline for GM's Opel sale looms

Would-be buyers of General Motor's Opel business have until later on Monday to lodge plans for the firm's future.
Source: BBC News | Business | World Edition | 20 Jul 2009 | 6:50 am

Nissan expected to build electric cars in UK

The Japanese car giant is to give the recessionhit industry a boost with fresh investment at its UK plant.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Jul 2009 | 6:43 am

CIT clinches deal to stave off bankruptcy reports

CIT Group has signed a 3bn £1.8bn rescue financing deal with a group of bondholders in the hope of staving off bankruptcy according to reports.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Jul 2009 | 6:35 am

Warning to UK and France on derivatives

Rivalry between Paris and London could jeopardise Europe’s future competitiveness in the vast over-the-counter derivatives markets, France’s stock market regulator has warned
Source: Financial Times - US homepage | 20 Jul 2009 | 6:28 am

Obama's priority

Can his healthcare reforms get through Congress?
Source: BBC News | Business | World Edition | 20 Jul 2009 | 6:15 am

U.S. recession easing but likely not over: survey

WASHINGTON (Reuters) - The U.S. recession's grip on the economy appears to be easing but likely has not yet ended, according to a survey of economists released on Monday.

Source: Reuters: Business News | 20 Jul 2009 | 6:02 am

U.S. recession easing but likely not over: survey (Reuters)

Reuters - The U.S. recession's grip on the economy appears to be easing but likely has not yet ended, according to a survey of economists released on Monday.
Source: Yahoo! News: Business | 20 Jul 2009 | 6:02 am

Troubled CIT 'gets rescue deal'

CIT, the troubled American bank, approves a $3bn rescue loan from major shareholders to try to avoid bankruptcy, reports say.
Source: BBC News | Business | World Edition | 20 Jul 2009 | 5:49 am

Kiwi dollar makes gentle rise

The New Zealand dollar rose slightly today against a global backdrop of improved appetite for risk. The NZ dollar was buying US64.80c at 5pm, up from US64.40c at 8am, a level which was unchanged from Friday at 5pm. Equity markets...
Source: New Zealand Herald - Business | 20 Jul 2009 | 5:30 am

KKR Euronext listing moves closer; sees profit (Reuters)

Reuters - Private equity firm Kohlberg Kravis Roberts & Co on Monday moved a step closer to merging with its Euronext-listed fund after receiving approval from the board of the fund to combine businesses.
Source: Yahoo! News: Stock Markets News | 20 Jul 2009 | 5:23 am

KKR Euronext listing moves closer; sees profit

NEW YORK (Reuters) - Private equity firm Kohlberg Kravis Roberts & Co on Monday moved a step closer to merging with its Euronext-listed fund after receiving approval from the board of the fund to combine businesses.

Source: Reuters: Business News | 20 Jul 2009 | 5:23 am

Weekend checklist: roundup of Sunday newspapers

A summary of City stories in the Sunday papers
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Jul 2009 | 5:07 am

CIT clinches deal to stave off bankruptcy: source

NEW YORK (Reuters) - CIT Group Inc's board signed off on a deal late Sunday for $3 billion in rescue financing from a group of bondholders, in a plan the lender hopes will stave off bankruptcy, a source close to the situation said.

Source: Reuters: Business News | 20 Jul 2009 | 4:45 am

CIT clinches deal to stave off bankruptcy: source (Reuters)

Reuters - CIT Group Inc's board signed off on a deal late Sunday for $3 billion in rescue financing from a group of bondholders, in a plan the lender hopes will stave off bankruptcy, a source close to the situation said.
Source: Yahoo! News: Business | 20 Jul 2009 | 4:45 am

Froman funds at Citi unit face trouble: report

(Reuters) - Citigroup is facing fresh problems at its private-investments division over two funds that were overseen by Michael Froman, who left the bank's Alternative Investments unit in January to be a White House aide, the Wall Street Journal said.

Source: Reuters: Business News | 20 Jul 2009 | 4:43 am

KKR reveals Dutch IPO terms

The US private equity group plans to list on the Amsterdam stock exchange after the independent directors of its Dutch-listed fund approved a merger with KKR staff and owners to receive 70% of the combined entity
Source: Financial Times - US homepage | 20 Jul 2009 | 4:10 am

CIT clinches $3bn rescue package

CIT has sealed a two-year, $3bn rescue financing with its creditors that will enable the troubled US finance group to avoid a bankruptcy filing
Source: Financial Times - US homepage | 20 Jul 2009 | 3:31 am

US Marines push deep into Taliban stronghold

US Marines pushing deep into a Taliban stronghold in Afghanistan’s southern Helmand province battled insurgents in a day of firefights around a key bazaar, as an operation designed as a US show of force confronted resistance from Taliban fighters
Source: Financial Times - US homepage | 20 Jul 2009 | 3:25 am

NZ dollar undervalued - on Big Mac index

According to "burgernomics", the New Zealand dollar is undervalued. The latest Economist magazine's Big Mac Index rates the NZ dollar as 14 per cent undervalued. The index is a guide to how far currencies are from fair value...
Source: New Zealand Herald - Business | 20 Jul 2009 | 2:50 am

Microsoft deal talk, optimism overshadow results

SEATTLE (Reuters) - Microsoft Corp will likely report the first annual sales dip in its history as a public company, but investors are looking beyond that for upbeat comments on Windows 7, signs of a tech sector recovery, and even a deal with Yahoo Inc to challenge Google Inc.

Source: Reuters: Business News | 20 Jul 2009 | 2:40 am

More pain coming for bars and restaurants, say advisors

One of the toughest business sectors in New Zealand - hospitality, won't be getting easier any time soon, says global accountancy firm Grant Thornton. It says further pain and hardship is due over the next few months as rising...
Source: New Zealand Herald - Business | 20 Jul 2009 | 2:00 am

Wall Street watchers hope earnings streak continues

NEW YORK - Investors are hoping companies' streak of good earnings news continues this week. The Dow Jones industrial average is coming off its best week since March after reports from big companies like banker Goldman Sachs, chip...
Source: New Zealand Herald - Business | 20 Jul 2009 | 1:30 am

Celebrities lose out in 'British Bernie Madoff Ponzi fraud'

Celebrities sports stars and highprofile businessmen are among the victims of an elaborate £80 million London "Ponzi" scheme that has wiped out the life savings of hundreds of Britons police said.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Jul 2009 | 1:27 am

Earnings to decide stocks' fate (Reuters)

Reuters - Earnings are set to take center stage again this week as more marquee U.S. companies line up to report their quarterly scorecards and investors decide whether to keep pushing stocks higher.

Source: Yahoo! News: Stock Markets News | 20 Jul 2009 | 1:21 am

7 franchises that went bust

Richard Carlton, who ran a Cork and Olive in Lakeland, Fla., is just one of many franchise owners picking up the pieces when the parent company went under.
Source: Business and financial news - CNNMoney.com | 20 Jul 2009 | 1:16 am

ASB says big lift in investor confidence, but still negative

Investor confidence lifted strongly but remained negative in the second quarter, ASB says. Overall, investor confidence improved a net 14 points, from -25 per cent to -11 per cent, the first positive move for the measure since...
Source: New Zealand Herald - Business | 20 Jul 2009 | 1:00 am

Kiwi dollar undervalued, says Big Mac index

According to "burgernomics", the New Zealand dollar is undervalued. The latest Economist magazine's Big Mac Index rates the NZ dollar as 14 per ce
Source: New Zealand Herald - Business | 20 Jul 2009 | 12:30 am

Earnings goose a rally - for now

So far so good.
Source: Business and financial news - CNNMoney.com | 20 Jul 2009 | 12:14 am

Fearful workforce claims fewer sick days

Private sector workers are taking fewer “sickies” in the recession amid rising fears that taking too much time off work might cost them their job, according to new research.

Source: Latest Business News from Times Online | 20 Jul 2009 | 12:00 am

Fortune can favour the brave as hotels’ recovery beckons

The hotel sector continues to be buffeted by the recession, with a number of operators failing and others facing uncertain futures.

Source: Latest Business News from Times Online | 20 Jul 2009 | 12:00 am

Max Clifford takes up a property challenge

Max Clifford, best known as an agent for celebrities and reality television stars, has taken on what could prove to be his biggest challenge — property.

Source: Latest Business News from Times Online | 20 Jul 2009 | 12:00 am

Services shrink faster in June, but there's still some hope

The service sector contracted more quickly in June than in May, but the latest Performance of Services Index (PSI) showed the reading for new orders crept into positive territory last month. The PSI, produced by BNZ Capital and...
Source: New Zealand Herald - Business | 19 Jul 2009 | 11:30 pm

Banks use Tarp funds to boost lending

A large majority of US banks claim that government bail-out money has allowed them to write new loans to customers, while a minority has used it to buy rivals, according to a new report by the programme’s watchdog
Source: Financial Times - US homepage | 19 Jul 2009 | 11:02 pm

World’s next top brands set to rise in the east

The next Coca-Cola or Starbucks is more likely to come from Asia, the Middle East or South America as the balance of global economic wealth shifts
Source: Financial Times - US homepage | 19 Jul 2009 | 10:39 pm

Wall Street looks to earnings to extend rally (AP)

AP - Investors are hoping companies' streak of good earnings news continues this week.
Source: Yahoo! News: Stock Markets News | 19 Jul 2009 | 10:35 pm

Swine flu threatens deflation slump Ernst & Young ITEM Club report warns

The prospect of a pandemic may tip Britain into a long deflationary spiral a new report warns.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Jul 2009 | 10:29 pm

The CIT Rescue And Lehman Bros

CIT (CIT) was rescued on the steps of the bankruptcy court when some of its bondholders put together $3 billion in financing to keep it afloat. It is alarming that the Administration allowed it to get that far. The circumstances that would have followed the failure of CIT would have been unimaginable. CIT (CIT) is really [...]

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Source: 24/7 Wall Street | 19 Jul 2009 | 10:13 pm

Israel rejects US call to halt project

Benjamin Netanyahu, prime minister, said, ‘We cannot accept the idea that Jews will not have the right to live and purchase [homes] in all parts of Jerusalem’
Source: Financial Times - US homepage | 19 Jul 2009 | 9:42 pm

CIT Restructures To Avoid Chapter 11

The Wall Street Journal reports that CIT (CIT) will retructure with the help of its bondholders. Douglas A. McIntyre Posted in Uncategorized Tagged: CIT

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Source: 24/7 Wall Street | 19 Jul 2009 | 9:24 pm

Iceland in key step to restructure banks

Iceland will announce a €1.5bn recapitalisation of its banking sector and unveil a deal to hand control of two of the country’s healthy new banks to foreign creditors
Source: Financial Times - US homepage | 19 Jul 2009 | 9:05 pm

FSA takes tougher line on regulation

Regulators from the Financial Services Authority are sitting in on bank board meetings, demanding more data and questioning brokers’ business plans
Source: Financial Times - US homepage | 19 Jul 2009 | 9:04 pm

Paying for health care: Wealth tax is 'legitimate'

More work is needed on proposed health care reform legislation to ensure that whatever bill eventually gets passed by Congress is budget neutral, Health and Human Services Secretary Kathleen Sebelius said Sunday.
Source: Business and financial news - CNNMoney.com | 19 Jul 2009 | 7:16 pm

'Crippled' iPhones coming to China

Source: Business and financial news - CNNMoney.com | 19 Jul 2009 | 6:41 pm

India rebuffs US carbon demands

India rebuffed an appeal by Hillary Clinton to embrace a low-carbon future in which the two countries would work together on new ways of consuming and producing energy
Source: Financial Times - US homepage | 19 Jul 2009 | 6:27 pm

U.S. REITs seeking billions in IPOs, follow-ons (Reuters)

Reuters - Several large investment firms are creating new lending companies that plan to go public to raise billions of dollars to take advantage of the distress in the commercial real estate market, and more are on the horizon.
Source: Yahoo! News: Stock Markets News | 19 Jul 2009 | 4:04 pm

China says recent Urumqi unrest was premeditated (AP)

AP - The Chinese government acknowledged for the first time that police killed 12 people during July 5 unrest in western China but put the blame squarely on rioters, saying they stockpiled weapons and planned synchronized attacks on targets across the city of Urumqi.

Source: Yahoo! News: Stock Markets News | 19 Jul 2009 | 3:23 pm

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