News 2008-06-03 Andanh.com

G.M. Closing 4 Truck Plants in Shift Toward Cars Tue, 03 Jun 2008 21:04:59 GMT
Responding to a consumer shift to more fuel-efficient vehicles, G.M. is also weighing a sale of Hummer.

Auto Buyers Go Small in May Tue, 03 Jun 2008 20:14:22 GMT
Smaller cars like the Civic and Corolla easily outsold the traditional pacesetters, the Ford F-series and Chevrolet Silverado pickups, last month.

U.N. Issues Warning on Food Crisis Tue, 03 Jun 2008 13:01:58 GMT
Resolving the global food crisis could cost as much as $30 billion a year and wealthier nations are doing little to help the developing world, United Nations officials said.

Fed Chief Signals End to Rate Cuts Tue, 03 Jun 2008 21:17:25 GMT
Ben S. Bernanke signaled that further interest rate cuts were unlikely because of concerns about inflation.

MSN Moves to Create Entertainment Web Sites Tue, 03 Jun 2008 22:55:13 GMT
MSN said that it had signed an agreement with BermanBraun, a Los Angeles production company, to develop and maintain an entertainment-focused Web site.

A Loss, but Toll Brothers Tops Expectations Tue, 03 Jun 2008 22:15:20 GMT
The luxury home builder posted a narrower-than-expected loss of $93.7 million in the second quarter, hurt by weakened demand amid the nation’s housing slump.

Factory Orders Rise 1.1% in April Tue, 03 Jun 2008 22:53:16 GMT
Orders for manufactured goods posted a surprisingly strong increase in April as demand rose across a number of industries.

Regulators Move to Tighten Oversight of Commodities Tue, 03 Jun 2008 18:18:00 GMT
The Commodity Futures Trading Commission announced steps including a demand for more information on investors to determine whether they are driving up food prices.

China Moves Quickly in Drug Mystery Tue, 03 Jun 2008 20:29:27 GMT
The deaths of six hospital patients who received a blood-based drug at a hospital in Jiangxi Province has prompted an unusually swift response from authorities.

Grasso’s Grit May Win After All Tue, 03 Jun 2008 04:11:36 GMT
The chances are growing that Richard A. Grasso will keep the $185 million pay package that led to his ouster as chairman of the New York Stock Exchange.

In Mideast, Paulson Offers Reassurances on Dollar Tue, 03 Jun 2008 04:56:42 GMT
The Treasury secretary defended the dollar’s status as the world’s reserve currency, in a message to gulf oil producing states.

Advertising: Mr. Bill Returns (in One Piece) to Pitch a Debit Card Tue, 03 Jun 2008 04:06:08 GMT
Mr. Bill, the clay doll that was pulverized in vintage “Saturday Night Live” skits, makes it through the day in a new ad campaign by MasterCard.

An Impossible Dream, the Euro Finds Its Way Tue, 03 Jun 2008 04:39:54 GMT
After the success of the single currency, the European Central Bank faces a new challenge. How will it make monetary policy with some members mired in a slowdown and others stalked by inflation?

Wachovia Forces Out Its Chief Tue, 03 Jun 2008 04:08:15 GMT
The ouster of G. Kennedy Thompson as chief executive, announced Monday morning, leaves the Charlotte, N.C.-based bank confronting an uncertain future.

H.P. to Put Microsoft’s Live Search in PCs Tue, 03 Jun 2008 05:32:01 GMT
The agreement, which takes effect next January for new PCs in the United States and Canada, displaces a similar one Hewlett-Packard has with Yahoo.

Airlines Face ‘Desperate’ Situation, Official Says Tue, 03 Jun 2008 04:45:07 GMT
Citing high oil prices and the slowing economy, the International Air Transport Association sharply lowered its industry forecast for 2008.

Mobile and Landline Deals to Update Service in China Tue, 03 Jun 2008 05:25:53 GMT
China Unicom, a cellphone service provider, agreed to sell a wireless network to the country’s largest fixed-line operator and buy a fixed-line company of its own.

Brocade Settles Suit Over Timing of Options Tue, 03 Jun 2008 05:25:22 GMT
The network equipment maker agreed to pay $160 million to resolve a class-action lawsuit over the backdating of stock options, the company said in a statement.

Lawsuit Criticizes Yahoo Retention Plan Tue, 03 Jun 2008 19:13:29 GMT
The lawsuit against Yahoo’s board over its rebuff of Microsoft’s $47.5 billion buyout bid was made public by a judge who said that Yahoo had not shown good reason to keep it confidential.

On the Road: Hotels Struggle to Find the Right Eco-Message Tue, 03 Jun 2008 05:07:18 GMT
Hotels that care about the environment often have to balance this concern with their own business needs.

U.S. Manufacturing Slips as Inflation Gauge Surges Tue, 03 Jun 2008 05:01:25 GMT
United States manufacturing declined in May for the fourth consecutive month while inflation surged to the highest in four years, heightening fears of stagflation.

Boutique Bandwagon Tue, 03 Jun 2008 05:33:11 GMT
A couple of decades after boutique hotels were first launched, the concept has become so successful that hoteliers across the industry are rushing to develop boutique brands.

Downgrade of 3 Banks Revives Credit Fears Tue, 03 Jun 2008 12:12:48 GMT
Stocks markets fell on Monday after a trio of Wall Street’s biggest banks were hit with a ratings downgrade, leaving investors worried that additional billion-dollar losses may be in the offing.

Class-Action Lawyer Gets 30 Months in Prison Tue, 03 Jun 2008 04:37:25 GMT
Melvyn I. Weiss, the prominent class-action lawyer, was sentenced to 30 months in prison by a federal district judge in Los Angeles for his role in concealing illegal kickbacks to plaintiffs.

British Bank Gets Private Equity Lifeline Tue, 03 Jun 2008 04:12:42 GMT
Bradford & Bingley on Monday became the latest lender to seek emergency help from an investor, agreeing to sell a 23 percent stake to TPG, the private equity group.

U.S. Loses Latest Appeal on Cotton Subsidies Tue, 03 Jun 2008 02:38:01 GMT
The United States lost its final appeal on Monday in a billion-dollar trade dispute with Brazil over subsidies to American cotton growers.

Despite Fire, Universal Studios Is Open Tue, 03 Jun 2008 12:08:48 GMT
After a weekend fire destroyed part of the lot at Universal Studios, guides on the popular studio tour were working the disaster into their patter.

Sports of The Times: Baseball Follows Selig’s Lead on Cancer Tue, 03 Jun 2008 05:25:17 GMT
Bud Selig’s bout with skin cancer has led to Major League Baseball’s $10 million donation to an outfit, which will stage an unprecedented collaboration among the major networks for a fund-raiser to battle the disease.

Following the Money Behind Big Brown Tue, 03 Jun 2008 05:44:17 GMT
James Tagliaferri’s St. Thomas Island-based asset-management company is the real money behind Big Brown and International Equine Acquisitions Holdings.

Tavern on the Green to Pay $2.2 Million to Settle Harassment Claim Tue, 03 Jun 2008 06:24:54 GMT
The Equal Employment Opportunity Commission had accused the restaurant of “severe and pervasive” harassment of female, black and Hispanic employees.

No Ruling Means No Change for Fantasy Baseball Leagues Tue, 03 Jun 2008 05:27:13 GMT
Major League Baseball’s effort to maintain exclusive control of its players’ statistics failed on Monday.

Trade Center to Get Tenant From China Tue, 03 Jun 2008 06:23:22 GMT
A Chinese real estate company has signed a deal to lease space in the Freedom Tower, making it the first private company to agree to occupy the future skyscraper.

Kinko’s Is Now FedEx Office Tue, 03 Jun 2008 04:19:22 GMT
FedEx said it will change the name of its printing and professional services unit, which it purchased in 2004, and record a charge resulting from the renaming.

Tyson to Stop Calling Chicken Antibiotic-Free Tue, 03 Jun 2008 04:57:09 GMT
The company cited “uncertainty and controversy over product labeling regulations.”

Frequent Flier: The Dress Is in Chicago, but Lou Lou’s With Me Tue, 03 Jun 2008 05:16:36 GMT
Traveling with pets can be an adventure. But not always because of the pets.

Memo Pad: Memo Pad Tue, 03 Jun 2008 05:24:28 GMT
News about airlines and airports.

Dealbook: Secret Life of a Deal Tue, 03 Jun 2008 05:10:23 GMT
Two of Dow Chemical’s top executives worked on a $50 billion takeover of their company last year, behind the backs of the company’s chief executive and board.

Steel Price Is Latest Setback for European Pipeline Tue, 03 Jun 2008 18:44:16 GMT
Nabucco, the European Union’s natural gas pipeline project, said on Tuesday that its cost would grow by nearly 60 percent because of higher steel prices.

Yet Another Delay in World Trade Talks Tue, 03 Jun 2008 20:33:02 GMT
Global trade talks stumbled again after diplomats in Geneva failed to narrow differences over industrial goods after eight days of negotiations.

World Business Briefing | Americas: Canada: Supreme Court to Hear Bell Case Tue, 03 Jun 2008 04:51:31 GMT
The Supreme Court of Canada said it would hear an appeal from Bell Canada that will very likely determine the fate of a $51.8 billion leveraged buyout of the company.

World Business Briefing | Europe: Czech Republic: Airport Operator for Sale Tue, 03 Jun 2008 04:52:13 GMT
The Czech government agreed to sell Letiste Praha, operator of the Prague airport, to raise at least $6.2 billion for the state budget.

World Business Briefing | Asia: China: Bank Makes Hong Kong Acquisition Tue, 03 Jun 2008 16:18:21 GMT
The China Merchants Bank Company agreed to pay $2.5 billion for control of the Wing Lung Bank of Hong Kong.

World Business Briefing | Asia: South Korea: Beef Import Ban Maintained Tue, 03 Jun 2008 04:51:44 GMT
The South Korean government said it was delaying the planned resumption of beef imports from the United States after a request from the ruling party and large weekend street protests.

World Business Briefing | Asia: Japan: Nissan Leads Decline in Auto Sales Tue, 03 Jun 2008 04:52:03 GMT
Nissan led a decline in domestic auto sales in May, as higher taxes and fuel costs cut demand.

Goodwill Hurting: The Coming Write-Downs Tue, 03 Jun 2008 17:48:11 +0000
Chief executives rarely come right out and admit that they massively overpaid in a merger deal. But the accountants have to be a bit more forthcoming. That’s because, at least once a year, they need to check the health of a ledger entry known as “goodwill,” which is often a legacy from a takeover deal. [...]

Bears Latch Onto Lehman Tue, 03 Jun 2008 15:18:39 +0000
The Lehman Brothers galleon hasn’t run aground, but it looks like it has entered some shallow waters. At least, that is the feeling coming from Wall Street analysts, who in recent weeks have grown much more pessimistic about the securities firm, which now has the dubious distinction of being the smallest of the major Wall [...]

Yahoo’s Tin Parachutes Tue, 03 Jun 2008 14:34:10 +0000
On Thursday, Chancellor William B. Chandler III in the Delaware Court of Chancery unsealed the amended complaint in the Delaware shareholder class action lawsuit filed against Yahoo’s board. The complaint alleges that Yahoo’s board breached its fiduciary duties by acting to obstruct Microsoft’s offer to acquire Yahoo. The complaint is filled with all sorts of interesting [...]

ResCap to Sell Assets to GMAC to Stay Afloat Tue, 03 Jun 2008 12:34:09 +0000
Residential Capital said its parent company, GMAC, and GMAC lead investor Cerberus Capital Management agreed to inject $1.43 billion in cash to help keep the distressed mortgage-finance company afloat, Bloomberg News reported. ResCap needs the money to help meet its debt obligations after failing to complete anticipated asset sales, according to a regulatory filing on Tuesday. [...]

Inside Dow’s Rogue Buyout Talks Tue, 03 Jun 2008 12:28:24 +0000
Dow Chemical may have settled a legal dispute over last year’s firing of two former executives, but the legal filings have revealed some juicy details about the unauthorized buyout talks that were at the heart of the controversy. In this week’s DealBook column in The New York Times, Andrew Ross Sorkin looks at the cast of [...]

Fourth Apollo Company Flips Its PIK Toggle Tue, 03 Jun 2008 12:25:57 +0000
If three makes a trend, then what does four mean for Apollo Management? According to The Financial Times, a fourth company owned by the private equity giant has started paying interest on some of its debt by issuing more notes, instead of paying cash. The decision by Momentive Performance Materials is a reminder of the excesses [...]

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