LATEST DIGESTS:

Automatically compiled digests of BUSINESS news stories
(originally clustered by the Google News):


Saturday (Update 2)


  • June-23-2007 -- China Becomes Increasingly Shirty, Ahead Of A Rate Rise
    In assessing the impact of globalization, the IMF must examine the role of exchange rates objectively as one factor among many, the central bank said.
    WASHINGTON, June 22 -- The International Monetary Fundon Friday said that the growth of U.S. economy was "uncomfortably close" to the 2 percent "stall speed" associated with past recession. More...

  • June-23-2007 -- Wal-Mart Expands Banking Services
    NEW YORK - Wal-Mart Stores Inc. said on Wednesday it will open 1,000 financial services centers in its stores and roll out a prepaid Visa card nationwide in a major expansion of services the retailer provides to its base of lower-income customers.
    The move could prove to be a boon for consumers. More...

  • June-23-2007 -- Forex reform'should not be hastened'
    WASHINGTON, June 20 - The U.S. Treasury refrained from labeling China a currency manipulator because of steps Beijing has taken toward exchange rate liberalization, Treasury Secretary Henry Paulson said on Wednesday.
    Critics say the currency is undervalued, making China's exports artificially inexpensive on world markets. More...

  • June-23-2007 -- UBS Analyst Cautions Grocer Investors
    LOS ANGELES - Labor talks between three supermarket operators and their Southern California employees appeared to be stalled Thursday as the grocery workers' union said it would ask its members for the power to call a strike against the markets, citing a blown, union-imposed deadline for finalizing a new contract.
    In a statement, the grocery chains accused the union of holding up negotiations by diverting attention away from the bargaining table. More...

  • June-23-2007 -- BP joint venture sells control of Siberian gas field to Gazprom
    British oil firm BP sells Siberia stake to Russia's Gazprom.
    Mr Hayward said that BP and Gazprom would initially look for projects of at least $3bn, arguing that the potential for further growth "could be very significant". More...

  • June-23-2007 -- Ford celebrates the revival of Taurus
    ' Ford Motor Co. executives Friday pledged to step up advertising for the resurrected Taurus model and challenged employees at the Chicago Assembly plant to back up the company's marketing by building high-quality cars.
    Absolutely, says Mark O'Brien, president and general manager of Roy O'Brien Ford in St. Clair Shores, Mich. More...

  • June-23-2007 -- Oil rises above $71 on Nigeria strike fears
    Brent crude, currently seen as the best indicator of world oil prices, climbed $1.01 to $71.23 a barrel by 1520 GMT. U.S. light crude rose 59 cents at $69.24.
    NEW YORK - Oil and gasoline futures rose Friday on concerns about Iran's nuclear capabilities and on news that talks to end a general strike in Nigeria had failed. More...

  • June-23-2007 -- How To Resuscitate Dow Jones
    June 21 -- Dow Jones & Co.' s talks over a proposed $5 billion takeover by News Corp. may speed up after the publisher's directors took control of discussions and a new bidder emerged for shares of the controlling Bancroft family.
    "The decision to have the board handle negotiations should expedite things,'' said Ken Doctor, an analyst at Outsell Inc., a media researcher in Burlingame, California. More...

  • June-23-2007 -- Toyota Predicts Further Growth in North American Production
    Jim Press, the top man of Toyota's North American operations, got the go-ahead from shareholders Friday to become the first non-Japanese member of the automaker's board of directors.
    Jim Press was named as the company's first non-Japanese board member. More...

  • June-23-2007 -- Key Endorsement for 2 Big Power Lines
    Managers of the Mid-Atlantic power grid approved yesterday a $1.8 billion transmission line project that could bring less-expensive electricity into Maryland from West Virginia, but the potential benefits are at least five years away.
    Transmission lines could become overloaded because of population growth, economic development and increasing electricity use unless reinforcements are built. More...

  • June-23-2007 -- WCE accepts $40-million offer
    Energy exchange ICE, which has been pursuing the parent of the Chicago Board of Trade, told CBOT shareholders and members in a letter that the CBOT board has "endorsed a deal with CME that undervalued the CBOT from the outset."
    Mike Gagn', president and CEO of the Winnipeg exchange, said in an interview today the organization's board decided some time ago to seek a relationship with another exchange "that would provide value for our shareholders" and ensure the WCE's long-term viability. More...

  • June-23-2007 -- UPDATE 1-Jones Apparel agrees to sell Barneys for $825 mln
    Jones Apparel announced late Friday a much-expected deal to sell the upscale chain to Istithmar, a private-equity firm owned by the Dubai government, for $825 million in cash.
    The company said it is evaluating the use of Barneys sale proceeds, which are estimated at $770 million. More...

  • June-23-2007 -- Apple now third-largest US music retailer-survey
    Apple's iTunes is third behind market leader Wal-Mart Stores Inc. with a 15.8 percent share, and Best Buy Co Inc. with a 13.8 percent share, according to the survey of 40,000 people aged 13 and older.
    As per latest market reports, Apple iTunes is now the third largest music store in the U.S. market. More...

  • June-23-2007 -- US tries to see positives in trade talks collapse
    In India, about two-thirds of the country's more than a billion people live off agriculture.
    "There cannot be a trade-off between livelihoods and prosperity." More...

  • June-23-2007 -- Utahns welcome new FDA supplement rule
    The U.S. Food and Drug Administration announced Friday that manufacturers of vitamins, herbal pills and other dietary supplements would have to test the ingredients of all their products for safety and purity.
    An industry leader, Pharmavite adheres to manufacturing standards recommended by the United States Pharmacopeia, a not-for- profit organization that has set pharmaceutical and dietary supplement quality standards since 1820. More...

  • June-23-2007 -- Bear Stearns to bail out hedge fund
    June 21 -- Merrill Lynch & Co.' s threat to sell $800 million of mortgage securities seized from Bear Stearns Cos. hedge funds is sending shudders across Wall Street.
    In August, the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund — the second fund that eventually had huge losses — was started with $600 million in investments, mostly from wealthy individual clients of Bear Stearns, and at least $6 billion in money borrowed from banks and brokerage firms. More...

  • June-23-2007 -- Delphi Union Accord Closes Seven Plants, People Say (Update1)
    CHICAGO/DETROIT - Delphi Corp. said on Friday it had reached a tentative deal with the United Auto Workers and former parent General Motors Corp. intended to allow the auto parts maker to cut wages and emerge from bankruptcy.
    The company is also negotiating with investors, led by private-equity firm Appaloosa Management LP, for a possible infusion of more than $3 billion. More...

  • June-23-2007 -- A Glamorous Public Debut for Blackstone
    June 22 -- Blackstone Group LP, abandoning 22 years of private ownership, now faces increasing scrutiny from U.S. and British lawmakers who want the buyout firm to pay more taxes.
    Blackstone's profit more than doubled in the first quarter to $1.13 billion, 15 percent less than the firm made in all of 2005, according to the company's filings with the U.S. Securities and Exchange Commission. More...

Saturday (Update 1)


  • June-23-2007 -- Nuance Communications Tumbles
    In fiscal 2008, Nuance expects Tegic, a maker of embedded software for mobile devices, to contribute between $45 million and $48 million in revenue, or a loss of 12 cents to 13 cents per share.
    Nuance, which provides speech recognition and imaging solutions, expects T9 software to help it expand in the mobile industry, the company said in a statement. More...

  • June-23-2007 -- Plan for Western Md. Power Line Endorsed
    Managers of the Mid-Atlantic power grid approved yesterday a $1.8 billion transmission line project that could bring less-expensive electricity into Maryland from West Virginia, but the potential benefits are at least five years away.
    Allentown - At the direction of the PJM Interconnection board of managers, PPL Electric Utilities will build a portion of a new 500,000-volt transmission line that has been identified as essential to long-term reliability of the interconnected electric system. More...

  • June-23-2007 -- Toyota not planning wage cuts, official says
    Jim Press, the top man at Toyota's North American operations, got the go-ahead from shareholders Friday to become the first non-Japanese member of the automaker's board of directors.
    Jim Press was named as the company's first non-Japanese board member. More...

  • June-23-2007 -- IMF says exchange rate policies will require careful judgement
    In assessing the impact of globalization, the IMF must examine the role of exchange rates objectively as one factor among many, the central bank said.
    The report said U.S. activity'should pick up as the drag from housing dissipates, business investment recovers, and higher foreign growth supports net exports.' 'However, growth is uncomfortably close to the 2.0 percent'stall speed' associated with past recessions, even if other accompanying factors ' rising unemployment and high real interest rates ' are not evident,' the IMF said. More...

  • June-23-2007 -- Oil, Gas Prices Up on Iran, Nigeria News
    Brent crude, currently seen as the best indicator of world oil prices, climbed $1.01 to $71.23 a barrel by 1520 GMT. U.S. light crude rose 59 cents at $69.24.
    Throughout the spring, oil prices have followed the lead of gasoline futures. More...

  • June-23-2007 -- Conflict Case Lashes Lear
    Lear, which is facing criticism of billionaire Carl Icahn's $36-per-share buyout offer, delayed a shareholder vote on the deal until July 12, the auto parts maker said on Friday.
    Specifically, Proxy Governance said it has concerns over Chief Executive Bob Rossiter's "objectivity and willingness to consider all possible combinations that could deliver enhanced value for shareholders." More...

  • June-23-2007 -- Limited Brands to cut jobs, boost buyback
    Clothing retailer increases buyback from $500M, plans to cut 10% of corporate staff and issue $1.25B in debt.
    The company stated that the 10% reduction in headcount includes the elimination of open positions, reduction of current staff and transfers to the new Express business in conjunction with the upcoming sale. More...

  • June-23-2007 -- BP seeks to drill new future in Russian venture
    TNK-BP, BP's Russian joint venture, has agreed to sell Gazprom the whole 62.89 percent stake it owns in Russia Petroleum, the company which holds the license for the Kovykta gas field, and its 50 percent interest in the East Siberian Gas Company, which is constructing the regional gasification project.
    British-Dutch oil group Shell was forced to sell Sakhalin-2 in far eastern Russia, one of the biggest private oil and gas projects in the world, to Gazprom after pressure from Russian authorities over alleged environmental violations. More...

  • June-23-2007 -- Jones Apparel To Sell Barneys NY To Istithmar For $825 Million
    Jones Apparel announced late Friday a much-expected deal to sell the upscale chain to Istithmar, a private-equity firm owned by the Dubai government, for $825 million in cash.
    Fashion retailer Jones Apparel is set to sell storied emporium Barneys to a private equity firm for twice as much as it paid three years ago. More...

  • June-23-2007 -- Sales of Digital Music Players Fall
    Apple's iTunes Store is widely known as the largest 'online' music retailer, however, according to a report from market research firm NPD, the increasingly popular iTunes Store recently overtook Amazon in overall music sales ' which considers all retailers including traditional brick and mortar stores ' taking the third position with 9.8 percent market share behind leaders Wal-Mart and Best Buy, with 15.8 and 13.8 percent respectively.
    To a lesser degree, music player sales are also being cannibalized by surging interest in cellphones with music players, says Ross Rubin, director of consumer technology industry analysis at the NPD Group. More...

  • June-23-2007 -- United Air Says Computer Failure Blocked All Takeoffs (Update5)
    CHICAGO: A computer malfunction at United Airlines in Chicago halted all United departures systemwide for two hours Wednesday, the carrier said.
    United's hubs are O'Hare, Dulles and airports in Denver, Los Angeles and San Francisco. More...

  • June-23-2007 -- In the UK, yawns
    June 21 -- Dow Jones & Co.' s talks over a proposed $5 billion takeover by News Corp. may speed up after the publisher's directors took control of discussions and a new bidder emerged for shares of the controlling Bancroft family.
    "The decision to have the board handle negotiations should expedite things,'' said Ken Doctor, an analyst at Outsell Inc., a media researcher in Burlingame, California. More...

  • June-23-2007 -- New FDA safety rules for dietary products
    The U.S. Food and Drug Administration announced Friday that manufacturers of vitamins, herbal pills and other dietary supplements would have to test the ingredients of all their products for safety and purity.
    More in-depth analysis will follow. More...

  • June-23-2007 -- US tries to see positives in trade talks collapse
    In India, about two-thirds of the country's more than a billion people live off agriculture.
    "There cannot be a trade-off between livelihoods and prosperity." More...

  • June-23-2007 -- Worries rise as fund crashes
    June 21 -- Merrill Lynch & Co.' s threat to sell $800 million of mortgage securities seized from Bear Stearns Cos. hedge funds is sending shudders across Wall Street.
    In August, the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund — the second fund that eventually had huge losses — was started with $600 million in investments, mostly from wealthy individual clients of Bear Stearns, and at least $6 billion in money borrowed from banks and brokerage firms. More...

  • June-23-2007 -- Pact would slash wages at Delphi
    CHICAGO/DETROIT - Delphi Corp. said on Friday it had reached a tentative deal with the United Auto Workers and former parent General Motors Corp. intended to allow the auto parts maker to cut wages and emerge from bankruptcy.
    The company is also negotiating with investors, led by private-equity firm Appaloosa Management LP, for a possible infusion of more than $3 billion. More...

  • June-23-2007 -- Private equity IPO hailed
    June 22 -- Blackstone Group LP, abandoning 22 years of private ownership, now faces increasing scrutiny from U.S. and British lawmakers who want the buyout firm to pay more taxes.
    Closely watched by Wall Street and Washington, the units shot up 23 percent to $38 in early trade. More...

Friday (Update 2)


  • June-22-2007 -- Private equity IPOs unfazed by tax man
    A House bill introduced Wednesday would force private-equity firm Blackstone Group to pay taxes at a higher rate immediately after it goes public.
    Blackstone Group LP, the nation's second-biggest buyout fund, is scheduled Friday to make the sixth-largest initial public offering of stock in U.S. history, despite threats from Congress to more than double the tax rate for it and other similar publicly traded partnerships. More...

  • June-22-2007 -- Glitch grounds United flights
    CHICAGO -- A computer malfunction at United Airlines halted all departures systemwide for two hours Wednesday, causing delays that lingered throughout much of the day, the carrier said.
    United's hubs are O'Hare, Dulles and airports in Denver, Los Angeles and San Francisco. More...

  • June-22-2007 -- Union steps up pressure on grocers
    LOS ANGELES, CA -- Labor talks between three supermarket operators and their Southern California employees have stalled and the union says it will ask its members for the power to call a strike.
    Using front groups and underhanded tactics, the unions are trying to stop Tesco, the UK's leading grocer, from offering more choice to consumers because it might erode union membership. More...

  • June-22-2007 -- THE CLOSING BELL: Garmin rebounds from slide of Wednesday
    NEW YORK, June 21 -- Stocks moved higher after a back-and-forth session as investors apparently set aside some interest rate concerns and took upbeat economic data at face value.
    Subsequent spikes in yields, which move inversely to bond prices, have at times rattled stock markets. More...

  • June-22-2007 -- First American on Toyota's board
    Jim Press, the top man at Toyota's North American operations, got the go-ahead from shareholders Friday to become the first non-Japanese member of the automaker's board of directors.
    Despite the reported concerns about U.S. production expansion, the U.S. likely is to remain one of Toyota's most profitable markets. More...

  • June-22-2007 -- Limited to Cut 10% of Staff,
    Clothing retailer increases buyback from $500M, plans to cut 10% of corporate staff and issue $1.25B in debt.
    No job cuts are expected in stores, distribution centers or call centers. More...

  • June-22-2007 -- Pfizer's Lyrica Cleared for Fibromyalgia
    NEW YORK-- --Pfizer announced today that the Food and Drug Administration approved Lyrica capsules CV for the management of fibromyalgia, one of the most common chronic, widespread pain conditions in the United States.
    " I had to give up my career and I wasn ' t able to participate in a lot of my children ' s activities, " said Carolyn Bishop, a fibromyalgia patient and participant in one of the Lyrica clinical trials. More...

  • June-22-2007 -- Lear shareholder meeting delayed until July 12
    CHICAGO - Institutional Shareholder Services is recommending that Lear Corp. shareholders vote against Carl Icahn's $2.86 billion proposed takeover of the U.S. auto-parts maker because of its price, according to a copy of the report obtained on Thursday.
    Lear management has argued that it faces considerable risks as a North American auto-parts supplier. More...

  • June-22-2007 -- Nuance to Buy AOL Unit Tegic
    In a move which will expand its presence in the mobile industry, speech technologies leader Nuance Communications Inc. has reportedly acquired Tegic Communications Inc., a wholly owned subsidiary of AOL which develops embedded software for mobile devices.
    Nuance said the company, a subsidiary of Time Warner's AOL L.L.C., will contribute a loss of between $0.12 and $0.13 per share in 2008 to Nuance's financials. More...

  • June-22-2007 -- UAW's Gettelfinger says automakers 'posturing'
    DETROIT - The United Auto Workers union has summoned local presidents from Delphi plants for a meeting tomorrow about contract talks with the auto parts maker.
    Non-skilled wages will continue at $18.50 an hour for 8,500 workers hired at Delphi since 2004, instead of $12 the company had proposed, the people said. More...

  • June-22-2007 -- Bar raised for suits by investors
    The Supreme Court has tightened its standard for hearing shareholder lawsuits accusing companies of fraudulent business practices.
    The justices set aside a ruling, issued by the Chicago-based 7th U.S. Circuit Court of Appeals, that Pritchard said would have had a "big impact'' and given investors considerably more ability to file lawsuits. More...

  • June-22-2007 -- Gazprom Gains BP Gas Field as Putin Tightens Control (Update3)
    LONDON - BP PLC confirmed it will sell its stake in the major Kovykta gas project to Russias state-owned gas monopoly Gazprom for between 700 and 900 mln usd.
    BP and TNK-BP have also signed a memorandum of understanding on creating a strategic alliance with Gazprom for investing in long term strategic projects or asset swaps across the globe, BP said in a statement on Friday. More...

  • June-22-2007 -- IMF expects US economy to pick up for rest of year and into 2008
    China has issued a pointed warning to the International Monetary Fund not to back U.S. pressure for a faster appreciation of the renminbi in a planned review of global exchange rates.
    The new rules do not require the IMF to prove ill intent. More...

  • June-22-2007 -- Oil, Gas Prices Up on Iran, Nigeria News
    Light, sweet crude for July delivery on the New York Mercantile Exchange rose a penny to settle at 69.10 a barrel, the highest close since Sept. 1.
    LONDON - Oil prices rose a dollar to above $71 a barrel on Friday on fears that a strike by Nigerian unions could intensify and hit shipments from the world's eighth-largest exporter. More...

  • June-22-2007 -- Clear run at Dow Jones
    June 21 -- Dow Jones & Co.' s talks over a proposed $5 billion takeover by News Corp. may speed up after the publisher's directors took control of discussions and a new bidder emerged for shares of the controlling Bancroft family.
    At a Dow Jones board meeting yesterday, family representatives presented a proposal to create a special committee that would enforce certain principles in order to protect Journal editors and reporters from outside pressure. More...

  • June-22-2007 -- Bear Stearns offers 3.2 bln usd financing to hedge fund
    June 21 -- Merrill Lynch & Co.' s threat to sell $800 million of mortgage securities seized from Bear Stearns Cos. hedge funds is sending shudders across Wall Street.
    Merrill's rejection could lead other creditors to seek to seize and sell collateral held by the fund, known as the High-Grade Structured Credit Strategies Enhanced Leverage fund. More...

  • June-22-2007 -- Brazil, India declare G4 dead
    Ministers from the United States and the European Union, representing rich nation interests, and Brazil and India, for the developing world, were quick to blame the other side for the failure.
    "There cannot be a trade-off between livelihoods and prosperity." More...

  • June-22-2007 -- Blackstone shares soar 30% in opening dealings
    June 22 -- Blackstone Group LP shares jumped as much as 23 percent as investors clamored for a slice of the biggest initial public offering by a U.S. leveraged buyout firm.
    June 21 -- Blackstone Group LP, undeterred by congressional attempts to raise taxes on private-equity firms, raised $4.13 billion in the largest U.S. initial public offering in five years. More...

Friday (Update 1)


  • June-22-2007 -- Union steps up pressure on grocers
    LOS ANGELES - Labor talks between three supermarket operators and their Southern California employees have stalled and the union says it will ask its members for the power to call a strike.
    If, as is expected, the workers reject the offer, they will be asked to authorize a strike against Ralphs and Vons. More...

  • June-22-2007 -- Equity Inns to be bought by Goldman Sachs fund for 2.2 bln usd
    Equity Inns, which owns mid-market hotels, has agreed to be acquired by Goldman Sachs' real estate fund, Whitehall, in a deal worth $2.2 billion, including assumed debt, the company said on Thursday.
    Equity Inns has about 54.7 million shares outstanding, according to Thomson Financial. More...

  • June-22-2007 -- Conrad trial lumbers on
    CHICAGO ' Conrad Black is no thief, his lawyer says, and the jury in his fraud trial should consider the U.S. government's lack of evidence suggesting that he is.
    CHICAGO Conrad Black's attorney accused prosecutors Tuesday of trying to prejudice jurors against the fallen media mogul by focusing on his affluent lifestyle while basing their racketeering and fraud case on the word of a former business partner he described as "a proven liar." More...

  • June-22-2007 -- Gov. OKs Florida's Biggest Tax Cut Ever
    'My homeowners insurance didn't get rolled back.
    The other option is a "super exception." More...

  • June-22-2007 -- Yahoo! Sports To Sport A New Site
    Yahoo Inc., which owns the world's most popular Website, has announced plans to acquire Rivals.com, a site for fans of college and high school teams, bolstering the Internet media company's place as the top U.S. sports site in audience terms, Reuters reported.
    Reports of News Corp's interest in 25 percent stake in Yahoo! has put pressure on Yang to provide the firm with much-needed direction. More...

  • June-22-2007 -- FDA Clears Pfizer's Lyrica
    NEW YORK-- --Pfizer announced today that the Food and Drug Administration approved Lyrica capsules CV for the management of fibromyalgia, one of the most common chronic, widespread pain conditions in the United States.
    According to an unnamed Pfizer spokesperson, the company is working to answer the additional questions in the approvable letter, adding that the questions will not require new clinical trials. More...

  • June-22-2007 -- US Initial Jobless Claims Rose 10000 to 324000 Last Week
    WASHINGTON: The number of newly laid off American workers filing claims for unemployment benefits shot up unexpectedly last week, rising to the highest level in two months.
    WASHINGTON - The number of U.S. workers filing initial claims for jobless aid rose last week, suggesting some softening in the U.S. labor market, but a forward-looking economic gauge released Thursday pointed to a pick-up in growth. More...

  • June-22-2007 -- Pier 1 Shares Fall on 1Q Results
    NEW YORK — Shares of Pier 1 Imports Inc. sank on Thursday after the home-furnishings retailer reported a steeper-than-expected first-quarter loss which one analyst called "weak and messy."
    Total sales declined 5.2% for the first fiscal quarter to $356,375,000 from $376,092,000 in the year-ago quarter, and comparable store sales declined 5.4%. More...

  • June-22-2007 -- Delphi, GM, Auto Workers Near Agreement, People Say (Update1)
    DETROIT - The United Auto Workers union has summoned local presidents from Delphi plants for a meeting tomorrow about contract talks with the auto parts maker.
    UAW Vice President Cal Rapson and President Ron Gettelfinger told the Delphi local leaders to prepare for a ratification vote, perhaps in the next few days. More...

  • June-22-2007 -- Expansion of Economy Is Expected to Continue
    The Conference Board said its index of leading economic indicators rose a higher-than-expected 0.3 percent in May, boosted by rising stock prices, higher consumer expectations and the availability of jobs.
    The Conference Board's index of coincident indicators, a gauge of current economic activity, rose 0.2 percent in May, after increasing 0.1 percent the month before. More...

  • June-22-2007 -- H&R; Block Swings to Loss
    H&R; Block Inc. swung to a fourth-quarter loss Thursday as the continuing struggles of its mortgage lending arm offset higher revenue in its tax and financial services divisions.
    Profit excluding the mortgage unit was $591 million, or $1.81 a share, missing the $1.88 average estimate of seven analysts compiled by Bloomberg. More...

  • June-22-2007 -- US Stock-Index Futures Drop; Bear Stearns, Citigroup Decline
    June 21 -- Merrill Lynch & Co.' s threat to sell $800 million of mortgage securities seized from Bear Stearns Cos. hedge funds is sending shudders across Wall Street.
    Late last week, the fund sold off at least $4 billion of mortgage securities, to help pay for client redemptions and expected margin calls. More...

  • June-22-2007 -- Cheap Sunglasses? Not For Luxottica
    MILAN - Italian luxury eyewear group Luxottica is targeting 2007 pro-forma sales of 5.7 billion euros after it buys U.S. sunglasses maker Oakley Inc., slightly up from 5.0 billion previously.
    Please note that a slide presentation will be available for download from Luxottica Group's investor relations corporate Web site at www.luxottica.com/english/investor_relations/presentation.html and on Oakley's investor Web site at investor.oakley.com shortly before the start of the audio Web cast. More...

  • June-22-2007 -- Investors have more to prove in fraud suits
    WASHINGTON — Investors who already had lost money on their stocks lost again at the Supreme Court on Thursday when the justices imposed a strict standard for shareholders suing companies accused of fraud.
    'We are confident that the complaint brought by Millberg Weiss against Tellabs will ultimately be found to be without merit,' Tellabs noted. More...

  • June-22-2007 -- Oil falls below 70 usd as Nigeria strike threat fears ease
    Light, sweet crude for July delivery on the New York Mercantile Exchange rose a penny to settle at $69.10 a barrel, the highest close since Sept. 1.
    In other Nymex trading, heating oil futures for July lost 1.94 cents to $2.0053 a gallon while natural gas prices fell 1.1 cents to $7.337 per 1,000 cubic feet. More...

  • June-22-2007 -- Blackstone IPO Raises $4.13 Billion as Senators Weigh Tax Hike
    When Blackstone shares start trading, under the symbol BX on the New York Stock Exchange, retail investors will also have a chance to buy into the management company of Blackstone, which has raked in massive fees and profits by engineering some of the biggest deals in the buyout boom.
    Blackstone is selling about 153m units to investors in a landmark flotation expected to raise up to $4.8bn, value the firm at about $32bn and allow founders Steve Schwarzman and Pete Peterson to receive a combined pay-out of up to $2.6bn. More...

  • June-22-2007 -- Collapse of WTO talks leaves trade round in limbo
    Ministers from the United States and the European Union, representing rich nation interests, and Brazil and India, for the developing world, were quick to blame the other side for the failure.
    "The president is disappointed that certain countries are blocking an opportunity to expand trade," spokesman Tony Fratto said. More...

  • June-22-2007 -- Dow Jones sale
    June 21 -- Dow Jones & Co.' s talks over a proposed $5 billion takeover by News Corp. may speed up after the publisher's directors took control of discussions and a new bidder emerged for shares of the controlling Bancroft family.
    "The combination of a complicated structure and a very high-priced deal makes it not surprising that GE and Pearson won't pursue a deal with Dow Jones,'' said Robert Broadwater, managing director of Broadwater & Associates, a media investment firm. More...

Thursday (Update 2)


  • June-21-2007 -- Defense calls Black'stubborn' but 'innocent'
    CHICAGO ' Conrad Black is no thief, his lawyer says, and the jury in his fraud trial should consider the U.S. government's lack of evidence suggesting that he is.
    CHICAGO - Jurors at the Conrad Black fraud trial will hear from lawyers from the fallen press baron's co-defendants before court wraps up for the week. More...

  • June-21-2007 -- Stocks & Bonds Shares Decline as Treasury Yields Soar
    NEW YORK — Wall Street edged lower Monday after three days of solid gains as investors watched Treasury bond yields fluctuate amid lingering questions about inflation.
    A jump in Treasury yields that unnerved investors and sent stocks tumbling Wednesday, wasn't repeated Thursday, though yields ticked higher following the manufacturing report. More...

  • June-21-2007 -- Top US Court Tightens Limits on Shareholder Suits (Update1)
    The justices, in a 7-1 vote that gave investment banks a new shield from antitrust claims, threw out lawsuits that accused the securities industry of rigging 900 initial public offerings.
    In an 8 to 1 decision, the justices said that courts must consider possible innocent explanations for defendants' conduct at the beginning of securities fraud cases. More...

  • June-21-2007 -- Wall Street likes MySpace-for-Yahoo-stake deal
    GLOBAL media giant News Corporation has discussed swapping social networking site MySpace with internet giant Yahoo in return for a 25 per cent stake in the group, The Times newspaper reported overnight.
    The daily newspaper, which is owned by News Corp, warned that the "tentative" talks could collapse following last week's departure of Yahoo chief executive Terry Semel, who was replaced by Yahoo's co-founder Jerry Yang. More...

  • June-21-2007 -- Yahoo buying college sports Web site
    SAN FRANCISCO - Yahoo Inc. said on Wednesday it would acquire Rivals.com, a site for fans of college and high school teams, bolstering the Internet media company's place as the top U.S. sports site in audience terms.
    Rivals.com is the premier online destination for college and high school sports as well as recruiting information and it major focus is on football and basketball, two of America's favorite pastimes. More...

  • June-21-2007 -- Private equity firm Blackstone Group heads for IPO
    NEW YORK - Blackstone Group LP, the world's second-largest private equity fund, will price its much-anticipated initial public offering on Thursday, according to underwriter Morgan Stanley.
    In an amended IPO prospectus Wednesday, the private-equity fund management firm also confirmed the size of the deal at 133.33 million common units, which will raise about $4 billion - the richest U.S. stock debut in years. More...

  • June-21-2007 -- Wal-Mart's Unbanking Business
    NEW YORK, June 20 - Wal-Mart Stores Inc. said on Wednesday it will open 1,000 financial services centers in its stores and roll out a prepaid Visa card nationwide in a major expansion of services the retailer provides to its base of lower-income customers.
    The card is designed for consumers who do not have bank accounts or access to credit cards, said Jane Thompson, president of Wal-Mart financial services. More...

  • June-21-2007 -- Oil approaches $70 US a barrel
    Light, sweet crude for July delivery lost 37 cents to $68.72 a barrel in Asian electronic trading on the New York Mercantile Exchange, mid-afternoon in Singapore.
    Heating oil futures dropped 0.74 cent to end at $2.0268 a gallon, and natural gas prices fell 17.1 cents to $7.519 per 1,000 cubic feet. More...

  • June-21-2007 -- A crafty old fox
    June 21 -- Dow Jones & Co.' s talks over a proposed $5 billion takeover by News Corp. may speed up after the publisher's directors took control of discussions and a new bidder emerged for shares of the controlling Bancroft family.
    The decision follows several weeks of discussions within Dow Jones' controlling Bancroft family that have failed to bridge a rift over whether to accept Mr Murdoch's offer. More...

  • June-21-2007 -- US Initial Jobless Claims Rose 10000 to 324000 Last Week
    WASHINGTON, June 21: The number of U.S. workers filing new claims for jobless benefits rose to a two-month high last week, the U.S. Labor Department said Thursday.
    The report showed that continuing claims in the week ended June 9 rose to 2.523 million from the preceding week's revised level of 2.484 million. More...

  • June-21-2007 -- Corporate Debt Risk Jumps on Concern Over Bear Stearns Funds
    June 21 -- Merrill Lynch & Co.' s threat to sell $800 million of mortgage securities seized from Bear Stearns Cos. hedge funds is sending shudders across Wall Street.
    The plan calls for New York-based Bear Stearns to provide the money only if some of the hedge fund's creditors, which include Merrill Lynch & Co. and JPMorgan Chase & Co., inject $500 million of cash into the fund, said the person, who declined to be named because the negotiations aren't public. More...

  • June-21-2007 -- EPA pushes stiff ozone limits
    The Environmental Protection Agency today proposed reducing
    An advisory board of scientists to the EPA unanimously recommended the standard be set at 70 parts per billion last year. More...

  • June-21-2007 -- WTO Talks in Germany Fail
    The Doha round was launched in 2001 to boost the global economy and help poor countries.
    The Doha round of global trade talks - stalled over the twin issues of farm subsidies and market access - is unlikely to be completed anytime soon, a senior Commerce ministry official said Thursday. More...

  • June-21-2007 -- Pier 1 Imports loss widens amid liquidation
    NEW YORK — Shares of Pier 1 Imports Inc. sank on Thursday after the home-furnishings retailer reported a steeper-than-expected first-quarter loss which one analyst called "weak and messy."
    Recently, on June 4, the company guided first quarter earnings below analysts' consensus estimate due to what the company called a challenging overall retail environment, especially weak sales of home merchandise. More...

  • June-21-2007 -- H&R; Block's Subprime Nightmare
    H&R; Block Inc. swung to a fourth-quarter loss Thursday as the continuing struggles of its mortgage lending arm offset higher revenue in its tax and financial services divisions.
    The Kansas City, Mo. -based company, which also provides business services to midsize companies and financial advice to consumers, said early Thursday it lost $85.5 million in the fourth quarter. More...

  • June-21-2007 -- Investors have their say on 'Belus'
    June 21 -- Shares of BCE Inc. rose as much as 4.3 percent after the company announced merger talks with smaller rival Telus Corp., the fourth suitor to seek a partnership with Canada's biggest phone-service provider.
    Telus, Canada's No. 2 phone company, confirmed early on Thursday that it is talks to explore the acquisition of larger rival BCE, already the possible target of several bidders, and has signed a nondisclosure and standstill agreement. More...

  • June-21-2007 -- System failure grounds United flights
    A computer malfunction at United Airlines in Chicago halted all United departures system wide for two hours Wednesday, the carrier said.
    United's hubs are O'Hare, Dulles and airports in Denver, Los Angeles and San Francisco. More...

  • June-21-2007 -- Ray-Ban maker Luxottica to buy Oakley for $2.1B
    Under the agreement, Luxottica Group, whose brands include Ray-Ban and Arnette, will buy all the outstanding shares of Oakley for $29.30 per share.
    Here's a summer-y deal, a piece of MA for the outdoorsy crowd - the snowboarders, sailers and skiers among you: Luxottica, the Italian eyewear firm best known for its Ray-Ban, Prada and Chanel sunglasses, has agreed to buy its California-based rival Oakley for $2.1bn, or $29.30 per share. More...

Thursday (Update 1)


  • June-21-2007 -- MF Global IPO could be worth $5 billion
    Man Group, the world's biggest listed hedge fund firm, has set the indicative price range for the flotation of its U.S. brokerage arm, MF Global, valuing the unit between $4.6 billion and $5 billion.
    The value of MF Global is in line with analysts expectations, and would set the share price of the U.S. business at between $36 and $39. More...

  • June-21-2007 -- Oil prices move over $70
    Light, sweet crude for July delivery lost 37 cents to $68.72 a barrel in Asian electronic trading on the New York Mercantile Exchange, mid-afternoon in Singapore.
    LONDON - Oil eased further from a 10-month high above $72 on Wednesday on news a general strike in Nigeria had so far failed to interrupt crude shipments from Africa's top producer. More...

  • June-21-2007 -- Defense calls Black'stubborn' but 'innocent'
    CHICAGO ' Conrad Black is no thief, his lawyer says, and the jury in his fraud trial should consider the U.S. government's lack of evidence suggesting that he is.
    Greenspan scoffed at the idea that Black was even involved in arranging the so-called non-compete payments and said Radler was the one who made most of the deals. More...

  • June-21-2007 -- Wal-Mart told to pay $2m to fired pharmacist
    Wal-Mart spokesman John Simley said today that the retailer was studying the verdict and had not ruled out filing an appeal.
    The court decision that a female pharmacist who had worked in the Wal-Mart pharmacy in Pittsfield for 10 years had been discriminated against comes as a class action suit brought against Wal-Mart by 1.6 million female workers makes its way through the court system. More...

  • June-21-2007 -- SEC set to ease accounting rules for foreign companies
    In tentatively agreeing to ease an accounting requirement for foreign companies with U.S. -traded shares, the Securities and Exchange Commission opened the way for a related change that would allow all public companies, when reporting financial results, to choose between international and U.S. accounting standards.
    WASHINGTON - U.S. lawmakers on Tuesday asked the Securities and Exchange Commission to clarify an accounting rule that may be preventing some institutions from making loan modifications to help subprime mortgage borrowers. More...

  • June-21-2007 -- PBOC's Wu reaffirms China policy on stable yuan
    WASHINGTON, June 20 - The U.S. Treasury refrained from labeling China a currency manipulator because of steps Beijing has taken toward exchange rate liberalization, Treasury Secretary Henry Paulson said on Wednesday.
    When asked why there appears to be little public confidence in the U.S. economy, Paulson cited the widening income gap, the pace of economic change, and technological advancements as possible reasons. More...

  • June-21-2007 -- Most stocks fall as bonds rise
    Shares are still well above the $62.95 share price before Kerkorian's initial move.
    The new resort may cost $4 billion, based on development costs and land values of other recent projects on the Strip, CIBC analyst David Katz wrote in a note today. More...

  • June-21-2007 -- Blackstone IPO: Price too rich?
    The leaders of the Senate Finance Committee last week introduced bipartisan legislation that would sharply raise the taxes for private equity firms that go public, as industry giant Blackstone Group proposes to do.
    It may seem strange that Congress is making an issue out of Stephen Schwarzman's tax rate. More...

  • June-21-2007 -- Dow Jones board to oversee Murdoch talks
    June 21 -- Dow Jones & Co.' s talks over a proposed $5 billion takeover by News Corp. may speed up after the publisher's directors took control of discussions and a new bidder emerged for shares of the controlling Bancroft family.
    The board could soon be drawn into a more prominent – and potentially perilous – role under a number of scenarios. More...

  • June-21-2007 -- Dow Tumbles 146 Points as Bond Yields Rise Again
    A surge in Treasury yields rattled Wall Street yesterday, forcing stocks to give up early gains and driving down the Dow Jones industrial average more than 140 points.
    Wednesday's pullback, which slashed more than 140 points from the Dow Jones industrial average, came ahead of a weekly government reading on jobless claims and the Conference Board's May index of leading economic indicators. More...

  • June-21-2007 -- Rescue plan for two hedge funds may falter
    A highly leveraged Bear Stearns hedge fund that made bad bets on the subprime mortgage market was on the brink of failure on Tuesday after Merrill Lynch rejected a proposed rescue plan and prepared to auction off $850m of assets that the fund had pledged as collateral.
    The Wall Street Journal, citing people familiar with the matter, said that over the weekend the fund's managers, led by Bear mortgage veteran Ralph Cioffi, hammered out a plan to raise new capital and obtain a short-term loan to meet the most immediate margin calls. More...

  • June-21-2007 -- Wal-Mart's New Nonbank Bank
    NEW YORK, June 20 - Wal-Mart Stores Inc. said on Wednesday it will open 1,000 financial services centers in its stores and roll out a prepaid Visa card nationwide in a major expansion of services the retailer provides to its base of lower-income customers.
    Customers who load $1,000 or more a month won't be charged a monthly of $4.94 and the card is usable anywhere where Visa is accepted. More...

  • June-21-2007 -- PRESS DIGEST - New York Times business news - June 21
    Net revenue at the company's trading and investment banking division increased by 39 percent to a record $7.4 billion, powered by record M&A; and underwriting fees.
    In the two years since John Mack took over as chief executive, Morgan Stanleys share price gained 67 percent, profit more than doubled and return on equity added more than 10 percentage points. More...

  • June-21-2007 -- FedEx fails to deliver as economy slows
    Analysts have forecast earnings for the period of $1.61.
    "FedEx's results are evidence of a slightly slower economy," said Stephen Lieber, Chief Investment Officer of Alpine Woods Investments, which manages $13 billion in assets and holds FedEx stock. More...

  • June-21-2007 -- Circuit City Posts Loss and Withdraws Guidance
    NEW YORK, June 21 - Consumer electronics retailer Circuit City Stores Inc Wednesday announced quarterly loss and withdrew its financial forecast for the year.
    Schoonover also said that the major restructuring changes that have been completed will allow the retailer to be prepared for the upcoming back-to-school and holiday sales periods. More...

  • June-21-2007 -- Nuveen OKs buyout offer from Madison
    Asset manager Nuveen Investments, the industry's biggest manager of closed-end mutual funds, has agreed to a $5.75 billion buyout by an investor group led by private equity firm Madison Dearborn Partners, the companies said on Wednesday.
    "The appeal is that the business doesn't require much capital and generates significant amounts of free cash flow," said Chris Hagedorn, a portfolio manager at Fifth Third Asset Management in Cincinnati, which invests $21.6 billion of assets and owns Nuveen shares. More...

  • June-21-2007 -- Wall Street likes MySpace-for-Yahoo-stake deal
    GLOBAL media giant News Corporation has discussed swapping social networking site MySpace with internet giant Yahoo in return for a 25 per cent stake in the group, The Times newspaper reported overnight.
    Facebook, the MySpace rival that Yahoo unsuccessfully bid $1 billion to acquire last year, has made major inroads on the space. More...

  • June-21-2007 -- 'They wasted my day': Glitch grounds United flights 2 hrs.
    A computer malfunction at United Airlines halted all departures systemwide for two hours Wednesday, the carrier said.
    While the computer system is back in service, it is expected that United flights will be delayed for most of the day across the country. More...

Wednesday (Update 2)


  • June-20-2007 -- John W. Schoen
    Construction of new houses fell in May as the nation's builders were battered by the crisis in subprime lending and rising mortgage rates.
    The percentage of payments that were 30 or more days days past due for subprime mortgages -- loans made to borrowers with weak credit histories -- rose to a record 15.75 percent in the January-March quarter. More...

  • June-20-2007 -- Pound Jumps Against Dollar
    LONDON, June 20 - Sterling topped two-week highs versus the dollar on Wednesday after June Bank of England minutes ran counter to analysts' forecasts and hinted that an interest rate hike could come as soon as July.
    Governor King was one of four of the MPC's members who wanted to lift rates to 5.75pc, which would have been the fifth increase since August. More...

  • June-20-2007 -- AT&T; CEO Unveils Video Share As Co Makes Wireless Push
    Video Share is not the same as video conferencing, which European cell phone users have been enjoying for years, as it can only stream one-way videos.
    Even though the iPhone has a high quality 2 megapixel camera, iPhone users won't be able to tap into Vdeo Share. More...

  • June-20-2007 -- Darden Sees Hiking Leverage, In Acquisition Hunt In FY08
    Darden said it expects diluted net earnings per share growth of 10 percent to 12 percent for continuing operations for fiscal 2008.
    In the fourth quarter, diluted net losses per share from discontinued operations were $1.05 compared to diluted net losses per share from discontinued operations of $0.02 in the prior year. More...

  • June-20-2007 -- FTC: Merger would hurt natural foods niche
    Whole Foods announced in February it agreed to buy smaller rival Wild Oats for $18.50 per share, or about $565 million.
    /AP FTC gives the OK Cerberus approved to buy Chrysler WASHINGTON — Federal antitrust regulators have cleared Cerberus Capital Management's $7 billion purchase of Chrysler, people close to the deal said Tuesday. More...

  • June-20-2007 -- UPDATE 1-Delphi, UAW very close to labor deal
    DETROIT - Union leaders say that the struggling auto parts maker Delphi is very close to reaching a wage & benefit agreement with the United Auto Workers.
    Combined, the U.S. -based carmakers have more than $100 billion in long-term retiree health care costs that analysts say must be reduced. More...

  • June-20-2007 -- Apotex hits hurdleas court upholds Plavix patent
    NEW YORK - A federal judge Tuesday permanently blocked a Canadian maker of a cheap generic version of blood thinner Plavix from marketing the drug, saying its version infringed on a valid patent for Plavix.
    At stake for Sanofi and Bristol-Myers was $6.1 billion in sales of a drug designed to prevent heart attacks. More...

  • June-20-2007 -- Oil slumps $1 after US stockpiles surprise
    WASHINGTON - U.S. gasoline supplies grew last week due to an increase in supplies of blending components for gasoline, the Energy Department said Wednesday.
    Crude oil inventories increased by 100,000 barrels to 342.4 million barrels for the week ending June 8, and stocks of distillate fuel, which include diesel and heating oil, rose by 300,000 barrels to 122.6 million barrels. More...

  • June-20-2007 -- MGM Says Kerkorian Won't Bid For Bellagio, CityCenter
    Tracinda, which owns 56 percent of MGM Mirage shares, expressed interest in the casino operator's two Las Vegas properties last month, but it halted negotiations as MGM said it will form a joint venture with Kerzner International Holdings Inc. to develop a "multibillion dollar" Las Vegas resort.
    Shares of MGM Mirage fell $7.75, or 9 percent, to $78.75 in electronic premarket trading. More...

  • June-20-2007 -- Black's Lawyers Hammer Former Partner's Testimony
    CHICAGO ' Conrad Black is no thief, his lawyer says, and the jury in his fraud trial should consider the U.S. government's lack of evidence suggesting that he is.
    Prosecutors have accused the four Hollinger executives of conspiring in a scheme to keep $60 million U.S. from shareholders during the sale of the company's U.S. newspaper assets. More...

  • June-20-2007 -- Yahoo! For MySpace?
    News Corporation is understood to be in discussions with Yahoo! about selling social networking site MySpace in return for a 25% stake in an enlarged U.S. digital company.
    The search engine's direction is uncertain following chief executive Terry Semel's resignation. More...

  • June-20-2007 -- Wal-Mart to offer prepaid cards
    NEW YORK, June 20 - Wal-Mart Stores Inc. said on Wednesday that it will open 1,000 financial services centers in its stores and roll out a prepaid Visa card nationwide, in a major expansion of services the retailer provides to its base of lower-income customers.
    "Many of our customers are paying too much, traveling too far and not being well served," Wal-Mart Financial Services President Jane Thompson said. More...

  • June-20-2007 -- Stock Market Update - Wed Jun 20 12:00:01 EDT 2007
    U.S. stocks were mixed but trending slightly higher on Wednesday, as a renewed rise in bond yields stalled a positive start for the major benchmarks.
    Broader stock indicators were lower. More...

  • June-20-2007 -- Sector Snap: Investment Managers
    ' Asset manager Nuveen Investments Inc., the industry's biggest manager of closed-end mutual funds, has agreed to a $5.75-billion buyout by an investor group led by private-equity firm Madison Dearborn Partners LLC, the companies said on Wednesday.
    Madison Dearborn will also assume existing debt of $550 million. More...

  • June-20-2007 -- UPDATE: Morgan Stanley Profit Jumps 40%, Outpacing Expectations
    Morgan Stanley said Wednesday its second-quarter profit rose more than 40%, outpacing Wall Street's expectations, on higher trading and investment banking results.
    Morgan Stanley's earnings per share from continuing operations rose 41% from last year and exceeded Street analysts' forecast. More...

  • June-20-2007 -- Treasure Hunt in the Lumberyard
    The sale of HD Supply to Bain Capital Partners, Carlyle Group and Clayton, Dubilier & Rice unloads a business built up by the home improvement retailer's former chief executive.
    NEW YORK - Home Depot Inc. has agreed to sell its supply division to three private equity firms, sources said on Tuesday, in a roughly $10 billion deal that unloads a business the home-improvement retailer's former chief executive worked to expand. More...

  • June-20-2007 -- Economy Woes Weigh on FedEx
    Analysts have forecast earnings for the period of $1.61.
    'You can't take hundreds of billions of dollars out of the U.S. consumer's pocket -- which are then not recycled through out economy -- and not have it have an effect.' FedEx projected profits of $1.45 to $1.60 per share for the first quarter, and $7 to $7.40 per share for the full fiscal year 2008. More...

  • June-20-2007 -- United flights recover from computer glitch
    CHICAGO - A United Airlines computer malfunction halted all departures systemwide for two hours Wednesday, the carrier said.
    Midway International Airport reported delays averaging 30 minutes for some flights, while other flights were delayed up to two hours, according to the department. More...

Wednesday (Update 1)


  • June-20-2007 -- Europe keeps carnival profits afloat
    Net revenue yields for the period increased 0.2% compared to the prior year, while net cruise costs increased 1.3%.
    For the same period the year before, Carnival said it earned $380 million, or 46 cents a share, on revenue of $2.66 billion. More...

  • June-20-2007 -- Cadbury to cut further 7800 jobs
    Cadbury Schweppes PLC said Tuesday it plans to close 15 percent of its candy factories by 2011, cutting about 7,500 jobs, and will likely sell the U.S. unit that makes 7-Up, Dr Pepper and Snapple soft drinks.
    After selling the U.S. unit, Cadbury will only sell Schweppes-branded drinks in Australia. More...

  • June-20-2007 -- Expedia to buy back shares
    NEW YORK - Shares of online travel companies mostly rose Monday, with Expedia Inc.' s shares soaring after it said it would buy back up to 42 percent of its common stock from shareholders for $3.5 billion.
    Expedia's directors and executives and Liberty Media, which owns 22 per cent of the company, will not be tendering any shares in the buy-back. More...

  • June-20-2007 -- Tyson Foods to sell antibiotic-free chicken
    Tyson Foods executives unveiled the new product line during a press conference Tuesday in New York.
    "We are the first major poultry company to offer fresh chicken raised without antibiotics on a large scale basis and at an affordable price for mainstream consumers," said Dave Hogberg, senior vice president – Fresh Meal Solutions for Tyson. More...

  • June-20-2007 -- IMF labels China threat to global boom
    The International Monetary Fund has approved changes that sharpen its monitoring of member countries' foreign exchange policies and warns governments against using tactics that may trigger external instability, IMF chief Rodrigo Rato said on Monday.
    The International Monetary Fund launched Monday a new surveillance of exchange-rate policies aimed at preventing a country from creating capital risks to the global economy. More...

  • June-20-2007 -- BC Partners Agrees to Buy Intelsat
    UK-based private equity firm BC Partners has agreed to acquire a majority stake in Intelsat Ltd., the world's largest commercial satellite operator, for $4.6 billion in an all-cash deal, Reuters reported.
    Raymond Svider, a Managing Partner of BC Partners said, 'Intelsat is the premier FSS satellite operator, with high-quality assets and a strong global brand. More...

  • June-20-2007 -- Whole Foods squares off against FTC
    Whole Foods announced in February it agreed to buy smaller rival Wild Oats for $18.50 per share, or about $565 million.
    /AP FTC gives the OK Cerberus approved to buy Chrysler WASHINGTON — Federal antitrust regulators have cleared Cerberus Capital Management's $7 billion purchase of Chrysler, people close to the deal said Tuesday. More...

  • June-20-2007 -- At Bear Stearns
    The bond market also enjoyed safe-haven bids on renewed worries about problems in subprime mortgages amid reports of heavy selling by a mortgage hedge fund, analysts said.
    The fund, run by Bear mortgage veteran Ralph Cioffi, slumped 23% in the first four months of 2007 when big bets on the deterioration of the subprime mortgage market went awry. More...

  • June-20-2007 -- Panel Supports Tax Breaks for Coal and Non-Oil Fuel
    WASHINGTON: U.S. Senate Democrats, pushing to pass a broad energy bill next week, have developed a package that would take about $25 billion in tax breaks and other benefits from the oil industry and use the money for a vast expansion of renewable energy sources.
    A proposal to hit oil companies with $29 billion in new taxes advanced in the Senate yesterday, designating the money for energy conservation, wind turbines, electric hybrid cars and clean-coal technology. More...

  • June-20-2007 -- Bristol-Myers Wins Plavix Trial, Renewing Takeover Speculation
    NEW YORK - A federal judge Tuesday permanently blocked a Canadian maker of a cheap generic version of blood thinner Plavix from marketing the drug, saying its version infringed on a valid patent for Plavix.
    Plavix, used by 48 million Americans, is Bristol-Myers' best selling product. More...

  • June-20-2007 -- Snyder Adds A TV Icon To His Empire
    Six Flags, Incorporated is taking a 40 percent equity interest in the television production operation.
    Under the deal, RedZone Capital acquires a 60 percent stake in the TV production company for $135 million. More...

  • June-20-2007 -- Oil slips as Nigeria's oil keeps flowing
    Light, sweet crude for July delivery on the New York Mercantile Exchange rose a penny to settle at $69.10 a barrel, the highest close since Sept. 1.
    Singapore - Oil prices eased in Asian trade Wednesday, ahead of the weekly U.S. energy inventory report, shrugging off concerns of possible supply disruption from a labour union strike in Nigeria, dealers said. More...

  • June-20-2007 -- AT&T;'s CEO touts a wireless future
    Video Share is not the same as video conferencing, which European cell phone users have been enjoying for years, as it can only stream one-way videos.
    Even though the iPhone has a high quality 2 megapixel camera, iPhone users won't be able to tap into Vdeo Share. More...

  • June-20-2007 -- Home construction down 2.1% in May
    Construction of new houses fell in May as the nation's builders were battered by the crisis in subprime lending and rising mortgage rates.
    "The biggest problems that we're seeing with subprime mortgages are mortgages that were made after the market had peaked," said John Langston, an analyst at First Dallas Securities. More...

  • June-20-2007 -- Best Buy lowers profit forecast
    The Minneapolis-based company said first-quarter earnings fell 18 percent, hurt by weak profits in China and increased sales of lower-margin products.
    Profit for the quarter ended June 2 dropped to 192 million, or 39 cents per share, from 234 million, or 47 cents per share, in the same period a year ago. More...

  • June-20-2007 -- Black trial based on envy and prejudice, says defence lawyer
    CHICAGO ' Conrad Black is no thief, his lawyer says, and the jury in his fraud trial should consider the U.S. government's lack of evidence suggesting that he is.
    The payments were attached to the sale of local newspaper titles in America and Canada between 1999 and 2001. More...

  • June-20-2007 -- Yahoo CEO has credibility problem
    SAN FRANCISCO - After exasperating investors for most of the past 18 months, Yahoo Inc. Chairman Terry Semel finally found a way to please Wall Street by stepping aside as chief executive.
    Investors welcome co-founder Jerry Yang as the new chief executive of the No. 2 search engine, but can he save Yahoo? Fortune's Adam Lashinsky weighs in. More...

  • June-20-2007 -- Home Depot focuses on retail experience
    The sale of HD Supply to Bain Capital Partners, Carlyle Group and Clayton, Dubilier & Rice unloads a business built up by the home improvement retailer's former chief executive.
    WASHINGTON Home Depot, the biggest U.S. home products retailer, said Tuesday it had reached a deal to sell its wholesale supply arm for 10.3 billion dollars to three private equity firms. More...

Tuesday (Update 2)


  • June-19-2007 -- Ex-Enron Chief Of Enron Broadband Services Receives Sentence
    Kenneth Rice, the 1-time energy giant's former Internet chief, was sentenced in Houston today to 27 months in prison.
    Rice was also the main witness for an eight-day trial of five former Enron officials at the Internet wing. More...

  • June-19-2007 -- GE, Pearson May Have Trouble Topping Murdoch Bid for Dow Jones
    The joint venture would combine the Financial Times, Dow Jones and business channel CNBC in a privately held joint venture, the Journal reported, citing people familiar with the matter.
    The talks between GE and London- based Pearson are exploratory and may collapse, the report said. More...

  • June-19-2007 -- US STOCKS-Futures slip before housing data, Yahoo higher
    Alcoa 's shares jumped nearly 3% to a six-year-high Monday on renewed speculation that mining giant BHP Billiton has revived plans for a $40 billion takeover of the U.S. aluminum company.
    Alcoa is the world's largest aluminum producer. More...

  • June-19-2007 -- News From Paris: ILFC Orders More Dreamliners, 737s
    ILFC becomes the largest 787 Dreamliner customer to date, adding 52 more airplanes for a total of 74 Leasing company to expand Next-Generation 737 and 777-300ER fleets with 11 additional airplanes LE BOURGET, France, June 19, 2007 -- Boeing and International Lease Finance Corp. today announced that the two companies have finalized orders for 63 airplanes worth approximately $8.8 billion at current list prices.
    Overall, the 787 Dreamliner order book is valued at nearly $100 billion at current list prices. More...

  • June-19-2007 -- Carnival Says Fuel Costs
    Net revenue yields for the period increased 0.2% compared to the prior year, while net cruise costs increased 1.3%.
    Excluding fuel, net cruise cost per ALBD on a constant dollar basis was equal to the prior year. More...

  • June-19-2007 -- Regency rallies on $603 million GE stake
    GE Energy Financial acquired 91 percent of Regency's general partner and 16.7 million subordinated units from HM Capital, a Dallas-based private equity firm.
    Joe Colonnetta, Partner at HM Capital, said: " Understanding the fragmented U.S. midstream marketplace, we have been successful in our mission to build Regency into a strategically relevant, midstream service provider. More...

  • June-19-2007 -- Ahead of the Bell: Housing Starts
    Builder confidence in June slid to its lowest level since February 1991 as concerns about subprime mortgage lending and rising prime mortgage rates soured the outlook for recovery, according to an industry index.
    WASHINGTON -- Home builders, worried about subprime loan problems and rising mortgage rates, are losing their confidence, which has dropped to the lowest level in 16 years, a new report said Monday. More...

  • June-19-2007 -- UPDATE: Wendy's Explores Company Sale, Cuts Forecasts
    ''While a sale remains only one of the alternatives under consideration, we believe it merits more thorough examination,'' James Pickett, Wendy's chairman and head of special committee doing the study, said in a statement.
    Wendy's International Inc. lowered its 2007 financial outlook and said it is exploring a possible sale of the company. More...

  • June-19-2007 -- Flaherty Wants Panel to Study Canadian Securities Regulator
    OTTAWA -- Finance Minister Jim Flaherty said Tuesday morning that he is offering disgruntled Atlantic provinces an "insurance policy" to ensure they do not lose money once they decide how to deal with Ottawa's new budget and altered equalization formula.
    In a letter released on the eve the meeting, the Canadian Coalition for Good Governance, which bills itself as the voice of shareholders, has called for a framework agreement and structure for a single regulator to be in place within two years. More...

  • June-19-2007 -- Daniel Snyder Buys American Bandstand Franchise
    Washington Redskins owner Daniel Snyder, whose investments in a theme park and a hamburger chain already had a 1950s flavor, today completed a nostalgic trifecta with the purchase of the American Bandstand franchise made famous by aging entertainer Dick Clark.
    TYSONS CORNER, Va.-- --RedZone Capital today announced the $175 million acquisition of dick clark productions, inc., owner or producer of some of television ' s most popular and exciting entertainment properties, as well as the owner of the world ' s most unique and extensive library of live televised music. More...

  • June-19-2007 -- Justices Back Wall St. On New Issues
    The justices, in a 7-1 vote that gave investment banks a new shield from antitrust claims, threw out lawsuits that accused the securities industry of rigging 900 initial public offerings.
    Justice Clarence Thomas was the lone dissenter. More...

  • June-19-2007 -- Home Depot Agrees to Sell
    NEW YORK - Home Depot Inc. has agreed to sell its supply division to three private equity firms, sources said on Tuesday, in a roughly $10 billion deal that unloads a business the home-improvement retailer's former chief executive worked to expand.
    The company's vast box-style stores sell a mass of goods from screws, pipes and doors to kitchen sinks and barbecues. More...

  • June-19-2007 -- Nigeria stays in focus as crude pulls back
    Light, sweet crude for July delivery fell 12 cents to $68.97 a barrel in electronic trading on the New York Mercantile Exchange midday in Europe.
    Analysts said general unrest in Nigeria continues to keep oil prices within striking distance of $70 a barrel. More...

  • June-19-2007 -- 2nd UPDATE: Best Buy 1Q Net Falls 18%, Cuts Earnings View
    MINNEAPOLIS — Electronics retailer Best Buy Co., concerned about an uncertain consumer spending environment, on Tuesday lowered its fiscal 2008 earnings guidance.
    Street expectation is earnings of $0.24 per share, on revenues of $1.00 billion. More...

  • June-19-2007 -- Bristol And Sanofi Still Shouldn't Merge
    NEW YORK - A federal judge Tuesday permanently blocked a Canadian maker of a cheap generic version of blood thinner Plavix from marketing the drug, saying its version infringed on a valid patent for Plavix.
    Apotex said it would immediately appeal the decision. More...

  • June-19-2007 -- Conrad Black Asks Jury Not to Convict Him Because He's Rich
    CHICAGO - A federal prosecutor accused the former head of the company that controlled the Chicago Sun-Times and three corporate executives of fleecing shareholds of millions of dollars.
    Ruder told jurors that Black's fingerprints were all over the non-competition scheme. More...

  • June-19-2007 -- Boeing wins $8.8 billion order
    With the manufacturers' intense competition again expected to be a dominant theme of the weeklong show at Le Bourget, north of Paris, both looked to make a splash from the get-go, with billions of dollars worth of orders announced.
    The latest order brings to 55 the number of A380s ordered by the Dubai-based airline. More...

  • June-19-2007 -- Yahoo! gets serious on its future
    YAHOO chairman Terry Semel has stepped down as chief executive in a surprise move, ending his increasingly ineffectual pursuit of online search leader Google - a losing battle that had demoralised Yahoo's shareholders and employees.
    Semel's succession is more slapstick than silky smooth. More...

Tuesday (Update 1)


  • June-19-2007 -- Transmission plant drives optimism
    Chrysler already employs about 6,300 people at three transmission plants and one casting factory in Kokomo, which is 14 miles north of Tipton.
    A representative for Getrag, which has supplied transmissions for Chrysler's PT Cruiser, would not be immediately reached. More...

  • June-19-2007 -- 'Hot' gas is hot topic in courts and Congress
    As the temperature rises, liquid gasoline expands and the amount of energy in each gallon drops.
    John Amis/The Associated Press Jim Rohrer of Tucker, Ga., pumps gas at a filling station Sunday in Clarkesville, Ga. More...

  • June-19-2007 -- CyberSource to Buy Authorize.Net
    CyberSource Corporation, a leading provider of electronic payment and risk management solutions, and Authorize.Net Holdings, Inc., a leading provider of IP based payment solutions, today announced the signing of a definitive agreement whereby CyberSource will acquire Authorize.Net in a stock and cash transaction valued at approximately $565 million, as of the close of the NASDAQ Global Market System on June 15, 2007.
    Authorize.Net, for example, sells a proprietary e-check product that allows merchants to settle transactions on the automated clearing house. More...

  • June-19-2007 -- Retail Giant Will Remake Private Bank
    The company, headquartered in New York, announce Monday the renaming of its business that serves high net-worth customers, taking advantage of its $3.3 billion purchase of U.S. Trust, one of the most prominent names in private banking, The New York Times reported.
    While Bank of America has long been an acquisition machine, the rebranding represents the first time it has adopted the name of a business it bought. More...

  • June-19-2007 -- Chinese group to bid for all six Airbus plants
    Bombardier Inc. said today it has signed a long-term partner for its proposed $2.1 billion U.S. CSeries 100-130 seater regional jet project.
    State-owned AVIC I plans to invest US$400 million for research and development, construction of new facilities and equipment for the C-Series aircraft programme, should it be launched. More...

  • June-19-2007 -- US to tighten controls on exports to China of high-tech products
    D espite protests from some major U.S. corporations, the Bush administration on Friday tightened regulations governing the export to China of aircraft engines, high-performance computers and other technologies that have possible military uses.
    The regulations also are intended to make it easier for U.S. companies to sell semiconductors, chemicals and other technology to some Chinese customers that undergo advance screening. More...

  • June-19-2007 -- EA Restructures into Four Labels
    Video-game publisher Electronic Arts is giving itself a makeover.
    EA Announces New Company Structure Publisher Electronic Arts has announced that the company is set to organize itself into four distinct 'labels' to operate with dedicated studio and publishing teams, to "streamline decision-making, improve global focus, and speed new ideas to the market." More...

  • June-19-2007 -- Enron executive gets 24 months in fraud case
    Kenneth Rice, the 1-time energy giant's former Internet chief, was sentenced in Houston today to 27 months in prison.
    Rice's sentencing concludes the government's last move in culling Enron insiders to pursue the company's top executives. More...

  • June-19-2007 -- Sector Wrap: Home Builders Down
    Readings below 50 mean more builders view market conditions as poor rather than favorable.
    "Home sales most likely will erode somewhat further in the months ahead and improvements in housing starts probably will not be recorded until early next year." More...

  • June-19-2007 -- Genesco at the Finish Line
    Finish Line agreed to pay $54.50 per share, about 10 percent above Genesco's closing price Friday.
    Finish Line expects the deal to add to earnings in the first year after closing, which it anticipates in the fall. More...

  • June-19-2007 -- Oil Falls From Near Nine-Month High; Gains Seen as Unjustified
    NEW YORK Crude oil prices closed above $69 a barrel yesterday, a nine-month high, and gasoline futures also rose after Nigerian oil unions called a strike for this week.
    In other Nymex trading, heating oil futures rose 2.36 cents to settle at $2.0342 a gallon, while natural gas prices fell 22.8 cents to settle at $7.69 per 1,000 cubic feet. More...

  • June-19-2007 -- 600p a share doesn't get the Dulux dog barking
    The joint venture would combine the Financial Times, Dow Jones and business channel CNBC in a privately held joint venture, the Journal reported, citing people familiar with the matter.
    The talks between GE and London- based Pearson are exploratory and may collapse, the report said. More...

  • June-19-2007 -- Black 'knew,' jury told as trial nears end
    CHICAGO - A federal prosecutor accused the former head of the company that controlled the Chicago Sun-Times and three corporate executives of fleecing shareholds of millions of dollars.
    There was no sackcloth and ashes for him," Ruder continued, referring to one of the many colourful paragraphs written by Black that the jury saw over the course of the 14-week trial. More...

  • June-19-2007 -- BHP Billiton declines to comment on reports of interest in Alcan
    Alcoa 's shares jumped nearly 3% to a six-year-high Monday on renewed speculation that mining giant BHP Billiton has revived plans for a $40 billion takeover of the U.S. aluminum company.
    Alcoa's ownership of downstream assets, including plants that make aluminum foil and other products, were seen as preventing mining companies from making a bid. More...

  • June-19-2007 -- Wendy's says it's open to sale of hamburger chain
    "While a sale remains only one of the alternatives under consideration, we believe it merits more thorough examination," James V. Pickett, Wendy's chairman and head of special committee doing the study, said in a statement.
    Shares of Wendy's fell $1.44, or 3.6 percent, to $38.29 at 9:57 a.m. in New York Stock Exchange composite trading. More...

  • June-19-2007 -- US Supreme Court shields investment banks from lawsuit
    The justices, in a 7-1 vote that gave investment banks a new shield from antitrust claims, threw out lawsuits that accused the securities industry of rigging 900 initial public offerings.
    The Supreme Court may be about to raise the bar, as well, for cases under the securities laws. More...

  • June-19-2007 -- Airbus, Boeing to Announce More Orders
    With the manufacturers' intense competition again expected to be a dominant theme of the weeklong show at Le Bourget, north of Paris, both looked to make a splash from the get-go, with billions of dollars worth of orders announced.
    At the last Le Bourget show in 2005, Airbus announced orders worth $33.5 billion, double Boeing's $15 billion, based on list prices — which are usually discounted for the deals. More...

  • June-19-2007 -- Yahoo co-founder Yang to replace Semel as CEO
    Yahoo has replaced chief executive Terry Semel with its co-founder Jerry Yang, bowing to pressure from investors as the internet media company has fallen behind rival Google.
    "The past year has been a difficult one for Yahoo, and I know that none of us have been satisfied with the company's recent financial performance," Semel said. More...

Monday (Update 2)


  • June-18-2007 -- Bear Gets Breathing Room
    Merrill Lynch has snapped up $400 million worth of assets in a beleaguered hedge fund overseen by rival investment bank Bear Stearns, it has been reported.
    Merrill is delaying selling the assets until it hears the troubled hedge fund's plan to recapitalize, the network reported. More...

  • June-18-2007 -- US tightens controls on exports to China
    An initial list of "trusted customers" is expected to be published next month.
    Worried that China is building its army and threatening its Asian interests, Washington slapped new restrictions on high technology exports to China, creating a list of 'trusted customers' amid the business community. More...

  • June-18-2007 -- IMF adopts new currency rules
    "The new decision reflects current best practice in our work of monitoring members' exchange rate policies and domestic economic policies," Rato said in the prepared text of a speech in Montreal.
    The U.S., the largest shareholder in the IMF, has pushed for two years for a stronger effort by the fund to monitor currency policies. More...

  • June-18-2007 -- Thomas, Why Hath Thou Forsaken Us?
    The U.S. Consumer Product Safety Commission and toy company RC2 Corp have announced a recall of 1.5 million various Thomas and Friends wooden railway toys because they could contain dangerous amounts of lead.
    The 22 models retailed for between $10 and $70. More...

  • June-18-2007 -- Dubai Buys QE2, as Floating Hotel, for $100 Million (Update2)
    "Dubai is a maritime nation and we understand the rich heritage of QE2," the statement quoted Sultan Ahmed bin Sulayem, chairman of Istithmar's parent, Dubai World, as saying.
    We lose one old and quite ugly ship and over the next few years we are gaining half a dozen brand new super liners that will bring in much more income for the city than the QE2 could. More...

  • June-18-2007 -- Ethanol push may keep pump prices up
    Washington - A push from Congress and the White House for huge increases in biofuels such as ethanol is prompting the oil industry to scale back its plans for refinery expansions.
    Continued limited refinery capacity could keep gasoline prices high, possibly for years to come. More...

  • June-18-2007 -- B of A renames wealt...
    Headquartered in New York, U.S. Trust, Bank of America Private Wealth Management will serve the nation's wealthiest individuals and families nationwide, delivering broad-based financial solutions encompassing investment management; financial, estate and tax planning; philanthropic management; custom credit and banking services; specialty asset management; and trust services and administration.
    For the bank that now calls itself the "bank of opportunity," they argue, promoting white-glove service for the extremely rich at the same time that the broad company is hawking credit cards and mortgages to first-time home buyers is a particularly tricky sell. More...

  • June-18-2007 -- ICI Rejects Bid by Akzo Nobel
    Dutch paints conglomerate Akzo Nobel has had a 600p a share takeover offer for Imperial Chemical Industries rejected.
    Analysts are confident Akzo will come back with a higher offer, with Akzo's move potentially opening up a bid battle with U.S. chemicals giant Dow Chemical Co. A bid of 700 pence per share from Akzo is 'a possibility', said an analyst at a major brokerage, adding Akzo may also go to ICI's shareholders immediately if it fails to get the board's support. More...

  • June-18-2007 -- Trump Entertainment CEO departs
    The newspaper said Perry was the only Trump board member to vote against a sale of the company to Dennis Gomes, a former Atlantic City casino executive who has submitted a bid for the company for an unknown price.
    Donald Trump uttered his trademark words "You're fired" to his chief executive just as his casino company was reaching a crucial point in negotiations with a group that wants to buy it. More...

  • June-18-2007 -- Court sides with Wall Street banks
    By a 7-1 vote, the justices reversed a ruling by a U.S. appeals court in New York that the lawsuit by buyers of Internet and technology stock issues in the late 1990s could proceed.
    The appeals court faulted action by Credit Suisse Securities, which allegedly agreed to sell shares to favored customers at low prices, in return for promises to purchase additional shares at higher prices. More...

  • June-18-2007 -- Final arguments under way at Conrad Black trial
    A federal prosecutor today ripped into media mogul Conrad Black and other Hollinger International executives, saying "they systematically stole $60 million" from the shareholders and created a phony paper trail to cover their tracks.
    Kipnis's attorney Ronald Safer said the only trial testimony about the money came from a key prosecution witness who said Kipnis earned it through hard work. More...

  • June-18-2007 -- A new bid for Dow Jones?
    Under the plan, GE's CNBC unit, Pearson's Financial Times and Dow Jones, owner of the Wall Street Journal, would be merged in a closely held venture, said the person, who declined to be identified because the talks are private and preliminary.
    Analysts at Collins Stewart said in a note that a successful deal by Pearson would allow it to profit from shedding the FT if the deal included a sell option, while also reducing competition for printed news. More...

  • June-18-2007 -- Finish Line to Buy Genesco for $1.5 Billion
    Under the agreement, Finish Line will pay Genesco shareholders $54.50 per share in cash.
    Genesco shares fell 10 cents to $40.60 in New York Stock Exchange composite trading. More...

  • June-18-2007 -- Wendy's Puts Sale on Front Burner
    Wendy's International lowered its earnings outlook for the year, citing lower than planned same store sales and higher than expected commodity costs.
    For the quarter, the company said it expects revenue growth in the range of 5% to 10%, which would result in net revenues ranging between $38 million and $40 million. More...

  • June-18-2007 -- New Horizons For Airbus?
    With the manufacturers' intense competition again expected to be a dominant theme of the weeklong show at Le Bourget, north of Paris, both looked to make a splash from the get-go, with billions of dollars worth of orders announced.
    What concerns investors is Airbus seems to be offering heavy discounts. More...

Monday (Update 1)


  • June-18-2007 -- Thomas & Friends toys recalled for lead poisoning danger
    The U.S. Consumer Product Safety Commission and toy company RC2 Corp have announced a recall of 1.5 million various Thomas and Friends wooden railway toys because they could contain dangerous amounts of lead.
    To determine whether the toys are affected by the recall, consumer should check and see if the front of the packaging has the logo 'Thomas & Friends Wooden Railway' on the upper left-hand corner, RC2 suggested. More...

  • June-18-2007 -- China Mobile says it's still seeking A-share IPO
    It will likely be the biggest initial public offer of equity ever in China's domestic markets, exceeding Industrial & Commercial Bank of China's 46.6 billion yuan Shanghai IPO last year, the banking sources said.
    HONG KONG, June 18 - Hong Kong blue chips and Hong Kong-listed China plays struck record highs on Monday as tame U.S. consumer price data allayed inflation worries in the world's biggest economy and funds hunted for bargains. More...

  • June-18-2007 -- China Says 8 Banks Failed to Scrutinize Loans Usage (Update1)
    BEIJING — China's top two commercial banks and six other institutions are being fined for lending money used by two state companies to buy stocks and real estate in defiance of official efforts to rein in speculation, the government announced Monday.
    The mainland's Capital Week magazine reported Friday that the banking regulator had planned to reveal the result of the investigation, but canceled a press conference for fear of dampening the already fragile stock market. More...

  • June-18-2007 -- UPDATE 3-Colgate says fake toothpaste a low health risk
    Company says its own research tallies with FDA finding that the diethylene glycol chemical in counterfeit Colgate toothpaste poses a low health risk to consumers.
    Tests involving the counterfeit toothpaste indicate it is tainted with diethylene glycol, a toxin found in antifreeze, the FDA said. More...

  • June-18-2007 -- Ford 'In Jaguar And Land Rover Talks'
    DETROIT -- For sale: two storied British auto brands; need work.
    The British are not anxious to see any jobs cut by a new owner. More...

  • June-18-2007 -- Blackstone grabs Intelenet for $ 200 mn
    MUMBAI: In the largest management buyout in the country, the management team of BPO firm Intelenet, backed by PE firm Blackstone, has bought out the existing promoters, Barclays Bank Plc and HDFC. Under the terms of the deal concluded on Sunday morning, Blackstone will hold 80% in the firm and employees, including the current management team, will hold 20%.
    Around 300-400 employees in the senior management of Intelenet will become shareholders in the firm once the transaction is completed As per Sebi regulations, the change in ownership will also trigger an open offer in Intelenet subsidiary, Sparsh, the listed entity in the domestic BPO business. More...

  • June-18-2007 -- Macquarie Airports to consider special div
    June 17 -- Gemina SpA, the majority holder of Rome's airports operator, will offer 1.2 billion euros to buy the rest of the company from Macquarie Airports Luxembourg SA and will sell new shares to finance the purchase.
    Gemina - the holding company that owns 51 per cent of the airports - had as shareholders the Romitis, the Benetton family, private equity group Clessidra and a number of finance groups. More...

  • June-18-2007 -- Adecco Buys Tuja for 800 Million Euros to Expand in Germany
    Adecco said it has signed an agreement to fully acquire Germany's Tuja Group for a total consideration of around 800 million euros, with the acquisition seen earnings enhancing as of 2007.
    ZURICH - Adecco SA said its acquisition of Germanys Tuja will give the combined group a 13 pct market share in Germany, making it number four in the countrys temporary employment market after market leaders Randstad, Persona and Manpower. More...

  • June-18-2007 -- Alcoa shares gain on report of a possible takeover
    LONDON - BHP Billiton, the world's biggest mining group, has revived plans for a $40 billion takeover of aluminium producer Alcoa, the Times said in an unsourced report on Monday.
    More...

  • June-18-2007 -- Oil eases on profit taking but tight US gasoline outlook underpins
    LONDON, June 15--Oil eased to below $71 a barrel on Friday after two days of gains sparked by worries of low fuel supplies from creaking U.S. refineries and an upsurge of violence in the Middle East.
    U.S. crude for July traded 8 cents lower at $67.92 after climbing 5 percent last week, while U.S. gasoline futures continued to rise to lead oil market gains after data last week showed stockpiles of the motor fuel in the United States unexpectedly failed to build. More...

  • June-18-2007 -- Airport takeover talk sends share market soaring
    The New Zealand sharemarket surged more than 2 per cent today after news that one of its larger stocks could be in play.
    Auckland International Airport Ltd says a Canadian pension plan has been approaching some of its shareholders about a possible takeover. More...

  • June-18-2007 -- Emirates books 8 more Airbus A380s at Paris show
    Dubai based Emirates Airline has signed an agreement to buy eight additional A380 aircraft, taking their total order for the aircraft to 55.
    More...

  • June-18-2007 -- Rival bidders for CBOT mull higher offers: report
    Traders and other shareholders of the Chicago Board of Trade are scheduled to vote July 9 on the Merc's takeover bid, enhanced last week to include a one-time $485 million cash dividend and other inducements.
    If the stock trades through the $560 level, CME is committed to return excess capital to shareholders. More...

  • June-18-2007 -- Microsoft to buy $12 mln stake in China TV maker
    BEIJING - Microsoft Corp. and a major Chinese TV set maker announced Monday they will jointly develop entertainment products linking television and the Internet, joining a race to profit from the Web's growing status as a channel to distribute movies and other programs.
    Microsoft is investing 94.05 million yuan in Sichuan Changhong Electric, one of the mainland's largest television makers, to tap into the country's growing demand for family entertainment through digital home appliances. More...

  • June-18-2007 -- Push for increase in biofuels causes oil industry to scale back
    WASHINGTON With Congress and the White House pushing to increases the use of ethanol, the oil industry is scaling back its plans to expand refineries which could keep gasoline prices high, possibly for years to come.
    The current high profit environment is simply a function of basic economics, said Charlie Drevna, executive vice president of the National Petrochemical and Refiners Association, the industry's main trade group in Washington. More...

  • June-18-2007 -- Airbus Wins Qatar Airways $17 Billion Plane Order (Update2)
    NEW YORK -- U.S. Airways Group Inc. is set to announce a large order of Airbus jets that could be worth more than $10 billion at list prices, according to published reports.
    Emirates is set to place a provisional order worth more than $3 billion for 10 Airbus A380 superjumbo aircraft, industry sources said. More...

  • June-18-2007 -- ICI Rejects 7.2 Billion-Pound Cash Offer From Akzo (Update5)
    AMSTERDAM--Shares in Imperial Chemical Industries PLC soared early Monday after Britain's biggest chemicals firm rejected an indicative 600 pence per share cash takeover bid from Dutch rival Akzo Nobel NV. ICI said in a statement that its board had unanimously rejected the offer, valued at GBP7.2 billion, on ground it "significantly undervalues ICI."
    The coating industry is highly fragmented, with Akzo only accounting for around 9 percent of the world market. More...

  • June-18-2007 -- UPDATE 3-Dow Jones rival bid plan may include family-reports
    The joint venture would combine the Financial Times, Dow Jones and business channel CNBC in a privately held joint venture, the Journal reported, citing people familiar with the matter.
    London-based Pearson is looking for partners for a possible bid, the Journal said, citing people familiar with the matter. More...

Sunday (Update 2)


  • June-17-2007 -- With IRA Withdrawals, Many Ways to Slice a Pie
    The Internal Revenue Service usually charges a 10 percent penalty for taking money before retirement age.
    If you have changed jobs several times during the course of your career, you probably have an interesting collection of retirement savings accounts from your previous employers. More...

  • June-17-2007 -- Atticus to tell Barclays it can block ABN bid - report
    Atticus by itself would not have an impact, but we are confident that shareholders support us in aggregate and the deal will be blocked,' Slager said.
    Voltron told the paper it would be 'difficult' to beat the consortium's bid, in particular because it is a 79 percent cash offer. More...

  • June-17-2007 -- Qatar 'eyes Sainsbury's takeover'
    Delta Ltd, a vehicle of the Qatari royal family, said in a statement it had purchased 123 million shares in British supermarket chain Sainsbury, or a further 7.07 percent stake, at 595 pence per share.
    LONDON - Delta, a Qatari investment group, is working on a full bid for supermarket group J. Sainsbury, the Sunday Telegraph said, citing an executive close to the situation. More...

  • June-17-2007 -- Eddie Bauer hires new CEO
    Limited Brands said it promoted Diane Neal, president and chief operations officer for Bath and Body Works, to chief executive to replace Fiske.
    Neal's day-to-day operations of the business have included oversight of the field, finance, insight implementation and home fragrances. More...

  • June-17-2007 -- Satellite companies partner with Clearwire
    DirecTV and EchoStar announced that they had distribution agreements to offer Clearwire's wireless high-speed Internet service to their subscribers.
    The Journal said Intelsat, which has about $11.5 billion in debt, could fetch more than $5.5 billion, although there was no guarantee Liberty and EchoStar would make a formal offer. More...

  • June-17-2007 -- Theories abound at Conrad Black fraud trial
    Central to the drama is a broken 30-year partnership that culminated in Black's longtime friend, David Radler, testifying as the prosecution's star witness.
    American legal experts agree the instruction lowers the burden of proof for prosecutors, making it easier to win a conviction. More...

  • June-17-2007 -- Insurers to Halt Medicare Plan Sales
    LOS ANGELES, June 15 - Humana Inc. said on Friday it would suspend marketing its Medicare Advantage private fee-for-service product amid a U.S. government crackdown following complaints of deceptive practices by some agents.
    Insurers are suspending sales of private "fee-for-service" plans that account for about 20 percent of Medicare Advantage, a $60 billion-a-year federal program that offers privately run health insurance to the elderly. More...

  • June-17-2007 -- BAE paid for luxury Saudi honeymoon
    LONDON: BAE Systems, the British arms company embroiled in an alleged bribery scandal, on Friday announced the appointment, of a four-member independent committee of experts to review its business ethics following allegations that it paid secret commissions to win a '43-billion defence contract with Saudi Arabia.
    The terms permit it to examine BAE's ethical business policies and processes, internal controls and record-keeping 'as currently implemented in practice', but not to examine past conduct. More...

  • June-17-2007 -- Diesel line to extend life of GM's Tonawanda Engine Plant
    Detroit, June 16: General Motors Corp. said on Friday it will invest $100 million in its engine plant in Tonawanda, New York, to make a new diesel engine for light-duty trucks that improves fuel efficiency by 25 percent and reduces carbon-dioxide emissions by 13 percent.
    Union representatives and state and local officials have been trying to secure production of GM's 4.5-liter diesel engine for some pickup trucks and sport utility vehicles for the 2010 model year. More...

  • June-17-2007 -- US Tightens Dual-Use Exports to China
    An initial list of "trusted customers" is expected to be published next month.
    Last July, the Commerce Department's Bureau of Industry and Security proposed requiring licenses for the sale of 47 additional products to China. More...

  • June-17-2007 -- Will Blackstone Have the Honor of Its Own Tax Law?
    The Senate Finance Committee introduced legislation today to prevent hedge fund and private equity firms from using a 20- year-old tax provision that allows investors in publicly traded partnerships to pay capital gains taxes of 15 percent on income distributions.
    Blackstone, one of the nation's largest private equity firms, said on Friday that if the bill becomes law it could lower the company's profits and its overall value. More...

  • June-17-2007 -- Boeing Share Gains May Depend on Whether 787s Delivered on Time
    Singapore Airlines was rolled out as the launch customer for the revamped Airbus A350 XWB a year ago, but has yet to firm up the deal.
    PARIS - Airbus Chief Louis Gallois has hit back at his American rival's claim that designers are still working on the revamped A350 XWB, saying customers would not have gambled on the midsize, long-range plane if they didn't know what they were getting. More...

  • June-17-2007 -- Property Tax Debate Hits Campaign Trail
    Primary homeowners would have the choice of getting a new tax break or keeping the one they have as part of a two-pronged plan the Legislature passed Thursday to cut soaring property taxes by billions of dollars.
    Lets get it over with and do away with property taxes for once and for all. More...

  • June-17-2007 -- Penn National Agrees to Be Acquired for $6.1 Billion (Update4)
    Penn National Gaming, owner of 18 casinos and horse racing courses in the U.S., has agreed to an $8.9bn buy-out by private equity companies Fortress and Centerbridge Partners.
    The agreement allows Penn National to solicit superior proposals from other parties during the 45 days following the execution of the agreement. More...

  • June-17-2007 -- At-risk loans rising in state
    The share of loans in the foreclosure process in the state rose nearly 30 percent compared with the first quarter of last year, according to a Mortgage Bankers Association survey released yesterday.
    Wall Street was jarred when the association's previous report in March showed that late mortgage payments shot up to a 3 1/2 year high and new foreclosures surged to record levels in the final quarter of last year. More...

  • June-17-2007 -- US recalls made-in-China 'Thomas' train toys
    From the engine to the caboose and Stop signs in between, if your child is playing with several of the hugely popular Thomas the Tank Engine wooden railway sets, take the toys away from them immediately.
    The RC2 Corporation is recalling over 1.5 million wooden train toys and accessories from the "Thomas and Friends" series because the paint the product is decorated with contains lead. More...

  • June-17-2007 -- Poison sweetens phony toothpaste
    Colgate says it didn't make the toothpaste, and that the tubes sold in New York, New Jersey, Pennsylvania and Maryland discount stores were counterfeit.
    On the heels of a national recall of several discount brands of toothpaste that were laced with a Chinese toxic chemical , now it seems some tubes labeled as Colgate were also tainted. More...

  • June-17-2007 -- Fuel pushes up US inflation rate
    LONDON - Global stocks rose on Friday after tepid U.S. core consumer prices reassured investors that improving economic growth was not fuelling inflation, while the yen sank after the Bank of Japan left interest rates on hold.
    Energy costs, along with food, are excluded from underlying or "core" U.S. inflation measures which are closely watched by Federal Reserve, but high crude oil and natural gas prices could yet indirectly impact core consumer price inflation, economists said. More...

Sunday (Update 1)


  • June-17-2007 -- Chicago Mercantile Exchange Raises Bid
    In an attempt to respond to IntercontinentalExchange Inc.' s similar proposal, the Chicago Merc also said the terms of the revised merger still included an obligation on the part of the exchange to make a $3.5 billion cash tender offer at $560 per share after the closing of the merger.
    The improvements to the Chicago Mercantile Exchange deal prompted the settlement of a class action lawsuit by CBOT shareholders who charged that the exchange had failed to get the best possible price, clearing away one possible impediment to the deal. More...

  • June-17-2007 -- Limited Brands' Lotions,
    Limited Brands said it promoted Diane Neal, president and chief operations officer for Bath and Body Works, to chief executive to replace Fiske.
    Fiske's other challenge will be to cut costs as the company has extremely high overhead and the worst profit and operating margins among the 45 largest publicly held clothing retailers in the U.S., according to records compiled by Bloomberg. More...

  • June-17-2007 -- Aviation's grande party
    Singapore Airlines was rolled out as the launch customer for the revamped Airbus A350 XWB a year ago, but has yet to firm up the deal.
    "We work in a cyclical industry, but the current cycle is longer than usual," commented recently the chief executive of Airbus, Louis Gallois. More...

  • June-17-2007 -- UPDATE 1-Humana suspends some Medicare plans, ups 2007 view
    LOS ANGELES, June 15 - Humana Inc. said on Friday it would suspend marketing its Medicare Advantage private fee-for-service product amid a U.S. government crackdown following complaints of deceptive practices by some agents.
    Insurers are suspending sales of private "fee-for-service" plans that account for about 20 percent of Medicare Advantage, a $60 billion-a-year federal program that offers privately run health insurance to the elderly. More...

  • June-17-2007 -- DJ US Wheat Outlook: 8-10c Up On Strong Technical Momentum
    July soybeans were hit by profit-taking and closed near session lows, up 1 3/4 cents a bushel at the settlement.
    KCBT July wheat set a new contract high of $6.15, exceeding Wednesday's contract high of $5.89. More...

  • June-17-2007 -- GM invests $100 mln for new diesel engine
    Detroit, June 16: General Motors Corp. said on Friday it will invest $100 million in its engine plant in Tonawanda, New York, to make a new diesel engine for light-duty trucks that improves fuel efficiency by 25 percent and reduces carbon-dioxide emissions by 13 percent.
    Union representatives and state and local officials have been trying to secure production of GM's 4.5-liter diesel engine for some pickup trucks and sport utility vehicles for the 2010 model year. More...

  • June-17-2007 -- BAE paid for luxury Saudi honeymoon
    British news reports last week alleged that BAE paid more than $2 billion into bank accounts in Washington operated by Prince Bandar bin Sultan of Saudi Arabia as part of the arms deal.
    The government is using "national security" to intimidate us into silence. More...

  • June-17-2007 -- Hyperion plans first US refinery since 1976
    Hyperion Resources Inc., a privately held Dallas-based energy company, is considering Elk Point and several other Midwest sites for the $8 billion refinery, which would turn 400,000 barrels of crude oil from Canada per day into low-sulfur gasoline and low-sulfur diesel fuel, said Preston Phillips, a Hyperion executive.
    Dallas-based Hyperion plans a 400,000 barrels per day refinery as part of "the most environmentally sound energy center in the United States" that will include a power plant fueled by petroleum coke, a refining byproduct. More...

  • June-17-2007 -- Report Details Deals in Student Loan Industry
    BALTIMORE - Johns Hopkins University says it will contribute more than one million dollars to financial aid education programs as part of an agreement stemming from a probe by the New York attorney general's office of student loan practices at the school.
    Northstar, a lender that paid $500 to appear on the Texas Tech Web site list, was also asked by another university to donate office equipment, which the company considered doing as a way to boost loan volume, the report found. More...

  • June-17-2007 -- US 30-year mortgage rates jump to highest level in 11 months
    The five consecutive increases have pushed 30-year mortgages to their highest level since they were at 6.80 percent for the week ending July 20 last year.
    Rates on 30-year mortgages across the United States rose this week for a fifth consecutive week, hitting the highest level in 11 months, mortgage giant Freddie Mac reported Thursday in its weekly nationwide survey. More...

  • June-17-2007 -- Tax Plan Adds
    The Senate Finance Committee introduced legislation today to prevent hedge fund and private equity firms from using a 20- year-old tax provision that allows investors in publicly traded partnerships to pay capital gains taxes of 15 percent on income distributions.
    The shareholders are then taxed at individual rates. More...

  • June-17-2007 -- Property Tax Debate Hits Campaign Trail
    Primary homeowners would have the choice of getting a new tax break or keeping the one they have as part of a two-pronged plan the Legislature passed Thursday to cut soaring property taxes by billions of dollars.
    Lawmakers also voted to ask residents to approve in January constitutional changes to give a $25,000 exemption on tangible property for businesses, a move that would eliminate the tangible property tax for one million smaller businesses. More...

  • June-17-2007 -- Penn National Agrees to Be Acquired for $6.1 Billion (Update4)
    Penn National Gaming, owner of 18 casinos and horse racing courses in the U.S., has agreed to an $8.9bn buy-out by private equity companies Fortress and Centerbridge Partners.
    Under the buyout proposal, Penn National shareholders will receive $67 in cash for each share, about a 31 percent premium over the companys closing price of $51.14 on Thursday. More...

  • June-17-2007 -- Foreclosure Math: 4 + 3 = 1 Big Mess
    The Mortgage Bankers Association said the rate of loans entering the foreclosure process was 0.58 percent on a seasonally adjusted basis, or more than one out of 200 loans and 4 basis points higher than the previous quarter.
    The number of all mortgages starting the foreclosure process in the first quarter rose to a record high of 0.58 percent. More...

  • June-17-2007 -- Thomas & Friends toys recalled for lead poisoning danger
    WASHINGTON -- A massive toy recall could have millions of parents taking their children's favourite toys away.
    The voluntary recall involves wooden vehicles, buildings and other train set components, and the front of the packaging has the logo "Thomas & Friends Wooden Railway" on the upper left hand corner. More...

  • June-17-2007 -- Core Inflation Remain Under Wraps
    LONDON - Lower-than-expected core inflation data from the United States and positive news on growth drove Treasury bond yields lower and lifted equities on Friday as investor concerns about rising consumer prices eased.
    Annual inflation as measured by the core consumer price index and the Fed's preferred gauge, the core price index for personal consumption expenditures, have in recent months crept back down toward 2%, which is widely seen as the top edge of the Fed's comfort zone for inflation. More...

  • June-17-2007 -- Counterfeit Colgate Has Poisonous Chemical
    Company says its own research tallies with FDA finding that the diethylene glycol chemical in counterfeit Colgate toothpaste poses a low health risk to consumers.
    Colgate-Palmolive SA director Russell Pallard assured consumers that locally made Colgate products were "100% safe, guaranteed". More...





Saturday (Update 2)


  • June-16-2007 -- Refinery Considered for South Dakota
    The Elk Point Leader-Courier said in a copyright story that Dallas-based Hyperion Resources Inc. is considering Union County for an oil refinery that would turn crude oil from Canada into low-sulfur gasoline and low-sulfur diesel fuel.
    "I think the real risk is everybody will jump in at the same time and grow too big, a little farther than we should, but that's how American works and it time then you settle down," Keller said. More...

  • June-16-2007 -- Woolf denies BAE review is knee jerk reaction to US investigation
    Congress is renewing its scrutiny of BAE Systems in the wake of allegations that the British defence company bribed a former Saudi ambas­sador to Washington to secure valuable defence contracts.
    Woolf will be paid 6,000 pounds a day for leading the probe and said he expects to work two days a week for more than six months. More...

  • June-16-2007 -- Europe stocks sport best day since mid-March
    NEW YORK — Shares of Sanofi-Aventis SA declined in Thursday's premarket trading session, after a Food and Drug Administration advisory panel said the French drug maker failed to show its weight-loss drug Rimonabant is safe.
    The FDA, due to decide on Zimulti by July 26, usually follows the panel's recommendation. More...

  • June-16-2007 -- NJ Court Drops Suit Against Paint Makers
    ' The New Jersey Supreme Court on Friday scuttled what little remained of a lawsuit against paint makers by 26 towns and counties that wanted them to cover the cost of removing lead paint, which was banned in 1978 as a health hazard.
    In a dissenting opinion, Chief Justice Michael Wolff said the case is a public nuisance lawsuit, not a personal injury case, so the court precedent that the majority ruling cited was not relevant. More...

  • June-16-2007 -- Florida lawmakers approve property tax reform
    Primary homeowners would have the choice of getting a new tax break or keeping the one they have as part of a two-pronged plan the Legislature passed Thursday to cut soaring property taxes by billions of dollars.
    If 60 percent approve, it will take effect on November 2009 tax bills. More...

  • June-16-2007 -- Mining financier finds success in UraMin
    UraMin said in a joint statement the offer of $7.75 per UraMin share - which represents a 21% premium over UraMin's 20-day weighted average trading price ending on June 8 - was fair and it would recommend shareholders accept the deal.
    On June 12, French nuclear energy group Areva said it was in non-exclusive talks to acquire the uranium mining development company UraMin. More...

  • June-16-2007 -- A currency to fight for
    The U.S. Congress last night ratcheted up the pressure on the White House to impose protectionist measures against Chinese imports after the Bush administration shied away from accusing Beijing of manipulating its currency.
    The planned bill also underlies congressional disillusionment over the effectiveness of the Bush administration's current trade policy toward China, ie, engagement via the US-China Strategic Economic Dialogue, the bi-annual process that has become gatherings of economic heavyweights of the world's largest economy and its fastest growing one. More...

  • June-16-2007 -- GM to invest in plant to produce new engine
    Detroit, June 16: General Motors Corp. said on Friday it will invest $100 million in its engine plant in Tonawanda, New York, to make a new diesel engine for light-duty trucks that improves fuel efficiency by 25 percent and reduces carbon-dioxide emissions by 13 percent.
    Union representatives and state and local officials have been trying to secure production of GM's 4.5-liter diesel engine for some pickup trucks and sport utility vehicles for the 2010 model year. More...

  • June-16-2007 -- UPDATE 3-US approves new drug for severe lung disease
    Gilead Sciences Inc. said Friday that the U.S. Food and Drug Administration has approved its drug Letairis for a disabling lung disorder, clearing a major hurdle in the company's plan to broaden its business beyond treatments for HIV infections.
    Peripheral edema is a known class effect of endothelin receptor antagonists and is also a clinical consequence of PAH and worsening PAH. In the placebo-controlled studies, there was an increased incidence of peripheral edema in patients treated with doses of 5 or 10 mg of Letairis compared to placebo. More...

  • June-16-2007 -- More Trouble in Subprime Mortgages
    The Mortgage Bankers Association said the rate of loans entering the foreclosure process was 0.58 percent on a seasonally adjusted basis, or more than one out of 200 loans and 4 basis points higher than the previous quarter.
    The number of all mortgages starting the foreclosure process in the first quarter rose to a record high of 0.58%. More...

  • June-16-2007 -- Insurers to Halt Medicare Plan Sales
    LOS ANGELES, June 15 - Humana Inc. said on Friday it would suspend marketing its Medicare Advantage private fee-for-service product amid a U.S. government crackdown following complaints of deceptive practices by some agents.
    Humana offers a diversified portfolio of health insurance products and related services through traditional and consumer-choice plans to employer groups, government-sponsored plans, and individuals. More...

  • June-16-2007 -- Nymex rumors highlight tumult
    The stock jumped 6 per cent in early trading and was up 2.5 per cent at $143 around lunchtime.
    RWE shares close at 80.60 euros yesterday. More...

  • June-16-2007 -- Thomas & Friends recall gets rolling
    A massive toy recall could have millions of parents taking away their kids' favourite toys.
    The toy maker RC2 Corp pulled a number of its "Thomas and Friends" trains and accessory parts off the shelves on Thursday after learning that the red and yellow paint used to decorate more than 1.5 million of the toys contained lead. More...

  • June-16-2007 -- Tax Plan Adds
    The Senate Finance Committee introduced legislation today to prevent hedge fund and private equity firms from using a 20- year-old tax provision that allows investors in publicly traded partnerships to pay capital gains taxes of 15 percent on income distributions.
    In an amended prospectus filed with the U.S. Securities and Exchange Commission, Blackstone said the proposed law would apply to it beginning with the 2013 tax year. More...

  • June-16-2007 -- Colgate toothpaste in US recall
    Company says its own research tallies with FDA finding that the diethylene glycol chemical in counterfeit Colgate toothpaste poses a low health risk to consumers.
    Colgate Palmolive, the U.S. consumer products company, was on Thursday drawn indirectly into a mounting debate over the safety of food and consumer products imported from China, after it warned that counterfeit versions of its toothpaste being sold in the U.S. contained a poisonous chemical. More...

  • June-16-2007 -- American consumer prices sprint on gas surge
    LONDON - Lower-than-expected core inflation data from the United States and positive news on growth drove Treasury bond yields lower and lifted equities on Friday as investor concerns about rising consumer prices eased.
    Energy costs, along with food, are excluded from underlying or "core" U.S. inflation measures which are closely watched by Federal Reserve, but high crude oil and natural gas prices could yet indirectly impact core consumer price inflation, economists said. More...

  • June-16-2007 -- FT owner seeking allies for possible Dow Jones bid
    FT publisher Pearson Plc was looking for partners for a takeover of the Journal's parent company - Dow Jones, the Wall Street Journal reported Friday, citing people familiar with the matter.
    London-based Pearson is looking for partners for a possible bid, the Journal said, citing people familiar with the matter. More...

  • June-16-2007 -- Penn National Agrees to Be Acquired for $6.1 Billion (Update4)
    Penn National Gaming, owner of 18 casinos and horse racing courses in the U.S., has agreed to an $8.9bn buy-out by private equity companies Fortress and Centerbridge Partners.
    Under the buyout proposal, Penn National shareholders will receive $67 in cash for each share, about a 31 percent premium over the companys closing price of $51.14 on Thursday. More...

Saturday (Update 1)


  • June-16-2007 -- BAE to pay Lord Woolf almost '500000 to chair ethics inquiry
    The BBC and the Guardian have claimed that payments of up to 120 mln stg per year were channelled into two Saudi embassy bank accounts in the U.S. with the full knowledge of the MoD as part of the Al-Yamamah arms-for-oil deal signed in 1985.
    British defense giant BAE Systems announced June 15 the creation of an independent committee to evaluate the firm's business practices and ensure they abide by the highest ethical standards. More...

  • June-16-2007 -- Legislature passes property tax-cutting package
    Primary homeowners would have the choice of getting a new tax break or keeping the one they have as part of a two-pronged plan the Legislature passed Thursday to cut soaring property taxes by billions of dollars.
    TALLAHASSEE, FL -- Less than three days into the special legislative session, Florida's House and Senate have reached an agreement that will deliver the biggest tax cuts in Florida history. More...

  • June-16-2007 -- UPDATE 3-Winnebago profit misses, shares fall
    Winnebago Industries has reported that its earnings fell 14.4% in the third quarter.
    The Forest City motor home maker reports third quarter profits fell 14 percent because of higher costs and customers buying less expensive R-V's. More...

  • June-16-2007 -- EDDIE BAUER Limited Brands exec named CEO
    Limited Brands said it promoted Diane Neal, president and chief operations officer for Bath and Body Works, to chief executive to replace Fiske.
    Fiske's other challenge will be to cut costs as the company has extremely high overhead and the worst profit and operating margins among the 45 largest publicly held clothing retailers in the U.S., according to records compiled by Bloomberg. More...

  • June-16-2007 -- Chicago search firm scouts St. Louis sites
    If you are already a Cincinnati Business Courier subscriber please create or sign into your bizjournals.com account to link your valid print subscription and have access to the complete article.
    Gov. Schwarzenegger's plan to raise some short-term money by selling student loan servicer EdFund and leasing the California State Lottery has riled state employee unions and associations that want to protect 670 state positions. More...

  • June-16-2007 -- Battle brewing to crack lung drug monopoly
    Gilead Sciences Inc. said Friday that the U.S. Food and Drug Administration has approved its drug Letairis for a disabling lung disorder, clearing a major hurdle in the company's plan to broaden its business beyond treatments for HIV infections.
    Peripheral edema is a known class effect of endothelin receptor antagonists and is also a clinical consequence of PAH and worsening PAH. In the placebo-controlled studies, there was an increased incidence of peripheral edema in patients treated with doses of 5 or 10 mg of Letairis compared to placebo. More...

  • June-16-2007 -- Official Says GM to Retool Engine Plant
    DETROIT -- General Motors Corp. plans to retool its engine plant in Tonawanda, N.Y., to produce a new clean diesel engine for its light duty pickup trucks, a GM official said Friday.
    In addition to the $100 million facility investment, GM said it will invest an additional $41 million for vendor tooling, containers and investments at other locations necessary to support the Tonawanda operations. More...

  • June-16-2007 -- SunTrust Banks to Lease Back Properties
    The company, based in Atlanta, will market 48 office buildings and about 425 retail branches to developers, brokers, real estate investment trusts and other institutional investors, SunTrust said in a statement.
    The list of properties to be offered includes SunTrust offices on Eastchester Drive in High Point and Country Club Road in Winston-Salem. More...

  • June-16-2007 -- Foreclosures Up on Subprime Mortgages
    The Mortgage Bankers Association said the rate of loans entering the foreclosure process was 0.58 percent on a seasonally adjusted basis, or more than one out of 200 loans and 4 basis points higher than the previous quarter.
    The survey includes 3.4 million loans in Florida. More...

  • June-16-2007 -- Shift at GM could boost Volt
    Larry Burns, GM's vice president of research development and strategic planning, says more than 400 GM fuel-cell engineers will report to GM's powertrain group to begin production engineering of fuel-cell systems.
    Of the close to 700 staff that have been developing fuel cell technology at GM's Honeoye Falls, N.Y. research facility, more than 400 will now report to Powertrain to work on bringing GM's latest generation fuel cell stack to production readiness. More...

  • June-16-2007 -- Areva to Buy UraMin for $2.5 Billion
    UraMin said in a joint statement the offer of $7.75 per UraMin share - which represents a 21% premium over UraMin's 20-day weighted average trading price ending on June 8 - was fair and it would recommend shareholders accept the deal.
    On June 12, French nuclear energy group Areva said it was in non-exclusive talks to acquire the uranium mining development company UraMin. More...

  • June-16-2007 -- 1.5 million toy trains recalled
    A massive toy recall could have millions of parents taking away their kids' favourite toys.
    There's a recall involving a favorite children's toy. More...

  • June-16-2007 -- Nymex's Parent Explores Sale
    The stock jumped 6 per cent in early trading and was up 2.5 per cent at $143 around lunchtime.
    The other hurdle is price, though some bankers predict initial synergies of more than 1 billion. More...

  • June-16-2007 -- Fortress hit by proposed private-equity tax law
    The Senate Finance Committee introduced legislation today to prevent hedge fund and private equity firms from using a 20- year-old tax provision that allows investors in publicly traded partnerships to pay capital gains taxes of 15 percent on income distributions.
    The Senate measure was proposed after a study on how to overhaul tax laws that affect hedge funds and private-equity firms, which as private firms have been able to sidestep regulatory scrutiny. More...

  • June-16-2007 -- Two people sick from Counterfeit Colgate?
    Colgate says it didn't make the toothpaste, and that the tubes sold in New York, New Jersey, Pennsylvania and Maryland discount stores were counterfeit.
    The Colgate announcement comes almost two weeks after the FDA warned consumers to avoid any toothpaste made in China after inspectors found DEG in tubes sold at two stores. More...

  • June-16-2007 -- Dow Jones Shares Rise on WSJ Report Pearson May Bid (Update1)
    The Wall Street Journal, whose parent Dow Jones & Co. is the target of a $5 billion takeover offer by News Corp., is set to shake up its newsroom by reassigning and replacing several top editors, the New York Times reported on its Web site.
    The Wall Street Journal, already roiled by a proposed takeover by Rupert Murdoch, will announce today a major newsroom shake-up, including the reassignment and replacement of several top editors, officials there say. More...

  • June-16-2007 -- S&P; Lowers Penn National Gaming Rating
    Penn National Gaming, owner of 18 casinos and horse racing courses in the U.S., has agreed to an $8.9bn buy-out by private equity companies Fortress and Centerbridge Partners.
    The deal is valued at about $5.73 billion and the buyers include Fortress Investment Group LLC and Centerbridge Partners LP. There will also be a repayment of $2.8 billion in existing debt. More...

  • June-16-2007 -- American consumer prices sprint on gas surge
    LONDON - Lower-than-expected core inflation data from the United States and positive news on growth drove Treasury bond yields lower and lifted equities on Friday as investor concerns about rising consumer prices eased.
    WASHINGTON - A steady rise in food and energy costs pushed overall U.S. consumer prices up 0.7 percent in May, the sharpest rise in 1-1/2 years, a government report showed on Friday. More...

Friday (Update 2)


  • June-15-2007 -- Sector Snap: Cereal Maker Shares Rise
    CHICAGO - Kellogg Co. said on Thursday that it would change the way it markets food to children and only promote products that meet certain nutritional standards for sugar, fat and sodium, fending off threatened litigation.
    Kellogg already had a policy of not aiming advertising at children younger than 6, so the new guidelines apply to children 6 through 11. More...

  • June-15-2007 -- Tax Win for City at High Court
    Federal law "does not immunise a foreign sovereign" in such cases, Justice Clarence Thomas wrote in a 7-2 decision Thursday in the New York City's case against India's permanent mission to the United Nations.
    Getting any money wouldn't be easy, even if the city obtains a declaration from U.S. courts that the money is owed. More...

  • June-15-2007 -- $17.5 Billion Transit Expansion Proposed Across TO & Hamilton
    The Ontario government is enticing voters with a 12-year, $17.5-billion plan to extend Toronto's subway, expand GO Transit service and build two rapid transit lines across Hamilton.
    Will this be enough to get voters out of their cars and into polling places to cast their ballots for the Liberals? In a major announcement that could change the entire look of the Golden Horseshoe, the McGuinty government has announced a $17.5 billion plan to improve public transit across the GTA and beyond. More...

  • June-15-2007 -- UPDATE 1-Ford says 27000 workers have left company
    Ford Motor Company said today that about 27,000 U.S. hourly workers have left the company under buyout or early retirement offers.
    About 37,000 employees - 8,000 last year and 19,000 so far in 2007 from Ford and ex-Visteon Automotive Components Holdings plants - have signed up for the offers, but not all have yet left the company. More...

  • June-15-2007 -- Midwest investors support AirTran in election
    MILWAUKEE Midwest Air Group Inc. said Tuesday it won't meet analysts' earnings expectations for the second quarter and full-year results will suffer as a result of lower airfares and longer flights.
    The board noted it has made no determination to engage in negotiations with AirTran and no date for the session has been established. More...

  • June-15-2007 -- European Stocks May Rise; Rio, Total, Deutsche Boerse May Gain
    Today, shares in the New York Mercantile Exchange are rising ahead of the open on reports that the world's largest energy market is exploring a sale for about $14.3 billion or $155 per share, according to Bloomberg.
    RWE shares close at 80.60 euros yesterday. More...

  • June-15-2007 -- 1.5 Mil. 'Thomas & Friends' Train Toys Recalled in US
    A massive toy recall could have millions of parents taking away their kids' favourite toys.
    The front of the packaging has the logo "Thomas & Friends Wooden Railway" on the upper left-hand corner and a manufacturing code may be located on the bottom of the product or inside the battery cover. More...

  • June-15-2007 -- Suntrust Plans Sale, Leaseback
    SunTrust Banks Inc. said it will sell 475 properties, including 48 office buildings and 425 retail branches, and then lease them back.
    In April SunTrust said cost-cutting moves saved it $28.6 million in the first quarter. More...

  • June-15-2007 -- Tax shock for private equity funds
    WASHINGTON, June 14 - Two U.S. senators introduced legislation on Thursday to change the tax code for private equity firms and said the proposed initial public offering of private equity firm Blackstone Group LP raises "serious tax questions."
    While the 2 percent is taxed at ordinary rates as high as 35 percent, the rest is taxable at the lower capital gains rates of 15 percent. More...

  • June-15-2007 -- GM Revs Up Fuel-Cell Development
    Burns said more than 400 GM fuel-cell engineers will report to GM's powertrain group to begin production engineering of fuel-cell systems.
    E85 can contribute to energy independence because it diversifies the source of transportation fuels beyond petroleum, and it provides positive environmental benefits in the form of reduced greenhouse gas emissions. More...

  • June-15-2007 -- Home Depot to get two bids for supply unit: report
    PHILADELPHIA, June 15 - Offers for Home Depot Inc.' s supply division are due on Friday, according to a source involved with the deal, with two groups of private equity firms expected to be among the remaining bidders.
    In a February research note, David Schick, an analyst with Stifel Nicolaus & Co., wrote that Home Depot paid as much as $8 billion to acquire the 38 companies that make up the unit, the report said. More...

  • June-15-2007 -- Deal with satellite-TV giants signals more Clearwire growth
    Clearwire Corp announced yesterday the signing of distribution deals with satellite TV companies DirecTV Group Inc and EchoStar Communications.
    Clearwire currently offers service in 39 U.S. markets, covering around 9.9 million people in 13 states, with 258,000 WiMAX subscribers as of the end of the first quarter of 2007. More...

  • June-15-2007 -- UPDATE 1-Fresh Del Monte says not target in probe
    A policewoman is shown searching a detainee outside of the Fresh Del Monte Produce fruit and vegetable processing plant, June 12, 2007, in Portland, Ore. Federal agents on Tuesday raided the offices of a food processing plant suspected of employing hundreds of illegal workers who used Social Security numbers that belonged to other people or were made up, authorities said.
    An official at Fresh Del Monte Produce Co. headquarters in Coral Gables, Fla., said the company could not comment until federal investigators gave it more information. More...

  • June-15-2007 -- Foreclosure Rate Hits Historic High
    The Mortgage Bankers Association said the rate of loans entering the foreclosure process was 0.58 percent on a seasonally adjusted basis, or more than one out of 200 loans and 4 basis points higher than the previous quarter.
    In the morning, representatives from mortgage companies and an association of mortgage brokers parried, mostly in good humor, with people representing nonprofit housing groups that are the leading advocacy voice speaking on behalf of subprime borrowers. More...

  • June-15-2007 -- Power brokers
    If you are already a Cincinnati Business Courier subscriber please create or sign into your bizjournals.com account to link your valid print subscription and have access to the complete article.
    More...

  • June-15-2007 -- Colgate toothpaste in US recall
    Colgate says it didn't make the toothpaste, and that the tubes sold in New York, New Jersey, Pennsylvania and Maryland discount stores were counterfeit.
    On Thursday MS USA Trading, Inc. of North Bergen, N.J., the importer involved in the initial recall announcement, said the toothpaste may contain diethylene glycol, a chemical found in antifreeze. More...

  • June-15-2007 -- As economy strengthens, hopes for rate cut fade
    LONDON - Lower-than-expected core inflation data from the United States and positive news on growth drove Treasury bond yields lower and lifted equities on Friday as investor concerns about rising consumer prices eased.
    WASHINGTON - A steady rise in food and energy costs pushed overall U.S. consumer prices up 0.7 percent in May, the sharpest rise in 1-1/2 years, a government report showed on Friday. More...

  • June-15-2007 -- Penn National Agrees to Be Acquired for $6.1 Billion (Update3)
    Penn National, which operates race tracks and casinos, will be purchased by publicly traded investment company Fortress Investment Group LLC and private equity firm Centerbridge Partners LP in an all-cash transaction.
    The deal, which includes a planned repayment of $2.8 billion of Penn's outstanding debt, sent the company's share price up. More...

Friday (Update 1)


  • June-15-2007 -- Marriott inks development deal with Ian Schrager
    BETHESDA, MD. - Hotel operator Marriott International Inc. plans to open a new brand of boutique hotels catering to wealthy travelers, teaming with designer and hotel entrepreneur Ian Schrager.
    On the one side, Ian Schrager, the ultra-stylish hotels and nightclubs guru still best known as the founder of the notorious Manhattan nightspot Studio 54. More...

  • June-15-2007 -- UPDATE 1-Ford says 27000 workers have left company
    —About 27,000 U.S. hourly workers have left Ford Motor Co. under buyout or early retirement offers, the automaker said Thursday.
    Ford spokeswoman Marcey Evans said on Thursday the automaker has about 700 workers in its 'jobs bank' -- a program that guarantees nearly full wages and benefits when the automaker eliminates work or closes factories. More...

  • June-15-2007 -- Kellogg to Make Kids' Foods Healthier
    GRAND RAPIDS, Mich. -- Kellogg Co. said Thursday it will increase the nutritional value of its cereals and snacks for children or else quit marketing those products to them entirely.
    With advocacy groups threatening a lawsuit over child obesity, Kellogg promised Thursday it would improve the nutrition of its cereals and snacks for kids, and change its marketing of those products to eliminate those items that fail to meet the company's new health targets. More...

  • June-15-2007 -- Jump the Most In Over 3 Years
    The five consecutive increases have pushed 30-year mortgages to their highest level since they were at 6.80 percent for the week ending July 20 last year.
    The five-year Treasury-indexed hybrid adjustable-rate mortgage had an average rate of 6.24 percent with 0.6 point, up from last week when it averaged 6.19 percent and 0.5 point. More...

  • June-15-2007 -- Qatar-Backed Fund Increases Sainsbury Stake to 25% (Update3)
    Britain's leading share index extended gains on Friday, joining a global stock market rally, with Sainsbury leaping into the lead after a Qatari group raised its stake in the supermarket chain.
    LONDON -- A Qatari group said on Friday it now owns a quarter of Britain's J. Sainsbury after buying 732 million of shares, boosting expectations the former bid target faces renewed pressure to sell property. More...

  • June-15-2007 -- Future Looks Up For Freddie Mac
    NEW YORK - Freddie Mac, the No. 2 U.S. mortgage finance company, on Thursday reported an unexpected first-quarter loss, as rising interest rates hurt the value of hedges it holds to protect profits on its mortgage portfolio.
    The year-over-year change primarily resulted from an increase in the company's provision for credit losses. More...

  • June-15-2007 -- Deal with satellite-TV giants signals more Clearwire growth
    DirecTV and EchoStar will offer Clearwire's high-speed Internet service to their customers while Clearwire in turn will be able to offer the video services of one or both satellite companies to its customers.
    A modem costs an additional $99.99. More...

  • June-15-2007 -- AirTran's landing of Midwest closer
    Midwest Air Group Inc. said Tuesday it won't meet analysts' earnings expectations for the second quarter and full-year results will suffer as a result of lower airfares and longer flights.
    A date for the meeting has yet to be set. More...

  • June-15-2007 -- JP Morgan to build 40-storey tower at Ground Zero
    JPMorgan Chase has struck a deal with state and city officials to build a skyscraper near Ground Zero and move its investment banking headquarters from midtown Manhattan to the financial district.
    The city and state are giving J.P. Morgan Chase more than $200 million in tax incentives to build a new headquarters in Lower Manhattan. More...

  • June-15-2007 -- US eyes private equity tax change
    WASHINGTON, June 14 - Two U.S. senators introduced legislation on Thursday to change the tax code for private equity firms and said the proposed initial public offering of private equity firm Blackstone Group LP raises "serious tax questions."
    Private equity funds, by contrast, borrow money to buy companies, strive to improve the companys operations in the private market and take it public or sell it, generally in five to seven years, although that time frame has recently been shrinking. More...

  • June-15-2007 -- CBOT, Merc make proposal sweeter
    Those terms include a $9.14-per-share special dividend for CBOT shareholders that for a CBOT "full member" equates to a payout of about $250,000.
    Even with the dividend, CME's combined offer of nearly $10.7billion is still below the $11.09billion in cash and stock being offered by IntercontinentalExchange. More...

  • June-15-2007 -- Thomas the Tank Engine Toys Recalled Because of Lead Paint
    WASHINGTON -- A massive toy recall could have millions of parents taking their children's favourite toys away.
    The manufacturer of the wildly popular Thomas & Friends wooden trains warned parents this week that 1.5 million of the toy sets may contain lead paint, a dangerous poison when swallowed. More...

  • June-15-2007 -- Home lending woes bite Wall St.
    Goldman fell $7.40, or 3.17 per cent, to $226.24, while Bear Stearns sank $2.27 to $147.22.
    Goldman Sachs's advisory business generated about $709 million in revenue, or about 7 percent of total revenue, compared with $140 million, or about 5.6 percent at Bear. More...

  • June-15-2007 -- UPDATE 1-Fresh Del Monte says not target in probe
    Dennise Zavala Diaz, left, cries for her aunt who is a worker at the Fresh Del Monte Produce fruit and vegetable processing plant, June 12, 2007, in Portland, Ore. Federal agents on Tuesday raided the offices of a food processing plant suspected of employing hundreds of illegal workers who used Social Security numbers that belonged to other people or were made up, authorities said.
    An official at Fresh Del Monte Produce Co. headquarters in Coral Gables, Fla., said the company could not comment until federal investigators gave it more information. More...

  • June-15-2007 -- US Consumer Prices Probably Rose in May as Gasoline Jumped
    While the report showed a bigger than expected increase in prices, core price growth came in line with economist estimates.
    WASHINGTON - Huge increases in U.S. food prices over the past few months are not only putting a strain on consumer's pocketbooks, but they may also make the Federal Reserve's fight to curb inflation more difficult. More...

  • June-15-2007 -- Foreclosure Math: 4 + 3 = 1 Big Mess
    Nationwide, loans tipping from delinquency into foreclosure rose to an all-time high in the first quarter, led by subprime borrowers, the Mortgage Bankers Association said.
    The mortgage bankers' point seems to be that mortgage problems are highly concentrated and not a national crisis. More...

  • June-15-2007 -- Colgate takes further action over counterfeit toothpaste
    The brand isn't on a Food and Drug Administration list of toothpaste found to have the chemical.
    "There are indications that this product does not contain fluoride and may contain diethylene glycol," the company said of the toothpaste found in New York, New Jersey, Pennsylvania and Maryland. More...

  • June-15-2007 -- Court Ruling Supports City In Push to Tax UN Missions
    Federal law "does not immunise a foreign sovereign" in such cases, Justice Clarence Thomas wrote in a 7-2 decision Thursday in the New York City's case against India's permanent mission to the United Nations.
    In 1993, the U.S. government sent India a diplomatic note about the property tax issue, and the State Department advised all foreign governments about the issue in 2001 and 2004. More...

Thursday (Update 2)


  • June-14-2007 -- Refinery Considered for South Dakota
    The Elk Point Leader-Courier said in a copyright story that Dallas-based Hyperion Resources Inc. is considering Union County for an oil refinery that would turn crude oil from Canada into low-sulfur gasoline and low-sulfur diesel fuel.
    To refine the fuel, the plant would use 12-million gallons of water from the Missouri River. More...

  • June-14-2007 -- Treasurys prices break losing streak
    Information in the Beige Book comes from interviews with business executives, economists, financial experts and other sources, according to the Fed. The reports summarize the district banks' findings on changes in retail sales, consumer spending, manufacturing, wages and prices.
    WASHINGTON, June 14 : Some segments of the U.S. economy are picking up strength after a soft patch early this year, the Federal Reserve said in its Beige Book report yesterday. More...

  • June-14-2007 -- Del Monte Sees Lower 1Q Profit
    Sales are expected to rise 5 to 7 percent above fiscal 2007 sales of $3.41 billion, implying sales of $3.59 billion to $3.65 billion, driven by the Meow Mix and Milk-Bone acquisitions.
    The Omaha, Nebraska-based packaged foods company's net sales increased 2% for the quarter to $2.92 billion from $2.86 billion last year. More...

  • June-14-2007 -- Chip sales forecast slashed
    SAN JOSE, Calif.-- --Sharp declines in average selling prices for microchips in several key market segments microprocessors, DRAMs, and NAND flash will contribute to slower growth in worldwide sales of semiconductors in 2007, the Semiconductor Industry Association said today.
    A glut of chip inventory flooded the market midway through 2006, sending the supply of semiconductors above the existing demand and pushing down prices for many types of chips. More...

  • June-14-2007 -- Thursday's Tech Winners & Losers
    Hoku Materials, a wholly-owned subsidiary of Hoku Scientific, has signed its second long-term polysilicon material contract this year, this time with Suntech Power Holdings, and is worth approximately $678 million over a 10-year supply deal.
    As per the contract, up to about $678 million may be payable to Hoku during the ten-year period. More...

  • June-14-2007 -- Freddie Mac Has 1st-Quarter Net Loss of $211 Million (Update1)
    "While significant mark-to-market losses on our portfolio of derivatives, which are used to hedge our interest-rate risk, and on our credit guarantee activities have resulted in a GAAP loss, we remain encouraged with the underlying fundamentals of Freddie Mac's business," Chief Financial Officer Buddy Piszel said.
    We're also pleased to have been able to continue returning capital to our shareholders through the repurchase of our common shares." More...

  • June-14-2007 -- US Lawmakers Urge China to Raise Currency Value
    The U.S. Congress last night ratcheted up the pressure on the White House to impose protectionist measures against Chinese imports after the Bush administration shied away from accusing Beijing of manipulating its currency.
    Clay Lowery, the Treasury Department's acting under secretary for international affairs, indicated that the administration would resist it as likely to increase tensions with Beijing. More...

  • June-14-2007 -- Raid Reveals Unsafe Food Plant Conditions
    Dennise Zavala Diaz, left, cries for her aunt who is a worker at the Fresh Del Monte Produce fruit and vegetable processing plant, June 12, 2007, in Portland, Ore. Federal agents on Tuesday raided the offices of a food processing plant suspected of employing hundreds of illegal workers who used Social Security numbers that belonged to other people or were made up, authorities said.
    Only about a dozen workers among the more than 175 at the plant were considered to be legal employees, according to Leigh Winchell, special agent in charge of the ICE regional office in Seattle. More...

  • June-14-2007 -- Kellogg tightens policies on marketing to children
    A consumer advocacy group said Thursday it is dropping plans to sue Kellogg Co. after the cereal and snack company announced it will boost the nutritional value of its products and alter its advertising campaigns for kids.
    WASHINGTON - Kellogg Co., the world's largest cereal maker, has agreed to raise the nutritional value of cereals and snacks it markets to children. More...

  • June-14-2007 -- Fed may step in as subprime deliquencies hit all-time high
    The Mortgage Bankers Association said the rate of loans entering the foreclosure process was 0.58 percent on a seasonally adjusted basis, or more than one out of 200 loans and 4 basis points higher than the previous quarter.
    The Fed's discussion comes amid new signs that the housing market's downturn is worsening. More...

  • June-14-2007 -- Wholesale Price Increased in May,
    While the report showed a bigger than expected increase in prices, core price growth came in line with economist estimates.
    June 14 -- Prices paid to U.S. producers probably rose in May, reflecting a fourth consecutive jump in fuel costs that threatens a broader pickup in inflation, economists said before a government report today. More...

  • June-14-2007 -- JPMorgan to build headquarters at NY's WTC site
    NEW YORK - JP Morgan Chase & Co. has struck a deal with the World Trade Center site's owner to build and move into one of five planned office towers at ground zero, with a hefty package of state and city incentives, three people familiar with the deal said Wednesday.
    Goldman's 43-story tower will open in 2009. More...

  • June-14-2007 -- Thomas & Friends wood toys recalled
    One of the most-beloved toys in the world has joined the growing list of Chinese-made products to be pulled from store shelves for safety reasons.
    The toy recall includes wooden vehicles, buildings and other train set parts imported and distributed by RC2 Corp. The toys in question were sold from January 2005 through June 2007. More...

  • June-14-2007 -- Bear Stearns Profit Drops 10% as Mortgage Bonds Slump (Update4)
    Goldman fell $7.40, or 3.17 percent, to $226.24, while Bear Stearns sank $2.27 to $147.22.
    Revenues in Bear's bond division fell by 16%, and for the second quarter the firm reported net income of $361 million, or $2.52 a share, on about $5 billion of revenue, compared with per-share earnings of $3.72 in the year-earlier period. More...

  • June-14-2007 -- Bidding War On CBOT Heats Up As CME Sweetens Bid - Update [BOT]
    In an attempt to respond to IntercontinentalExchange Inc.' s similar proposal, the Chicago Merc also said the terms of the revised merger still included an obligation on the part of the exchange to make a $3.5 billion cash tender offer at $560 per share after the closing of the merger.
    "After a review of the new elements of the latest proposal from ICE, the boards of CBOT Holdings and the CBOT concluded that the revised merger agreement with CME continues to offer greater overall benefits for our shareholders and members," said CBOT Chairman Charlie Carey. More...

  • June-14-2007 -- UPDATE: Colgate: Counterfeit Toothpaste Found In Four States
    WASHINGTON -- The Colgate-Palmolive Co. said Thursday that 5-ounce tubes of counterfeit toothpaste sold in discount stores in four states under a Colgate label are being recalled because they may contain a poisonous chemical.
    In a news release issued Thursday, Colgate-Palmolive said it does not use, and has never used, diethylene glycol as an ingredient in Colgate toothpaste anywhere in the world. More...

  • June-14-2007 -- Sanofi's Prospects Get Leaner
    NEW YORK — Shares of Sanofi-Aventis SA declined in Thursday's premarket trading session, after a Food and Drug Administration advisory panel said the French drug maker failed to show its weight-loss drug Rimonabant is safe.
    A fourth suicide reported after the drug went on the market outside of the U.S. hasn't been confirmed, the company said. More...

  • June-14-2007 -- UPDATE 1-Midwest shareholders elect AirTran board nominees
    MILWAUKEE Midwest Air Group Inc. said yesterday that it will not meet analysts' earnings expectations for the second quarter, and full-year results will suffer as a result of lower airfares and longer flights.
    MILWAUKEE - Midwest Air Group's chief executive said today shareholders have indicated they want the board of directors to listen to the business plan from rival AirTran Holdings -- and that's just what they'll do. More...

Thursday (Update 1)


  • June-14-2007 -- Ingram Micro buys DBL Distributing for 96 mln usd
    LONDON - Technology distributor Ingram Micro Inc said it has agreed to acquire certain net assets of DBL Distributing Inc, a distributor of consumer electronics accessories and related products, for 96 mln usd.
    Ingram Micro, the world's largest technology distributor, today announced it acquired business-to-business electronics accessories mailer DBL Distributing for $96 million. More...

  • June-14-2007 -- SNB calls for caution on exchange rate risks - Jordan
    "Should economic momentum remain unchanged or should movements in the Swiss franc result in a further relaxation of monetary conditions, further increases in the interest rate are likely in the months ahead.''
    Markets had priced in further increases in December and March next year as the improved economic outlook provided the SNB with the leeway to raise rates despite low inflation rates. More...

  • June-14-2007 -- Boeing: $2.8 Trillion Market for Jets
    Boeing, the world's top-selling plane maker, forecast that 28,600 new aircraft worth about $2.8 trillion will be bought over the next 20 years on the back of rising demand for passenger travel and air cargo.
    Boeing said that demand over the next 20 years would be led by low-cost carriers seeking more environmentally friendly planes, while looking towards expansion into the United States market, Boeing added. More...

  • June-14-2007 -- Hyperion Resources Plans
    The Elk Point Leader-Courier said in a copyright story that Dallas-based Hyperion Resources Inc. is considering Union County for an oil refinery that would turn crude oil from Canada into low-sulfur gasoline and low-sulfur diesel fuel.
    The refinery would be the first built in the country since 1976 and comes at a time when politicians are looking to sever the marriage to Middle East oil. More...

  • June-14-2007 -- With Asian Auto Rivals;
    DETROIT General Motors, Ford and Chrysler will press for reduced labor cost to put them on par with their Asian rivals during summer contract talks with the United Auto Workers, officials of the three automakers said yesterday.
    The company, as well as Chrysler and GM, will seek to reduce costs to around $48 per hour, about the average hourly cost incurred by Toyota, Honda and Nissan, company officials have said. More...

  • June-14-2007 -- Pace slowing for Southwest
    Southwest has been growing about 8 percent a year by adding planes and serving more cities, but it might have overshot the runway.
    We see a supply problem," Arpey said. More...

  • June-14-2007 -- Sprint Nextel to Buy Yet Another Affiliate
    NEW YORK, June 13 - Sprint Nextel Corp the No. 3 U.S. mobile phone service, said on Wednesday it would buy affiliate privately held Northern PCS Services LLC for $312.5 million, including debt.
    The acquisition is expected to close in the third quarter of 2007, pending regulatory approvals. More...

  • June-14-2007 -- New Ackman Fund Plans Summer Launch
    Ceridian last month agreed to be bought by private equity firm Thomas H. Lee Partners and insurance company Fidelity National Financial Inc. for $5.3 billion in cash or $36 per share.
    Ceridian said its agreement to be bought by Fidelity National and Lee for $36 a share is in the best interest of shareholders "and provided the greatest and most certain value of the available alternatives." More...

  • June-14-2007 -- US economy picks up pace - Fed
    A larger-than-expected rise in retail sales points to possible strength in consumer spending, but most experts are more worried about the implications for inflation.
    Wednesday's report showing a 1.4 percent increase in May retail sales added to that optimism, since consumer spending accounts for about two-thirds of economic activity. More...

  • June-14-2007 -- Crude Oil Prices Drop to $66.18 a Barrel
    Gas and oil futures jumped Wednesday on a government report that raised concerns that refiners aren't producing enough gasoline to meet peak summer demand.
    Distillate stocks, which include heating oil and diesel fuel, rose 300,000 barrels a day, falling short of expectations for a 1.5 million barrel-per-day increase. More...

  • June-14-2007 -- Imported Toothpaste Recalled
    WASHINGTON - The Colgate-Palmolive Company said Thursday that 5-ounce tubes of counterfeit toothpaste sold in discount stores in four states under a Colgate label are being recalled because they may contain a poisonous chemical.
    Five-ounce tubes of imported toothpaste labeled Colgate and sold in discount stores in four states are being recalled. More...

  • June-14-2007 -- Lower chip forecast
    SAN JOSE, Calif.-- --Sharp declines in average selling prices for microchips in several key market segments microprocessors, DRAMs, and NAND flash will contribute to slower growth in worldwide sales of semiconductors in 2007, the Semiconductor Industry Association said today.
    Sales of PCs, the largest market for semiconductors, were on track for unit growth of 10 per cent, reaching 255m units, said Mr Scalise. More...

  • June-14-2007 -- Thomas & Friends Wooden Railway Toys Recalled
    One of the most-beloved toys in the world has joined the growing list of Chinese-made products to be pulled from store shelves for safety reasons.
    The Oak Brook, Illinois-based company said it was recalling about 1.5 million wooden pieces sold in Canada and the U.S. due to concerns surrounding the paint used on the toys and parts manufactured between January 2005 and April 2006 containing lead. More...

  • June-14-2007 -- Kellogg's vows huge changes in cereal ads
    The Battle Creek, Mich., company avoided a lawsuit threatened by parents and nutrition advocacy groups worried about increasing child obesity.
    Center spokesman Jeff Cronin said Kellogg contacted the plaintiffs shortly thereafter and began negotiating the new standards, so the lawsuit was not filed and will not be filed. More...

  • June-14-2007 -- UPDATE 1-Fresh Del Monte says not target in probe
    Dennise Zavala Diaz, left, cries for her aunt who is a worker at the Fresh Del Monte Produce fruit and vegetable processing plant, June 12, 2007, in Portland, Ore. Federal agents on Tuesday raided the offices of a food processing plant suspected of employing hundreds of illegal workers who used Social Security numbers that belonged to other people or were made up, authorities said.
    The complaints filed with the state support the observations of a federal undercover informant that were detailed in a search warrant affidavit filed by U.S. Immigration Customs Enforcement before the raid ' and the experience of a Willamette Week reporter who spent three days under cover at the plant for a story the Portland weekly newspaper published last month. More...

  • June-14-2007 -- The Economy: May's Signs of Strength
    WASHINGTON - Retail sales rose more than twice as much as expected in May, while import prices surged, adding to recent data suggesting the U.S. economy is recovering strongly after a slowdown in the first quarter.
    "The relatively strong job market has kept spending energized and will contribute to a solid bounce-back in overall economic growth in the second quarter," said Brian Bethune, U.S. economist for Global Insight. More...

  • June-14-2007 -- Paulson declines to call China a manipulator
    The Treasury, in a much-anticipated semiannual report, said China's tightly controlled exchange rates have led to a variety of economic problems including a massive buildup in currency reserves that poses global risks.
    WASHINGTON - The Bush administration once again declined to cite China as a country that manipulates its currency to gain unfair trade advantages, provoking an outcry from U.S. lawmakers who pledged to pass tougher legislation to force the administration to act. More...

  • June-14-2007 -- Sanofi-Aventis shares stumble on drug's rejection
    PARIS - Sanofi-Aventis shares fell as much as 1.7 percent on Tuesday as investors reacted warily to a U.S. health review of anti-obesity pill Acomplia, highlighting side-effects such as suicidal tendencies.
    Bear Stearns analyst Alexandra Hauber also sees Acomplia as a means for obese patients to shed weight rather than a drug for life-threatening diseases. More...

Wednesday (Update 2)


  • June-13-2007 -- US May Budget Deficit Widens to $67.7 Bln, Treasury Says
    The budget deficit totaled $148.5 billion since the start of the fiscal year on Oct. 1, down 35 percent from a shortfall of $227 billion a year earlier.
    WASHINGTON — The federal deficit is running sharply lower through the first eight months of this budget year as growth in revenues continues to outpace the growth in spending. More...

  • June-13-2007 -- Behind Florida's Property Tax Revolt
    Rubio characterized the $1.5-billion first-year impact to schools as a property tax reduction, not a cut to education funding.
    Gov. Charlie Crist meets with lenders, builders and representatives of various homeowners associations from around the state Tuesday in Tallahassee to talk about property tax issues. More...

  • June-13-2007 -- Foreclosure filings up 90 percent
    NEW YORK - U.S. home foreclosures in May jumped 90 percent from a year earlier, reflecting a poor spring housing market and foreshadowing even higher levels later in 2007, real estate data firm RealtyTrac said on Tuesday.
    The state's foreclosure activity increased 16 percent from the previous month and more than 150 percent from May 2006, resulting in a foreclosure rate of one foreclosure filing for every 362 households -- fifth highest among the states and 1.8 times the national average. More...

  • June-13-2007 -- Biotech, pharma stocks flat; Sanofi up
    The FDA said Monday that Sanofi-Aventis' weight-loss drug Acomplia may trigger suicidal behavior and other psychological side effects in some patients.
    Overweight Americans eager to get their hands on Franco-German drugmaker Sanofi-Aventis's new obesity treatment may have a long wait. More...

  • June-13-2007 -- Boeing sees 28600 new planes over next 20 yrs
    The Chicago-based company said it expects 5 percent yearly increases in passenger traffic and 6.1 percent annual growth in air cargo traffic will lead to 28,600 new passenger and freighter planes to be delivered over the next 20 years.
    Deliveries to airlines in Latin America, the Middle East, and Africa will represent the remaining 13 percent of the delivery dollars between 2007 and 2026. More...

  • June-13-2007 -- Lehman sets bar for investment banks
    Fixed Income Capital Markets reported net revenues of $1.9 billion, a decrease of 14% from $2.2 billion in the second quarter of fiscal 2006, as strong client demand across most products and increased real estate and credit product revenues were more than offset by continued weakness in the U.S. residential mortgage business and decreased revenues in the Firm's municipal and interest rate products businesses.
    The fourth-largest U.S. investment bank by market value said net income rose to $1.27 billion, or $2.21 a share, for the second quarter ended on May 31 from $1 billion, or $1.69, a year earlier. More...

  • June-13-2007 -- UPDATE 1-Fresh Del Monte says not target in probe
    Dennise Zavala Diaz, left, cries for her aunt who is a worker at the Fresh Del Monte Produce fruit and vegetable processing plant, June 12, 2007, in Portland, Ore. Federal agents on Tuesday raided the offices of a food processing plant suspected of employing hundreds of illegal workers who used Social Security numbers that belonged to other people or were made up, authorities said.
    According to an affidavit filed by Maximillian Trimm, a special agent with ICE, a check of employee records at one point showed that only 48 of nearly 600 workers at the plant had valid Social Security numbers. More...

  • June-13-2007 -- Ahead of the Bell: Blockbuster Rises
    Cost of renting movies by mail is now cheaper than with Netflix.
    Blockbuster Inc. changed its subscription rates for mail-order DVDs, stepping up its competition with rival Netflix Inc. over what the movie-rental chain says is a market expected to grow by 43 percent in 2007. More...

  • June-13-2007 -- Defense Rests in Black Trial
    Closing arguments are scheduled to begin Monday.
    A friend of Conrad Black's testified today that the controversial surprise birthday party held for Barbara Amiel was a legitimate networking opportunity. More...

  • June-13-2007 -- Ahead of the Bell: Ford Sale Encouraged
    NEW YORK - Ford Motor Co.' s debt will likely rally if the company sells its money losing Jaguar luxury car brand, which has been a drag on the automaker's performance.
    Ford sold Aston Martin, another part of the Premier Automotive Group, for $848 million in March, with some analysts saying the luxury brand did not fit into Ford's long-term survival plan for cost savings from developing multiple models worldwide on the same underpinnings. More...

  • June-13-2007 -- ICE Heats Up Board of Trade Bid
    IntercontinentalExchange, or ICE, said in a release that it has resubmitted a merger proposal with "enhancements," including enabling CBOT shareholders to now receive cash in lieu of shares of the merged company, up to a maximum of $2.5 billion.
    The department's antitrust division said in a statement it concluded that "the evidence does not indicate that either the transaction or the clearing agreement is likely to reduce competition substantially." More...

  • June-13-2007 -- Solar Power, Biodiesel for NYC Buildings
    New York's economy relies heavily on Wall Street _ for every billion dollars in profits, the city gets $70 million in direct taxes and enjoys even more revenues indirectly from the money that is spent.
    Continuing New York's environmental push, Mayor Michael Bloomberg announced plans to use solar power and cleaner-burning heating oil in municipal buildings, including city hall. More...

  • June-13-2007 -- Banks to face trial in Parmalat case-sources
    MILAN, Italy - A judge in Italy has indicted four international banks on charges related to the 2003 failure of the Parmalat dairy empire, Europe's largest corporate bankruptcy.
    Last year, the company's founder and former chief executive Calisto Tanzi blamed the banks for the company's downfall. More...

  • June-13-2007 -- Oil rises above $69, supply worries return
    NEW YORK - Gas and oil futures jumped Wednesday on a government report that raised concerns that refiners aren't producing enough gasoline to meet peak summer demand.
    Inventories rose 3 percent the past six weeks as refinery fires and breakdowns slowed demand from oil companies. More...

  • June-13-2007 -- US senators to unveil bill targeting China
    The U.S. Treasury Department on Wednesday labeled China's currency "undervalued" and pledged to keep pushing for it to appreciate but said Beijing was not manipulating its currency for trade gains.
    U.S. lawmakers argue China's fixed exchange rate unfairly subsidises the country's exports and contributes to a record annual bilateral U.S. trade deficit of $233bn. More...

  • June-13-2007 -- Yahoo! woes spur investor boo-hoo
    Investors attacked Yahoo Inc. over executive pay, human rights in China and lagging stock performance at the company's annual meeting Tuesday, highlighting the many headaches faced by Terry Semel, the Web portal's chief executive, as he tries to close the gap with rival Google Inc. and fend off suggestions that he should resign.
    Only one shareholder, Naples, Florida, money manager Eric Jackson, chastised Semel for Yahoo's inability to keep pace with Google, the report said. More...

  • June-13-2007 -- Retail sales, import prices surge
    WASHINGTON, June 13 - Sales by U.S. retailers jumped 1.4 percent in May in their biggest rise since January 2006 as consumers shrugged off higher gasoline prices and increased spending on cars, clothing and building materials, a government report showed on Wednesday.
    A rout in U.S. notes has pushed 10-year yields to the highest in more than five years. More...

  • June-13-2007 -- Sprint Bags Another Partner
    Northern PCS, based in Waite Park, Minnesota, provides Sprint PCS services in certain small to mid-size markets in Minnesota, North Dakota, Wisconsin and Iowa, serving more than 167,000 direct wireless subscribers and more than 69,000 reseller subscribers in a coverage area of more than 1.8 million people.
    Including the assumption of $5.3 million in debt, the deal is valued at $312.5 million. More...

Wednesday (Update 1)


  • June-13-2007 -- Citytv buy a low-risk, shrewd move
    In April, CTVglobemedia had offered to sell seven A-Channel stations and several other specialty channels to Rogers Media for $137.5 million.
    The federal broadcast regulator ruled on Friday that the five Citytv TV stations -- located in Toronto, Winnipeg, Edmonton, Calgary and Vancouver -- be sold as a condition of CTV's $1.7-billion acquisition. More...

  • June-13-2007 -- Out of the Gate: Dean Foods
    The company's Horizon Organic brand, meanwhile, is facing a significant oversupply of raw organic milk, after a change in regulations, forcing lower prices, the company said before an investor presentation in Paris.
    In 2006, WhiteWave accounted for $1.28 billion of Dean's total sales of $10.1 billion. More...

  • June-13-2007 -- Barclays to sweeten ABN bid
    The report comes amid increasing concern from some Barclays shareholders that the bank may get involved in a bidding war.
    "The views expressed by Atticus Capital are not representative of the feedback we have received by shareholders, who remain supportive of our strategy," a Barclays spokesman said in a statement. More...

  • June-13-2007 -- Broadcom to pay up to $226 mln for Global Locate Inc.
    The company said it expects GPS to join Bluetooth and similar wireless technologies as a pervasive feature in next generation mobile devices, and noted that Global Locate's semiconductor solutions are used in mobile phones, and incorporated into products from TomTom NV, a personal navigation device vendor.
    "With the acquisition of Global Locate, Broadcom will be the only semiconductor supplier in the world with top-tier customers in Bluetooth, Wi-Fi, FM radio and GPS, four of the key wireless technologies now being added to next-generation mobile phones," Robert Rango, a Broadcom official, said in a statement. More...

  • June-13-2007 -- FDA cracks down on body parts companies
    WASHINGTON ' A federal agency's review of the billion-dollar body parts industry calls for more inspections, but experts in the field say it ignores the problems that led to two recent scares involving human tissue harvested for transplants.
    Seven funeral home directors have already pleaded guilty and tens of thousands of body parts removed by BTS were recalled. More...

  • June-13-2007 -- Holding fast to tax cuts
    Rubio characterized the $1.5-billion first-year impact to schools as a property tax reduction, not a cut to education funding.
    TALLAHASSEE - Rank-and-file lawmakers got their first glimpse Tuesday at a $31.6 billion property tax cut package that's already under fire from Democratic leaders for local revenue cuts to the state's public school districts. More...

  • June-13-2007 -- UPDATE 3-Midwest Air warns on profit, cites weak fares
    MILWAUKEE -- Midwest Air Group Inc. prefers to fly alone.
    Extending the tender offer will provide time for the board election to be certified and will enable the a newly reconstituted board to undertake a comprehensive evaluation of the merits of the AirTran offer, AirTran management said. More...

  • June-13-2007 -- Bucking foreclosure trend
    U.S. home foreclosures in May jumped 90% from a year earlier, reflecting a poor spring housing market and foreshadowing even higher levels later in 2007, real estate data firm RealtyTrac said on Tuesday.
    The state's foreclosure activity increased 16 percent from the previous month and more than 150 percent from May 2006, resulting in a foreclosure rate of one foreclosure filing for every 362 households -- fifth highest among the states and 1.8 times the national average. More...

  • June-13-2007 -- Budget deficit widens in May to $67.7b
    The budget deficit totaled $148.5 billion since the start of the fiscal year on Oct. 1, down 35 percent from a shortfall of $227 billion a year earlier.
    WASHINGTON — The federal deficit is running sharply lower through the first eight months of this budget year as growth in revenues continues to outpace the growth in spending. More...

  • June-13-2007 -- Shift to online ads cuts spending forecast
    Fresh on the heels of a first quarter report indicating a slow start for ad spending this year, TNS Media Intelligence has sharply reduced its prediction for total 2007 ad expenditures in the United States.
    While ad spending on cable networks is expected to rise 5.9 percent, network TV expenditures will increase by just 1.3 percent. More...

  • June-13-2007 -- Netflix Takes Another Blockbuster Bruising
    DALLAS - Blockbuster Inc. is offering lower-priced plans for online movie rentals as it competes with Netflix Inc. in a market that some analysts believe could grow more than 40 percent this year.
    The movies are mailed to the customer. More...

  • June-13-2007 -- Construction firms boost hiring outlook
    Mumbai, June 12 : The job market in India is expected to remain vibrant in the third quarter of 2007, a survey has said.
    The Manpower forecast indicated that Central Massachusetts employers are more likely than employers in other regions to stay the course when it comes to hiring. More...

  • June-13-2007 -- Opec rigidity will bleed oil markets - IEA
    LONDON, June 12--Oil slid below $69 on Tuesday as concerns about inflation and higher borrowing costs dominated financial markets and energy investors focused on increasing shipments of North Sea crude and improving U.S. gasoline stocks.
    Opec insists supply is enough and says a strain on oil refineries in the U.S. and other consumer countries, as well as violence in Africa's top exporter Nigeria, have pushed prices higher. More...

  • June-13-2007 -- Press lord won't testify
    Closing arguments are scheduled to begin Monday.
    Lawyers defending Conrad Black and three former associates against criminal fraud charges have wrapped up their case after the one-time media baron and three co-defendants turned down a last chance to take the stand in their own defence. More...

  • June-13-2007 -- Lehman sets pace as earnings hit record
    Revenue from the fixed income segment of Lehman's capital markets business -- which includes bonds, derivatives and credit products -- fell 14 percent to $1.9 billion because of "continued weakness in the U.S. residential mortgage business."
    Wall Street analysts are looking for earnings of $4.79 per share on revenues of $10.16 billion for the same period. More...

  • June-13-2007 -- Stocks & Bonds Shares Drop Sharply as Bonds Rise Again
    The yield on the Treasury's 10-year note rose to 5.15 percent Monday, up from 5.11 percent late Friday.
    Last week, investors regarded inflation levels that appeared defiantly above the Federal Reserve's comfort level as a sign that the central bank wouldn't cut short-term interest rates. More...

  • June-13-2007 -- Dissident Shareholders Send Message to Yahoo
    When Terry Semel, Yahoo's chief executive, faces shareholders at the company's annual meeting on Tuesday, Eric Jackson will be there to pepper him with questions.
    Only one shareholder, Naples, Florida, money manager Eric Jackson, chastised Semel for Yahoo's inability to keep pace with Google, the report said. More...

  • June-13-2007 -- Ford mulls sale of Jaguar, Land Rover
    Ford acknowledged on Tuesday it was mulling plans to sell off European luxury brands, a move analysts said could give the auto giant breathing room to reorganise its struggling North American operations.
    Healy said Jaguar has been a "financial black hole" since Ford bought the prestigious British nameplate in 1989 for 2.5 billion dollars. More...

Tuesday (Update 2)


  • June-12-2007 -- Warner Music mulls new offer to buy EMI
    LONDON - Warner Music Group said on Monday it was still considering making an offer for Britain's EMI which has agreed to a 2.4 billion pounds cash takeover from private equity group Terra Firma.
    EMI's board of directors has recommended the 265 pence a share offer from Terra Firma, but the deal must be approved by the firm's shareholders. More...

  • June-12-2007 -- Rogers Media to buy Citytv stations
    CTV announced in April that it would sell the A-Channel stations, as well as its SexTV specialty channel, to Rogers for $137.5 million in an attempt to ease competition concerns.
    CHUM also owns or has interests in 20 specialty television services, ACCESS Alberta ' The Educational and owns 34 radio stations. More...

  • June-12-2007 -- Grand Theft Auto maker slashes jobs
    Video game publisher Take-Two Interactive Software Inc. said Monday it expects to post a net loss between 60 cents and 65 cents per share for the fiscal third quarter ending July 31, but added it still expects to break even for the year.
    After reporting a fiscal second-quarter net loss and sharply lower sales, Take-Two outlined a plan that the company said will require layoffs but hopefully will lower costs by about $25 million by 2008. More...

  • June-12-2007 -- Some Americans are not waiting for a weight-loss pill
    The FDA said Monday that Sanofi-Aventis' weight-loss drug Acomplia may trigger suicidal behavior and other psychological side effects in some patients.
    Advisers for the FDA will vote at a Wednesday meeting on whether the drug merits approval as a weight-loss drug for the obese. More...

  • June-12-2007 -- Yahoo's shareholder meeting promises drama
    When Terry Semel, Yahoo's chief executive, faces shareholders at the company's annual meeting on Tuesday, Eric Jackson will be there to pepper him with questions.
    Jackson also thinks the board should be more open to takeover overtures, particularly since last month's media reports of a possible bid by Microsoft temporarily lifted Yahoo! sagging stock. More...

  • June-12-2007 -- Blockbuster cuts prices for mail-only rentals
    Crockett downgraded Netflix to "underweight" from "neutral," saying the company, which pioneered online DVD rental and dominates the space with more than 6.8 million subscribers, faces competition from Blockbuster that is "much tougher than we had originally expected."
    BLOCKBUSTER Total Access subscription plans start as low as $5.99 a month, with the $17.99 three-out unlimited movie plan being the most popular. More...

  • June-12-2007 -- Dollar Posts Longest Rally Versus Euro Since October on Economy
    Several currencies are currently trading at multi-year highs against the generally weak U.S. dollar.
    Economists said the market believed that the Reserve Bank of New Zealand would not raise rates at the same time as selling currency to suppress the NZ dollar. More...

  • June-12-2007 -- High Court Rules Against Home Aide on Wages
    WASHINGTON -- The Supreme Court ruled Monday that businesses are not required to pay the federal minimum wage or overtime pay to workers who provide home care services for the elderly and the infirm.
    An injustice of the Jim Crow era should be allowed to stand nearly 70 years later because the court thinks that's what Congress intended at the time. More...

  • June-12-2007 -- US chipmaker to buy Global Locate Inc for 146 mn dlr
    The company said it expects GPS to join Bluetooth and similar wireless technologies as a pervasive feature in next generation mobile devices, and noted that Global Locate's semiconductor solutions are used in mobile phones, and incorporated into products from TomTom NV, a personal navigation device vendor.
    Taking a cue from its Bluetooth competitor CSR plc, Broadcom Corp. has acquired a specialist in global positioning system chips in order to integrate GPS functions with silicon radio system-on-a-chip designs. More...

  • June-12-2007 -- Qwest CEO to resign
    DENVER - Richard Notebaert, who took over as head of Qwest Communications as the telecommunications company coped with an accounting scandal, said Monday he will retire as chairman and chief executive officer.
    Nacchio illegally sold $52 million in Qwest shares in 2001, a Denver jury found in April. More...

  • June-12-2007 -- Regulators approve futures merger
    The U.S. competition regulator has given the green light to the potential merger of the two landmark Chicago futures exchanges, clearing one of the obstacles ahead of crucial member and shareholder votes next month.
    The regulatory approval paves the way for the creation of the world's largest futures exchange and provides Chicago Mercantile Exchange Holdings Inc with a strong footing as it tries to fend off a competing $11.2 billion unsolicited bid from Atlanta-based Intercontinental Exchange Inc. The combined entity would host trading of almost nine million contracts per day, representing $4.2 trillion worth of underlying commodities. More...

  • June-12-2007 -- Owners may offer Murdoch new plan to protect Journal
    One consideration for GE appears to be concern that the unsolicited bid by Rupert Murdoch's News Corp. to buy Dow Jones for 60 dollars a share, or about 5 billion dollars, could help News Corp.' s efforts to field a television financial-news channel that would compete with GE's CNBC, said the report.
    GE on Monday declined to comment. More...

  • June-12-2007 -- Cal Dive to buy Horizon Offshore for $628 million
    Under the terms of the agreement, Horizon stockholders will receive in the merger a combination of 0.625 shares of Cal Dive common stock and $9.25 in cash for each share of Horizon common stock outstanding, or an estimated total of 20.4 mln Cal Dive shares and $302.5 mln in cash.
    Horizon expects to incur substantial transaction and merger related costs associated with completing the transaction and obtaining regulatory approvals. More...

  • June-12-2007 -- Billions to flow in Blackstone IPO
    Should the IPO price in the expected range of $30 per share, Schwarzman's stake would be worth $7.73 billion.
    You're talking about $2 billion," said attorney Steve Howard, chairman of the investment funds group at law firm Thacher Proffitt & Wood. More...

  • June-12-2007 -- Midwest Airlines Withdraws
    MILWAUKEE -- Midwest Air Group Inc. prefers to fly alone.
    AirTran has offered cash and stock worth $389 million for the Milwaukee airline -- an offer the company has rebuffed. More...

  • June-12-2007 -- India Inc to hire more in Q3: Manpower
    According to the Manpower Employment Outlook Survey, 10 percent of the St. Lucie companies interviewed plan to add employees from July through September, while none expects to reduce payrolls.
    U.S. employers are still taking a wait-and-see approach to adding jobs, according to a Manpower survey released Tuesday. More...

  • June-12-2007 -- Lehman Results Bode Well For Banks
    NEW YORK - Investment bank Lehman Brothers Holdings Inc. on Tuesday said its second-quarter profit rose 27 percent as surging bond underwriting and stock trading revenue more than made up for bond trading results hurt by U.S. mortgage weakness.
    The fourth-largest U.S. investment bank by market value said net income rose to $1.27 billion, or $2.21 a share, for the second quarter ended on May 31 from $1 billion, or $1.69, a year earlier. More...

  • June-12-2007 -- Letting the cat out of the bag
    Union leaders are seeking urgent talks with car giant Ford after the manufacturer revealed it intends to sell its Jaguar and Land Rover operations.
    Sources familiar with the matter said on Monday that Ford had hired investment banks to explore options including the sale of the two luxury British brands. More...

Tuesday (Update 1)


  • June-12-2007 -- Survey: Gas prices post first drop since January
    The U.S. average for self-serve, regular-grade gasoline was $3.11 per gallon as of Wednesday, down from $3.18 in the last national survey May 18, oil industry analyst Trilby Lundberg said.
    The highest average price for self-serve regular gasoline was $3.61 a gallon in Chicago, Lundberg said. More...

  • June-12-2007 -- Peru Copper finds a buyer in China for $840 million
    The offer represents a premium of 21 pct to Peru Copper's 20-day volume weighted average trading price of 5.45 cad on the Toronto Stock Exchange on May 23, the last trading prior to the date on which the Company announced it had entered into an exclusivity agreement.
    Perhaps not before time, one of the world's bigger copper/silver deposits is being bought via the high-profile junior mining company which has been proving up big extensions to the orebody. More...

  • June-12-2007 -- Take-Two Posts 6th Consecutive Loss
    NEW YORK — Video game publisher Take-Two Interactive Software Inc. said Monday it expects to post a net loss between 60 cents and 65 cents per share for the fiscal third quarter ending July 31, but added it still expects to break even for the year.
    Wall Street expected first-quarter earnings of 13 cents a share, on revenue of $514.5 million, according to the average estimate of analysts polled by Thomson Financial. More...

  • June-12-2007 -- Brookfield becomes big player in Australia
    Canadian property and infrastructure company Brookfield Asset Management has bid $4.3 billion for property developer Multiplex Group Ltd and has won the backing of the board, having already secured the Roberts family's controlling stake.
    "The fee may be small because the parties to the deal believe that there is a high probability that it will be completed," Mr. Goldberg told clients in a note. More...

  • June-12-2007 -- AirTran Keeps Heat on Midwest
    MILWAUKEE -- Midwest Air Group Inc. prefers to fly alone.
    Extending the tender offer will provide time for the board election to be certified and will enable the a newly reconstituted board to undertake a comprehensive evaluation of the merits of the AirTran offer, AirTran management said. More...

  • June-12-2007 -- Atticus presses Barclays to drop ABN AMRO bid
    "The views expressed by Atticus are not representative of the feedback that we have received from shareholders," Barclays said in a statement.
    According to that timetable, the takeover -- which faces competition in the form of a rival 71.1 bln eur bid from a Royal Bank of Scotland-led consortium -- will be completed in September. More...

  • June-12-2007 -- Qualcomm targeted by counter-suit from Nokia
    The lawsuit deals with claims of unauthorized use of Nokia's Brew and MediaFlo patents, which allow fast, high-quality transfers of audio and video multimedia to wireless subscribers.
    The lawsuit deals with claims of unauthorized use of Nokia's Brew and MediaFlo patents, which allow fast, high-quality transfers of audio and video multimedia to wireless subscribers. More...

  • June-12-2007 -- Cricinfo finds a perfect match in ESPN
    "Growing our business in the on-line world is vital for us to serve sports fans," said Russell Wolff, managing director of ESPN International, "Cricinfo is a tremendous property with a great fan base and it will be a strong addition to ESPN."
    Mr Getty's sale of Cricinfo follows the sale of monthly magazine The Wisden Cricketer to BSkyB in April, for a reported £2.5m. More...

  • June-12-2007 -- Warner mulling bid for EMI
    Warner Music Group said it was still considering making an offer for EMI which has agreed to a 2.4 billion pounds cash takeover from private equity group Terra Firma.
    EMI's board of directors has recommended the 265 pence a share offer from Terra Firma, but the deal must be approved by the firm's shareholders. More...

  • June-12-2007 -- Some Americans are not waiting for a weight-loss pill
    WASHINGTON - Government regulators on Monday said Sanofi-Aventis' highly-anticipated obesity treatment Acomplia may have dangerous psychological side effects in some patients.
    With the FDA freshly focused on safety concerns as a result of the recent furor over whether regulators were slow in getting out safety data on a GlaxoSmithKline diabetes drug, Sanofi and its hopes for rimonabant may well be in for a rocky week. More...

  • June-12-2007 -- Bid to shift tobacco cases to US courts denied
    The court ruled unanimously that Philip Morris, the big U.S. cigarette maker, could not transfer a class­action lawsuit alleging deceptive marketing of light cigarettes from the Arkansas state court, where it was filed, to federal court.
    Philip Morris argued that the tobacco companies were "acting under a federal officer" by testing cigarettes for tar and nicotine. More...

  • June-12-2007 -- Feds clear CBOT-Merc deal
    U.S. federal antitrust regulators gave a green light Monday to the Chicago Mercantile Exchange Holdings's proposed takeover of rival futures exchange operator CBOT Holdings.
    About CME CME is the world's largest and most diverse financial exchange. More...

  • June-12-2007 -- Autoworkers Union Seeks Info From Ford
    PRIVATE equity firm Alchemy Partners last night distanced itself from reports that it was interested in buying Jaguar and Land Rover.
    Reuters, citing sources it didn't identify, said HSBC Holdings Plc also was among the investment banks hired by Ford to explore options including a sale of Jaguar and Land Rover. More...

  • June-12-2007 -- High Court Rules Against Home Aide on Wages
    WASHINGTON -- The Supreme Court ruled Monday that businesses are not required to pay the federal minimum wage or overtime pay to workers who provide home care services for the elderly and the infirm.
    June 11 -- Federal minimum-wage and overtime rules don't apply to home-care workers employed by companies and other organizations, the U.S. Supreme Court ruled. More...

  • June-12-2007 -- Our pension funds and Blackstone
    Should the IPO price in the expected range of $30 per share, Schwarzman's stake would be worth $7.73 billion.
    Separately the Chinese government has agreed to pay $3bn for a 10% stake. More...

  • June-12-2007 -- Indian service sector job pot still on the brew
    According to the Manpower Employment Outlook Survey, 10 percent of the St. Lucie companies interviewed plan to add employees from July through September, while none expects to reduce payrolls.
    Hiring in transportation, public utilities and manufacturing should be about the same as last year, the survey said. More...

  • June-12-2007 -- Bancrofts set out WSJ safeguards
    One consideration for GE appears to be concern that the unsolicited bid by Rupert Murdoch's News Corp. to buy Dow Jones for 60 dollars a share, or about 5 billion dollars, could help News Corp.' s efforts to field a television financial-news channel that would compete with GE's CNBC, said the report.
    GE appeared to be concerned that a successful bid by News Corp could help Rupert Murdoch's media empire field a television financial news channel that would compete with GE's CNBC, the Journal said. More...

  • June-12-2007 -- Business newsmaker
    DENVER - Richard Notebaert, who took over as head of Qwest Communications as the telecommunications company coped with an accounting scandal, said Monday he will retire as chairman and chief executive officer.
    Over his five years of service, Notebaert will have earned about $103 million in total compensation, counting salary, bonuses and stock sales. More...

Monday (Update 2)


  • June-11-2007 -- Top court rules against Philip Morris
    At issue is a suit filed against Philip Morris by two Arkansas women alleging that the company engaged in unfair business practices in marketing its low-tar Cambridge Lights and Marlboro Lights cigarette brands.
    Today, the U.S. Supreme Court reversed that decision, holding that the company ' s compliance with federal regulations did not confer exclusive jurisdiction on federal courts. More...

  • June-11-2007 -- Volusia hits beach top 10 for first time
    The announcement marks the first time a beach outside Florida or Hawaii has taken the top spot on Dr Leatherman's prestigious annual list.
    The natural, untouched beauty of Ocracoke Islands sand, clear sunshine, good waves and clean water caught the attention of Dr. Beach years ago. More...

  • June-11-2007 -- Just Say 'No' to Qualcomm
    The U.S. International Trade Commission said Thursday the import ban would not apply to mobile phone models that are already being imported, just to future models.
    Verizon Wireless is thought to be planning a release of LG's high-end Prada touch-screen phone. More...

  • June-11-2007 -- BCE up slightly after Onex enters KKR, Caisse and CCPIB consoritum
    Given the size of the deal -- over $30-billion -- and limited pool of Canadian funds, many observers doubt there is enough Canadian backing for three bids.
    Aside from U.S. buyout firm KKR and CPP, the consortium includes Caisse de depot et placement du Quebec, Quebec's public pension and insurance fund manager. More...

  • June-11-2007 -- Blackstone Co-founders to Get $2.33 Billion in IPO (Update3)
    Should the IPO price at around $30 per share, as expected, Schwarzman's stake would be worth $7.73 billion.
    Mr Schwarzman's 2006 compensation is about seven times the $54m earned by Lloyd Blankfein of Goldman Sachs, the highest paid chief executive of a publicly traded Wall Street investment bank. More...

  • June-11-2007 -- AirTran Extends Offer for Midwest Air
    MILWAUKEE -- Midwest Air Group Inc. prefers to fly alone.
    AirTran's first offer to acquire all of Midwest's common stock was priced at $11.25 per share on October 20, 2006. More...

  • June-11-2007 -- Snipes seeks dismissal of tax-evasion charges
    OCALA A Central Florida legal drama being played out in federal court claims actor Wesley Snipes is being prosecuted on tax evasion charges only because he is black, his attorneys say, and they are asking the court to dismiss the indictment against him.
    In recent motions filed in Florida, the attorneys also say the movie star is a victim of "unscrupulous tax advice." More...

  • June-11-2007 -- Activist hedge funds crank up the pressure
    "The views expressed by Atticus are not representative of the feedback that we have received from shareholders," Barclays said in a statement.
    A Dutch court has frozen that deal. More...

  • June-11-2007 -- Stable at 7.2/$
    A Reserve Bank statement said that "we regard current levels of the exchange rate as exceptional and unjustified in terms of the economic fundamentals."
    Overseas investors will note with interest the fact that the Reserve Bank is now prepared to act in the market. More...

  • June-11-2007 -- E. Coli Fears Spur Expanded Beef Recalls
    Safeway Inc. is expanding its voluntary recall of several fresh ground-beef products, including tubes of Moran's ground beef sold in Arizona.
    Products included in the latest recall are fresh ground beef packaged in tubes, fresh tray packs and frozen hamburger patties. More...

  • June-11-2007 -- Stocks Trade Flat As Bond Yields Rise
    Stocks snapped a three-day losing streak Friday, letting investors recoup some of the losses incurred during a week in which concerns about interest rates roiled Wall Street.
    A move above the 5 percent level Thursday in the 10-year bond yield sent stock market investors rushing to bonds. More...

  • June-11-2007 -- GE, Microsoft discussed Dow offer
    One consideration for GE appears to be concern that the unsolicited bid by Rupert Murdoch's company to buy Dow Jones for 60 usd a share, or about 5 bln usd, could help News Corp's efforts to field a television financial-news channel that would compete with GE's CNBC, the Journal said.
    Representatives from the two firms, who are partners in the MSNBC cable channel, talked to advisers to the Bancroft family, which controls Dow Jones, the New York Times reported. More...

  • June-11-2007 -- Gas Prices Drop Seven Cents
    Analyst Trilby Lundberg said the modest relief comes thanks to a boost in imports of gasoline from foreign producers lured by record-high prices.
    The Lundberg Survey says the national average price for gasoline dropped seven cents in the last three weeks, marking the first decline since January. More...

  • June-11-2007 -- IBM Bids for Telelogic
    International Business Machines Corp. said Monday it agreed to buy software provider Telelogic AB for 5.2 billion kronor in cash, a bid the Swedish company's board unanimously recommended.
    IBM offered 21 kronor in cash for each Telelogic share, about 21 percent more than the closing share price on May 31, before speculation about a takeover started, the Malmoe, Sweden- based company said today in a statement. More...

  • June-11-2007 -- Rexam Buys-Out Fellow Packaging Firm
    LONDON - British packaging group Rexam Plc said on Monday it had agreed to buy OI Plastic Products from Owens-Illinois Inc for $1.83 billion and that it would place 58.35 million new shares to help fund the deal.
    Shares of Rexam dropped 17 pence, or 3.3 percent, to close at 494.5 pence in London. More...

  • June-11-2007 -- Qwest CEO Notebaert to retire
    DENVER - Richard Notebaert, who pulled a troubled Qwest Communications from the brink of bankruptcy amid a multibillion-dollar accounting scandal, announced plans Monday to retire as chairman and chief executive officer.
    The company plans no changes in strategy or operations as a result of today's announcement and no timetable has been set for naming a new chairman and CEO. "I am extremely proud of our accomplishments during the past five years and have full confidence in the leadership at Qwest," Notebaert said, "The time has come for me to spend more time with family and focus on other commitments. More...

Monday (Update 1)


  • June-11-2007 -- Lord Woolf to head BAE investigation panel
    The telling minute is reproduced on the Guardian website in its investigation into BAE and its arms dealing, notably the now-confirmed £1bn payments to Saudi Arabia's Prince Bandar to help oil the wheels in the £43bn al-Yamamah arms deal.
    "We have done nothing that can be in any way construed as breaking the law," says a BAE spokesman. More...

  • June-11-2007 -- UPDATE 3-DBS ends talks to buy South Korea's KEB
    Grayken said DBS had approached Lone Star after talks for a US$7.3 billion sale of KEB to top South Korean lender Kookmin Bank were terminated in November.
    In November, Lone Star pulled out of a 7.4 bln usd deal to sell the nation's fifth-largest lender to Kookmin Bank, after being beset by a series of investigations. More...

  • June-11-2007 -- AirTran extends Midwest tender offer to August 10
    The tender offer is set to expire at the close of business Friday, but AirTran has until the opening of the stock market on the next business day -- June 11 -- to decide whether to extend the offer.
    AirTran's first offer to acquire all of Midwest's common stock was priced at $11.25 per share on October 20, 2006. More...

  • June-11-2007 -- China's Sina, Google team up on China services
    LONDON - Google Inc said it has formed a strategic partnership with China's SINA Corporation, a internet portal, focusing on search, advertisement and news, in an effort to improve internet searches for users in China: no financial details were disclosed.
    More than 2,700 participants were shown several pages of internet search results in various subject areas, without being told which search engine had produced the results. More...

  • June-11-2007 -- Japan's economy again outshines US, euro zone
    Japan's gross domestic product grew 0.8% in the three months to March, the Cabinet Office said, better than an initial estimate of 0.6% quarter-on-quarter and an annualised rate of 2.4%.
    The government said the economy had grown at an annual rate of 3.3 pct in the first quarter, the preliminary estimate having been 2.4 pct. More...

  • June-11-2007 -- Putin wants new economic 'architecture'
    ST. PETERSBURG -- Russian President Vladimir Putin yesterday criticized international economic institutions for protecting the interests of a select few developed countries and called for a new global economic order that would give rapidly growing developing economies a bigger role.
    Russia also continues WTO talks with the European Union. More...

  • June-11-2007 -- Computer Failure Triggers Worst Flight Delays Of The Year
    WASHINGTON - A computer failure in the nation's air-traffic control system caused untold flight delays today -- but it's now fixed.
    The agency rerouted the system's functions to another computer in Salt Lake City, which overloaded because of the increased volume of data. More...

  • June-11-2007 -- Yen Gains as New Zealand Intervenes to Stem Carry-Trade Rally
    Reserve Bank Governor Alan Bollard released a statement saying: "As stated in our June Monetary Policy Statement, we regard current levels of the exchange rate as exceptional and unjustified in terms of the economic fundamentals.
    Most economists polled by Reuters do not expect interest rates to fall until mid- to late 2008. More...

  • June-11-2007 -- 5.7 Million Pounds Of Ground Beef Recalled Due To E.Coli
    LOS ANGELES - A California meat supplier has expanded a ground beef recall to include 5-point-7 million pounds of fresh and frozen meat sold in Western states because they may be contaminated with E. coli bacteria.
    Based on product shelf life, fresh beef products produced on April 20 would no longer have been sold in grocery stores after May 11. More...

  • June-11-2007 -- Oil inches up after slide as supply worries remain
    KUALA LUMPUR, Malaysia - The Organization of Petroleum Exporting Countries has no plans to release more oil into the market ahead of its next policy meeting in September, Iran 's oil minister said Monday.
    Kazem Vaziri-Hamaneh also said that Iran is committed, along with other OPEC members, to ensuring a fair price and stable supply of crude oil. More...

  • June-11-2007 -- EADS strategy chief Gut resigns
    PARIS - EADS chief operating officer Jean-Paul Gut confirmed he will leave the aerospace and defence company.
    "I am leaving now because, after months of discussions, I have not reached an agreement with Louis Gallois and Thomas Enders on the integration of marketing, sales and strategy, which I thought was necessary to face future challenges efficiently," Mr Gut. More...

  • June-11-2007 -- Barclays Rises on Report of Pressure to Drop ABN Bid (Update1)
    Hedge fund Atticus Capital LP has built a position in Barclays Bank and is now urging it to drop its 65 billion bid for Dutch banking giant ABN Amro. Barclays' shares spiked over 3% on speculation that the hedge fund's opposition will make the sale less likely.
    The British bank has offered 64 billion and faces pressure from Royal Bank of Scotland which is offering 71 billion for the bank. More...

  • June-11-2007 -- China's May trade surplus surges 73 pct.
    Exports jumped 28.7 percent to US$94 billion, while imports rose 19.1 percent to US$71.6 billion.
    The government reported a US$23.7 billion surplus in February, but experts said that figure was swelled by exporters shipping goods early to beat a change in taxes that was expected to occur in March. More...

  • June-11-2007 -- GE and Microsoft discussed Dow Jones bid
    One consideration for GE appears to be concern that the unsolicited bid by Rupert Murdoch's company to buy Dow Jones for 60 usd a share, or about 5 bln usd, could help News Corp's efforts to field a television financial-news channel that would compete with GE's CNBC, the Journal said.
    A union that represents some Dow Jones workers enlisted billionaire investor Ron Burkle as a partner in a possible deal. More...

  • June-11-2007 -- 2nd UPDATE: Rexam To Buy OI Plastic Products, Place Shares
    LONDON - Britain's Rexam Plc said on Monday it had agreed to buy OI Plastic Products from Owens-Illinois Inc for $1.83 billion and said it would place 58.35 million new shares to fund the acquisition.
    The acquisition is expected to meet Rexam's cost of capital in 2009 based on the effective cost of $1.57bn and be modestly earnings enhancing in 2008. More...

  • June-11-2007 -- Ocra-what? Best beach is remote
    Ocracoke is at the southern end of the Outer Banks.
    "Where do you find that in the world?" Ocracoke is at the southern end of the Outer Banks, the fragile chain of barrier islands along North Carolina's coast known as the "graveyard of the Atlantic." More...

Sunday (Update 2)


  • June-10-2007 -- Accessories makers also preparing for launch of iPhone
    Munster holds an outperform rating on Apple's stock.
    Golvin doesn't have a sales target for 2009 iPhone sales, but said Apple's publicly stated goal of selling 10 million iPhones in 2008 _ which amounts to about 1 percent of the cell phone market _ is "very achievable." More...

  • June-10-2007 -- Murdoch meets Dow controlling family
    Dow Jones stock closed yesterday at $60, down 16 cents.
    NEW YORK - Dow Jones & Co., which has received an offer to be acquired by Rupert Murdoch's News Corp., has expanded a severance program for senior executives in the event the company is sold. More...

  • June-10-2007 -- Whelan facing probe over share sales
    JJB said Whelan, the owner of Wigan Athletic soccer club, had sold 68.99 million shares at 275 pence apiece to a joint venture between Icelandic financial group Exista hf and sports retailer Chris Ronnie.
    Whelan said: "Retiring from the board and selling my stake in the business I founded has not been an easy decision. More...

  • June-10-2007 -- Dell To Hit Retail Shelves Globally
    DALLAS - Dell Inc. will sell a notebook computer model at Sam's Club warehouse stores beginning next week, a company spokesman said Friday.
    Dell Inc., the second-largest maker of personal computers, said it has expanded its distribution agreement with Wal-Mart Stores Inc. and will start selling a notebook PC through the retailer this summer. More...

  • June-10-2007 -- Changes by the barrelful
    New York's main oil futures contract, light sweet crude for delivery in July, dropped 50 cents to 66.43 dollars per barrel in electronic deals before the official open of the U.S. market.
    Analysts had forecast distillate stocks to grow by 800,000 barrels. More...

  • June-10-2007 -- Man Drives Car Through LI Mall
    MASSAPEQUA, N.Y. -- A 19-year-old New York man has taken cruising the mall to a new level.
    After breaking through the second set of doors at Westfield Sunrise mall, the driver got out of the car and started giving a speech before being restrained by a passer-by until police got there, Brussell added. More...

  • June-10-2007 -- Canada challenges US farm subsidies at WTO
    'Requesting a dispute settlement panel reinforces our efforts in the Doha negotiations toward reducing trade-distorting U.S. subsidies.' The Canadian government also believes that, contrary to WTO rules, the U.S. provides export credit guarantees that subsidize the export of certain agricultural products.
    Much of the subsidies Washington provided in the years that Ottawa argues were excessive emanated from farm bill programming, Emerson said. More...

  • June-10-2007 -- Harvard's top dropout drops in with a lesson
    Bill Gates returned to Harvard University on Thursday to address its graduating class and receive an honorary degree after dropping out of the college 33 years ago to found Microsoft Corp. He spent much of his address on the issues of global poverty and disease, advancing ideas on how to encourage more people to get involved in trying to resolve those huge problems.
    Alright is a recognized spelling - and some grammarians have pushed for it to be the standard. More...

  • June-10-2007 -- Putin criticises WTO at showcase of Russian economic might
    Russia will complete WTO talks no sooner than in the fall, Russian Economy Minister German Gref told an economic forum in St. Petersburg today.
    His attack on the WTO came as a top Russian minister held talks with European and U.S. negotiators on Russia's more than decade-long effort to join the world trade body. More...

  • June-10-2007 -- Wall St Week Ahead: Stocks still have room to extend rally
    Stocks snapped a three-day losing streak Friday, letting investors recoup some of the losses incurred during a week in which concerns about interest rates roiled Wall Street.
    Major European stock markets were also lower in midday trading. More...

  • June-10-2007 -- 11 execs in WNY earn over $2 million
    NEW YORK - A new Associated Press calculation shows that compensation for America's top CEOs has skyrocketed into the stratospheric heights of pro athletes and movie stars: Half make more than $8.3-million a year, and some make much, much more.
    The SEC's approach has been criticized for failing to provide useful figures for investors. More...

  • June-10-2007 -- Computer Failure Triggers Worst Flight Delays Of The Year
    WASHINGTON - A computer failure in the nation's air-traffic control system caused untold flight delays today -- but it's now fixed.
    The agency rerouted the system's functions to another computer in Salt Lake City, which overloaded because of the increased volume of data. More...

  • June-10-2007 -- Trade ruling jolts mobile arena
    The ban covers the sale of new cell phone models containing chips that infringe on a patent owned by Broadcom Corp. but exempts models imported for sale on or before June 7, the U.S. International Trade Commission said.
    Qualcomm also could settle the patent dispute with Broadcom, based in Irvine, Calif., or appeal the decision to a federal court, analysts said. More...

  • June-10-2007 -- Beef Recall Expanded Millions of Pounds
    The producer, United Food Group, based in Vernon, is voluntarily recalling 370,000 pounds of ground beef products.
    David Goldman, acting administrator of the USDA Food Safety and Inspection Service, announced on Saturday that the recall would be expanded to include products with sell-by dates from April 6-April 20. More...

  • June-10-2007 -- Volusia hits beach top 10 for first time
    RALEIGH, N.C. -- A Florida professor nicknamed "Dr. Beach" said the nation's best place to get a tan and enjoy the ocean's waves in 2007 is North Carolina's remote Ocracoke Island.
    The natural, untouched beauty of Ocracoke Islands sand, clear sunshine, good waves and clean water caught the attention of Dr. Beach years ago. More...

  • June-10-2007 -- Delta pumps to resume, but at low levels
    The state Department of Water Resources announced today that they will resume limited pumping of water from the Delta beginning Sunday.
    Massive water pumps that were shut down last week in an unprecedented move to protect Delta fish will resume limited operations on Sunday, state water officials announced. More...

Sunday (Update 1)


  • June-10-2007 -- Murdoch: All business, or a newsman?
    Dow Jones stock closed yesterday at $60, down 16 cents.
    The Wall Street Journal's brand and editorial would be a powerful force bolstering News Corp.' s launch of a cable business television channel in the fall, for instance. More...

  • June-10-2007 -- Retailing Rebounds From Rough April
    Perkins tracks sales results from 51 retailers.
    The world's largest retailer has been struggling over several months with anemic sales at stores open longer than a year, the industry's growth measure known as same-store sales. More...

  • June-10-2007 -- Dell to sell notebook PCs at Sam's Club stores
    DALLAS - Dell Inc. will sell a notebook computer model at Sam's Club warehouse stores beginning next week, a company spokesman said Friday.
    Dell Inc., the second-largest maker of personal computers, said it has expanded its distribution agreement with Wal-Mart Stores Inc. and will start selling a notebook PC through the retailer this summer. More...

  • June-10-2007 -- Oil skids after downturn in global equities markets
    New York's main oil futures contract, light sweet crude for delivery in July, dropped 50 cents to 66.43 dollars per barrel in electronic deals before the official open of the U.S. market.
    Traders also let go of earlier concerns over poor refinery runs. More...

  • June-10-2007 -- Teen Takes Car for Ride Through Mall
    MASSAPEQUA, N.Y. - A 19-year-old New York man has taken cruising the mall to a new level.
    Nassau Police Sgt. Anthony Repalone said the man in custody is from Amityville. More...

  • June-10-2007 -- Canada Seeks WTO Panel to Settle Dispute
    'Requesting a dispute settlement panel reinforces our efforts in the Doha negotiations toward reducing trade-distorting U.S. subsidies.' The Canadian government also believes that, contrary to WTO rules, the U.S. provides export credit guarantees that subsidize the export of certain agricultural products.
    Much of the subsidies Washington provided in the years that Ottawa argues were excessive emanated from farm bill programming, Emerson said. More...

  • June-10-2007 -- Bill Gates, Harvard dropout, gets degree
    June 08, 2007 -- CAMBRIDGE, Mass. -- Bill Gates returned to Harvard University yesterday to address its graduating class and receive an honorary degree after dropping out of the college 33 years ago to found Microsoft Corp. He spent much of his address on the issues of global poverty and disease, advancing ideas on how to encourage more people to get involved in trying to resolve those huge problems.
    Bill Gates is scheduled to receive an honorary degree and address graduates at the Cambridge campus. More...

  • June-10-2007 -- Record exports spur narrower trade gap
    WASHINGTON -- The trade deficit dropped sharply in April as strong overseas demand pushed American exports to a record high.
    Imports have increased six of the last eight weeks. More...

  • June-10-2007 -- SEC: Pay disclosures remain cryptic
    NEW YORK - A new Associated Press calculation shows that compensation for America's top CEOs has skyrocketed into the stratospheric heights of pro athletes and movie stars: Half make more than $8.3-million a year, and some make much, much more.
    The AP's formula is designed to zero in on the value of all compensation awarded to CEOs in the previous year. More...

  • June-10-2007 -- Boeing, Aeroflot sign Dreamliner deal
    St Petersberg, June 10: Russian national airline Aeroflot signed a multi-billion dollar deal on Saturday to buy 22 Boeing 787 Dreamliner aircraft and said it would soon sign a similar deal with Airbus.
    Boeing took firm orders for 92 commercial planes last month -- almost triple the 33 of a year earlier. More...

  • June-10-2007 -- Thousands of flights delayed due to computer failure in US
    WASHINGTON - A computer failure in the nation's air-traffic control system caused untold flight delays today -- but it's now fixed.
    Failures in FAA flight-plan computers at 6:57 a.m. in Atlanta and later in Salt Lake City forced the agency to process flight plans manually, causing delays in the traffic system, spokesman Paul Takemoto said. More...

  • June-10-2007 -- ITC Rules Against Qualcomm But Traders Stay Positive
    The ban covers the sale of new cell phone models containing chips that infringe on a patent owned by Broadcom Corp. but exempts models imported for sale on or before June 7, the U.S. International Trade Commission said.
    A federal patent ruling yesterday threatens to put a crimp in Christmas sales of next-generation cell phones that wireless carriers might be counting on late this year - and beyond - to spur sales. More...

  • June-10-2007 -- Beef recalled for 3rd time in a week
    LOS ANGELES A meat supplier has expanded a voluntary recall of ground beef that may be contaminated with E. coli bacteria.
    An additional 370,000 pounds of beef has been added to the original recall, announced Sunday, of 75,000 pounds suspected of being contaminated with E. coli bacteria. More...

  • June-10-2007 -- Cape beach #5 on nat...
    RALEIGH, N.C. -- A Florida professor nicknamed "Dr. Beach" said the nation's best place to get a tan and enjoy the ocean's waves in 2007 is North Carolina's remote Ocracoke Island.
    Willis says, "Parking it is very frustrating when you go down to the beach and you really can't find a place to park." More...





Saturday (Update 2)


  • June-09-2007 -- Regulator orders CTV to sell CITY-TV network
    The CRTC ruling allows CTVglobemedia to hang on to Chum's A-Channel stations, seven outlets located in smaller markets.
    The CRTC said it approved CTV's acquisition of CHUM's A-Channel stations because it "fell into the established exception to the common ownership policy." More...

  • June-09-2007 -- National Semiconductor Shares Surge on Profit, Buyback Plan
    June 8 -- Shares of National Semiconductor Corp., a maker of chips that manage power in electronic devices, posted their biggest gain in more than six years after the company reported profit that beat analysts' estimates and announced a $2 billion stock buyback.
    Analysts expect a profit of 25 cents per share, on average, on revenue of $461.0 million for the first quarter. More...

  • June-09-2007 -- Canada Seeks WTO Panel to Settle Dispute
    'Requesting a dispute settlement panel reinforces our efforts in the Doha negotiations toward reducing trade-distorting U.S. subsidies.' The Canadian government also believes that, contrary to WTO rules, the U.S. provides export credit guarantees that subsidize the export of certain agricultural products.
    The request comes as U.S. lawmakers draft the next farm bill, a package of farm programs Emerson blamed for excessive subsidies, and as international trade powers try to resuscitate the long-floundering Doha round of WTO negotiations. More...

  • June-09-2007 -- BLM opens up Roan to drilling
    Federal land managers on Friday authorized up to 1,570 new natural gas wells over the next 20 years on the Roan Plateau, a western Colorado landmark prized for its energy reserves and wildland qualities.
    Industry groups welcomed approval of the plan by the U.S. Bureau of Land Management after about seven years of looking at leasing the federal land on the plateau that rises about 3,000 feet above the high desert floor dissected by the Colorado River. More...

  • June-09-2007 -- Student-loan practices at IU draw scrutiny
    WASHINGTON, June 6 - A scandal in the $85-billion U.S. student loan industry expanded on Wednesday as officials raised questions about possible discriminatory practices by lenders to students based on where they attend school.
    "The Department of Education was asleep at the switch, but so were the banking regulators, who also must awake and act," Cuomo, 49, told the committee. More...

  • June-09-2007 -- Heat turned up on TD Ameritrade
    TD Ameritrade's shares rose nearly four per cent in heavy trading on the New York Stock Exchange after it disclosed in a regulatory filing late Tuesday that it received letters from two investment funds last week calling for a merger or acquisition.
    A company spokeswoman said Ameritrade is always in talks with other companies but gave no further comment, citing securities regulations. More...

  • June-09-2007 -- MasterCard Says It Wins Injunction
    Thursday that Visa's fee, which was implemented after a lawsuit was settled in 2003, is unlawful.
    Jones quoted a memorandum from Johnny Dorsey, Visa's senior vice president of finance, that cited the benefits of "a formidable exit penalty.'' More...

  • June-09-2007 -- Beef recalled at local stores
    The samples tested by the company at the Sherman, Texas, plant had been positive for E. coli contamination.
    To date, there have been no illnesses reported or associated with any packages of ground beef produced by the Sherman plant, Tyson Foods officials said. More...

  • June-09-2007 -- GM, Ford, Chrysler Discuss Joint Health-Care Fund, People Say
    U.S. workers are being offered payments of as much as $100,000 to leave the company.
    The February turnaround plan that includes the incentives was largely overshadowed by DaimlerChrysler's decision to seek buyers for the American unit. More...

  • June-09-2007 -- Stocks rebound sharply
    Stocks slid for a second straight session Wednesday after an increase in labor costs stirred concerns about inflation and interest rates and as the yield on the benchmark 10-year Treasury flirted with 5 percent.
    Major stock market gauges recovered on Friday after a bond sell-off pushed the benchmark 10-year U.S. Treasury note's yield up to 5.25 percent -- matching the fed funds rate target at one point -- from levels below 5 percent a week ago. More...

  • June-09-2007 -- Oil falls $1, Gulf cyclone threat eases
    The U.S. and Turkey did not attach a lot of importance to it.
    June 8 -- Crude oil plunged more than $2 a barrel from a nine-month high in New York on concern that rising interest rates may lead to slower growth in demand. More...

  • June-09-2007 -- Trade Deficit Narrowed a Bit in April
    WASHINGTON - The trade deficit dropped sharply in April as strong overseas demand pushed U.S. exports to an all-time high.
    April exports of American agricultural products set a record at $6.7 billion, reflecting strong increases in shipments of soybeans, nuts and meat. More...

  • June-09-2007 -- Dell to Sell Notebook PCs at Sam's Club Stores
    DALLAS - Dell Inc. will sell a notebook computer model at Sam's Club warehouse stores beginning next week, a company spokesman said Friday.
    Dell Inc., the second-largest maker of personal computers, expanded a distribution agreement with Wal-Mart Stores Inc. and plans to start selling a notebook PC through the retailer within the next three months. More...

  • June-09-2007 -- NY Governor May Split Racing Franchise
    ALBANY - Gov. Eliot Spitzer wants to split the lucrative state racing franchise to have one company run thoroughbred tracks and another run video slot machines, according to a state official familiar with Spitzer's thinking.
    Spitzer might also be considering a plan to close Aqueduct, sell part of it and use the remainder for gaming operations. More...

  • June-09-2007 -- Qualcomm phone import ban reverberates through wireless industry
    The ban covers the sale of new cell phone models containing chips that infringe on a patent owned by Broadcom Corp. but exempts models imported for sale on or before June 7, the U.S. International Trade Commission said.
    Sprint said it expects sales in 2007 of phones carrying the patent-infringing Qualcomm chips to be 5 million despite the ban. More...

  • June-09-2007 -- Bradley escapes delays caused by computer failure
    WASHINGTON - A computer failure in the nation's air-traffic control system caused untold flight delays today -- but it's now fixed.
    The agency rerouted the system's functions to another computer in Salt Lake City, which overloaded because of the increased volume of data. More...

  • June-09-2007 -- 'Dr. Beach' calls Ocracoke Island tops
    RALEIGH, N.C. -- A Florida professor nicknamed "Dr. Beach" said the nation's best place to get a tan and enjoy the ocean's waves in 2007 is North Carolina's remote Ocracoke Island.
    The best time to visit the Outer Banks for families with small children is in June or July, since hurricanes in late summer can create strong waves and rip currents." More...

  • June-09-2007 -- State to restart limited delta water pumping
    The conflict is between preserving one of the world's finest estuaries versus growing cotton in the desert."
    The legal quandary, combined with new survey information that appears to show yet another disastrous decline in the smelt population and the fact that the tiny fish were showing up dead in the pumps' fish salvage tanks prompted the state water agency to turn off the pumps. More...

Saturday (Update 1)


  • June-09-2007 -- Diversity in TV ownership protected, at least for now
    The CRTC ruling allows CTVglobemedia to hang on to Chum's A-Channel stations, seven outlets located in smaller markets.
    Quebecor spokesman Luc Lavoie said the company is interested, but cautioned it would not overpay for the assets. More...

  • June-09-2007 -- Canada turns up heat on US farm aid
    'Requesting a dispute settlement panel reinforces our efforts in the Doha negotiations toward reducing trade-distorting U.S. subsidies.' The Canadian government also believes that, contrary to WTO rules, the U.S. provides export credit guarantees that subsidize the export of certain agricultural products.
    Much of the subsidies Washington provided in the years that Ottawa argues were excessive emanated from farm bill programming, Emerson said. More...

  • June-09-2007 -- BLM opens up Roan to drilling
    Federal land managers on Friday, June 8, authorized up to 1,570 new natural gas wells over the next 20 years on the Roan, a western Colorado landmark prized for its energy reserves and wildland qualities.
    Many top officials at the state Department of Natural Resources are new and weren't part of the discussions with land bureau. More...

  • June-09-2007 -- UPDATE 1-US senator to seek private student loan crackdown
    "The Department of Education was asleep at the switch, but so were the banking regulators, who also must awake and act," Cuomo, 49, told the committee.
    "Today, Sallie Mae is the nation's leading private sector provider of higher education financing managing over $150 billion in guaranteed and non- guaranteed student loans for 10 million student and parent customers. More...

  • June-09-2007 -- Report: SEC to fine Nortel over accounting fraud
    Nortel faces a fine of $100 million or more from the U.S. Securities and Exchange Commission following a three-year investigation of accounting irregularities, two media sources reported Friday.
    Bloomberg News, citing people close to the matter, said attorneys with the Securities and Exchance Commission have received approval to seek a fine of no less than $100 million U.S. from Nortel in connection with the string of financial restatements and allegations of fraud against a number of former executives over the past several years. More...

  • June-09-2007 -- Vought executive to employees -- keep the faith
    With production of The Boeing Co.' s 787 Dreamliner at a crucial juncture, the top program executive with a key partner has been fired for performance issues at the fuselage assembly hub for the new jetliner in Charleston, S.C., the Seattle P-I has learned.
    Vought Aircraft Industries' 787 factory tour brought home just how much work lays ahead for some suppliers: Last week's tour to Vought Aircraft Industries' 787 fuselage production facilities in Charleston, SC provided a chance to see Sections 47 and 48, the last two sections on the plane being made. More...

  • June-09-2007 -- Stocks rise at week's end as bonds fall
    Stocks snapped a three-day losing streak yesterday, letting investors recoup some of the losses incurred during a week in which concerns about interest rates roiled Wall Street.
    New York -- U.S. stocks recovered Friday from a three-day losing streak as oil tumbled and technology shares rose. More...

  • June-09-2007 -- Tyson Foods Recalls Ground Beef
    The samples tested by the company at the Sherman, Texas, plant had been positive for E. coli contamination.
    To date, there have been no illnesses reported or associated with any packages of ground beef produced by the Sherman plant, Tyson Foods officials said. More...

  • June-09-2007 -- Silver Lining
    If you are already a The Business Review subscriber please create or sign into your bizjournals.com account to link your valid print subscription and have access to the complete article.
    RALEIGH - An investment firm set up six years ago to stimulate growth in rural areas of North Carolina is looking toward its own future these days with a capital fundraiser aiming to snare up to $150 million. More...

  • June-09-2007 -- GM, Ford, Chrysler Discuss Joint Health-Care Fund, People Say
    U.S. workers are being offered payments of as much as $100,000 to leave the company.
    On average, a UAW-represented hourly worker represents a labor cost of about $142,000 per year, including $79,000 in benefits, according to data compiled by the automakers. More...

  • June-09-2007 -- Heat turned up on TD Ameritrade
    TD Ameritrade's shares rose nearly four per cent in heavy trading on the New York Stock Exchange after it disclosed in a regulatory filing late Tuesday that it received letters from two investment funds last week calling for a merger or acquisition.
    Schwab, which said on Tuesday that it was not interested in taking over TD Ameritrade, has a market value of $27 billion. More...

  • June-09-2007 -- Shrek boosts burger sales
    CHICAGO - McDonald's Corp. on Friday posted its largest monthly comparable-store sales increase in more than three years, helped by the popularity of its small sandwiches in France and a big green ogre called Shrek in the United States.
    The introduction of hot cakes as well as egg-and-bacon McMuffins increased breakfast sales in China; extended restaurant hours helped Australian sales. More...

  • June-09-2007 -- Dell to Sell Computer at Sam's Club
    DALLAS - Dell Inc. will sell a notebook computer model at Sam's Club warehouse stores beginning next week, a company spokesman said Friday.
    Dell Inc., the second-largest maker of personal computers, said it has expanded its distribution agreement with Wal-Mart Stores Inc. and will start selling a notebook PC through the retailer this summer. More...

  • June-09-2007 -- Oil prices drop as storm weakens
    Muscat - Cyclone Gonu killed at least 25 people in Oman and left another 26 missing, state television said on Thursday, as driving rain and pounding winds in the fiercest storm to hit the Gulf for 30 years halted the country's oil exports.
    June 8 -- Crude oil plunged more than $2 a barrel from a nine-month high in New York on concern that rising interest rates may lead to slower growth in demand. More...

  • June-09-2007 -- Weak dollar helps US trade gap to shrink
    The trade deficit dropped sharply in April as strong overseas demand pushed American exports to an all-time high.
    Senator Sherrod Brown, D-Ohio, said that the failure to crack down on China and other countries had led to "out of control trade deficits" and a resulting loss of well-paying manufacturing jobs. More...

  • June-09-2007 -- Bradley escapes delays caused by computer failure
    WASHINGTON - A computer failure in the nation's air-traffic control system caused untold flight delays today -- but it's now fixed.
    The agency rerouted the system's functions to another computer in Salt Lake City, which overloaded because of the increased volume of data. More...

  • June-09-2007 -- Patent Bending
    The ban covers the sale of new cell phone models containing chips that infringe on a patent owned by Broadcom Corp. but exempts models imported for sale on or before June 7, the U.S. International Trade Commission said.
    Sprint said it expects sales in 2007 of phones carrying the patent-infringing Qualcomm chips to be 5 million despite the ban. More...

  • June-09-2007 -- Ponce Inlet beach makes top 10
    RALEIGH, N.C. -- A Florida professor nicknamed "Dr. Beach" said the nation's best place to get a tan and enjoy the ocean's waves in 2007 is North Carolina's remote Ocracoke Island.
    Leatherman ranks beaches on 50 different criteria, using a scale of 1 to 5. More...

Friday (Update 2)


  • June-08-2007 -- Whirlpool to cut 730 jobs
    About 330 jobs will be cut, the company said in the statement.
    Whirlpool also is cutting 330 jobs in La Vergne, Tenn., by eliminating the manufacturing of dehumidifiers and air purifiers, according to the Associated Press. More...

  • June-08-2007 -- 'Outside the Blast Zone'
    "Northeastern Pennsylvania is ideally situated to provide back-up operations for Wall Street firms--close, but not too close," says Catherine Bolton, project director at Wall Street West.
    Although the funding streams for the project were not disclosed, officials said the money will be provided by the state and federal governments and Level 3. More...

  • June-08-2007 -- Sales Top 1 Million but Some Owners Find Prius Doesn't Age Well
    TOKYO - Toyota said Thursday global sales of its hybrid vehicles, first introduced 10 years ago, have topped 1 million, a landmark for the Japanese automaker that leads the world in gas-and-electric cars.
    TOKYO ' Honda will discontinue the hybrid version of its Accord sedans, the company said today, ceding Toyota's dominance of the market with its Prius hybrid. More...

  • June-08-2007 -- A Look Inside Gene Munster's Crystal Ball
    "After evaluating our model, we believe Apple's iPhone and free cash flow potential is even greater than investors realize," UBS analyst Ben Reitzes wrote in a research note.
    Cast an eye around the tech media today and you'll find an abundance of coverage on what's shaping up to be the most anticipated wireless device since the Motorola DynaTAC 8000X. If Apple's goal of peddling 10 million iPhones by December 2008 seemed a bit too ballsy when the company first announced the device, few seem to be questioning it now. More...

  • June-08-2007 -- Canada launches complaint over US farm subsidies
    Two-way trade between Canada and EFTA is small at $11-billion annually, but Emerson argued the agreement was "a major directional statement" for Ottawa.
    "The WTO remains the single best avenue for trade liberalization for a small, trade-oriented economy like Canada's," he said in a speech in Gatineau, Que. More...

  • June-08-2007 -- Retail sales fail to disperse clouds
    Perkins tracks sales results from 51 retailers.
    Among retailers reporting May sales at stores open at least a year, 57 percent exceeded Wall Street expectations while 41 percent fell short, according to research firm Retail Metrics. More...

  • June-08-2007 -- Agency plans to blanket state with investor network
    If you are already a Philadelphia Business Journal subscriber please create or sign into your bizjournals.com account to link your valid print subscription and have access to the complete article.
    Boulder Ventures is in the process of raising a $135 million fund from which partners in the venture capital firm said they are already making investments. More...

  • June-08-2007 -- How to tell whether beef may be tainted
    The producer, United Food Group, based in Vernon, is voluntarily recalling 370,000 pounds of ground beef products.
    Stores in all the states where the beef was sold confirm none of the product is currently on shelves. More...

  • June-08-2007 -- Biomet suitors sweeten their bid
    PHILADELPHIA - Biomet Inc. yesterday accepted a sweetened takeover bid of $11.4 billion U.S. from a group of private equity firms after an influential proxy advisory service urged the orthopedic device maker's shareholders to reject a previous $10.9-billion offer.
    According to information released by Biomet Wednesday, Morgan Stanley told Biomet's board of directors that "the revised merger agreement is fair from a financial point of view to holders of Biomet common stock." More...

  • June-08-2007 -- National Semiconductor shares surge to new high
    June 8 -- Shares of National Semiconductor Corp., a maker of chips that manage power in electronic devices, surged after the company posted profit that beat analysts' estimates and announced a $2 billion stock buyback.
    June 7 -- National Semiconductor Corp., a maker of chips that manage power in electronic devices, said profit dropped less than analysts expected as it recovered from an industry glut. More...

  • June-08-2007 -- Gates finally gets his Harvard degree
    Bill Gates attended to a bit of unfinished business on Thursday, reports Reuters.
    Bill Gates received an honorary diploma before speaking at Harvards commencement Thursday afternoon. More...

  • June-08-2007 -- Publishing stocks: Why Wall Street loves Rupert Murdoch
    A union representing Dow Jones & Co employees says it is working to find investors, including billionaire Warren Buffett, to counter an offer for the group by media baron Rupert Murdoch.
    Through yesterday, the shares had risen 66 percent since News Corp.' s bid became public. More...

  • June-08-2007 -- TD Ameritrade to Get Records Request From Jana, SAC (Update2)
    TD Ameritrade's shares rose nearly four per cent in heavy trading on the New York Stock Exchange after it disclosed in a regulatory filing late Tuesday that it received letters from two investment funds last week calling for a merger or acquisition.
    The call for an Ameritrade merger comes at a time when the Internet brokerage industry faces questions about growth and its exposure to the swings of the market. More...

  • June-08-2007 -- Shrek gives boost to sales at McDonald's
    CHICAGO - McDonald's Corp. on Friday posted its largest monthly comparable-store sales increase in more than three years, helped by the popularity of its small sandwiches in France and a big green ogre called Shrek in the United States.
    Same-store sales, or sales at stores open at least 13 months, is a key measure of retailer performance, because it measures growth at existing stores rather than from newly opened ones. More...

  • June-08-2007 -- FOREX-Dollar rallies broadly as US Treasury yields climb
    NEW YORK - Investors' expectations of an interest rate cut - and home buyers' hopes for cheaper mortgages - seem to be disappearing.
    The yield on the Treasury's 10-year note passed 5 percent Thursday, closing at a session high of 5.13 percent, its highest point since mid-July. More...

  • June-08-2007 -- Crude Prices Slide Below $66
    The centre predicted Cyclone Gonu would make landfall on the southeastern Iranian coast late Thursday.
    Cyclone Gonu battered Oman's coast Thursday, flooding highways and tearing down trees and power lines but sparing the region's oil industry. More...

  • June-08-2007 -- Record exports spur narrower trade gap
    The Commerce Department reported Friday that the gap between what America sells abroad and what it imports totaled $58.5 billion in April, a 6.2 percent decline from the March deficit. Exports edged up 0.2 percent to a record $129.5 billion, reflecting strong sales of soybeans and other farm products, commercial aircraft and industrial machinery.
    The deficit on automotive products fell to $10.1 billion in April from $11.2 billion in March, reflecting the slower pace of car sales and the continuing build out of Japanese automobile plants in the United States. More...

  • June-08-2007 -- Qualcomm shares up as ITC ban not as bad as feared
    The ban covers the sale of new cell phone models containing chips that infringe on a patent owned by Broadcom Corp. but exempts models imported for sale on or before June 7, the U.S. International Trade Commission said.
    A federal agency ruling late Thursday strengthens Broadcom Corp.' s hand in negotiations to charge a rival chip maker licensing fees, analysts said. More...

Friday (Update 1)


  • June-08-2007 -- Smithfield's quarterly net, sales jump
    SMITHFIELD, Va. - Meat producer Smithfield Foods Inc. said Thursday its fourth-quarter profit rose sharply, as rising pork and beef sales offset the higher cost of grain to feed its hogs.
    Sales gained 5 percent at $11.91 billion versus $11.40 billion last year. More...

  • June-08-2007 -- SEC begins formal probe into Activision-filing
    IBM misled analysts in a 2005 conference call, the U.S. Securities and Exchange Commission said Tuesday, though the commission declined to penalize the company.
    Shares of Activision slipped after the video game publisher disclosed that the Securities and Exchange Commission has launched a formal investigation into the company's stock option grant practices. More...

  • June-08-2007 -- How Bill Gates Got
    Bill Gates attended to a bit of unfinished business last night when he collected an honorary degree.
    At the school's 356th commencement, Harvard awarded 6,871 degrees. More...

  • June-08-2007 -- Report ties bribery allegations to arms deal
    The Saudi prince at the centre of controversy over a £40 billion arms deal with Britain has "categorically denied" receiving improper secret payments.
    During the original SFO investigation, Saudi Arabia became so concerned by the issue that it was felt the BAE contract was at threat. More...

  • June-08-2007 -- Coke, Campbell in V8 Distribution Pact
    Under the terms of the agreement, C.C.N.A will have the master distribution rights for Campbell's single-serve refrigerated immediate consumption beverages, including "V8" 100-percent vegetable juices, "V8 V-Fusion" juices, "V8 Splash" juice drinks and "Campbell's" tomato juice in the U.S. and a similar variety of products in Canada.
    In a press release, Campbell said that the distribution agreement is effective immediately, and added that Coca-Cola Enterprises, and potentially other Coca-Cola bottlers, will begin distributing the beverages in September 2007. More...

  • June-08-2007 -- PNC to buy Yardville National
    The transaction results in leading deposit share in several very attractive counties in New Jersey, and we expect an estimated internal rate of return of 15%."
    The transaction, worth about $35 a share, would give Yardville shareholders 0.2923 PNC shares and $14 in cash per share. More...

  • June-08-2007 -- Initial Jobless Claims Decline Slightly
    WASHINGTON - The number of U.S. workers signing up for unemployment aid edged down slightly last week, the Labor Department said on Thursday in a report underscoring stability in the labor market despite sluggish growth.
    The economy created 157,000 jobs in May, the agency said last week, compared with 80,000 new jobs in April, the fewest jobs added in one month for the past two-and-a-half years. More...

  • June-08-2007 -- Time Warner 'Back On Offense'
    "We're not looking to move our publishing company out," Time Warner Chief Executive Richard Parsons said at the Merrill Lynch media conference in London.
    AOL now has many online ad operations that can openly compete with the other major companies in the field and the company has been making acquisitions. More...

  • June-08-2007 -- Whirlpool Cuts 700 Jobs at Tenn. Plants
    NASHVILLE, Tenn. — Whirlpool will eliminate more than 700 jobs at two Tennessee plants that make dehumidifiers, air purifiers and cooking ranges, the company said Thursday.
    The plant also manufactures refrigerators and air conditioners, according to the Rutherford County Chamber of Commerce. More...

  • June-08-2007 -- Treasuries Extend Slide, Pushing Yields to Near Highest in Year
    NEW YORK Investors' expectations of an interest rate cut and homebuyers' hopes for cheaper mortgages seem to be disappearing.
    Stocks sank along with bonds as investors worried that upward pressure on rates would make it harder for Americans to finance home purchases and for companies to borrow money, slowing growth - and denting corporate earnings. More...

  • June-08-2007 -- Field of bidders for WSJ growing
    A union representing Dow Jones & Co employees says it is working to find investors, including billionaire Warren Buffett, to counter an offer for the group by media baron Rupert Murdoch.
    Dow Jones shares rose to a fresh six-year high of $61.62 following the union comments, after trading as low as $59.85 earlier in the session. More...

  • June-08-2007 -- A Look Inside Gene Munster's Crystal Ball
    June 7 -- Apple Inc. shares rallied for a fourth day after Piper Jaffray & Co. and UBS AG increased their share- price forecasts for the company because of speculation that iPhone sales may exceed analyst estimates.
    "Specifically, to reach iPhone units of 45 million, we believe the product will have 7.0 percent hand set market share in North America and 2.8 percent handset market share in the rest of the world." More...

  • June-08-2007 -- Oil slips under $71, Gulf cyclone threat eases
    The center predicted Gonu would make landfall on the southeastern Iranian coast late Thursday.
    The official Oman News Agency said 25 people were confirmed killed by the storm, which turned the streets of the capital Muscat into rivers, flipping over cars, uprooting trees and severing electricity and phone lines. More...

  • June-08-2007 -- Toyota says it has sold a million hybrids
    TOKYO - Toyota said Thursday global sales of its hybrid vehicles, first introduced 10 years ago, have topped 1 million, a landmark for the Japanese automaker that leads the world in gas-and-electric cars.
    Hyundai Motor, Toyota Motor and other automakers are offering discounts while expanding production to help attract consumers. More...

  • June-08-2007 -- Biomet Accepts Sweetened Takeover Offer
    PHILADELPHIA - Biomet from a group of private equity firms after an influential proxy advisory service urged the orthopedic device maker's shareholders to reject a previous $10.9 billion offer.
    Late Wednesday evening, Biomet officials announced the group offered to increase the purchase price to $46 per share, which equals to about $11.4 billion. More...

  • June-08-2007 -- Beef recall includes 48 Albertsons stores
    The producer, United Food Group, based in Vernon, is voluntarily recalling 370,000 pounds of ground beef products.
    An additional 370,000 pounds of beef has been added to the original recall, announced Sunday, of 75,000 pounds suspected of being contaminated with E. coli bacteria. More...

  • June-08-2007 -- Retail Sales Rebounded in May
    Perkins tracks sales results from 51 retailers.
    The world's largest retailer has been struggling over several months with anemic sales at stores open longer than a year, the industry's growth measure known as same-store sales. More...

  • June-08-2007 -- Qualcomm chips banned
    WASHINGTON - Qualcomm Inc.' s chief executive said on Thursday that the company would ask the Bush administration to overturn an order by the U.S. International Trade Commission banning some imported cell phone models containing Qualcomm chips and would also seek an emergency stay from a federal appeals court.
    ITC is an independent U.S. federal agency with the authority to determine whether imported products infringe U.S. patents, trade marks or copyrights. More...

Thursday (Update 2)


  • June-07-2007 -- Coca-Cola sets up mobile social network
    The service, which will be designed to be accessed via mobile phones, will launch initially in the U.S. and China.
    The Sprite Yard WAP site for mobile handsets will let consumers download and share pictures, interact with friends via text messages, receive nuggets of exclusive information and use a planner. More...

  • June-07-2007 -- Oil prices mixed on worries over reports of Turkish push into Iraq
    LONDON -- Oil prices rose to $67 a barrel Thursday after a raid by Turkish troops into northern Iraq revived worries over exports from the Middle East, which pumps a quarter of the world's oil.
    Data showing U.S. refiners were struggling to boost summer fuel production and Cyclone Gonu's disruption of Omani oil and gas exports lent additional support to the market, keeping Brent crude within a dollar of late May's $71.80 high. More...

  • June-07-2007 -- Dollar Strengthens Against Euro
    June 6 -- The euro was little changed near a three-week high against the dollar after the European Central Bank lifted interest rates today as expected.
    June 7 -- The dollar advanced against the euro and yen as Treasury yields rose above 5 percent for the first time since August and speculation increased that the Federal Reserve will hold interest rates steady. More...

  • June-07-2007 -- Internet ads reach quarterly record
    " Given these results, we may expect continued strong revenue growth buoyed by an expanding broadband subscriber base, which could translate into more users spending more time online and offers a platform for rich media and video ads that dial-up connections can ' t render
    In a separate survey, the IAB's European division, along with PwC, found interactive advertising in Europe has reached $10.8 billion in 2006, with the U.K. taking up the lion's share at 39 percent of online advertising spending, followed by a distant 22 percent in Germany, and 15 percent for France. More...

  • June-07-2007 -- Monster shares fall after management shake-up
    Shares of Monster Worldwide, parent of jobs Web site Monster.com , fell more than 2% after it said its chief financial officer was resigning in a management shake-up.
    Baker is leaving the company for other job opportunities and business interests, Monster said. More...

  • June-07-2007 -- PNC buys Central Jersey-focused bank for $400M
    The transaction results in leading deposit share in several very attractive counties in New Jersey, and we expect an estimated internal rate of return of 15%."
    The terms value the bank at $35 per share, a 2 percent discount to the stock's Wednesday closing price of $35.77 on the Nasdaq. More...

  • June-07-2007 -- Prudential to shut down Pru Equity
    Prudential Financial Inc. will close its 420-person stock research and trading unit, one of the last traces of its failed attempt to become a financial supermarket.
    With the decision to close equity group, the company expects to spend about $110 million or $72 million after-tax that includes about $75 million employee severance, retention and other employee related expenditures, $35 million towards lease related and other costs. More...

  • June-07-2007 -- Conrad Black Loses Bid to Recall a Witness
    CHICAGO - A federal judge in Chicago has refused to recall the star prosecution witness in media mogul Conrad Black's racketeering and fraud trial.
    Radler testified last month over a two-week period as prosecutors tried to show that he and Black worked closely together in orchestrating a scheme that allowed the two to eventually steal $60 million from Hollinger International Inc., the media giant they had built. More...

  • June-07-2007 -- Detroit's carmakers expect fuel rule boost
    The heads of Detroit's auto industry asked Congress on Wednesday to reconsider a proposal to increase fuel standards that the automakers say could hurt their industry.
    WASHINGTON - The heads of the domestic auto industry pressed congressional leaders Wednesday to revisit a plan to increase fuel efficiency standards that automakers say could hurt their industry. More...

  • June-07-2007 -- Toyota surpasses 1 million hybrid cars sold worldwide
    TOKYO - Toyota said Thursday global sales of its hybrid vehicles, first introduced 10 years ago, have topped 1 million, a landmark for the Japanese automaker that leads the world in gas-and-electric cars.
    As consumers begin the summer driving season, the broad benefits of hybrid technology reveal discernible cost-savings with strong sales of Toyota Camry Hybrid and Toyota Prius. More...

  • June-07-2007 -- Meat recall expands on E. coli fears
    Nationally, 11 people have gotten sick in the outbreak, which prompted United Food Group LLC to recall 75,000 pounds of ground beef shipped to distribution centers in Arizona, California, Colorado, Oregon and Utah.
    BOISE, Idaho - The parent company of Albertsons grocery stores in Colorado and several other states said on Monday it was recalling some ground beef products sold in its stores because of possible contamination with E. coli. More...

  • June-07-2007 -- Smithfield's quarterly net, sales jump
    SMITHFIELD, Virginia: Meat producer Smithfield Foods Inc. said Thursday its fourth-quarter profit rose sharply, as rising pork and beef sales offset the higher cost of grain to feed its hogs.
    In a release Thursday, the Smithfield, Va., company, which completed its purchase of Premium Standard Farms on May 7 , reported earnings of $37 million, or 33 cents a share, for the quarter that ended April 29. More...

  • June-07-2007 -- New Competition for Rupert?
    Rupert Murdoch said last night he had a "constructive" meeting with the family that controls Dow Jones & Co over his $5 billion offer for the company that owns the Wall Street Journal.
    Last week the family relented somewhat and agreed to meet with Murdoch. More...

  • June-07-2007 -- Ford Scores Four of Top 10 Brands in Quality Survey (Update5)
    Ford Motor Co. supplanted Toyota as leader of the pack in J.D. Power and Associates' annual initial quality rankings released yesterday, grabbing the most individual awards for the first time since 1998, when it tied for the top spot.
    Saab quality registered one of the biggest improvements in the survey, and Buick and Hummer posted slight gains. More...

  • June-07-2007 -- Jobless Claims Fall in Latest Week
    WASHINGTON - The numbers of U.S. workers signing up for first-time unemployment benefits edged down by 1,000 to a seasonally adjusted 309,000, Labor Department data on Thursday showed in a report underscoring stability in the labor market.
    WASHINGTON - - The number of U.S. workers filing new claims for jobless benefits dropped slightly in the latest week, suggesting labor markets started the month on strong footing after robust employment growth in May. More...

  • June-07-2007 -- Wal-Mart sales hurt by apparel, home
    The figure excluded fuel sales; including fuel, same-store sales rose 1.3 percent.
    Perkins tracks sales results from 51 retailers. More...

  • June-07-2007 -- Bid raised to take Biomet private
    The tender offer, which worth $46 a share, the private equity consortium, which includes affiliates of the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG, will commence on or before June 14 to get all of Biomet's outstanding shares.
    The news comes a week after independent proxy adviser Institutional Shareholder Services recommended that Biomet Inc. shareholders reject a $10.9 billion purchase offer because the companys value has increased since the deal was announced in December. More...

Thursday (Update 1)


  • June-07-2007 -- Voluntary beef recall expanded over fears of E.coli contamination
    Nationally, 11 people have gotten sick in the outbreak, which prompted United Food Group LLC to recall 75,000 pounds of ground beef shipped to distribution centers in Arizona, California, Colorado, Oregon and Utah.
    A separate recall announced by Supervalu affects meat sold at Albertsons and Save-A-Lot stores in other states. More...

  • June-07-2007 -- Stelco sells stake in mine site
    Under the definitive purchase agreement contemplated in the offer accepted today, Consolidated Thompson Iron Mines would acquire the 71.4% of the Wabush Mines joint venture owned directly or indirectly by Cleveland-Cliffs and Stelco Inc. for $64.3 mln in cash plus 3.0 mln warrants of C.L.M. common shares and assumption by C.L.M. of ongoing employee and asset retirement obligations.
    Cleveland-Cliffs' pro rata share would be $24.1 mln in cash and warrants, entitling Cleveland-Cliffs to purchase approx 1.1 mln CLM common shares at CAD$5.10 per share for a two-year period. More...

  • June-07-2007 -- Alcoa seeks US nod for Alcan bid
    Alcan Inc said on Wednesday that Alcoa Inc's $33.87 billion takeover offer was not good enough, but the Canadian aluminum maker did not shed any light on its strategy to counter the hostile bid.
    Last month, Alcoa announced an offer to acquire all of the outstanding common shares of Alcan for $58.60 USin cash and 0.4108 of a share of Alcoa common stock for each outstanding common share of Alcan. More...

  • June-07-2007 -- Merger doubts spook investors
    Whole Foods' proposed $670 million purchase of Wild Oats stalled at the checkout counter on Tuesday after federal regulators said they will seek to block the merger of the nation's two largest natural foods grocers.
    The deal would include assuming about $106 million in debt. More...

  • June-07-2007 -- Administration Lowers Growth Estimate
    WASHINGTON - The White House on Wednesday lowered its forecast for economic growth this year even as it slightly upgraded its outlook for unemployment.
    "Unemployment remains remarkably low, business inventories are lean compared with sales, and now industrial production is on the rise." More...

  • June-07-2007 -- Toyota's hybrid car sales exceed 1 million over 10 years
    June 5, 2007 - Not all hybrids are hits.
    TOKYO - Toyota Motor Corp said it has sold more than one million gas-electric hybrid vehicles globally since it rolled out the world's first mass-produced hybrid car, the 'Prius' sedan. More...

  • June-07-2007 -- IBM buys security group
    'Watchfire is a recognised industry leader in the security and compliance market that will further strengthen our ability to help customers mitigate risk by integrating security, quality testing and compliance testing requirements early in the software development process,' IBM Rational Software general manager Danny Sabbah said.
    According to a 2005 CSI/FBI Survey, internal security attacks cost U.S. businesses $400 billion per year. More...

  • June-07-2007 -- Media Executive Shows Interest in Dow Jones
    Rupert Murdoch said last night he had a "constructive" meeting with the family that controls Dow Jones & Co over his $5 billion offer for the company that owns the Wall Street Journal.
    One focus of the five hours of discussions was safeguards to preserve editorial independence at the Journal, which is a key concern for the Bancrofts, as well as editors and reporters at Dow Jones. More...

  • June-07-2007 -- Taming the Student Loan 'Wild West'
    "The Department of Education was asleep at the switch, but so were the banking regulators, who also must awake and act," Cuomo, 49, told the committee.
    The 17 billion market for private loans has "become the most fertile ground for unscrupulous practices," Cuomo said at a hearing of the Senate Banking Committee. More...

  • June-07-2007 -- Internet ads reach quarterly record
    " Given these results, we may expect continued strong revenue growth buoyed by an expanding broadband subscriber base, which could translate into more users spending more time online and offers a platform for rich media and video ads that dial-up connections can ' t render
    TNS Media Intelligence said Tuesday that spending on online display advertising - which does not include search - jumped 16.7 percent in the first quarter from a year ago to $2.7 billion. More...

  • June-07-2007 -- Wednesday's Financial Winners & Losers
    TD Ameritrade's shares rose nearly four per cent in heavy trading on the New York Stock Exchange after it disclosed in a regulatory filing late Tuesday that it received letters from two investment funds last week calling for a merger or acquisition.
    TD Ameritrade said in the filing that industry consolidation is an important consideration of its board and noted that the board has formed a mergers-and- acquisitions committee that includes three outside, independent directors. More...

  • June-07-2007 -- Ford makes progress in quality study; Toyota brand slips
    Ford Motor Co. supplanted Toyota as leader of the pack in J.D. Power and Associates' annual initial quality rankings released Wednesday, grabbing more individual awards than any other automaker for the first time since 1998, when it tied for the top spot.
    Ford brands – including Mazda, in which the Detroit-based carmaker has a 34 per cent stake – were top in five of 19 segments in the survey, considered one of the industry's most authoritative. More...

  • June-07-2007 -- ECB rate reaches 6-year high amid strong growth
    June 6 -- The euro was little changed near a three-week high against the dollar after the European Central Bank lifted interest rates today as expected.
    The euro already gave up some early gains and was trading around $1.3518, down about a quarter of a cent on the day. More...

  • June-07-2007 -- Car execs challenged on mileage
    The heads of Detroit's auto industry asked Congress on Wednesday to reconsider a proposal to increase fuel standards that the automakers say could hurt their industry.
    WASHINGTON - The heads of the domestic auto industry pressed congressional leaders Wednesday to revisit a plan to increase fuel efficiency standards that automakers say could hurt their industry. More...

  • June-07-2007 -- Largely forgotten figure now looms large
    U.S. District Judge Amy J. St. Eve brushed aside claims by Blacks lawyers that they discovered new evidence that F. David Radler, who earlier pleaded guilty to fraud charges for taking payments illegally, lied during eight days on the witness stand.
    June 5 -- Former Hollinger International Inc. Chairman Conrad Black and ex-finance chief John Boultbee received fair payment for an agreement not to compete with buyers of company newspapers, according to a witness at their fraud trial. More...

  • June-07-2007 -- Pru closing its equity group
    Prudential Financial Inc. will close its 420-person stock research and trading unit, one of the last traces of its failed attempt to become a financial supermarket.
    By comparison, the parent company had $32.49 billion in revenue and $454 billion in assets. More...

  • June-07-2007 -- US worker productivity dips in Q1
    Labor costs rose at an annual rate of 1.8 percent.
    Labour costs also rose more than expected, increasing expectations U.S. interest rates will remain on hold. More...

Wednesday (Update 2)


  • June-06-2007 -- Agency: 1600 roller-shoe injuries last year
    Doctors from Ireland to Singapore have reported treating broken wrists, arms and ankles; dislocated elbows and even cracked skulls in children injured while wearing roller shoes.
    CHICAGO - Accidents from trendy roller shoes are far more numerous than previously thought, contributing to roughly 1,600 emergency room visits last year, the U.S. Consumer Product Safety Commission said Wednesday. More...

  • June-06-2007 -- Biosphere 2 bubble sold to developers
    The research site, which was built as a self-sustaining environment for humans 20 years ago, was sold to a home developer for US$50 million.
    A landmark three-acre glass terrarium from Biosphere Two has been sold to a home developer for $50 million. More...

  • June-06-2007 -- General Mills to raise US cereal prices
    MINNEAPOLIS ' General Mills said on Tuesday it would raise cereal prices to match increases by competitors, but investors sent its shares down more than 3 percent, and one analyst downgraded the stock.
    In early 2005 it effectively raised prices by reducing discounts _ and watched sales of some cereals drop as much as 5 percent. More...

  • June-06-2007 -- Equity firms to buy Avaya
    NEW YORK - Avaya Inc. said on Monday it agreed to be acquired by private equity firms TPG Capital and Silver Lake for $8.2 billion, the latest in a string of deals in the telecommunications-equipment industry.
    Investors will receive $17.50 a share, Basking Ridge, New Jersey-based Avaya said in a statement. More...

  • June-06-2007 -- Judge rules against Radler recall
    Black and two executives also received payments.
    Details of the lifestyle enjoyed by Lord Black and his wife, Barbara Amiel, have emerged as a key issue at the trial of the former newspaper proprietor and three former associates. More...

  • June-06-2007 -- GM is making 'major progress,' chief executive says
    General Motors Corp. has awarded two contracts to battery companies that will help speed up development of its plug-in hybrid car called the Chevrolet Volt, the Associated Press reported, citing GM Chairman Rick Wagoner.
    Wagoner told shareholders the company's North American turnaround strategy is working faster than expected with cost cuts and new products to grow revenue. More...

  • June-06-2007 -- EBay Plans to Begin
    Online auctioneer eBay said Tuesday it is ready to begin auctioning advertising airtime on 2,300 participating U.S. radio stations, expanding on an existing plan to sell cable television ads.
    The "something new" phobia must be beaten, quickly, because local merchants are looking to the internet for better ways. More...

  • June-06-2007 -- Honda to eliminate hybrid Accord due to poor sales
    June 5, 2007 - Not all hybrids are hits.
    The hybrid Accord gets an estimated 28 miles to the gallon in the city and starts at about $31,090, while the hybrid version of the company's smaller Civic sedan gets about 49 miles per gallon and starts at about $22,600, according to Honda's Web site. More...

  • June-06-2007 -- Midday Leaders & Laggards: DJIA
    IBM has settled an SEC investigation into disclosures of compensation expenses related to its earnings report from the first quarter of 2005.
    IBM announced on April 5, 2005, that it would begin treating stock options as an expense starting in the first quarter of that year. More...

  • June-06-2007 -- IBM buys security sofware firm
    IBM Rational general manager Danny Sabah provided the canned justification: "Watchfire. will further strengthen our ability to help customers mitigate risk by integrating security, quality testing and compliance testing requirements early in the software development process - before vulnerabilities are exposed."
    "Online security and privacy incidents are on the rise which can result in loss of customer trust, costly technology and business remedies and often legal battles. More...

  • June-06-2007 -- Dow Jones chairman emerges as key player in bid
    Rupert Murdoch said last night he had a "constructive" meeting with the family that controls Dow Jones & Co over his $5 billion offer for the company that owns the Wall Street Journal.
    "Rupert was very happy" with the outcome of a more than four-hour session with members of the Bancroft family, who control the voting stake in Dow Jones. More...

  • June-06-2007 -- Freak Weather Threatening Gulf Oil Exports
    Heavy rain falls on a flooded street in Muscat, Oman, Wednesday June 6, 2007, as a weakened Cyclone Gonu battered the coast with strong winds and torrential rains, disrupting oil exports, shutting down air service and forcing thousands from their homes.
    Tropical Cyclone Gonu, which earlier reached the equivalent of a maximum-force Category Five hurricane, helped drive oil prices up more than $1 on Monday on fears it would cut exports or disrupt Gulf shipments, which make up a fifth of the world's crude. More...

  • June-06-2007 -- Stocks Lower after Bernanke Speech
    NEW YORK, June 5 - The dollar fell against the euro on Tuesday, dipping below important technical levels after Federal Reserve Chairman Ben Bernanke said the ailing U.S. housing sector may remain a drag on economic growth.
    Unexpected strength in the services sector comes on the heels of a barrage of reports released last week that pointed to solid growth in the job market, manufacturing and consumer spending. More...

  • June-06-2007 -- Worker productivity weaker than prior estimate
    Labor costs rose at an annual rate of 1.8 percent.
    WASHINGTON - The productivity of American workers slowed sharply in the first three months of this year but wage pressures eased as well, providing evidence that inflation is being restrained. More...

  • June-06-2007 -- Pru Gets Out Of Research Game
    — Prudential Financial Inc. is shutting down its stock research and sales business because the unit was too small for long-term success in a highly competitive market, the financial services conglomerate said Wednesday.
    Prudential Equity Group, which made a market in approximately 1,400 Nasdaq securities last year, will immediately drop coverage of the sectors and companies it covers. More...

  • June-06-2007 -- Nasdaq 100 Midday Leaders & Laggards
    Whole Foods' proposed $670 million purchase of Wild Oats stalled at the checkout counter on Tuesday after federal regulators said they will seek to block the merger of the nation's two largest natural foods grocers.
    The planned purchase comes as the natural food retailers face increasing competition from traditional supermarkets and even big box retailers that are stepping up natural and organic food offerings. More...

  • June-06-2007 -- TD Ameritrade CEO says industry talks ongoing
    Trade Financial or Charles Schwab.
    TD Ameritrade said in the filing that industry consolidation is an important consideration of its board and noted that the board has formed a mergers and acquisitions committee that includes three outside, independent directors. More...

  • June-06-2007 -- European stocks lower as ECB raises key rate
    June 6 -- The euro was little changed near a three-week high against the dollar after the European Central Bank lifted interest rates today as expected.
    "The euro-area economy continues to expand at a pace which is significantly stronger than generally expected a year ago," Trichet said. More...

Wednesday (Update 1)


  • June-06-2007 -- EBay Bans Cross-Border Ivory Sales
    Amsterdam, June 06: Online auction site eBay will ban all international trade of elephant ivory on its sites, the company said on Tuesday in a move welcomed by an animal welfare group which found the bulk of the ivory was most likely illegal.
    THE HAGUE, Netherlands, June 5 /PRNewswire-USNewswire/ -- As delegates prepare to take on the issue of ivory trade - one of the more heated topics that has distracted CITES for years - a new IFAW report details serious holes in the ability of Southern African countries to control and regulate trade in ivory into, out of and within their borders. More...

  • June-06-2007 -- E. coli fear spurs ground beef recall at Albertsons, Save-A-Lot
    Nationally, 11 people have gotten sick in the outbreak, which prompted United Food Group LLC to recall 75,000 pounds of ground beef shipped to distribution centers in Arizona, California, Colorado, Oregon and Utah.
    The products recalled include several types of Moran's brand pre-packaged ground beef, as well as Albertson's brand sirloin from the butcher block. More...

  • June-06-2007 -- China B-shares close mixed; Shenzhen up, tracking A-share gains
    SHANGHAI : Chinese share prices closed higher on Tuesday after a roller-coaster day that saw the market recover from a huge plunge amid much uncertainty over whether the government would again step in, dealers said.
    Monday's decline, dubbed "Black Monday" in the local press, was the sharpest since an 8.8-percent drop Feb. 27 triggered a global market sell-off. More...

  • June-06-2007 -- Straphangers' Warning: Fares May Have to Rise
    The review, conducted by the New York City Independent Budget Office at the request of the Straphangers Campaign, forecasts that the base subway and bus fare would have to rise rom its current level of $2.00 to $2.40 to keep the MTA budget balanced, even if other sources of revenue grow at a similar rate.
    If the city and state don't kick in more money for mass transit, the fare would zoom to $3 by 2010, according to a report released yesterday by the city Independent Budget Office. More...

  • June-06-2007 -- Exxon Mobil mulls new pipeline for Canadian oil
    Houston - A new oil pipeline being planned by Enbridge and ExxonMobil to carry 400,000 barrels of oil per day to Gulf Coast refineries marks the second major project in a year to fill growing U.S. demand thanks to Canada's Alberta oil sands supplies.
    In a joint statement Tuesday, the companies said it ''would provide competitive and timely access for U.S. domestic and growing Canadian supplies of crude oil to be transported from the Patoka pipeline transportation hub to the U.S. Gulf Coast.'' More...

  • June-06-2007 -- Average domestic ticket drops by 15%
    Investors have hammered airline stocks recently amid flagging domestic results, hurt by sharp competition from low-cost carriers and higher fuel costs.
    Continental shares were up 1% at $37.82, after falling 6.1% Monday. More...

  • June-06-2007 -- General Mills to raise cereal prices
    MINNEAPOLIS ' General Mills said on Tuesday it would raise cereal prices to match increases by competitors, but investors sent its shares down more than 3 percent, and one analyst downgraded the stock.
    The new prices go into effect on June 25. More...

  • June-06-2007 -- Receiver to sell mineral rights owned by Ravelston
    Black and two executives also received payments.
    Details of the lifestyle enjoyed by Lord Black and his wife, Barbara Amiel, have emerged as a key issue at the trial of the former newspaper proprietor and three former associates. More...

  • June-06-2007 -- IBM off the hook in SEC probe
    IBM has settled an SEC investigation into disclosures of compensation expenses related to its earnings report from the first quarter of 2005.
    IBM misled investors by overestimating the impact of stock-based compensation expenses on quarterly earnings in 2005, the U.S. Securities and Exchange Commission said. More...

  • June-06-2007 -- As Predicted, Salesforce.com And Google Form Alliance
    The newest product resulting from this alliance, Salesforce Group Edition featuring Google AdWords, is a robust offering that combines the power of Salesforce on-demand CRM applications with the Google AdWords' platform to achieve integrated sales and marketing success.
    BERKELEY, California - Web search leader Google and marketing software maker Salesforce.com said on Tuesday they have jointly developed a new product that lets Google advertising be resold using Salesforce software, as part of a wide-ranging alliance. More...

  • June-06-2007 -- GM Chief Tells Shareholders to Take Long View
    WILMINGTON, Del. - General Motors Corp. took the occasion of its annual meeting Tuesday to announce another step to build its Chevrolet Volt long-range electric series-hybrid vehicle, even as shareholders grilled Chairman Rick Wagoner over the company's market share decline and plans for the future.
    WILMINGTON, Del. - General Motors Corp.' s priorities for this year include concluding a deal to allow its former parts subsidiary Delphi Corp. to emerge from bankruptcy and cutting its own health-care costs, the automaker's chief executive said on Tuesday. More...

  • June-06-2007 -- Avaya Shares Hot on Buyout News
    NEW YORK - Avaya Inc. said on Monday it agreed to be acquired by private equity firms TPG Capital and Silver Lake for $8.2 billion, the latest in a string of deals in the telecommunications-equipment industry.
    Competition from the likes of technology giant Cisco Systems Inc. leaves Avaya little room for error. More...

  • June-06-2007 -- Honda dropping Accord hybrid
    The company will discontinue it.
    Honda has said it will offer a new, smaller hybrid car -- about the size of the Fit, but not based on that model -- and a vehicle with a diesel engine that it can sell in all 50 states within the next few years. More...

  • June-06-2007 -- Whole Foods-Wild Oats merger opposed by FTC
    Whole Foods' proposed $670 million purchase of Wild Oats stalled at the checkout counter today after federal regulators said they will seek to block the merger of the nation's two largest natural foods grocers.
    "I would have thought given that potential, the market share of Whole Foods and Wild Oats would be pretty small," he said, adding he was a "bit mystified" as to the FTC's logic in the case. More...

  • June-06-2007 -- Journalists Seek Murdoch Alternatives
    Rupert Murdoch said last night he had a "constructive" meeting with the family that controls Dow Jones & Co over his $5 billion offer for the company that owns the Wall Street Journal.
    Mr Burkle is one of a handful of billionaires, including investor Warren Buffett, that the union has reached out to in an effort to head off a $5bn bid from Mr Murdoch, the News Corp chief executive. More...

  • June-06-2007 -- European shares extend losses ahead of ECB
    OUTLOOK ECB inflation, growth forecasts may highlight need for more rate hikes PARIS - Any upward revisions to the European Central Bank''s forecasts on inflation and growth today could signal that the ECB needs to keep on raising interest rates in order to keep a lid on price pressures, economists said.
    The euro continued well bid against the dollar, after firm inflation data in the euro zone added to expectations of higher interest rates, taking the wind out of the U.S. currencys recovery from last week. More...

  • June-06-2007 -- Bears rejoice at drop in bonds
    NEW YORK, June 5 - The dollar fell against the euro on Tuesday, dipping below important technical levels after Federal Reserve Chairman Ben Bernanke said the ailing U.S. housing sector may remain a drag on economic growth.
    Housing-related stocks fell after Bernanke said the building slowdown is likely to drag on longer than expected. More...

  • June-06-2007 -- Thousands Evacuated As Cyclone Roars
    Tropical Cyclone Gonu, which earlier reached the equivalent of a maximum-force Category Five hurricane, helped drive oil prices up more than $1 on Monday on fears it would cut exports or disrupt Gulf shipments, which make up a fifth of the world's crude.
    "The cyclone is advancing toward the Omani coast at a speed of 12 kilometres an hour, accompanied by torrential rains, storms and winds at the centre of the cyclone of 115 to 140 knots, or 212 to 260 kilometres an hour," the weather service said. More...

Tuesday (Update 2)


  • June-05-2007 -- 888 initiates talks with US Department of Justice UPDATE
    LONDON - PartyGaming PLC, the worlds biggest online gaming company, said it has initiated discussions with the U.S. Attorneys Office for the Southern District of New York and is in the process of voluntarily responding to a request for information issued by that office.
    Potential acquirers and lenders are concerned about possible future legal action or costs related to past activity in the U.S., Easthope said. More...

  • June-05-2007 -- Black wants Radler back in court
    Trump is expected to testify about a $62,869 party at upscale New York restaurant La Grenouille, which prosecutors cite as an example of Black's alleged disregard for shareholders.
    Trump was set to tell the jury that a surprise 60th birthday party in 2000 for Black's wife felt like a business event rather than a mere personal celebration, which would justify Hollinger picking up most of the nearly 63,000 tab. More...

  • June-05-2007 -- Chart of the Day: Shanghai Index
    NEW YORK ' Stocks appeared poised for a lower opening today as Wall Street turned its focus overseas to a sharp decline in Chinese stock prices.
    "But the fall is normal today, given the fact that the market has gone up so much. More...

  • June-05-2007 -- Honda dropping Accord Hybrid
    June 5, 2007 - Not all hybrids are hits.
    More damaging to the Accord is the Camry hybrid which costs $4,890 less and delivers much better MPG of 40/38. More...

  • June-05-2007 -- Ask.com: The Other Search Engine?
    On the right are results for video, images, news, events and music clips, among others, that vary depending on the query.
    When comparing Google search results to Ask3D results, "in certain situations, the additional information is very helpful. More...

  • June-05-2007 -- Tainted beef sickens a dozen
    Southern California-based United Food Group has recalled 75,000 pounds of ground beef sold to some local grocery stores, including Stater Bros., because it believes the meat is contaminated with E. coli 0157:H7 bacteria.
    State laboratory tests have identified two E.coli 0157:H7 cases in Colorado that have been linked to the recalled ground beef. More...

  • June-05-2007 -- Joost appoints new CEO
    NEW YORK - Internet TV service Joost has recruited Mike Volpi, former Cisco System's senior executive, to replace founding chief executive officer Fredrik de Wahl.
    Last year, citing the spread of speedy broadband Internet service and the opportunity to build a global TV network, the pair from Skype started Joost, originally known as the Venice Project. More...

  • June-05-2007 -- CORRECTED-Moody's, S&P; may cut Flextronics on Solectron buy
    NEW YORK, June 4 - Flextronics International Ltd., the biggest U.S. contract electronics maker, said on Monday it will buy rival Solectron Corp. for $3.6 billion in cash and stock to cut costs and expand its product line.
    By the end of Monday's trading, Solectron closed at $3.88. More...

  • June-05-2007 -- Oil prices drop to $66.02 a barrel
    In other Nymex trading, heating oil futures rose 4.18 cents to settle at $1.9646 a gallon, and natural gas prices jumped 31.3 cents to settle at $8.191 per 1,000 cubic feet.
    Markets remain unsettled by tight gasoline supplies in the U.S., analysts said. More...

  • June-05-2007 -- Palm Defends Its Deal
    Instead of full acquisition, the private equity firm Elevation Partners will be buying 25% of the company for $325 million.
    Palm's latest product, a 2.5-pound Linux-based laptop dubbed the Foleo, was announced to some confusion recently, and analysts have been wondering whether the company can stay relevant in a market where it must now compete with everyone from cell phone makers to Apple. More...

  • June-05-2007 -- Rite Aid to Sell 26 Stores, 8 in NY
    HARRISBURG, Pa. - Nearly 260 North Carolina drugstores will change names under an acquisition completed Monday.
    " The completion of this transaction is a significant milestone for the shareholders, customers and associates of Rite Aid, and we are ready to hit the ground running with a detailed integration plan that includes significant investments in the Brooks and Eckerd stores and in our new associates, " Sammons said More...

  • June-05-2007 -- Financier Ron Burkle Joins Union
    Rupert Murdoch said last night he had a "constructive" meeting with the family that controls Dow Jones & Co over his $5 billion offer for the company that owns the Wall Street Journal.
    The tone of the meeting is expected to resemble more of a social gathering than a session for negotiations or deal- making, as Murdoch, chairman and chief executive of media conglomerate News Corp., hopes to create a rapport with Bancroft family members, the newspaper said. More...

  • June-05-2007 -- Investment Firms Pick Up Avaya For $8.2 Billion
    NEW YORK - Avaya Inc. said on Monday it agreed to be acquired by private equity firms TPG Capital and Silver Lake for $8.2 billion, the latest in a string of deals in the telecommunications-equipment industry.
    "In addition to delivering compelling value for our shareholders, the partnership with Silver Lake and TPG also creates clear value for Avaya employees and customers," said Avaya CEO Louis D'Ambrosio in a statement. More...

  • June-05-2007 -- As Predicted, Salesforce.com And Google Form Alliance
    The newest product resulting from this alliance, Salesforce Group Edition featuring Google AdWords, is a robust offering that combines the power of Salesforce on-demand CRM applications with the Google AdWords' platform to achieve integrated sales and marketing success.
    "Unfortunately, it doesn't have an equal partner – there's no other Salesforce out there." More...

  • June-05-2007 -- Forex - Dollar pares losses after Bernanke comments, ISM data
    June 5 -- The dollar dropped to a more than two-week low against the euro as Federal Reserve Chairman Ben S. Bernanke said a slowdown in housing construction will remain a drag on economic growth "somewhat longer'' than expected.
    Housing-related stocks were among the biggest decliners after Bernanke said the building slowdown is likely to drag on longer than expected. More...

Tuesday (Update 1)


  • June-05-2007 -- YouTube strikes deal to offer local television programming
    Beginning today local Hearst television stations will begin posting local video content to dedicated channels on YouTube.
    YouTube will also serve as a platform to support Hearst-Argyle's new digital video initiatives including high school football, basketball and local amateur entertainment. More...

  • June-05-2007 -- US April Factory Orders Rise 0.3%; Ex-Transport Rise 0.7%
    New orders for manufactured durable goods to U.S. factories increased by 0.3 percent in April, marking the fifth gain in the last six months, the Commerce Department reported Monday.
    Economists were encouraged that orders for non-defense capital goods excluding aircraft - a category considered a good proxy for business investment - was up a strong 2.1 percent in April following an even larger 4.6 percent rise in March. More...

  • June-05-2007 -- Crude jumps $1.13 US a barrel
    Brent crude oil for July settlement was at $70.35 a barrel, down 5 cents, on the London-based ICE Futures exchange, at 12:18 p.m. Singapore time.
    NEW YORK: Oil futures jumped more than $1 a barrel Monday as a cyclone bore down on the Persian Gulf, even as retail gasoline prices continued their slow retreat from their recent highs. More...

  • June-05-2007 -- IATA calls for a zero emissions future
    The global airline sector must become a completely non-polluting industry -- meaning "zero emissions" -- within 50 years, International Air Transport Association chief executive officer Giovanni Bisignani said Monday.
    The recovery of the airline industry that saw the world's carriers breaking even last year could be short lived, senior executives were warned yesterday. More...

  • June-05-2007 -- Accredited is latest lender to be sold
    NEW YORK - Accredited Home Lenders Holding Co., a struggling subprime mortgage lender, has agreed to be acquired by private equity firm Lone Star for $400 million, the companies said on Monday.
    The outstanding 9.75% Series A Perpetual Cumulative Preferred Shares, par value $1.00 per share, of Accredited Mortgage Loan REIT Trust will continue to remain outstanding. More...

  • June-05-2007 -- Hot donuts, stale sales
    WINSTON-SALEM, N.C. - Krispy Kreme Doughnuts Inc. said Monday its quarterly loss widened as the doughnut maker continued its recovery effort.
    On average, 4 analysts polled by First Call/Thomson Financial expected the company to earn $0.05 per share for the quarter. More...

  • June-05-2007 -- Insurers must warn consumers about rates
    WASHINGTON - The Supreme Court on Monday scaled back a standard that would have made it easier for consumers to win lawsuits against companies for violating the Fair Credit Reporting Act.
    In a move creating a mixed outcome for the insurance industry, the high court stopped short of backing a higher standard of legal recklessness under the credit reporting law that the companies sought in the appeal. More...

  • June-05-2007 -- Tainted beef sickens a dozen
    DENVER A California company has voluntarily recalled 75,000 pounds of ground beef sold at Colorado Albertsons stores because of possible E. coli contamination.
    The products recalled include several types of Moran's brand pre-packaged ground beef, as well as Albertson's brand sirloin from the butcher block. More...

  • June-05-2007 -- 1-888 in talks with US over gaming clampdown
    The company, which ceased taking bets in the U.S. in light of the bill passed last September tightening anti-gaming laws, said it had initiated discussions with the U.S. Attorney's Office for the southern district of New York "and is in the process of voluntarily responding to a request for information".
    While PartyGaming has said that it is too early to consider the possibility of any outcome, the Gibraltar-based company did mentioned that the way forward is for the U.S. to offer regulated online gaming that is run by a notable operator. More...

  • June-05-2007 -- Microsoft search chief cites need to take risks
    Ask.com, one of the Internet's main search engines, is unveiling a new Web site today that is designed to win a larger share of the high-volume search market at a time when many users are developing loyalties to competitors Google, Yahoo and Microsoft.
    Web search company Ask.com is set to give greater prominence in Web search results to photos, video and related searches, responding to growing consumer demand for more than text links. More...

  • June-05-2007 -- Black's fate may depend on 'ostrich instruction'
    CHICAGO -- Real estate magnate and television personality Donald Trump could come to the defence of Conrad Black this week as the press baron's defence team is likely to focus on peripheral charges at his fraud trial, such as Black's use of company perks.
    Real estate mogul and reality television star Donald Trump is no longer expected to appear as a defence witness for Black. More...

  • June-05-2007 -- Energy firms buoy indexes
    Dominion Resources, the Virginia-based gas and electricity company, has agreed to sell most of its U.S. natural gas and oil exploration and production operations to two energy companies, Loews and XTO Energy, for $6.5bn.
    XTO Energy led oil-related shares in the SP 500 to a record after it and Loews agreed to buy properties belonging to Dominion Resources for $6.5 billion. More...

  • June-05-2007 -- Silver Lake, TPG to Acquire Avaya for $8.2 Billion (Update1)
    Avaya, the U.S. telecommunications equipment maker, said on Monday it agreed to be acquired by private equity firms TPG Capital and Silver Lake for $8.2bn.
    Silver Lake and TPG's TPG Capital LLC last night agreed to purchase telecommunications-equipment company Avaya Inc. for about $8.2 billion, marking the second big buyout in the telecom industry in two weeks. More...

  • June-05-2007 -- Four mutual funds approved in attempt to stablize market
    NEW YORK ' Stocks appeared poised for a lower opening today as Wall Street turned its focus overseas to a sharp decline in Chinese stock prices.
    Chinese stocks continue to fall Shanghai - Chinese stocks fell again on Tuesday, continuing heavy losses since the government tripled its tax on share trading last week. More...

  • June-05-2007 -- Flextronics' Merger Muscle
    Flextronics International, the biggest U.S. contract electronics maker, said it will buy rival Solectron for $3.6 billion in cash and stock to cut costs and expand its product line.
    As part of the agreement, Solectron can nominate two individuals approved by Flextronics to the board of the combined company. More...

  • June-05-2007 -- 25 Eckerds in state now part of Rite Aid
    Rite Aid, which is the third largest pharmacy chain in the United States, announced last August that it intended to buy the drug stores owned by Jean Coutu in a $4 billion cash and stock deal.
    Before the acquisition the company posted revenues of $17.5 billion at 3,332 stores coast to coast. More...

  • June-05-2007 -- US Stock-Index Futures Are Little Changed; Avaya Advances
    Dow Jones & Co. shares may move.
    The Bancrofts' move comes amid increasing confidence on Wall Street and within News's New York headquarters that a deal can be struck. More...

  • June-05-2007 -- Equity group invests in Palm
    Instead of full acquisition, the private equity firm Elevation Partners will be buying 25% of the company for $325 million.
    Elevation, the private equity firm in which U2 rock star Bono is a partner, announced its largest ever investment as it paid $325m for a 25 per cent stake in Palm, the maker of the Treo smart-phone. More...

Monday (Update 2)


  • June-04-2007 -- GM makes strides in supplier relations, study shows
    CHICAGO - General Motors's often rocky relationship with its North American auto parts suppliers improved over the past year, while Ford Motor's relations worsened, a study released on Monday found.
    There's still work to be done." More...

  • June-04-2007 -- UPDATE 1-SXR Uranium to acquire Energy Metals Corp.
    Paul Matysek, president and CEO of EMC added: "The transaction provides our shareholders immediate exposure to uranium production and cash flow, while at the same time creating new avenues for growth.
    "The acquisition of EMC is consistent with Uranium One's value-accretive external growth strategy and will consolidate Uranium One's position in the United States," Uranium One said. More...

  • June-04-2007 -- Ahead of the Bell: Qiagen Buys Digene
    NEW YORK - Qiagen NV, a Dutch maker of genetic testing equipment, said on Sunday it will acquire Digene Corp., which develops screening tests for diseases affecting women, for $1.6 billion in stock and cash.
    The transaction, subject to the tender of a majority of Digene's common stock and approval of Qiagen's shareholders, as well as regulatory approvals, is expected to close in August or September. More...

  • June-04-2007 -- Health Care Property Buys Segro Unit for $2.9 Billion (Update1)
    Health Care Property Investors will pay 574 mln stg in cash for the purchase and will also assume Slough Estates USAs existing debt of 583 mln stg.
    Cohen & Steers Capital Advisors LLC served as Health Care Property Investors' financial adviser, providing a fairness opinion for the transaction. More...

  • June-04-2007 -- Ca.: Water Pumps Stopped to Protect Fish
    FRESNO — Federal officials said Friday they cut back the amount of water pumped to farmers and Southern California cities to the lowest level ever in an attempt to help save the endangered delta smelt.
    State water officials say the last time the pumps were shut off was in 2004, when the Jones Tract levee broke and officials stopped pumping to reduce saltwater intrusion into the Delta. More...

  • June-04-2007 -- Oil rebounds on tight US gasoline supply outlook, eyes on Nigeria
    Crude oil futures rose $1.07 to settle at $65.08 a barrel Friday on continued concerns that U.S. refineries are not producing enough gasoline to meet peak U.S. summer driving demand.
    Crude-oil futures gained modestly Monday morning as a key U.S. gasoline pipeline returned to service over the weekend and Nigerian militants announced a halt to attacks on oil facilities. More...

  • June-04-2007 -- China Stocks Take Big Plunge
    The Shenzhen Composite Index for China's smaller second market fell 7.9 percent to 1,039.90.
    China's two stock exchanges in Shanghai and Shenzhen shrank by 5 percent in terms of capitalization last week to17.21 trillion yuan on Friday, down by 918.8 billion yuan since May 25. More...

  • June-04-2007 -- Anadarko shares at new high after asset sale
    HOUSTON - Oil and natural gas producer Anadarko Petroleum says it is selling natural gas gathering systems and associated processing plants to Atlas Pipeline Partners LP for 1.8-five billion dollars.
    The system consists of approximately 3,470 miles of gathering pipeline covering six counties in the Anadarko basin across northwestern Oklahoma and southern Kansas. More...

  • June-04-2007 -- Hearst-Argyle in Google, YouTube Deal
    Beginning today local Hearst television stations will begin posting local video content to dedicated channels on YouTube.
    We look forward to continue working with the Hearst-Argyle team as we launch new products and services on the local level." More...

  • June-04-2007 -- China: toothpastes to US are safe
    The U.S. Food and Drug Administration today warned consumers to avoid using tubes of toothpaste labeled as made in China, and issued an import alert to prevent toothpaste containing the poisonous chemical diethylene glycol from entering the United States.
    DEG is used in antifreeze and as a solvent. More...

  • June-04-2007 -- China reveals energy plan without specific cuts
    BEIJING, - China released its first national plan on climate change on Monday, setting out goals for tackling global warming but stressing that rich nations must take the lead in cutting greenhouse gases.
    Mr Ma nevertheless promised that China would play a "constructive role" in international efforts to combat climate change. More...

  • June-04-2007 -- Murdoch aims to charm Dow Jones shareholders
    June 1 -- Dow Jones & Co. shares surged above News Corp.' s $60 offer price on speculation Rupert Murdoch may raise his takeover bid to persuade the Bancroft family to sell.
    Some observers said the Bancrofts' refusal to meet with News Corp had only ever been a negotiating tactic in the hope of increasing any offer price. More...

  • June-04-2007 -- Laureate Education OK's Raised $3.8B Bid
    Under the terms of the revised merger deal, the investor group will commence a tender offer on or before June 8, 2007, to acquire all of the outstanding shares of Laureate's stock.
    T. Rowe Price had characterized the original offer, made in January, as "significantly below the true long-term value of the company." More...

  • June-04-2007 -- US April factory orders up 0.3 pct, ex-transportation up 0.7 pct.
    Economists were encouraged that orders for non-defense capital goods excluding aircraft _ a category considered a good proxy for business investment _ was up a strong 2.1 percent in April following an even larger 4.6 percent rise in March.
    Spending on equipment and software rose at a 2 percent annual rate in the first quarter, after a 4.8 percent rate of decline in the final three months of 2006, the Commerce Department said last week. More...

  • June-04-2007 -- Sector Snap: Subprime Mortgage Lenders
    NEW YORK, June 4 - Accredited Home Lenders Holding Co., a struggling subprime mortgage lender, has agreed to be acquired by private equity firm Lone Star for $400 million, the companies said on Monday.
    Private equity firm Lone Star Fund V LP will pay $15.10 per share for the company, which makes mortgage loans to residential buyers with shaky repayment records. More...

  • June-04-2007 -- Flextronics Agrees to Buy Solectron for $3.6 Billion (Update4)
    MILPITAS, Calif. - Singapore-based contract electronics manufacturer Flextronics International Ltd. said Monday it is purchasing contract electronics maker Solectron Corp. in a cash-and-stock deal worth about $3.6 billion.
    The cash being offered represents a premium of about 15 percent over Solectron's closing price of $3.37 on Friday, while the stock portion represents a 20 percent premium based on Flextronics' closing price on Friday. More...

  • June-04-2007 -- Loews in $4 billion deal for Dominion gas assets
    Dominion Resources, the Virginia-based gas and electricity company, has agreed to sell most of its U.S. natural gas and oil exploration and production operations to two energy companies, Loews and XTO Energy, for $6.5bn.
    XTO, a natural gas producer, will pay about $2.5 billion for the operations in the Rocky Mountains and South Texas region, including the Gulf Coast, San Juan Basin and Louisiana. More...

  • June-04-2007 -- Leaders & Losers For Monday, June 4
    Palm is selling a 25 percent stake to private-equity firm Elevation Partners for $325 million and is bringing in Jon Rubinstein, who formerly ran the iPod division at Apple, as executive chairman of the board.
    Under the terms of the deal, Elevation will pay $8.50 per share for the stake in Palm, a 16 per cent premium to Palm's share price over the 10 trading days until last Friday. More...

Monday (Update 1)


  • June-04-2007 -- Ill. Lt. Gov. Criticizes Exelon CEO
    Quinn's renewed campaign against the parent company of electricity provider Commonwealth Edison comes as lawmakers continue debating an electric rate relief package after a ten-year rate freeze ended in January.
    Lawmakers have been grappling for months over how to provide relief for consumers, who are seeing dramatic electricity bills after a 10-year rate freeze ended in January. More...

  • June-04-2007 -- Blackstone to buy Alliant Insurance Services
    The market analysts though surprised are watching the deal closely as the the Blackstone Group is otherwise known to buy companies worth tens of billions of dollars and the Alliant transaction is hence a very small transaction.
    Terms of the deal were not disclosed, but a source close to the process said Blackstone will pay $1.2 billion. More...

  • June-04-2007 -- UK Stocks Drop, Paced by Glaxo, Reel Elsevier; RBS Advances
    Southern Water supplies customers in Kent, Sussex and Hampshire, and a sale could be expected to kickstart a rush of consolidation in the water sector.
    No bidders are thought to have declared an interest in Southern Water but the sale is expected to feed the feverish speculation that has surrounded the sector in recent months. More...

  • June-04-2007 -- Loonie to be on-par with US greenback by end of 2007: report
    "Between red-hot commodity and energy markets and huge capital inflows associated with an avalanche of M&A; deals, the Canadian currency has plenty of octane left to take a concerted run toward parity against the greenback," CIBC World Markets chief economist Jeff Rubin, said in a statement.
    With resources accounting for 44 per cent of the index's market cap compared to a seven per cent share for secondary manufacturing, the TSX is much less vulnerable to the effects of a parity exchange rate than the Canadian economy, particularly when the loonie is being driven up by rising resource prices. More...

  • June-04-2007 -- Japan's Economy Probably Expanded More Than Initially Expected
    Japanese business spending rose 13.6 percent in the first quarter to a record high, the government said Monday, underlining what recent data show is the longest period of expansion in postwar history.
    The jobless rate fell to 3.8 percent in April, the lowest level in nine years, and household spending rose for a fourth month, the longest winning streak in three years. More...

  • June-04-2007 -- Ahead of the Bell: Provenge Protest
    An advocacy group urging the Food and Drug Administration to approve Dendreon Corp.' s prostate cancer drug Provenge said it will rally in Washington Monday.
    Provenge is the first so-called active cellular immunotherapy drug, which tries to fight cancer by harnessing the body's immune system. More...

  • June-04-2007 -- China says US self-contradictory detaining toothpastes from China
    The U.S. Food and Drug Administration has issued a safety alert to avoid using tubes of toothpaste labeled "Made in China" while also issuing an import alert to prevent toothpaste that may contain a poisonous chemical diethylene glycol from entering the United States.
    The highest concentration of the chemical found in toothpaste so far was between 3 percent and 4 percent of the product's overall weight. More...

  • June-04-2007 -- Digene, Local Maker of HPV Test, to Be Sold to Dutch Firm
    NEW YORK - Qiagen NV, a Dutch maker of genetic testing equipment, said on Sunday it will acquire Digene Corp., which develops screening tests for diseases affecting women, for $1.6 billion in stock and cash.
    The Netherlands-based company said it will pay $61.25 per share for the acquisition, representing a 37% premium to Digene's closing price on June 1. More...

  • June-04-2007 -- SNS to buy AXA Dutch operations for $2.35 bln
    SNS Reaal agreed to buy AXA's Dutch insurance operations for 1.75 billion euros, the companies said in separate press statements.
    SNS Reaal and AXA agreed to a cash consideration for AXA Netherlands of 1.75 billion euros, plus accrued interest of 4% a year as from Jan 1 2007, the effective date of the acquisition. More...

  • June-04-2007 -- Economy, not climate, remains China's priority
    The country's greenhouse gas emissions reached 5.6 billion tons in 2004, of which 5.05 billion tons were carbon dioxide, the commission said in the report.
    Rises in gross domestic product in China produce smaller hikes in carbon dioxide discharges than in other countries. More...

  • June-04-2007 -- US Stock-Index Futures Decline; Dow Jones, Citigroup Fall
    June 1 -- Dow Jones & Co. shares surged above News Corp.' s $60 offer price on speculation Rupert Murdoch may raise his takeover bid to persuade the Bancroft family to sell.
    Google, owner of the world's largest search engine, trades at about 34 times projected 2007 profit. More...

  • June-04-2007 -- China stocks plunge again
    SHANGHAI - A-shares in Shanghai and Shenzhen continued lower in early trade, with the benchmark index falling over seven pct, as fears intensified of government measures to rein in the stock markets growth, dealers said.
    The market showed some resilience after that 6.5 pct decline, but on Friday rumors of new government measures began to circulate, including speculation of a capital gains tax. More...

  • June-04-2007 -- Segro to Sell Its US Business
    Segro, the property company formerly known as Slough Estates, has agreed to sell its U.S. life sciences real estate business for $2.9bn.
    Segro will use 250 million pounds of the sale proceeds to pay a special dividend of 53 pence a share to shareholders, the Slough, England-based company said today in a statement. More...

  • June-04-2007 -- Palm Sells 25% Stake to Elevation Partners, Revamps Board
    The Wall Street Journal said Palm will announce a deal today with Elevation Partners, which will throw $325 million into the pot in return for the quarter share.
    Jon Rubinstein added, " I have tremendous respect for Ed Colligan, Jeff Hawkins and their team, and I am thrilled by the prospect of helping Palm deliver innovative products capable of transforming the mobile-device market. More...

Sunday (Update 2)


  • June-03-2007 -- Hip to be square
    SAN DIEGO - Marriott is getting into the water theme park business, starting with a resort in San Diego.
    Nick-themed retail items will be available that are exclusive to the resort, as well as a \"Nick Pix\" photo studio and Nick.com Cyberzone, where kids and families can safely surf Nick.com and Nickjr.com content online, and view resort-specific information. More...

  • June-03-2007 -- Washington Mutual says subprime loans fare better
    NEW YORK, June 1 - Washington Mutual Inc., one of the largest U.S. mortgage lenders, on Friday said improved underwriting standards have led to a reduction in the number of new subprime mortgages going into default quickly.
    More expensive than prime mortgages, subprime home loans can benefit consumers when they're carefully matched with creditworthy borrowers who understand the risks. More...

  • June-03-2007 -- You Say, 'Hola!' I Say, 'Ahn-nyung'
    Native Spanish speaking translators that are also fluent in English are preferred to capture the cultural as well as grammatical essence in documents translated from English to Spanish.
    Coming out strongly and courageously in favor of English is a way of flashing a high-sign to a certain segment of the electorate. More...

  • June-03-2007 -- Circuit City charges ahead; index rise too
    RICHMOND, Va. - Circuit City Stores cut retail management positions and eliminated about 200 jobs at its corporate offices today as it began another phase of its restructuring plan.
    Company officials told the Wall Street Journal and other news outlets Thursday that the new phase of cuts calls for moving management personnel from lower-volume to higher-volume stores, with reductions to come through attrition as well as layoffs. More...

  • June-03-2007 -- Starbucks switches to 2% milk
    Starbucks Corp. said this week it will replace whole milk with two per cent for espresso drinks in all of its U.S. and Canadian stores by the end of the year.
    FRIDAY, June 1 -- Folic acid supplementation may reduce the risk of stroke by 18 percent or more, but it's not clear whether it boosts outcomes for other cardiovascular conditions, researchers say. More...

  • June-03-2007 -- Google buys RSS company FeedBurner
    Online search leader Google Inc. said Friday it purchased FeedBurner, which helps bloggers and podcasters syndicate and make money from their online content, for an undisclosed sum.
    Feedburner already has an ad system that works. More...

  • June-03-2007 -- Natural no-calorie sweetener in works
    Coca-Cola Co. is working with Cargill Inc., the largest U.S. agricultural company, to use a South American plant as the basis for a no-calorie sweetener tentatively called rebiana to appeal to health-conscious consumers.
    "We may not sell it in all 12 countries," Bjorhus said. More...

  • June-03-2007 -- Murdoch to use money, charm & family to woo Dow Jones heirs
    June 1 -- Dow Jones & Co. shares surged above News Corp.' s $60 offer price on speculation Rupert Murdoch may raise his takeover bid to persuade the Bancroft family to sell.
    The Bancroft family has offered to negotiate with Rupert Murdoch's News Corp and possibly others to sell the 100-year-old family-held company, news reports said Friday. More...

  • June-03-2007 -- Qiagen to acquire Digene in transaction valued at 1.6 bln usd
    Under the terms of the agreement, the transaction will be effected as an exchange offer, followed by a merger of Digene into a subsidiary of QIAGEN. The acquisition consideration will consist of cash and QIAGEN stock, and Digene shareholders may elect to receive for each Digene share either US$61.25 in cash or 3.545 shares of QIAGEN stock, subject to pro-ration so that the total consideration issued for Digene stock consists of 55% cash and 45% QIAGEN stock.
    HPV testing is typically performed in the same laboratories in which QIAGEN's products are used. More...

  • June-03-2007 -- Elvis Has Left the Stock Market
    CKX Inc., the publicly listed operator of Elvis Presley's Graceland estate, confirmed Thursday that it has received a buyout offer from its chairman and chief executive, Robert F.X. Sillerman, that values the company at $1.33 billion.
    Capitalizing on the great success of the hit TV show American Idol and its music sales, as well as enjoying the rights to Elvis Presley's Graceland estate, CKX Inc. said it would be taken private by its CEO in a $1.33 billion buyout. More...

  • June-03-2007 -- Loonie on a roll, parity with greenback in
    "Between red-hot commodity and energy markets and huge capital inflows associated with an avalanche of M&A; deals, the Canadian currency has plenty of octane left to take a concerted run toward parity against the greenback," CIBC World Markets chief economist Jeff Rubin, said in a statement.
    With resources accounting for 44% of the index's market cap compared to a seven per cent share for secondary manufacturing, the TSX is much less vulnerable to the effects of a parity exchange rate than the Canadian economy, particularly when the loonie is being driven up by rising resource prices. More...

  • June-03-2007 -- The new Northwest
    MINNEAPOLIS ' Northwest Airlines departed bankruptcy protection today, capping a 20-month reorganization aimed at making the nation's fifth-largest carrier competitive for years to come.
    The airline's shares rose as much as 4 percent in early trading on the Big Board, the first time Northwest stock has changed hands on a major public exchange since it was delisted from Nasdaq in September 2005. More...

  • June-03-2007 -- Wachovia to buy AG Edwards for $6.8 billion
    The combined brokerage unit will operate as Wachovia Securities, headquartered in St. Louis, and will have more than 3,300 brokerage locations nationwide, more than $1.1 trillion in client assets and nearly 15,000 financial advisers.
    Wachovia Securities will become the third-largest brokerage by assets and number of branches. More...

  • June-03-2007 -- US economy grows by just 0.6 percent in first quarter
    The Commerce Department reported Thursday that the gross domestic product increased by just 0.6 percent in the January-through-March period, much weaker than estimated a month ago.
    New filings dropped by 4,000 to 310,000. More...

  • June-03-2007 -- Cars Outsell Light Trucks for First Time Since 2002
    Toyota Motor Corp.' s U.S. vehicle sales jumped 14.1 percent in May to its best monthly level ever and General Motors Corp.' s sales rose 9.7 percent, helping boost industry sales 5 percent, as both automakers credited in part the appeal of their more fuel-efficient offerings amid high gas prices.
    The consumer seems to be pretty resilient." More...

  • June-03-2007 -- China Rejects US Health Warning on Toothpaste
    The U.S. Food and Drug Administration began scrutinizing toothpaste imported from China last week after similar products in Latin America were found to contain diethylene glycol, or DEG, often found in solvents and antifreeze.
    The highest concentration of the chemical found in toothpaste so far was between 3 percent and 4 percent of the product's overall weight. More...

Sunday (Update 1)


  • June-03-2007 -- Dell's Road to Recovery
    Profit excluding some costs was 36 cents, topping the average 27-cent estimate in Bloomberg's survey.
    Dell shares rose after first- quarter profit topped analysts' expectations, a sign that Mr. Dell's return to the helm is making a difference. More...

  • June-03-2007 -- Faltering Wal-Mart cuts back on expansion
    FAYETTEVILLE, Arkansas - Wal-Mart Stores Inc. said on Friday it will cut the number of supercenters it plans to open this year by as much as 30 percent as it tries to boost sales at U.S. stores, sending it shares up 4 percent.
    Analysts and investors have pushed for the retailer to rein in U.S. expansion as it tries to improve sales growth at home. More...

  • June-03-2007 -- Google acquires web-based media firm Feedburner
    Online search leader Google Inc. said Friday it purchased FeedBurner, which helps bloggers and podcasters syndicate and make money from their online content, for an undisclosed sum.
    Feedburner already has an ad system that works. More...

  • June-03-2007 -- New CEO takes over telecom giant AT&T;, replacing predecessor
    More than 1 million people have signed up through AT&T;'s Web site for a call when the iPhone becomes available, Stephenson said.
    Later this month, Apple will ship the iPhone. More...

  • June-03-2007 -- Canada's soaring dollar approaching par with US dollar
    "Between red-hot commodity and energy markets and huge capital inflows associated with an avalanche of M&A; deals, the Canadian currency has plenty of octane left to take a concerted run toward parity against the greenback," CIBC World Markets chief economist Jeff Rubin, said in a statement.
    With resources accounting for 44 per cent of the index's market cap compared to a seven per cent share for secondary manufacturing, the TSX is much less vulnerable to the effects of a parity exchange rate than the Canadian economy, particularly when the loonie is being driven up by rising resource prices. More...

  • June-03-2007 -- Coke, Cargill team up on new sweetener
    Coca-Cola Co. is working with Cargill Inc., the largest U.S. agricultural company, to use a South American plant as the basis for a no-calorie sweetener tentatively called rebiana to appeal to health-conscious consumers.
    "We may not sell it in all 12 countries," Bjorhus said. More...

  • June-03-2007 -- News Corp, Dow Jones to discuss US$5b bid
    June 1 -- Dow Jones & Co. shares surged above News Corp.' s $60 offer price on speculation Rupert Murdoch may raise his takeover bid to persuade the Bancroft family to sell.
    After weeks of rebuffs, the board of Dow Jones said it was ready to meet with Rupert Murdoch to discuss his $60-a-share bid for the company. More...

  • June-03-2007 -- Elvis Has Left the Stock Market
    NEW YORK — CKX Inc., the publicly listed operator of Elvis Presley's Graceland estate, confirmed Thursday that it has received a buyout offer from its chairman and chief executive, Robert F.X. Sillerman, that values the company at $1.33 billion.
    Capitalizing on the great success of the hit TV show American Idol and its music sales, as well as enjoying the rights to Elvis Presley's Graceland estate, CKX Inc. said it would be taken private by its CEO in a $1.33 billion buyout. More...

  • June-03-2007 -- Lender cornered $114 million from US
    WASHINGTON - The Bush administration has proposed new rules aimed at clamping down on conflicts of interest in the student loan industry.
    The rules, announced by the Education Department, amount to the administration's strongest response so far to a nationwide investigation of the $85 billion-a-year business that has exposed financial ties among lenders, school officials and government regulators. More...

  • June-03-2007 -- Oil Edges Higher as Gasoline Rallies
    Crude oil imports fell to 10.018 million barrels per day from 10.892 million barrels per day the previous week.
    The report showed oil inventories fell by 2 million barrels, or 0.6 percent, to 342.2 million barrels last week. More...

  • June-03-2007 -- ChoicePoint Settles ID Theft Case, Licks Wounds
    There is no fine, though ChoicePoint will pay US$500,000 for state public education campaigns about identity theft.
    As part of the agreement developed with the state Attorneys General, ChoicePoint will make significant, ongoing changes in the way the company grants credentials to new customers who have access to personally identifiable information. More...

  • June-03-2007 -- Home price rise slowest in a decade
    NEW YORK -- Most studies say U.S. home prices are on the decline, but a new report from the federal government says just the opposite.
    Overall, housing prices increased 2.5 percent in Montana during the first quarter of 2007, which ended March 31. More...

  • June-03-2007 -- Saturday Interview Ready to Fly Again
    MINNEAPOLIS ' Northwest Airlines departed bankruptcy protection today, capping a 20-month reorganization aimed at making the nation's fifth-largest carrier competitive for years to come.
    'We have successfully repositioned the company as a stronger, globally focused airline with a great route network, a revitalized fleet, a competitive cost structure and a recapitalized balance sheet." More...

  • June-03-2007 -- Cars Outsell Light Trucks for First Time Since 2002
    Toyota Motor Corp.' s U.S. vehicle sales jumped 14.1 percent in May to its best monthly level ever and General Motors Corp.' s sales rose 9.7 percent, helping boost industry sales 5 percent, as both automakers credited in part the appeal of their more fuel-efficient offerings amid high gas prices.
    "Our May results were extremely positive as we saw strong total and retail sales increases. More...

  • June-03-2007 -- DJ US 1Q GDP Revised To +0.6% Rate From +1.3%
    The new reading on the gross domestic product, released by the Commerce Department Thursday, showed that economic growth in the January-to-April quarter was much weaker.
    NEW YORK: The U.S. economy grew at its weakest pace in more than four years during the first quarter, the government reported Thursday, as a cooling housing market, slower consumer spending and a gaping trade deficit eroded economic activity. More...

  • June-03-2007 -- China says US warning on toothpaste irresponsible
    The FDA said it was not aware of any poisonings, but found toothpaste with the chemical in a shipment at the U.S. border and at two bargain retail stores, a Dollar Plus in Miami and a Todo A Peso in Puerto Rico.
    The alert states that DEG has been improperly used in a variety of sedatives, syrups and cough medicines worldwide. More...



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