Wednesday, August 18, 2010

Business News - 18 August 2010

  • Will rolling back tax breaks for US oil and gas companies necessarily affect output?
    Wed, 18 Aug 2010 07:46:22 -0700
    Energy Intelligence said in a report on Wednesday U.S. domestic oil output could fall as much as 10 percent over the next ten years if Obama administration’s proposals to roll back tax breaks for oil and gas companies get through.
  • Table: Worst Deals Destroy Value, Jobs
    Wed, 18 Aug 2010 07:33:10 -0700
  • GM to list on NYSE, TSX: source
    Wed, 18 Aug 2010 07:26:46 -0700
    NEW YORK/DETROIT (Reuters) - General Motors Co will list its shares on the New York Stock Exchange and Toronto Stock Exchange after its initial public offering, a source familiar with the matter said on Wednesday.

  • Heavy Rain Falls on Washington, Floods Streets and Streams
    Wed, 18 Aug 2010 07:24:06 -0700
    Heavy rain snarled traffic and inundated streets in Washington and its suburbs today, prompting the National Weather Service to issue area flood warnings.
  • CoolBrands Rises on Plan to Combine With Huizenga’s Swisher
    Wed, 18 Aug 2010 07:24:04 -0700
    CoolBrands International Inc. climbed as much as 24 percent in Toronto trading after agreeing to combine with Swisher International Inc., a hygiene company run by Wayne Huizenga.
  • European Stocks Fall for First Time in Five Days; Vestas Sinks
    Wed, 18 Aug 2010 07:24:00 -0700
    European stocks declined for the first time in five days, led by energy companies, as Vestas Wind Systems A/S cut its revenue forecast and BHP Billiton Ltd. made a $40 billion hostile bid for Potash Corp. of Saskatchewan Inc.
  • Health Plans to Take Bigger Bite Out of Paychecks, Survey Shows
    Wed, 18 Aug 2010 07:22:03 -0700
    Workers will pay more for their health care next year as U.S. companies prepare for provisions of the overhaul signed into law by President Barack Obama, according to a survey released today.
  • Wall Street trims early losses as techs gain
    Wed, 18 Aug 2010 07:15:21 -0700
    NEW YORK (Reuters) - Stocks trimmed early losses on Wednesday as gains in technology shares tempered uninspiring quarterly results from retailers.

  • Basel Committee Says Rules Will Have ‘Modest’ Impact
    Wed, 18 Aug 2010 07:15:00 -0700
    The Basel Committee on Banking Supervision rebuffed complaints from banks that proposed regulations would damage economic growth, saying the impact would be “modest.”
  • Stocks, Oil Slump on Earnings, Economy; Government Bonds Rally
    Wed, 18 Aug 2010 07:15:00 -0700
    Stocks dropped as a slide in oil prices dragged energy producers lower and results disappointed investors at Target Corp. and Deere & Co., while a rally in government bonds drove the 30-year German yield below 3 percent for the first time on speculation economic growth is slowing.
  • Target Net Rises 14%; Sales ‘Softer’ Than Estimated
    Wed, 18 Aug 2010 07:14:01 -0700
    Target Corp., the second-largest U.S. discount retailer, posted a 14 percent profit gain that met analysts’ estimates after earnings at the credit-card unit increased.
  • Why I took Social Security early
    Wed, 18 Aug 2010 07:12:20 -0700
    About 73% of Social Security filers last year took their benefits early, even though they would receive larger checks if they had waited until they were 66.
  • TapouT's $200 million mixed martial arts headlock
    Wed, 18 Aug 2010 07:10:07 -0700
    It's not every day you meet a chief executive officer named "Punkass." Especially one who runs a $200 million company.
  • Health reform spurs change for big employers: survey
    Wed, 18 Aug 2010 07:06:16 -0700
    WASHINGTON (Reuters) - Many of the biggest U.S. companies are removing spending limits from their employees' health plans and taking other steps to comply with the new healthcare law, according to a report released on Wednesday.

  • Foxconn to up China workforce, cut Shenzhen
    Wed, 18 Aug 2010 07:04:40 -0700
    SHENZHEN (Reuters) - Taiwan's Hon Hai Precision Industry Co Ltd , a major device maker for the world's top tech brands, will raise its total China workforce by over 40 percent by next year but focus expansion away from its increasingly expensive Shenzhen plant.

  • Higher taxes for the rich - how much will they pay?
    Wed, 18 Aug 2010 07:04:27 -0700
    If you're a wealthy American, you've probably heard that your tax bill will be higher next year if President Obama has his way. But how much more are you really going to pay?
  • E-House Takes Aim At China?s Commercial Real Estate Market
    Wed, 18 Aug 2010 07:03:38 -0700
    E-House (China), ?the big China real estate brokerage that?s?made most of its money in the cou
  • The rich are suckers, too
    Wed, 18 Aug 2010 07:03:24 -0700
    Call it an unintended side-benefit of the Great Recession. At least the adjustment period for most Americans to the "new normal" has been periodically and regularly brightened by the realization that rich people -- the ones who were supposed to be in the know and have it all figured out -- are suckers too.
  • Deere outlook disappoints
    Wed, 18 Aug 2010 06:58:18 -0700
    NEW YORK (Reuters) - Deere & Co reported stronger-than-expected quarterly results, lifted by robust U.S. demand for its biggest tractors and harvesters, but warned of growing weakness in Western Europe and gave a disappointing forecast.

  • Beatles help EMI to reduce losses
    Wed, 18 Aug 2010 06:57:15 -0700
    Music group EMI reports a big reduction in annual losses but warns that it needs to raise more capital to pay off debts.
  • Shareholders turn on Michael Dell
    Wed, 18 Aug 2010 06:54:53 -0700
    One quarter of Dell shareholders showed their disdain for Michael Dell, founder and chief executive, by withholding support just weeks after the computer maker settled a fraud case with the SEC.
  • Before You Buy GM, Check Out Our Risk List and Add Your Own
    Wed, 18 Aug 2010 06:51:22 -0700
    Among the 14 issues we foresee (after reading over the company's pre-sale filings with the SEC): ma
  • BHP Goes Hostile With $40B Potash Bid
    Wed, 18 Aug 2010 06:50:00 -0700
    BHP Billiton Ltd. Chief Executive Officer Marius Kloppers flew to Chicago to deliver the letter containing his $40 billion offer to Potash Corp. of Saskatchewan Inc. CEO Bill Doyle. The reply was a blunt rejection.
  • BHP goes hostile on $39 billion Potash Corp bid
    Wed, 18 Aug 2010 06:47:48 -0700
    MELBOURNE/LONDON (Reuters) - BHP Billiton launched a hostile $39 billion bid for Potash Corp to become the world's top fertilizer maker after the Canadian group rejected this year's biggest takeover offer.

  • Lawsuits against Goldman execs over Abacus merged
    Wed, 18 Aug 2010 06:40:51 -0700
    NEW YORK (Reuters) - A New York judge has combined two shareholder lawsuits against executives and directors of Goldman Sachs Group Inc and put the case on hold pending progress on resolving it and 16 related federal lawsuits.

  • Target same-store sales weak
    Wed, 18 Aug 2010 06:39:45 -0700
    CHICAGO (Reuters) - Discounter Target Corp posted uninspiring results while BJ's Wholesale Club Inc missed Wall Street profit estimates and cut its full-year forecast, sending shares in both companies lower.

  • Amazon may exceed Google in top-line growth
    Wed, 18 Aug 2010 06:32:14 -0700
    Online retailer, Inc (AMZN) may surpass Google's top-line growth in 2010, an analyst with Benchmark Capital said.
  • Inflation graph: the figures that 'surprised' Bank of England boss Mervyn King
    Wed, 18 Aug 2010 06:13:25 -0700
    The UK central bank governor admitted he was "surprised" by the recent jump in food prices which kept annual inflation above 3pc in July for the seventh month in a row. We graph the progress of the Consumer Prices Index (CPI) - based on a basket of goods from garlic bread to computer games, but excluding mortgage costs - and RPI, which includes home loans.
  • Leadership fears shade HP, Dell earnings
    Wed, 18 Aug 2010 06:07:14 -0700
    SAN FRANCISCO (Reuters) - Hewlett-Packard Co , which dazzled Wall Street with rock-steady performance during Mark Hurd's five-year reign, faces the difficult task this week of reassuring investors it can sustain that showing as competitors search for openings.

  • Aneesh Chopra Speaks At the Commonwealth Club, On A Mission To Woo Silicon Valley
    Wed, 18 Aug 2010 06:00:17 -0700
    Aneesh Chopra's talk in Mountain View, Calif., was a call to arms to Silicon Valley entrepreneurs.
  • World stocks weakened by oil, BHP move
    Wed, 18 Aug 2010 05:50:27 -0700
    LONDON (Reuters) - World stocks were flat on Wednesday, held back by losses in Europe that were partly caused by energy shares taking a beating from the weaker oil price.
  • Taiwan Tech Companies Go Public In China Now, Too
    Wed, 18 Aug 2010 05:43:30 -0700
    Taiwan tech companies have long used China for low-cost manufacturing, turning the mainland into one
  • A Surprising Tax Advantage To Marriage: Divorce
    Wed, 18 Aug 2010 05:42:04 -0700
    Tax law allows asset transfers between spouses, but long-time gay couples may pay a hefty tax price
  • BSE Sensex rises 1.2 pct; financials, techs gain
    Wed, 18 Aug 2010 05:40:26 -0700
    MUMBAI (Reuters) - The BSE Sensex closed Wednesday 1.2 percent higher on stock-specific buying, supported by firm Asian equities, but dealers said the rally did not hold much conviction due to lack of any immediate domestic triggers.
  • New York Giants Tickets Hit The Open Market
    Wed, 18 Aug 2010 05:36:53 -0700
    The Giants lied to their fans when they said they needed a PSL to buy tickets.
  • Japan opens probe into tanker attack in Strait of Hormuz
    Wed, 18 Aug 2010 05:31:36 -0700
    According to analysts the incident was an unprecedented one in the Strait of Hormuz, although tension has escalated in the region following Iran's pursuit of nuclear research and consequent sanctions slapped the United Nations and the U.S. on that country.
  • GCMMF announces record sales of Rs. 8005 Crores
    Wed, 18 Aug 2010 05:30:54 -0700
    Anand (Gujarat), Aug.18 (ANI-Business Wire India): Gujarat Cooperative Milk Marketing Federation (GCMMF), renowned for marketing milk and milk products under Amul and Sagar brands, today announced record Sales Turnover of Rs. 8005 crores. The results of the apex body of the dairy cooperatives in Gujarat, were declared today in the 36th Annual General Meeting of the Federation.
  • Moser Baer's energy business attracts investment of Rs.13.5...
    Wed, 18 Aug 2010 05:30:54 -0700
    New York/Mumbai, Aug.18 (ANI-Business Wire India): Moser Baer Projects Private Limited (MBPPL), a developer of power generation facilities with a diverse pipeline of thermal, solar and hydroelectric power projects has attracted an investment of INR 13.5 billion (approximately USD 300 million / INR 1,350 crore) from The Blackstone Group.
  • Arshiya International to invest 75 bln rupees in 3 years
    Wed, 18 Aug 2010 05:30:49 -0700
    MUMBAI (Reuters) - Arshiya International Ltd plans to invest 74.68 billion rupees over 3 years on warehousing, distriparks and railway infrastructure, Chairman and Managing Director Ajay Mittal told reporters on Wednesday.
  • FEATURE - Berlin film business booms in face of crisis
    Wed, 18 Aug 2010 05:30:39 -0700
    BABELSBERG, Germany (Reuters Life!) - Berlin's film business is booming, with low production costs, generous subsidies and cultural cachet attracting some of the world's top filmmakers scouring for funds in the wake of the crisis.
  • India oilseed crushing apace, could trim imports
    Wed, 18 Aug 2010 05:30:27 -0700
    MUMBAI (Reuters) - Indian millers are crushing oilseeds after a spike in edible oil and oilmeal prices so aggressively that it is likely to trim additional vegetable oil imports in the high demand festival season.
  • Deutsche Bank starts Cooper Industries with "buy"
    Wed, 18 Aug 2010 05:14:51 -0700
    Deutsche Bank Securities initiated coverage of Cooper Industries plc with "buy" rating and $60 price target.
  • Chinese steel prices capped by oversupply-CISA
    Wed, 18 Aug 2010 05:11:12 -0700
    Chinese steel prices are expected to stay volatile within a narrow range in the near term as steel overcapacity will continue to burden the domestic market, the China Iron & Steel Association said in a statement.
  • Indian shares provisionally close up 1.3 pct
    Wed, 18 Aug 2010 04:31:08 -0700
    Indian shares provisionally closed 1.3 percent higher on Wednesday, with financials leading the rise, and small gains in Asia providing support.
  • News galore at gene sequencing firms
    Wed, 18 Aug 2010 04:06:01 -0700
    Gene sequencing industry is getting hotter each day as many start-ups are going public and also many smaller firms are getting acquired by larger players.

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