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


Sunday


  • July-06-2008 -- Corn could hit $10 as flooding may reduce output
    Farmers nationwide expect to harvest 78.9 million acres of corn, a 8.8 percent drop from last year, according to the U.S. Department of Agriculture.
    Officials from South Dakota corn industry trade groups were heartened by the USDA's news. More...

  • July-06-2008 -- Oil Is Steady Near Records as Investors Seek Stocks Alternative
    Crude oil for August delivery closed down 21 cents Monday to $140 a barrel on the New York Mercantile Exchange after hitting a record $143.67 early in the day.
    Oil prices surged past $143 a barrel for the first time and then fell back as a rising dollar prompted some investors to sell. More...

  • July-06-2008 -- Renault CEO Makes Plans To Mass Produce Electric Cars
    AIX-EN-PROVENCE, France -- Renault SA Chief Executive Carlos Ghosn said Saturday the company is getting ready to mass produce electric cars to offset rising energy prices.
    More...

  • July-06-2008 -- GM to Speed Decision on Mini Car for US
    GM may bring the production version of the Chevrolet Beat to the U.S., people familiar with the plan said.
    GM's sales have tumbled 16.3 percent this year, more than the market's overall 10.1 percent decline, as soaring gas prices have put customers off from buying large vehicles. More...

  • July-06-2008 -- Toy Chests Are Not Toys
    The fireworks were sold at firework stores around the country between April 2007 and June 2008.
    The government said lid supports on bed toy chests fail to prevent the lid from closing too quickly, posing an entrapment and strangulation hazard to young children. More...

  • July-06-2008 -- BLM stirs up a desert storm
    "Hitting the brakes before we'd really gotten off the ground was definitely a scary prospect for the industry," said Katherine Gensler, manager of regulatory and legislative affairs for the Solar Energy Industries Association.
    The plants included in the applications have the potential to power more than 20 million homes. More...

  • July-06-2008 -- About 6000 still without power after Mich. storms
    Press Photo/Emily Zoladz Michael Laning, 11, of Walker, swims in a flooded lawn on Riverbend Road NW. GRAND RAPIDS -- Thousands of Kent County residents remained without power heading into Friday's holiday, and several area roads continued to be closed by downed power lines after storms pummeled West Michigan earlier this week.
    Officials are projecting it could be Saturday before some rural customers in the hardest hit areas in Kent, Allegan and Ottawa counties could be switch back on. More...

  • July-06-2008 -- Town Lake Shelter Receives More Strays Than Usual Post Fourth
    Some animals can become destructive when frightened, so be sure that you've removed any items that your pet could destroy or that would be harmful to your pet if chewed.
    If your pet runs away, call 206-296-7387 and press 3 for King County Animal Care and Control's "Lost Pet Hotline" and a list of lost or stray pets currently at the shelter. More...

Sunday


  • July-06-2008 -- Can General Motors Recover?
    DETROIT (Reuters) - General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz ) will need to raise as much as $15 billion in cash to shore up liquidity and bankruptcy is "not impossible" if the U.S. auto market continues to slump, Merrill Lynch said.
    To balance the bad news, GM executives pointed to the overseas market, where the company is anything but troubled. More...

  • July-06-2008 -- Merrill Said to Be in Talks to Sell Bloomberg Stake
    The firm became Bloomberg's first customer in 1982, buying terminals that resembled typewriters hooked up to terminals.
    NEW YORK (Reuters) - Merrill Lynch & Co Inc (MER.N: Quote, Profile, Research ) would plan to keep its strategic relationship with BlackRock Inc (BLK.N: Quote, Profile, Research ) whether or not the bank were to sell its stake in the asset management company, a person close to Merrill said. More...

  • July-06-2008 -- GM to Speed Decision on Mini Car for US
    GM may bring the production version of the Chevrolet Beat to the U.S., people familiar with the plan said.
    GM's sales have tumbled 16.3 percent this year, more than the market's overall 10.1 percent decline, as soaring gas prices have put customers off from buying large vehicles. More...

  • July-06-2008 -- King of Beers? Only in America
    BRUSSELS, Belgium -- Brewer InBev SA on Tuesday made a plea to Anheuser-Busch shareholders to challenge the U.S. beer company's rejection of its unsolicited $46 billion takeover bid.
    "We need to all come together and focus on competing in the marketplace every day as aggressively as possible to exceed the plan that we have laid out," Peacock said in a website video presentation that was also sent out by private broadcast satellite network. More...

  • July-06-2008 -- Toy Chests Are Not Toys
    The fireworks were sold at firework stores around the country between April 2007 and June 2008.
    The lid supports on the toy chest fail to prevent the lid from closing too quickly, posing an entrapment and stragulation hazard to young children. More...

  • July-06-2008 -- A bitter-tasting jolt for Starbucks
    HIT hard by a slowing economy, the Starbucks coffee chain is closing 600 stores, signalling an end to the Seattle company’s United States boom, at least for now.
    What is curious is that I am not hearing of Dunkin' Donuts in a similar issue. More...

  • July-06-2008 -- Corn could hit $10 as flooding may reduce output
    Farmers nationwide expect to harvest 78.9 million acres of corn, a 8.8 percent drop from last year, according to the U.S. Department of Agriculture.
    The heavy rains that sent floodwaters cascading through the Mississippi River Valley compounded an unusually late planting start caused by cold, wet weather. More...

  • July-06-2008 -- Oil prices fall more than $1 a barrel
    July 3 (Bloomberg) -- Crude oil rose to a record above $144 a barrel in New York as the European Central Bank is poised to increase interest rates and U.S. stockpiles unexpectedly fell to their lowest since January.
    The ECB's decision could be decisive in pushing crude oil prices up to the key $150 a barrel level, said Edward Meir of MF Global in New York. More...





Saturday


  • July-05-2008 -- Toy Chests Are Not Toys
    A toddler's death in Roseville prompted the voluntary nationwide recall Thursday of two makes of youth beds. The recall of the La Jolla Boat Bed and Pirates of the Caribbean Twin Trundle Beds, both by Bayside Furnishings of San Diego, was announced by the U.S. Consumer Product Safety Commission.
    The beds were sold at Costco and other retailers. More...

  • July-05-2008 -- HIGHLIGHTS-US's Paulson and UK's Darling news conference
    LONDON - Treasury Secretary Henry Paulson said he is more concerned about the ailing U.S. economy than the threat of higher inflation.
    Oil futures jumped to an intraday record high of $146.34 a barrel, after it moved up by $1.77 at $146.03 in morning trade. More...

  • July-05-2008 -- GM to Speed Decision on Mini Car for US
    GM may bring the production version of the Chevrolet Beat to the U.S., people familiar with the plan said.
    GM's sales have tumbled 16.3 percent this year, more than the market's overall 10.1 percent decline, as soaring gas prices have put customers off from buying large vehicles. More...

  • July-05-2008 -- Penn National Gaming Cancels Its Sale to Private Equity Firms
    New York, NY (AHN) - Penn National Gaming Inc. said on Thursday that the firm along with funds managed by Fortress Investment Group and Centerbridge Partners LP have agreed to scrap a proposed $6.1 billion acquisition.
    The New York Times reported in May that Fortress and Centerbridge had begun to jostle with Penn National over the terms of the deal. More...

  • July-05-2008 -- Merrill says GM bankruptcy possible
    DETROIT - General Motors Corp. will need to raise as much as $15 billion in cash to shore up liquidity and bankruptcy is a possibility if the U.S. auto market continues to slump, Merrill Lynch said.
    Shares of GM were down about 10 per cent to $10.57 U.S. in early-afternoon trading on the New York Stock Exchange on Wednesday. More...

  • July-05-2008 -- New Drug-Coated Stent Approved
    Chicago Tribune reporter July 3, 2008 While U.S. approval of Abbott Laboratories ' drug-coated heart stent is a boost to the North Chicago medical giant, the product enters a market that is shrinking as doctors rethink the role of artery-clearing devices in the prevention of heart attacks and treatment of coronary artery disease.
    John M Capek, the company's executive vice-president for Medical Devices, believes the drug will rapidly become the new standard for drug-eluting stents. More...

  • July-05-2008 -- Solar farms' impact to be explained
    "Hitting the brakes before we'd really gotten off the ground was definitely a scary prospect for the industry," said Katherine Gensler, manager of regulatory and legislative affairs for the Solar Energy Industries Association.
    Remember how the liberals and environmentalists were freaking out, a few days ago, because the BLM wanted to stop accepting solar-energy applications for federal land in the southwest until maybe the environmental impact of the other 125 projects already submitted could be given the sort of environmental review the environmentalists generally believe is a good thing? Well, never mind. More...

  • July-05-2008 -- LA Times Newsroom to Shrink by 150 Jobs
    Chicago Tribune reporter July 3, 2008 The Los Angeles Times plans to cut approximately 150 positionsor about 17 percentfrom its print and Internet newsroom staff and reduce the number of pages it publishes each week by 15 percent, Times Publisher David Hiller and Editor Russ Stanton informed staff Wednesday.
    Stanton says the paper faces falling advertising revenue without new online ads to make up the difference. More...

Saturday


  • July-05-2008 -- TPG likely to receive cool reception to future UK proposals in ...
    LONDON (Thomson Financial) - Bradford & Bingley Plc. said it will issue approximately 828 million new shares in its enlarged rights issue, representing approximately 57 percent of its enlarged share capital, with 67 new shares offered for every 50 existing shares.
    "I was completely gobsmacked," said one. More...

  • July-05-2008 -- Starbucks May Rise on Plans to Cut Staff, Stores (Update1)
    July 2 (Bloomberg) -- Starbucks Corp. rose in early U.S. trading after the coffee retailer, which has doubled in size since 2004, said it will cut 7 percent of its workforce and close 600 stores.
    We are a society who thrives on convenience and expect top service for very little. More...

  • July-05-2008 -- Footsie nears bear market territory
    The Dow Jones Industrial Average had narrowly averted the bear's den since Friday, but the overwhelming pressure of oil prices, weak labour and housing markets and stingy credit proved too much for stocks related to the auto, airline and financial industries, especially GM, Boeing and Bank of America.
    The Standard Poor's 500 stock index dropped into bear country on Wednesday, joining the blue chip Dow Jones industrial average, which last Friday hit the 20-per-cent decline from the high that marks a bear market, and the tech-stock-laden Nasdaq Stock Market composite, which has been ruled by bears since mid-March. More...

  • July-05-2008 -- Why Microsoft will win Yahoo
    A friendly Justice Department review of the Google-Yahoo search deal has been upgraded to a formal investigation, the Washington Post says.
    Don't count on it, Google. More...

  • July-05-2008 -- Keep Pets Safe On Fourth of July
    Some animals can become destructive when frightened, so be sure that you've removed any items that your pet could destroy or that would be harmful to your pet if chewed.
    The loud noises and bright flash from fireworks can confuse and frighten pets with many animals running away and becoming lost. More...

  • July-05-2008 -- Where the iPhone Failed
    Apple's highly-anticipated iPhone 3G, which also doubles as an MP3 player and mobile Internet device, goes on sale on July 11.
    The telco is believed to be writing a cheque to Apple for $300 for each handset it flogs. More...

  • July-05-2008 -- Exxon Valdez ruling worries environmental watchdogs
    Long ago the courts tagged Exxon Mobil with the blame for the spill, which left 11 million gallons of crude oil oozing through Alaska's Prince William Sound in 1989.
    "The lesson here is that you can cut corners as long as you have a good attorney." More...

  • July-05-2008 -- Kentucky: Mistrial In Fen-Phen Case
    Attorneys William Gallion and Shirley Cunningham each is charged with one count of conspiracy to commit wire fraud for allegedly defrauding clients out of $65 million in Kentucky's $200 million fen-phen settlement in 2001.
    COVINGTON, Ky. -- A verdict or a deadlocked panel is expected to be announced before the July Fourth holiday for the two lawyers charged with defrauding their clients out of $65 million in a diet-drug settlement, said U.S. District Judge William Bertelsman. More...

Friday


  • July-04-2008 -- Penn National Gaming Cancels Its Sale to Private Equity Firms
    New York, NY (AHN) - Penn National Gaming Inc. said on Thursday that the firm along with funds managed by Fortress Investment Group and Centerbridge Partners LP have agreed to scrap a proposed $6.1 billion acquisition.
    The New York Times reported in May that Fortress and Centerbridge had begun to jostle with Penn National over the terms of the deal. More...

  • July-04-2008 -- Gold Falls in London on Reduced Hedge Demand; Silver Also Drops
    The precious metal has bounced more than 7 percent since falling to a one-week low at $873.50 an ounce last week, mainly driven by rising oil prices.
    Any sign of more hikes to come could support the euro against the dollar, thus boosting gold. More...

  • July-04-2008 -- Fireworks May Frighten Pets
    "Dogs and cats can hear better than we can.
    Make sure that doors, windows, and blind are properly closed, so that pets could not escape and be disturbed by firework flashes. More...

  • July-04-2008 -- ANA Considers Possible A380 Order
    TOKYO, July 4 (Reuters) - All Nippon Airways Co (ANA) (9202.T: Quote, Profile, Research ) plans to buy five Airbus A380 jetliners, marking the first purchase by a Japanese airline of large aircraft from the European firm, the Nikkei business daily reported on Friday.
    The purchase would be the first time that a Japanese airline buys large aircraft from the European firm, according to The Nikkei. More...

  • July-04-2008 -- Beef Recall Is Expanded
    Customers who purchased certain pre-packaged portions of Private Selection Natural ground beef from Dillons stores in Lawrence and elsewhere in Kansas should return the meat to the stores for a full refund, as the beef is being recalled in connection with an E. coli outbreak in Ohio and Michigan, the company said.
    Stores are using Kroger card records to put warnings on new receipts if customers bought any of the recalled beef in the past. More...

  • July-04-2008 -- Ex-Refco CEO Bennett Sentenced To 16 Years in Prison for Fraud
    I take full responsibility for my actions.
    On October 10, 2005, Refco issued a press release announcing, in substance, that it had discovered that it was owed a debt of approximately $430 million by an entity controlled by Bennett. More...

  • July-04-2008 -- Delta, Express Jet sever partnership
    ExpressJet (nyse: XJT - news - people ) currently operates 23 ERJ-145 aircraft for Delta Connection on flights that mainly operate out of Los Angeles and Salt Lake City, Delta said.
    The flights to be halted are operated by ExpressJet Airlines under a contract that Delta said would end Sept. 1. More...

  • July-04-2008 -- European shares fall, Asia markets mixed
    Markets are weak, and inflation is a concern, especially for Vietnam, Indonesia and the Philippines," said a Hong Kong-based trader.
    The survey, which interviewed 935 people from nine Asian countries including China and India, was a response to a low level of awareness. More...

Friday


  • July-04-2008 -- Federal Judge Orders Israel To Start Prison Term Immediately
    When federal authorities launched their nationwide manhunt for fugitive financier Samuel Israel III last month, they warned citizens that the former hedge fund manager "should be considered armed and dangerous."
    Peter Coe, a dispatcher with the Southwick police, confirmed the arrest of the former Bayou Group executive, according to a Reuters report. More...

  • July-04-2008 -- AMR says 900 flight attendants subject to furlough
    Analysts were already expecting AMR to post a loss of about $330 million in the second quarter, according to a survey by Thomson Financial.
    American's unions have been waiting for grim news since May, when the company announced it would sharply curtail U.S. flying and retire 45 to 50 planes after the busy summer vacation season. More...

  • July-04-2008 -- HIGHLIGHTS-US's Paulson and UK's Darling news conference
    Speaking at a news conference in London, where he had talks with Britain's Chancellor of the Exchequer, Alistair Darling, Paulson said the turmoil in the global financial markets and the 'correction' in the U.S. housing market would continue for some time.
    Chancellor Alistair Darling and Henry Paulson, the U.S. Treasury Secretary, today admitted mistakes by regulators, banks and investors had led to the credit crunch but fell short of critising the huge pay packets awarded to failed financial executives. More...

  • July-04-2008 -- Ex-Refco CEO Bennett Sentenced To 16 Years in Prison for Fraud
    I take full responsibility for my actions.
    "You and others like you play a truly high stakes poker game," Buchwald said. More...

  • July-04-2008 -- Oil Is Little Changed as Investors Seek Alternatives to Stocks
    Crude oil for August delivery closed down 21 cents Monday to $140 a barrel on the New York Mercantile Exchange after hitting a record $143.67 early in the day.
    The margin for turning three barrels of crude into two of gasoline and one of heating oil rose 6.4 cents to $12.678 a barrel, based on futures prices. More...

  • July-04-2008 -- For stocks, escaping bear hinges on oil, GE
    At 8:07 a.m., the FTSE 100 index was down 42.9 points at 5,383.4, while the FTSE 250 index was off 99.0 points at 8,559.2.
    Second-quarter profit is expected to drop 11.5%, down from an expected gain of 4.7% on Jan 1. More...

  • July-04-2008 -- Ky. lawyers face new trial in diet-drug settlement
    Attorneys William Gallion and Shirley Cunningham each is charged with one count of conspiracy to commit wire fraud for allegedly defrauding clients out of $65 million in Kentucky's $200 million fen-phen settlement in 2001.
    The acquittal didn't end the legal troubles for Mills. More...

  • July-04-2008 -- Merrill says GM bankruptcy possible
    DETROIT - General Motors Corp. will need to raise as much as $15 billion in cash to shore up liquidity and bankruptcy is a possibility if the U.S. auto market continues to slump, Merrill Lynch said.
    Weak sales will continue through 2009. More...

Thursday


  • July-03-2008 -- Yahoo and Time Warner pick up talks over AOL
    NEW YORK (AP) — Yahoo Inc. shares rose more than 5 percent Wednesday as The Wall Street Journal reported Microsoft Corp. has talked to other media companies about teaming up to buy Yahoo's search business.
    A presentation, circulated to all Yahoo investors ahead of the AGM on 1 August, features a timeline of the Microsoft talks, indicating that on two separate occasions, executives had asked Microsoft if the company was still interested in doing a deal. More...

  • July-03-2008 -- ISM services index shows contraction in June
    NEW YORK (AP) — Treasury prices finished little changed Tuesday, giving up gains as stocks reversed their losses and after a report showed surprising rebound in manufacturing last month.
    NEW YORK (AP) — U.S. manufacturing activity expanded for the first time in five months in June, thanks to strong exports, but the minimal growth came as inventories climbed and prices rose for every commodity except copper, a private industry group said on Tuesday. More...

  • July-03-2008 -- Paulson, Darling Warn on Economy
    LONDON (Reuters) - U.S. Treasury Secretary Henry Paulson said Wednesday the United States must find a way regulators can allow investment banks to fail without threatening the stability of the financial system.
    LONDON, July 3 (Reuters) - Below are highlights from U.S. Treasury Secretary Henry Paulson and UK finance minister Alistair Darlings news conference in London. More...

  • July-03-2008 -- Controversial GM Bankruptcy Rumors Gain Steam
    DETROIT (Reuters) - General Motors Corp (GM.N: Quote ) will need to raise as much as $15 billion in cash to shore up liquidity and bankruptcy is "not impossible" if the U.S. auto market continues to slump, Merrill Lynch said.
    G.M.' s sales were better than expected, but that came largely on the back of zero-percent financing incentives. More...

  • July-03-2008 -- Lehman boosts stock portion of employee pay
    Lehman Brothers ( LEH ) is saving cash by increasing the stock portion of its employee pay, according to a'' Bloomberg '' report.
    Over the long run, though, investors and Lehman employees will see through the smokescreen. More...

  • July-03-2008 -- Oil Rises on Concern Attack on Iran Will Disrupt Gulf Supply
    Crude oil prices fluctuated between $130-$140 per barrel last week (until Thursday noon prior to the statement by Algerian energy minister, OPEC chief Shakib Khalil).
    MADRID, Spain (CNN) -- Saudi Arabia on Tuesday ruled out further increases in crude production following its June 23 announcement that it would pump an extra half-million barrels a day. More...

  • July-03-2008 -- ANALYSIS-TomTom shares sink but pain may not be over yet
    The move follows the completion of a $4.5 billion merger of GPS device maker TomTom with digital mapper Tele Atlas last month.
    The acquisition fits with the Finnish firm's positioning as a competitor to Google, rather than a straight handset vendor. More...

  • July-03-2008 -- Adidas to open its biggest worldwide store in Beijing this weekend
    At around 34,100 square feet, the retail behemoth will be far larger than any other Adidas shop in the world.
    More...

Thursday


  • July-03-2008 -- US Government Agency Reverses Moratorium On Solar Power Proposals
    "Hitting the brakes before we'd really gotten off the ground was definitely a scary prospect for the industry," said Katherine Gensler, manager of regulatory and legislative affairs for the Solar Energy Industries Association.
    In response to public interest in solar energy development, the Bureau of Land Management is announcing that it plans to continue accepting applications for future potential solar development on the public lands. More...

  • July-03-2008 -- Lehman to pay employees more in stock
    NEW YORK (Reuters) - Lehman Brothers Holdings Inc (LEH.N: Quote, Profile, Research ) is paying more of employees' compensation in stock this year, the company said in a memo sent to employees on Wednesday.
    There is good news and bad news for employees of Lehman Brothers today. More...

  • July-03-2008 -- E. Coli Illnesses Prompt Beef Recall
    Today, the supermarket says it has restocked.
    The recall was expanded after USDA's Food Safety and Inspection Service announced that Nebraska Beef, Ltd.is recalling approximately 531,707 pounds of ground beef components that may be contaminated with E. coli O157:H7. More...

  • July-03-2008 -- UPDATE 1-IBM buys Platform Solutions, settles dipute
    "IBM's strategy is to continually evolve our mainframe technology to help our clients tackle the most demanding business issues," said Anne Altman, General Manager, IBM System z.
    "The acquisition is more of a benefit to IBM than just taking a competitor off the board," King said. More...

  • July-03-2008 -- Abbott's Xience Heart Stent Wins US FDA Approval (Update2)
    Easier to implant than rival stents and superior in clinical trials, Xience and a version licensed to Boston Scientific Inc. called Promus could generate as much as $2 billion in annual sales by 2010, according to analyst estimates.
    Xience is sleeker, with narrower struts and a thinner drug coating. More...

  • July-03-2008 -- This Bear Has Sharp Claws
    Given the dire state of the U.S. banking system and the recession in the U.S. economy, we were not surprised that Bernanke & Co. left the federal funds rate unchanged last week.
    WALL STREET IS JUST A HAIR AWAY FROM BEAR TERRITORY, though the hoary definition of a 20% decline seems rather arbitrary when your portfolio is getting pounded a percent or more daily. More...

  • July-03-2008 -- Dish Network drops after AT&T says deal to end
    DISH shares fell by 6 percent on the news in after-market trading.
    Having the two big DSL carriers with the same satellite company really puts a wrench in differentiating AT&T and Verizon's bundles. More...

  • July-03-2008 -- MiddleBrook shares dive on equity deal
    MiddleBrook Pharmaceuticals Inc. (Nasdaq: MBRK ) tanked 50% in pre-market trading on Wednesday after the company announced late Tuesday it had made an agreement with private investment firm Equity Group Investments for $100 million equity investment in the pharmaceutical company.
    Several changes to the Board of Directors will result from the agreement with EGI. Dr. Rudnic will depart from the MiddleBrook board, effective upon the transaction closing. More...

Wednesday


  • July-02-2008 -- Starbucks to close 600 US stores, cut 12000 jobs
    July 2 (Bloomberg) -- Starbucks Corp. rose in early U.S. trading after the coffee retailer, which has doubled in size since 2004, said it will cut 7 percent of its workforce and close 600 stores.
    Chicago Tribune reporter 9:56 PM CDT, July 1, 2008 You might have to walk a whole extra block to get your latte. Starbucks Corp. will begin shuttering 600 stores nationwide at the end of July, cutting about 7 percent of its global workforce as it sheds unprofitable locations and responds to a drop-off in consumer spending. More...

  • July-02-2008 -- Merrill Says GM Needs $15 Billion Cash, Bankruptcy 'Not Impossible'
    Murphy thinks there's potential downside in the stock below $7 and that bankruptcy is not impossible if market continues to deteriorate and significant incremental capital is not raised.
    GM declined to comment directly on the Merrill Lynch report but said it believes it has sufficient liquidity for 2008 and could take more steps to cut costs if sales conditions worsen. More...

  • July-02-2008 -- Merrill Lynch, Citigroup Estimates Cut by Oppenheimer's Whitney
    July 2 (Bloomberg) -- Merrill Lynch & Co. had its second- quarter earnings estimate cut by Oppenheimer & Co.' s Meredith Whitney on expectations subprime writedowns will be as large as $5.8 billion.
    More...

  • July-02-2008 -- Paulson Calls for Process to Liquidate Failing Firms (Update2)
    WASHINGTON -- U.S. Treasury Secretary Henry Paulson called Wednesday for an expansion of regulatory powers to ensure that the failure of a nonbank financial institution doesn't threaten the whole financial system.
    Paulson also said German and other European banks were still dealing with common credit problems and were supportive of the co-ordinated policy responses between the U.S. and Europe. More...

  • July-02-2008 -- Fight for Yahoo goes on
    A friendly Justice Department review of the Google-Yahoo search deal has been upgraded to a formal investigation, the Washington Post says.
    A Microsoft spokesman declined to say whether the company has received any formal government requests on the matter. More...

  • July-02-2008 -- Oil climbs after inventory report
    Crude-oil inventories fell last week after posting a gain in the prior period, while gasoline stockpiles rose unexpectedly, according to government data released Wednesday.
    Light, sweet crude for August delivery is up 46 cents at $141.43 a barrel on the New York Mercantile Exchange. More...

  • July-02-2008 -- Wall St extends gains after factory orders
    Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc., contends that the market must see nervous investors pull more money from the stock market before Wall Street will begin to show meaningful signs of stabilizing.
    The Labor Department is expected to release a June employment report Thursday that is expected to show the sixth straight month of jobs losses and only a modest improvement in the unemployment rate. More...

  • July-02-2008 -- Part Three: The Oil Speculator Witch Hunt
    Lawrence Eagles, editor of the IEA report, said: "What we are seeing here is an absence of obvious reactions to price signals."
    The IEA said oil demand remains concentrated in developing economies, with 90% of the growth spread between Asia, South America and the Middle East. More...

Wednesday


  • July-02-2008 -- Toyota struggles to meet hybrid, small car demand
    You're a small, inconsequential speck, a golf cart riding among Escalades, and as you take to the highway, you feel your vulnerability powerfully.
    More...

  • July-02-2008 -- CIT Group Is Selling Off Bad Loans
    NEW YORK (AP) — CIT Group Inc. said Tuesday it will sell its home lending business to Lone Star Funds for $1.5 billion in cash, plus $4.4 billion of assumed debt, in a move to exit the troubled mortgage arena and focus on its commercial finance operations.
    The stock gained $1.65, or 24.2 percent, to $8.46 after the opening bell. More...

  • July-02-2008 -- AstraZeneca Wins Patent Suit
    The Abbreviated New Drug Applications, or ANDAs, filed by Teva and Sandoz sought approval to market generic versions of Seroquel tablets in the U.S. before Seroquel's patent expires in 2011.
    TEVA ended Tuesday's regular trading session at $46.99, up $1.19 or 2.60%. More...

  • July-02-2008 -- Moody's Disciplines Employees In Europe Over CPDO Ratings
    LONDON (Reuters) - Moody's Investors Service (MCO.N: Quote, Profile, Research ) said it was disciplining employees for considering inappropriate issues in approving triple-A ratings for complicated debt products called constant proportion debt obligations (CPDOs).
    The''integrity of our rating process is core to Moody's values and is essential to the market." More...

  • July-02-2008 -- Judge: IRS can seek tax info from Swiss bank
    The justice department said former UBS banker Bradley Birkenfeld pleaded guilty to conspiring to defraud the IRS by assisting UBS clients in avoiding U.S. reporting requirements on income in Swiss bank accounts on June 19.
    In 2006, the Swiss Justice Ministry granted U.S. investigators access to information about bank accounts of terrorism suspects. More...

  • July-02-2008 -- OPEC couldn't replace Iran oil output: chief
    Earlier, the president of the Organization of Petroleum Exporting Countries, Chakib Khelil of Algeria, told an interviewer from France 24 television that oil prices might reach $150 to $170 a barrel.
    Europe imports nearly 80 percent of the oil it uses at an estimated cost of some 1 billion euros ($1.55 billion) a day at recent price levels. More...

  • July-02-2008 -- Venture capital firms face tighter exit strategies
    For the first time in 30 years, no venture-backed companies went public via a U.S. initial public offering last quarter, the WSJ reports, citing the National Venture Capital Association.
    In the deals that were made the average value of the venture-backed firm being acquired soared 57 percent to $87.6 million. More...

  • July-02-2008 -- Rhode Island top court overturns lead paint ruling
    BOSTON (Reuters) - Rhode Island's top court on Tuesday overturned a landmark lower court ruling that found three former manufacturers of lead paint liable for creating a public nuisance by covering up the health risks of lead paint.
    Rhode Island's long-awaited decision could influence court decisions in other states, counties and cities where lead-poisoning lawsuits are pending. More...

Tuesday


  • July-01-2008 -- CIT Rises on $1.8 Billion Sale of Mortgage Units (Update2)
    CIT Group (CIT) will reportedly sell its home lending business to Lone Star Funds for $1.5 billion in cash and $4.4 billion in assumed debt.
    Since April 1, 2008, the Company has successfully executed on several additional key balance sheet strengthening initiatives, including: raising $1.6 billion in new capital, completing asset-backed financings of approximately $1.5 billion, selling more than $2 billion of assets at approximately book value and obtaining a $3 billion long-term financing facility from Goldman Sachs, while retiring $5.3 billion in debt and significantly reducing unfunded commitments. More...

  • July-01-2008 -- Wall Street: Bear country, USA
    Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc., contends that the market must see nervous investors pull more money from the stock market before Wall Street will begin to show meaningful signs of stabilizing.
    Cashin, director of floor operations at UBS, said there are some real signs the market is over sold. More...

  • July-01-2008 -- Google likely to stay put on AOL stake
    The deal either gives Google five per cent of AOL should there be an initial public offering or gives Time Warner first refusal on the stake.
    The brokerage has a "buy" rating on Google, which replaces Expedia Inc as its No. 1 choice for the top picks live list -- Citigroup's list of stocks to buy or sell Monday. More...

  • July-01-2008 -- Manufacturing picks up in June, ISM survey shows
    Though the PMI indicates minimal change in the manufacturing sector month over month, ISM spokesman Norbert J. Ore claims that is "hardly the situation."
    Construction spending underlined the weakness, falling in May for the 11th time in the past year, dropping 0.4 percent, according to the Commerce Department. More...

  • July-01-2008 -- UBS shares drop on tax-probe concern
    The IRS uses "John Doe'' summonses when it is investigating possible tax fraud by people whose identities are unknown.
    Court records in the case note that Birkenfeld "assisted wealthy United States taxpayers create offshore nominee and sham entities to act as foreign beneficial owners of the offshore accounts. More...

  • July-01-2008 -- InBev sticks to $46 billion Anheuser-Busch offer
    NEW YORK (Reuters) - Anheuser-Busch Cos (BUD.N: Quote, Profile, Research ) rejected InBev's (INTB.BR: Quote, Profile, Research ) $46.3 billion (23.3 billion pounds) takeover bid on Thursday, calling it inadequate, but the largest U.S. brewer left the door open to a higher bid.
    The combination Anheuser-Busch is studying would create the world's largest brewer by sales volume and combine the U.S. company's Budweiser beer with InBev's Stella Artois, Bass and 200 other brands. More...

  • July-01-2008 -- Manitowoc wins Enodis auction with $2.7 billion bid
    Construction-crane maker Manitowoc Co. emerged as the victor in an auction for food-equipment maker Enodis PLC, beating out Illinois Tool Works Inc. with a £1.21 billion ($2.4 billion) bid that ends two years of courtships.
    In 2006, Manitowoc scrapped a $1.5 billion takeover bid for Enodis amid regulatory concerns about product overlap in areas including ice machines. More...

  • July-01-2008 -- Microsoft's Plan B for Search
    Microsoft could not immediately be reached for comment.
    Yang was "a key driver and facilitator of our strategic plan", the company said. More...

Tuesday


  • July-01-2008 -- Market Insider: Tuesday Look Ahead
    The Dow lost 10.2% in June, 7.4% in the second quarter and 14.4% year to date.
    Technology shares aside, the market managed to add on fractional gains Monday, as oil backed off a record above $143 a barrel, and as fund managers bought up high-performing stocks along with defensive issues to embellish portfolios on the last day of the second quarter. More...

  • July-01-2008 -- Alzheimer's Failure For Myriad Genetics
    Myriad announced that results from a Phase III trial of Flurizan (tarenflurbil) in 1,684 patients with mild Alzheimer's disease did not correspond to the data observed in Phase II studies and the U.S. firm has decided to discontinue development of the drug.
    RBC Capital Markets analyst Michael Yee actually upgraded Myriad shares to "sector perform" from "underperform." More...

  • July-01-2008 -- Tesla Motors backs out of NM deal
    Tesla Motors, the maker of electric-powered roadsters, announced today that it has chosen the Bay Area to build a manufacturing plant for its new model, an electric sedan that is expected to go into production in two years.
    Schwarzenegger was able to pull $100 million from a discretionary fund called the Alternative Energy and Advanced Transportation Financing Authority to buy equipment for Tesla, which will lease from California with an option to buy the equipment tax-free at the end of the term. More...

  • July-01-2008 -- Wal-Mart revamping its US store logo
    Wal-Mart spokesman Kevin Gardner said the change would reflect changes customers already have seen in some store signs and advertisements.
    Live Better," replacing the motto "Always low prices" after 19 years. More...

  • July-01-2008 -- Despite Currency Boost, H&R Block Posts a Loss
    New York, NY (AHN) - H&R Block Inc., the biggest U.S. tax preparer, announced its first net income profit in two years on Monday for the fiscal fourth quarter, raising shares on Wall Street.
    Revenues rose to $4.40 billion from $4.02 billion in fiscal 2007. More...

  • July-01-2008 -- Fortune Says Profit Declined More Than It Forecast (Update2)
    Fortune dropped as much as 5.7 percent in late New York trading after saying earnings per share may decline at a "high- teens-to-mid-20s percentage rate'' in the quarter.
    Analysts polled by Reuters Estimates looked for second-quarter earnings of $1.36 a share, a decline of 10 percent. More...

  • July-01-2008 -- Japan's Bonds Fall on Concern Inflation to Curb Demand at Sale
    June 30 (Bloomberg) -- The dollar traded near a three-week low against the yen before government data this week that may show U.S. employers cut jobs for a sixth consecutive month, damping expectations for an increase in interest rates.
    JPMorgan Chase & Co.' s index of implied volatility on dollar options against the euro, the yen, the British pound, the Swiss franc and the Australian and Canadian dollars declined 2.21 percentage points to 10.28 percent. More...

  • July-01-2008 -- Deal Is Struck in Montana to Preserve Forest Areas
    This morning the Nature Conservancy and the Trust for Public Land announced the largest private land conservation sale in U.S. history: an agreement to purchase approximately 320,000 acres of western Montana forestland from Plum Creek Timber company for $510 million.
    Baucus authorized the issuance of $500 million in the conservation bonds. More...

Monday


  • June-30-2008 -- Trichet says speculation is 'not major culprit' in oil price rise ...
    BRUSSELS, Belgium (AP) — Yearly inflation in euro nations hit a record 4 percent in June, the EU statistics agency Eurostat said Monday, adding pressure on the European Central Bank to raise borrowing costs even as the economy slows.
    LONDON (Reuters) - The European Central Bank may be talking tough on rising prices but if forward-looking market indicators are any guide, investors don't have full confidence in policymakers' ability to bring inflation under control. More...

  • June-30-2008 -- UPDATE 2-CME to drop NYSE, list solely on Nasdaq
    "Today's seven-year extension of CME Group's exclusive license rights further strengthens our long-term growth prospects and earnings potential in the equity derivatives market, where we also have long-term exclusive rights to offer futures and options on futures contracts based on S&P Indices through 2016, and on Dow Jones Indices until 2014.
    In the past year, software company CA (CA.O: Quote, Profile, Research, Stock Buzz ) and DirecTV Group Inc (DTV.O: Quote, Profile, Research, Stock Buzz ) have switched from NYSE to Nasdaq listings. More...

  • June-30-2008 -- Inflation tops central bankers' agenda
    BASEL, June 30 (Reuters) - The world needs higher interest rates to tackle a clear inflation threat, even though economic growth is likely to be hit harder than most observers expect, the Bank for International Settlements said on Monday.
    The BIS sounds the alert over inflation risks, warning that "inflation risks, particularly in emerging market economies, could also prove unexpectedly strong and persistent". More...

  • June-30-2008 -- LVMH wins compensation from eBay
    PARIS (AFP) — A French court on Monday ordered online auctioneer eBay to pay nearly 40 million euros in damages to Louis Vuitton for selling fake luxury goods, in a ruling cheered as a victory for copyright protection.
    Internet auction site eBay has been ordered to pay '32 million to luxury goods group LVMH for allowing the sale of fake merchandise. More...

  • June-30-2008 -- Yahoo Fights For Its Board; Defends Handling Of Microsoft Deal And ...
    Yahoo! (represented by Board Chairmen Roy Bostock and CEO Jerry Yang) has sent a letter to their Shareholders, to finally clear things on what's has been really going on with regards to the "alleged renewed talks" happening between Yahoo and Microsoft.
    Investor Carl Icahn has sought to replace the Yahoo board because it didn't accept the Microsoft offer. More...

  • June-30-2008 -- Fund manager bids 1 million pounds for Buffett lunch
    Chinese investor Zhao Danyang of Pureheart China Growth Investment Fund beat out 77 other bidders to win the annual eBay auction of a lunch date with Buffett; and his winning bid significantly surpassed the $620,100 that captured last year's prize.
    Messages left for eBay media representatives and the Glide Foundation late Friday weren't immediately returned. More...

  • June-30-2008 -- ITV says UK referral to delay launch of Kangaroo
    The joint venture will create a common website of UK TV content accessible on demand to consumers.
    Kangaroo, which was expected to launch in August, now faces up to 24 weeks of Competition Commission scrutiny. More...

  • June-30-2008 -- Siemens Chief Loescher Confirms 17200 Job Cuts, Bild Reports
    Of the job cuts, some 800 will be in Munich and 300 in Berlin, the newspaper said in an excerpt of an article to be published on Saturday.
    Build 0: 0 ms (Misc).Parsing macro AdCode.Completed macro AdCode.Build 9: 1250 ms (Content).Completed macro headerv2.Parsing macro articletools.Build 3: 78 ms (Article).Build 9: 16 ms (Content).Completed macro articletools.Parsing macro articletools2.Build 3: 16 ms (Article).Build 9: 47 ms (Content).Completed macro articletools2.Build 0: 109 ms (Misc).Parsing macro nextprevious.Build 9: 2531 ms (Content).Build 0: 109 ms (Misc).Completed macro nextprevious.Build 0: 47 ms (Misc).Parsing macro YahooAd. More...

Monday


  • June-30-2008 -- Fund manager pays '1m for meal with Buffett
    This year "Power Lunch with Warren Buffett" charity auction has ended on eBay with a high bid of $2,110,100.
    Messages left for eBay media representatives and the Glide Foundation late Friday werent immediately returned. More...

  • June-30-2008 -- UK Consumer Confidence Falls to Lowest Level Since 1990 Riots
    The GfK NOP barometer of UK confidence scored minus 34 in June, down five points from May and the lowest reading since March 1990, just before the country's last recession.
    Soaring household bills and fears of a looming interest rate hike have driven consumer confidence to its lowest level since Britain was last facing recession 18 years ago, a survey has showed. More...

  • June-30-2008 -- Corn Rises to Record on Concern That Rain May Damage the Crop
    "So the ethanol industry may also experience losses and might not be able to bid the price.
    Parts of northeast Missouri were drenched by more than 8 inches (20 centimeters) of rain over the past three days, and more storms are forecast, according to a report yesterday by the National Weather Service . More...

  • June-30-2008 -- Deal in FL Could Boost LA Sugar Products
    In one of nation's largest-ever conservation deals, Florida to buy nearly 300 square miles from sugar company for $1.75 billion.
    Under the plan, the state will buy U.S. Sugar Corp.' s land, including 200 miles (322 kilometers) of railroad, a sugar mill and refinery, as well as a citrus-processing plant. More...

  • June-30-2008 -- It was hot at PrideFest. And so was the temperature
    SEATTLE -- An estimated 400,000 spectators turned out on Sunday for the 34th annual Seattle Pride Parade, a three-hour event from the south end of downtown Seattle to the Seattle Center.
    A woman marched in the parade with a sign, "Love is Love." More...

  • June-30-2008 -- Parents Say AA Did Not Notify Them Of Kids' Diverted Flight
    American Airlines has had a presence at Albany International Airport for decades.
    American Airlines Inc.' s system-wide downsizing is forcing the air carrier to drop its daily direct flight between Buffalo Niagara International Airport and the Dallas/Forth Worth Airport. More...

  • June-30-2008 -- Water Club opens / videos & photos -
    Much luxury doesn't come cheap.
    Borgata Hotel Casino & Spa One Borgata Way 609-317-1000; borgatanightlife.com Chic night life in the city's most glamorous casino hotel. More...

  • June-30-2008 -- Drivers Must Be 'Hands Free' This Week
    "Talking on your cell phone while driving is like talking to someone in the back seat except you're looking at your phone."
    The most common distraction by far was using a mobile phone. More...

Sunday


  • June-29-2008 -- Anheuser-Busch to Cut $1 Billion in Costs, Buy Stock (Update4)
    NEW YORK (Reuters) - Anheuser-Busch Cos (BUD.N: Quote, Profile, Research ) rejected InBev's (INTB.BR: Quote, Profile, Research ) $46.3 billion (23.3 billion pounds) takeover bid on Thursday, calling it inadequate, but the largest U.S. brewer left the door open to a higher bid.
    InBev's plan to pay for Anheuser-Busch with at least $40 billion in debt might force the company to adopt austerity measures, Slay has said. More...

  • June-29-2008 -- Yahoo opts for reorganisation after further executive exits
    The tech giant said it is creating three new teams that will report to President Sue Decker, including an audience products division, which will assume responsibility for company-wide product strategy and management, led by Ash Patel; a U.S. region in charge of bringing products to market for users in the U.S., led by Hilary Schneider; and an insights strategy team that will centralize the use of data and analysis across Yahoo!, led by a yet-to-be named executive.
    The string of organizational maneuvers marks at least the third major shakeup at Yahoo! since late 2006, when media head Lloyd Braun and COO Dan Rosensweig left the company and Decker was promoted from CFO to lead one of three other new groups formed at the time. More...

  • June-29-2008 -- BG's Chapman Says Oil Prices Too High to Be Sustained (Update1)
    The August contract closed at a record US$139.64 on the New York Mercantile Exchange.
    The price of heating oil also rose Thursday, up 0.012 cents in late trading to $3.8954 per gallon. More...

  • June-29-2008 -- Practical Traveler | Frequent Fliers
    ''Delta Air Lines added yet another fee to its business, after raising the fuel surcharge several times this year.
    Now Delta has announced plans to tack on a fuel surcharge -- $25 for domestic tickets and $50 for international travel. More...

  • June-29-2008 -- Anheuser to Stop Selling
    June 26 (Bloomberg) -- Anheuser-Busch Cos., the U.S. brewer facing a $46.3 billion takeover bid from InBev NV, will no longer sell caffeinated alcoholic beverages to settle an investigation with 11 state attorneys general.
    Critics contend that Tilt, Bud Extra and Miller Brewing Co.' s Sparks look and taste like nonalcoholic energy drinks and put drinkers, particularly young people, at risk of being injured in car accidents or other mishaps. More...

  • June-29-2008 -- Hamming it up to prepare for disaster
    During the weekend event, operators contact as many other amateur radio stations as possible during the 24-hour period, beginning at 1 p.m. Saturday and ending 1 p.m. Sunday.
    KENT - Tom Poole was 18 when he caught the bug for ham radio. More...

  • June-29-2008 -- Countrywide CEO Helped Many Get Loans
    The morning of the meeting, the Attorneys General of California and Illinois filed separate civil suits against Mozilo and Countrywide, alleging the firm used deceptive tactics to push homeowners into complicated, risky, and expensive loans so the company could sell as many loans as possible to third-party investors.
    I assure you: You and I are not VIPs. More...

  • June-29-2008 -- UPDATE: Palm Shares Slump As Loss, Sales Disappoint
    The company's adjusted loss was larger and revenue lower than what analysts expected.
    Palm CEO Ed Colligan started off the call talking about the continuing transformation of the company. More...

Sunday


  • June-29-2008 -- Practical Traveler | Frequent Fliers
    ''Delta Air Lines added yet another fee to its business, after raising the fuel surcharge several times this year.
    Those miles that you've been stockpiling by charging everything from a pack of gum to a flat-screen TV just got a little less valuable. More...

  • June-29-2008 -- Countrywide CEO Helped Many Get Loans
    June 25 (Bloomberg) -- Countrywide Financial Corp., the mortgage lender that lost $2.5 billion amid rising defaults and foreclosures, was sued by California and Illinois for allegedly luring borrowers into risky loans they couldn't afford.
    There was just one problem. More...

  • June-29-2008 -- Virgin Mobile to Buy Helio
    SK now owns 17% of Virgin Mobile USA. Earthlink will own 2.7% of the new company and Helio's charismatic founder, Sky Dayton, will not be involved in the new firm, Helio spokeswoman Jayne Wallace said.
    The company invested heavily into Helio along with American partner Earthlink with hopes of making inroads into the West, but has struggled as customers opted for existing offerings from Sprint (which supplies Virgin's airtime), AT&T, and other incumbent carriers. More...

  • June-29-2008 -- Yahoo! Launches Another Reorg
    The tech giant said it is creating three new teams that will report to President Sue Decker, including an audience products division, which will assume responsibility for company-wide product strategy and management, led by Ash Patel; a U.S. region in charge of bringing products to market for users in the U.S., led by Hilary Schneider; and an insights strategy team that will centralize the use of data and analysis across Yahoo!, led by a yet-to-be named executive.
    Yahoo also announced that CTO Ari Balogh will be responsible for building a "world-class" cloud computing and storage infrastructure, implying that Yahoo plans to invest heavily in offering cloud-based applications and services to compete with the likes of Google, Amazon Microsoft, and Apple's just-announced MobileMe services--although it might be a little late to the game. More...

  • June-29-2008 -- Anheuser to Stop Selling
    June 26 (Bloomberg) -- Anheuser-Busch Cos., the U.S. brewer facing a $46.3 billion takeover bid from InBev NV, will no longer sell caffeinated alcoholic beverages to settle an investigation with 11 state attorneys general.
    Miller Brewing Co., which markets caffeinated alcoholic drinks under the brand name Sparks , is not a party to the settlement agreements and is increasingly likely to face litigation over the beverages. More...

  • June-29-2008 -- Bush adminstration halts solar energy projects on federal lands
    'The Bureau of Land Management land has some of the best solar resources in the world.
    "(The solar plants) cover thousands of acres potentially, and we need to determine what the environmental consequences are of that, look at what it means when you spray the land with herbicides or remove vegetation." More...

  • June-29-2008 -- Yahoo investors unsure if they will support Icahn
    Microsoft could not immediately be reached for comment.
    Observers cautioned that while the ad pact might give Yahoo some breathing room, it will do little to help Yahoo address a series of key challenges, including the long-term erosion in Yahoo's search market share, slowing growth in Web traffic and online advertising, and the departure of several key executives. More...

  • June-29-2008 -- Ham radio club has field day with communication
    During the weekend event, operators contact as many other amateur radio stations as possible during the 24-hour period, beginning at 1 p.m. Saturday and ending 1 p.m. Sunday.
    RACES members are all volunteers that operate under the auspices of the Hamilton County Emergency Management Agency. More...





Saturday


  • June-28-2008 -- A Voice From Inside Yahoo
    Microsoft could not immediately be reached for comment.
    Icahn is seeking to revive buyout talks between Yahoo and Microsoft Corp (MSFT.O: Quote, Profile, Research ). More...

  • June-28-2008 -- Supreme Court Term Is Mixed For Business, But Wins Were Big
    WASHINGTON -- In the final act to a legal drama that began with the devastating Exxon Valdez oil spill 19 years ago, a splintered Supreme Court sliced $2 billion from punitive damages imposed on Exxon Mobil Corp., leaving fishermen, native Alaskans and local landowners with just 20% of the award approved by a federal appeals court.
    The court said that punitive damages may be capped through a ratio only in maritime cases that do not involve extraordinary misconduct by the corporation itself. More...

  • June-28-2008 -- Morgan Stanley's Aa3 Rating May Be Cut by Moody's (Update4)
    "Since the onset of the credit crisis one year ago, Morgan Stanleys financial performance and risk management has been inconsistent, and below the levels expected of a Aa3-rated financial institution, Moodys said on Friday in a statement.
    Morgan Stanley reported June 18 that earnings for the three months ended in May fell 57 percent, even after being boosted by gains from the sale of a Spanish wealth management unit and shares in MSCI Inc., the index provider. More...

  • June-28-2008 -- Countrywide CEO Helped Many Get Loans
    Countrywide Financial Corp. shares fell sharply Thursday even as shareholders approved a $2.8 billion sale of the troubled mortgage lender to Bank of America Corp. The approval came as two states sued Countrywide and its chief executive, Angelo Mozilo, accusing the firm of systematically decieving borrowers to get them to take on risky products the couldn't really afford.
    Noted the earlier AP report, "In the complaint filed in Superior Court, California Attorney General Jerry Brown asserts that Countrywide violated the state's unfair business practices and false advertising laws with just about every action it took to market and originate some of the most popular - and potentially risky - types of home loans in recent years." More...

  • June-28-2008 -- Dollar Falls to Two-Week Low as Fed Rate Increase Bets Reduced
    'The data releases tonight, which underscore the state of the U.S. consumers, would be scrutinized for clues on the effects of the ongoing tax rebates,' said Thomas Lam, senior treasury economist at United Overseas Bank (other-otc: UOVEY.PK - news - people ) in Singapore.
    Oil is Norway's biggest export. More...

  • June-28-2008 -- Consumer spending jumps as stimulus checks land
    The Reuters/University of Michigan Surveys of Consumers said five-year inflation expectations remained steady at the peak of 3.4 percent reached in May, which was the highest in 13 years.
    One year inflation expectations moved lower to 5.1 percent from 5.2 percent in May. More...

  • June-28-2008 -- Bush adminstration halts solar energy projects on federal lands
    The Bureau of Land Management says an extensive environmental study is needed to determine how large solar plants might affect millions of acres it oversees in six Western states ''' Arizona, California, Colorado, Nevada, New Mexico and Utah.
    The lifespan of a 3rd generation nuclear reactor is 60 years. More...

  • June-28-2008 -- Subsidies didn't benefit Northrop tanker bid: DOD
    The Air Force has fumbled the bidding for new aerial refueling tankers for seven years now, and suddenly it's John McCain's fault.
    The GAO report does not change the fact that a new fleet of tankers is needed now, and Northrop Grumman is ready now." More...

Saturday


  • June-28-2008 -- Lawmakers' zeal vs speculators could backfire
    "For the past 3 years, I have been looking into the excessive speculation occurring on the energy markets.
    Good! It's an easy step to use the funds from oil sales to jack the futures prices up and create a false demand premium. More...

  • June-28-2008 -- Buffett Charity Auction Surges to Record $2.1 Million (Update1)
    This year "Power Lunch with Warren Buffett" charity auction has ended on eBay with a high bid of $2,110,100.
    Zhao was not immediately reachable for comment. More...

  • June-28-2008 -- Countrywide CEO Helped Many Get Loans
    Countrywide Financial Corp. shares fell sharply Thursday even as shareholders approved a $2.8 billion sale of the troubled mortgage lender to Bank of America Corp. The approval came as two states sued Countrywide and its chief executive, Angelo Mozilo, accusing the firm of systematically decieving borrowers to get them to take on risky products the couldn't really afford.
    As loan defaults and other setbacks have hammered financial companies, Bank of America's stock price has declined and the offer currently is worth about $2.8 billion in stock. More...

  • June-28-2008 -- Morgan Stanley's Aa3 Rating May Be Cut by Moody's (Update4)
    "Since the onset of the credit crisis one year ago, Morgan Stanleys financial performance and risk management has been inconsistent, and below the levels expected of a Aa3-rated financial institution, Moodys said on Friday in a statement.
    Morgan Stanley reported June 18 that earnings for the three months ended in May fell 57 percent, even after being boosted by gains from the sale of a Spanish wealth management unit and shares in MSCI Inc., the index provider. More...

  • June-28-2008 -- Stimulus Checks Boost Spending
    Consumer spending rose by a nine-month high of 0.4 percent in May, with $48 billion in federal tax rebate checks lifting personal income and savings, the Commerce Department reported this week.
    Inflation accounted for half of last month's rise. More...

  • June-28-2008 -- Supreme Court Term Is Mixed For Business, But Wins Were Big
    WASHINGTON -- In the final act to a legal drama that began with the devastating Exxon Valdez oil spill 19 years ago, a splintered Supreme Court sliced $2 billion from punitive damages imposed on Exxon Mobil Corp., leaving fishermen, native Alaskans and local landowners with just 20% of the award approved by a federal appeals court.
    Now Alaskans have a Supreme Court and Federal Government who care only for the corporate oligarchs and nary a bit for the condition of the working man. More...

  • June-28-2008 -- Delta, Northwest Unions Approve Terms
    No details of the tentative agreement were released Tuesday.
    New York - Pilots at Delta and Northwest agreed Tuesday to a tentative joint contract that could clear the way for a merger of the airlines, the companies said in a statement. More...

  • June-28-2008 -- Anheuser to Stop Selling
    An investigation by attorneys general of 11 states found the largest U.S. brewer was marketing its caffeinated alcoholic beverages to minors and misrepresenting the drinks' health benefits, New York state Attorney General Andrew Cuomo said.
    "Instead of marketing premixed versions of AEDs, the alcohol industry should be warning the public that alcohol and caffeine should not be combined." More...

Friday


  • June-27-2008 -- Bigger write-downs seen at Merrill and Lehman cuts estimates
    June 27 (Bloomberg) -- Merrill Lynch & Co. had its second- quarter loss estimate increased by Lehman Brothers Holdings Inc. on expectations subprime-related writedowns will be more than twice as big as previously thought.
    The TED spread, the yield difference between the three-month London Interbank offered rate and three-month T-bills, rose above 100 basis points since early May for a third straight day, now at 108 basis points from 106 basis points Thursday. More...

  • June-27-2008 -- Legg manager unsure if will support Icahn vs Yahoo
    Microsoft could not immediately be reached for comment.
    With or without Yahoo, Microsoft is continuing efforts to chip away at Google's dominance. More...

  • June-27-2008 -- Yen Rises as Global Stock Market Losses Fuel Risk Aversion
    'The data releases tonight, which underscore the state of the U.S. consumers, would be scrutinized for clues on the effects of the ongoing tax rebates,' said Thomas Lam, senior treasury economist at United Overseas Bank (other-otc: UOVEY.PK - news - people ) in Singapore.
    "The BOJ will elevate a sense of vigilance against inflation,'' said Tomoko Fujii, head of economics and strategy for Japan at Bank of America Corp. "But with the economy slowing, the central bank cannot raise interest rates any time soon. More...

  • June-27-2008 -- Subsidies didn't benefit Northrop tanker bid: DOD
    Bryan Lentz, D-161, of Swarthmore, and Steven Barrar, R-160, of Upper Chichester - was introduced April 8 following the award of a $35 billion Air Force contract in February to Los Angeles-based Northrop Grumman Corp. and France-based European Aeronautic Defence and Space Co., parent of French aircraft manufacturer Airbus, to replace 179 air-to-air refueling tankers.
    WASHINGTON --The Pentagon would either have to give a lucrative tanker contract to Boeing Co. or else re-bid it with a host of new conditions, according to legislation introduced Thursday by a group of Kansas lawmakers. More...

  • June-27-2008 -- China Mobile's iPhone negotiations enter endgame
    After over a year of playing cat and mouse, it looks like Apple (AAPL) may be close to a deal with China Mobile (CHL) to sell the iPhone on the mainland.
    Apple will not get a piece of the subscription fees attached to the phone, but it will move into a position to sell millions of iPhones on the mainland. More...

  • June-27-2008 -- UBS E-Mails Show Conflicts With Auction-Rate Customers in Suit
    United States regulators have filed civil fraud charges against the financial services arm of Swiss bank UBS for allegedly misrepresenting investment opportunities.
    The dried up market for auction-rate securities continues to plague the banks and asset managers that have sold them as the Massachusetts state government has sued UBS on charges of misrepresenting to investors the true nature of these securities. More...

  • June-27-2008 -- Anheuser to Stop Selling
    June 26 (Bloomberg) -- Anheuser-Busch Cos., the U.S. brewer facing a $46.3 billion takeover bid from InBev NV, will no longer sell caffeinated alcoholic beverages to settle an investigation with 11 state attorneys general.
    Miller Brewing Co., which markets caffeinated alcoholic drinks under the brand name Sparks , is not a party to the settlement agreements and is increasingly likely to face litigation over the beverages. More...

  • June-27-2008 -- ConnectU founders score spots on US Olympic rowing team
    SAN FRANCISCO (AP) — Facebook Inc.' s long and embarrassing legal tussle with three men who accused founder Mark Zuckerberg of stealing their social networking concept may soon end, now that a judge has ordered the parties to accept the settlement they reached.
    Facebook has been represented by Menlo Park, Calif., IP lawyer Neel Chatterjee and his colleagues at Orrick throughout. More...

Friday


  • June-27-2008 -- Southwest to Add Flights; United, Northwest Cut Overseas Routes
    Southwest Airlines, the largest air carrier serving Sacramento International Airport in the Central Valley, says it will trim its schedule there, effective Nov. 2.
    Buoyed by perhaps the healthiest fuel hedge in the airline business, discount airline Southwest is boosting service from its emerging Denver (DEN) focus city, launching nonstop service from the Mile High City to Orange County (SNA) and Tulsa (TUL). More...

  • June-27-2008 -- US Economy: Home Resales Climb as Prices Decline (Update3)
    Sales of existing homes picked up 2 percent from April to May to an annual rate of 4.99 million units as the median home price for all housing types fell 6.3 percent from a year ago to $208,600, the National Association of Realtors reports .
    NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. , said buyers are seeing value in the current housing market. More...

  • June-27-2008 -- New Store Costs Lead to Loss at Rite Aid
    HARRISBURG, Pa. (AP) — Rite Aid Corp. says it swung to a big loss in its first-quarter as it continues to spend heavily to integrate more than 1,850 newly acquired stores.
    Rite Aid expects to report a loss for the year ranging from $260 million to $375 million, or 34-48 cents a share. More...

  • June-27-2008 -- Toyota mulls hiking car prices in Japan - Nikkei
    TOKYO -(Dow Jones)- Toyota Motor Corp. (7203.TO) said Thursday that it lifted its domestic production in May 2.7% on year to 331,597 vehicles, the second consecutive month of rises.
    Rising material costs amid slumping sales were cited as the main reason for the increase, the news service said. More...

  • June-27-2008 -- Honey bee crisis could lead to higher food prices
    "I haven't had any beekeeper tell me of (a case) Colony Collapse Disorder," said Mark Longstroth, Michigan State University Extension district horticulture and marketing agent for southwestern Michigan.
    McClatchy-Tribune 4:34 PM CDT, June 26, 2008 WASHINGTON - A record 36 percent of U.S. commercial bee colonies have been lost to mysterious causes so far this year and worse may be yet to come, experts told a congressional panel Thursday. More...

  • June-27-2008 -- UPDATE 1-Intuit cutting 575 jobs, 7 pct of workforce
    While share-based compensation is a significant expense affecting our results of operations, management excludes share-based compensation from our budget and planning process.
    Our non-GAAP financial measures exclude share-based compensation expenses, which consist of expenses for stock options, restricted stock, restricted stock units and purchases of common stock under our Employee Stock Purchase Plan. More...

  • June-27-2008 -- Fed Move Would Ease Investing in Banks
    WASHINGTON, June 26 (Reuters) - The U.S. Federal Reserve is considering clarifying rules that govern what constitutes a controlling interest in a bank, a Fed official said on Thursday, a step that could pave the way for more private equity investment.
    A Federal Credit Commission linked to the Secretary of the Treasury was the goal of Congress. More...

  • June-27-2008 -- Pressure on dollar continues after Fed delivers as expected
    Could the central bank keep rates unchanged for a considerable period? Yes, many analysts say, predicting that the Fed will leave rates alone until next spring.
    Corn traded for $4.41 a year ago, $6.00 six months ago, and now changes hands for $7.30 a bushel. More...

Thursday


  • June-26-2008 -- Brunswick Sets More Closures Amid Slump in Marine Market
    The company plans to have 17 or fewer boat plants by the end of 2009, compared with the 29 it had in 2007.
    Our balance sheet is solid, and we expect to generate positive cash flow benefits in 2008 by further reducing capital spending and from positive contributions from changes in working capital." More...

  • June-26-2008 -- Oil climbs $3.50 on Libya threat, OPEC comments
    NEW YORK (Dow Jones)--Oil markets, whose strength owes much to fears about inflation and the dollar's chronic weakness, were left in limbo after the Federal Reserve stood pat on interest rates Wednesday.
    Light, sweet crude for August delivery rose as high as $138.95 a barrel shortly after the New York Mercantile Exchange opened before retreating some to trade up $2.50 at 137.05. More...

  • June-26-2008 -- Goodyear to Invest Over $2 Billion To Improve Plants, Boost Output
    Goodyear Tire & Rubber Co. said on Thursday that it would make greater investments in emerging markets by trimming costs in its supply chain and back office operations.
    Goodyear, the largest U.S. tire maker, also said it had completed a three-year restructuring goal of eliminating 25 million tires of annual production from higher-cost countries to save the company about $150 million per year in costs. More...

  • June-26-2008 -- Duke Energy buys Catamount Energy for $240 million and assumed debt
    Duke Energy (NYSE: DUK) announced today the acquisition of Catamount Energy Corporation from funds affiliated with Diamond Castle Holdings, LLC (Diamond Castle), a transaction that will significantly increase Duke Energy's wind energy operations.
    The acquisition of the Rutland, Vt. -based renewable energy company was financed through funding from private equity firm Diamond Castle Holdings LLC. More...

  • June-26-2008 -- Jobless claims unchanged last week
    The report also showed that continuing claims in the week ended June 14th rose to 3.139 million from the preceding week's revised level of 3.057 million.
    A separate report today showed the U.S. economy expanded at an annual rate of 1 percent in the first quarter, capping the weakest six months of growth in five years. More...

  • June-26-2008 -- UniCredit Underwhelms
    June 26 (Bloomberg) -- UniCredit SpA, Italy's biggest bank, plans to cut 9,000 jobs, or 5 percent of its workforce, after making $61 billion of acquisitions during the past three years.
    The bank, Italy's second-biggest, will create 11,500 jobs in eastern Europe when it opens 1,300 new outlets. More...

  • June-26-2008 -- Rating Game Redux
    June 24 (Bloomberg) -- The U.S. Securities and Exchange Commission, responding to losses on top-rated mortgage securities, will push investment funds to rely on criteria such as an asset's liquidity and risk instead of credit rankings.
    The Pennsylvania Municipal Retirement Board also requires ratings from the big three for various securities. More...

  • June-26-2008 -- Black's Conviction for Theft From Hollinger Affirmed (Update2)
    In a 16-page written decision, which the defence claims is rife with factual errors, Judge Richard Posner of the Seventh Circuit Court of Appeals rejects the arguments presented by Lord Black's attorneys less than three weeks ago.
    The appeals court rejected the request of the 62-year-old British baron, known as Lord Black of Crossharbour, and three other former Hollinger International executives for a new trial. More...

Thursday


  • June-26-2008 -- Google Ends Long Search for a Finance Chief
    Pichette takes over finance at the internet-search company, which has a $173 billion market cap, after a seven-year stint at Bell Canada.
    Pichette (pictured at right), who will report to Chief Executive Eric Schmidt, starts work at the Googleplex on Aug. 1. More...

  • June-26-2008 -- Fannie Mae, Freddie Mac portfolios jump, for now
    Fannie Mae and Freddie Mac, three months after Congress allowed them to buy mortgages of more than $417,000, have failed to put a floor under plunging home prices in the most expensive U.S. housing markets.
    House tax writers are expected to add an additional $2.4 billion in offsets to fully pay for the housing tax breaks in the package. More...

  • June-26-2008 -- A Hedge Fund Struggle for CSX Is Left in Limbo
    NEW ORLEANS, June 25 (Reuters) - As the annual shareholders' meeting of CSX Corp (CSX.N: Quote, Profile, Research ) crossed into its third hour on Wednesday, a spokesman for the U.S. railroad warned it could take weeks to certify the voting on five directors nominated by two activist hedge funds.
    CSX's ARGUMENTS - The railroad argues that the real figure for productivity gains is $400 million and claims the hedge fund proposals would result in higher debt for CSX and cutting back on vital infrastructure investments. More...

  • June-26-2008 -- City Unveils Final Plan on First Slice of the High Line
    Spanning 10 city blocks, section two will begin at 20th Street and Tenth Avenue and run north to 30th Street.
    Park-goers will be able to lounge on the grass and on seating areas and walk on elevated walkways that pass over lush greenery. More...

  • June-26-2008 -- Zell to sell historic LA Times building
    The Chicago-based media conglomerate said Wednesday that it asked real estate firms to explore "strategic options for maximizing the value" of Tribune Tower, a Gothic landmark completed in 1925, and Times Mirror Square, the headquarters of the Los Angeles Times.
    The company is also weighing strategic options concerning the Los Angeles Times' Times Mirror Square complex. More...

  • June-26-2008 -- Air board considering Wise power plant
    Following a daylong public hearing that drew hundreds Tuesday, the state Air Pollution Control Board on Wednesday will discuss plans for the plant.
    Under the DEQ proposal, yearly emissions would be limited to 2,469 tons of sulfur dioxide and 8 pounds of mercury. More...

  • June-26-2008 -- Pier 1 withdraws offer to acquire Cost Plus
    Pier 1 Imports Inc. on Wednesday announced it is abandoning its effort to acquire rival Cost Plus Inc. In a prepared statement, Pier 1 stated that the change of plans was due to an inability to acquire a majority interest in Cost Plus at a price that would make sense for its shareholders.
    Cost Plus renews shareholder rights agreement Associated Press Home furnishing retailer Cost Plus Inc. said Wednesday its board of directors approved the renewal of its preferred shares rights agreement through June 30, 2013. More...

  • June-26-2008 -- Tyson Enters Pact To Sell Canadian Beef Operations For C$107 Million
    Monsanto's earnings per share results were helped by strong top line growth.
    Following the transaction, Corn Products shareholders will own approximately 21% of Bunge's fully diluted shares. More...

Wednesday (Update 1)


  • June-25-2008 -- UPDATE 1-US mortgage applications drop to 6-1/2-yr low
    Industry data to be released Wednesday will show whether home loan applications fell again last week as mortgage rates continued to rise.
    WASHINGTON, June 25 (UPI) -- The volume of applications for U.S. mortgages decreased by a seasonally adjusted 9.3 percent in the week ending June 10, an industry group said. More...

  • June-25-2008 -- InBev affirms $65/share buyout offer of Anheuser-Busch in 3rd ...
    "No surprises there," said Harry Schuhmacher, publisher of Beer Business Daily.
    Anheuser-Busch (BUD) owns a non-controlling half stake in Modelo and has reportedly been talking to the company about a possible merger as one way of fending off InBev, whose bid is opposed by the Busch family that runs -- but does not control -- the No. 1 U.S. brewer. More...

  • June-25-2008 -- Not All Airline Mergers Make Sense, but This One Does
    CHARLOTTE, N.C. -- In a positive sign for the proposed merger between Delta DAL and Northwest NWA, Delta and pilots at the two airlines said they have made a tentative deal on a joint contract.
    Seniority is critical for pilots because it sets pay, vacation, routes and type of planes flown. More...

  • June-25-2008 -- New-Home Sales in the US Fell 2.5 Percent in May (Update1)
    The report showed that new home sales fell 2.5 percent to a seasonally adjusted annual rate of 512,000 units in May from the revised April rate of 525,000 units.
    New home purchases dropped in two of four regions. More...

  • June-25-2008 -- UPDATE 1-Merck cancer vaccine not cleared for older women
    BOSTON (Thomson Financial) - Merck & Co. said Wednesday that it receieved a complete response letter from the Food and Drug Administration for the company's cervical cancer drug Gardasil in women ages 27 through 45.
    Merck shares fell 51 cents, or 1.4 percent, to $36.52 at 11:31 a.m. in New York Stock Exchange composite trading. More...

  • June-25-2008 -- Rigases Get Three Years Pared From Jail Sentences
    Adelphia Communications Corp. founder John Rigas and his son Timothy, the company's former chief financial officer, have been resentenced to lesser prison terms after an appeals court overturned one count of their convictions.
    A bit of good new