Fed values Bear Stearns assets at $29bn
Thursday, July 3, 2008
| The Federal Reserve Bank of New York confirmed the estimated fair value of assets that were formerly held by Bear Stearns at about $29bn, the amount at which it was sold to JPMorgan in March
| Discuss
VeriSign parts company with CEO
Thursday, July 3, 2008
| VeriSign, the world's leading provider of the electronic certificates that help secure internet traffic, announced the departure of its chief executive
| Discuss
Google told to reveal YouTube user details
Thursday, July 3, 2008
| Google has run into a fresh storm over online privacy after a US judge ordered YouTube, its popular online video site, to hand over records detailing the viewing habits of its millions of users.
| Discuss
Continental faces trial over Concorde crash
Thursday, July 3, 2008
| Continental Airlines and five individuals have been ordered to stand trial over the crash of an Air France Concorde near Paris that killed 113 people in July 2000
| Discuss
Wall Street slips after US jobs data
Thursday, July 3, 2008
| Wall Street stocks slipped back, adding to recent losses after some data showed that the US shed jobs for a sixth straight month in June and the services sector contracted unexpectedly
| Discuss
Limbaugh signs radio contract worth $400m
Wednesday, July 2, 2008
| Rush Limbaugh, the conservative talk radio host, has signed an eight-year contract extension said to be worth as much as $400m
| Discuss
Lehman issues shares to all its employees
Wednesday, July 2, 2008
| Lehman Brothers has issued shares to all employees representing about 20 per cent of their equity compensation for the year, a person close to the matter said
| Discuss
American, Iberia and BA plan joint deal
Wednesday, July 2, 2008
| American Airlines, British Airways and Spain's Iberia are close to applying for antitrust immunity to form a joint venture that would be one of the most powerful forces in the transatlantic aviation market
| Discuss
Moody's to check on accuracy
Wednesday, July 2, 2008
| Moody's is moving to re-examine the accuracy of all its computer models and place them under a centralised monitoring system after it formally acknowledged earlier this week that a glitch had appeared in a model used to rate complex products
| Discuss
Starbucks goes skinny as froth withers
Wednesday, July 2, 2008
| When Starbucks announced plans this week to cut back its planned new stores and to close some 600 existing outlets, the world's largest coffee retailer bade farewell to the era of growth that has made Starbucks' green and white sign a symbol of urban America
| Discuss
Talbot Group buys 19% stake in US miner
Wednesday, July 2, 2008
| Talbot Group, Ken Talbot's private investment company, has paid $190m for a 19.9 per cent stake in PBS Coals, a privately-held Pennsylvania coal miner
| Discuss
Detroit's Big Three keep eyes on cash
Wednesday, July 2, 2008
| General Motors' shares, already at their lowest level in half a century, fell by almost 10 per cent by midday after Merrill Lynch downgraded its recommendation for the stock to "underperform" from "buy" and said that "bankruptcy is not impossible"
| Discuss
Sharp fall in US private sector jobs
Wednesday, July 2, 2008
| The US suffered the largest drop in employment in nearly six years in June in a sign of the deteriorating economic environment, according to a closely-watched survey of business employment
| Discuss
Upbeat banks helps lift Wall Street
Wednesday, July 2, 2008
| Wall Street stocks climbed for a second session as confident statements from European banks bolstered their US peers and new data showed that factory orders climbed modestly in May
| Discuss
Morgan Stanley to sell half of MSCI shares
Wednesday, July 2, 2008
| Morgan Stanley said it intends to sell half its shares in investment analysis and market index firm MSCI, a stake currently worth about $898m
| Discuss
Microsoft deal steps up rivalry with Google
Tuesday, July 1, 2008
| Microsoft turned up the heat in its technological rivalry with Google as it announced the purchase of Powerset, a company that has developed one of the most promising, and controversial, new internet search tools of recent years
| Discuss
Ex-AIG chief awarded $47m
Tuesday, July 1, 2008
| American International Group said that it had awarded Martin Sullivan, its ousted chief executive, a severance package worth at least $47m
| Discuss
Starbucks to close 600 US stores
Tuesday, July 1, 2008
| Starbucks is to close about 600 of its 7,000 US coffee shops and drastically cut plans for new locations, blaming over-aggressive expansion rather than slowing consumer demand. The coffee chain will also cut about 12,000 jobs
| Discuss
Fears for US disclosure rules after CSX ruling
Tuesday, July 1, 2008
| Lawyers warned that a court ruling involving CSX, the US railroad operator at war with two hedge funds, would have significant implications for US disclosure rules
| Discuss
Toyota stall keeps GM atop US sales rankings
Tuesday, July 1, 2008
| Toyota's US sales fell by more than a fifth last month, allowing General Motors to retain its decades-long dominance of the world's biggest car market
| Discuss
US airlines sell frequent flyer miles
Tuesday, July 1, 2008
| US airlines, which face a potential cash crunch this year, are starting to sell pools of frequent flyer miles to credit card partners
| Discuss
iPhone to become available without contract
Tuesday, July 1, 2008
| Smartphone buyers in the US will be able to buy a version of Apple's new 3G iPhone for $599 without committing to a two-year service agreement, said AT&T, the exclusive supplier of the iPhone in the US
| Discuss
Bank downgrades set tone on Wall Street
Tuesday, July 1, 2008
| US stocks were set for a lower start as oil prices remained at elevated levels and another round of earnings downgrades hit the banking sector
| Discuss
InBev ups pressure on Anheuser board
Tuesday, July 1, 2008
| InBev stuck to its proposal to take over reluctant bid target Anheuser-Busch and said it would seek to give the latter's shareholders a direct voice if the US brewer still refused to talk
| Discuss
UBS faces legal move on tax evaders
Monday, June 30, 2008
| US prosecutors have asked a federal judge to issue a summons requiring UBS to turn over information about US taxpayers who may be using Swiss bank accounts to evade federal income taxes
| Discuss
Warner signs up for Nokia's music service
Monday, June 30, 2008
| Nokia's "all you can eat" mobile music service gained momentum with the addition of Warner Music, giving Nokia the participation of three of the four largest record groups as it prepares to launch Comes with Music
| Discuss
Ebay ordered to pay €38m to LVMH over fakes
Monday, June 30, 2008
| A French court has hit at the heart of Ebay's business model by ordering the online retailer to pay almost €40m to LVMH, the French luxury goods maker, for failing to do enough to block sales of counterfeit goods
| Discuss
Nike plans Olympic advert blitz in China
Monday, June 30, 2008
| Nike, the world's largest sports shoe and clothing company, said an advertising blitz around this summer's Beijing Olympics will not be affected by efforts to curtail "ambush marketing" by non-Olympic sponsors
| Discuss
CME to leave NYSE for Nasdaq
Monday, June 30, 2008
| Shares in the CME Group, the world's largest futures exchange, will next week cease trading on the New York Stock Exchange and list solely on the Nasdaq, the NYSE's main rival for listings in the US
| Discuss
Summer drubbin'
Monday, June 30, 2008
| US equities are suffering a cruel summer. The fall is yet to come. June was the worst month since September 2002, with the S&P?500 down 7 per cent
| Discuss
Yahoo board sharpens attack on Icahn
Monday, June 30, 2008
| Yahoo's board intensified an attack on Carl Icahn, the activist investor, questioning his investment record and describing his plans for the internet company as ill-defined
| Discuss
Wall Street set to end month on dismal note
Monday, June 30, 2008
| US stocks fell after oil prices broke past $143 a barrel, knocking the Dow Jones Industrial Average briefly into bear market territory - down 20 per cent from its recent highs
| Discuss
Amazon launches Latin America contact site
Sunday, June 29, 2008
| Amazon, the world's largest internet retailer, is stepping up its focus on Latin America, a rapidly developing e-commerce market where it has yet to establish a direct presence
| Discuss
Siemens plans to cut 17,200 jobs worldwide
Friday, June 27, 2008
| The job cuts are among the largest in the German industrial conglomerate's history and could revive debate in the country about companies slashing their workforces even as they make record profits
| Discuss
Anheuser lays out case for rejecting bid
Friday, June 27, 2008
| Anheuser-Busch, the US brewer, said it would cut costs and increase share buy-backs as it set out its justification for rejecting a $46bn bid from rival brewer InBev
| Discuss
Lehman chief to forgo annual bonus
Friday, June 27, 2008
| Dick Fuld, Lehman Brothers' chief executive, and one of his closest lieutenants will not receive a bonus this year to atone for the investment bank's poor performance - a sign that Wall Street is set for year of meagre pay-outs
| Discuss
Wall Street shares continue to slide
Friday, June 27, 2008
| US equity markets continued their slide on Friday morning in spite of new data showing a larger than expected jump in personal incomes and expenditures and a somewhat moderating measure of inflation
| Discuss
Merrill's Europe plan reflects Goldman strategy
Thursday, June 26, 2008
| Merrill Lynch is preparing to create a senior executive post responsible for its European business, reinforcing the impression that the Wall Street bank is seeking to organise its management on similar lines to rival Goldman Sachs
| Discuss
Verizon presses Vodafone to leave venture
Thursday, June 26, 2008
| Verizon Communications has stepped up the pressure on Vodafone to sell out of Verizon Wireless, their mobile joint venture, saying that the second largest US telecoms company intends to be "the hunter" in future industry consolidation
| Discuss
Value of M&A tumbles as buy-out boom ends
Thursday, June 26, 2008
| The value of mergers and acquisitions in the first half sank by nearly a third from the same period last year to $1,860bn as the collapse of the buy-out boom prompted a steep drop in the number of high-value deals
| Discuss
Oil costs force P&G to rethink supply network
Thursday, June 26, 2008
| Soaring energy prices are forcing Procter & Gamble to rethink how it distributes its products, with the world's biggest consumer goods company shifting manufacturing sites closer to consumers to cut its transport bill
| Discuss
InBev to go hostile as Anheuser rejects bid
Thursday, June 26, 2008
| InBev, the world's largest brewer, said it was preparing to launch a hostile bid for Anheuser-Busch, following reports that its US rival was preparing to reject its $46bn bid for the maker of Budweiser and Michelob beers
| Discuss
Yahoo to reorganise following executive exits
Thursday, June 26, 2008
| Yahoo has announced a major reorganisation after the failure of a Microsoft takeover bid and a subsequent flood of executive departures
| Discuss
US stocks hit by financial sector downgrades
Thursday, June 26, 2008
| A trifecta of spiking oil prices, poor corporate earnings reports, and more bad news from the banking sector - another round of downgrades for financial stocks - sent US stocks lower
| Discuss
P&G chief urges candidates to ease on gloom
Wednesday, June 25, 2008
| Procter & Gamble chief AG Lafley has urged Barack Obama and John McCain not to talk the US into a "worse recession" during the presidential election by being too gloomy over the state of the economy
| Discuss
MasterCard settles American Express lawsuit
Wednesday, June 25, 2008
| American Express has reached a $1.8bn settlement with MasterCard over a lawsuit that claimed MasterCard, Visa and some of their member banks had blocked financial companies from issuing credit cards through American Express
| Discuss
LSE and Lehman's platform to have 'dark pool'
Wednesday, June 25, 2008
| The London Stock Exchange will on Thursday unveil a pan-European equities trading platform in a joint venture with Lehman Brothers to fight rivals that are eroding its market share
| Discuss
Exxon Valdez fine cut by US Supreme Court
Wednesday, June 25, 2008
| The US Supreme Court slashed to $500m the $2.5bn punitive damages the Exxon Mobil Corporation had been ordered to pay for the 1989 Exxon Valdez disaster in Alaska – the worst oil spill in the nation's history
| Discuss
Fed keeps US interest rates on hold
Wednesday, June 25, 2008
| The Federal Reserve kept interest rates on hold at 2 per cent, as it sought to balance the increased risk to inflation from high oil prices with the risks to growth from further declines in house prices, consumer confidence and bank stocks
| Discuss
Inbev secures funds for Anheuser funding
Wednesday, June 25, 2008
| InBev worked to head off questions about whether it can finance its $46bn takeover bid for Anheuser-Busch by disclosing that it has obtained – and partially paid for – committed financing from 10 banks
| Discuss
US investors await Fed rate decision
Wednesday, June 25, 2008
| US stocks rose modestly as earnings news cheered investors and markets paused for breath ahead of the Federal Reserve's decision on interest rates
| Discuss
Big-ticket spending holds up amid downturn
Wednesday, June 25, 2008
| Orders of US durable goods were unchanged in May, as strong demand for transportation equipment such as aircraft offset a decline in business investment in other areas
| Discuss
Monsanto boosted by rise in food demand
Wednesday, June 25, 2008
| Monsanto, the world's biggest seed producer, reported record results for its fiscal third quarter, underlining how the boom in crop prices and increasing global demand for food has driven farmers to improve yields
| Discuss
Volvo slashes 2,000 jobs
Wednesday, June 25, 2008
| The Swedish carmaker, owned by Ford, is cutting 2,000 jobs from its global workforce in an attempt to save SKr4bn in the face of rising raw material prices and the downturn in the US
| Discuss
India's GMR to buy half of InterGen for $1.1bn
Wednesday, June 25, 2008
| Indian infrastructure group GMR agreed to buy half of US power producer InterGen for about $1.1bn from an investment firm backed by AIG and Highstar Capital
| Discuss
Smithfield Foods plans European merger
Wednesday, June 25, 2008
| Smithfield Foods, the US packaged meats company, plans to merge its main European subsidiary with Spain's Campofrio to create a pan-European group with annual sales of more than €2bn
| Discuss
Kroger sees 'moderate' food cost inflation
Tuesday, June 24, 2008
| Kroger, the largest US supermarket group, played down anxieties in the US over consumer price inflation, arguing that food cost increases were being partially offset by price cuts in other areas
| Discuss
Nokia to take full control of Symbian
Tuesday, June 24, 2008
| Nokia struck back against Google on Tuesday by announcing plans to increase sales of its mobile phones and boost its revenue from wireless web services and that it was taking control of Symbian, the UK software company
| Discuss
Wall Street hits three-month lows
Tuesday, June 24, 2008
| US stocks hit three-month lows after industrial bellwether UPS lowered its earnings forecasts and new data showed that the slump in house prices and consumer confidence continues
| Discuss
Dow Chemical sets new price rises
Tuesday, June 24, 2008
| The biggest US chemicals manufacturer said it would boost its prices by as much as 25%, institute freight surcharges and cut output of some products because of soaring energy prices
| Discuss
NYSE Euronext beats LSE to Doha deal
Tuesday, June 24, 2008
| NYSE Euronext has taken an equity stake in Qatar's stock market, stoking the three-way battle for regional financial supremacy in the petrodollar-fuelled Gulf region
| Discuss
GM tries to put brakes on SUV sales decline
Monday, June 23, 2008
| General Motors rolled out fresh incentives in an attempt bid to staunch plummeting sales of gas-guzzling sport-utility vehicles, pick-up trucks and other slow-selling models
| Discuss
Halliburton suffers Expro takeover setback
Monday, June 23, 2008
| Halliburton, the Texan oil services company, suffered a defeat after the UK's Takeover Panel failed to allow it to hold private hearings over its battle to take over Expro International
| Discuss
CSX chief says rail group is catching up
Monday, June 23, 2008
| Michael Ward, chief executive of CSX, the US rail company facing a crucial showdown with investors this week, has admitted that the company underperformed for many years but insisted it was now catching up
| Discuss
Wall Street opens higher on deal news
Monday, June 23, 2008
| Wall Street stocks rose slightly, rebounding from their lowest levels in three months after a fall in oil prices offered some respite to refiners and deal news cheered investors
| Discuss
Republic Services to buy Allied Waste
Monday, June 23, 2008
| Republic Services said it would buy Allied Waste Industries for $6.1bn in stock, merging the second and third-largest waste-disposal and environmental services companies
| Discuss
Job fears mount as Goldman sheds staff
Sunday, June 22, 2008
| Bankers fear the pace of job losses in the investment banking industry is set to accelerate during the summer after it emerged that Goldman Sachs cut staff at its investment banking division last week
| Discuss
Beatles seek join video game revolution
Sunday, June 22, 2008
| Beatles representatives are in talks with Acrtivision and MTV Games to create a Beatles-themed video game in a move that could pave the way for a broader licensing of the Fab Four's catalogue
| Discuss
Facebook heads MySpace in unique visitors
Sunday, June 22, 2008
| Facebook, the fast-growing social network, has taken a significant lead over MySpace in visitor numbers for the first time, according to ComScore, a company that measures internet traffic
| Discuss
Bond insurers want $125bn of cover wiped out
Sunday, June 22, 2008
| Bond insurers such as Ambac, MBIA and FGIC are talking to banks about wiping out $125bn of insurance on risky debt securities in what could be the only way to limit the financial damage surrounding the bond insurers
| Discuss
Pressure increases on Detroit carmakers
Sunday, June 22, 2008
| A fresh chorus of concern has erupted over the ability of Detroit's three embattled carmakers – General Motors, Ford Motor and Chrysler – to withstand the steepening slide in US vehicle sales
| Discuss
Canada court clears $34bn BCE buy-out
Friday, June 20, 2008
| Canada's Supreme Court ruled unanimously that a US$34bn leveraged buy-out of BCE can go ahead, reversing a lower court decision that threatened to abort the deal
| Discuss
SunTrust affirms dividend plan
Friday, June 20, 2008
| SunTrust Banks said it expected to maintain its dividend and would not issue additional equity, responding to speculation the bank would need to shore up its capital base against credit losses
| Discuss
Malone gives poor reception to free online TV
Friday, June 20, 2008
| John Malone, the billionaire US media mogul, warned that moves by television networks to make programmes available for free on the internet were doomed to fail
| Discuss
Ford delays launch of latest F-150 pick-up
Friday, June 20, 2008
| Ford Motor said it was postponing by two months the launch of the new F-150 pick-up truck, its best-selling model, in response to an accelerating consumer exodus out of gas-guzzling vehicles
| Discuss
Modelo head quits Anheuser board
Friday, June 20, 2008
| Anheuser-Busch said Carlos Fernandez, head of its Mexican partner Grupo Modelo, has resigned from its board, leaving Anheuser's remaining 13 directors in charge of crafting a response to InBev's $46bn takeover bid
| Discuss
Wall St slumps as bond insurers downgraded
Friday, June 20, 2008
| Wall Street stocks slumped in early trade after a series of ratings downgrades for bond insurers and cuts to analysts' earnings estimates for investment banks raised fears that the fall-out from the credit crisis has further to play out
| Discuss
Microsoft rules out post-Yahoo buying spree
Thursday, June 19, 2008
| Microsoft will not try to make up for its failed move on Yahoo with a spate of other internet acquisitions, according to the top executives behind its online strategy
| Discuss
Citi warns of further large writedowns
Thursday, June 19, 2008
| Citigroup warned of further large writedowns and credit losses in the second quarter, saying its business remained under pressure amid "unprecedented" market conditions
| Discuss
Continental and United in marketing tie-up
Thursday, June 19, 2008
| Continental Airlines forged a marketing partnership with United Airlines, the carrier it rejected as a merger partner this year, and plans to seek immunity from US antitrust laws to co-operate with its former rival on transcontinental ventures
| Discuss
P&G and ConAgra in packaging tie-up
Thursday, June 19, 2008
| Procter & Gamble is planning to give ConAgra, one of the US's biggest food groups, access to its industry-leading packaging and design skills in one of the most ambitious co-operation deals struck by the world's biggest seller of consumer goods
| Discuss
Former Bear hedge fund duo charged
Thursday, June 19, 2008
| Two former Bear Stearns hedge fund managers were indicted on federal charges that they intentionally misled investors about the financial condition of the investment vehicles that collapsed last year
| Discuss
Circuit City records $164m quarterly loss
Thursday, June 19, 2008
| Circuit City, the struggling US electronics retailer, reported a further decline in its quarterly operating performance, even as executives insisted that it was on the brink of a turnround
| Discuss
Wall Street lower on economic data
Thursday, June 19, 2008
| Wall Street stocks slipped for a third day after the latest batch of data showed continuing weakness in the US economy and banking stocks, and health care companies came under heavy selling pressure
| Discuss
Anheuser board set to discuss InBev bid
Wednesday, June 18, 2008
| Anheuser-Busch's board of directors plans to meet face-to-face this week for the first time since rival brewer InBev formally made its $46bn bid to acquire the company, according to people close to the situation
| Discuss
Morgan Stanley in rogue trade probe
Wednesday, June 18, 2008
| Morgan Stanley became the latest financial group to be hit by the actions of a suspected rogue trader after revealing that a London-based credit derivatives trader had incorrectly valued his positions, forcing the company to take a $120m revenue hit
| Discuss
US corporate earnings expected to fall
Wednesday, June 18, 2008
| US corporate earnings are expected to decline for the fourth straight quarter when the reporting season kicks off next month as companies battle a sharp rise in production costs
| Discuss
BA begins new transatlantic service in Paris
Wednesday, June 18, 2008
| British Airways launches its first direct flights on Thursday between continental Europe and the US, with a daily service between Paris and New York using a subsidiary carrier called OpenSkies
| Discuss
US probe urges reopening of EADS tanker deal
Wednesday, June 18, 2008
| EADS suffered a significant blow when US congressional investigators urged the US Air Force to reopen a $35bn refuelling tanker deal that the European defence company had won over Boeing
| Discuss
Wall St lower on poor results
Wednesday, June 18, 2008
| Wall Street stocks fell after FedEx reported a quarterly loss and Morgan Stanley reported results that largely met expectations but highlighted the continuing problems facing the financial sector
| Discuss
Kinko's and fuel costs lead FedEx to loss
Wednesday, June 18, 2008
| Fuel costs and writedowns from its struggling Kinko's retail-store division wiped out FedEx's quarterly profit and pressed the overnight-package company to deliver a disappointing outlook for this year's results
| Discuss
Morgan Stanley earnings sink 57%
Wednesday, June 18, 2008
| Morgan Stanley reported second quarter earnings in line with Wall Street expectations, as its investment banking and trading businesses continued to show the strains of the credit crisis. Shares in the bank slipped in pre-market trade
| Discuss
LinkedIn networking site joins $1bn club
Tuesday, June 17, 2008
| The biggest online social network intended for professional use has been valued at more than $1bn, putting it among a small group of private internet companies to have crossed that threshold before going public
| Discuss
InBev's attempt to allay bid fears fall flat
Tuesday, June 17, 2008
| Carlos Brito, InBev chief executive, failed to assuage Washington politicians' concerns about the Belgian brewer's unsolicited $46.3bn bid for Anheuser-Busch, with one US senator saying opposing the deal was a "patriotic" thing to do
| Discuss
Wal-Mart readies for overseas expansion
Tuesday, June 17, 2008
| The world's largest retailer is embarking on a further round of international expansion on the back of a systematic overhaul of the way it runs its business, which is expected to deliver more than $100bn in sales this year
| Discuss
Goldman's SIV deal welcomed
Tuesday, June 17, 2008
| Investors, bankers and policymakers have welcomed a deal reached by Goldman Sachs to restructure the first of a string of collapsed investment vehicles
| Discuss
Deposit rates cut fastest at Fifth Third
Tuesday, June 17, 2008
| Fifth Third Bancorp aggressively cut the interest rates it offered to depositors in the second quarter, slashing yields on interest-bearing deposits at the fastest rate of all commercial banks, according to a quarterly survey by Citigroup
| Discuss
Fate of BCE lies in lap of Supreme Court
Tuesday, June 17, 2008
| Canada's Supreme Court reserved judgment in a case that could make or break the proposed $34bn buy-out of BCE, the Montreal telecoms group
| Discuss
Fuel price leads Air Canada to cut capacity
Tuesday, June 17, 2008
| Air Canada plans to cut 2,000 jobs and shrink capacity by 7 per cent, mostly on US routes, in response to the jump in fuel prices
| Discuss
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