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


Saturday


  • July-04-2009 -- Mortgage rates fall slightly
    The average rate nationwide for a 30-year fixed-rate home loan was 5.32%, down from 5.42% last week.
    As far as the current economic conditions are concerned, a large number of Americans are searching for the best mortgage refinance rates available in the market, and do their best to lower their monthly installments amount. More...

  • July-04-2009 -- Oil falls to below $66 a barrel
    The U.S. benchmark crude fell below US$67 per barrel today in New York, after government data showed the U.S. unemployment rate had risen to 9.5 per cent in June as employers cut 467,000 jobs.
    Trading in the U.S. is closed Friday for the Independence Day holiday. More...

  • July-04-2009 -- IOUs spell uncertainty for Calif. small businesses
    Several local financial institutions plan to accept IOUs from the state of California, with the expectation that legislators will soon resolve the budget crisis.
    The California State Controller's Office has announced that it may issue registered warrants, or IOUs, for some payments as early as today. More...

  • July-04-2009 -- ECB Sets Cruise Control, Pushes Banks to Drive Growth
    FRANKFURT (Reuters) - The European Central Bank left its main refinancing interest rate unchanged at a record low of 1.0 percent on Thursday, as expected by analysts.
    The recent decisions to launch 12-month refinancing operations and covered bond purchases are aimed at counteracting credit supply constrictions, and the ECB sees the measures deployed so far as adequate. More...

  • July-04-2009 -- China's hunger for resources bolsters Teck
    CIC eventually decided that the best way to invest was a purchase of 101 million Teck subordinated voting shares at $17.21 each, which turned out to be less dilutive that other options.
    The fund has agreed to hold the stock for at least a year after the deal closes in mid-July, Teck said. More...

  • July-04-2009 -- Algeria, Nigeria Sign Upstream Gas Swap Deal -Algeria
    Only last week, Gazprom signed a separate $2.5bn deal with Nigeria's state-owned gas firm NNPC to build new gas refineries, pipelines and power stations in Nigeria.
    The Nigerian oil company also has an agreement with Abu Dhabi's Masdar to pursue projects to reduce carbon emissions from Nigeria's oil and gas sector. More...

  • July-04-2009 -- Gas prices fall 10 cents in Kingsport
    The number of Philadelphia-area residents traveling 50 miles or more by car to take part in Fourth of July festivities this year has decreased less than one percent compared to 2008, despite the average price of gas being nearly $1.50 lower per gallon than this time last year.
    According to AAA, the average price for a gallon of gas in the Bay State is now $2.62 per gallon, which is up about 15 cents from a month ago but down from last year's $4.00 per gallon. More...

  • July-04-2009 -- Johnson & Johnson pays $1B for Elan stake
    Johnson & Johnson will become the largest shareholder in Elan on conclusion of the deal.
    Johnson & Johnson will gain all rights to drugs developed by the program, and it plans to commit up to $500 million for development of bapineuzumab, a drug that intended to slow the progression of mild to moderate Alzheimer's disease. More...

  • July-04-2009 -- Cribs recalled for suffocation risk
    The Consumer Product Safety Commission, which announced the recall today, said plastic hardware on the cribs can break or bend, allowing the drop side to separate and create a gap big enough to trap babies.
    SFCA Inc. is no longer answering phone calls, responding to e-mails from consumers, or providing repair kits to fix hundreds of thousands of defective cribs. More...

  • July-04-2009 -- Ericsson Gets Broadband Deals From Chinese Operators
    Millions of people in an initial nine Chinese provinces will now be able to enjoy high-definition TV, as well as high-speed broadband and quality voice services.
    "Millions of people in an initial nine Chinese provinces will now be able to enjoy high-definition TV, as well as high-speed broadband and quality voice services," it said in a statement. More...

  • July-04-2009 -- United Passenger Lines Move Again After O'Hare Delays
    NEW YORK (MarketWatch) -- A computer outage at the United Airlines terminal at Chicago's O'Hare International Airport has grounded outgoing flights Thursday, the unoffical start of the busy July Fourth holdiay weekend.
    Des Moines airport spokesman Roy Criss said the Chicago delays are confined to passenger check-in computers at United and will cause ripple delays elsewhere only if the issue prevents O'Hare employees from getting passengers on planes. More...

  • July-04-2009 -- Day in Photos
    Would you trust a glass floor that's an inch and a half thick when suspended 103 stories in the air? People in Chicago today can find out at the Sears Tower, which opened its new set of glass balconies for public viewing.
    "The Sears Tower has always been about superlatives - tallest, largest, most iconic," he said. More...

Friday


  • July-03-2009 -- ECB WATCH: Due Monday, Covered Bond Plan Fuels Market
    FRANKFURT (Reuters) - The European Central Bank left its main refinancing interest rate unchanged at a record low of 1.0 percent on Thursday, as expected by analysts.
    Stocks fell yesterday in New York, more than 200 points and Asia followed on the same note. More...

  • July-03-2009 -- Marshals Arrive, Ruth Madoff Leaves as Manhattan Home Is Seized
    "Restitution for the victims is the government's top priority."
    I'm incensed that Ruth was given $2.5 million as a living stipend. More...

  • July-03-2009 -- Brazil stocks open slightly lower in light trade
    SAO PAULO, July 2 (Reuters) - Brazilian stocks fell on Thursday, as disappointing U.S. jobs data added to investor fears the world economy is still in a rut, while a sharp fall in oil prices weighed on heavyweight Petrobras.
    Brazil's currency, the real BRBY, climbed 1.68 percent to 1.93 reais to the dollar as hopes for a global recovery increased appetite for risk. More...

  • July-03-2009 -- Simplicity cribs, inflatable floats pulled for safety hazards
    The Consumer Product Safety Commission, which announced the recall today, said plastic hardware on the cribs can break or bend, allowing the drop side to separate and create a gap big enough to trap babies.
    The Consumer Product Safety Commission announced the voluntary recall of 400,000 Simplicity Drop Side cribs sold between January 2005 and June 2009, according to the Associated Press. More...

  • July-03-2009 -- 31-year-old man fatally shot in East Palo Alto Thursday night
    Kids' Summer Camp 2009 at PAL, Session 1 Session One: July 6-10 - Fun Fanciful Art w/Linda Winterbotham (ages 5-8), Mon-Fri 9 am-noon. - Let's Make Art from Nature w/Ai Aroner (ages 8-12), Mon-Fri 2-5 pm. - Drawing Circus: Birds w/Edward Stanton (ages 7-11), Mon-Fri 1-4 pm. $210 For more information, call Pacific Art League at 650-321-3891 or e-mail frontdesk@pacificartleague.org or visit www.pacificartleague.org.
    Call 650-723-3563 or e-mail lmaune@stanford.edu or visit www.hoover.org/hila/exhibits/48080107.html . More...

  • July-03-2009 -- LDK Solar quarterly forecast disappoints
    Chairman and Chief Executive Xiaofeng Peng said the company has been encouraged by the recent improvement in market demand.
    "We estimate that higher-than-spot price production costs and particularly intense price wars for solar wafers will lead LDK to losses next year," CLSA analyst Charles Yonts wrote on June 24, citing a "sell" rating on the stock. More...

  • July-03-2009 -- GM Says Beijing Automotive Submitted Offer for Opel
    T he Magna International Inc. MG.A-T bid to transform itself into an auto maker could founder if General Motors Corp. insists on being able to buy back Adam Opel GmbH once the Canadian auto parts giant has restructured the European arm of GM. The German government, which chose the Magna-led bid for Opel over those of Fiat SpA and other groups, would also disapprove of any clause allowing GM to buy back Opel, according to the people familiar with the talks.
    The biggest concern of all is whether the Russian automaker can contribute when it needs help itself. More...

  • July-03-2009 -- EU Seeks To Limit Risks Of OTC Derivatives Trading
    This month should see the conclusion of the credit derivatives market's moves to reinvent itself as a more stable and less risky industry by moving to centralized clearing in both the U.S. and Europe.
    Derivatives are financial instruments derived from stocks, bonds, loans, currencies and commodities, or linked to specific events such as changes in interest rates or weather. More...

  • July-03-2009 -- State Distributes IOUs For Money It Owes
    Several local financial institutions plan to accept IOUs from the state of California, with the expectation that legislators will soon resolve the budget crisis.
    The California State Controller's Office has announced that it may issue registered warrants, or IOUs, for some payments as early as today. More...

  • July-03-2009 -- Tilson Talks Mortgage Default
    The average rate nationwide for a 30-year fixed-rate home loan was 5.32%, down from 5.42% last week.
    "I was the victim of fraudulent activity and fell behind on my mortgage," said Russell Hillman. More...

  • July-03-2009 -- Plant disease hits eastern US veggies early, hard
    Late Blight was confirmed on a tomato plant from a Lehigh Valleystore today.
    The fungal disease that decimated the Irish potato crop in the 1800s is popping up early in the Northeast this year, sprouting concern among local agricultural experts. More...

  • July-03-2009 -- Companies recall products linked to milk processor
    Stop and Shop Supermarket Company has recalled its store-brand nonfat dried milk, in both the 16- and 32-ounce size, after the company's manufacturer, Plainview Milk of Plainview, Minn., alerted Stop and Shop to possible salmonella contamination of the products.
    The source may be the milk processor, Plainview Milk Products Cooperative, located''in Minnesota. More...

Friday


  • July-03-2009 -- Wells Fargo: Baltimore's Foreclosure Lawsuit To Proceed
    "We've been working behind the scenes for many months to combine the two companies, teams and cultures.
    Baltimore alleges that the San Francisco-based bank targeted black borrowers for subprime loans, and that resulting foreclosures cost the city tens of millions of dollars in lost property revenue and police, fire and rehab expenses. More...

  • July-03-2009 -- Oil Is Set for a Third Weekly Loss on Rising US Unemployment
    Crude oil for August delivery fell 58 cents, or 0.8 percent, to settle at $69.31 a barrel on the New York Mercantile Exchange.
    Pump prices lost another 0.3 cents overnight to a new national average of $2.63 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. More...

  • July-03-2009 -- States Plot New Path to Tax Online Retailers
    ONLINE JEWELRY RETAILER BLUE NILE has followed Amazon.com and Overstock.com in ending its relationship with Rhode Island-based marketing affiliates because of a change in tax law.
    To avoid getting caught by the new laws, Amazon, Overstock, Blue Nile Inc. and others dropped or threatened to drop affiliates in some states. More...

  • July-03-2009 -- Trichet Sets 'Cruise Control,' Pushes Banks to Drive Growth
    FRANKFURT (Reuters) - The European Central Bank left its main refinancing interest rate unchanged at a record low of 1.0 percent on Thursday, as expected by analysts.
    Euro zone consumer prices fell for the first time in June and the economy is shrinking fast, although some data has shown signs of improvement. More...

  • July-03-2009 -- Johnson & Johnson Buys Access to an Alzheimer's Drug
    Johnson & Johnson is to invest $1 billion in Elan shares and $500 million in the Alzheimer's Immunotherapy Program (AIP), which was set up with U.S. drugs company Wyeth to research, develop and bring to the market products for the treatment of conditions such as Alzheimer's.
    Johnson & Johnson and Irish drugmaker Elan Corporation will form a new company aimed at developing a treatment for Alzheimer's. More...

  • July-03-2009 -- Cribs recalled for suffocation risk
    The Consumer Product Safety Commission, which announced the recall today, said plastic hardware on the cribs can break or bend, allowing the drop side to separate and create a gap big enough to trap babies.
    Simplicity cribs were also sold under the Graco name. More...

  • July-03-2009 -- NYSE Traders Resort to Processing Orders by Hand After Glitch
    The technical issues come on the heels of a faulty notice of suspension and delisting for American International Group Inc. (AIG) that was erroneously posted on the Web site of the NYSE for three hours Wednesday.
    NEW YORK (Dow Jones)--Trading on NYSE Euronext's (NYX) U.S. equity markets closed at 4:15 p.m. EDT Thursday after officials extended the close due to a connectivity problem. More...

  • July-03-2009 -- Judge Halts Construction At Chevron Calif Refinery
    Contra Costa County Superior Court Judge Barbara Zuniga sided with California environmental activists that the environmental impact report filed to obtain construction permits for a new hydrogen plant failed to depict how pollution from the refinery would be changed by the project and provide a greenhouse gas mitigation plan as required by California law.
    The Richmond City Council finally approved the project by a 5-4 vote. More...

  • July-03-2009 -- Constellation appeal in EDF deal must wait-judge
    A Baltimore Circuit Court judge rules the Public Service Commission may proceed with a review of the proposed $4.5 billion dollar deal between Constellation Energy and French-owned EDF, giving EDF nearly half of Constellation's nuclear operation.
    A nuclear energy project that would use Areva's U.S. Evolutionary Power Reactor design received a key approval on Monday. More...

  • July-03-2009 -- Justice Department joins suit against SAIC over contract
    Two government employees allegedly shared restricted procurement information with SAIC and others on a $3.2 billion NASA contract, giving the contractors an unfair advantage, the Justice Department said.
    The suit, filed in the U.S. District Court for the Southern District of Mississippi in May, stems from SAIC's win of a $3.2 billion contract for high-end information technology support in 2004. More...

  • July-03-2009 -- Elan, NRG Energy, Boeing are big movers
    Electric power utility company Exelon Corporation ( ]] ) on Thursday sweetened its bid for rival NRG Energy Inc. ( NRG ) to $8 billion.
    Rowe told analysts that Exelon would sell assets and issue stock to reduce the debt of the combined company. More...

  • July-03-2009 -- Safety comes first on the Fourth
    The N ational Council on Firework Safety reports that the Consumer Product and Safety Commission estimates that 9,600 people were treated for fireworks-related injuries in 2004.
    Meanwhile, factored on a pound-for-pound basis, fireworks-related injuries have declined 65 percent. More...

Thursday


  • July-02-2009 -- * Walgreen same-store sales up 3.4 pct
    Customers tend to fill more prescriptions on weekdays than on weekends.
    Total drugstore sales at the Camp Hill, Pa. -based chain for the four-week period decreased 2.5 percent to $1.97 billion. More...

  • July-02-2009 -- Xilinx Lowers 1Q Revenue View On Supply Constraints
    NEW YORK, July 2 (Reuters) - Chip maker Xilinx Inc ( XLNX.O ) said on Thursday it expects sales for its June quarter to be down about 5 percent sequentially as it endures supply constraints on some Virtex-5 devices.
    Xilinx (XLNX) this morning said June quarter sales would down 5% sequentially, worse than its previous guidance range of down 4$to up 4%. More...

  • July-02-2009 -- US mortgage rates fell in latest week: Freddie Mac
    Washington, DC - July 1, 2009 - (RealEstateRama) ''' The Federal Housing Finance Agency has authorized Fannie Mae and Freddie Mac to expand the Home Affordable Refinance Program (HARP) to homeowners who are current on their mortgage payments from the present loan-to-value ratio ceiling of 105 to 125 percent.
    Conforming loan limits: Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. More...

  • July-02-2009 -- Dissenting bondholders argue against GM asset sale
    NEW YORK - The only viable option to save General Motors is a sale of its main assets to a "New GM" backed by the federal government, a U.S. Treasury official told a bankruptcy court Wednesday as the automaker sought approval for the deal.
    King says the bankruptcy plan provides a continuation of GM's obligations in 22 states, but not in Alabama, Georgia New Jersey and Oklahoma. More...

  • July-02-2009 -- Overstock Reverses Decision To Drop California Affiliates
    PROVIDENCE ''' A third online retailer has severed its relationships with marketing partners based in Rhode Island amid a growing battle over the state'''s plan to expand its collection of sales tax on online purchases.
    Already Amazon.com and Overstock.com have officially sent out notification that they are severing their '''affiliate''' relationships with Hawaii. More...

  • July-02-2009 -- Moody's Strips Ireland Of Aaa Govt-Bond Ratings
    LONDON, July 2 (Reuters) - The euro hit the day's low against the dollar and the spread between Irish and German government bonds widened on Thursday after ratings agency Moody's downgraded its credit rating on Ireland.
    'The pronounced weakness in the economic activity has been translating into a severe deterioration of Ireland's public finances''' said Hornung. More...

  • July-02-2009 -- Carnival to sell UK shares, buy back US shares
    Carnival Corporation & plc intend to use the net proceeds of the Carnival plc Share Sales to repurchase Carnival Corporation common stock on at least an equivalent basis in the U.S. market ("Stock Repurchase"), and to use the remaining net proceeds, if any, for general corporate purposes.
    We continue to anticipate a significant negative currency impact on the UK stock over the coming 6- 24 months. More...

  • July-02-2009 -- US May Factory Orders Rise Most Since June 2008
    WASHINGTON, July 2 (Xinhua) -- New orders for manufactured goods to U.S. factories rose by 1.2 percent in May, far better than the 0.8 percent growth economists had been expecting, the Commerce Department reported on Thursday.
    The report showed that orders for manufactured goods rose 1.2 percent in May following a downwardly revised 0.5 percent increase in April. More...

  • July-02-2009 -- Is Wal-Mart Using Health Reform To Target Target?
    Wal-Mart joins the call for health reform.
    A tube of toothpaste would cost $400 until the 14 year patent wore off, or your teeth fell out, whichever happened first. More...

  • July-02-2009 -- Acuity 3Q Profit Drops 46% On Weak US Construction Demand
    The Atlanta-based lighting products company had net income of $22 million and earnings of 53 cents a share, compared with net income of $41.1 million and earnings of $1 a share in the third quarter of 2008.
    The results for the third quarter of 2009 also were impacted by higher raw material and component costs, which were nearly $8 million higher than the prior year period. More...

  • July-02-2009 -- MSC fiscal 3Q profit drops 46 pct on lower sales
    July 2 (Reuters) - MSC Industrial Direct Co Inc ( MSM.N ), a provider of tools and industrial services, posted better-than-expected quarterly results, helped by cost-control measures, but forecast fourth-quarter profit slightly below analysts' expectations.
    MELVILLE, N.Y. -- MSC Industrial Direct Co., which distributes maintenance and repair supplies, said Thursday its fiscal third-quarter profit fell by nearly half on lower revenue, but still beat Wall Street's expectations. More...

  • July-02-2009 -- CPMC encourages safe July Fourth
    Many communities in Wisconsin ban fireworks, including sparklers.
    National Council of Fireworks Safety President Ralph Apel said consumer fireworks should be purchased only from a licensed seller-not from someone on the street, or out of an individual's house. More...

Thursday


  • July-02-2009 -- Beazer Homes Reaches Deal on Fraud Charges
    Federal investigators on Wednesday filed mortgage and accounting fraud charges against Beazer Homes USA, but the homebuilder will escape prosecution because it agreed to pay $50 million to victims and accepted responsibility for its actions.
    Federal authorities agreed not to prosecute the company as long as terms are met. More...

  • July-02-2009 -- FDIC to Issue Rules for Private Equity Deals
    There could be a requirement that private-equity investors remain a behind-the-scenes source of capital.
    The FDIC received an average of three bids for each of the 45 failed banks with assets of less $100 million. More...

  • July-02-2009 -- US Treasury to name up to 9 fund managers-source
    The Treasury Department has over 100 applications from would-be investment managers who want to buy toxic bank assets under the Public-Private Investment Program (PPIP).
    The PPIP came with a lot of baggage. More...

  • July-02-2009 -- Stanford Executive to Plead Guilty, Lawyer Says
    HOUSTON (AP) — The former chief financial officer of indicted Texas financier R. Allen Stanford's business empire will plead guilty to charges alleging he helped swindle investors out of $7 billion, his attorney said Wednesday.
    Davis' attorney, David Finn, tells CNBC the deal has not been finalized, in part because all of the investors have not been notified. More...

  • July-02-2009 -- Brush Fire in Los Angeles National Forest, Burns 20 Acres
    The blaze, which was reported at 4:47 p.m. near Castaic, was 50 percent contained Wednesday evening and was expected to be fully contained by Thursday, Los Angeles County Fire Dispatch Supervisor Michael Pittman said.
    The California Highway Patrol says all lanes of northbound Interstate 5 were closed for more than an hour in the Castaic area because of smoke from the fire. More...

  • July-02-2009 -- Appeals court extends stay on DISH box deactivation
    EchoStar is appealing the latest $103 million judgment against it and a June 2 order to disable DVRs within 30 days.
    Customers of Dish Network Corp. don't have to give up their digital video recorders (DVRs) just yet. More...

  • July-02-2009 -- Crabtree & Evelyn files for bankruptcy
    SAN FRANCISCO, July 1 (Reuters) - Crabtree & Evelyn Ltd filed for Chapter 11 bankruptcy protection in the United States on Wednesday as the purveyor of specialty soaps, fragrances and lotions became the latest retailer to fall victim to the economic downtown.
    The Crabtree & Evelyn Group is owned by a Malaysian business, Kuala Lumpur Kepong, which sells palm oil. More...

  • July-02-2009 -- Crude Oil Rises in New York as Dollar Weakens, Equities Rally
    U.S. crude oil stocks fell by 6.8 million barrels in the week ended June 26, while gasoline stocks gained 209,000 barrels, according to figurers released by the trade group.
    NEW YORK, June 30 (Reuters) - Crude stocks in the United States fell much more than expected this week, by 6.8 million barrels, the American Petroleum Institute said on Tuesday. More...

  • July-02-2009 -- US Economy: Manufacturing Shrank Least Since August
    Any time you have three economic reports hitting at once, you have a risk for confusion or for diverging data.''
    The index of pending sales, which tracks signed contracts to purchase previously owned homes, rose 0.1 percent to 90.7, better than expected. More...

  • July-02-2009 -- Toyota denies in talks to cooperate with Daimler
    FRANKFURT/STUTTGART, Germany, July 1 (Reuters) - Toyota ( 7203.T ) is considering building derivatives of Mercedes-Benz's ( DAIGn.DE ) A-Class and B-Class cars on its own so-called MC platform to better utilise its European plants in the long term, a German magazine said on Wednesday.
    Daimler AG (stock exchange abbreviation DAI) today reported sales for the Mercedes-Benz Cars division in the U.S. (Mercedes-Benz and smart combined) of 16,271 units, a decline of 26.45 percent compared to June 2008. More...

  • July-02-2009 -- Sirius XM's Mel Karmazin Gets A Pay Raise
    NEW YORK -- July 1, 2009: Sirius XM Radio CEO Mel Karmazin has extended his employment agreement with the satcaster through December 31, 2012.
    I know there are a lot of sirius shareholders who've been frustrated, but Mel deserves some credit for keeping the company alive. More...

  • July-02-2009 -- Credit Card Issuers Raising Rates Ahead of New Law
    Citigroup, in response to the report, released a statement, saying "We have adjusted pricing and card terms for some customers as part of our regular account reviews.
    I had a card with 3.99% with Chase for the life of a balance transfer. More...

Wednesday


  • July-01-2009 -- GM back in court to seek approval for sale
    NEW YORK (Reuters) - The only viable option to save General Motors Corp is a sale of its main assets to a "New GM," a U.S. Treasury official told a bankruptcy court on Wednesday as the automaker sought approval for the deal.
    The memo concluded that selling GM's assets to a new entity was a better strategy than filing for a prepackaged bankruptcy that would have allowed the company to emerge with the same ownership structure but fewer liabilities. More...

  • July-01-2009 -- Pending Sales of Existing Homes in US Increased 0.1% in May
    WASHINGTON (Reuters) - Pending sales of previously owned U.S. homes rose slightly in May, the fourth straight monthly gain, a real estate trade group said on Wednesday.
    "Strong activity by entry level buyers is helping to absorb inventory and allow some existing owners to make a trade," said Lawrence Yun, NAR's chief economist, in a statement. More...

  • July-01-2009 -- US May construction spending lowest in 5 years
    The U.S. Census Bureau of the Department of Commerce announced today that construction spending during May 2009 was estimated at a seasonally adjusted annual rate of $964.0 billion, 0.9 percent below the revised April estimate of $972.5 billion.
    WASHINGTON (AP) - The housing and manufacturing sectors are showing signs of improvement, but construction spending remains weak, according to three economic reports released Wednesday. More...

  • July-01-2009 -- EADS: Wins National Security Program For Saudi Arabia
    LONDON (MarketWatch) -- European aerospace and defense giant EADS ( fr:ead ) has won a deal for a roughly 2 billion-euro ($2.8 billion) border security contract with Saudi Arabia, French magazine Le Point reported Wednesday on its Web site.
    The European aerospace and defense contractor said the system will be put in place over the next five years. More...

  • July-01-2009 -- Dow Chemical Keeps Cutting
    Dow Chemical Co. will close three ethylene plants in Louisiana while cutting outside purchases of the chemical amid lower internal demand due to last year's restructuring plan.
    On April 1, 2009, Dow acquired Rohm and Haas Company, a global specialty materials company with sales of $10 billion in 2008 and 15,000 employees worldwide. More...

  • July-01-2009 -- Census data: Minneapolis, St. Paul shrink a bit
    Until last July, Valley cities were among the fastest growing in the country even as the housing bubble was starting to burst, according to estimates released today by the U.S. Census Bureau.
    In Belleville, the partial special census only counted residents in 11 areas in Belleville that have grown since 2004. More...

  • July-01-2009 -- AB InBev sells packaging plants for $577 mln
    BRUSSELS (AFP) — Brewing giant Anheuser-Busch InBev said Wednesday it would sell four U.S. container and lid plants to U.S. packaging group Ball for 577 million dollars (410 million euros) as part of plans to get its debt down.
    McWilliams said that execs from packaging companies have visited Metal Container Corp., the Busch InBev division that makes cans and lids. More...

  • July-01-2009 -- Constellation Brands Profit Slides as Wine Sales Fall
    The results managed to surpass Wall Street's estimate of $780.9 million.
    CHICAGO, July 1 (Reuters) - Wine and spirits maker Constellation Brands Inc ( STZ.N ) reported a slightly better-than-expected quarterly profit on Wednesday as efforts to stabilize its business started to pay off, and its shares jumped more than 11 percent. More...

  • July-01-2009 -- Mortgage applications fall
    CHICAGO (MarketWatch) -- The volume of mortgage applications filed last week dropped a seasonally adjusted 18.9% from the week before, as refinancing activity plunged, the Mortgage Bankers Association reported Wednesday.
    The MBA said mortgage applications fell 7.4% the week of June 26 from the prior year period, while refinancings fell 30% from the prior week, or 4.5% on a seasonally-adjusted basis, the lowest level since November. More...

  • July-01-2009 -- Crabtree & Evelyn, Retailer, Files for Bankruptcy
    In a court filing, Crabtree & Evelyn Acting President Stephen Bestwick said a decline in the housing market and tightening of credit markets have reduced consumer discretionary spending, especially in shopping malls.
    The company first sold products under the Crabtree & Evelyn name in 1972 and its first retail store was opened in 1977. More...

  • July-01-2009 -- LogMeIn shares rise in early trading
    The Woburn, Massachusetts company, whose backers include chipmaker Intel Corp (INTC.O: Quote, Profile, Research ), sold 6.7 million shares, raising $106.7 million, the source said, in the 11th IPO of 2009 in the United States.
    The $107.2 million IPO, expected to price Tuesday evening, follows the most active week for IPOs in the U.S. since May 2008. More...

  • July-01-2009 -- Reports: Gannett to Cut More Jobs
    SAN FRANCISCO (MarketWatch) -- Newspaper publisher Gannett Co. ( gci ) will cut more than 1,000 jobs, according to a media report published Tuesday.
    The new layoffs represent between 2.4% and 4.8% of the company's workforce of 41,500 employees. More...

Wednesday


  • July-01-2009 -- Wal-Mart Backs Drive to Make Companies Pay for Health Coverage
    In a letter to President Obama, Wal-Mart CEO Mike Duke, along with Andy Stern of the SEIU and John Podesta of CAP, write "We are entering a critical time during which all of us who will be asked to pay for health care reform will have to make a choice on whether to support the legislation.
    The only way costs can be controlled and lowered is by eliminating and controlling the use of care and facilities. More...

  • July-01-2009 -- Dollar erases tankan-inspired losses against yen
    The latest result marks the first uptick in 2 1/2 years but undershot an average forecast of minus 43 in a survey of 11 economists by The Associated Press.
    Japanese business confidence among major manufacturers has improved for the first time in two and half years, according to Tankan survey conducted by the Japanese central bank. More...

  • July-01-2009 -- Tens of thousands to march for Hong Kong democracy
    Have Ben Bernanke's green shoots magically turned into tropical forests overnight? Hardly.
    HONG KONG, June 30 (Reuters) - Hong Kong's financial markets will be closed on Wednesday, July 1, on the anniversary of the territory's handover to China from Britain. More...

  • July-01-2009 -- AIG Holds First Shareholder Meeting Since Its Collapse
    NEW YORK, June 30 (Reuters) - American International Group Inc (AIG.N: Quote, Profile, Research ), the insurer rescued by $180 billion of federal bailouts, on Tuesday expressed optimism it will be able to repay government loans as it tries to rebound from punishing losses tied to derivatives.
    "I can give you no assurances that it will ever change," Liddy said responding to a shareholder's question. More...

  • July-01-2009 -- Fed's Yellen Says Interest Rates May Stay Near Zero for Years
    In the course of reform, the vested interests are sure to employ best surrogates to lobby the authorities in the hope that, once the storm passes finally, the Wall Street will party on.
    The banks will try to hold off the political pressures by protecting mortgage holders as much as possible. More...

  • July-01-2009 -- South Korea Trade Surplus Rises
    'An improved business outlook means companies will invest more sooner or later but the confidence index should sustain well above the benchmark 100 for a considerable period before the takeoff of the real economy,' said Kim Seung-hyun, an economist at Taurus Investment & Securities.
    The pace of the decline had improved markedly from the 28.5 percent contraction reported for May. More...

  • July-01-2009 -- REFILE-UPDATE 2-Sanofi remodels R&D, awaiting Multaq decision
    Productivity will focus on diabetes, cancer and age-linked diseases as well as anti-inflammatory and anti-infectious diseases, Christian Lajoux, head of Sanofi-Aventis France, said in a conference call.
    The restructuring, unveiled yesterday at the company's Paris headquarters, is the first step in a strategy being rolled out by Sanofi-Aventis chief executive Christopher A. Viehbacher involving more partnerships with other companies. More...

  • July-01-2009 -- Novavax Wins Flu Vaccine Deal in Spain; Shares Surge
    The stock closed at $3.28 a share.
    Novavax, Spain's government and Madrid drugmaker ROVI Pharmaceuticals hope to have the plant running and win approval to sell the vaccines in the European Union in 2012. More...

  • July-01-2009 -- M.Stanley, MUFG in loan sharing alliance
    Morgan Stanley is joining forces with Japan's Mitsubishi UFJ Financial Group in a U.S. corporate lending venture that will give the Wall Street bank extra firepower to compete with rivals such as Citigroup and JPMorgan Chase.
    Morgan and Mitsubishi UFJ also will refer to each other new business opportunities in capital markets, loans, fixed income sales and other ancillary businesses in Asia, Australia, Europe, the Middle East and Africa. More...

  • July-01-2009 -- Cemex to Present $14.5 Billion Restructuring Plan in Madrid
    MONTERREY, Mexico, June 30 (Reuters) - Mexican cement maker Cemex (CMXCPO.MX: Quote, Profile, Research ) (CX.N: Quote, Profile, Research ), which faces pressing debt payments as its sales slump, said on Tuesday it asked creditors to give it an extension until 2014 to repay its bank loans.
    More...

  • July-01-2009 -- Judge revokes bond for Texas financier Stanford
    A federal judge on Tuesday revoked a prior order to release R. Allen Stanford on bail and ordered that he remain behind bars pending his trial on conspiracy and fraud charges.
    Stanford, 59, is accused of defrauding at least 30,000 investors in a scheme that involved the sale of certificates of deposit through Stanford International Bank Ltd., based in Antigua. More...

  • July-01-2009 -- Gannett Cutting 1000-2000 Jobs: Report
    Gannett Co., the largest U.S. newspaper publisher by daily circulation, will cut between 1,000 and 2,000 jobs out of its 41,500-person work force in response to continuing revenue declines, according to a person familiar with the company's thinking.
    The company was expected to make additional cuts after a dismal first quarter, when net income fell nearly 60% from a year earlier as publishing ad revenue declined more than 34%. More...

Tuesday


  • June-30-2009 -- GM sale hearing under way in US bankruptcy court
    The new GM would be 60-percent owned by the U.S. government, 17.5 percent by the United Auto Workers union and 11.7 percent by the governments of Canada and the province of Ontario.
    After the Chrysler sale was approved by U.S. Judge Arthur Gonzalez, the bondholders and other objectors appealed it all the way up to the Supreme Court. More...

  • June-30-2009 -- Airline Customer Satisfaction Falls Again -JD Power
    WESTLAKE VILLAGE, Calif., June 30 /PRNewswire/ -- Alaska Airlines ranks highest in customer satisfaction among traditional network carriers, while JetBlue Airways ranks highest among low-cost carriers, according to the J.D. Power and Associates 2009 North America Airline Satisfaction Study(SM) released today.
    Fliers gave traditional carriers (defined as airlines that operate multi-cabin aircraft and use multiple hubs) an overall score of 626 out of 1,000. More...

  • June-30-2009 -- Deere Buyout Offer Gets Strong Response
    MOLINE, Ill., June 30 /PRNewswire-FirstCall/ -- Deere & Company said today that approximately 800 salaried employees will leave the company as a result of a voluntary separation program announced in April.
    The amount was previously reflected in the annual earnings guidance issued as part of the second-quarter earnings release on May 20. More...

  • June-30-2009 -- Corning raises 2Q LCD volume forecast again
    Third-quarter LCD glass volume at SCP is also expected to be consistent with the stronger-than-expected second-quarter results.
    Flaws second quarter prices were "moderate," with smaller price declines than in Q1. More...

  • June-30-2009 -- German unemployment declines in June
    The German labor market is expected to weaken further in June, with economists forecasting unemployment to increase 45K from May, and fears of a protracted downturn could weigh on the euro going forward.
    The numbers in the department's Metropolitan Area Employment and Unemployment report aren't seasonally adjusted. More...

  • June-30-2009 -- Jury awards Centocor $1.7B in patent case against Abbott
    The jury said that Abbott's actions were intractable, and that it owes J&J $1.17 billion in lost profits as well as $504 million in royalties.
    Drug makers sue each other all the time for alleged patent violations and yesterday Abbott Laboratories lost a big round in one such case. More...

  • June-30-2009 -- AIG To Sell Taiwan Credit Card Business To Far East International Bank
    KKR, Affinity Equity Partners, Cathay Financial Holding and Chinatrust Financial Holding have also asked New York-based A.I.G. for information about the sale and may take part in a first round of bids scheduled for Friday, the people said.
    There were rumors that Macquarie Group Ltd. was finalizing a bid for the fund management arm of AIG, The Australian reports . More...

  • June-30-2009 -- Asian Shares End Mixed; Sensex Leads Losers, Falls 2%
    In the U.S. it seems that investors are still optimistic," said Castor Pang, an analyst at Sun Hung Kai Financial in Hong Kong.
    Note that the Irish stock market slid in line with consumer confidence from early 2007 on (although many other macro indicators would look similar on a graph with the ISEQ). More...

  • June-30-2009 -- Chicago Purchasers' Index Climbed More Than Forecast
    No data comes out Monday and Friday is a holiday, but the three days in between present key data and numerous speeches covering all fronts of the economy.
    Developments in manufacturing often front run trends in the overall economy, making the ISM Manufacturing figure a leading indicator of economic turnarounds. More...

  • June-30-2009 -- Porsche To Seek Alternative Financing To kfw Loan
    Porsche felt that if the German Government helped finance the sale of General Motors Opel group to new owners, then a German icon like Porsche should be established.
    Stuttgart - Porsche turned down Monday an offer from its bigger rival Volkswagen to help the cash-strapped sports carmaker out of its financial difficulties. More...

  • June-30-2009 -- Geron inks stem-cell deal with GE Healthcare
    NEW YORK (MarketWatch) -- Geron Corp. ( GERN ) said Tuesday that it has reached an exclusive license and alliance agreement with GE Healthcare, a unit of General Electric Co. ( GE ), to develop and commercialize cellular assay products derived from human embryonic stem cells for use in drug discovery, development and toxicity screening.
    General Electric on Tuesday unveiled an exclusive alliance with Geron, the U.S. biotechnology company, which could lead to the first significant commercial application of stem cells as soon as next year. More...

  • June-30-2009 -- Car-Sales Rebound Seen for June
    Ford Motor, the only major U.S. automaker that hasn't filed for bankruptcy, said it's boosting production as its June sales of cars and trucks will have the ''lowest'' decline among the industry's biggest manufacturers.
    DEARBORN, Mich. -(Dow Jones)- June could be the U.S. auto industry's best month since sales began their freefall last fall, Ford Motor Co.' s chief sales analyst said Monday. More...

Tuesday


  • June-30-2009 -- US Stocks Gain Broadly With Oil Surge Helping Energy Companies
    For up-to-the-minute market news click (Updates to midday, changes byline) By Rodrigo Campos NEW YORK, June 29 (Reuters) - U.S. stocks rose on Monday as higher oil prices boosted energy shares, and signs of life in overseas markets renewed investor optimism about the prospects for an economic recovery.
    Dow Jones industrial average futures DJc1 gained 25 points, and Nasdaq 100 NDc1 futures added 3.50 points. More...

  • June-30-2009 -- Ford Boosts 3Q Production In US For A Second Time
    Ford Motor, the only major U.S. automaker that hasn't filed for bankruptcy, said it's boosting production as its June sales of cars and trucks will have the ''lowest'' decline among the industry's biggest manufacturers.
    "Now as we're seeing market share increases and showroom activity, we're ramping up production to meet that demand." More...

  • June-30-2009 -- Broadcom raises Emulex offer to $912 mln
    IRVINE, Calif., June 29, 2009 /PRNewswire-FirstCall via COMTEX/ -- Broadcom Corporation ( BRCM ) today announced that it raised its tender offer for all of the currently outstanding shares of common stock (including the associated preferred stock purchase rights) of Emulex Corporation ( ELX ) from $9.25 to $11.00 per share in cash, representing a total equity value of approximately $912 million.
    Less than 3 percent of Emulex's outstanding shares had been tendered when Broadcom last extended the deadline, on June 18. More...

  • June-30-2009 -- BofA Merrill Lynch Names Liu China Corp, Invest Bk Head -Memo
    WASHINGTON (AP) — Former Treasury Secretary Henry Paulson will testify next month before a House committee that's investigating whether he and other government officials pressured Bank of America Corp. to acquire Merrill Lynch in a deal that cost taxpayers $20 billion.
    Documents brought to light by key by congressional investigators hightlight real disagreement between top-level U.S. Federal Reserve officials about how it should address the Bank of America Corp. (NYSE: BAC ) acquisition of Merrill Lynch & Co. Inc. are almost certain to fuel the ongoing congressional debate over the central bank’s push to expand its authority over the U.S. financial system . More...

  • June-30-2009 -- General Motors to seek approval to sell itself
    The concession means consumers who are injured in car accidents after GM emerges from bankruptcy protection will be able to bring product-liability claims against the government-owned auto maker."
    The document assures Treasury Department officials that the new GM would assume liability for future product defect claims. More...

  • June-30-2009 -- Amazon Drops More Affiliates to Avoid Tax
    As the largest retailer on the Web digs in for another fight over collecting sales taxes, we see again just how important the definition of a few common words like "physical presence" can be.
    Some consolation for Amazon, however: In markets where Amazon does collect sales taxes, the company has nevertheless seen consistent growth, Mahaney says. More...

  • June-30-2009 -- The New M&A Pipeline
    NEW YORK (AP) — Enterprise Products Partners says it will merge with Teppco to form the largest publicly traded energy partnership with an enterprise value of more than $26 billion.
    With most of the cash going to pay unit holders, there isn'''t much left over for capital expansion. More...

  • June-30-2009 -- Japan's Jobless Rate Rises to Five-Year High of 5.2%
    TOKYO - Japan's unemployment rate hit its highest level in more than five years in May, rising to 5.2 percent from 5.0 percent in April, according to government data released Tuesday.
    The unemployment rate increased to 5.2% in May from 5.0% in April, the Ministry of Internal Affairs and Communications said Tuesday. More...

  • June-30-2009 -- H&R Block Earnings Rise 30%, Top Expectations
    Revenue for the quarter sank 3 percent to $2.47 billion, coming in shy of Wall Street's $2.52 billion estimate.
    Nine analysts surveyed by Thomson Reuters First Call reported a consensus earnings estimate of $1.47 a share for the year. More...

  • June-30-2009 -- HK shares open up 1.9 pct; Sinopec shines
    The central bank governor, Zhou Xiaochuan, yesterday signed a supplementary agreement with the Hong Kong Monetary Authority (HKMA) to strengthen regulations between the mainland and Hong Kong for the use of yuan in international trade settlement.
    Incidentally, Australia's Sinophilic mining group Fortescue Metals Group has signalled it wants a listing in Shanghai as well, although it remains unclear if it will use the event to raise more funds it is seeking to expand its iron ore mining operations in Western Australia. More...

  • June-30-2009 -- Bernie's Gang: Who's Next To Go Down?
    There are hundreds of pages of complaints about people other than Bernie Madoff who alledgely profitted from his super scam.
    For if it were, the Picowers would not have bothered with the philanthropy bit. More...

  • June-30-2009 -- Residents bemoan fireworks policies
    '''Every year around the Fourth, someone in Missouri, too often a child, is seriously injured playing with fireworks.
    A Marathon County Deputy says a better alternative is to enjoy the firework shows many towns put on instead of shooting off you own. More...

Monday


  • June-29-2009 -- Biogen shares drop on 10th Tysabri PML case
    BOSTON, June 29 (Reuters) - A 10th patient taking Biogen Idec Inc's ( BIIB.O ) Tysabri has developed a potentially deadly brain infection since the multiple sclerosis drug was reintroduced to the market in July 2006, sending the company's shares down nearly 7 percent.
    The Cambridge, Massachusetts-based company's drug Tysabri, which treats multiple sclerosis, was taken off the market back in 2005, after the risk of brain infection was discovered. More...

  • June-29-2009 -- US top court allows NY state's bank lending probe
    WASHINGTON, June 29 (Reuters) - The U.S. Supreme Court ruled on Monday that the New York attorney general's office can investigate whether national banks discriminated against minorities seeking mortgages.
    More...

  • June-29-2009 -- BIS wants financial products ranked like medicines
    BASEL, Switzerland -(Dow Jones)- The Bank for International Settlements warned Monday that global monetary and fiscal stimulus measures are destined to achieve only a temporary uptick in growth, followed by a long period of stagnation, unless bank balance sheets are properly repaired.
    Before normal lending can resume, "bad assets must be disposed of and banks recapitalised, all in a transparent fashion," the report said. More...

  • June-29-2009 -- Top court lets stand Saudi immunity in 9/11 case
    WASHINGTON (Reuters) - The U.S. Supreme Court on Monday let stand a ruling that Saudi Arabia, four of its princes and other Saudi entities cannot be held liable for the September 11, 2001, hijacked plane attacks in the United States.
    NEW YORK (AP) - One hundred fifty years it is. More...

  • June-29-2009 -- Shell Shuts Nigeria Estuary Field After Rebel Attack
    The main group - the Movement for the Emancipation of the Niger Delta (Mend) - has said it will not disarm until militant leader Henry Okah is freed from jail.
    This great expectation was boosted when President Umaru Yar'''Adua, on 1 December 2008, received the report and assured that the crisis in the littoral region of Nigeria would have a final resolution. More...

  • June-29-2009 -- Encore Acquisition to Buy Exco Properties
    Shares of Encore Energy were down 6.4 percent, while shares of EXCO were up 12 percent Monday morning on the New York Stock Exchange.
    Oil and natural gas exploration company Exco Resources Inc. said Monday it will be selling several key oil and gas assets in Texas and Oklahoma to Encore Operating LP for $375 million. More...

  • June-29-2009 -- Slow deposit growth to hit China bank profits-UBS
    'There have already appeared some new early indications of asset price bubbles in China,' Wei was quoted as telling a conference.
    'Extraordinary times mean extraordinary means,' said the newspaper, noting that new credit in the first half of 2009 is sure to top 6 trillion yuan ($878 billion), more than new credit for any entire year since the founding of the People's Republic of China in 1949. More...

  • June-29-2009 -- Gas prices drop for second week
    AAA Michigan says gasoline prices are down 14 cents per gallon over the past week to a statewide average of $2.62.
    Critics, who now focus on the Senate, say the bill would raise prices for energy, include gasoline. More...

  • June-29-2009 -- Rising fuel prices to hurt Royal Caribbean
    Cruise ship operator Royal Caribbean Cruises Ltd. ( RCL ) on Monday said that it is offering $250 million in senior convertible notes, and warned that the rising cost of fuel will negatively affect its full-year earnings.
    Alternatively,the issuer, any underwriter or any dealer participating in the offering willarrange to send you the prospectus. More...

  • June-29-2009 -- British Airways Talks To Shell, BP To Cut Refuelling Costs
    Royal Dutch Shell plc holds no ordinary shares in Treasury.
    More...

  • June-29-2009 -- Jobs Travel to Transplant Mecca Shows System Flaws
    According to the American stock market, there is only one Apple employee who matters.
    Actually I own four times as many shares as I bought in 1999 at a split adjusted $5 per share. More...

  • June-29-2009 -- Pact Allows Hong Kong Firms to Settle Trade in Yuan
    We count on all of you to partner with us to forge a successful and prosperous Renminbi market in Hong Kong.
    Incidentally, Australia's Sinophilic mining group Fortescue Metals Group has signalled it wants a listing in Shanghai as well, although it remains unclear if it will use the event to raise more funds it is seeking to expand its iron ore mining operations in Western Australia. More...

Monday


  • June-29-2009 -- W.Va. State Fire Marshal: Play it Safe Around Fireworks
    "Any firework that leaves the ground or any firework that makes a loud bang is illegal in the state of Michigan," said Eric Weber of the Lansing Fire Department.
    In 51 percent of the home outdoor fires in which grills were involved, 56 percent of the outside gas grills, and 29 percent of the non-confined gas grill structure fires, the fire started when a flammable or combustible gas or liquid caught fire. More...

  • June-29-2009 -- Fireworks sales sputter, vendors say
    Don Langford expects more "POP!" than "KABOOM!" this year in regard to do-it-yourself fireworks displays.
    "Texas has had several really bad years with all the drought," Ms. Heckman said. More...

  • June-29-2009 -- Clunker Cash
    Kultgen described that number as "minuscule," considering Americans drive about 250 million vehicles.
    There was a long waiting list to get the vouchers. More...

  • June-29-2009 -- Porsche and VW Remain Far Apart in Deal Talks
    The magazine said VW would ask Porsche to pay back a 700 million euro ($983.8 million) loan in September unless Porsche agreed to VW's demand.
    Build 15: 47 ms (TVGuide:1).Completed macro digitaledition.Build 9: 78 ms (Content:1).Completed macro nav_menu.Parsing macro mostread.Build 0: 1453 ms (Misc:1).Completed macro mostread.Parsing macro digitaledition. More...

  • June-29-2009 -- Jet tires blow at TIA
    '''We have two active runways here but keep in mind the West runway, probably 90 to 95 percent of our jet traffic uses that runway because that puts the noise out over the bay,''' said Brenda Geoghagan of Tampa International Airport.
    Airport spokeswoman Brenda Geoghagan says no passengers or crew on flight 1241 from Philadelphia were hurt when the jet landed Saturday afternoon. More...

  • June-29-2009 -- Towers Perrin and Watson Wyatt to Merge
    As a result of the deal, John Haley, chief executive at Watson Wyatt, will serve as the new company's chief executive and Mark Mactas, Towers Perrin chief executive, will serve as president.
    Watson Wyatt Chief Executive John Haley will be chairman and CEO of the combined company. More...

  • June-29-2009 -- Picking the Right Target-Date Fund
    "There are a number of different ways of getting there through regulations, however," said Ms. Capelli Dimitroff, who also is president of Capelli Financial Services Inc. in Bloomfield Hills, Mich. "And some ideas are more aggressive than others."
    Many financial planners, and some in the fund industry, want standards specifying how much stock exposure is too much or too little for a fund with a given target date. More...

  • June-29-2009 -- Fairpoint raises bankruptcy
    The North Carolina company, which purchased Verizon's landlines and Internet services in Vermont, New Hampshire and Maine for $2.3 billion last year, told the U.S. Securities and Exchange Commission that it is strapped for cash.
    More...

  • June-29-2009 -- Dollar Advances as China Says No Sudden Change in Currency Reserve ...
    June 29 ''' The New Zealand dollar may gain this week on speculation economic data from the U.S., Europe, Australia and at home will add to signs that the global slump is abating, stoking investors''' appetite for riskier investments.
    The 10-year Treasury yield fell the most since March as investors bet the Fed will keep interest rates close to zero for the rest of the year. More...

  • June-29-2009 -- Vale Should Keep Hold of $12 Billion War Chest, Blackrock Says
    LONDON, June 28 (Reuters) - Anglo American ( AAL.L ) is building its defences against a 41 billion pound ($67.74 billion) merger approach from Xstrata ( XTA.L ) by plotting talks about a major Chinese investment, the Sunday Telegraph reported.
    Some are suggesting that Davis's approach to Anglo is a way of coaxing the Brazilian group to once again make a bid for Xstrata. More...

  • June-29-2009 -- Bell Helicopter, UAW Local 317 reach agreement
    The vote for the deal was 86 percent for the contract.
    Striking production and maintenance workers at Bell Helicopter Textron Inc. could be getting some company in the form of 339 white-collar professionals whose union contract is set to expire Sunday. More...

  • June-29-2009 -- Irish dairy industry facing an unprecedented crisis
    There is a demand too for more research and development to be carried out to produce new branded products which can bring the industry away from producing commodity products.
    HP Hood has also slashed the price it pays farmers and eliminated contracts. More...

Sunday


  • June-28-2009 -- Regulators extend review of Oracle's Sun takeover
    The program will see customers of the Sun and Oracle products receive CA licenses for the same number of authorized users of the Sun or Oracle products as of the date of the CA product migration license transaction.
    REDWOOD SHORES -- The proposed merger between Oracle and Sun Microsystems is still waiting for approval from the Federal government. More...

  • June-28-2009 -- Qantas Reduces Orders for Boeing's Dreamliner
    The Australian carrier also deferred for delivery 15 additional 787 orders for four years, saying the actions would save the company $3 billion in capital spending.
    Qantas said the decision, made after reaching a mutual agreement with Boeing, would save the company $3bn. More...

  • June-28-2009 -- Matson strike is over
    In addition to the longshoremen, another 15 members of two other unions in negotiations with Matson probably would not board the MV Maui, Khim said.
    Talks in San Francisco between three unions representing the Captains, Marine Engineers and Radio Operators are slated to continue Friday. More...

  • June-28-2009 -- How To Save The Newspapers, Vol. XII: Outlaw Linking
    Judge Richard Posner, pondering (Posnering?) the troubled current state of what was one of the most profitable industries of the 20th century , attempts to think outside the bun : Expanding copyright law to bar online access to copyrighted materials without the copyright holder's consent, or to bar linking to or paraphrasing copyrighted materials without the copyright holder's consent, might be necessary to keep free riding on content financed by online newspapers from so impairing the incentive to create costly news-gathering operations that news services like Reuters and the Associated Press would become the only professional, nongovernmental sources of news and opinion.
    If you don't want it in the library, don't put it in print. More...

  • June-28-2009 -- LIVE: Yahoo CEO Carol Bartz's First Annual Meeting
    SANTA CLARA, Calif. (AP) — Yahoo Chief Executive Carol Bartz echoed the turnaround promises of her predecessors as she presided over the first shareholder meeting since her hiring, yet she left little doubt the slumping Internet company's new boss isn't the same as the old bosses.
    Perhaps the sharpest exchanges were about Yahoo'''s business in China, with two shareholders asking Ms. Bartz to do more to fight censorship and promote human rights in China. More...

  • June-28-2009 -- US regulators close four small banks
    WASHINGTON (AP) — Regulators have shut down Community Bank of West Georgia, marking the 41st failure this year of a federally insured bank.
    The failure of Horizon Bank is expected to cost the fund $33.5 million, while the closure of MetroPacific Bank will cost the fund about $29 million. More...

  • June-28-2009 -- Stocks Lose Ground for Second Straight Week
    U.S. stock index futures pointed to a slightly lower open on Wall Street on Friday, with futures for the S&P 500 SPc1 down 0.2 percent, Dow Jones DJc1 futures down 0.2 percent and Nasdaq 100 NDc1 futures down 0.1 percent at 0937 GMT. Financials in the spotlight after Swiss bank UBS ( UBSN.VX ) unveiled plans to raise 3.8 billion Swiss francs ($3.5 billion) in a share sale and forecast a second-quarter loss, sending its stock lower on Friday as analysts said problems remained.
    NEW YORK (AP) — Investors are trading warily again as the average consumer moves back into focus. More...

  • June-28-2009 -- Why 'Cash For Clunkers' Is a Bad Idea
    Kultgen described that number as "minuscule," considering Americans drive about 250 million vehicles.
    Congress, in an attempt to reduce greenhouse gases and the country's dependence on foreign oil, and revive the auto industry, has passed the Consumer Assistance to Recycle and Save Act of 2009 (also known as the Cash for Clunkers law). More...

  • June-28-2009 -- Consumer Spending Up Even as More Save
    We've been seeing several small signs that consumers are growing more wary.
    The personal spending price index rose 0.1 percent in May, the same rate as in April. More...

  • June-28-2009 -- Fiat open to retail and/or institutional bond: report
    Marchionne, who is the new Chrysler's CEO, said that returning the loans given to the company by the U.S. Treasury is "the key point of our agenda."
    The pending partnership between Chrysler and Fiat may result in several Fiat-designed cars being built in North America. More...

  • June-28-2009 -- GE to create 1200 jobs in Michigan
    The company already a heavyweight among smart meter developers has just announced plans to research and develop manufacturing technology and software, including tech for the smart grid and renewable energy, at a new center in Wayne County, about 25 miles outside of Detroit.
    "We plan to 'insource' capabilities like aviation component manufacturing and software development. More...

  • June-28-2009 -- Australian PM hails US greenhouse bill passage
    Carbon capture and storage, or C-C-S, is touted by some as the best way to curb greenhouse gas emissions before they contribute to global warming.
    The EU is pushing hard, and, whatever might be happening at home, the USA seems to be bending over backwards to get a global agreement. More...

Sunday


  • June-28-2009 -- FDA confiscates 33 drugs from Caraco
    Shares of Sun Pharma opened weak on the BSE and lost further ground and plunged to a low of Rs1,070, down 17.59% over the previous close.
    The future pipeline of the products is shaken. More...

  • June-28-2009 -- Regulators extend review of Oracle's Sun takeover
    The program will see customers of the Sun and Oracle products receive CA licenses for the same number of authorized users of the Sun or Oracle products as of the date of the CA product migration license transaction.
    Discussions about present and future Apple products, services, and corporate management. More...

  • June-28-2009 -- Stocks Lose Ground for Second Straight Week
    U.S. stock index futures pointed to a slightly lower open on Wall Street on Friday, with futures for the S&P 500 SPc1 down 0.2 percent, Dow Jones DJc1 futures down 0.2 percent and Nasdaq 100 NDc1 futures down 0.1 percent at 0937 GMT. Financials in the spotlight after Swiss bank UBS ( UBSN.VX ) unveiled plans to raise 3.8 billion Swiss francs ($3.5 billion) in a share sale and forecast a second-quarter loss, sending its stock lower on Friday as analysts said problems remained.
    The Dow Jones U.S. Total Stock Market Index — which measures nearly all U.S. -based companies — ended at 9,417.51, down 10.99, or 0.1 percent, for the week. More...

  • June-28-2009 -- Qantas Reduces Orders for Boeing's Dreamliner
    The Australian carrier also deferred for delivery 15 additional 787 orders for four years, saying the actions would save the company $3 billion in capital spending.
    The announcement buries the grandiose plans for the 787s by previous CEO Geoff Dixon and his CFO Peter Gregg when ordered late in 2005. More...

  • June-28-2009 -- Sanofi drug may increase cancer risk, studies find
    Shares of the French drugmaker are getting pummeled over at least three analyst reports identifying a leak about a study or studies that could go public soon.
    Forward-looking statements are generally identified by the words "expects," "anticipates," "believes," "intends," "estimates," "plans" and similar expressions. More...

  • June-28-2009 -- US Judge Approves Sale Of Hartmarx To London Firm Emerisque
    CHICAGO, June 26 /PRNewswire/ -- Emerisque Brands UK and SKNL North America, B.V. are pleased to announce that the United States Bankruptcy Court for the Northern District of Illinois today approved the sale of substantially all of the assets of Hartmarx Corporation for a total transaction value of approximately $119 million.
    Hart Schaffner workers, several of whom sat in on the court hearing, had vowed a sit-down strike if Wells Fargo tried to force the company's liquidation, especially since Wells Fargo took $25 billion in bailout funds. More...

  • June-28-2009 -- Fed's baby exit steps show rate hike far off
    Any "exit strategy" would require a delicate balance: removing extra liquidity too soon could squash a recovery, but moving too slowly could spawn inflation.
    There is about $29-billion of loans to banks outstanding under the main program. More...

  • June-28-2009 -- Airlines boost fares as leisure travelers begin flying again
    Delta Air Lines Inc., American Airlines and United Airlines raised most U.S. fares by as much as $20 for a round trip, the second increase in as many weeks, as they try to take advantage of peak summer travel demand.
    NEW YORK, June 25 (Reuters) - U.S. airlines raised fares for a second time in two weeks, a strong signal that ticket prices may be nearing a bottom, according to FareCompare.com, a site that compares prices for flights. More...

  • June-28-2009 -- AIG's Alico set for Europe restructuring
    LONDON (MarketWatch) -- American International Group ( aig ) said it's received approval from the Federal Reserve Bank of New York for an initial public offering of American International Assurance Co. and American Life Insurance Company, its international life insurance divisions, depending on market conditions.
    The Federal Reserve will receive $16 billion in shares of AIA and $9 billion in shares of ALICO. More...

  • June-28-2009 -- LIVE: Yahoo CEO Carol Bartz's First Annual Meeting
    SANTA CLARA, Calif. (AP) — Yahoo Chief Executive Carol Bartz echoed the turnaround promises of her predecessors as she presided over the first shareholder meeting since her hiring, yet she left little doubt the slumping Internet company's new boss isn't the same as the old bosses.
    Q: Someone from Amnesty International asks about filtering of Internet information in China. More...

  • June-28-2009 -- American saving more money New Mexico Business Weekly
    WASHINGTON (Xinhua) -- The American savings rate in May rose to 6.9 percent, the highest level since December 1993, said the Commerce Department on Friday.
    Households had more money to potentially stash away, in part, because of the economic stimulus package, which gave one-time payments to people receiving Social Security and other government pension benefits. More...

  • June-28-2009 -- Crude Oil, Gasoline Tumble as Savings Rate Gains, Stocks Drop
    Light, sweet crude for August delivery rose to 70.93 dollars a barrel before retreating to settle at 70.23 dollars a barrel, trading up 1.56 dollars, or 2.3 percent, on the New York Mercantile Exchange.
    Under the heat, roads are buckling from Texas to Louisiana, and power requirements are very near all time record highs. More...





Saturday


  • June-27-2009 -- US to 'Quickly' Sell Warrants When Banks Repay TARP
    June 26 (Reuters) - The U.S. Treasury Department on Friday laid out details of its proposal for dealing with bank stock warrants it received in return for cash injections into troubled banks.
    Unfortunately, as I noted in a follow-up post , the original TARP investment contracts include a specific process by which banks can negotiate to repurchase the warrants. More...

  • June-27-2009 -- Qantas Reduces Orders for Boeing's Dreamliner
    The Australian carrier also deferred for delivery 15 additional 787 orders for four years, saying the actions would save the company $3 billion in capital spending.
    The announcement buries the grandiose plans for the 787s by previous CEO Geoff Dixon and his CFO Peter Gregg when ordered late in 2005. More...

  • June-27-2009 -- IBM loses injunction against Dell executive
    In an amended complaint on Thursday, IBM said Johnson secretly misused company facilities, resources and personnel to help create a venture capital firm, JSJ Capital Management, to invest in technology companies.
    IBM Corp. (NYSE:IBM), locked in a court battle with Dave Johnson, its former vice president for corporate development, has filed a complaint charging him with misusing company resources for personal benefit, according to court documents cited in Reuters and Bloomberg reports. More...

  • June-27-2009 -- Consumer Spending Up Even as More Save
    We've been seeing several small signs that consumers are growing more wary.
    The income and spending gains may be short-lived, thanks to a reduction in withholding taxes and one-time payments of $250 to retirees and other groups. More...

  • June-27-2009 -- Sanofi drug may increase cancer risk, studies find
    Shares of the French drugmaker are getting pummeled over at least three analyst reports identifying a leak about a study or studies that could go public soon.
    Forward-looking statements are generally identified by the words "expects," "anticipates," "believes," "intends," "estimates," "plans" and similar expressions. More...

  • June-27-2009 -- Chinese Radio Casts Pall on Hummer Deal
    The Associated Press reports that China might block GM's sale of Hummer to Chinese company Sichuan Tengzhong Heavy Industrial Machinery Corp. The Chinese government has the power to block its firms' foreign acquisitions.
    You have to wonder why an obscure Chinese heavy construction machinery company with no experience in auto making ever wanted with Hummer in the first place. More...

  • June-27-2009 -- NYMEX-Crude ends lower as Wall Street dips
    Light, sweet crude for August delivery rose to 70.93 dollars a barrel before retreating to settle at 70.23 dollars a barrel, trading up 1.56 dollars, or 2.3 percent, on the New York Mercantile Exchange.
    U.S. crude futures for August gained 84 cents to $69.51 a barrel by 1406 GMT, having earlier got within 25 cents of $70 a barrel. More...

  • June-27-2009 -- Sun Pharma Withdraws Sales Guidance on FDA Move
    Shares of Sun Pharma opened weak on the BSE and lost further ground and plunged to a low of Rs1,070, down 17.59% over the previous close.
    According to Caraco's website, the company manufactures and markets 67 different products. More...

  • June-27-2009 -- EMC Extends Offer To Acquire Data Domain >EMC
    EMC said that its new offer will expire at midnight Eastern Daylight Time on July 10. The company's first offer of $1.8 billion in cash, made on June 2, was previously scheduled to expire on June 29.
    Last year, founder Diane Greene was bounced by EMC, which owns 85 percent of VMware's stock, in a tangle with EMC boss Joe Tucci, who is also the chairman of VMware's board. More...

  • June-27-2009 -- KB Home chief says prices are stabilizing in some parts of the US
    In the second quarter last year, KB Home posted a loss of $255.9 million, or $3.30 a share, on revenue of $639.1 million.
    Twelve analysts had consensus revenue estimate of $339.13 million for the quarter. More...

  • June-27-2009 -- Computer Failures Are Probed in Jet Crash
    Airbus says it is cooperating with authorities on the investigation.
    Based on initial physical evidence and information from automatic maintenance messages sent by the aircraft, these people said, the plane bucked through heavy turbulence created by a thunderstorm without the full protection of its flight-control systems -- safeguards that experts say pilots now often take for granted. More...

  • June-27-2009 -- Amazon Cuts North Carolina Affiliates to Avoid Tax
    The Seattle-based retailer has no physical presence in the state, but a pending North Carolina bill holds that since affiliate Web sites in the state link customers to Amazon, the company is now responsible for extracting cash from Carolina shoppers.
    We have enjoyed working with you and other North Carolina-based participants in the Amazon Associates Program, and wish you all the best in your future. More...

Saturday


  • June-27-2009 -- Boeing loses 15 Dreamliner orders Pacific Business News (Honolulu)
    The Australian carrier also deferred for delivery 15 additional 787 orders for four years, saying the actions would save the company $3 billion in capital spending.
    The announcement buries the grandiose plans for the 787s by previous CEO Geoff Dixon and his CFO Peter Gregg when ordered late in 2005. More...

  • June-27-2009 -- Hummer Bidder to Begin Talks With China
    The Associated Press reports that China might block GM's sale of Hummer to Chinese company Sichuan Tengzhong Heavy Industrial Machinery Corp. The Chinese government has the power to block its firms' foreign acquisitions.
    An indication of NDRC's disapproval about the deal was evident when Lu Zhongyuan, a deputy director at the Development Research Center of the State Council, the country's cabinet, told a forum recently that "buying a fuel-hungry and high-emission brand is directly against the current trend of energy saving and emission reduction". More...

  • June-27-2009 -- US to 'Quickly' Sell Warrants When Banks Repay TARP
    June 26 (Reuters) - The U.S. Treasury Department on Friday laid out details of its proposal for dealing with bank stock warrants it received in return for cash injections into troubled banks.
    The Treasury spelled out Friday how publicly traded banks can repurchase warrants issued to the government as part of their participation in Troubled Asset Relief Progam's capital injections. More...

  • June-27-2009 -- Troubles In Japan A Recurring Banking Nightmare For Citi
    TOKYO, JAPAN - Japan's financial watchdog said Friday that it had ordered Citibank Japan to suspend part of its operations for a month because of insufficient measures against money laundering.
    'Our controls need strengthening,' Buckley said at a news conference, adding the bank had failed to properly institute changes following the 2004 punishment. More...

  • June-27-2009 -- Five Banks Seized, Raising US Tally This Year to 45
    Sunwest has agreed to take over all of MetroPacific's $73 million in deposits, except for about $6 million that had been brought in through brokers.
    The four offices of Neighborhood Community Bank will reopen as branches of CharterBank. More...

  • June-27-2009 -- Justice Department Extends Probe of Oracle-Sun Deal
    ORACLE (ticker: ORCL) shares are soaring today, trading 9% higher to $21.66.
    Shares of chip maker Advanced Micro Devices Inc. ( AMD - news - people ) also climbed, along with larger rival Intel Corp. ( INTC - news - people ) The companies did not release any major news, though Intel said earlier it has cleared a hurdle in its planned $884 million takeover of software maker Wind River Systems Inc. ( WIND - news - people ) as a routine federal waiting period expired. More...

  • June-27-2009 -- Amazon Cuts North Carolina Affiliates to Avoid Tax
    The Seattle-based retailer has no physical presence in the state, but a pending North Carolina bill holds that since affiliate Web sites in the state link customers to Amazon, the company is now responsible for extracting cash from Carolina shoppers.
    I don't think politicians are targeting affiliate marketers, but that's what ends up happening. More...

  • June-27-2009 -- NYMEX-Crude ends lower as Wall Street dips
    Light, sweet crude for August delivery rose to 70.93 dollars a barrel before retreating to settle at 70.23 dollars a barrel, trading up 1.56 dollars, or 2.3 percent, on the New York Mercantile Exchange.
    Multiple militant attacks on pipelines and oil installations in OPEC member Nigeria recently have forced production stoppages, stoking supply concerns. More...

  • June-27-2009 -- KB Home's 2Q Results Show Smaller Might Not Be Better
    In the second quarter last year, KB Home posted a loss of $255.9 million, or $3.30 a share, on revenue of $639.1 million.
    On average, Wall Street analysts expected a smaller loss of 64 cents a share on lower revenue of $339.1 million. More...

  • June-27-2009 -- EMC Extends Offer To Acquire Data Domain >EMC
    The world's largest external disk storage provider wants to purchase all outstanding shares of Data Domain common stock for $30 per share.
    The tender offer is being transacted through Envoy Merger Corporation, a wholly owned subsidiary of EMC formed for the purpose of making the offer. More...

  • June-27-2009 -- Sanofi Drug Cancer Risk Should Be Studied, Group Says
    Shares of the French drugmaker are getting pummeled over at least three analyst reports identifying a leak about a study or studies that could go public soon.
    Sanofi-Aventis ( SASY.PA ) shares fall 3.1 percent as dealers and analysts cite concerns raised by some scientists that its key blockbuster diabetes treatment Lantus -- a co-called insulin analogue -- might be linked to cancer risk. More...

  • June-27-2009 -- US commercial banks see record Q1 trading revenue
    Foreign exchange revenue fell to $2.4 billion from $4.1 billion in the fourth quarter, while equity trading generated $1 billion in trading revenue compared to a fourth quarter loss of $1.2 billion, the OCC said.
    Interest rate products, including derivatives, generated the strongest revenue, rising to a record $9.1 billion, compared with a $3.4 billion loss in the previous quarter, the OCC said. More...

Friday


  • June-26-2009 -- GM Denies China Will Block Deal to Sell Hummer
    The Associated Press reports that China might block GM's sale of Hummer to Chinese company Sichuan Tengzhong Heavy Industrial Machinery Corp. The Chinese government has the power to block its firms' foreign acquisitions.
    The companies said the sale still required regulatory approval and refused to disclose the price. More...

  • June-26-2009 -- Qantas cancels Dreamliners in new Boeing setback
    The Australian carrier also deferred for delivery 15 additional 787 orders for four years, saying the actions would save the company $3 billion in capital spending.
    The company trails only Toulouse, France-based Airbus SAS in commercial-jet making, Bloomberg reports. More...

  • June-26-2009 -- Swiss court declines to rule on UBS clients
    UBS stock, which fell 6 per cent on Thursday to 13.97 francs, was down 1.4 per cent to 13.78 francs at 0920 GMT. The European banking sector was up 1.4 per cent.
    The UBS move comes after U.S. bank Morgan Stanley (MS.N) netted a $2.3 billion gain last year after it repurchased $12.1 billion of fixed and floating rate long term debt. More...

  • June-26-2009 -- Crude Oil, Gasoline Fall After Savings Rate Gains, Stocks Drop
    Light, sweet crude for August delivery rose to 70.93 dollars a barrel before retreating to settle at 70.23 dollars a barrel, trading up 1.56 dollars, or 2.3 percent, on the New York Mercantile Exchange.
    In London, Brent prices rose 36 cents to $68.69 a barrel on the ICE Futures exchange. More...

  • June-26-2009 -- China Ministries Restate Misreading On Buy-China Bias
    ABARE tips mining production in Australia will increase 2.7percent in real terms in the coming financial year.
    Since the 1990s, there has been a saying that the Chinese economy has been pulled by two strong horses (fixed investment and exports) and one weak donkey (domestic consumption). More...

  • June-26-2009 -- US Stock Futures Lower After Income Data
    NEW YORK (MarketWatch) -- U.S. stock futures lost slim gains early on Thursday, after the government reported an unexpected rise in claims for unemployment in the latest week.
    Consumer prices in Japan fell at a record pace in the year to May, adding to weak signals about the health of the global economy. More...

  • June-26-2009 -- Gazprom, Naftogaz Reach Pact On Jun Gas Supplies
    Gazprom said last week that it was delaying the launch of the giant Arctic Bovanenkovskoye gas field by one year due to the global economic crisis and could also postpone the launch of the Kovykta field in eastern Siberia.
    Gazprom demands to repay the debt in July, said Gazprom CEO Alexei Miller at a press-conference on Friday. More...

  • June-26-2009 -- Sources say Lear to file bankruptcy by June 30-RLPC
    Shares of Lear closed down 39 percent, or 34 cents, at 54 cents on the New York Stock Exchange before the news.
    The outlook for firms like Lear grew even dimmer after President Barrack Obama's auto task force last week rejected requests for the auto-supply industry to be granted up to $10 billion in aid. More...

  • June-26-2009 -- Japan Sanctions Citigroup for Lax Money Laundering Controls
    TOKYO, JAPAN - Japan's financial watchdog said Friday that it had ordered Citibank Japan to suspend part of its operations for a month because of insufficient measures against money laundering.
    Despite the FSA's first administrative order to Citibank Japan to ensure anti-money laundering checks, the agency concluded that the bank had not taken sufficient steps. More...

  • June-26-2009 -- Caraco Pharma:Profit From 3rd-Party Products To Cover Expenses
    Shares of Sun Pharma opened weak on the BSE and lost further ground and plunged to a low of Rs1,070, down 17.59% over the previous close.
    The U.S. FDA has seized about 33 drugs at Sun Pharma's 70% subsidiary Caraco's Detroit plant. More...

  • June-26-2009 -- Spanish Govt Approves EUR9B Bank Bailout Fund
    MADRID, June 26 (Reuters) - Spain's new bank restructuring fund will eventually be allowed to raise up to 90 billion euros in debt, although this is not likely to be needed, Economy Minister Elena Salgado said on Friday.
    MADRID, June 26 (Reuters) - Spain on Friday approved a 99 billion euro bank restructuring fund to spur mergers and prevent solvency problems at smaller banks slamming confidence in large, publicly-traded institutions. More...

  • June-26-2009 -- Tata Motors hit by Jaguar Land Rover loss
    Tata Motors, India's largest vehicle manufacturer and the firm that bought Jaguar Land Rover some 18 months ago, released its latest financial figures today.
    The Indian owner of Jaguar Land Rover today said it slumped to losses of ''267m ('''312m) in the year to March 31 as the global downturn punishes the car industry. More...

Friday


  • June-26-2009 -- Qantas Cancels 15 Boeing 787s, Defers Other Orders
    Qantas Airways Ltd has cancelled and deferred orders for 30 new Boeing Dreamliner planes, in a major blow to the world's second biggest plane manufacturer, in a move that will cut the airline's capital expenditure by $US3 billion.
    In total, the changes will reduce Qantas' firm orders to 50 aircraft, from 60, with 15 B787-9s to be delivered from mid-2013, three years later than originally scheduled. More...

  • June-26-2009 -- LIVE: Yahoo CEO Carol Bartz's First Annual Meeting
    The relative peace spoke to the new leadership at the company - Bartz joined six months ago - and cooled tempers over the board's rejection of a $47.5 billion takeover bid by Microsoft Corp. last year.
    When Yahoo rolls out the new version of its Yahoo.com home page later this year, people will be able to customize it to such a degree that the need for the company's My Yahoo personalized home page service will drop significantly. More...

  • June-26-2009 -- Two Utilities Are Leaving Clean Coal Initiative
    NEW YORK, June 25 (Reuters) - American Electric Power Co Inc ( AEP.N ) and Southern Co ( SO.N ) said on Thursday they were withdrawing from the U.S. -government backed FuturGen project to capture and store greenhouse gas emissions from a coal-fired power plant.
    Two weeks after the Obama administration brought the 'clean coal' Futuregen project back from the dead , two major power companies are walking away. More...

  • June-26-2009 -- Accenture raises outlook, results beat expectations
    The company said it is on target for new bookings in the fiscal year in the range of $23 billion to $25 billion.
    In September 2008, I argued that the story with Accenture would be one of operating margin expansion, as reduced turnover would lead to lower recruiting costs and more efficient operations. More...

  • June-26-2009 -- GDP Is Revised to a 5.5% Decline
    Real gross domestic product -- the output of goods and services produced by labor and propertylocated in the United States -- decreased at an annual rate of 5.5 percent in the first quarter of 2009, (that is, from the fourth quarter to the first quarter), according to final estimates released by theBureau of Economic Analysis.
    The government initially said it shrank 6.1 percent, then revised that to 5.7 percent and finally to a 5.5 percent fall. More...

  • June-26-2009 -- Micron 3Q Loss Widens On Lower Sales, Write-Down
    SAN FRANCISCO (Reuters) - Micron Technology Inc ( MU.N ) reported lower-than-expected revenues as part of its 10th straight quarterly loss and shares of the top U.S. maker of memory chips slid more than 4 percent.
    Micron's fiscal third quarter results showed improvements from the second quarter when demand stalled across the industry, driving most semiconductor manufacturers deeper into losses. More...

  • June-26-2009 -- New Ericsson CEO Promises Cash Focus
    The choice is not as outlandish as you might expect, according to Tony Hayward, chief executive of the oil giant, highlighting his new chairman's "very, very good international business experience".
    Svanberg will be replaced by current Chief Financial Officer and Executive Vice President, Hans Vestberg. More...

  • June-26-2009 -- PDVSA to Borrow as Much as $3 Billion, Merentes Says
    CARACAS, Venezuela -- Venezuela's Central Bank president announced Thursday that the state-run oil company will sell $3 billion in debt bonds to ease exchange-rate pressures.
    Under currency controls imposed by President Hugo Chavez in 2003 to stem capital flight, Venezuelans must apply to a government agency for dollars at the official rate of 2.15 bolivars. More...

  • June-26-2009 -- Foot Locker Names JC Penney's Hicks Chief Executive
    Hicks held the merchandising position since 2005.
    Hicks will become Foot Locker's president and CEO, effective Aug. 17, the company confirmed on Thursday. More...

  • June-26-2009 -- Suzuki Gains on Possible Partnership With Volkswagen
    There are vehicle sizes and classes that cannot be found here," the source said.
    VW is thinking of buying a 10 percent stake, the magazine said, quoting sources close to the company. More...

  • June-26-2009 -- US Markets Wrap: Stocks Gain as Oil Exceeds $70, Yields Fall
    Lennar Corp.' s orders for new homes jumped 63 percent during the second quarter and its revenue beat expectations.
    Stocks enjoyed their biggest rally since June 1 today as higher oil prices boosted energy shares and retailers caught a strong updraft from better-than-expected results from Bed Bath and Beyond ( BBBY ). More...

  • June-26-2009 -- PC Shipments Showing Signs of Recovery, Gartner Says
    Worldwide PC shipments will drop 6% in 2009 to 274 million units, according to revised forecast from Gartner.
    PC Shipments Showing Signs of Recovery, Gartner Says The worldwide PC market is showing signs of recovery, with the earlier freefall of PC shipments skidding to a halt, Gartner said on Thursday. More...

Thursday


  • June-25-2009 -- Reserves Over BP's New Chairman
    STOCKHOLM (Dow Jones)--L.M. Ericsson Telephone Co. (ERIC), Sweden's largest company and the world's largest telecommunications network equipment maker by sales, said Thursday that Chief Executive Carl-Henric Svanberg is leaving his position to become chairman of British oil giant BP PLC (BP).
    "Our shared views on many aspects of global business give me great confidence that we will work very effectively together on the next phase of BP's progress," Hayward added. More...

  • June-25-2009 -- ConAgra 4Q Sales Up 7.5%, Earnings Meet Views
    ConAgra shares had jumped 7.5 percent in the weeks leading up to Thursday's report, as investors hoped the maker of Healthy Choice frozen meals and Peter Pan peanut butter would exceed expectations as other food makers, including Kraft Foods Inc ( KFT.N ) and Hormel Foods Corp ( HRL.N ) have recently done.
    ConAgra Foods, Inc, the maker of healthy choice frozen meals reported fourth quarter sales rose 8% to $3.3 billion from $3.1 billion a year ago. More...

  • June-25-2009 -- AIG to repay $25 billion US debt with unit stakes
    LONDON (MarketWatch) -- American International Group ( aig ) said it's received approval from the Federal Reserve Bank of New York for an initial public offering of American International Assurance Co. and American Life Insurance Company, its international life insurance divisions, depending on market conditions.
    The embattled insurer said on Thursday it will put the equity of the units into special purpose vehicles, and the New York Fed will receive preferred stakes of $16 billion in AIA and $9 billion in Alico. More...

  • June-25-2009 -- Japan: Toyota's New CEO Takes the Wheel
    Executive vice presidents will each oversee a global region ''' North America, Europe, Japan and emerging markets ''' to address changing consumer needs, Toyoda said.
    "Toyota will bounce back." More...

  • June-25-2009 -- Airline Stocks Climb; IATA Data Point To Stability
    Continental Airlines Inc. CEO Larry Kellner said the decline in business travelers in the front cabin caused airlines to cut leisure fares to fill the empty seats.
    The increases also suggest some business travel is coming back, a welcome change for the airline industry, Seaney added. More...

  • June-25-2009 -- Oil Prices Edge Higher
    NEW YORK -(Dow Jones)- U.S. gasoline inventories jumped more than expected for the second week in a row, according to U.S. Department of Energy data released Wednesday.
    The EIA reports that as of February, the United States gets more than 15 million new barrels of crude oil a day through either domestic production or imports. More...

  • June-25-2009 -- Gazprom considers 30 pct cut in investment
    The Federal Republic of Nigeria and the Russian Federation yesterday signed six agreements bothering on nuclear energy, transfer of prisoners, investment promotion, cooperation on legal matters, Memora-ndum of Understanding in the field of exploration of outer space and Memorandum and Articles of Association and the signing of MOU on joint venture between Nigeria National Petroleum Corporation (NNPC) and Gazprom.
    Following the visit the presidents of Russia and Namibia issued a joint communique. More...

  • June-25-2009 -- Retail stocks rise, led by Bed, Bath & Beyond
    In the same period a year ago, Bed Bath & Beyond, an S&P 500, NASDAQ-100, and a Fortune 500 company, had reported net earnings of $76.8 million or $0.30 per share on net sales of $1.648 billion, with a 0.8% rise in comparable store sales.
    STOCK PERFORMANCE: During the quarter, which ended May 30, shares rose about 40 percent to end the period at $29.98. More...

  • June-25-2009 -- Report: Yahoo plans major rebranding
    The effort is being spearheaded by newly installed Chief Marketing Officer Elisa Steele, reports D: All Things Digital, a Web site of the Wall Street Journal.
    The launch of Bing has, according to report after report, worked near-wonders for Microsoft. More...

  • June-25-2009 -- Christopher & Banks 1Q profits fall on lower sales
    Net income from continuing operations for the first quarter of fiscal 2010 was $1.7 million or $0.05 per diluted share.
    Christopher & Banks has 814 retail stores in 46 states. More...

  • June-25-2009 -- Air Passenger Demand 'May Have Hit Bottom' - IATA
    The latest reading of international air traffic includes the first estimate of the impact of H1N1 flu on airline travel.
    "We estimate that the global impact of influenza A(H1N1) on global travel patterns in May was a 1 percent drop in passenger traffic," International Air Transport Association (IATA) said in a press release. More...

  • June-25-2009 -- Hertz CEO: We're Buying Cars...Lots of Cars
    NEW YORK -- Rental car chain Hertz Global Holdings Inc. on Thursday predicted second-quarter and full-year earnings above Wall Street estimates, sending shares surging in premarket trading.
    Hertz Global Holdings Inc. projected second-quarter earnings above analysts' estimates as cost savings, stabilizing U.S. and European demand, and an improved summer-reservations outlook benefit the car-rental company. More...

Thursday


  • June-25-2009 -- Driving Ebbs as Fuel Costs Alter Plans
    According to AAA, about 37.1 million travelers plan to take a round trip of 50 or more miles from home during what is normally the busiest auto travel weekend of the year.
    The lowest average published airfares over the holiday weekend are expected to fall by 16 percent from 2008 pricing, according to AAA. More...

  • June-25-2009 -- Rewriting Rules to Protect Money Funds
    The Securities and Exchange Commission is considering proposals to enhance the regulatory framework of money market funds that SEC Chairman Mary Schapiro says will help protect investors and make the funds more resilient to short-term market risks.
    The event'spurred a significant wave of redemptions from money market funds, principally from institutional investors in prime money market funds,' said SEC Chairman Mary Schapiro. More...

  • June-25-2009 -- Sinopec Corp jumps 1.8 pct after parent's Addax deal
    Sinopec Group, China's second largest oil company, yesterday agreed to buy the Geneva-based oil and gas producer Addax Petroleum Corp for $7.3 billion, in a bid to tap oil reserves in West Africa and the Middle East.
    Four years ago, China National Offshore Oil Company Ltd. withdrew an $18.5 billion bid for the Unocal Oil Company because of a tremendous backlash in Washington. More...

  • June-25-2009 -- Red Hat profit rises, bucks tech industry trend
    Commercial Linux distributor Red Hat is doing its best to be one of the few businesses in IT where sales and profits are both growing.
    BOSTON, June 24 (Reuters) - Software company Red Hat Inc (RHT.N: Quote, Profile, Research ) reported a modest jump in quarterly profit, bucking an industry trend of declining earnings, thanks to a reliable business model through which it books sales over multiple years. More...

  • June-25-2009 -- Sears Tower to Be Revamped to Produce Most of Its Own Power
    CHICAGO (Reuters) - The tallest building in the Western Hemisphere will undergo a $350 million "green" retrofit that its owners said on Wednesday will make the 110-story office tower a beacon for environmentally sound space.
    In addition to the most significant energy efficiency renovations ever undertaken on an existing building, another aspect of the transformation is a proposed new, privately funded hotel for the site at Jackson Boulevard and Wacker Drive. More...

  • June-25-2009 -- Quarterly Profit Up 14% at Bed Bath & Beyond
    In the same period a year ago, Bed Bath & Beyond, an S&P 500, NASDAQ-100, and a Fortune 500 company, had reported net earnings of $76.8 million or $0.30 per share on net sales of $1.648 billion, with a 0.8% rise in comparable store sales.
    As expected by Wall Street observers, Bed Bath & Beyond managed to benefit from the liquidation of the now defunct Linens N Things as more customers came into the chain's 1,044 stores. More...

  • June-25-2009 -- Two China IPOs rally in US debut, one holds gains
    NEW YORK (Reuters) - Two Chinese companies made their U.S. trading debuts with strong rallies on Wednesday after going public on the New York Stock Exchange, but only one ended the day stronger.
    Medidata, a New York-based provider of software for drug companies and contract research organizations, sold 6.3 million shares, raising $88.2 million, said the source, who was not authorized to speak publicly about the IPO. It was the tenth IPO on a U.S. exchange so far in 2009 and the third IPO this week, the busiest for U.S. -listed IPOs since April 2008. More...

  • June-25-2009 -- Atlantic Yards Project Enters a Crucial Period
    As threatened, New Jersey Nets owner Bruce Ratner and the New York Metropolitan Transportation Authority proposed a revised payment plan yesterday for the land under Ratner's planned Brooklyn arena, one that will allow him to defer some payments until the year 2031.
    The new plan also costs $4.9 billion, up from $4.2 billion. More...

  • June-25-2009 -- Google Investigates Inaccessible Service in China
    BEIJING, June 24 (Reuters) - Internet users in China were unable to open the main site of Google, the world's biggest search engine, late on Wednesday evening, and the company's China chief asked users for patience while it investigated.
    Google Web sites including its English search engine became inaccessible in China late Wednesday, following the country's criticism of Google last week for serving up pornographic search results. More...

  • June-25-2009 -- Citigroup boosting salaries to offset lower bonuses
    NEW YORK: Troubled financial major Citigroup will increase the base salary of its rank-and-file employees by as much as 50% this year to compensate for smaller bonuses, said a media report.
    Citigroup's plan to increase employee salaries attracted criticism from unions, watchdogs and lawmakers yesterday in an echo of the bonus controversy that engulfed Capitol Hill earlier this year. More...

  • June-25-2009 -- Emergency small business loans to the rescue
    The Small Business Administration is accepting loans for a temporary new program called America's Recovery Capital.
    Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. More...

  • June-25-2009 -- New home sales fall unexpectedly
    WASHINGTON (Xinhua) -- New home sales in the United States dropped 0.6 percent in May to a seasonally adjusted annual rate of 342,000, lower than economists' expectations of 360,000 units, the Commerce Department reported Wednesday.
    When new homes are sold, homeowners tend to buy durable goods/big ticket items for the new home: furniture, appliances, home supplies -- an uptrend in each of which is good news for the economy and bullish for the U.S. stock market. More...

Wednesday


  • June-24-2009 -- Sinopec Offers $7.22 Billion for Oil Firm
    China's rush to secure Middle Eastern and African natural resources for its energy-hungry economy continued today with the C$8.27 billion (£4.4 billion) acquisition of Addax Petroleum by Sinopec, a state-controlled oil company.
    Sinopec and Addax are longtime technical partners of ERHC Energy. More...

  • June-24-2009 -- Who Eagerly Awaits the Fed's Rate Decision?
    WASHINGTON (AFP) — The Federal Reserve, concluding a two-day meeting Wednesday, readied a new monetary policy statement expected to acknowledge tentative signs of recovery from the economy's prolonged recession.
    Dean Maki at Barclays Capital said that based on stimulus efforts including the recently passed "cash for clunkers" measure to spur auto sales, the economy could grow at a relatively strong pace of 2.5 percent in the third quarter and 3.5 percent in the fourth quarter after steep declines. More...

  • June-24-2009 -- Citigroup pumping up paychecks
    NEW YORK: Troubled financial major Citigroup will increase the base salary of its rank-and-file employees by as much as 50% this year to compensate for smaller bonuses, said a media report.
    Despite Washington'''s new role at Citigroup, and public anger over big paydays on Wall Street, administration officials have little power to prevent the company and others in the industry from raising salaries for rank-and-file employees. More...

  • June-24-2009 -- Supervalu Falls After Saying Profit Trailed Analysts' Estimates
    The''third-largest ''U.S. supermarket operator, with about 2,500 stores, said that its earnings in the first quarter, which ended on June 20, were hurt by a "tougher than expected business environment."
    During the quarter, the company reeled in Wal-Mart executive, Craig Herkert, to head the company. More...

  • June-24-2009 -- Demise of Clear could be opening for Vigilant
    The company that ran Clear's expedited security service program at Salt Lake City's airport has left 2,395 local frequent fliers with no way to speed through security lanes -- and no way to recover their $199 annual fees.
    Members provided biometric data, which was encoded on a card, for the promise of a speedier and convenient trip through airport security. More...

  • June-24-2009 -- Tech stocks follow Oracle's lead north
    Fiscal 2009 year revenues were actually up 4 per cent to $23.3 billion (''14.2 billion), annual net income was up 1 per cent to $5.6 billion and earnings per share would have grown by 19 per cent were it not for the impact of the exchange rates.
    Oracle ( ORCL Quote ) beat analysts' revenue and earnings expectations in its fourth-quarter results, but saw its profit slip thanks to the impact of foreign currency. More...

  • June-24-2009 -- Marathon Oil Selling Irish Gas Stake To Canada's Vermilion
    Vermilion Energy Trust (TSX: VET) said it has agreed to buy Marathon Oil Corp's (NYSE: MRO) 18.5 percent non-operated interest in the Corrib field approximately 83 kilometres off the northwest coast of Ireland for an initial US$100 million and an additional sum of up to US$300 million depending on the date when first commercial gas is achieved.
    Shell holds a 45% interest in the Corrib project, while Statoil Hydro has 36.5%. More...

  • June-24-2009 -- MGM Mirage soars as bankruptcy fears ease
    MGM Mirage has cleared some financial hurdles and has told the Securities and Exchange Commission that there is no longer "substantial doubt about its ability to continue as a going concern."
    Boyd Gaming hasn't tossed in the towel. More...

  • June-24-2009 -- US MBA Mortgage Applications Index Rose 6.6 Percent Last Week
    So far, only 13,000 loans have been refinanced through the program.
    Cheaper home prices coupled with the $8000 tax credit for first-time buyers appears to be fueling interest and the MBA's weekly survey of mortgage applications supports continuing market interest which could prove to show a turn around in the home market may be underway. More...

  • June-24-2009 -- E-Trade closes common stock offering
    "As a result of still strong fundamentals, good cash flow, and increased probability of becoming an acquisition candidate, we believe patient investors will be rewarded for stepping into ETFC at current levels."
    "We believe the worst is now behind ETFC, as the nearly $2 billion of fresh equity capital at the company should alleviate regulators' concerns and take the worst-case scenario off the table," Snowling writes in a note. More...

  • June-24-2009 -- Euro bank lending rates slump after ECB auction
    Whereas the U.S. and Britain have shown some clear signs that recovery may not be too far away, the euro zone economic data has generally been somewhat downbeat, though admittedly not as bad as a few months ago.
    "The downswing hasn't yet turned the corner, but there is a justified hope that at least the financial markets have the worst behind them," Ewald Nowotny said, according to the prepared text of a speech given Tuesday. More...

  • June-24-2009 -- July 4 Travel to Decline 1.9% This Year, AAA Says
    AAA SAYS 17 PERCENT of New Englanders will travel for the Fourth of July this year as economic worries keep fewer people at home.
    Auto travel will drop 2.6 percent from last year's levels due to higher fuel prices. More...

Wednesday


  • June-24-2009 -- Antigua fires regulator accused of helping fraud
    MIAMI (Reuters) - Antigua and Barbuda's government on Tuesday dismissed the country's chief financial regulator over his alleged role in the Allen Stanford fraud case, and vowed to root out further corruption "cancer" if it existed.
    Stanford's detention hearing in Houston is set for Thursday morning. More...

  • June-24-2009 -- Feds allege mortgage fraud in 5 Chicago schemes
    Between 2002 and 2007, the defendants allegedly fraudulently obtained mortgage loans in excess of $10 million on approximately 70 residential properties throughout Chicago, including many on the city's south side in and around the Englewood neighborhood.
    Scores of other defendants have been prosecuted in dozens of routine cases in the last couple of years, signifying the high priority that federal law enforcement officials give mortgage fraud in an effort to deter others from engaging in crimes relating to residential and commercial real estate. More...

  • June-24-2009 -- Senate Panel Cites Investors for Inflated Wheat Prices
    The report found large wheat purchases on the Chicago Mercantile Exchange pushed up futures prices, disrupted convergence between futures and cash prices and increased costs for farmers, the grain industry and consumers.
    Some analysts and lawmakers also blame the surge in popularity of commodity index funds for artificially boosting the prices of oil, gasoline, corn and other commodities. More...

  • June-24-2009 -- Gold softens as Fed eyed, ETF unchanged
    The Gold Price ]] Gold Price sank to new 5-week lows at $924 an ounce early in London on Monday, recording the lowest Gold Fix since 18th May as the U.S. Dollar held steady on the foreign exchanges and world stock markets fell.
    The cash or "spot" price tracks the larger, futures-related market which, in the fall of 2008, was under tremendous pressure from large holders seeking liquidity, massive deleveraging and that market fell prey to opportunistic sell-side traders taking advantage of the extreme volatility. More...

  • June-24-2009 -- Republic buying Midwest Airlines
    Republic Airways Holdings has offered to buy bankrupt Frontier Airlines Holdings for $108.8 million, which if approved would allow Frontier to exit bankruptcy and increase Republic's stable of carriers.
    Frontier filed for Chapter 11 bankruptcy protection in April 2008. More...

  • June-24-2009 -- TJX and 42 states settle over data security breach
    The settlement stems from a 2006 data breach that exposed personal identification information from potentially tens of millions of transactions at TJX stores including T.J. Maxx, Marshalls, HomeGoods and A.J. Wright , according to Florida Attorney General Bill McCollum.
    TJX (NYSE: TJX), of Framingham, Mass., in January 2007 announced a security breach that had affected credit card transaction information for thousands of consumers. More...

  • June-24-2009 -- Japan Banks Shares Fall on Dilution Concern; Inpex Rises on Oil
    TOKYO (Reuters) - Japan's Nikkei stock average fell 3.1 percent on Tuesday as exporters such as Toyota Motor Corp ( 7203.T ) skidded on worries over the health of the global economy and a rise in the yen.
    Though markets appeared spooked by a World Bank report that said prospects for the global economy remain "unusually uncertain" and cut 2009 growth forecasts for most economies, some analysts said the grim outlook had been echoed elsewhere and was being used as an excuse for profit-taking. More...

  • June-24-2009 -- Breakingviews.com All Sides Win in Buyout Battle
    Huntsman Corp. is $2.7 billion richer on paper than it was seven months ago, thanks to a merger that didn't happen and the settlement of two lawsuits that grew out of the failed buyout bid.
    The banks will also provide Huntsman with $1.1 billion in loans no small thing at a time when loans are hard to come by. More...

  • June-24-2009 -- GM Plans More Job Cuts
    DETROIT (AP) — About 4,000 more salaried workers at General Motors Corp. will lose their jobs by the end of the year as the automaker continues to downsize.
    Workers have been told to reply to the latest offers by Aug. 3. More...

  • June-24-2009 -- Jabil Q4 revenue projection disappoints, shares slip
    Revenue was $2.6 billion, down from $3.1 billion, when the company reported a profit of $38.4 million, or 19 cents per share.
    For the fourth quarter, the company forecasts a loss of 9 cents to a profit of 1 cent per share. More...

  • June-24-2009 -- The Steadfast Fed
    WASHINGTON (AP) — President Barack Obama says Federal Reserve Chairman Ben Bernanke is doing a fine job under difficult circumstances but he declines to say whether he will reappoint the chairman in January.
    At some point in the last month, everyone came to the conclusion that Ben Bernanke had whipped deflation ("it"), and that the only question left was how to avoid inflation once the economy rebounded. More...

  • June-24-2009 -- MySpace is forced to slash workforce as social network users flock ...
    U.S. social networking website MySpace announced Tuesday that it planned to shut down at least four of its international offices and reduce its overseas staff by two-thirds.
    MySpace plans to lay off around 300 of its 450 international employees, and close at least four of its 15 international offices as the it tries to figure out how to survive falling traffic and revenue numbers. More...

Tuesday


  • June-23-2009 -- Europe and US Accuse China of Unfair Trade Practices
    The EU has raised the issue with China repeatedly over the past years without success, and now hopes to use the WTO consultation process to arrive at a mutually satisfactory solution with China.
    The U.S. complaint involves nine raw materials that are critical for the production of steel, aluminium and chemicals, which in turn are used to manufacture hundreds of different products. More...

  • June-23-2009 -- US Will Continue Its Suit Against UBS, DOJ Says
    The U.S. Justice Department may drop a legal case aimed at forcing Swiss bank UBS to reveal the names of 52,000 wealthy American clients suspected of offshore tax evasion, according to a report in the New York Times.
    Swiss Finance Minister Hans-Rudolf Merz said at the weekend that U.S. authorities could be willing to strike a deal after Switzerland agreed a new double taxation treaty with the United States last week aimed at fighting tax evasion. More...

  • June-23-2009 -- UAL, US Airways shares hurt by Frontier deal
    The carrier expects to conclude the sale process and emerge from Chapter 11 by the Northern Autumn 2009.
    Republic Airways Holdings has agreed to buy Frontier Airlines a ticket out of bankruptcy. More...

  • June-23-2009 -- Stocks Fall Flat in Morning Trading
    New York, NY (AHN) - Wall Street tumbled at the close of Monday's trading with the Dow Jones Industrial Average losing 200 points amid a World Bank forecast of higher global economic contraction rate this year.
    During the last week, the Dow lost 260 points, or roughly 2.9%, as the rally faded amid falling commodities prices and concern over the pace of the economic recovery. More...

  • June-23-2009 -- CF says Agrium still undervalues company shares
    "Contrary to Agrium's assertions, the tender offer results do not change the facts that Agrium's offer substantially undervalues CF Industries, our shareholders do not support the price in the offer, and the offer has significant regulatory issues," said Stephen R. Wilson, chairman, president and CEO of CF Industries.
    Agrium had said it would walk away from the transaction if it did not receive a '''compelling majority''' by the offer's expiry date of midnight Monday. More...

  • June-23-2009 -- Retail stocks fall, but Office Depot up on investment
    BOCA RATON, Fla.--( BUSINESS WIRE )--Office Depot, Inc. (NYSE: ODP), a leading global provider of office products and services, today announced that funds advised by BC Partners, a leading international private equity firm, had invested $350 million in the Company by purchasing approximately $275 million of the Company's newly created 10% Series A Redeemable Convertible Perpetual Preferred Stock and approximately $75 million of the Company's newly created 10% Series B Redeemable Conditional Convertible Perpetual Preferred Stock.
    The rest is convertible on the same terms upon shareholder approval. More...

  • June-23-2009 -- Shares Of Defibrillator Makers Rise On Positive Study
    Preliminary results show Boston Scientific cardiac resynchronization therapy defibrillators (CRT-Ds) to be associated with a significant 29 percent reduction (p=0.003) in death or heart failure interventions when compared to traditional implantable cardioverter defibrillators (ICDs).
    Shares of companies in the $6 billion market for implanted heart defibrillators climbed on Tuesday after Boston Scientific Corp. (BSX) released preliminary findings from a major study that could grow industry sales by hundreds of millions of dollars. More...

  • June-23-2009 -- King, Acura Expect US Regulator to Delay Anti-Abuse Pain Drug
    The calendar was originally created by Mike Havrilla to track companies with pending new drug, biological agent, or medical device new product decisions at the FDA. With the launch of BioMedReports.com , the FDA Calendar has expanded to include the following categories: pending new submissions to the FDA (e.g. NDA, BLA, 510k, PMA, sNDA, sBLA filings), pending complete response letter (CRL) re-submissions to the FDA, and pending late-stage pivotal Phase 3 clinical trial results which are designed to support a filing for FDA approval.
    The objective of the study was to evaluate the safety of Dyloject following IV bolus administration of multiple doses over multiple days in patients aged 18 to 85 with acute post-operative pain. 856 patients successfully completed the study, receiving at least 8 doses of Dyloject over a 48 hour period. More...

  • June-23-2009 -- Treasurys Prices Reverse, Trek Higher; 2-Yr Sale Eyed
    The results are due just after 1 p.m. EDT (1700 GMT).
    Brazilian debt isn'''t alone in '''bubble''' territory. More...

  • June-23-2009 -- You Say Toyota, I Say Toyoda
    Last year, Toyota became the world's largest carmaker, overtaking General Motors for the first time.
    Tokyo - Akio Toyoda on Tuesday was confirmed as president of Toyota Motor Corp at a shareholders' meeting in the central Japanese city of Toyota, the headquarters of the world's leading carmaker. More...

  • June-23-2009 -- SAIC Names Former BAE Systems Exec Havenstein To CEO Post
    Walt has resigned as a director and Chief Operating Officer, BAE Systems plc and steps down as President and CEO, BAE Systems, Inc. with effect from June 26, 2009 and will leave the employment of BAE Systems, Inc. on September 20, 2009.
    These will include Zinni, plus Linda Hudson, who heads BAE's armoured vehicles division, and Mike Heffron, who leads the electronic warfare division. More...

  • June-23-2009 -- OIL FUTURES: Crude Slides As Equities Turn Negative
    Crude price changes recently have correlated with changes in equity markets, as traders anticipate the oil-demand boost that will accompany economic recovery, and in value of the U.S. dollar.
    EIA expects the second-half average price of West Texas Intermediate oil to exceed the first-half number by $16/bbl. More...

Tuesday


  • June-23-2009 -- Weakness in Mortgage Refinancing
    So far, only 13,000 loans have been refinanced through the program.
    Mortgage rates have risen from record lows since the MBA's prior forecast as have Treasury yields, which spiked amid a flood of debt issuance needed to fund federal rescue programs. More...

  • June-23-2009 -- 2 Agencies Seek Joint Control Over Derivatives Markets
    WASHINGTON (Reuters) - The head of the SEC staked a claim on Monday to a slice of the huge and largely unregulated over-the-counter derivatives market as debate over reshaping U.S. financial regulation heated up in Congress.
    The SEC is exploring a "tiered approach" to regulating derivatives that would call for additional disclosure requirements for derivatives marketed to less sophisticated counterparties, Schapiro said. More...

  • June-23-2009 -- Toyota heir carries weight of "Toyoda Restoration"
    Toyoda, 53, will formally become president at a directors' meeting later in the day.
    With a market capitalization of $130 billion, Toyota is Japan's most valuable company and one that Kiichiro Toyoda, who founded the firm in 1937, would barely recognize. More...

  • June-23-2009 -- Rambus cuts outlook, shares fall 8 percent
    Rambus previously set that range at $43 million to $48 million, which included litigation expenses of between $12 million and $16 million.
    Rambus Inc. lowered its guidance on second-quarter revenue and said it will offer $150 million of convertible senior notes due 2014. More...

  • June-23-2009 -- Crude Oil Falls on World Bank Forecast for a Deeper Recession
    Crude price changes recently have correlated with changes in equity markets, as traders anticipate the oil-demand boost that will accompany economic recovery, and in value of the U.S. dollar.
    Oil in storage, as well as an uneven economic recovery, could still send prices plunging back into the $40s," wrote Harry Tchilinguirian, an analyst with BNP Paribas in London. More...

  • June-23-2009 -- Frontier Airlines to be bought by Republic Airways under ...
    Frontier Airlines could soon become a wholly-owned subsidiary of U.S. regional operator Republic Airways Holdings if the bankruptcy court overseeing Frontier's Chapter 11 restructuring approves the reorganization plan filed with the bankruptcy court today.
    Airline consultant Mike Boyd added that Frontier is likely to increase routes under the oversight of Republic, which now owns Chautauqua Airlines, Republic Airlines and Shuttle America. More...

  • June-23-2009 -- Goldman's Grave Dancing Could Bring Big Bonuses
    Management at the premier investment bank has already begun to tell workers that 2009 may set a record for bonus payouts. According to the Guardian, "A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring."
    Figures next month detailing the firm's second-quarter earnings are expected to show a further jump in profits. More...

  • June-23-2009 -- Stanford Asks Judge to Dismiss Fraud Claims in Suit
    R. Allen Stanford, the indicted Texas financier accused by the federal government of directing a $7 billion fraud, left Richmond, Va., on Monday heading to Houston federal court for a Wednesday detention hearing, defense lawyer Christina Sarchio said in an e-mail message.
    Stanford is accused by the U.S. prosecutors of running a $7 billion Ponzi scheme where investors in certificates of deposit sold by the financier's Antigua bank were paid off with funds from more recent investors. More...

  • June-23-2009 -- Ford to win federal retooling loans
    Updated with comment from Tesla: Tomorrow could be a big day for Tesla Motors and the would-be customers who have logged more than 1,000 orders for the startup's planned electric sedan, the Model S. The San Carlos, Calif. -based company's request for $350 million in loans under a long-delayed government program has lingered in limbo for months at the Department of Energy.
    The Department of Energy will announce a plan to loan billions of dollars to Ford tomorrow, according to various reports. More...

  • June-23-2009 -- Justices Say Waste Can Be Dumped in Lake
    Now the ruling means dumping can happen in Lower Slate Lake and possibly others as well.
    Officials of the Idaho-based Coeur d'Alene Mine Co., owner of the Alaska mine, said the decision was the last hurdle to building the tailings facility so that mining activities can begin. More...

  • June-23-2009 -- Microsoft Co-Founder Allen Starts An E-Mail Company
    Xiant Filer was created by technology innovator/Microsoft co-founder Paul G. Allen and engineers at Vulcan Technologies, whose challenge was to ease management of overflowing Microsoft Office Outlook inboxes.
    Xiant will sell the software online only ("no sales force or packaged product"), according to Vulcan spokesman David Postman, and version 1.0 should be on sale in about 60 days. More...

  • June-23-2009 -- US Housing Recovery Faces Uphill Climb - Study
    According to the study, the growth of housing prices nationwide has been stilted by job losses, falling home prices, tighter credit guidelines and first-time home buyers who are looking for a more diverse pool of home options that contrast from properties built by the baby-boom generation.
    If incomes don't start rising, home prices may stay down indefinitely. More...

Monday


  • June-22-2009 -- Merck, Schering-Plough Get FTC Request For Additional Info
    NEW YORK (Dow Jones)--Merck & Co. (MRK) and Schering Plough Corp. (SGP) received a request from the U.S. government for additional information in the antitrust review of their $41.1 billion merger, a move the companies said shouldn't delay the deal's projected fourth-quarter close.
    According to an investor presentation made in March , animal health products would have accounted for about 6 percent of the two companies' combined sales of $46.9 billion in 2008. More...

  • June-22-2009 -- Yen Rises as World Bank's View, Commodities Spur Safety Demand
    Three economists say the currency will be little changed, while one forecasts it will push lower on the data reflecting continued economic weakness.
    The last statement highlighted that the Committee's policy focus is to support the functioning of financial markets via quantitative easing (QE) and other measures that are likely to keep the size of the Federal Reserve's balance sheet at a high level. More...

  • June-22-2009 -- Oil Prices Fall Below $68 a Barrel
    Victor Shum, an analyst with energy consultancy Purvin and Getz in Singapore, said New York crude came under pressure as traders locked in profits on the final day of trade, while a stabilising U.S. dollar also supported lower prices.
    The question now is whether prices, which usually peak in the U.S. around the July 4th holiday, will backslide into the fall or if geopolitical problems in Iran and Nigeria will drive oil — and gasoline prices — even higher after a short dip. More...

  • June-22-2009 -- AAA: Gas prices rise, but more slowly
    The latest survey from auto club AAA, the Oil Price Information Service and Wright Express puts the statewide average for regular at $2.64 per gallon, down 8 cents from last Monday.
    In Ennis, prices averaged $2.56 per gallon Friday. More...

  • June-22-2009 -- Global trade to fall 10% this year
    The bank said the world economy would shrink by 2.9 per cent in 2009 and that economic damage to developing countries "has been much deeper and broader than previous crises".
    East Asia should post a five per cent expansion, supported in part by China's stimulus-driven growth, the bank said. More...

  • June-22-2009 -- Siemens' Stimulus Hype
    European and German industrial giant Siemens said today it expects to win new orders of around '''15 billion in the next three fiscal years 2010 until 2012, which will be generated by government stimulus programs already announced around the world.
    Roughly 40 percent of that figure would concern environmental or "green" technologies, a statement said. More...

  • June-22-2009 -- Asian Shares End Mostly Higher; HK Property Stocks Shine
    HONG KONG, June 22 (Reuters) - Two initial public offerings in Hong Kong -- a Chinese scrap-metal recycler and a furniture maker -- drew strong interest on their debuts on Monday in a market seeking fresh catalysts ahead of mid-year reports by fund managers.
    BEIJING, June 22 (Reuters) - Minsheng Bank Corp ( 600016.SS ), China's first listed non-state lender, expects to complete a share offering in Hong Kong by the end of this year, an executive said on Monday. More...

  • June-22-2009 -- US HOT STOCKS: Medarex, Specialty Underwriters, Manulife
    Specialty Underwriters' shares up 60 pct (Adds details, background; Updates share movement) June 22 (Reuters) - Insurer Tower Group Inc ( TWGP.O ) said it agreed to buy Specialty Underwriters' Alliance Inc ( SUAI.O ) for about $107 million in stock, to develop its specialty business and expand in the Midwest region.
    Tower, a New York-based specialty insurance company, said it will be able to establish a "separate and distinct underwriting and operational infrastructure" for a specialty business to take advantage of growth opportunities. More...

  • June-22-2009 -- Sirius' XM Division Offers $350 Million in Senior Notes Due In 2013
    Sirius XM (SIRI) this morning said it is offering $350 million of senior secured notes due 2013 to institutional investors.
    Then we hear the news that the Sirius iphone app is breaking all sorts of records in the first day alone. More...

  • June-22-2009 -- Former GE exec Welch lends name to MBA program
    Putting money into universities is no new thing: Make an endowment and be rewarded with a plaque somewhere on campus.
    There could be a role for private equity firms here: Bridgepoint was backed by Warburg Pincus LLC, while Grand Canyon was backed by Endeavour Capital. More...

  • June-22-2009 -- Porsche Forced to Overhaul German Loan Application
    Small car sales have resisted the slump in Germany and elsewhere better, owing in large part to car scrapping premiums offered by many governments.
    A power struggle between Volkswagen chairman Ferdinand Pi'ch and Porsche's management continued to intensify on Friday, just as the company announced that sales had crashed 15 percent. More...

  • June-22-2009 -- Enbridge to Develop Pipeline System for Kearl Project
    CALGARY, Alberta, June 22 (Reuters) - Enbridge Inc ( ENB.TO ) said on Monday it won the right to build a pipeline system serving Imperial Oil Ltd's ( IMO.TO ) Kearl oil sands project, though the cost and size of the line have yet to be finalized.
    Leslie said the first phase of the line would run from the Kearl site north of Fort McMurray, Alberta, to an existing terminal south of that city that serves other oil sands projects. More...

Monday


  • June-22-2009 -- Companies take time to Twitter
    While individual journalists with the Independent group may have difficulty accessing Twitter, the company's online publication has a moderately active Twitter account .
    There are Twitter no-nos too. More...

  • June-22-2009 -- Credit counselors offer practical, proven tips
    The interest rate charged for the money will be considerably lower and the repayment program will be flexible enough so you can easily afford the monthly payments.
    THE credit crunch has had a major impact on attitudes toward debt in this country. More...

  • June-22-2009 -- California's May jobless rate hits record 11.5 pct
    SAN FRANCISCO, June 19 (Reuters) - California's unemployment rate jumped nearly half a percentage point in one month to a record 11.5 percent in May, and Governor Arnold Schwarzenegger on Friday warned the economy would not recover quickly.
    Why are you blaming the President for Cal. high unemployment. More...

  • June-22-2009 -- US Airways to offer flights from NC to Hawaii
    It will be longest nonstop flight from Charlotte, but you can't complain about the scenery once you get there.
    The daily flight will depart Charlotte at 9:45 a.m. and arrive at 2:59 p.m. Hawaii time. More...

  • June-22-2009 -- GM's Sale Opposed by 10 States, Union Retirees and Chrysler
    NEW YORK (AP) — A group of General Motors Corp. bondholders and some of the automaker's labor unions filed objections Friday to GM's plan to sell its assets to a new company that can emerge from bankruptcy protection.
    An unofficial committee representing more than 1,500 small bondholders filed an objection, arguing a sale of GM's assets would be unfair, considering the deals reached with institutional bondholders and other unsecured creditors. More...

  • June-22-2009 -- Businesses say tax hike will stifle recovery
    The $733 million tax increase on corporations and upper-income households is central to the Democrats' strategy to keep state services afloat by making some cuts, using reserves and stimulus dollars and trying to avoid raising taxes on lower- and middle-income Oregonians.
    The Oregon Legislature and Governor has recorded low approval numbers but that is due to the angst voters feel when the economy is not doing well. More...

  • June-22-2009 -- Pa. nuclear plant to appeal drill assessment
    The AP reported Tuesday that over the past two years, estimates of dismantling costs for the entire U.S. nuclear industry have soared by more than $4.6 billion due to rising energy and labor costs, while the funds that are supposed to pay for shutting plants down have lost $4.4 billion in the battered stock market.
    Buildings are being demolished and pine trees are being cut as work begins on the site where two new nuclear reactors are being built at Plant Vogtle -- 30 miles north of Sylvania. More...

  • June-22-2009 -- Nortel Asset Sale Sets a Low Bar
    "Maximizing the value of our businesses in the face of a consolidating global market has been our most critical priority," chief executive officer Mike Zafirovski said.
    When the company filed for protection under Chapter 11 of the U.S. bankruptcy law and the Companies' Creditor Arrangement Act in Canada, it said it planned to restructure as a more focused company. More...

  • June-22-2009 -- As markets roil, ETFs take an active tack
    Well soon find out if exchange-traded funds can live up to the hype and "replace" the traditional mutual fund.
    "First, theres the lower expense ratio of the ETF versus a mutual fund, so that you get the same expertise but at a lower price point," said Bill Thomas, Grails chief executive officer. More...

  • June-22-2009 -- Yahoo: Carol Bartz Live From Stanford Directors' College
    New CEO Carol Bartz could be Yahoo's ( YHOO ) last, best hope, writes Barron's Mark Veverka , and whether the company sells itself to Microsoft ( MSFT ) or not, investors are set to win.
    SUNNYVALE, Calif. (AP) — Yahoo Inc. says laying off nearly 700 workers will cost between $30 million and $34 million in severance pay and other related expenses. More...

  • June-22-2009 -- MGM Grand workers in Las Vegas approve contract
    Las Vegas casinos are doing everything possible to ensure that they keep their costs down during these tough economic times.
    The CityCenter project, including condominiums, hotel rooms, a casino and an entertainment complex, was an enormous risk that has been described as a "bet the farm" deal for MGM. More...

  • June-22-2009 -- Oil falls towards $69 on as Nigeria, Iran unrest dent sentiments
    The data shows the world's biggest oil exporter has reduced crude production by 1.5 million bpd, or nearly 16 per cent, since last August, as it led OPEC in a series of cuts aimed at stabilising prices.
    Nigeria's main militant group said on Sunday it had attacked three oil installations belonging to Royal Dutch Shell in the Niger Delta, widening a month-old offensive against Africa's biggest energy industry. More...

Sunday


  • June-21-2009 -- BofA loses two more directors
    The Charlotte, N.C. -based company said in a Securities and Exchange Commission filing that Joseph Prueher and Tommy Franks left on Wednesday.
    As part of the Merrill acquisition, three Merrill directors, including Prueher, joined the board. More...

  • June-21-2009 -- Key Citi Exec Leaves for MasterCard: TARP Strikes Again
    Mr. Banga joined Citigroup in 1996 as head of sales and marketing in India, eventually assuming executive roles in Citi's international operations.
    As Citi's CEO of Asia Pacific, Banga was in charge of the company's business lines in the region, including institutional banking, alternative investments, wealth management, consumer banking and credit cards. More...

  • June-21-2009 -- Service Restored to More Than 230000 Customers
    Only about 4,000 Commonwealth Edison customers remain without power early Sunday after two severe thunderstorms ripped through the Chicago area on Friday.
    In northern Illinois, about 9,300 ComEd customers still had no electricity Saturday night as a result of the severe weather that struck on Friday. More...

  • June-21-2009 -- NRC Cites Utility Shortfalls
    The AP reported Tuesday that over the past two years, estimates of dismantling costs for the entire U.S. nuclear industry have soared by more than $4.6 billion due to rising energy and labor costs, while the funds that are supposed to pay for shutting plants down have lost $4.4 billion in the battered stock market.
    The bulk of that cost, $1.7 billion, involves the three reactors at Browns Ferry in Athens. More...

  • June-21-2009 -- The real scoop on grants for small businesses
    The Small Business Administration announced last week it is accepting loans for a temporary new program called America's Recovery Capital.
    Common requirements include: a statement on the purpose of the loan, history of the business, financial statements, including personal and business tax returns for three years (existing businesses), three years personal tax returns for start-ups, schedule of term debts (existing businesses), aging of accounts receivable and payable (existing businesses), projected opening-day balance sheet (new businesses), lease details, amount of investment in the business by the owner(s), projections of income, expenses and cash flow, signed personal financial statements and personal resume(s). More...

  • June-21-2009 -- More on Suspending Social Security
    Franklin D. Roosevelt intended.
    Some workers are choosing to retire early with a 10 percent to 15 percent increase in early retirements. More...

  • June-21-2009 -- Stocks log first weekly loss since early May
    NEW YORK - U.S. STOCKS ended mixed on Friday as a cautious market gave up most of early gains chalked up by this week's generally upbeat economic data.
    The value of all U.S. shares increased 0.4%, according to data compiled by Bloomberg. More...

  • June-21-2009 -- Canada Agency To Provide Credit For Nokia Siemens-Nortel Deal
    "Maximizing the value of our businesses in the face of a consolidating global market has been our most critical priority," chief executive officer Mike Zafirovski said.
    The Nokia Siemens Networks offer is subject to an auction to see if a higher bid emerges, in accordance with bankruptcy regulations, according to the report. More...

  • June-21-2009 -- California's Credit Rating May Be Cut by Moody's
    Specifically, the following rating actions were taken, as announced by Cherry Huang, a Moody's Vice President and Senior Analyst. (1) SinoPac Financial Holding Company (SinoPac FHC): Foreign currency issuer rating is confirmed at Baa2 with negative outlook.
    The agency will evaluate how state leaders close the deficit, taking into account the effects on liquidity and whether the solutions are long term or "quick fixes." More...

  • June-21-2009 -- BofA rebuffs offer for Merrill buy-out
    Bank of America (BAC)'should be able to ride the contributions from Countrywide Financial and Merrill Lynch ''to a multiple expansion that could add as much as 40% to its market capitalization.
    The bonuses come in spite of expectations that BoA, along with other bailed-out banks like Citigroup, is expected to raise basic salaries as a way of getting around growing Congressional pressure on bonuses. More...

  • June-21-2009 -- Chrysler Names Manufacturing, Engineering, Design Leaders
    According to the guidelines approved by a Federal bankruptcy court, the newly constituted Chrysler which merged with the Italian automaker Fiat last week is shielded from liability suits filed by individuals injured in future accidents involving the 31 million "old" Chrysler vehicles currently on the roads.
    Freshfields has been a longstanding European advisor to Chrysler, with previous deals including the purchase of - and subsequent split from - German car maker Daimler. More...

  • June-21-2009 -- UAW sends Girsky to GM's board
    The United Auto Workers' newly minted representative to the GM board, Stephen J. Girsky , is math major, former Wall Street analyst, Democratic campaign donor and special adviser to both the "old" General Motors management and the UAW. Girsky's most recent accomplishment may be his most attractive to the UAW, which through its voluntary employee beneficiary association, or heath trust, will own a 17.5% stake in the new GM. It took Girsky only a few months to seal a deal for Roger Penske to buy GM's Saturn brand.
    The Voluntary Employee Beneficiary Association said the adviser, Stephen Girsky, would serve on G.M.' s board to represent the 17.5 percent ownership stake the trust will receive as part of the company's government-led plan to emerge from bankruptcy protection, The Associated Press reports. More...

Sunday


  • June-21-2009 -- Apple Rises 2.6%; RIM Sheds 4.9%
    Canadian technology giant Research in Motion announced healthy financial results today, with quarterly profits of $643 million (''390 million), up from $483 million (''290 million) this time last year.
    Research in Motion added 3.8 million new BlackBerry subscribers in its first quarter, boosting quarterly profits and helping the company beat analysts''' estimates. beat analysts''' earnings estimates and posted a 33 percent increase in earnings on strong sales of its BlackBerry phone. More...

  • June-21-2009 -- Daimler, Porsche Dismiss Report of Talks Over Stake
    Small car sales have resisted the slump in Germany and elsewhere better, owing in large part to car scrapping premiums offered by many governments.
    With Germany's state-owned KfW bank increasingly unlikely to come to the rescue of Porsche, the ailing car maker has reportedly entered talks with rival Daimler and the Gulf state of Qatar in an attempt to win investors. More...

  • June-21-2009 -- Federal Reserve District Bank Staff Count Shrank 5.3% in 2008
    NEW YORK (AP) — The Federal Reserve, which prides itself on never having lost a dime on a loan it made, is sitting on almost $1 billion of debt in a hotel chain that filed for bankruptcy court protection.
    Hell, I'll gladly hand over my "US dollars" to these phonies. More...

  • June-21-2009 -- BofA loses two more directors
    The Charlotte, N.C. -based company said in a Securities and Exchange Commission filing that Joseph Prueher and Tommy Franks left on Wednesday.
    As part of the Merrill acquisition, three Merrill directors, including Prueher, joined the board. More...

  • June-21-2009 -- NRC says six utilities have fund shortfalls -WSJ
    The AP reported Tuesday that over the past two years, estimates of dismantling costs for the entire U.S. nuclear industry have soared by more than $4.6 billion due to rising energy and labor costs, while the funds that are supposed to pay for shutting plants down have lost $4.4 billion in the battered stock market.
    The shortfalls are caused not by fluctuating appetites for nuclear power but by the stock market and other investments, which have suffered huge losses over the past year and devastated the plants' savings, and by the soaring costs of decommissioning. More...

  • June-21-2009 -- U.S., Swiss Agree to Share Data on Tax Evaders
    An official signing of the new protocol is expected in the next few months, the Treasury said.
    Once approved, Switzerland will cooperate with U.S. tax authorities in investigating suspected cases of tax evasion. More...

  • June-21-2009 -- How the major stock indexes fared on Friday
    NEW YORK - U.S. STOCKS ended mixed on Friday as a cautious market gave up most of early gains chalked up by this week's generally upbeat economic data.
    The value of all U.S. shares increased 0.4%, according to data compiled by Bloomberg. More...

  • June-21-2009 -- Chrysler Names Manufacturing, Engineering, Design Leaders
    According to the guidelines approved by a Federal bankruptcy court, the newly constituted Chrysler which merged with the Italian automaker Fiat last week is shielded from liability suits filed by individuals injured in future accidents involving the 31 million "old" Chrysler vehicles currently on the roads.
    Fiat has an excellent midsize chassis/platform, which serves as the basis for the Alfa Romeo 159. More...

  • June-21-2009 -- California's Credit Rating May Be Cut by Moody's
    Specifically, the following rating actions were taken, as announced by Cherry Huang, a Moody's Vice President and Senior Analyst. (1) SinoPac Financial Holding Company (SinoPac FHC): Foreign currency issuer rating is confirmed at Baa2 with negative outlook.
    "TARP repayment should in no way be interpreted as a return to a normal operating environment — significant challenges remain that require vigilance," said Moody's Vice President Jean-Francois Tremblay in a report. More...

  • June-21-2009 -- Jobless Numbers Fall, but New Claims Rise
    WASHINGTON (AP) — On the surface, the government seemed to signal Thursday that more Americans are finding jobs: The number of people receiving unemployment aid fell for the first time since early January.
    In another sign the labor market may be thawing, the closely watched four-week moving average for new claims, which smoothes out short-term volatility, shrank to 615,750, the least since February 14. More...

  • June-21-2009 -- BofA rebuffs offer for Merrill buy-out
    Bank of America (BAC)'should be able to ride the contributions from Countrywide Financial and Merrill Lynch ''to a multiple expansion that could add as much as 40% to its market capitalization.
    BofA is not an investment bank, does not understand investment banking, and wants no part of investment banking. More...

  • June-21-2009 -- Crude Oil, Gasoline Tumble on Increasing Motor-Fuel Supplies
    OPEC head: no output cut needed if current prices remain NEW YORK, June 18 (Reuters) - U.S. crude oil futures ended higher on Thursday, as reassuring economic data on jobless benefit claims and regional manufacturing and a buoyant Wall Street combined to keep prices above $71 a barrel.
    After struggling for a decade on very limited spare capacity - when it was just averaging at about 2.7 million barrels per day, the demand slump of 2009 will significantly bring up that spare crude capacity to 6.4 million barrels per day; equivalent to roughly 8.0% of global oil demand. More...









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