BERNARD Ebbers, the former WorldCom Inc chairman imprisoned for accounting fraud, joined the growing ranks of disgraced executives and government officials asking President George W Bush for clemency before he leaves office.
Saturday, December 6, 2008
Sunday, August 24, 2008
Moody's ratings downgrade deals latest blow to Fannie, Freddie
(NEW YORK) A major credit rating agency cut the preferred share rating on Fannie Mae and Freddie Mac amid mounting concern about the ability of the two largest United States home funding providers to access capital, in the latest blow before a widely expected government bailout.
Tuesday, August 12, 2008
Recession? It's time to drink, smoke and be merry
(LONDON) As a global recession looms, what better way to cope than to eat, drink and be merry? Even as consumers face soaring energy costs, rising food prices and higher mortgages or rent, it seems clear they're not prepared to forgo many of life's little treats - alcohol, cigarette and candy makers are all reporting healthy sales amid the gloom.
Tuesday, July 29, 2008
Obama to return focus on economy after foreign trip
(NEW YORK) Senator Barack Obama signalled on Sunday that he would return his focus to the economy after a whirlwind foreign tour, but Senator John McCain's eyes remained very much fixed on national security, repeatedly attacking his rival.
Sunday, July 27, 2008
NY sues UBS, alleges auction-rate fraud
(NEW YORK) New York State sued UBS AG on Thursday, accusing the Swiss bank of committing a 'multi-billion dollar fraud' by steering broker clients into auction-rate securities that became impossible to sell once the credit market tightened.
Friday, July 25, 2008
UK Q2 growth dips as housing slumps
(LONDON) British economic growth slowed as expected in the second quarter of this year to its weakest rate in three years as private housebuilding slumped, the Office for National Statistics (ONS) said yesterday.
Thursday, July 24, 2008
Why nine is magic number for consumers
(PARIS) Retailers' belief that customers like a price ending in a nine rather than a rounded-up zero - 199.99 instead of 200.00, for instance - has been borne out by scientific research on a restaurant menu.
Tuesday, July 22, 2008
Bosnian Serb war-crimes suspect Karadzic nabbed
(BELGRADE) War-crimes fugitive Radovan Karadzic was arrested on Monday near Belgrade posing as a doctor of alternative medicine, sporting long hair, a beard and glasses to hide his face, officials said yesterday.
Sunday, July 20, 2008
Microsoft trims profit outlook, shares fall 6%
(LOS ANGELES) Microsoft posted a quarterly profit and outlook below Wall Street expectations on Thursday, citing 'tough' economic conditions, and its shares fell 6 per cent.
Friday, July 18, 2008
Construction code quirk lifts US housing starts
(WASHINGTON) Permits and groundbreakings for new homes unexpectedly rose in June after a downturn in residential construction, the government said on Thursday.
Wednesday, July 16, 2008
Intel Q2 profit soars 25% to US$1.6b
(NEW YORK) Intel Corp, the world's biggest chipmaker, reported a 25 per cent rise in second-quarter profit and gave a sales forecast that topped analysts' estimates after demand grew worldwide for personal computer processors.
Tuesday, July 15, 2008
iPhone sales may have hit 425,000 in first 3 days
(SAN FRANCISO) Apple may have sold as many as 425,000 of its new iPhones in the first three days after the handset made its debut, in line with projections even after a technical breakdown.
Sunday, July 13, 2008
Yahoo rejects sale offer from Microsoft, Icahn
(SAN FRANCISCO) Yahoo Inc on Saturday rejected a proposal to sell its search business to Microsoft Corp and hand over the remainder of the company to activist investor Carl Icahn.
Thursday, July 10, 2008
Goldman Sachs withdraws from IIF after fair value criticism
(LONDON) Goldman Sachs Group Inc said on Wednesday it had withdrawn from the leading international banking lobby Institute for International Finance (IIF), which it earlier criticised over its plans to change fair value accounting rules.
US hedge funds fall in H1; dive in mutual funds
(BOSTON) US hedge funds, which often promise to make money in all markets, were in the red during the first half of the year but did not lose nearly as much as mutual funds, according to data released on Tuesday.
Wednesday, July 9, 2008
Worse to come as mortgage firms' shares dive
(NEW YORK) As home prices decline and Washington struggles to end the economic malaise, Wall Street is starting to send a sobering message: The worst is yet to come.
Tuesday, July 8, 2008
GE CEO given six months to save job
(BANGALORE) General Electric Co's chief executive Jeff Immelt has been given six months to save his job, the New York Post said on Sunday, citing three major institutional investors speaking on condition of anonymity.
Monday, July 7, 2008
Rich set to get richer when markets improve
THE rich and super rich will increase their share of the world's wealth when markets eventually turn upwards.
Sunday, July 6, 2008
US credit card industry overhaul appears likely
(WASHINGTON) Consumer advocates say regulation of the US credit card industry has long been without teeth. But as card holders struggle under the weight of big balances, high interest rates and fees, their pleas to lawmakers for help may well mean that the industry will face some significant regulation by early next year.
Friday, July 4, 2008
Merrill may be forced to sell BlackRock stake
(NEW YORK) Merrill Lynch may not want to sell its US$10 billion stake in top performing money manager BlackRock. But it may have no alternative.
Thursday, July 3, 2008
Citi sees more UBS writedowns
(ZURICH) UBS may post US$6.9 billion of additional writedowns and seek to raise more capital, Citigroup Inc said yesterday after UBS chairman, Peter Kurer told Swiss newspaper Finanz & Wirtschaft on Wednesday that the Swiss bank will not need more funds.
Wednesday, July 2, 2008
Lehman mired in talk about being sold at discount
(NEW YORK) Lehman Brothers Holdings has been the subject of market speculation that it may soon be sold for less than its market price, traders said.
Tuesday, July 1, 2008
Global profit warnings could be next shoe to drop
(NEW YORK) Big US multinationals riding high on revenue from overseas operations may find that wave is about to break. For the past year, the stock market has rewarded those companies that have been able to offset subpar US performance with stellar overseas profits. But recently, that has not been enough to keep investors happy.
Monday, June 30, 2008
Consumer splurge harming economy: UAE govt
(DUBAI) Rampant consumerism in the United Arab Emirates - home to Dubai, the self-styled capital of conspicuous consumption - could damage the economy and hinder the Gulf oil producer's efforts to become self-reliant, a government report said.
Sunday, June 29, 2008
US pension funds' oil investments driving up prices
(WASHINGTON) All those speculators getting the blame for driving up the price of oil these days - just who are they? For part of the answer, look in the mirror.
Friday, June 27, 2008
LSE, Lehman to launch 'dark pool' trading
(LONDON) London Stock Exchange Group plc and Lehman Brothers Holdings Inc will start a pan-European trading system that won't publicly disseminate price quotes as the UK market seeks to stem an erosion of business to competitors.
Thursday, June 26, 2008
Stanchart to continue expansion
(LONDON) Standard Chartered plc (Stanchart), the UK bank that makes more than 90 per cent of its profit in emerging markets, said it will continue to expand commercial banking in China amid a global credit crisis.
Wednesday, June 25, 2008
Qingdao wins three-way battle
THE lighter winds have finally had an effect on the leading teams and they slowed down overnight but not to the same extent as the teams further down the leader board.
Fed, SEC near formal data sharing pact
(WASHINGTON) The Federal Reserve and the Securities and Exchange Commission have nearly completed an information-sharing agreement on investment banks meant to detect potential risks to the broader financial system, a government official said on Monday.
Tuesday, June 24, 2008
Economists divided on end of sub-prime crisis
(WASHINGTON) A year after a summer sub-prime crisis roiled markets and squeezed credit worldwide, analysts are looking for signs that the worst is over for the troubled US housing market and banks that made risky bets on the sector.
Monday, June 23, 2008
westernaustralia2011.com rues indecision
WESTERNAUSTRALIA2011.COM who
made a very early tactical move to the
south soon after departing Sydney, Nova
Scotia, and then changed their mind
have now paid the price for their
indecision.
Sunday, June 22, 2008
New wave of trouble threatens US financial sector after sub-prime debacle
(WASHINGTON) Increasing struggles by consumers and businesses to make payments on a variety of loans, not just mortgages, are setting off a new wave of trouble in the financial sector that is battering even institutions that had steered clear of the sub-prime-home-loan debacle.
Gulf sovereign funds pour money into London skyline
(LONDON) Some of the construction cranes rising over the City of London, the financial hub of Europe, bear the seal of sovereign riches. Not British riches but Middle Eastern ones.
Saturday, June 21, 2008
Hull & Humber spies competition as fog lifts
THE fleet has struggled for the last 48 hours in light and fickle winds that constantly change direction and are made worse by thick fog banks that are synonymous with the Grand Banks, according to a report filed on Thursday.
Friday, June 20, 2008
Leading economic indicators index up
(WASHINGTON) The US economy is weak, but it has so far avoided a recession and may even turn around early next year, according to a key forecasting gauge that rose unexpectedly for the second straight month in May.
Thursday, June 19, 2008
Lawmakers vow to fight InBev offer for Anheuser
(WASHINGTON) Some US lawmakers ramped up their effort to thwart Belgian brewer InBev NV's US$46.3 billion offer for Anheuser-Busch Cos , saying on Wednesday that it would lead to US job losses and destroy an American icon.
Tuesday, June 17, 2008
Obama gets Al Gore's endorsement
(DETROIT) Former US vice-president Al Gore made his debut appearance in the presidential campaign here on Monday evening, offering a vigorous endorsement of Senator Barack Obama and urging Democrats to keep in mind the consequences of not taking the general election with grave seriousness.
Iran 'withdraws US$75b' from Europe
(TEHERAN) Iran has withdrawn around US$75 billion from Europe to prevent the assets from being blocked under threatened new sanctions over Teheran's nuclear plans, an Iranian weekly said.
Monday, June 16, 2008
Markets show 'pronounced turnaround': Greenspan
(NEW YORK) Former Federal Reserve chairman Alan Greenspan said that financial markets, roiled by the collapse of the sub-prime mortgage market, have shown a 'pronounced turnaround' since March.
Sunday, June 15, 2008
Swiss regulator to limit banks' loans
(ZURICH) Swiss banking regulators are to limit how much money domestic banks can borrow in a bid to limit the risk to taxpayers, according to a newspaper report yesterday.
Friday, June 13, 2008
Forecasters cut non-Opec oil supply growth
(WASHINGTON) Two of the world's most closely watched energy forecasters on Tuesday slashed predictions for output from oil fields outside the Organization of the Petroleum Exporting Countries (Opec) cartel in 2008 - more bad news for a global economy struggling with record high oil prices and tight supply.
Thursday, June 12, 2008
Bank shares rise on report of tycoon's buy
(MOSCOW) Bank shares rose yesterday after a report that Russian billionaire Suleiman Kerimov is buying stakes in major Western banks and wants other tycoons to join him.
Wednesday, June 11, 2008
Google offers search trend data
(SAN FRANCISCO) Num-ber-crunchers can rejoice as Google Inc offers deeper access to the underlying figures for users' Web searches, giving some insight into trends based on the relative popularity of various words.
Tuesday, June 10, 2008
US stores pull certain tomatoes off shelves
(LOS ANGELES) McDonald's Corp, Wal-Mart Stores Inc and other restaurant and grocery chains have stopped selling certain tomatoes as US health officials work to pinpoint the source of a salmonella outbreak.
Kubica wins first F1 victory, wants more
(MONTREAL) Now that he's got that first Formula One victory in his pocket, Robert Kubica wants more - a lot more.
Monday, June 9, 2008
Opec to meet only if it sees real supply threat
(DUBAI) Opec has no plans to meet to discuss oil's surge to a fresh record, and would need to see a real supply threat to gather before the next scheduled meeting in September, an Opec source said yesterday.
Sunday, June 8, 2008
Japanese households explore use of hydrogen fuel cells
(TOKYO) As world oil prices skyrocket, thousands of households in energy-poor Japan are taking part in an ambitious experiment to use fuel cells to light and heat their homes.
Thursday, June 5, 2008
Bear's private equity unit may be spun off
(NEW YORK) Bear Stearns's private-equity arm Bear Stearns Merchant Banking was expected to announce yesterday that it will spin off into an independent company with JPMorgan Chase as its largest investor, the Wall Street Journal reported.
Private sector jobs, productivity up in May
(NEW YORK) The US private sector added workers in May, defying Wall Street's expectations of a fall and suggesting the world's largest economy may be coping surprisingly well with the current housing-led downturn.
Wednesday, June 4, 2008
Yahoo sets Aug 1 date for AGM showdown
(SAN FRANCISCO/NEW YORK) Yahoo Inc on Tuesday set its annual shareholder meeting for Aug 1 in the heart of Silicon Valley as it braced for a showdown with billionaire activist investor Carl Icahn, who is mounting a proxy fight for control of Yahoo.
Monday, June 2, 2008
Vietnam best emerging retail market: study
(NEW YORK) The most attractive region for retailers looking to open stores abroad is the Middle East and North Africa, according to a study released yesterday, but the single hottest market at the moment is Vietnam.
No Opec output hike for now
(ALGIERS, Algeria) Opec president Chakib Khelil reiterated on Saturday that Opec would not make a decision on output policy before its next scheduled meeting in September, and said that oil market fundamentals were not responsible for high oil prices.
Sunday, June 1, 2008
CO2 market seen hitting US$20t a year
(NEW YORK) The world market for carbon dioxide (CO2) emissions may be worth as much as US$20 trillion a year in a decade, says Richard Sandor, chairman of Climate Exchange Plc, owner of emissions markets in London and Chicago.
Friday, May 30, 2008
Monkeys control robots with brain power
(PARIS) Scientists have trained monkeys to manipulate a robotic arm solely with brain power, and could soon help amputees and paralysed stroke victims do the same, according to a study released on Wednesday.
Thursday, May 29, 2008
Moody's, S&P face tougher regulation in US, Europe
(LONDON) Moody's Investors Service and Standard & Poor's, reeling from criticism over the way they rated asset-backed debt, face tougher global regulation to prevent a repeat of the US sub-prime mortgage crisis.
April durable goods orders stronger than expected
(WASHINGTON) New orders for long-lasting United States manufactured goods slipped 0.5 per cent in April as demand for civilian aircraft plunged, but a key barometer of business investment spending posted a surprisingly sharp gain, a government report showed yesterday.
Wednesday, May 28, 2008
Race returns to the North Atlantic
THE fleet has cleared the Bahamian islands and the 10 teams now find themselves out in open waters once again.
Fleet splits round Bahamian islands
FOLLOWING the Le Mans start yesterday the teams have had to battle with squally conditions bringing occasional heavy rain and patches of light wind.
Tuesday, May 27, 2008
French classroom drama wins at Cannes
(CANNES) The Cannes film festival wrapped up on Sunday after awarding its top prize to a French classroom drama with a cast of amateurs in a banner year for movies with a conscience.
Monday, May 26, 2008
Swiss banks' reward-system reports wanted
(GENEVA) Switzerland's banking watchdog wants to halt excessive bonuses for bankers who fail to take into account the risks taken as they chase profits, the watchdog's top official told a Swiss Sunday newspaper.
Cat helps out as stationmaster at Japanese railway
(KINOKAWA) In times of need, Japanese say that they can even ask the cat for help. In this town in western Japan, people look to Tama, a nine-year-old cat working as master of an unmanned train station.
Sunday, May 25, 2008
Banks to blame for sub-prime crisis says Buffett
(MADRID) Blame for the sub-prime crisis lies at the feet of banks who took too many risks in mortgage lending, US billionaire investor Warren Buffett told newspaper El Pais in an interview published yesterday.
US consumer shift from trucks a 'fundamental' change: Ford
(DETROIT) Ford Motor Co, battling record petrol prices, concluded in the past few days that a US consumer shift away from trucks is 'fundamental', chief executive officer Alan Mulally said.
Saturday, May 24, 2008
Resale of homes dips to a new low
(NEW YORK) Sales of previously owned homes in the US fell in April, matching a record low and signalling no let-up in the housing recession.
Friday, May 23, 2008
Moody's shifts debt analysts as banks complain
(LONDON) Moody's Corp's credit rating unit Moody's Investors Service switched analysts from covering deals of particular investment banks after the banks requested changes, the Wall Street Journal said yesterday, citing people familiar with the matter.
Blame short-covering traders for US$135 oil
(NEW YORK) Oil prices are heading to more than US$142 a barrel in the next eight years, according to futures contracts on the New York Mercantile Exchange, on concern that growth in supply may fail to keep pace with rising demand.
Thursday, May 22, 2008
Obama: 'We're within reach of nomination'
(NEW YORK) Barack Obama took a big step on Tuesday towards becoming the Democratic presidential nominee, amassing enough additional delegates to claim an all but insurmountable advantage in his race against Senator Hillary Clinton.
Wednesday, May 21, 2008
Microsoft cashback plan for Live.com
(NEW YORK) Microsoft Corp will give cash back to people who shop online with its Live.com search engine, building up the business after abandoning a US$47.5 billion bid for Internet rival Yahoo! Inc this month.
British Land posts first loss in over 20 years
(LONDON) British Land, the biggest developer in London, reported its first annual loss in at least 20 years after writing down the value of office buildings and malls.
Tuesday, May 20, 2008
Buffett goes fishing for investments in Europe
(NEW YORK) Billionaire Warren Buffett said that there are 'far more' potential takeover targets for his US$200 billion Berkshire Hathaway in Europe than in emerging markets, as he looks outside the US for acquisitions to spur profit growth.
Microsoft proposes another deal with Yahoo
(SEATTLE) Microsoft Corp has proposed an alternative deal to Yahoo! Inc, rather than a full acquisition, in a move that could save the Web pioneer from fighting a proxy battle with financier Carl Icahn.
Monday, May 19, 2008
Sex and the City movie a juicy mode for marketers
(NEW YORK) From Manolo Blahnik high heels to designer dresses, the materialism of the characters in television's Sex and the City has made the movie version a marketing dream that some companies are paying for dearly and at least one is getting for free.
Sunday, May 18, 2008
Climate change big threat to black truffle
(PARIS) The black truffle, one of the most exclusive and expensive delicacies on the planet, is under threat from climate change.
World economy on brink of decline
(UNITED NATIONS) The world economy is 'teetering on the brink' of a severe downturn and will grow by only 1.8 per cent this year, the United Nations has said.
Saturday, May 17, 2008
Diamond ring auctioned for US$5m is priciest gemstone
(GENEVA) A vivid blue 3.7-carat diamond ring sold for just under US$5 million at auction, becoming the priciest gemstone per carat ever, Sotheby's said yesterday.
Friday, May 16, 2008
Rain Cannes stop the festivities
People waiting under umbrellas outside the Festival Palace during the 61st Cannes International Film Festival yesterday.
HSBC will have to write off US$30b, says hedge fund
BANKING giant HSBC's first-quarter US$3.2 billion sub-prime write-off is hugely inadequate, according to a London hedge fund.
Thursday, May 15, 2008
Bacon painting sets post-war record at auction
(NEW YORK) Francis Bacon's 'Triptych, 1976' fetched US$86 million at Sotheby's contemporary sale on Wednesday, setting a record for post-war art and contributing to the auction house's best result in its nearly 300-year history.
Consumer prices up just 0.2% in April
(WASHINGTON) Despite the biggest jump in food prices in 18 years, US consumer prices rose a smaller-than-expected 0.2 per cent in April as energy prices paused in their recent surge, a Labor Department report yesterday showed.
Wednesday, May 14, 2008
Lehman's Harris sees Fed cutting rates to zero
NEITHER the housing market nor consumer spending in the US are likely to recover before the end of next year, which means that the Federal Reserve will need to cut interest rates again, possibly to zero, Lehman Brothers chief US economist Ethan Harris predicted yesterday.
Tuesday, May 13, 2008
JPMorgan chief warns of long, deep US recession
(NEW YORK) JPMorgan Chase & Co chairman and chief executive Jamie Dimon on Monday told bank investors that while the current credit market crunch may soon be over, the US economy could still face a deep and extended recession.
Wristwatch fetches record 2.35m Swiss francs in auction
(GENEVA) A chronograph wristwatch which belonged to an Italian racing driver fetched 2.35 million Swiss francs (S$3.07 million) at auction, Sotheby's said yesterday.
Monday, May 12, 2008
News Corp withdraws bid for Newsday newspaper
(NEW YORK) News Corp, the media conglomerate controlled by Rupert Murdoch, has withdrawn its bid to purchase the Long Island paper Newsday, a News Corp spokeswoman said on Saturday.
Sunday, May 11, 2008
Obama erases Clinton's lead in superdelegate endorsements
(WASHINGTON) Barack Obama erased Hillary Rodham Clinton's once-imposing lead among superdelegates on Saturday when he added more endorsements from the group of Democrats who will decide the party's nomination for president.
AIG posts US$7.8b Q1 loss; CEO's job at risk
(NEW YORK) American International Group (AIG) will seek to raise US$12.5 billion to shore up its finances after two straight record losses, adding to speculation that Martin Sullivan may be the next chief executive officer to lose his job amid the global credit crisis.
Saturday, May 10, 2008
Triple joy
(BUCHAREST) A woman seen through blue balloons here yesterday during celebrations marking Romania's Independence Day, European Union's Day and World War Two Victory Day.
US taxpayers foot bill for derivative deals gone bad
(NEW YORK) Taxpayers from Massachusetts to California are paying Wall Street banks to end derivative contracts gone bad as they exit the collapsing auction-rate bond market, with penalties in some cases topping US$10 million and compounding the pain of rising borrowing costs.
Friday, May 9, 2008
Google founders no longer just 'whiz kids': CEO
(MOUNTAIN VIEW, California) It's official: the guys who founded Google are grown up.
Citi, 5 other banks lose bid to throw out suit
(NEW YORK) Citigroup and five other banks lost their bid to have a New York judge throw out a lawsuit by Clear Channel Communications' buyers accusing the lenders of refusing to fund the US$19.5 billion acquisition.
Thursday, May 8, 2008
Rise in Q1 worker productivity beats expectations
(WASHINGTON) US worker productivity rose by a better-than-expected amount in the first three months of the year while labour cost pressures eased.
Wednesday, May 7, 2008
Obama on top with big win in North Carolina
(NEW YORK) Senator Barack Obama moved closer to clinching the Democratic presidential nomination on Tuesday by decisively defeating Senator Hillary Clinton in North Carolina and losing to her by a narrow margin in Indiana.
Top three movers and shakers
The movers and shakers overnight appear to be Hull & Humber, Nova Scotia and Qingdao.
Tuesday, May 6, 2008
Clinton dismisses critics of gas tax proposal
(WASHINGTON) Democratic presidential candidate Hillary Clinton on Sunday dismissed the 'elite opinion' of economists who criticised her gas tax proposal, using a term that has dogged rival Barack Obama in recent weeks.
Monday, May 5, 2008
Liverpool 08's cunning plan
WE know that you are all sitting there saying What in
the name of Neptune are they doing? (Or words to that
effect) - patience my dears, patience and all will
become apparent - or would do, but apparently the
wind (apparent or otherwise) is not behaving as
predicted.
Liverpool 08, Jamaica in keen tussle
AFTER cashing in their offshore
advantage, Liverpool 08 is neck-andneck
with Jamaica with less than half
the race left to run.
Sunday, May 4, 2008
Labour Party headed for loss in UK elections
(LONDON) Prime Minister Gordon Brown's Labour Party was headed yesterday toward its worst local election defeat in four decades, bleeding council seats from traditional strongholds and fuelling doubts about Mr Brown's ability to lead his party to victory in a general election.
Saturday, May 3, 2008
Fed boosts emergency reserves to banks to US$150b in May
(WASHINGTON) The Federal Reserve yesterday announced that it will expand a series of efforts to deal with the global credit crisis, in coordination with European central banks.
Berkshire faces probe over Moody's stake
(NEW YORK) Billionaire Warren Buffett's Berkshire Hathaway Inc faces a probe by Connecticut's attorney general for possible conflicts created by owning almost 20 per cent of credit ratings company Moody's Corp while also running a new municipal bond insurer.
Friday, May 2, 2008
Sublime conditions
THE fight for the podium places has taken another turn overnight and the excitement has cranked up a notch as Hull & Humber made excellent ground to put themselves right back in contention, snatching the top spot from Glasgow: Scotland with style Clipper.
SEC to be equally tough on international reports
(NEW YORK) Regulators at the US Securities and Exchange Commission will be just as tough when examining financial statements filed under international accounting rules, a top official said on Wednesday.
Thursday, May 1, 2008
M'soft fails to reach decision on Yahoo takeover
(NEW YORK) Microsoft Corp directors failed to decide on the next step in the pursuit of Yahoo! Inc on Wednesday, leaving open the debate over whether to walk away from the US$44.6 billion bid or fight to replace the Internet company's board.
Sold for US$1.4m at auction: Late Egyptian singer's necklace
(DUBAI) A necklace made up of 1,888 pearls that once belonged to the Arab world's most famed singer was sold on Tuesday for more than US$1 million at an auction in this rich Gulf emirate, the auction's organisers said.
Wednesday, April 30, 2008
Neck and neck
WITH more than 2,000 nautical miles still to go in Race 9, New York and Glasgow: Scotland with style Clipper appear to be glued together at the front of the fleet.
Tuesday, April 29, 2008
Glasgow Clipper holds onto slender lead
GLASGOW: Scotland with Style Clipper continues to hold on to a slender lead as both Hull & Humber and New York push the team hard in the light and difficult conditions.
Citi, RAMS in talks on mortgage- backed securities
(SYDNEY) Citigroup and RAMS Home Loans Group Ltd are in discussions with investors about selling residential mortgage-backed securities (RMBS), sources said yesterday, in what would be the first such issue this year.
Monday, April 28, 2008
Crews search for optimal sail plans
THE early stronger winds that the teams
have been enjoying are starting to
reduce now and will continue to drop
the further south the fleet races.
Flying Finn Raikkonen strolls to Spanish F1 win
(BARCELONA) Defending world champion Kimi Raikkonen extended his lead in this year's title race to nine points yesterday when he drove to a comfortable victory in an incident-filled Spanish Grand Prix.
Sunday, April 27, 2008
Following their fathers' footsteps
(NEW YORK) Nico Rosberg, Nelson Piquet Jr and Kazuki Nakajima, three sons of former Formula One drivers who are racing in the series, probably resemble one another more than they do their famous fathers.
Microsoft Q3 profit falls 11% to US$4.39b
(SEATTLE) Microsoft Corp's third-quarter profit fell 11 per cent, the software maker reported as executives renewed their warning that they may go hostile or walk away from their US$44 billion-plus offer for Yahoo Inc if Yahoo does not agree to a deal by today.
Saturday, April 26, 2008
US consumer confidence weakest in 26 years: survey
(NEW YORK) US consumer confidence fell for a third straight month in April, hitting its weakest in 26 years, on heightened worries over inflation and the sagging housing market, a survey showed yesterday.
Rockefeller gives US$100m to Harvard
(NEW YORK) David M Rockefeller is giving US$100 million to Harvard University, his alma mater. It is the largest gift by an alumnus in the university's history.
Friday, April 25, 2008
World Watch
(LONDON) Britain's economy slowed sharply in the first quarter of 2008 when it expanded by the weakest rate for three years, data showed yesterday.
UK court allows regulator to challenge banks' overdraft fees
(LONDON) Royal Bank of Scotland Group plc, HSBC Holdings plc and six other UK banks lost the first part of a lawsuit brought by an antitrust regulator challenging lenders' policy of charging customers who exceed overdraft limits.
Thursday, April 24, 2008
New home sales slip to 16 1/2-year low
(NEW YORK) Sales of new homes plunged in March to the lowest level in 16 1/2 years as housing slumped further at the start of the spring sales season.
Merrill, other banks sell US$13b debts
(NEW YORK) Investment banks including Merrill Lynch & Co, UBS and Wachovia Corp sold more than US$13 billion in new debt on Tuesday in a move to shore up their balance sheets.
Wednesday, April 23, 2008
Microsoft rolls out web-based software
(SAN FRANCISCO) Microsoft is preparing to take its most ambitious step yet in transforming its personal computer business into one tied more closely to software running in remote data centres.
Murdoch leaves door open to joint Yahoo bid with Microsoft
(WASHINGTON) News Corp's Rupert Murdoch left the door open on Monday to a joint bid with Microsoft Corp to buy Yahoo, a day ahead of Yahoo's quarterly financial report.
Tuesday, April 22, 2008
Infineon takes 1b euro hit
(FRANKFURT) Infineon Technologies, the German semiconductor maker, will write down the value of its Qimonda memory chip unit by one billion euros (S$2.1 billion) as it prepares to dispose of the division. Qimonda shares have lost almost half their value this year as memory chip prices plunged because of excess supply.
UBS blames weak risk control for huge losses
(ZURICH) Switzerland's biggest bank UBS said yesterday that weak risk control and a pay structure that invited risky deals were among key factors leading to its massive sub-prime related losses.
Monday, April 21, 2008
Bank of America Q1 profit falls 77% on credit losses
(NEW YORK) Bank of America Corp (BOA), the largest US retail bank, yesterday said quarterly profit fell a larger-than-expected 77 per cent, dragged down by more than US$5 billion of writedowns and credit-related costs.
Risk-takers hungry for some action again
(NEW YORK) US stocks zoomed last week, with blue-chip indexes reaching their highest levels since at least Feb 1.
Sunday, April 20, 2008
US firms ride weak dollar to boost profits overseas
(NEW YORK) The dollar's plunge might be preventing Americans from taking that European vacation this summer, but it could be the very thing saving their retirement accounts from buckling.
Wall St firms borrowing less from Fed's emergency fund
(WASHINGTON) Big Wall Street investment companies are reducing their borrowing from the Federal Reserve's emergency lending programme, a sign that credit problems may be easing.
Saturday, April 19, 2008
Sub-prime probe may uncover fraud: FBI
(WASHINGTON) The FBI's probe of the sub-prime mortgage industry could uncover fraud involving Wall Street investment banks, private equity firms or hedge funds, the head of the Federal Bureau of Investigation said on Thursday.
New York Times sinks into red with US$335k Q1 loss
(NEW YORK) The New York Times reported a US$335,000 first-quarter loss on Thursday, falling far short of both analysts' expectations and its US$23.9 million profit for the quarter a year ago.
Friday, April 18, 2008
Warm welcome
JAMAICA and Liverpool 08 both finished overnight, to take sixth and seventh place respectively, crossing the finish line in light airs in the early hours of Thursday morning.
Dining out in a classy new setting
Interior of the restaurant in the new opera house in Oslo. The opera house is designed by Shoehetta, the same architects who designed the new Alexandria Library in Egypt and the Serpentine Gallery Pavillion in Hyde Park in London.
Thursday, April 17, 2008
US senator presses for plans to curb oil speculators
(NEW YORK) As oil prices set another record, a top US senator has asked federal regulators how they plan to curb speculation in the oil market to ward off potential higher prices caused by speculative activity.
New tax on oil profits in Venezuela
(CARACAS, Venezuela) Venezuela's Congress has approved a law forcing foreign oil companies to pay a tax on windfall profits when crude tops US$70 a barrel.
Wednesday, April 16, 2008
Uniquely Singapore clinches victory
UNIQUELY SINGAPORE took line honours in Santa Cruz on Wednesday after a painstaking approach to the line in light airs.
Record IPO cancellations as stocks fall
(LONDON) A record number of companies cancelled initial public offerings (IPOs) in the first quarter as stock markets fell and concerns about a recession sapped demand for new shares, a survey by Ernst & Young said.
Tuesday, April 15, 2008
High pressure system takes hold
THE North Pacific High has re-established itself very strongly in the vicinity of the entire fleet. This has further benefited the yachts further north, enabling them to achieve a better sailing angle and faster speeds towards the Californian coast.
Party's over for banks: supervisor
(WASHINGTON) Banks will have to accept that regulators demand higher capital provisioning for risk in response to the latest crisis in financial markets, the head of the Basel Committee of bank supervisors said on Sunday.
Monday, April 14, 2008
US business inventories increase 0.6% in Feb
(NEW YORK) Inventories at US businesses in February increased as sales slumped by the most in more than a year, indicating companies will need to cut back on orders.
US commodity boom hurts food banks
(WASHINGTON) Soaring commodity prices, while a boon to American farmers, have left US food banks scrambling for donations amid a spike in demand with the economic downturn forcing more people to their doors.
Sunday, April 13, 2008
Cadbury should swallow Hershey or be swallowed
(LONDON) As Cadbury Schweppes moves closer to being a pure confectionery company by selling its North American Dr Pepper drinks unit, industry analysts say it should now pull off a merger deal before it becomes a target.
Strong Asian demand for Tiffany jewellery
TIFFANY & Co's total international sales outside the United States grew 21 per cent last year, with Singapore and Asia growing faster than that, says James Quinn, president of the American jewellery company who oversees the company's global expansion strategy.
Saturday, April 12, 2008
Prada prototypes up for auction
PRADA collectors, take note! Exclusive prototypes from Prada's Spring/Summer 2008 will be auctioned online on prada.com from April 15 to May 6.
Regulators to review capital guidelines, says Bernanke
(NEW YORK) Financial markets regulators must strengthen oversight, ensuring that banks have enough capital and that accounting rules aren't 'destabilising', Federal Reserve chairman Ben Bernanke said on Thursday.
Friday, April 11, 2008
GE casts pall over Wall St as earnings fall short
(LONDON) Worse-than-expected results from United States conglomerate General Electric turned a tentative stock rally on its head yesterday and added further pressure on the US dollar.
Import prices rise more than forecast on oil
(WASHINGTON) Prices of goods imported into the US rose more than forecast in March, reflecting a surge in energy costs and a weaker dollar.
Top investment banker sees Wall St banks cutting 35% jobs
(NEW YORK) Kenneth Moelis, the former president of UBS AG's investment bank, said Wall Street firms may have to eliminate as much as 35 per cent of employees as leveraged lending dwindles and the pace of mergers and acquisitions (M&As) slows.
UK's central bank cuts rates by 25 basis points to 5.0%
(LONDON) The Bank of England (BOE) cut interest rates by a quarter percentage point yesterday in an attempt to cushion the economy from the global credit squeeze. It was its third reduction in five months.
Banks move to head off new regulations
(FRANKFURT) The world's major banks will impose new guidelines on themselves to ease the current financial crisis, in a bid to head off new regulations that would hurt their businesses.
Thursday, April 10, 2008
Microsoft launches tool for avoiding traffic jams
(SAN FRANCISCO) Microsoft is introducing a web- based service for driving directions that incorporates complex software models to help users avoid traffic jams.
Yahoo to combine operations with AOL
(NEW YORK) Yahoo is close to an agreement to combine operations with Time Warner's AOL unit in a bid to fend off Microsoft's US$44.6 billion takeover offer, a person familiar with the situation said.
OECD nations open to sovereign funds
(PARIS) The 30-member nations of OECD are open to investments by sovereign wealth funds (SWFs) that are made 'for commercial, not political' reasons,the Organisation for Economic Cooperation and Development (OECD) said.
Fed mulls options to boost lending power
(NEW YORK) The Federal Reserve is considering contingency plans to bolster its lending power, in case measures it has taken to rescue the troubled credit markets fail, the Wall Street Journal reported yesterday.
Wednesday, April 9, 2008
Wholesale inventories rise more than forecast in Feb
(WASHINGTON) Inventories at US wholesalers rose more than forecast in February, reflecting the biggest slump in sales in more than a year. The 1.1 per cent gain followed a revised 1.3 per cent increase in January that was larger than previously reported, the Commerce Department said yesterday in Washington. Sales dropped 0.8 per cent, the most since January 2007.
Looking forward to sail again
DURBAN 2010 and Beyond and westernaustralia2011.com moved closer to joining the rest of the fleet on their way to Santa Cruz, California.
Cutback in bank lending puts US economy at risk
(NEW YORK) Bank holding companies including Citigroup and Bank of America have the thinnest safety cushion against losses in seven years.
LBO freeze cuts Q1 fees to Wall St by 75%
(LONDON) The freeze in leveraged buyouts (LBOs) has slashed fees for investment banks by more than 75 per cent as Blackstone Group and Kohlberg Kravis Roberts (KKR), the industry's two biggest firms, put takeover plans on hold.
Small meetings are better
SMALL corporate meetings have a virtue - they're small. That means that they usually cost less than big meetings. They can be held at smaller hotels. Their agenda can be better attuned to the particular needs and interests of participants. And they are all the more valuable in a tough business climate.
Tuesday, April 8, 2008
Pulitzers honour Bob Dylan
(LOS ANGELES) How does it feel to share the limelight with rock legend Bob Dylan?
Mark Penn out as Hillary's chief strategist
(NEW YORK) Mark Penn, the much-criticised chief strategist of Hillary Clinton's presidential campaign, is out as her top adviser. He quit after coming under fire for his firm's role in promoting trade with Colombia.
Rising prices threaten supplies
(LONDON) From Cairo to New Delhi to Shanghai, the run on rice is threatening to disrupt worldwide food supplies as much as the scarcity of confidence on Wall Street earlier this year roiled credit markets.
Africa in grip of social unrest
(DAKAR) African governments are nervously confronting a mounting wave of often deadly social unrest caused by the soaring cost of food and fuel.
Durban 2010 and Beyond gets new mast
HEADWINDS being produced on the
south side of the North Pacific high
pressure system means the yachts in the
Clipper fleet are tacking their way
towards Santa Cruz.
Central bank should shun rate rises
(MUMBAI) India should use measures that drain excess money from the financial system instead of raising interest rates, to curb inflation at a three-year high, said former central bank governor Bimal Jalan.
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