Tuesday, August 3, 2010

Business News -03 August 2010

  • Stocks dip after factory orders, home sales fall
    Tue, 03 Aug 2010 07:38:39 -0700
    U.S. stocks slid further on Tuesday after disappointing pending home sales and factory orders data for the month of June.
  • Tech Problems as Mainframes Outlast Workers
    Tue, 03 Aug 2010 07:26:10 -0700
    IBM and CA are hard-pressed to replace the aging corps of Baby Boomers who support their still-indispensable mainframe business
  • Star Tech, the Next Generation
    Tue, 03 Aug 2010 07:26:10 -0700
  • June pending home sales fall to record low
    Tue, 03 Aug 2010 07:24:17 -0700
    WASHINGTON (Reuters) - Contracts for pending sales of previously owned homes fell to a record low in June as buyers sat on the sidelines, a survey from the National Association of Realtors showed on Tuesday.


  • The new force on Wall Street
    Tue, 03 Aug 2010 07:20:04 -0700
    It's been a miserable few years for investment banks. Between epochal meltdowns, shotgun marriages, a federal pay czar, congressional investigations, reform legislation, and SEC lawsuits, even the proudest firms have been flayed (often for good reason). One of the less publicized results of that tumult has been an exodus of talent. But many bankers aren't fleeing Wall Street -- they're fleeing to the other side of the Street: small boutique firms that eschew the proprietary trading and lending to their clients that the giant banks emphasize. These
  • Special Report: Smart money in real estate is on smart growth
    Tue, 03 Aug 2010 07:17:02 -0700
    ROCKVILLE, Maryland (Reuters) - This suburb of Washington, D.C. inspired R.E.M.'s 1984 song about the soul-sucking blandness of a suburban adolescence that has been a staple of rock and roll. "(Don't Go Back to) Rockville" described a town of empty houses, "where nobody says hello."


  • E-book price fixing probe
    Tue, 03 Aug 2010 07:16:18 -0700
    In the e-book price wars, Apple and Amazon might be enjoying an unfair advantage, Connecticut's Attorney General Richard Blumenthal said Monday as he announced an investigation of their contracts with book publishers.
  • Health reform: What you're not getting
    Tue, 03 Aug 2010 07:13:28 -0700
    If you gloss over your benefits materials at open enrollment this year, you may be setting yourself up for a nasty surprise at the doctor's office.
  • Market slips further after orders and home sales
    Tue, 03 Aug 2010 07:11:49 -0700
    NEW YORK (Reuters) - Stocks extended losses on Tuesday after data showed contracts for pending home resales fell to a record low and factory orders declined more than expected in June.


  • Pfizer Profit Beats Analyst Estimates on Higher Sales
    Tue, 03 Aug 2010 07:11:08 -0700
    Pfizer Inc.’s second-quarter profit beat analyst estimates after sales were boosted by a weaker dollar and products from its acquisition of Wyeth. The shares rose the most in 13 months.
  • America's most stolen cars
    Tue, 03 Aug 2010 07:10:18 -0700
    Here are the new cars that thieves target the most according to an analysis by the Highway Loss Data Institute.
  • Dow Earnings Trail Estimates After Factory Outages
    Tue, 03 Aug 2010 07:10:00 -0700
    Dow Chemical Co., the largest U.S. chemical maker, posted second-quarter profit that trailed analysts’ estimates after adverse weather curbed crop-chemical demand and plants in Texas and Argentina unexpectedly shut.
  • Buy Buffett. No, sell.
    Tue, 03 Aug 2010 07:09:34 -0700
    Warren Buffett likes to say his ideal investment horizon is forever. And that's the timeline of many investors in his Berkshire Hathaway conglomerate. Most buy Berkshire shares, then hold and hold and hold.
  • Marathon Oil’s Refining Profit More Than Doubles
    Tue, 03 Aug 2010 07:09:00 -0700
    Marathon Oil Corp., the largest refiner in the U.S. Midwest, said profit from making and selling fuels more than doubled as an expansion boosted capacity at the company’s Garyville, Louisiana, plant.
  • Pending Sales of Existing U.S. Homes Decreased 2.6% in June
    Tue, 03 Aug 2010 07:07:10 -0700
    The number of contracts to purchase previously owned houses unexpectedly fell in June, indicating demand kept unraveling after the expiration of a homebuyer tax credit.
  • Argentina’s 2012 Bond Is BofA Choice Before Payment
    Tue, 03 Aug 2010 07:07:00 -0700
    Argentine dollar-denominated bonds due in 2012 are being recommended by Bank of America Corp. as the government prepares to make a $2.2 billion payment today, leaving 25 percent of the total issue outstanding.
  • Trade unions plan joint protests
    Tue, 03 Aug 2010 07:05:40 -0700
    Trade unions are planning coordinated protests against the government's plans to slash public spending.
  • Personal savings rate climbs to 1-year high
    Tue, 03 Aug 2010 07:03:30 -0700
    Americans saved a slightly larger chunk of their disposable income for a third straight month in June, pushing the personal savings rate to its highest level in a year, according to government data released Tuesday.
  • Orders to U.S. Factories Decreased in June More Than Forecast
    Tue, 03 Aug 2010 07:02:59 -0700
    Orders placed with U.S. factories declined in June more than forecast, a sign manufacturing will cool in coming months.
  • Amazon, Apple probed over e-book prices
    Tue, 03 Aug 2010 06:56:04 -0700
    Connecticut Attorney General Richard Blumenthal is investigating agreements between the country's largest e-book publishers and two of the largest sellers -- Amazon.com, Inc. and Apple, Inc. -- that may block competitors from offering cheaper e-book prices.
  • Credit card interest rates still rising despite static Bank Rate
    Tue, 03 Aug 2010 06:44:32 -0700
    Interest rates charged on credit card debts are rising despite the official cost of borrowing remaining at a record low of 0.5pc, research shows.
  • Marks and Spencer hires cost-cutting 'supremo' Alan Stewart as finance director
    Tue, 03 Aug 2010 06:39:14 -0700
    The High Street retailer, has appointed Alan Stewart, a former WH Smith finance director, as its new finance chief.
  • Dow Chemical shares drop after Q2 profit miss
    Tue, 03 Aug 2010 06:38:02 -0700
    NEW YORK (Reuters) - Dow Chemical Co posted a lower-than-expected quarterly profit on Tuesday as it idled several plants to retool for higher production rates, sending shares of the biggest U.S. chemical maker down nearly 8


  • Dow Dips On Data After Pfizer, P&G Report
    Tue, 03 Aug 2010 06:35:00 -0700
    Personal incomes and spending come in flat for June, worse than the slight gains anticipated.
  • Flat consumer spending adds to recovery worries
    Tue, 03 Aug 2010 06:34:59 -0700
    WASHINGTON (Reuters) - Consumer spending and incomes were unexpectedly flat in June while personal savings were the highest in a year, implying an anemic economic recovery for the remainder of this year.


  • Rupee at over 1-month high on shares, weak dollar
    Tue, 03 Aug 2010 06:30:27 -0700
    MUMBAI (Reuters) - The rupee rose to its highest in slightly over a month on Tuesday, as expectations of low U.S. interest rates drove the dollar lower overseas and triggered selling from domestic exporters.
  • How To Raise Financially Responsible Children
    Tue, 03 Aug 2010 06:30:02 -0700
    Teaching the art of saving and smart spending will pay off for a lifetime.
  • UBS' India gold sales index rises to 20-month high
    Tue, 03 Aug 2010 06:20:48 -0700
    MUMBAI (Reuters) - Physical demand for gold remains high despite the spike in prices, UBS said in a note on Tuesday, adding that an index of its sales to India was at the highest in 20 months.
  • SKS IPO success heralds more microfinance offers
    Tue, 03 Aug 2010 06:20:38 -0700
    MUMBAI (Reuters) - Lender SKS Microfinance raised about $358 million in an IPO after pricing the sale at the top end of an indicated price band, signalling strong investor appetite and the likelihood of more such offers coming to market.
  • ANALYSIS - Business travel rise spurs hotels to seek rate hikes
    Tue, 03 Aug 2010 06:20:26 -0700
    NEW YORK (Reuters) - A surge in business travel has emboldened top U.S. hotel companies to try to raise rates for corporate clients next year after two straight years of cutting them deals.
  • SPECIAL REPORT - The smart money in real estate is on smart...
    Tue, 03 Aug 2010 06:10:40 -0700
    ROCKVILLE, Maryland (Reuters) - This suburb of Washington, D.C. inspired R.E.M.'s 1984 song about the soul-sucking blandness of a suburban adolescence that has been a staple of rock and roll. "(Don't Go Back to) Rockville" described a town of empty houses, "where nobody says hello."
  • BlackBerry may make concessions in government talks: reports
    Tue, 03 Aug 2010 06:10:34 -0700
    NEW DELHI/DUBAI (Reuters) - BlackBerry maker Research In Motion may be considering concessions to governments who have voiced concerns about the tight security that makes its devices so popular, newspapers said on Tuesday.


  • MasterCard profit rises 31 percent
    Tue, 03 Aug 2010 06:10:28 -0700
    NEW YORK (Reuters) - MasterCard Inc , the world's second-largest credit- and debit-card processing network, said its second-quarter profit rose 31 percent, beating expectations as the company reined in expenses and consumers slowly resumed spending and travelling abroad.
  • Shire to buy Belgium's Movetis for 428 mln euros
    Tue, 03 Aug 2010 06:04:31 -0700
    U.K. drug maker Shire said it agreed to acquire Belgium's Movetis N.V. for 428 million euros ($566.7 million) in cash to expand its gastrointestinal (GI) portfolio.
  • Sanofi owners oppose big hike to $19 billion Genzyme bid
    Tue, 03 Aug 2010 06:00:34 -0700
    LONDON (Reuters) - Sanofi-Aventis chief Chris Viehbacher should avoid paying much more than about $70 per share, or a total of $19 billion, to land U.S. biotech group Genzyme, shareholders in the French group say.


  • Blackberry manufacturer says won't allow access to...
    Tue, 03 Aug 2010 06:00:28 -0700
    New Delhi, Aug.3 (ANI): Even as India s Telecommunications Regulatory Authority and the Union Home Ministry is mounting pressure on Blackberry mobile manufacturer Research in Motion (RIM) to allow access to security-related codes, RIM has reportedly said it won t compromise on security and privacy of its smart phones.
  • Pound up vs the dollar to six month high
    Tue, 03 Aug 2010 05:51:56 -0700
    The pound sterling was up to a six month high against the dollar today as confidence about the state of the British economy started to increase.
  • Cognizant profit tops estimates, outshines rivals
    Tue, 03 Aug 2010 05:51:08 -0700
    BANGALORE (Reuters) - Cognizant Technology Solutions Corp reported a profit that topped market estimates for the sixth straight quarter, helped by a surge in discretionary projects, and raised its 2010 revenue outlook well above what the Wall Street was looking for.
  • India's cities grow fast, develop slowly
    Tue, 03 Aug 2010 05:50:58 -0700
    MUMBAI (Reuters) - It happens every year. When monsoon rains lash Mumbai, the city turns into a cesspool, which along with its potholed roads and gridlocked traffic, mocks its ambition of becoming a global financial centre.
  • India plane demand seen $130 bln over 20 yrs - Boeing
    Tue, 03 Aug 2010 05:50:38 -0700
    NEW DELHI (Reuters) - India's expanding aviation sector will require 1,150 commercial jets valued at $130 billion over the next 20 years, a Boeing Co executive said on Tuesday.
  • China vows to develop gold market as demand rises
    Tue, 03 Aug 2010 05:50:26 -0700
    BEIJING (Reuters) - China will allow more domestic banks to export and import gold as part of steps to encourage more liquid trade, which could underpin the country's growing private demand for the precious metal.
  • MasterCard profit rises 31 percent
    Tue, 03 Aug 2010 05:46:25 -0700
    NEW YORK (Reuters) - MasterCard Inc , the world's second-largest credit- and debit-card processing network, said its second-quarter profit rose 31 percent, beating expectations as the company reined in expenses and consumers slowly resumed spending and traveling abroad.


  • Defence gadget maker Qinetiq to cut another 325 jobs
    Tue, 03 Aug 2010 05:44:49 -0700
    Qinetiq, the defence research company which was the inspiration for James Bond's gadget guru Q, has confirmed it plans to cut another 325 jobs.
  • Sanofi shareholders want Genzyme for about $19 bln
    Tue, 03 Aug 2010 05:40:28 -0700
    LONDON (Reuters) - Sanofi-Aventis chief executive Chris Viehbacher should aim to land U.S. biotech group Genzyme for around $19 billion to keep his investors on side, according to institutional shareholders in the French firm.
  • Ford sales in China decline in July
    Tue, 03 Aug 2010 05:40:14 -0700
    Ford Motor’s sales registered a decline for the month of July in China, the world’s biggest automobiles market.

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