News 2008-08-08 Andanh.com

Study Finds Settling Is Better Than Going to Trial Fri, 08 Aug 2008 04:25:55 GMT
Avoid a trial, Randall Kiser advises.

Signs Point to a Slower Sales Season for Retailers Fri, 08 Aug 2008 04:34:48 GMT
Americans sought out more bargains and cheaper goods in July, leaving the nation’s retailers bracing for a painful back-to-school shopping season.

2 Banks Buying Back $17 Billion in Securities Fri, 08 Aug 2008 04:35:27 GMT
Two major Wall Street firms offered to buy back more than $17 billion of troubled auction-rate securities that they had marketed as being as safe and liquid as cash.

Britain Comes to Grips With a Slowdown Fri, 08 Aug 2008 04:28:46 GMT
Listed in a real estate agent's window in Leeds, England. Property values are down about 9 percent in Britain.

Can the New Rich Buy Respect? One Ukrainian Oligarch Is Trying Fri, 08 Aug 2008 05:21:36 GMT
Victor Pinchuk has a fortune of $5 billion to $10 billion.

E.P.A. Declines to Reduce the Quota for Ethanol in Cars Fri, 08 Aug 2008 04:42:53 GMT
The Environmental Protection Agency concluded, at least for now, that the national goal of reducing oil use trumps any effect on food prices from making fuel from corn.

American Adds Fees for Claiming Flier Awards Fri, 08 Aug 2008 04:43:10 GMT
American Airlines announced changes to its frequent-flier program that included new fees and higher mileage requirements for upgrades and free tickets.

Advertising: Mars Takes M&M’s Out of Their Shell Fri, 08 Aug 2008 04:41:50 GMT
The TV commercial features a character placing a candy on her lips.

Jobless Claims and Gauge for Home Sales Rise Fri, 08 Aug 2008 04:41:06 GMT
Claims for jobless aid rose last week, but a gauge of future home sales rose in a hopeful sign for the battered housing sector.

Allianz Struggles to Find Dresdner Buyer Fri, 08 Aug 2008 05:21:05 GMT
A sale of Dresdner, the banking unit of the German insurance company, is considered a crucial step in the consolidation of the German banking sector.

Refco Executive Gets 10 Years for Fraud Fri, 08 Aug 2008 04:38:11 GMT
Tone Grant, former president of Refco, once the largest independent commodities broker, was sentenced for his role in a $2.4 billion fraud that involved hiding trading losses from clients.

College and Company Link Up to Lure Foreigners Fri, 08 Aug 2008 06:03:59 GMT
Northeastern is using Kaplan Inc. to find students for, and help run, a special program for international students.

Interest Rates Kept Steady in Europe Fri, 08 Aug 2008 04:44:00 GMT
The European Central Bank and the Bank of England on Thursday left their benchmark interest rates unchanged.

Toyota Profit Slips 28% as Truck Sales Fall Fri, 08 Aug 2008 04:44:22 GMT
A shopper examines a Tundra pickup at a Toyota dealership in Aurora, Colo., in this 2007 photo. Sales of the Tundra dropped 15 percent in the second quarter, Toyota said Thursday.

Profit Is Down 59% for Fortress Fri, 08 Aug 2008 04:38:41 GMT
The Fortress Investment Group said that second-quarter profit fell 59 percent, hurt by lower incentive fees.

2 More Prison Terms in National Century Fraud Fri, 08 Aug 2008 04:39:56 GMT
Two more defendants were sentenced to prison in a $1.9 billion corporate fraud case.

Sales in China Raise Lenovo Profit Fri, 08 Aug 2008 04:39:26 GMT
The Lenovo Group, the PC maker, said that its quarterly profit rose 65 percent as strong sales in China and emerging economies offset weakness in the United States.

Perelman to Settle Marvel Suit Fri, 08 Aug 2008 04:38:23 GMT
The financier Ronald O. Perelman agreed to pay $80 million to settle a lawsuit accusing him of helping divert notes when he controlled the comic book publisher Marvel Entertainment Group.

Signs of a Recovery at Blockbuster Fri, 08 Aug 2008 04:39:41 GMT
The movie rental chain suffered another loss in the second quarter, but the struggling company showed signs of progress by wringing more revenue from its stores while lowering its costs.

Warner Music Trims Loss as It Shifts Focus Fri, 08 Aug 2008 04:39:06 GMT
The Warner Music Group reported narrower losses in the third quarter as growth in Europe helped offset a slowdown in global music sales.

Countrywide Replies to S.E.C. Subpoenas Fri, 08 Aug 2008 01:20:09 GMT
Bank of America, which bought Countrywide Financial, said that the mortgage lending giant faced an investigation.

Sara Lee Reports a Loss Despite a Growth in Sales Fri, 08 Aug 2008 06:22:29 GMT
Sara Lee posted a loss in its fiscal fourth quarter as it reduced the value of its bakery business.

Dynegy Posts a Second-Quarter Loss Fri, 08 Aug 2008 06:19:48 GMT
The power producer Dynegy posted a second-quarter loss on Thursday from accounting losses on forward sales contracts and bad weather in the Midwest. The company cut its outlook for the year.

Cardinal Health Looks at Spinoff Fri, 08 Aug 2008 00:52:06 GMT
Cardinal Health, a large drug wholesaler, posted higher-than-expected quarterly profit and said it was exploring a spinoff of its clinical and medical products businesses.

World Business Briefing | Americas: Canada: Appeal of a Wal-Mart Closing Fri, 08 Aug 2008 04:44:38 GMT
Canada’s highest court agreed to hear an appeal by former employees of Wal-Mart Stores who say the company closed a store in Quebec because of a union drive.

World Business Briefing | Americas: Brazil: Airline Suspends Its Dividend Fri, 08 Aug 2008 04:44:50 GMT
Gol Linhas Aéreas Inteligentes suspended dividend payments for the rest of the year and reduced growth forecasts, sending its shares down sharply.

World Business Briefing | Europe: Britain: Barclays Profit Tops Forecasts Fri, 08 Aug 2008 04:45:34 GMT
The British bank Barclays reported first-half profit that fell less than analysts had estimated, even after increasing write-downs of bad debts.

World Business Briefing | Europe: Switzerland: Nestlé Profit Rises 6% Fri, 08 Aug 2008 04:45:15 GMT
Nestlé, the world’s biggest food and drink company, reported 6.1 percent growth in first-half net profit despite rising costs and slowing bottled water sales.

Andrea Pininfarina, Chief of Car Designer, Dies at 51 Fri, 08 Aug 2008 05:03:15 GMT
Mr. Pininfarina was the chairman and chief executive of the Italian company founded by his family that designs Ferraris and other cars.

High & Low Finance: Reasons Some Firms Left the U.S. Fri, 08 Aug 2008 04:48:11 GMT
It has become received wisdom on Wall Street that the Sarbanes-Oxley Act has damaged American competitiveness. But do the facts support that wisdom?

Wheels: Pininfarina C.E.O. Dies in Crash Thu, 07 Aug 2008 19:13:15 GMT
Andrea Pininfarina, chief executive of the design firm best known for styling classic Italian sports cars, died early Thursday morning.

JPMorgan Said to Shop Fund Incubator Thu, 07 Aug 2008 18:41:15 +0000
With even established hedge funds having trouble these days, investing in untested ones is not for the faint of heart. Could that be why JPMorgan Chase is reportedly seeking to sell a unit that provides hedge funds with seed capital? Hedge Fund Manager Week reports on its Web site that the banking giant is looking [...]

Merrill Names New Head of Prop Trading Thu, 07 Aug 2008 18:10:50 +0000
Merrill Lynch has made David Sobotka, its head of fixed-income trading, the chief of a new trading group that will make bets using the firm’s own capital, two of its top executives wrote in an internal memorandum obtained by DealBook. Mr. Sobotka, a four-year employee of the firm and currently a senior vice president, will head [...]

The Stan O’Neal Resolution Thu, 07 Aug 2008 17:12:39 +0000
When I first started writing this piece, I thought it was going to be a look at the employment agreement between Merrill Lynch and John A. Thain, its chief executive. In light of the securities firm’s current distress — it has taken more than $40 billion in write-downs and recently sold part of its subprime [...]

A Charm Offensive From Cablevision? Thu, 07 Aug 2008 16:20:09 +0000
We all know what it’s like to sit around waiting for the cable guy. For the biggest shareholders of Cablevision Systems, the wait may be over. Rich Greenfield, an analyst at Pali Research, wrote on his blog Thursday that James L. Dolan, Cablevision’s chief executive, will be paying a personal visit next week to the 20 [...]

Caption Contest: Merrill’s Mortgages Thu, 07 Aug 2008 15:05:11 +0000
DealBook just got a nice postcard from London, but it didn’t have Big Ben or Parliament on the front. No, some wag across the Atlantic sent us a photo of a different kind of landmark — call it a memento of the mortgage mess. The picture, below, shows the wall plaques in the entrance to [...]

Fortress Shows Steep Drop in Profit Thu, 07 Aug 2008 12:37:04 +0000
Fortress Investment Group, the first of the big American alternative-asset managers to go public last year, reported $58 million in second-quarter pre-tax earnings on Thursday, though the hedge fund and private equity firm pulled in far less new capital than it did at the same time last year. That figure, a 59 percent drop from last [...]

Bond Insurers Continue to Retrench Thu, 07 Aug 2008 12:17:00 +0000
The Ambac Financial Group said on Wednesday that net income tripled after a new accounting rule allowed its insurance unit to turn its difficulties into a gain, but the company said it was writing little new business. Separately, Dexia, the Belgian-French financial group, said on Wednesday that it aims to protect its triple A rating by [...]

Hedge Funds Lose Their Luster Thu, 07 Aug 2008 12:14:36 +0000
If average investors hoped to get rich buying shares of publicly traded hedge funds such as Och-Ziff Capital or Fortress Investment Group, they’ve had a rude awakening, David Weidner writes in his column on MarketWatch. Shares of publicly traded hedge funds have generally put in dismal performances in the last year or so. It would seem [...]

Nationwide Mutual to Buy Nationwide Financial for $2.4 Billion Thu, 07 Aug 2008 12:04:35 +0000
Nationwide Mutual Insurance said on Wednesday that it has agreed to buy the portion of Nationwide Financial Services, its provider of life insurance and annuity products, that it does not already own for $2.4 billion. Nationwide Mutual said it would pay $52.25 per share for Nationwide Financial’s class A shares, an 11 percent premium over its [...]

750 Industries Lands $1 Million Thu, 07 Aug 2008 11:53:19 +0000
750 Industries, a San Francisco-based start-up in stealth mode, has raised $1 million round from Ron Conway, Maples Investments and Baseline Ventures, according to TechCrunch. While the founders reportedly won’t discuss the start-up, Tech Crunch said it has been described “a startup providing viral media distribution solutions that gives content owners and advertisers quick [...]

Senate Gets Bill Banning Bullying Acts in the Schools Fri, 08 Aug 2008 04:38:11 GMT
The legislation includes language protecting transgender students and teachers, has been a priority of advocates for gay and lesbian rights but was ignored for nearly a decade in the Senate.

Gates Endorses $20 Billion Bid to Aid Afghans Fri, 08 Aug 2008 05:53:15 GMT
A plan would increase the Afghan army’s size and restructure the military command of U.S. and NATO forces in response to a growing Taliban threat.

Pakistan Coalition Moves to Impeach Musharraf Fri, 08 Aug 2008 05:23:37 GMT
On Wednesday, Pakistanis walked past a picture of President Pervez Musharraf on the outskirts of Islamabad. Mr. Musharraf canceled his trip to the Olympics.

Military Panel Sentences bin Laden Driver to a Short Term Fri, 08 Aug 2008 05:48:43 GMT
Salim Ahmed Hamdan, in 1999.

Fiercest Fighting in Years Near Georgian Border Fri, 08 Aug 2008 05:57:14 GMT
Fighting in the border region between the former Soviet republic of Georgia and a breakaway enclave has reached its highest level in years.

Olympic Message to Some in Beijing Is ‘Please Leave’ Fri, 08 Aug 2008 05:34:59 GMT
Migrant workers waiting for a train in Beijing. They were not able to find any jobs in the city during the Olympics.

Bush Praises China but Continues Rebuke During Embassy Dedication in Beijing Fri, 08 Aug 2008 05:36:19 GMT
President Bush, his wife and one of their daughters arrived in Beijing on Thursday. Mr. Bush attended the formal opening of an American Embassy there on Friday.

AIDS Group Cites Rapes in Zimbabwe as Terror Tool Fri, 08 Aug 2008 05:28:07 GMT
A campaign of political terror targeted the wives, sisters, mothers and grandmothers of political opponents, according to an advocacy group focused on international AIDS issues.

Sarkozy Says He Won’t Meet Dalai Lama In France Fri, 08 Aug 2008 05:32:35 GMT
Carla Sarkozy will meet with the exiled Tibetan leader in southern France on Aug. 22. The French president would meet the Dalai Lama before the end of the year.

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