News 2008-08-01 Andanh.com

Jobless Rate Climbs to 5.7% as 51,000 Jobs Lost in July Fri, 01 Aug 2008 15:19:53 GMT
Payrolls contracted for the seventh consecutive month, but the loss was less than the 75,000 jobs that economists had expected.

G.M. Loses $15.5 Billion in Quarter Fri, 01 Aug 2008 15:04:07 GMT
Reeling from the shift to small cars by consumers, the automakers’ results were weighed down by write-downs.

Chevron Profit Soars, but Shares Dip Fri, 01 Aug 2008 13:40:20 GMT
Lifted by record crude prices, Chevron says its profit rose 11 percent from a year ago, capping another round of massive earnings for the major oil companies.

More Arrows Seen Pointing to a Recession Fri, 01 Aug 2008 06:36:48 GMT
The American economy slowed from April to June, while numbers for the last three months of 2007 were revised downward to show a contraction.

British Airways Offers Bleak Earnings Report Fri, 01 Aug 2008 15:02:20 GMT
In a stark sign of the turmoil in aviation, British Airways said its earnings had collapsed from April to June and revised its revenue outlook downward for the full year.

British Energy Rejects Offer From French Rival Fri, 01 Aug 2008 15:02:20 GMT
Shareholders in nuclear plant operator British Energy rejected a takeover offer from Électricité de France, but both sides appear to leave the door open for further talks.

A Setback for a Schering-Plough Drug Fri, 01 Aug 2008 15:02:20 GMT
Schering-Plough said regulators had rejected Bridion, its drug to reverse the effects of anesthesia that had been heralded as a breakthrough product by analysts.

China’s Industrial Ambition Soars to High-Tech Fri, 01 Aug 2008 14:08:52 GMT
A computer being assembled at Hasee. The company, founded six years ago, is already selling 100,000 laptops a month.

Aimed at Nostalgic Drinkers, Schlitz Returns Fri, 01 Aug 2008 14:30:23 GMT
After decades of dormancy, the beer that made Milwaukee famous is back on shelves in in the city where it was first brewed more than a century and a half ago.

IndyMac Files for Bankruptcy Protection Fri, 01 Aug 2008 12:08:10 GMT
The decision to file for Chapter 7 bankruptcy protection is an indication that it will liquidate its assets and shut down.

Once Dumped, ImClone Soars Fri, 01 Aug 2008 05:19:58 GMT
If they only had been more patient investors of ImClone Systems, Martha Stewart and others might have done just fine, and avoided jail time.

Profit Data May Explain U.S. Gloom Fri, 01 Aug 2008 04:11:27 GMT
Corporate profits earned in the United States rose much more rapidly from 2005 through 2007 than had been earlier reported, making the subsequent fall seem even more precipitous.

Fed Fears Wage Spiral That Is Little in Evidence Fri, 01 Aug 2008 04:45:01 GMT
The Federal Reserve’s policy makers assume that people eventually demand and get higher pay, but they differ sharply on how quickly that pressure could emerge.

Automakers Drop Leases as Their Losses Mount Fri, 01 Aug 2008 05:20:41 GMT
With consumers flocking to smaller cars, Detroit’s automakers are taking huge losses on the leases that once fueled the boom in trucks and S.U.V.’s.

Cuts and Concessions Demanded at New Jersey Papers Fri, 01 Aug 2008 05:11:26 GMT
The Star-Ledger of Newark and a smaller sister paper in Trenton need to eliminate at least 20 percent of their staffs and win concessions from trade unions to stay afloat, their management said.

Deutsche Bank’s Chief Proves Right for Times Fri, 01 Aug 2008 12:31:33 GMT
Josef Ackermann, the chief of Deutsche Bank, which has weathered the credit crisis, argues that investment banks could emerge from the current turmoil with a vibrant future.

Advertising: Summer Silliness Brings a Pizza Field and a Giant Oreo Fri, 01 Aug 2008 07:49:24 GMT
A Chevrolet billboard that used real pennies lasted only 30 minutes as people picked it clean.

High Fuel Costs Delay Airplane Orders Fri, 01 Aug 2008 04:46:16 GMT
Despite a multiyear backlog of airplane orders at both Airbus and Boeing, aircraft manufacturers are seeing troubling signs among their customers.

Big Pharmaceutical Companies Hunger for Biotech Drugs Fri, 01 Aug 2008 05:19:30 GMT
Bristol-Myers Squibb’s unsolicited $60-a-share offer for the rest of ImClone Systems illustrates the growing appetite of big pharmaceutical companies for biotechnology drugs.

Exxon’s Second-Quarter Earnings Set a Record Fri, 01 Aug 2008 04:48:31 GMT
Record earnings for Exxon, the world’s largest publicly traded oil company, have become routine as the surge of oil prices in recent years has filled its coffers.

Shares of Exchanges Sink With Markets Fri, 01 Aug 2008 05:22:43 GMT
The share price of the company that owns the venerable New York Stock Exchange has tumbled even more than the stock market, losing 45 percent of its value this year.

Consumer Product Safety Bill Heads to Bush for Signature Fri, 01 Aug 2008 03:08:39 GMT
The bill aims to improve consumer product safety after millions of Chinese-made toys were recalled last summer.

Drug Makers Report Cases of Brain Disease Fri, 01 Aug 2008 03:14:30 GMT
Shares of Biogen Idec and Elan Corporation plunged in after-hours trading after the companies reported two cases of a rare brain disease in patients treated with their multiple sclerosis drug Tysabri.

Northwest to Add Fuel Surcharges in ’09 Fri, 01 Aug 2008 03:32:42 GMT
Northwest Airlines confirmed that it would add fuel surcharges of up to $80 for many domestic round-trip tickets.

No Free Coffee on US Airways (Unless, of Course, You Insist) Fri, 01 Aug 2008 03:08:39 GMT
The US Airways Group will become the first major American airline to charge for coffee and sodas, though many passengers may still get free beverages.

Medvedev Pledges Fight Against Graft in Business Fri, 01 Aug 2008 06:12:47 GMT
The Russian president is pressing ahead with a national plan to combat corruption, noting that business had become infuriated by corrupt bureaucrats.

Canadian Companies Settle Cigarette Smuggling Case Fri, 01 Aug 2008 04:12:46 GMT
Two Canadian tobacco companies agreed to pay criminal fines and civil penalties after admitting that they had aided cigarette smugglers.

Japan Lifts Its Ban on Lobster Imports Fri, 01 Aug 2008 03:14:14 GMT
Japan has lifted a ban on imports of North American lobster that had been linked to a misunderstanding over safety.

Merger in Gold Mining Fri, 01 Aug 2008 03:13:57 GMT
Goldcorp has agreed to buy a rival Canadian gold mining company, Gold Eagle Mines, to pick up an exploration project.

Nortel Loss Widens, Warns of Tough U.S. Market Fri, 01 Aug 2008 13:43:53 GMT
Nortel Networks said its quarterly loss tripled as the telecommunications equipment company warned that a tough U.S. market is choking wireless spending by carriers.

Sun Profit Falls 73 Percent, but Beats Expectations Fri, 01 Aug 2008 14:40:19 GMT
Sun Microsystems’s profit plunged 73 percent as slumping sales to big U.S. companies and restructuring charges weighed on the server and software maker.

Total Reports Profit Up 38 Percent Fri, 01 Aug 2008 13:30:22 GMT
PARIS (AP) -- The French energy company Total SA on Friday reported its profit climbed 38.7 percent in the second quarter, joining other oil companies in posting strong results as oil prices surged this past spring.

Nissan’s Profit Drops 43 Percent on Rising Yen Fri, 01 Aug 2008 12:36:20 GMT
Nissan said its net profit dropped 42.8 percent, hit by a rising yen and accounting provisions for the declining value of leased vehicles.

BMW’s Profit Slides Fri, 01 Aug 2008 13:10:19 GMT
FRANKFURT, Germany (AP) -- Automaker BMW AG said Friday that its second-quarter profit slid nearly 33 percent and abandoned its annual profit forecast, blaming a drop in U.S. sales, rising costs for raw materials and the strong euro.

Cigna Profit Beats Views Fri, 01 Aug 2008 13:39:24 GMT
Health insurer Cigna (NYSE:CI) Corp posted better-than-expected quarterly profit Friday, helped by its Great West acquisition and operating expense controls, but cut the outlook for its main health-care segment.

Clorox Cuts Earnings Forecast Fri, 01 Aug 2008 14:01:35 GMT
CHICAGO (Reuters) - Clorox Co cut its earnings forecast for the current fiscal year on Friday, saying commodity and energy costs will be higher than expected.

KBR Profit Falls Sharply on Charges Fri, 01 Aug 2008 12:37:42 GMT
HOUSTON (AP) -- Engineering and construction services provider KBR says its second-quarter profit fell sharply from a year-ago period boosted by asset sale gains, and also says results were hurt by hefty project charges and a jury award on a 2003 subcontract.

Thain’s Change: From Assurance to Desperation Fri, 01 Aug 2008 04:39:42 GMT
Is the fear that John A. Thain, chief of Merrill Lynch, showed in dumping securities for pennies on the dollar an indication that the stock market bottom has been reached?

Cablevision Beats Competition and Outperforms Expectations Fri, 01 Aug 2008 01:25:22 GMT
Cablevision Systems posted stronger-than-expected earnings for the second quarter, handily beating back competition for customers, especially telephone company competition.

88% Fall in Quarterly Pretax Profit for British Airways Fri, 01 Aug 2008 10:32:05 GMT
British Airways posted a fall of 88 percent in first-quarter profit and said the trading environment was the worst the industry had ever faced.

Citi Plays the Home-Price Guessing Game Fri, 01 Aug 2008 14:26:29 +0000
How low can housing prices go? Homeowners, economists and politicians aren’t the only ones nervously pondering that question these days: Wall Street is also desperate to know how bad it will get, because many of the big securities firms are sitting on mountains of mortgage-backed assets. Citigroup, one of the world’s largest banks — and a [...]

Banks Borrow Record Sums from Fed Fri, 01 Aug 2008 12:32:13 +0000
Banks borrowed a record amount of funds from the Federal Reserve in the latest week as the year-old credit crisis took a persistent toll, while the commercial paper market continued to contract, signaling tough conditions for short term borrowers. Banks’ primary credit borrowings averaged $17.45 billion per day in the latest week, the second straight week [...]

It’s Showtime for Yahoo Fri, 01 Aug 2008 12:30:52 +0000
Yahoo won’t be facing a proxy fight at today’s annual shareholder meeting in San Jose, Calif. But there could still be some harsh words as investors weigh in on the Web company’s rejection of Microsoft’s takeover bid earlier this year and ask how Jerry Yang, the company’s chief executive and co-founder, plans to reverse its [...]

U.K. Regulator Finds No Wrong-Doing in HBOS Incident Fri, 01 Aug 2008 12:23:24 +0000
Britain’s financial watchdog has found no evidence that illegal dealing was behind an abrupt fall in the shares of mortgage lender HBOS in March, but warned it would not relax its surveillance of the market. Britain’s biggest provider of home loans saw its shares abruptly plunge more than 17 percent to a record low on March [...]

Are the Dolans Mulling Another Bid for Cablevision? Fri, 01 Aug 2008 12:11:16 +0000
Is the Dolan family planning to make yet another run at buying out the company they founded? That was the market chatter on Thursday as Cablevision Systems chief, James Dolan said that the company’s board was “actively exploring alternatives” to “close the value gap between our operating performance and the market value of our stock.” His remarks [...]

Former AOL Chief in the Spotlight Again Fri, 01 Aug 2008 12:07:47 +0000
As Yahoo’s shareholders gathered Friday for what is likely to be a contentious annual meeting, the Los Angeles Times has a profile of Jonathan Miller, the former AOL chief, now at Velocity Interactive Group, who may get a seat on Yahoo’s board. Many of those interviewed had praise for Mr. Miller, who worked with media and [...]

Granada Ponies Up for Electric Farm Fri, 01 Aug 2008 11:57:29 +0000
Electric Farm Entertainment, the digital production studio, has received investment from Granada America, the U.S. TV production arm of Britain’s ITV. Terms of the deal were not disclosed. Among Electric Farm’s offerings are the upcoming sci-fi short series “Gemini Division” and online comedy “Woke Up Dead.” Go to Article from PaidContent.org »

KickFire Raises $20 Million Fri, 01 Aug 2008 11:56:24 +0000
Kickfire, the maker of a database appliance that’s completely compatible with MySQL, has raised $20 million in a second round of funding. Pinnacle Ventures led the round, with participation from existing investors Accel Partners, Greylock Partners and the Mayfield Fund. Go to Article from VetureBeat » Go to Press Release from Kickfire »

House Acts to Overhaul College Loan Regulations Fri, 01 Aug 2008 05:34:49 GMT
The House overwhelmingly approved an overhaul of the nation’s higher education law, adding dozens of provisions and programs to help families with soaring college costs.

Couch Mouse to Mr. Mighty by Pills Alone Fri, 01 Aug 2008 15:13:26 GMT
Mike Batista, center, with other members of the Old School P.E. class at the recreation center in Newport, N.H.

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