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21 Nov 2009 18:53
, Nov 21 21:37, Nov 22 02:37, Nov 22 11:37Senate Clears Way 60-39 for Floor Debate on $848 Billion Health-Care Plan Democrats united to bring sweeping health-care legislation to the U.S. Senate floor in a 60-39 party-line vote that kept Republicans from blocking debate on President Barack Obama’s top domestic initiative.
Bank of America May Name Stopgap CEO to Allow Board More Time for Search Bank of America Corp.’s board may extend its search for a new, permanent chief executive officer into 2010 if directors can’t settle on a candidate in the next four days, according to people familiar with the matter.
Nestle Said to Consider Options for Cadbury, May Challenge Kraft, Hershey Nestle SA is weighing options including a possible bid for Cadbury Plc that would challenge Kraft Foods Inc.’s offer and a potential move by Hershey Co., according to two people with knowledge of the matter.
Reliance Industries Makes an Offer for Control of Bankrupt LyondellBasell Reliance Industries Ltd., owner of the world’s largest oil-refining complex, made a cash offer yesterday to buy a controlling stake in closely held LyondellBasell Industries AF, the bankrupt chemicals and fuels maker.
Oracle $7.4 Billion Sun Takeover May Be Blocked by EU on Competition Issue Oracle Corp.’s planned $7.4 billion purchase of Sun Microsystems Inc. may be blocked by European Union regulators because of concerns Oracle might be able to eliminate Sun’s MySQL database product as a competitor, according to an EU document.
Summit's `New Moon' Earns $72.7 Million for One-Day U.S. Box-Office Record Summit Entertainment LLC’s “The Twilight Saga: New Moon” earned an estimated $72.7 million in receipts on its opening day, a box-office record, researcher Hollywood.com Box-Office said today.
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21 Nov 2009 01:22
, Nov 21 04:07, Nov 21 09:07, Nov 21 18:07Sands China Raises $2.5 Billion in Hong Kong Offering at Low End of Range Sands China Ltd. and its parent Las Vegas Sands Corp., the casino company controlled by billionaire Sheldon Adelson, raised HK$19.4 billion ($2.5 billion) in a Hong Kong share sale conducted at the low end of the offered range.
Rajaratnam's Request to Unseal Accuser Khan's Criminal Case Is Postponed A court hearing to determine whether a 2001 criminal case against the chief accuser of Galleon Group founder Raj Rajaratnam will be unsealed was delayed for two weeks.
Dollar Strengthens as Equities Drop, Investors Buy Short-Term Treasuries The dollar rose against most of its major counterparts and posted its first weekly gain versus the euro in November as investors sold shares and bought short-term Treasuries to guard against losses before year-end.
U.S. Two-Year Treasury Yields Fall to Lowest This Year on Refuge Buying Treasury two-year note yields fell to the lowest level this year on concern the rally in risk assets has outpaced growth prospects and as Federal Reserve officials signaled interest rates will remain near zero.
Malaysian Economy Shrinks Less Than Estimated as Asia Recovery Strengthens Malaysia’s economy shrank the least in three quarters as government stimulus boosted consumption and the global recession eased, strengthening an Asian recovery.
Asia's Stocks Post Biggest Decline in Three Weeks Amid Japan Share Sales Asian stocks fell this week, dragging the MSCI Asia Pacific Index to its biggest weekly decline in three amid Japanese share sales, while companies including Sony Corp. fueled profit concerns.
Hershey's Controlling Trust Pushes $17 Billion Offer for Cadbury, WSJ Says Hershey Co.’s controlling trust wants the candy company to make a $17 billion bid for British confectioner Cadbury Plc, the Wall Street Journal reported, citing unidentified people familiar with the matter.
Reid, Democrats Face First Big Test on Senate Health Bill With Debate Vote Senate Majority Leader Harry Reid tonight faces the first big test of whether he can keep his Democratic colleagues united behind health-care legislation.
Circuit City Business Jet Crash in 2005 Prompts FAA De-Icing Regulation The Federal Aviation Administration is proposing a rule that would require quicker activation of wing de-icing systems in response to the crash of a Circuit City Stores Inc. business jet in 2005.
Tax on Upper-Bracket Incomes May Be Needed for Afghan War Cost, Levin Says Higher-income Americans should be taxed to pay for more troops sent to Afghanistan and NATO should provide half of the new soldiers, said Carl Levin, chairman of the Senate Armed Services Committee.
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20 Nov 2009 07:01
, Nov 20 09:52, Nov 20 14:52, Nov 20 23:52Fed Makes Monitoring Capital Adequacy Foremost Concern Amid Talk of Bubble Federal Reserve officials are stepping up scrutiny of the biggest U.S. banks to ensure the lenders can withstand a reversal of soaring global-asset prices, according to people with knowledge of the matter.
Housing Recovery in U.S. Is Set Back to 2010 With Market on `Life Support' A recovery in U.S. housing will have to wait at least until next year.
Capital Controls in Asia to Limit `Hot Money' Inflow May Threaten Recovery Asian policy makers are studying capital controls to limit “hot money” inflows that may stoke asset bubbles and force their currencies to appreciate.
Buffett Taps JPMorgan, Wells Fargo for $8 Billion Loan in Burlington Deal JPMorgan Chase & Co. and Wells Fargo & Co. are arranging an $8 billion loan for Warren Buffett’s Berkshire Hathaway Inc. to help finance the takeover of railroad Burlington Northern Santa Fe Corp.
China Sidesteps Yuan Criticism as Zhou Says Government `Passive' on Dollar China is “passive” on the value of the U.S. dollar, central bank Governor Zhou Xiaochuan said, signaling that policy makers aren’t yet prepared to loosen controls on the yuan.
Sands China IPO Seeking $3.4 Billion at Highest Casino Valuation Worldwide Sands China Ltd., the Macau casino unit controlled by billionaire Sheldon Adelson, is set to raise as much as HK$26 billion ($3.4 billion) in Hong Kong’s biggest initial public offering this year at a higher valuation than investors pay for any casino resort in the world.
Commodities to Attract Record $60 Billion Inflows This Year, Barclays Says Commodities will likely attract a record $60 billion this year as investors seek to diversify their assets, Barclays Capital said.
Europeans Tussle for Regulatory Posts as Van Rompuy, Ashton Get Top Jobs The European Union’s major powers began maneuvering to win jobs to regulate their $15 trillion economy after leaders named Herman Van Rompuy as the EU’s first president and Catherine Ashton as top diplomat.
Afghanistan Suicide Bomber Kills 15, Injures 31 in Western Farah Province At least 15 people died in a suicide bombing in western Afghanistan, a day after President Hamid Karzai marked the start of his second term with a promise to bolster the fight against the country’s Taliban-led insurgency.
Floods in Northern Britain Force Hundreds From Homes as More Rain Forecast Heavy rains in northwest England and southwest Scotland triggered the region’s worst floods on record, forcing the evacuation of hundreds of residents and leaving one police officer missing and presumed dead.
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19 Nov 2009 11:22
, Nov 19 14:07, Nov 19 19:07, Nov 20 04:07U.S. Stocks Extend Global Decline on Chipmaker Downgrade; Treasuries Gain U.S. stocks extended a global drop as concern grew that the rally has outpaced the prospects for economic growth and Bank of America Corp. downgraded chipmakers. The yen and the dollar strengthened, oil and metals tumbled and yields on six-month Treasury bills reached a 50-year low.
Leading Economic Indicators in U.S. Rise, Pointing to Sustained Expansion The U.S. economic recovery will extend into next year as manufacturing expands and the pace of firings abates, reports today indicated.
Executives Were Paid $350 Million Prior to Takeover of Pensions, GAO Says UAL Corp., US Airways Group Inc. and eight other companies paid executives $350 million in the five years before the U.S. was forced to take over their under-funded employee pension plans, a government report said.
FHA, Prime Mortgage Defaults Rise to Record Highs as U.S. Job Losses Mount Foreclosures on prime mortgages and home loans insured by the Federal Housing Administration rose to three-decade highs in the third quarter, driven by the biggest job losses since the Great Depression.
Whitney Calls Banks `Grossly' Overvalued, Sees $2.7 Trillion Cut in Credit Meredith Whitney, the analyst who has no “buy” recommendations on U.S. banks, said valuations on lender stocks are too high and what “scares” her most is the government stepping away from buying mortgage-backed securities.
Black's Apollo, Butler May Take CMA Stakes as French Shipper Reworks Debt Leon Black’s Apollo Management LP is among at least three investors considering buying a stake in CMA CGM SA, the world’s third-largest container shipper, said four people familiar with the talks.
Former McKesson Chairman McCall Convicted of Fraud That Led to Share Drop Former McKesson Corp. Chairman Charles McCall was convicted in a second trial over whether he took part in a fraud 10 years ago that cost investors $8.6 billion in losses.
Gates Says Pentagon Will Investigate Fort Hood Shootings That Killed 13 Defense Secretary Robert Gates said the U.S. military will investigate the shootings at Fort Hood that killed 13 persons and injured 43.
Obama Health-Care Overhaul Battle in Congress Is Prelude to Fight in Court President Barack Obama’s drive to expand the health-insurance system may survive the legislative gauntlet. After that, the litigation gauntlet begins.
Reid's $848 Billion Health-Care Plan Widens Coverage, Raises Payroll Taxes Senate Majority Leader Harry Reid unveiled an $848 billion health-care plan that would create new government competition for private insurers, cover almost all Americans and raise a payroll tax on the highest earners.
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18 Nov 2009 16:35
, Nov 18 19:22, Nov 19 00:22, Nov 19 09:22Obama's Seoul Stop Gives Opening to Revive Trade Deal Stalled by Auto Spat President Barack Obama is in Seoul today, where discussions on a free-trade agreement will give him a last chance on his four-nation Asia trip to show the region’s leaders he is committed to fighting protectionism.
Stocks in U.S. Fall as Autodesk, Salesforce.com Outlooks Hurt Tech Shares U.S. stocks slipped, pulling the Standard & Poor’s 500 Index down from a 13-month high, as technology companies slid after profit forecasts at Autodesk Inc. and Salesforce.com Inc. trailed some analyst estimates.
Singapore Economy May Expand 3%-5% in 2010 After Emerging From Recession Singapore said its economy will expand next year after exiting the deepest recession since independence in 1965, adding to evidence of a regional recovery that’s prompted some policy makers to start removing stimulus.
Mitsubishi UFJ's Planned Sale Spells `Harsh World' for Japan Bank Rivals Mitsubishi UFJ Financial Group Inc. may beat Japanese banking rivals to market with its planned sale of as much as 1 trillion yen ($11.2 billion) in stock as regulators demand bigger capital cushions.
E*Trade Shares Rise on Report Ameritrade Is Interested in Acquiring Rival E*Trade Financial Corp. shares surged the most since August after TD Ameritrade Holding Corp.’s chief executive officer told Reuters he would consider buying the rival online brokerage at the right price.
Vietnam to Offer $1 Billion of Bonds for Energy, First Sale in Four Years Vietnam plans to fund energy projects with a $1 billion bond, its first since an inaugural sale in 2005, Deputy Prime Minister Nguyen Sinh Hung said.
Senate Health Bill Estimated by CBO to Cut Deficit $127 Billion, Aide Says Senate Majority Leader Harry Reid got the blessing needed to move ahead on health-care legislation when the U.S. Congressional Budget Office found that his plan would cut the federal budget deficit, a leadership aide said.
Clinton Presses Karzai to Take On Afghan Graft in Second Presidential Term Secretary of State Hillary Clinton, in Kabul for today’s inauguration of Afghan President Hamid Karzai, said he has a “window of opportunity” to crack down on corruption and respond to Afghan and international concerns.
Anybody-But-Blair Resonates as EU Approaches a Decision on First President Belgian Prime Minister Herman Van Rompuy, Luxembourg Prime Minister Jean-Claude Juncker and former Latvian President Vaira Vike-Freiberga are in the running as European Union leaders struggle to pick the bloc’s first president today.
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18 Nov 2009 00:04
, Nov 18 02:52, Nov 18 07:52, Nov 18 16:52Oil Rises for Third Day as U.S. Supplies Drop; Asia Stocks Decline on HSBC Crude oil gained for a third day as an industry report showed U.S. stockpiles declined after a Gulf of Mexico hurricane. Most Asian stocks fell, as concern banks and property developers will sell shares overshadowed advances among telecommunications companies.
GE, Dexia Units Said to Be Unnamed Firms in Rubin Muni Bid-Rig Indictment A unit of General Electric Co. and a former subsidiary of Belgian bank Dexia SA were the two unnamed companies that allegedly conspired with a financial adviser charged by the U.S. with rigging auctions on municipal investment transactions, people familiar with the matter said.
China Faces Dangers of Asset Bubbles as Economy Expands, PBOC Adviser Says China is among the emerging markets facing risks of property and commodity market bubbles, central bank adviser Fan Gang said, joining officials from the region in expressing concern about surging asset prices.
Orbis Opposes Canon's $1.1 Billion Oce Bid 6 Years After Battling Buffett Orbis Funds, the asset manager that opposed takeover offers by Warren Buffett and Citigroup Inc., rejected Canon Inc.’s 730 million euro ($1.1 billion) bid to buy unprofitable Dutch printer maker Oce NV as too low.
Paulson & Co. Bets Bank of America Stock Will Almost Double by End of 2011 Paulson & Co., the hedge fund firm run by billionaire John Paulson, told investors Bank of America Corp.’s stock will almost double in the next two years as writedowns ease.
China Investors Open More Stock Accounts on Rally, Yuan Appreciation Bets Investors opened more accounts to trade local and foreign-currency shares in China as benchmark indexes extended a rally and regulators relaxed restrictions on buying dollars.
Obama, Hu Vow Cooperation Amid Divisions Over Yuan Value, Trade Imbalance President Barack Obama and Chinese President Hu Jintao concluded their formal meetings in Beijing yesterday with promises of increased cooperation amid lingering friction over currency, trade and human rights.
Iran Says Saudi Arabian Air Attacks on Yemeni Rebels Are State `Terrorism' Iran’s top general denounced Saudi Arabia’s air strikes against rebels in Yemen as the start of “state terrorism” that may have consequences throughout the Middle East.
Brown Puts U.K. Bank Bonus Curbs at Heart of Labour's Election-Year Agenda Prime Minister Gordon Brown’s government today will put a crackdown on U.K. banker bonuses at the heart of his Labour Party’s election-year agenda.
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17 Nov 2009 08:09
, Nov 17 11:07, Nov 17 16:07, Nov 18 01:07Fed Will Cut Maturity of Discount Window Loans to 28 Days as Banks Recover The Federal Reserve will reduce the maximum maturity on discount window loans to 28 days from 90 days in January, the Board of Governors announced today.
Industrial Production in U.S. Rose 0.1% in October, Weaker Than Estimated Industrial production in the U.S. rose less than forecast in October, restrained by a reduction in auto manufacturing as the effects of trade-in incentives dissipated and a decline in demand for business equipment.
U.S. Stocks Decline as Industrial Output Trails Estimates; Boeing Retreats Most U.S. stocks declined, pulling benchmark indexes down from 13-month highs, after industrial production increased less than forecast and declines in metal prices weighed on commodity producers. The dollar strengthened for the first time in three days.
Obama Urges Hu to Keep Promises on Yuan Appreciation as Trade Gap Widens President Barack Obama called on Chinese counterpart Hu Jintao to make good on a commitment to allow the yuan to appreciate to help prevent trade imbalances that exacerbated the global economic crisis.
Buffett's Berkshire Discloses Holdings in Exxon Mobil, Nestle, Travelers Warren Buffett’s Berkshire Hathaway Inc. took stakes in Exxon Mobil Corp. and Nestle SA, betting on the world’s biggest producers of oil and food.
GMAC's Carpenter Plans to Build Auto Finance, Find a `Solution' for ResCap GMAC Inc., the lender seeking a third taxpayer bailout, must focus on auto financing and find a “solution” to its money-losing mortgage business, newly appointed Chief Executive Officer Michael Carpenter said.
Wall Street Lost Fewer Jobs Than Forecast, New York State Comptroller Says Wall Street is recovering faster than the national economy, with New York City’s four largest investment firms reaping profits of $22.6 billion through Sept. 30 after losing more than $40.3 billion last year, state Comptroller Thomas DiNapoli reported.
IRS Amnesty Draws 14,700 to Disclose Secret Offshore Accounts, U.S. Says More than 14,700 Americans voluntarily disclosed secret offshore bank accounts to the Internal Revenue Service during a partial amnesty program that ended Oct. 15, Commissioner Doug Shulman said.
Obama, Hu Pledge to Cooperate on Iran, Curbing North Korea's Nuclear Plans President Barack Obama said China plays a critical role with the U.S. in dealing with strategic global challenges from curbing the nuclear ambitions of Iran and North Korea to combating climate change.
Reducing Long-Term Budget Deficit `Foremost' in Obama's Mind, Emanuel Says A plan for reducing America’s long- term federal budget deficits will be “a key component” of President Barack Obama’s annual State of the Union address in January, according to White House Chief of Staff Rahm Emanuel.
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16 Nov 2009 16:41
, Nov 16 19:37, Nov 17 00:37, Nov 17 09:37U.S. Stocks Extend Global Rally on Retail Sales, APEC Pledge; Dollar Falls U.S. stocks rallied, sending benchmark indexes to 13-month highs, and commodities gained as retail sales rebounded and Asian government leaders pledged to maintain economic stimulus spending. The dollar fell to a 15- month low and Treasury two-year yields touched the lowest level since January.
Bernanke Says It Is `Not Obvious' Prices of Assets in U.S. Are Misaligned Federal Reserve Chairman Ben S. Bernanke said it’s “not obvious” that asset prices in the U.S. are out of line with underlying values after a 64 percent jump in the Standard & Poor’s 500 Index from its March low.
GMAC Says de Molina Quit as CEO, Delays Third Infusion of Taxpayer Money GMAC Inc., the auto and home lender bailed out twice by the U.S., said Alvaro de Molina resigned as chief executive officer, and the firm asked the Treasury Department to postpone a third infusion of taxpayer money.
Nomura Extends Lead in Managing Asian Share Sales With Hitachi, MUFG Deals Nomura Holdings Inc. widened its lead in arranging Asia-Pacific stock sales this year after winning mandates from Mitsubishi UFJ Financial Group Inc. and Hitachi Corp. valued at a combined $14.5 billion.
Taiwan, China Sign Agreement to Expand Financial Cooperation as Ties Warm China and Taiwan will widen access to each other’s financial industries through agreements that may pave the way for a broader economic accord between two states separated by a civil war for 60 years.
Obama, Hu to Take Up Trade, Climate Change in `Meeting of Minds' in China President Barack Obama meets again with his Chinese counterpart, Hu Jintao, today to continue what the U.S. leader called “a meeting of the minds” about how their nations can lead on global issues.
China's First Anti-Ship Missile May Create a `No-Go Zone' for U.S. Fleet China’s military is close to fielding the world’s first anti-ship ballistic missile, according to U.S. Navy intelligence.
Yearly Mammograms Unneeded for Women in Their 40s, U.S. Panel Recommends Annual mammograms are unnecessary for women in their 40s, and those in their 50s should only have them every two years, a panel of U.S. doctors said, drawing opposition from the American Cancer Society.
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16 Nov 2009 01:26
, Nov 16 04:22, Nov 16 09:22, Nov 16 18:22Japan Economy Grew at 4.8% Pace in Third Quarter, Faster Than Anticipated Japan’s economy expanded at the fastest pace in more than two years in the third quarter, led by a rebound in domestic demand that may ease concern of a return to recession next year.
European, Asian Stocks Gain on APEC, Economy; BHP, Rio, U.S. Futures Rise European and Asian shares rose and U.S. stock-index futures gained after the Asia-Pacific Economic Cooperation forum pledged to maintain stimulus spending and Japan’s economy expanded more than forecast.
JPMorgan Said to Be in Talks to Buy Rest of Cazenove in Overseas Expansion JPMorgan Chase & Co., the U.S. bank that remained profitable during the financial crisis, is in talks to buy the half of Cazenove Group it doesn’t already own for about 1 billion pounds ($1.7 billion), said a person familiar with the matter, helping expand its business in Europe.
China, Japan Policymakers Say Fed's Low-Rate Policy May Fuel Asset Bubbles Financial officials in Japan and China, Asia’s two largest economies, warned the Federal Reserve’s interest-rate policy risks spurring speculative capital that may inflate asset prices and derail the global economic recovery.
UBS Debt Trading, Cause of Near Collapse, Is Key for Bank's Profit Revival UBS AG, Switzerland’s largest bank, may have to rely on the same business that brought it near collapse as it seeks to rebuild profitability: the trading of debt securities.
Highest P/Es Since 2002 Prompt Invesco to Buy Canada-France-Spain Bargain Canadian insurers, builders in Spain and Paris-based Vivendi SA are enticing investors in search of cheap stocks after the steepest equity market rally in 70 years.
Rice Rising to 100% Return as Typhoon-Drought Double Whammy Ravages Asians Rice prices have nowhere to go but up as drought in India and cyclones in the Philippines cripple harvests, according to the world’s biggest importer and the top exporter.
Obama Says U.S. Trade With China Creates Jobs, Prosperity for Both Nations President Barack Obama said a deeper relationship between the U.S. and China is critical to the economic prosperity of both countries and essential to confronting global issues such as climate change.
APEC Leaders Conclude Climate Treaty Is Out of Reach for Copenhagen Summit Asia-Pacific leaders conceded a binding global-warming accord at next month’s climate summit in Copenhagen is out of reach and aimed to strike a political deal that will push a more comprehensive deal down the road.
London's `New Era' of Air Pollution From Diesel Threatens Olympics in 2012 London, which has some of Europe’s worst air pollution, may have to ban cars and reschedule events during the 2012 Olympics to ensure optimum conditions for athletes, a leading air-quality scientist said.
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15 Nov 2009 10:03
, Nov 15 12:52, Nov 15 17:52, Nov 16 02:52APEC Leaders Back China's Anti-Protectionist Stance, Avoid Currency Debate Asia-Pacific leaders agreed to fight protectionism while refraining from mentioning currency distortions that contribute to such actions, backing China’s stance as critics increase calls for the yuan to strengthen.
Sales, Housing, Output in U.S. Probably Rose, Signaling Sustained Rebound Retail sales probably rebounded in October, production climbed and work began on more houses, allaying concern the U.S. expansion will unravel without the government’s help, economists said before reports this week.
Brown to Allow U.K. Regulators to `Tear Up' Some Bankers' Bonus Agreements U.K. Prime Minister Gordon Brown’s government will this week announce plans to make some bankers’ bonuses illegal as it tries to clamp down on the excessive risk- taking that helped stoke the financial crisis.
Sands China to Raise Funds, Open Most of Stalled Macau Resort by End-2011 Las Vegas Sands Corp., the casino company controlled by billionaire Sheldon Adelson, will open most of its stalled resort in Macau by December 2011 after raising enough finds to restart construction, Chief Operating Officer Michael Leven said today.
Robotic Hamsters Sell Out at Walmart, Target as Season's Must-Have Toy Selling retailers on this season’s must-have toy, robotic hamsters called Zhu Zhu Pets, was like gambling millions in blackjack, said creator Russell Hornsby.
Kuwaiti Shares Decline to Seven-Month Low on Earnings; Abu Dhabi Advances Kuwaiti shares tumbled to their lowest level since April after Burgan Bank SAK became the country’s latest company to report lower third-quarter earnings.
Egypt Seeks to Improve Stock Market Regulation After Levying `Hefty Fines' Egypt’s financial markets regulator is seeking to strengthen regulations after imposing “hefty fines” in recent months on companies and individuals for violations that included insider trading, Chairman Ziad Bahaa El-Din said.
Obama to Seek U.S. Oversight of Subways to Improve Safety, Official Says The Obama administration will propose that the federal government police safety on subway and light-rail systems after a series of fatal and near-fatal accidents, a Department of Transportation official said.
Laptop Heart Test May Save Student Athletes From Dropping Dead, Study Says Heart tests done with a laptop computer and software that cost $4,000 may help save high school athletes from sudden cardiac death, according to a study of 2,057 students in Texas.
Japan's Hatoyama Backs U.S. Role in Asia's Security, Economic Expansion Japanese Prime Minister Yukio Hatoyama said the U.S. is important to Asia’s security and economic expansion, a day after President Barack Obama promised broader engagement with the region leading the world’s recovery.
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