News 2008-08-06 Andanh.com

Lower Oil Prices Ignite Big Rally; Dow Is Up by 331 Wed, 06 Aug 2008 06:11:04 GMT
Oil prices touched a three-month low, sending stocks soaring, while the Fed decided to keep its key rate steady.

Home Energy Prices Are Expected to Soar Wed, 06 Aug 2008 05:59:10 GMT
David Moody of Flynn’s Oil in Exeter, N.H., delivers home heating oil. Retail heating oil costs about $4.50 a gallon, up from $3.30 last winter.

11 Charged in Theft of 41 Million Card Numbers Wed, 06 Aug 2008 04:35:26 GMT
Authorities said the scheme was spearheaded by a Miami man who hacked into several retailers’ computer systems.

Russian Gang Hijacking PCs in Vast Scheme Wed, 06 Aug 2008 05:00:45 GMT
The gang has infected thousands of PCs in corporate and government networks with programs that steal passwords and other information, a security researcher has found.

Europe Tries to Handle Political Fallout of Pension Cuts Wed, 06 Aug 2008 04:47:31 GMT
Changes in public pension rules have caused outcries in Europe, including a demonstration in May on the streets of Marseille, France.

Sirius Chief Undaunted by Challenge Wed, 06 Aug 2008 04:39:47 GMT
Mel Karmazin in Manhattan.

Cablevision Weighs a Possible Spinoff Wed, 06 Aug 2008 04:49:18 GMT
Among the options the company mentioned to improve shareholder value are regular dividends, a stock buyback plan and possible spinoffs of business units.

Revised Tally Increases ‘No’ Votes for Yahoo Directors Wed, 06 Aug 2008 04:54:14 GMT
A new tally of its board of directors’ election shows that five Yahoo directors, including the chief executive, Jerry Yang, were re-elected with much higher protest votes than initially released.

News Corp. Reports a Sharp Rise in Profit Wed, 06 Aug 2008 04:55:41 GMT
Rupert Murdoch’s News Corporation reported that its fourth quarter net profit rose 27 percent and showed strong performance across a number of properties.

Income Falls as Whole Foods Suspends Dividend Wed, 06 Aug 2008 04:54:29 GMT
The fish counter at the Whole Foods store in Edgewater, N.J. Whole Foods is slowing its expansion plans as growth falters.

Advertising: Google’s New Tool Is Meant for Marketers Wed, 06 Aug 2008 04:33:14 GMT
The company is introducing a free service, intended for marketers, but which will allow anyone to track the popularity of various terms in Google’s search engine.

Hong Kong Stock Exchange Closes Due to Storm Wed, 06 Aug 2008 04:31:34 GMT
Hong Kong's stock exchange was closed Wednesday due to a severe tropical storm sweeping the region.

An Energy Diet for Power-Hungry Household PCs Wed, 06 Aug 2008 04:32:36 GMT
A group, including Microsoft, has launched an initiative to distribute free software to personal computer owners to help them save on energy costs.

Renovation Brings New Vigor to Chicago’s LaSalle Street Wed, 06 Aug 2008 05:02:20 GMT
LaSalle Street is the heart of Chicago’s financial district.

Russian Tycoons Agree on Sale of Arctic Mining Stake Wed, 06 Aug 2008 04:59:03 GMT
Workers waiting to be taken to the surface from a Siberian mine owned by Norilsk, the world’s largest producer of nickel.

Morgan Stanley to Advise U.S. on Fannie and Freddie Wed, 06 Aug 2008 04:48:01 GMT
The Treasury secretary, Henry M. Paulson Jr., asked Morgan Stanley to submit a formal proposal about the new role the federal government could take in a rescue of the troubled lenders.

Cisco Sales Rise, Despite Concerns Wed, 06 Aug 2008 04:50:13 GMT
Cisco Systems, the largest maker of networking equipment, reported that its net income in the fourth quarter rose 4.4 percent, to $2 billion, from a year ago.

Delta to Offer Wi-Fi on U.S. Flights Wed, 06 Aug 2008 04:55:14 GMT
The airline said Wi-Fi service would be offered for a fee to customers traveling throughout the continental United States.

Inquiry Finds Under-Age Workers at Meat Plant Wed, 06 Aug 2008 05:11:53 GMT
State labor investigators said minors were exposed to hazardous chemicals, and were working with prohibited tools like knives and saws.

Muslim Holiday at Tyson Plant Creates Furor Wed, 06 Aug 2008 05:26:36 GMT
The union that represents workers at a Tyson Foods poultry plant in Tennessee has negotiated a contract that substitutes a Muslim holiday for Labor Day as one of the eight paid holidays at the plant.

Profit and Prices Rise at Procter & Gamble Wed, 06 Aug 2008 05:03:24 GMT
Procter & Gamble reported a 33 percent jump in fourth-quarter profit as it countered soaring energy and commodity costs with higher prices.

Sony and Bertelsmann End Their Partnership in Music Wed, 06 Aug 2008 04:57:55 GMT
Bertelsmann will sell its 50-percent stake in Sony BMG to Sony, the companies announced, giving the Japanese company full ownership of the joint venture.

Building a Technology Park in Baltimore by Rehabilitating a Neighborhood Wed, 06 Aug 2008 05:03:00 GMT
The John G. Rangos Sr. Building opened in April near Johns Hopkins Hospital.

Comcast Buying a Publisher of Net Newsletters and Sites Wed, 06 Aug 2008 05:01:11 GMT
Comcast said it would buy DailyCandy, a publisher of net newsletter, for $125 million.

MGM Rises on Project News Wed, 06 Aug 2008 04:53:30 GMT
MGM Mirage, the casino operator, said it had lined up more than half of the current financing needs for its CityCenter project on the Las Vegas Strip.

Economists Plumb the Depths of the Downturn Wed, 06 Aug 2008 05:30:29 GMT

British Lender Gets $5.9 Billion Infusion Wed, 06 Aug 2008 05:49:39 GMT
Britain has provided the additional capital for Northern Rock after it reported a 585 million pound loss and soaring debts.

Gauge for Service Industry Declines Wed, 06 Aug 2008 04:59:23 GMT
The Institute for Supply Management’s index of nonmanufacturing businesses was below the dividing line between growth and contraction for the second month in a row.

A Top Producer for ‘Idol’ to Leave for Other Projects Wed, 06 Aug 2008 04:25:47 GMT
The producer Nigel Lythgoe is leaving “American Idol” to concentrate on another Fox reality series and a new joint venture with Simon Fuller, the creator of “Idol.”

Wendy’s Earnings Decline Wed, 06 Aug 2008 04:48:15 GMT
Wendy’s International, the hamburger chain, reported lower second-quarter profit on Tuesday on expenses from a reorganization and a special committee formed a year ago to seek a possible sale.

Profit Falls 61% at Archer Daniels Midland Wed, 06 Aug 2008 04:55:01 GMT
Archer Daniels Midland reported lower-than-expected quarterly profit Tuesday because of a drop in earnings from agricultural services and wheat and cocoa processing.

Text of the Federal Reserve’s Statement Wed, 06 Aug 2008 05:21:53 GMT
Following is the full text of the statement released Tuesday by the Federal Reserve.

Books of The Times: A Reporter’s Dispatches From a Recovered Life Wed, 06 Aug 2008 01:47:47 GMT
David Carr

Advertising: A Ruling May Pave the Way for Broader Use of DVR Tue, 05 Aug 2008 04:02:26 GMT
A new court ruling in New York said that the so-called network DVR, which records programs on a faraway computer rather than on the device itself, does not violate copyright law.

Profit Falls at French Bank Hit by Trading Scandal Wed, 06 Aug 2008 00:18:45 GMT
Société Générale, which lost nearly $7.2 billion in a trading scandal this year, said quarterly net profit fell 63 percent, on write-downs and after its investment banking unit posted a loss.

Booming China Suddenly Worries That a Slowdown Is Taking Hold Tue, 05 Aug 2008 04:58:21 GMT
In October, Chinese stocks hit records, and the housing market had been strong for years. Now, a slowdown is emerging.

In Argentina, Chávez Makes a Dialogue a Conference Wed, 06 Aug 2008 03:03:36 GMT
The presidents of Argentina, Brazil and Venezuela held an impromptu summit meeting late Monday to bolster what the Venezuelan president said was “the main axis of South America.”

World Business Briefing | Europe: Russia: Oil Venture Officer Resigns Tue, 05 Aug 2008 03:59:28 GMT
James Owen, chief financial officer of BP’s troubled Russian venture TNK-BP, resigned, citing a conflict between the British major and its partners, TNK-BP said in a statement.

World Business Briefing | Asia: India: Second G.M. Plant to Open Tue, 05 Aug 2008 03:59:02 GMT
General Motors will start production at a second plant in India in the first week of September, stepping up its capacity in the fast-growing market in the face of growing competition and amid softer sales at home.

World Business Briefing | Australia/new Zealand: Australia: Port Firm Rebuffs Offer Tue, 05 Aug 2008 03:59:16 GMT
Shares in the Asciano Group, an Australian company that operates ports and railroads, soared after the company received an unsolicited takeover offer of 2.89 billion Australian dollars ($2.69 billion.)

World Business Briefing | Europe: Russia: Suit Against Bank Delayed Tue, 05 Aug 2008 03:58:49 GMT
Hearings in a closely watched, $22 billion lawsuit against the Bank of New York in a Russian court were postponed until October after one of the witnesses fell ill.

World Business Briefing | Europe: France: Trader’s Assistant Charged Tue, 05 Aug 2008 03:58:30 GMT
A former assistant to the futures trader Jérôme Kerviel has become the second person to be preliminarily charged in the banking scandal at Société Générale.

Tool Kit: Terror Grips You (Someone Has Called a Meeting) Tue, 05 Aug 2008 17:43:59 GMT
There’s more than a few ways for small-business owners to make meetings more productive.

Comcast to Buy Daily Candy for $125 Million Tue, 05 Aug 2008 21:32:26 +0000
Comcast is buying Daily Candy, the publisher of shopping and culture e-mail newsletters and Web sites, for about $125 million, people briefed on the matter told DealBook. The sale comes two years after Daily Candy, whose main customers are young women in 11 major cities in the United States and London, failed to sell itself for [...]

Icahn Hires Reporter to Write for His Blog Tue, 05 Aug 2008 20:44:22 +0000
Carl C. Icahn took his first steps into the Internet earlier this year by beginning a blog. Now he’s about to get some help. The activist shareholder has hired Dane Hamilton, a hedge fund reporter at Thomson Reuters, to work on his Web site, The Icahn Report, according to people briefed on the matter. Mr. Hamilton [...]

Getting a Lift From ‘Dark Knight’ Tue, 05 Aug 2008 18:45:27 +0000
As movie-goers continue to turn out in droves for “Dark Knight,” Thomas Tull is probably smiling. Mr. Tull is the venture capitalist who leads Legendary Pictures, a hedge-fund-backed production company whose participants have included AIG Direct Investments, Banc of America Capital Investors and Falcon Investment Advisors. Legendary helped finance “Dark Knight,” the macabre update to the [...]

The Cracks in Fortress’ Defenses Tue, 05 Aug 2008 18:41:56 +0000
The walls of Fortress Investment Group appear to spring another leak on Tuesday. Shares in the private equity and hedge fund firm tumbled more than 15 percent to $10 after a Citigroup research analyst cut his rating of the firm to “sell.” That analyst, Prashant Bhatia, painted a bleak picture of Fortress’s future, pointing to [...]

Roche’s Roadmap Tue, 05 Aug 2008 16:34:41 +0000
Back on July 22, Roche of Switzerland offered to purchase the 44 percent of Genentech it does not own for $89 a share, an aggregate amount of $43.7 billion. The market is clearly expecting more, and Genentech, a California-based drugmaker, is trading at more than $95 a share. Meanwhile, Roche Chairman Franz Humer has reportedly [...]

Bertelsmann Sells Stake in Sony BMG Tue, 05 Aug 2008 15:00:04 +0000
Bertelsmann will sell its half of Sony BMG to the Sony Corporation in a $1.2 billion deal, the companies announced Tuesday. The deal gives Sony full ownership of the joint venture, a music label whose roster of artists includes Alicia Keys and Shakira. In a statement, privately held Bertelsmann said the new company would be [...]

Is Cablevision Over the Rainbow? Tue, 05 Aug 2008 13:47:46 +0000
After multiple attempts to take Cablevision private, the Dolan family is thinking about breaking off a piece instead. Cablevision said Monday that its board of directors had authorized it to explore strategies for boosting its stock price, with alternatives including a stock dividend, a share repurchase program or the spinoff of “one or more businesses.” While [...]

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