News 2008-07-12 Andanh.com

Worst Fears Ease, for Now, on Mortgage Giants’ Fate Sat, 12 Jul 2008 06:20:26 GMT
After a stomach-churning drop in the stocks of Fannie Mae and Freddie Mac, officials and lawmakers managed to calm investors.

Your Money: How Fallout Could Affect Main Street Sat, 12 Jul 2008 06:15:05 GMT
The swooning stocks of two giant mortgage companies have consumers wondering about the effect on those buying or selling homes.

Putting Their Houses in Order Sat, 12 Jul 2008 05:37:06 GMT
Fannie Mae, based in Washington, and Freddie Mac, in McLean, Va., lie at the heart of the nation’s housing market and touch nearly one out of every two home mortgages. Their guarantees back mortgages worth about $3.9 trillion.

iPhone Users Plagued by Software Problems Sat, 12 Jul 2008 05:32:42 GMT
Anticipation for the new iPhone was intense in Stuart, Fla., above, and elsewhere.

Can’t Find a Parking Spot? Check Smartphone Sat, 12 Jul 2008 05:10:07 GMT
Tod Dykstra, left, chief of Streetline, and Scott Dykstra glue down sensors.

F.C.C. Chief Would Bar Comcast From Imposing Web Restrictions Sat, 12 Jul 2008 04:55:59 GMT
Kevin J. Martin’s recommendation is a strong statement in favor of network neutrality, the idea that Internet access providers should not be allowed to favor some uses of their networks over others.

Saturday Interview: Getting People Into Cars, Despite the $4 Gas Sat, 12 Jul 2008 05:08:01 GMT
Mark P. Frissora

Sudden Legal Snags for Brown Auction Sat, 12 Jul 2008 06:09:32 GMT
The vinyl living room set of James Brown is one of the items shown for auction at Christie’s.

Executive Pursuits: A Spa Treatment to Clean the Car and Energize the Driver Sat, 12 Jul 2008 05:41:49 GMT
Harry Hurt cleaning his TrailBlazer at the Englewood Auto Spa in Englewood, N.J.

Cost of Living: Sleepless and Worried in My House Sat, 12 Jul 2008 05:41:07 GMT
After buying a house that was slightly too expensive but too good to pass up in the midst of the subprime mortgage debacle, a homeowner plays Monday morning quarterback.

In Europe, One Bank Chief Steps Down, and Another May Follow Sat, 12 Jul 2008 05:40:48 GMT
Jean-Paul Votron left as chief executive of Fortis, and the French newspaper Le Monde reported that the chief executive of Crédit Agricole, Georges Pauget, might also end up quitting.

Cost of Oil Dulling the Shine of a Global Air Show Sat, 12 Jul 2008 05:42:08 GMT
Oil prices are likely to preoccupy the representatives of 1,500 companies from 35 countries at the Farnborough International Air Show, aviation’s showcase event.

InBev Raises Its Offer for Anheuser-Busch Sat, 12 Jul 2008 05:32:44 GMT
The brewers are said to be in friendly talks as InBev has raised its offer to $70 a share from $65.

Citigroup to Sell Unit in Germany Sat, 12 Jul 2008 05:33:15 GMT
Citigroup’s sale of its German banking operations to Crédit Mutuel of France for 4.9 billion euros ($7.7 billion) in cash sets the stage for what could be a wave of mergers in German banking.

Guardian Buys Publisher of PaidContent Web Site Sat, 12 Jul 2008 05:18:51 GMT
Guardian News and Media, the publisher of two British newspapers, purchased the homegrown media company ContentNext for a reported $30 million.

New York Magazine Buys MenuPages Site Sat, 12 Jul 2008 05:19:12 GMT
New York Media, the magazine’s publisher, bought MenuPages.com for an undisclosed price, and will maintain it as a stand-alone Web site.

G.E. Profit Dips, but Meets Expectations Sat, 12 Jul 2008 05:44:33 GMT
The slight decline was in line with Wall Street expectations, reassuring investors who feared a repeat of the profit shortfall that sent the conglomerate’s shares tumbling in April.

UAL Plans Large Accounting Charges Sat, 12 Jul 2008 05:31:40 GMT
United Airlines’ parent said in a regulatory filing Friday that it would record $2.6 billion to $2.7 billion in accounting charges in the second quarter.

Weak Dollar Helps Shrink Trade Deficit Sat, 12 Jul 2008 05:17:02 GMT
The United States trade deficit narrowed in May as exports, including industrial supplies and consumer goods, climbed to records.

Regulators Seize Mortgage Lender Sat, 12 Jul 2008 05:37:29 GMT
IndyMac Bancorp, one of the country’s largest mortgage lenders, was a star in the subprime era.

By Large Margin, Senate Votes to Help Homeowners and Overhaul Loan Agencies Sat, 12 Jul 2008 05:36:50 GMT
The bills passed Friday include a rescue plan to help hundreds of thousands of borrows avoid foreclosure and a regulatory overhaul for Fannie Mae and Freddie Mac.

Business Briefing | International Business: Air Canada’s Shares Fall 15 Percent Sat, 12 Jul 2008 05:25:34 GMT
Air Canada, the nation’s largest airline, completed its worst week, losing more than a fifth of its value as crude oil climbed to a record, threatening the carrier’s ability to return to profit.

Business Briefing | Legal: Lawyer to Plead Guilty in Kickback Scheme Sat, 12 Jul 2008 05:26:19 GMT
Paul T. Selzer, a lawyer who is the final defendant in a federal kickback case, has agreed to plead guilty to a tax-related felony, prosecutors in Los Angeles said Friday.

Business Briefing | Technology: Harley-Davidson to Buy Italian Motorcycle Maker Sat, 12 Jul 2008 05:26:48 GMT
Harley-Davidson said Friday it would buy the Italian motorcycle maker MV Agusta Group for about $109 million to increase its presence in Europe.

Business Briefing | Pharmaceutical: Roche to Suspend H.I.V. Research Sat, 12 Jul 2008 05:27:58 GMT
The Swiss pharmaceutical company Roche Holding said none of its pending medicines represent significant improvement over existing drugs.

Business Briefing | Technology: No Price Cuts Planned for Playstation 3 Sat, 12 Jul 2008 05:28:41 GMT
The chairman of Sony, Howard Stringer said the company did not need to lower the price of the game console in response to a possible $50 cut in the Microsoft’s Xbox 360.

Business Briefing | Deals: Ashland Announces Deal to Acquire Chemicals Maker Sat, 12 Jul 2008 05:29:07 GMT
Ashland said on Friday that it would buy the specialty chemicals maker Hercules in a $2.6 billion cash-and-stock deal that also includes a hefty debt load.

Talking Business: Apple’s Toy, and Other Thoughts Sat, 12 Jul 2008 05:08:37 GMT
Thoughts about the new iPhone, an eye-popping, all-electric roadster and the self-serving gripes and paranoia of the Bear Stearns brass.

F.C.C. Chairman Favors Penalty on Comcast Fri, 11 Jul 2008 17:55:02 GMT
The move stems from a complaint that Comcast had blocked Internet traffic among users of a certain type of software that allowed them to exchange large amounts of data.

Sun Valley Diary: If Found, Please Mail to 1211 Avenue of the Americas Fri, 11 Jul 2008 20:04:06 +0000
Missing: One wedding ring belonging to Rupert Murdoch, the head of the News Corporation. More specifically, it’s the ring from his third marriage, to Wendi Deng. Where: The Lodge bar in Sun Valley, Idaho, during the Allen & Company media conference. More specifically according to Reuters, it was where “a ridiculously high-powered assemblage of media [...]

Icahn Said to Plan Definitive Proxy Statement This Afternoon Fri, 11 Jul 2008 19:56:00 +0000
After two weeks of waiting, Carl C. Icahn will say — definitively — how he plans to wage war against Yahoo’s board. The activist investor will file his definitive proxy statement Friday afternoon, The New York Post reported citing several unnamed sources. In the filing, Mr. Icahn will formally nominate his slate of nine alternative directors, [...]

Credit Crunch Puts Stain on London’s Connubial Bliss Fri, 11 Jul 2008 18:59:52 +0000
From Julia Werdigier, DealBook’s colleague in London: London’s hedge fund managers and stockbrokers have more than their bonuses to worry about: many are now fretting about their marriages, according to a new study. In a survey of 100 analysts, stockbrokers and hedge fund managers by the London law firm Mishcon de Raya, a great majority of respondents [...]

Sun Valley Diary: Google on Yahoo, YouTube Fri, 11 Jul 2008 18:07:06 +0000
Google Chief Executive Eric Schmidt is quickly establishing itself as one of the most press-friendly attendees at Sun Valley’s annual gathering of high-powered media and technology types. Last year, he spent a solid hour answering reporters’ questions in a late-night rap session. On Thursday, Mr. Schmidt, along with Google co-founders Larry Page and Sergey Brin, [...]

Sun Valley Diary: Even Here, Fannie Looms Large Fri, 11 Jul 2008 17:30:07 +0000
Sun Valley may be quieting down with the end of the Allen & Company media conference. But the financial sector’s latest turmoil appeared to have at least one of the confab’s attendees worked up. DealBook spotted Mario Gabelli, the money manager behind Gamco Investors, up at 5:30 a.m. Mountain Daylight Time. He was already at The [...]

Wall Street Feels the Fannie Effect Fri, 11 Jul 2008 17:12:24 +0000
Jitters about the solvency of Fannie Mae and Freddie Mac, two government-sponsored mortgage financing companies, took a big toll on financial-industry stocks Friday. Looming over Wall Street was the fear that if these companies should fail, it might completely shut down the market for mortgage-backed securities. But it wasn’t just a deepening freeze in the [...]

Chemical Reactions: What Now for DuPont? Fri, 11 Jul 2008 16:32:43 +0000
DuPont shareholders may be having a bad case of deal envy Friday morning. The largest chemical company in the United States, DuPont watched Thursday as the nation’s No. 2, Dow Chemical, acquired Philadelphia-based rival Rohm and Haas for a whopping 74 percent premium to the target company’s share price before the deal was announced. Shareholders of DuPont, [...]

Dow’s Surprise Fri, 11 Jul 2008 16:15:37 +0000
The market for strategic mergers and acquisitions — deals where operating companies, rather than investment funds, are the buyers — appears to have had a good week, even before Friday’s report in The New York Times that InBev’s takeover talks with Anheuser-Busch have turned friendly. There are lots of tidbits in all of the transactions, [...]

Fannie’s Unofficial Safety Net: the U.S. Fri, 11 Jul 2008 14:59:31 +0000
When is a guarantee not a guarantee? When you are one of the largest mortgage financing companies in the United States, that’s when. We’re talking here about Fannie Mae, whose stock has swooned this week amid concerns that the company is on the ropes. This has put a lot of attention on the question of whether [...]

InBev Said to Begin Wide Syndication of Anheuser Deal Debt Fri, 11 Jul 2008 13:13:35 +0000
As InBev starts up friendly talks with Anheuser-Busch, the Belgian brewer has kicked off syndicating the $45 billion in debt it needs to acquire the Budweiser maker. InBev is pushing the loan package into wider syndication, letting its banks spread out their risk before the debt markets slow down for the summer, Reuters Loan Pricing Corporation [...]

Psychiatric Group Faces Scrutiny Over Drug Industry Ties Sat, 12 Jul 2008 06:13:38 GMT
Probing into the financial relationship between drug companies and psychiatrists, senators are demanding that the American Psychiatric Association give an accounting of its financing.

Iraqi Shiites Reclaim a Village Razed by Sunnis Sat, 12 Jul 2008 06:27:07 GMT
Nafeeya Mohsin looked over what remained of her house last month, two days after returning to it in the village of Al Etha in Iraq.

2 Vetoes Quash U.N. Sanctions on Zimbabwe Sat, 12 Jul 2008 06:09:16 GMT
Vitaly Churkin, the Russian ambassador to the United Nations, argued that a plan to impose sanctions on Zimbabwe exceeded the Security Council’s mandate.

Czechs See Oil Flow Fall and Suspect Russian Ire on Missile System Sat, 12 Jul 2008 05:56:59 GMT
After the Czech Republic signed an agreement with the U.S. on an antiballistic missile system that Russia opposes, Prague said the flow of Russian oil was beginning to dwindle.

Africa Faces Another Rising Expense: Fuel Sat, 12 Jul 2008 04:54:15 GMT
Rising food prices have sent discontent rippling across Africa in recent months, prompting riots and demonstrations. Now fuel prices are causing rumblings as well.

More Power for Hezbollah in Lebanon’s New Cabinet Sat, 12 Jul 2008 05:58:25 GMT
The cabinet will be Lebanon’s first full-fledged government since November 2006, when an opposition walkout sparked a crisis that led the country to the brink of civil war.

Tory Draws Notice and Votes, Warning of Siege on Liberties Sat, 12 Jul 2008 04:58:23 GMT
As David Davis campaigned for a by-election, he was embraced by many as an improbable standard-bearer for traditional British liberties.

Experts Point to Deceptions in Iran’s Military Display Sat, 12 Jul 2008 04:59:54 GMT
Analysts said an Iranian photograph released Wednesday that showed four missiles heading skyward had been digitally altered to make three firings look like four.

Olmert Questioned on Graft Sat, 12 Jul 2008 05:33:32 GMT
Israeli prosecutors announced an expansion of their corruption investigation into Prime Minister Ehud Olmert on Friday.

Pursuit of Sudan’s Leader Incites Debate Sat, 12 Jul 2008 05:53:09 GMT
At the United Nations, tense meetings were held on whether indictment against President Omar Hassan al-Bashir of Sudan should proceed.

Iraqi Forces Raid Mosque With Links to Sadrists Sat, 12 Jul 2008 05:32:36 GMT
The raid underscored the bitter, often violent feuding between those loyal to the rebel Shiite cleric Moktada Al-Sadr and forces allied with the government.

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