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 Breaking Business News |
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• TATA steel firm could list internationally
India's TATA Group is reportedly looking to spin off its international steel assets in an overseas listing that could raise billions of dollars to help bankroll the steel unit's expansion.
• Nigeria and Russia sign gas pact
Nigeria and Russia have signed a pact to explore natural gas reserves in the West African nation.
• FIAT of Italy announces new model
Auto major Fiat has released plans to bring out a new low-cost car that would be the cheapest among its stable of vehicles.
• Burnt Hendrix guitar changes hands
The first guitar torched on stage by rock legend Jimi Hendrix in 1967 has been sold for 280,000 pounds at a rock memorabilia auction in London.
• Jobless claims signal inflation fall
With US companies responding to the slowing economy by pushing out more product with fewer workers, the US government has revealed jobless claims rose last week.
• Pakistan wants to meet India over Kashmir trade
Pakistan has proposed to India a meeting in Islamabad, to discuss possible trade across the Line of Control in Kashmir.
• Helicopter crash kills Dubai oil workers
Seven people have been killed in a helicopter crash off the coast of Dubai.
• FDA warns arthritis drug users
The US Food and Drug Administration has ordered stronger warnings on four medications widely used to treat rheumatoid arthritis and other serious illnesses.
• Internet traffic slows down in US
In the US, Internet traffic grew at a slower rate over the past year.
• US stocks tumble on falling energy stocks, jobless claims
US stocks posted sharp losses Thursday as oil prices continued to fall and weekly jobless numbers sparked wider concerns about the state of employment in a sluggish US economy.
• Bad Economic News Sends Stocks Tumbling
September 5, 2008 · The stock market took another hit Thursday on bad economic news. All of the major indices were down. On Friday morning, investors await the government's latest jobs report.
• Gold rises first day in five on falling employment
NEW YORK (MarketWatch) -- Gold futures Friday rose for the first time in five sessions, as the U.S. dollar lost ground after disappointing jobs data, increasing dollar-denominated gold prices.
• have you tightened your belt
Austerity Britain: crunch forces consumers to change habits Spending down on cars, pensions and savings as cheaper food brands see market share grow
• Pub Blasts Taxes As Profits Dry Up
The group announced a 24% drop in profits as rising food, beer and labour costs and the smoking ban discouraged drinkers. Chairman Tim Martin told Sky News that the group would face an extra £16m in...
• Metro companies eyeing ways to cut health costs
Long Island , continue to rise and have nearly doubled since 2000, according to a new report by a Syosset benefits consulting company. As a result, employers are increasingly going on the offensive...
• Goldman cuts rival Merrill
on its Conviction Sell List, and forecasting further credit crunch write-downs.Analyst William Tanona told clients: "Merrill currently trades at the highest price to book multiple in our large cap bro...
• Shares at UK publisher Informa fall after company rejects reduced $3.4B takeover bid
LONDON (AP) _ Shares at Informa PLC, the London-based publisher of Lloyd's List maritime newspaper, fell almost 6 percent on Friday after the company rejected a reduced $3.4 billion takeover bid from ...
• National Storm Continues Recovery with Second Quarter Results
National Storm Management continued its track of improvement with the release of earnings for the quarter ended June 30, 2008. The second quarter operating loss was $325K compared to $453K in the fi...
• Mortgage rates fall across the board
Rates on 30-year mortgages fell for a third straight week, dropping to the lowest level since mid-July. Freddie Mac reported that 30-year, fixed-rate mortgages dipped to 6.35 percent this week from 6....
• MVC Capital Announces Third Quarter Fiscal 2008 Results
MVC , a publicly traded business development company that makes private debt and equity investments, today announced its financial results for the third quarter ended July 31, 2008.
• Bear Returns to Wall St. as Major Indexes Plunge
Reports showed that retail sales were weak last month, just as more Americans filed for unemployment benefits. Anxiety lingered about a global slowdown. Fears of another financial crisis refused to go...
• Alarm As US Hit By Jobless Jump
There's a realisation that we're going into an economic slowdown with the rest of the world, but there is a sense that the US is further along in this issue and that the crisis here is probably headin...
• Oil futures pare losses as dollar falls sharply
NEW YORK (MarketWatch) -- Crude-oil futures pared their losses early Friday, getting a boost from sharp weakness in the U.S. dollar following a larger-than-expected fall in nonfarm payrolls.
• US stocks look to extend losses after job data
NEW YORK (AP) Wall Street looked to extend its sharp decline Friday after the government disappointed investors with news that the economy shed jobs for the eighth straight month in August a...
• Jon Henley discusses the changing value of property
Jon Henley talks about the causes and effects of the escalation in house prices over the past few decades, ahead of the launch of his new TV series, The Price Of Property
• Nokia warns on Q3 as rivals, economy take toll
HELSINKI (Reuters) - The world's top mobile phone maker Nokia warned on Friday that the soft global economy, tough competition from rivals and a weak handset portfolio would hit its market share in th...
• Q2 earnings down for Cascade Corp.
Cascade Corp. on Thursday reported a 31 percent decrease in second quarter earnings, led by a drop in North American sales and increased materials costs. The Gresham-based maker of truck attachments ...
• Flow Q1 earnings rise
said its 2009 first-quarter net income rose to $1.6 million, or 4 cents a share, from $400,000, or 1 cent a share a year earlier. In the past quarter, the company closed its Burlington, Ontario, faci...
• HMV reports slowdown in sales across books and CDs
reported a slowdown in sales growth today as revenues from the Waterstone's bookshops business fell and the overall economic picture darkened.The company, which is into the second year of a recovery p...
• Low-cost airlines report strong demand for short-haul travel despite credit crunch
easyJet said today, as it revealed strong demand for flights last month.Europe's second largest no-frills carrier said the amount of seats sold per flight, otherwise known as the passenger load factor...
• Wall St set to slide at open on jobs data
By Ellis MnyanduNEW YORK (Reuters) - Stocks headed for a lower open on Friday after a government report showed the U.S. labor market deteriorated further in August, pushing the unemployment rate to it...
• Talk revived on 760 area code
Debate over the future of the 760 area code reopened yesterday as an overflow crowd at Carlsbad City Hall urged state regulators to reconsider an April decision to require a geographic split for a new...
• OPEC needs a floor and ceiling for oil stability
SAN FRANCISCO (MarketWatch) -- Major oil producers will have to feel for a floor and ceiling to guide their way in the dark as they work to find balance for an oil market that's seen the price of a ba...
• World markets sink after Wall Street plunge
LONDON (AP) - World stock markets retreated Friday in the wake of a sell-off on Wall Street amid mounting concerns about a slumping U.S. economy and its impact on global growth. Disappointing reports ...
• Columbia Bancorp to close mortgage business, cut jobs
Stock Buzz ), the holding company for Columbia River Bank, said it plans to close its mortgage banking division, affecting about 39 jobs, as it strives to cut costs amid a difficult mortgage market.
• Online tools let parents peer into their kids
The Los Angeles Unified School District plans to set up an Internet program that will enable parents to monitor and manage childrenÂs lunch-money spending. Above, mealtime at Cesar Chavez Elementar...
• Microsoft kicks off $300M Seinfeld ad campaign
Actor and comedian Jerry Seinfeld comments on the induction of the "puffy shirt" into the Smithsonian National Museum of American History in Washington in 2004. Seinfeld is a celebrity pitchman in Mic...
• Treasurys gain after more jobs lost than forecast
NEW YORK (MarketWatch) -- Treasurys advanced Friday, sending yields to the lowest since mid-April, after a Labor Department report said the economy shed more jobs than expected in August.
• Jobless rate jumps to five-year high of 6.1 percent in August; payrolls cut by 84,000
WASHINGTON - The nation's unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inf...
• All-around improvement for
Second time was the charm for Toyota Sequoia. A redesign for '08 improved it all around, with an extra forward speed in its transmission (there are six now), a new fully independent suspension, more ...
• German industrial production fell 1.8 pct in July, indicators point to weakness
FRANKFURT, Germany - German industrial production fell 1.8 percent in July compartede with June, with the three main categories of output showing declines, the ministry of the economy said Friday. T...
• Wall Street head for lower opening after disappointing jobs report
Joe Bel Bruno September 5, 2008 - 09:01 a.m. NEW YORK (AP) - Wall Street looked to extend its sharp decline Friday after the government disappointed investors with news that the economy shed jobs ...
• Unemployment spikes over 6%,Merrill slips after Goldman downgrade
Each morning, Subprime Today provides a summary of MarketWatch's financial coverage as well as stories from other news outlets, providing links to those original articles.
• Jobs data, Merrill Lynch, Dell, Altria, SanDisk in focus
U.S. stock market futures extended losses Friday after a bigger-than-expected decline in August nonfarm payrolls and a sharp jump in the unemployment rate, with a downgrade of Merrill Lynch adding to ...
• Oil rebounds as dollar weakens after rise in US jobless data cast shadow on economic recovery
Pablo Gorondi September 5, 2008 - 09:32 a.m. (AP) - Oil prices slipped Friday but recovered from earlier lows as the dollar weakened against the euro and unemployment data deflated hopes of a lat...
• Nokia Lowers its Third Quarter 2008 Mobile Device Market Share...
NOK today updated its mobile device market share outlook for the third quarter 2008. Nokia now expects its mobile device market share in the third quarter 2008 to be lower than in the second quarte...
• Fed Is Not A Magic "Piggy Bank"
(AP) Troubled by the Bear Stearns debacle, former Federal Reserve Chairman Alan Greenspan is advocating a new way of dealing with government bailouts of companies whose sudden collapse could wreak hav...
• Former Coca-Cola Enterprises exec to lead DAL Global Services
(DGS) subsidiary, the Atlanta-based carrier announced Thursday. Cyril Turner, 46, has been named the president of DGS, which provides aviation and temporary staffing services to more than 30 airline ...
• Sycamore Networks, Inc. Reports Fourth Quarter and Fiscal Year...
SCMR , a leader in intelligent bandwidth management solutions for fixed line and mobile network operators worldwide, today reported its results for the fourth quarter and fiscal year ended July 31,...
• More retailers recall Simplicity bassinets
THE ASSOCIATED PRESS Eleven more retailers have recalled Simplicity bassinets, bringing the total to 17 that have decided to recall the infant beds, which are linked to the deaths of two babies. The...
• Wall Street sentiment pulls global mkts down
LONDON: World stock markets plunged on Friday in the wake of a sell-off on Wall Street amid mounting concerns about a slumping US economy and its impact on global growth. Disappointing reports o...
• KeyCorp Third Quarter 2008 Earnings Release Date and Conference Call
CLEVELAND, Sept. 5 /PRNewswire-FirstCall/ -- KeyCorp (NYSE: KEY) will announce third quarter 2008 earnings on Tuesday, October 21, 2008. A conference call will be held at 9:00 a.m. ET to review fina...
• CORRECTING and REPLACING ABM Industries Announces Third Quarter...
ABM , a leading facility services contractor, today reported sales and other income of $930.6 million for the third quarter of fiscal 2008, up 34.7% from $690.9 million in the third quarter of fisc...
• Up to 100 jobs at risk as Trinity Mirror plans to close Liverpool print plant
Trinity Mirror is to close the plant that prints its Liverpool Daily Post and Echo newspapers as part of a cost-cutting exercise, placing up to 100 jobs at risk of redundancy and ending 154 years of n...
• August another disappointing month for retailers
Discounters such as Wal-Mart and some teen chains do well amid back-to-school shopping, but department stores and apparel retailers suffer as consumers scale back.
• Hewitt buys BT shares
BT board member Patricia Hewitt Congratulations to former Trade and Industry Secretary Patricia Hewitt. The ex-minister joined the board of telecoms group
• BHP stops ore output after deaths
Mining firm BHP Billiton has suspended all iron ore production in Western Australia after the deaths of two workers in the space of ten days. A worker at the Yandi mine, in the Pilbara region, was ...
• Chavez takes over fuel transport
Venezuela's parliament has approved a new law giving the state a majority share in the distribution of fuel. President Hugo Chavez said the measure was needed to stop intermediary firms from profitin...
• Honda bringing back Insight nameplate in planned hybrid-only vehicle to be shown in Paris
TOKYO - Honda is bringing back the defunct Insight nameplate for a hybrid-only vehicle planned for the Japanese, European and North American markets early next year, as the automaker strives to play ...
• British pub chain says Coors Light helps revive lager sales
LONDON (MarketWatch) -- Brits may love their bitter ales and strong lagers, but one pub chain has turned to an all-American brew to stem a downturn in the market: Coors Light.
• Microsoft, Google Follow Apple
AAPL ) opened its iTunes App Store in July, the idea of a mass-market Web site that sells downloadable games, tools, and other applications for cell phones was a rarity. Handset owners could buy apps ...
• Banks and miners lead the way down
Miners and banks are leading the way down as the market heads lower for the third day in a row.It was always going to be a nervous start, given that Asian markets slumped overnight after Wall Street's...
• Stocks tumble 2pc in wake of Wall St
The benchmark S&P/ASX 200 index closed down 102.4 points or 2.1 per cent at 4877.1 after hitting one-month low of 4837.6. The index lost 5.0 per cent for the week, giving up nearly three quarters ...
• UK Food Prices Go Off Their Trolley
A typical trolley of food has risen in price by 8.3% since the beginning of the year, a study by retail analysts Verdict Research found. The price of meat and fish has risen 22.9% since January, whil...
• Sony recalls nearly 500,000 PCs worldwide
Sony plunged today after the firm was forced to recall hundreds of thousands of Vaio laptop computers amid reports that some models have caught fire and injured their owners.Shares in the electronics ...
• Bye-Bye Boiling, Hello Health Care
PASADENA, California – For all you moonshine makers who thought your hobby was just a guilty pleasure, a new spin on distilling may actually help save lives. Using ancient technology reduced to a mi...
• Asian markets tumble after Wall Street plunge as weak data undercut hopes for US recovery
September 5, 2008 - 01:29 a.m. TOKYO (AP) - Asian stock markets plunged Friday after more bad news on the U.S. economy, a vital export market, triggered a broad sell-off on Wall Street overnight. ...
• Gordon Brown faces backlash over fuel bills for poor
Gordon Brown today faced a backlash from the Labour movement after signalling that the government will not be making cash payments to low-income families to help them with the cost of rising fuel bill...
• Chinese shares follow Wall Street with 3 per cent slump
Beijing - China's two stock markets on Friday lost about 3 per cent of their value, following an overnight fall on Wall Street. The key Shanghai Composite Index, which tracks shares traded in foreign ...
• Samsung Elec mulls SanDisk buy
"We are looking at various opportunities regarding SanDisk, but nothing has been decided yet," Samsung spokesman James Chung told Reuters in response to reports the South Korean firm was interested in...
• Pimco appoints El-Erian as CEO
(Reuters) - Pacific Investment Management Co, the manager of the world's biggest bond fund, named Mohamed El-Erian as its chief executive to replace Bill Thompson, who will retire at the end of the ye...
• U.S. stock futures down before jobs data; Merrill downgraded
LONDON (MarketWatch) -- U.S. stock futures pointed to further losses on Friday ahead of a report likely to show the economy shedding more jobs, with a broker's recommendation to sell Merrill Lynch als...
• Mittal residences on costliest street
In a list of Britain's costliest streets, the top slot has been grabbed by Kensington Palace Gardens, popularly known as Billionaire's Row, where Arcelor's Laxmi Mittal has purchased three houses.
• Hong Kong stock index closes below key 20,000 level after sharp declines on Wall Street
September 5, 2008 - 05:22 a.m. HONG KONG (AP) - Hong Kong's key stock index tumbled below the key 20,000 level Friday for the first time in more than a year as investors sold shares across the ...
• Wal-mart Only Bright Spot In Struggling Retail Sector
Shoppers held out for back-to-school bargains last month, stoking fears that the crucial holiday season will be a disappointment for the nation's retailers. Some chains reported a flurry of last...
• Global stock markets still jumpy
Fears about a global economic slowdown have continued to weigh on stock markets around the world, with Japan's main share index falling nearly 3%. Lack of confidence was evident across Asia with mark...
• Slump hits Bentley car production
Almost four thousand staff at Crewe-based carmaker Bentley are going down to a three-day week. The firm has blamed the cut in production on the economic slowdown which has led to a fall in sales. Th...
• Caterpillar to establish multifunctional research and development center in Wuxi
Chinese economy just slows down in some separate aspects, and Caterpillar doesn't get affected, said CEO of Caterpillar Inc. James Owens recently, according to International Finance News. The company ...
• Microsoft says chances of buying Yahoo
Microsoft Corp.'s chief financial officer said Thursday that the chances of the software maker buying Yahoo Inc. are still "negligible." "You never say never, I can never say that, but it's so close ...
• Wet summer in the Northeast spouts a mushroom boom and creates forests full for foragers
ACRA, N.Y. - There's a mushroom boom in the wet woods of the Northeast this summer. Hillsides bloom with black trumpets. Disc-shaped mushrooms called artist's conch sprout from tree trunks. Forests ...
• Microsoft seeks to revive Windows with Seinfeld
Microsoft Corp. is turning to comedian Jerry Seinfeld to revive its Windows operating system brand as the software maker's biggest ad campaign ever began Thursday night. "The Windows brand identity h...
• Tropical Storm Hanna heading to southeast; Hurricane Ike coming from east as Category 4 storm
NASSAU, Bahamas - Tropical Storm Hanna was accelerating early Friday as it made its way toward the United States' southeast coast. The National Hurricane Center in Miami said only slight strengtheni...
• ADC shares rise after upbeat sales forecast
Shares of ADC Telecommunications Inc. rose as much as 5.8 percent in after-hours trading after the Eden Prairie-based maker of phone networking equipment forecast 2008 sales that topped analysts' esti...
• Slow August sales signal more weakness in retail
When it came to buying their children new jeans and trendy tops, parents held the line: They focused on basics at discounters and waited for the best deals, resulting in weak August sales at many stor...
• Equity markets start with huge losses
Mumbai, Sep 5 : Indian equity markets opened significantly lower Friday following weak global cues and went further in the red during early trade. Oil and gas, PSU, realty, power and metal stocks were...
• Sun Country sets $12 fee for first checked bag
Sun Country Airlines played catch-up with the major carriers Thursday, announcing a new $12 fee for the first checked bag. The change comes a week after Northwest Airlines began assessing its passeng...
• Wall Street Journal says Dell is trying to sell most of its computer factories to contract manufacturers and close others
See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive To...
• Jobless claims jump is bad omen for economy
Jobless claims rose unexpectedly last week, the government said Thursday, while companies responded to the slowing economy by producing more with fewer workers.
• IRS suspects accountant of tax evasion, fake returns
The Internal Revenue Service is investigating a Brooklyn Park accounting firm and its general partner on suspicion of tax evasion and assisting in the filing of false or fraudulent tax returns. IRS c...
• Comcast appeals FCC Web traffic-blocking decision
Comcast Corp. is appealing an FCC ruling that the company is improperly blocking customers' Web traffic, triggering a legal battle that could determine the extent of the government's authority to regu...
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