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Ford to retool U.S. plants for European cars: report
Source:Reuters: Business News 19 July 2008, 10:52 am
CHICAGO (Reuters) - Car maker Ford Motor Co is drawing up plans to retool American plants to make small, fuel-efficient passenger cars that it mainly makes and sells in Europe, the Wall Street Journal reported on Saturday.
Why the gas tax could go up
Source:Latest financial news - CNNMoney.com 19 July 2008, 7:29 am
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Citigroup $2.5 billion loss soothes investors
Source:Reuters: Business News 19 July 2008, 4:48 am
NEW YORK (Reuters) - Citigroup Inc posted a smaller-than-expected quarterly loss, despite $11.7 billion of write-downs and credit losses tied to deteriorating capital markets and a slumping economy.
Gas stays away from record
Source:Latest financial news - CNNMoney.com 19 July 2008, 4:34 am
Fuel prices at the pump fell again overnight, a nationwide survey of gas station credit card swipes showed Friday.
For Global Trade Talks, the Stakes Have Risen
Source:NYT > World Business 19 July 2008, 3:11 am
If negotiations fail at the Doha round of trade talks, one casualty will be the credibility of the World Trade Organization itself.
EU wants co-operation with SEC on rating agencies: report
Source:Reuters: Business News 19 July 2008, 3:00 am
FRANKFURT (Reuters) - The European Commission wants to cooperate closely with the U.S. Securities and Exchange Commission (SEC) on the planned regulation of credit rating agencies, the German financial weekly Euro am Sonntag reported.
Ex-SocGen trader Kerviel changes legal team
Source:Reuters: Business News 19 July 2008, 2:33 am
PARIS (Reuters) - Jerome Kerviel, the banker blamed for the world's worst rogue trading scandal, has changed his legal team to focus on a more "aggressive" defense strategy, a spokeswoman for Kerviel said on Saturday.
House prices could fall for two years: Citigroup
Source:Reuters: Business News 19 July 2008, 1:10 am
LONDON (Reuters) - Citigroup chairman Win Bischoff has warned that house prices in Britain and the United States are likely to keep falling for another two years.
Farnborough Air Show: Signs That Private Jet Sales Are Slowing in U.S.
Source:NYT > World Business 19 July 2008, 12:03 am
The American market, traditionally the world’s biggest for business jets, has slipped amid worries about the U.S. economy, while other markets, like Russia, South Asia and the Mideast, are growing.
In Dispute With BP, Kremlin’s Hand Is Seen
Source:NYT > World Business 18 July 2008, 8:33 pm
Critics say that Russian shareholders have enlisted an improbable ally in their attempt to force BP to fire the chief executive of TNK-BP.
W.T.O. Rules Against China for Its Tariffs on Auto Parts
Source:NYT > World Business 18 July 2008, 8:12 pm
China violates global trade rules by requiring automakers operating there to buy components from local suppliers or face penalties, the World Trade Organization ruled on Friday.
Bids for Cubs baseball team submitted
Source:Reuters: Business News 18 July 2008, 6:38 pm
CHICAGO/NEW YORK (Reuters) - The first bids for the storied Chicago Cubs baseball team and related assets were submitted on Friday in an auction that could fetch more than $1 billion, according to a source close to the process.
MTN and Reliance Fail to Strike Telecom Deal
Source:NYT > World Business 18 July 2008, 5:14 pm
South African mobile phone group MTN and India’s Reliance Communications called off talks aimed at creating a top-10 global telecoms group, saying they could not reach a deal.
Freddie Mac files with SEC, first step to capital
Source:Reuters: Business News 18 July 2008, 4:55 pm
WASHINGTON/NEW YORK (Reuters) - Freddie Mac won approval from regulators on Friday to sell the stock needed to overcome mounting losses, and the Wall Street Journal said the mortgage finance company may seek $10 billion.
Should the Geek Squad need private-investigator licenses?
Source:Latest financial news - CNNMoney.com 18 July 2008, 4:54 pm
In order to keep his business AustinPCTech legal, Mike Rife may have to become a real-life Sherlock Holmes. He fears that a new Texas law will require his small PC repair company to obtain a private-eye license, or risk incurring a $4,000 penalty and jail time.
Alliant Tech says major acquisitions not attractive
Source:Reuters: Business News 18 July 2008, 3:16 pm
FARNBOROUGH (Reuters) - U.S. rocket maker Alliant Techsystems aims to expand in space systems, advanced weapons and electronics but is shunning big acquisitions after its bid for a Canadian defense business failed.
IAC heads toward $2B spinoff
Source:Latest financial news - CNNMoney.com 18 July 2008, 2:54 pm
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Government weighs more charges in Bear case
Source:Reuters: Business News 18 July 2008, 2:38 pm
NEW YORK (Reuters) - The government is considering bringing further criminal charges in the case involving two former Bear Stearns executives indicted last month related to the collapse of two hedge funds they oversaw, a federal prosecutor said on Friday.
Big Yahoo investor backs current board
Source:Latest financial news - CNNMoney.com 18 July 2008, 2:35 pm
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House likely to modify Fannie, Freddie rescue
Source:Latest financial news - CNNMoney.com 18 July 2008, 2:34 pm
The House is likely next week to take up a Bush administration proposal to empower the Treasury to back up embattled mortgage giants Fannie Mae and Freddie Mac.
Dollar edges higher
Source:Latest financial news - CNNMoney.com 18 July 2008, 2:17 pm
The dollar gained slightly on a quiet Friday, as currency traders hope that oil stays at its current level below $130 and count their blessings that the earnings reports from financial institutions this week were not as bad as feared.
Freddie chief's jackpot
Source:Latest financial news - CNNMoney.com 18 July 2008, 2:03 pm
Freddie Mac chief Richard Syron wants to avoid a government bailout for many reasons. A filing the struggling mortgage giant made Friday lists over 10 million of them.
Tech stocks sink as Google and Microsoft disappoint, Dow up
Source:Reuters: Business News 18 July 2008, 1:36 pm
NEW YORK (Reuters) - Technology stocks fell on Friday and drove the Nasdaq down 1 percent on disappointing earnings from Google and Microsoft, while Citigroup's smaller-than-expected loss pushed up the Dow and helped keep the broader market near the unchanged mark.
Google ad slump spreads abroad
Source:Latest financial news - CNNMoney.com 18 July 2008, 1:28 pm
In the clearest sign yet that online ad sales growth cannot outrun a global economic slowdown, Google reported the first-ever sequential quarterly revenue decline in its U.K. business. The dip, as reported in the company's second-quarter earnings Thursday, cut into Google's overall international growth, bringing it down to 52% from 55% in the first quarter.
Freddie Mac CEO paid almost $20M last year
Source:Latest financial news - CNNMoney.com 18 July 2008, 1:27 pm
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Bank 'problem list': What it means
Source:Latest financial news - CNNMoney.com 18 July 2008, 1:21 pm
The federal takeover of IndyMac Bank last week left many Americans wondering whether their bank was safe. It put a spotlight on a relatively obscure list published quarterly by the FDIC called the "problem list."
Bonds slide on stock, inflation concerns
Source:Latest financial news - CNNMoney.com 18 July 2008, 12:55 pm
Treasury prices fell Friday for the third straight day as investors remained wary of both the recent stock market rally and future inflation.
Freddie Mac strikes back
Source:Latest financial news - CNNMoney.com 18 July 2008, 11:59 am
Taxpayers got some good news Friday: Freddie Mac wants to take your money just as little as you want to hand it over.
Starbucks identifies stores slated for closure
Source:Latest financial news - CNNMoney.com 18 July 2008, 11:57 am
Starbucks Corp. released a list Thursday of the 616 company-owned stores it will shutter by the first half of 2009.
American to cut 1,500 maintenance jobs
Source:Latest financial news - CNNMoney.com 18 July 2008, 9:27 am
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Stocks & Bonds: Bank Report and Oil’s Fall Lift Shares
Source:NYT > World Business 17 July 2008, 10:45 pm
Stocks surged higher for a second day as oil prices continued to plunge and Wall Street embraced an encouraging earnings report from JPMorgan Chase.
New Offshore Bank Limits for U.S. Clients, UBS Says
Source:NYT > World Business 17 July 2008, 9:59 pm
Faced with a federal investigation into its private banking practices, the Swiss banking giant said that it would stop offering offshore banking services to clients in the United States.
Pakistani Bear Market Has Investors Raging in the Streets
Source:NYT > World Business 17 July 2008, 9:33 pm
With the Karachi Stock Exchange suffering through its worst losing run in at least 18 years, investors are taking to the streets to show their anger at the new government.
Inflation Falls Slightly in China, While Growth Slows
Source:NYT > World Business 17 July 2008, 9:05 pm
China’s inflation rate fell to 7.1 percent in June, but the country faces pressure for more price increases because of high costs for energy, grain and industrial materials, the government said.
Boom Times Take Root in Dubai
Source:NYT > World Business 17 July 2008, 9:04 pm
The centerpiece of Dubai’s financial hub seems equal to the thrusting ambitions of the foreign investment bankers rushing to set up shop.
World Business Briefing | Europe: France: Eurotunnel’s Profit Rises
Source:NYT > World Business 17 July 2008, 9:03 pm
Groupe Eurotunnel, which operates of the undersea rail link between England and France, said first-half profit rose as traffic increased on passenger trains and its vehicle-carrying shuttle service.
World Business Briefing | Europe: Switzerland: Novartis Profit Gains
Source:NYT > World Business 17 July 2008, 9:03 pm
The drug maker Novartis reported a 17 percent increase in net income for the second quarter, helped by recent acquisitions and strong sales.
Nokia Sales Increased 4% in Quarter
Source:NYT > World Business 17 July 2008, 9:03 pm
The cellphone maker said that profit fell 61 percent in the second quarter from the period a year ago, when it booked a large gain from its network joint venture with Siemens.
World Business Briefing | Europe: Sweden: Profit Down at Electrolux
Source:NYT > World Business 17 July 2008, 9:03 pm
Electrolux, the European appliance maker, reported second-quarter profit that missed analysts’ estimates and reduced its full-year earnings forecast after sales declined in the United States and Europe.
Europe Expands Intel Antitrust Case
Source:NYT > World Business 17 July 2008, 9:02 pm
The European Commission said that it had added three new charges against Intel, and warned that it might order Intel to change its behavior under threat of large fines that could total 10 percent of its global revenue.