News 2008-07-02 Andanh.com

Deepening Cycle of Job Loss Seen Lasting Into ’09 Wed, 02 Jul 2008 04:30:59 GMT
Experts say the troubles dogging the economy will be stubborn, leaving in place a combination of tight credit and scant job opportunities perhaps well into next year.

Car Sales at 10-Year Low Wed, 02 Jul 2008 04:59:24 GMT

Stock Exchange’s Ex-Chief Wins Battle to Keep Pay Wed, 02 Jul 2008 04:31:02 GMT
Richard A. Grasso

Starbucks Announces It Will Close 600 Stores Wed, 02 Jul 2008 04:36:59 GMT
The company said Tuesday it would close 600 stores in the United States and lay off as many as 12,000 full- and part-time employees, the most in its history.

Judge Clears U.S. Request for UBS Clients’ Names Wed, 02 Jul 2008 04:55:37 GMT
Peter Kurer, UBS’s chairman, promised changes at the bank two months ago.

Wanted: Skilled Workers for a Growing Economy in Brazil Wed, 02 Jul 2008 04:50:42 GMT
A worker on a plane production line for Embraer in Brazil. The company has doubled in size since the start of the decade.

Moody’s Says Workers Rated Some Securities Incorrectly Wed, 02 Jul 2008 04:55:05 GMT
Noel Kirnon will be replaced as head of structured finance at a Moody’s subsidiary.

Wal-Mart Faces Fine in Minnesota Suit Involving Work Breaks Wed, 02 Jul 2008 04:46:42 GMT
A state judge has ruled that the discount store chain violated state laws on rest breaks and other wage matters more than two million times and could face more than $2 billion in fines.

Rhode Island Court Throws Out Jury Finding in Lead Case Wed, 02 Jul 2008 04:47:37 GMT
In 2005, John McConnell argued the state’s case in Providence, R.I., as Attorney General Patrick Lynch, right, listened.

Kroger Expands Voluntary Recall of Ground Beef Wed, 02 Jul 2008 04:49:41 GMT
Kroger said on Wednesday it expanded its voluntary recall of ground beef products sold in two states because the meat had been linked to recent outbreaks of E. coli bacteria.

Oil Demand Will Grow, Despite Prices, Report Says Wed, 02 Jul 2008 04:46:30 GMT
Moped and motorcycle riders waited at a Shanghai gas station Tuesday. China will account for a third of the increase in oil demand over the next five years, the International Energy Agency said.

What Do Women Want? A Developer Asks, and Listens Wed, 02 Jul 2008 04:42:15 GMT
The Watters Creek Shopping Center in Allen, Tex., reflects the advice of a panel of two dozen women.

Bank Takes Environmental Step Into Rural Town Wed, 02 Jul 2008 04:39:20 GMT
The lobby and main stairwell at the new North American headquarters for HSBC, which was intended to be carbon neutral.

BP Chief and Staff Face Removal From Russia Wed, 02 Jul 2008 04:46:54 GMT
BP appeared to be in danger of losing control of its Russian joint venture after learning that local authorities had refused to issue work permits to critical expatriates on its staff.

Paulson, in Europe, Finds Misery Loves Company Wed, 02 Jul 2008 04:38:14 GMT
Henry Paulson Jr., left, the Treasury secretary of the United States, and Michael Glos, Germany’s economic minister, during a news conference on Tuesday in Berlin.

Advertising: Speaking to Women, With Firsthand Experience Wed, 02 Jul 2008 04:49:00 GMT
Seven women are the core founding partners of G23, a group focused on female consumers.

Microsoft Buys Online Concern Wed, 02 Jul 2008 04:36:46 GMT
Microsoft said on Tuesday that it would buy Powerset Inc., an Internet search company, the latest in a string of acquisitions aimed at bolstering its position online.

A.I.G. Pays Its Ex-Chief $47 Million Wed, 02 Jul 2008 04:35:58 GMT
The resignation of the company’s former chief executive, Martin J. Sullivan, took effect on Tuesday.

Clay Felker, Magazine Pioneer, Dies at 82 Wed, 02 Jul 2008 04:30:51 GMT
Clay Felker in the offices of the Village Voice in 1976.

Profit at Apollo Group Wed, 02 Jul 2008 01:25:39 GMT
The Apollo Group, an education company that owns the University of Phoenix, says it earned $139.1 million in the third quarter as enrollment grew by 11 percent.

CIT Group Is Selling Off Bad Loans Wed, 02 Jul 2008 04:45:29 GMT
The CIT Group said it had agreed to sell nearly $10 billion of mortgage assets in a deal that would remove problem loans from its balance sheet. Its shares rose almost 30 percent.

Constellation’s Profit Rises 50% in First Quarter Wed, 02 Jul 2008 03:38:34 GMT
Constellation Brands said Tuesday that its fiscal first-quarter profit jumped 50 percent, lifted by price increases as well as strong sales of its new higher-margin wine brands.

Fuselage Damage May Slow Boeing Wed, 02 Jul 2008 04:49:10 GMT
Already facing a delay of at least 14 months on its new 787 Dreamliner aircraft, damage to the fourth of six test planes could have an effect on the full program.

Blockbuster Drops Bid for Circuit City Wed, 02 Jul 2008 04:45:40 GMT
Blockbuster said on Tuesday that it was withdrawing its proposal to acquire Circuit City Stores.

A Slight Gain After an Up-and-Down Session Wed, 02 Jul 2008 04:41:13 GMT
Traders on the floor of the New York Stock Exchange on Tuesday. At one point, the Dow reached its low point for the year.

Economic Scene: Dispelling the Myths of Summer Wed, 02 Jul 2008 04:56:15 GMT
The current economic downturn has no one dominant mythology, and several are making the rounds. Many of these fictions will get good air time this summer.

Advertising: The Force Lives On, as Do the Toys Tue, 01 Jul 2008 04:16:19 GMT
A new Lego “Star Wars” toy, exclusive to Toys “R” Us. The “Star Wars” toys will occupy their own boutique within stores.

U.S. Asks Court to Force UBS to Provide Names Tue, 01 Jul 2008 20:50:53 GMT
U.S. authorities asked a federal court to force the Swiss bank to turn over the names of wealthy American clients suspected of evading taxes through secret offshore accounts.

Inflation in Europe Stirs Debate Over Rates Tue, 01 Jul 2008 04:45:19 GMT
Joaquín Almunia, the monetary affairs commissioner.

India Offers 8 Ideals on a Climate Change Policy, but Few Details Tue, 01 Jul 2008 04:42:36 GMT
Rush hour in Bangalore, India. India is the fourth-largest emitter of carbon dioxide after the United States, China and Russia.

World Business Briefing | Asia: China: Company to Get Smithfield Stake Wed, 02 Jul 2008 03:39:27 GMT
Smithfield Foods said Cofco, the largest agricultural trading and processing company in China, would buy a stake in the company.

World Business Briefing | Europe: Denmark: Economy Enters Recession Wed, 02 Jul 2008 03:40:04 GMT
Denmark slid into recession in the first quarter, as its economy shrank 0.6 percent after contracting a revised 0.2 percent in the fourth quarter.

World Business Briefing | Asia: Japan: Manufacturers’ Confidence Falls Wed, 02 Jul 2008 03:41:02 GMT
Confidence at major Japanese manufacturers has slumped to an almost five-year low and large corporations project a significant drop in profits for the half-year through September.

World Business Briefing | Americas: Brazil: May Industrial Output Declined Wed, 02 Jul 2008 03:41:40 GMT
Industrial production in Brazil fell unexpectedly in May from April, a sign that expansion in output may be slowing after months of robust growth.

World Business Briefing | Asia: India: Trade Deficit Widens Wed, 02 Jul 2008 03:42:21 GMT
India’s exports grew at the slowest pace in 14 months in May as weakening global expansion hurt shipments of clothes, steel and electronic goods.

World Business Briefing | Europe: Germany: Unemployment Rate Declines Wed, 02 Jul 2008 03:42:56 GMT
The number of unemployed in Germany fell more than expected in June, with the jobless rate declining to 7.5 percent, from 7.8 percent in May.

Another Victory for Grasso in Pay Feud Tue, 01 Jul 2008 23:32:13 +0000
Richard Grasso is on a roll. Last week, the top appeals court in New York upheld a ruling that dismissed four of the six counts originally brought against him in a lawsuit over the $187.5 million in compensation he received as head of the New York Stock Exchange. Then on Tuesday, a midlevel New York appeals [...]

Morgan Stanley’s Merger Drought Tue, 01 Jul 2008 20:05:47 +0000
The first six months of the year have been hard on most investment banks. But the deal makers at Morgan Stanley seem to be having an especially rough time, judging from the firm’s big drop in the mergers-and-acquisitions league tables. Morgan Stanley has consistently been one of Wall Street’s top three M&A advisers as measured [...]

More on the United Rentals Tender Offer Tue, 01 Jul 2008 19:49:33 +0000
On Tuesday, United Rentals will be in day fourteen of a Dutch auction self tender for 31.4 percent of its stock at $22 to $25. The offer is scheduled to expire on July 16. Management is not participating in the offer nor is directors and according to the last United Rentals proxy they own 2.1 [...]

Citi Analysts Play Matchmaker For Yahoo Tue, 01 Jul 2008 18:24:45 +0000
Nearly two months have passed since Microsoft pulled the plug on its bid for Yahoo. It now looks as if the deal has little hope of being resurrected, even with Carl Icahn threatening to oust Yahoo’s board. But analysts at Citigroup say they see another potential partner for Yahoo that might be a bit more [...]

The Bullish Case for Lehman Brothers Tue, 01 Jul 2008 15:14:53 +0000
Lehman Brothers‘ wild ride continues. After diving 11 percent Monday — and falling below $20 for the first time in eight years — Lehman’s stock was up about 5 percent in late-morning trading Tuesday. Even with those gains, though, its market value remained below $12 billion. That’s less than the write-downs taken by some of [...]

Moody’s Shakes Up Management After CPDO Errors Tue, 01 Jul 2008 14:26:37 +0000
Credit ratings agency Moody’s Investors Service said Tuesday it began disciplinary proceedings against workers involved in reviewing certain European debt ratings. Moody’s said it has accelerated measures to strengthen its rating and monitoring processes. The disciplinary proceedings, which may include firings, and the effort to strengthen its monitoring process come after a review by the company of [...]

BofA Gets Its Countrywide Deal, for Better or Worse Tue, 01 Jul 2008 14:10:55 +0000
It’s official: Bank of America has acquired Countrywide Financial, marking the completion of an audacious rescue of one of the most troubled lenders in the United States. The deal will expand Bank of America’s reach in the mortgage business — but, in the current environment of rising defaults and delinquencies among American homeowners, the expansion [...]

Did an Accounting Rule Fuel a Financial Crisis? Tue, 01 Jul 2008 12:44:13 +0000
The pain in the financial industry has rocked the markets and stung shareholders — and some prominent names on Wall Street are suggesting that a well-intentioned accounting rule may be partly to blame. This group includes Stephen Schwarzman, the chief executive of the giant private equity firm Blackstone Group. He told Andrew Ross Sorkin of [...]

Financier Starts Sentence in Prostitution Case Tue, 01 Jul 2008 12:30:32 +0000
The bad news arrived by phone last week on Little St. James Island, the palm-fringed Xanadu in the Caribbean where Jeffrey E. Epstein, adviser to billionaires, lives in secluded splendor. Report to the Palm Beach County jail, the caller, Mr. Epstein’s lawyer, said. So over the weekend Mr. Epstein quit his pleasure dome, with its staff [...]

Steve & Barry’s Said to Prepare Liquidation Plans Tue, 01 Jul 2008 12:14:18 +0000
Retailer Steve & Barry’s is readying plans to close more than 100 of its stores, and is contemplating a full liquidation should it not find emergency financing, The Wall Street Journal reported on Monday. The article, citing people familiar with the company, said the retail chain is seeking a tentative plan for about $40 million in [...]

Students, Teachers and Parents Weigh In on State of the Schools Wed, 02 Jul 2008 01:04:41 GMT
For the second year in a row, a vast majority of New York City parents, teachers and students who responded to a Department of Education survey said they were satisfied with their schools.

Mind: Decades Later, Still Asking: Would I Pull That Switch? Tue, 01 Jul 2008 16:00:23 GMT

A Quandary on Blood Drops in the Brain Tue, 01 Jul 2008 15:12:37 GMT
An M.R.I. scan shows microbleeds, the small black dots.

Scientists Identify the Brain’s Activity Hub Tue, 01 Jul 2008 15:15:29 GMT

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