Daily Business News
Tuesday, October 31, 2006
Google buys wiki service JotSpot - MarketWatch
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 San Francisco Chronicle | Google buys wiki service JotSpot MarketWatch - By Ben Charny MarketWatch. SAN FRANCISCO (MarketWatch) -- No. 1 Internet search-engine operator Google Inc. has purchased JotSpot one of the first providers of collaborative online tools known as wikis meant ... Google acquires Web applications pioneer JotSpot Google acquires web applications pioneer JotSpot |
Stocks to Watch Nov. 1: McKesson and Baidu
Among the companies whose shares are expected to see active trade in Wednesday's session are McKesson Corp. Baidu.com and Prudential Financial Inc.
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Stocks closed mixed amid earnings news
Stocks wobbled and closed mixed for a second straight session Tuesday after a dip in consumer confidence countered better-than-expected quarterly results from companies such as Eastman Kodak Co. Nonetheless Wall Street ended an unusually strong October with solid gains for the month.
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Abbey relaxes mortgage pay limit
Abbey offers borrowers up to five times their salary to help them onto the property ladder.
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Consumer Confidence Dips In October
Consumenr confidence dipped in October as job worries offset the benefits from falling gasoline prices a research group said.
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Appeals court stays tobacco racketeering ruling (Reuters)
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Reuters - A U.S. appeals court on Tuesday put on hold sanctions imposed on cigarette makers by a judge who had found they violated racketeering laws in a decades-long conspiracy to hide the dangers of smoking.
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Housing Vampires Walk Streets After Halloween
The more serious threats to the economy and life as we know it though will come from the undead who will still roam the streets well after this year's Halloween candy has been eaten.
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Flaherty imposes new tax on income trusts
Federal Finance Minister Jim Flaherty has announced a new tax on income trust distributions in a bid to stem the growing number of companies that are converting to trusts.
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Google snaps up JotSpot - Ars Technica
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 AXcess News | Google snaps up JotSpot Ars Technica - Add wikis to Google's arsenal of online applications. The search giant and JotSpot today announced the purchase of JotSpot a wiki-based application creation and hosting service that provides full WYSIWYG ... Google Buys JotSpot to Add Web-Based Applications (Update1) Google buys wiki company |
Google Buys JotSpot to Add Web-Based Applications (Update1) - Bloomberg
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AXcess News | Google Buys JotSpot to Add Web-Based Applications (Update1) Bloomberg - By Jonathan Thaw. Oct. 31 (Bloomberg) -- Google Inc. owner of the most-used Internet search engine bought JotSpot to bolster its software for creating spreadsheets documents and calendars on the Web. Google acquires Web applications pioneer JotSpot Google buys wiki service JotSpot |
Worker Wages Benefits Rise at Fastest Pace in Two Years
According to the Labor Department worker wages and benefits rose by 1 percent in the July-September period.
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A clarion call: last stop before chaos - Sydney Morning Herald
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 CTV.ca | A clarion call: last stop before chaos Sydney Morning Herald - The Stern report sets out why the global economy and society need a complete overhaul writes Graeme Wilson. SIR Nicholas Stern spells out a bleak vision of a future gripped by violent storms rising sea levels ... Alan Wood: Don't heed stern warning The triumph of rhetoric over reality |
Consumer confidence slipped in October (Reuters)
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Reuters - U.S. consumer confidence slipped slightly in October weakened by consumers' less favorable view of the job market a survey showed on Tuesday.
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Stocks struggle after earnings news
Stocks were struggling Tuesday after companies including United Airlines parent UAL Corp. and Eastman Kodak Co. reported stronger-than-expected results and as oil prices extended their decline.
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Economy grew 0.3% in August
Canada's economic activity increased by 0.3 per cent in August the highest growth in six months Statistics Canada said Tuesday. The figure matched economists' expectations.
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KFC Will Cut Trans Fat from Its Restaurants - NPR
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 Boston Globe | KFC Will Cut Trans Fat from Its Restaurants NPR - by Allison Aubrey. All Things Considered October 30 2006 · In a mounting war against trans fat officials at Kentucky Fried Chicken announce that the company will frying most of its foods with an oil that doesn't contain trans fat. Col. Sanders goes for an oil change Burger King plans trans fat-free test within 90 days |
IBM to set up development centres in India China (Reuters)
Reuters - IBM the world's largest computer services company said on Tuesday it would set up two new IT solutions centres in India and China underscoring the Asian countries' growing importance as a hub for outsourcing.
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Monday, October 30, 2006
Economy faces climate 'calamity' - This is Money
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 CBC Prince Edward Island | Economy faces climate 'calamity' This is Money - A 700-page Government report on climate change has predicted the 'biggest global economic crash since the 1930s' - paving the way for a host of new green taxes. Warming poses a fiscal threat Blair urges world to unite on climate change |
Stocks to Watch Oct. 31: Merck and Eastman Kodak
Among the companies whose shares are expected to see active trade in Tuesday's session are Merck & Co. Inc. Rackable Systems Inc. and Eastman Kodak Co.
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Merck to buy Sirna for $1.1 billion in cash (Reuters)
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Reuters - Merck & Co. Inc. on Monday said it agreed to acquire biotechnology firm Sirna Therapeutics Inc. for $1.1 billion in cash to gain a stronger foothold in the promising drug-development technology of RNA interference.
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British Gas complaints 'double'
British Gas is the UK's most expensive energy provider and provides the worst customer service says Energywatch.
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US: BP Knew of Woes at Texas Refinery Before Deadly Blast
Investigation finds executives were aware of equipment problems before explosion that killed 15 workers.
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Canadian lumber companies get first softwood refunds
The first refunds of softwood duties have been sent out to Canadian lumber companies Ottawa announced Monday.
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We're committed to climate change: govt - The Age
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 Montreal Gazette | We're committed to climate change: govt The Age - Australia is still refusing to join the Kyoto protocol despite a major new report saying it is the first step towards tackling devastating climate change. Report measures cost of climate change No reason to panic if we act now |
U.S. Airlines Put Brakes On Fare Hikes
Several U.S. airlines gave up on an attempt to raise fares after United Airlines which initiated the move returned to its earlier rates.
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Coming Soon: The Big Auto Sell-Off
To unload inventory U.S. auto companies are rolling out deals. That could pinch the economy.
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Income spending rose solidly in September (Reuters)
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Reuters - U.S. consumers helped by bigger paychecks and lower gasoline prices boosted their spending last month according to a government report that may counter fears of a sharp economic slowdown.
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David Dodge criticizes CMHC for 'unhelpful' actions
Bank of Canada Governor David Dodge angrily criticized the Canada Mortgage and Housing Corp. for bringing out new products that he felt would increase inflationary pressures a just-released letter shows.
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Stocks Fluctuate on Mixed Economy News
Wall Street was reacting on Monday to weak Wal-Mart sales data and strong earnings from Verizon.
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Core inflation up 0.2 percent in September (Reuters)
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Reuters - Core U.S. consumer prices rose by an expected 0.2 percent in September but a year-on-year inflation index remained close to an 11-year high in a sign of persistent inflation risk a government report showed on Monday.
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Stocks to Watch Oct. 30: Verizon and Clear Channel
Among the companies whose shares are expected to see active trade in Monday's session are Verizon Communications Research in Motion Ltd. and Clear Channel.
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Economic worries weigh on Wall Street
Stocks were struggling Monday as investors tried to assess the health of the economy following a lackluster same-store sales report from Wal-Mart Stores Inc.
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UK Recommends Pollution Trading to Curb Warming (Update2) - Bloomberg
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 The Money Times | UK Recommends Pollution Trading to Curb Warming (Update2) Bloomberg - By Robert Hutton. Oct. 30 (Bloomberg) -- The UK Treasury recommended expanding a European Union system of trading pollution credits to cut emissions linked to global warming and adding new taxes on industry and consumers to protect the climate. Warming 'could bring 1930s havoc' Walker's World: Stern's grim report |
Address climate change or risk global depression: economist
Failure to tackle the problem of climate change could trigger a worldwide economic slowdown along the same level as the Great Depression warns a new report from a British economist.
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Sony looks for profits elsewhere to offset PS3 (Reuters)
Reuters - Sony Corp. (6758.T) said on Monday that it is looking for profits in movies and consumer electronics to offset the impact from price cuts and tough competition for its PlayStation 3 (PS3) game console.
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Climate change fight 'can't wait'
The prime minister warns that the international community cannot afford to wait to tackle climate change.
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Brown pledge to lead climate effort - Guardian Unlimited
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 Earthtimes.org | Brown pledge to lead climate effort Guardian Unlimited - Gordon Brown is to promise to lead the international effort against climate change as a major Government report predicts irreversible economic damage unless the world acts now. Britain calls for tighter EU carbon emission limits Australia against Kyoto despite new climate change report |
Sunday, October 29, 2006
Hyundai Kia profit hit by weaker sales (Reuters)
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Reuters - Hyundai Motor Co. (005380.KS) said on Monday its third-quarter net profit nearly halved while affiliate Kia Motors Corp. (000270.KS) swung into loss as both were hurt by labor disputes and a firmer won currency
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Rinker takeover offer 'undervalued' - NEWS.com.au
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 The Money Times | Rinker takeover offer 'undervalued' NEWS.com.au - MATERIALS company Rinker Group said today a surprise $16.8 billion takeover bid by Mexican cement maker Cemex materially undervalues the company and is highly conditional. Rinker says takeover bid opportunistic Cemex offer to buy Australia`s Rinker |
Act on green taxes now or the world will pay terrible price - Scotsman
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Earthtimes.org | Act on green taxes now or the world will pay terrible price Scotsman - Key quote "Our actions over the coming few decades could create risks of major disruption to economic and social activity later in this century and in the next on a scale similar to those associated with the great wars and the economic depression of the ... 'Cut carbon emissions now or face economic calamity later' Stern Report warns of huge costs of climate change |
Home Foreclosures On The Rise
Higher interest rates and a weakening real estate market are driving home foreclosures throught the roof especially in Colorado Nevada and Florida.
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Qantas orders more A380s - Business Times - Malaysia
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 Washington Post | Qantas orders more A380s Business Times - Malaysia - SYDNEY: Australian flag-carrier Qantas Airways announced yesterday that it had placed firm orders for eight more Airbus A380 superjumbos despite repeated delivery delays. Virgin Atlantic Postpones Deliveries of A380 Briefly: Virgin Atlantic puts Airbus order on hold |
Supreme Court to Hear Microsoft-ATT Foreign-Patent Dispute
Case hinges on whether lower court acted properly in applying U.S. patents to disputes in overseas markets.
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Climate change 'brings huge cost'
Climate change could end up cutting global growth by as much as 20% a key report is set to warn.
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Extra hour's sleep this weekend - Toronto Star
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 NPR | Extra hour's sleep this weekend Toronto Star - Most Canadians will get an extra hour of sleep when they set their clocks back one hour this weekend to revert to standard time but it will be the last time the annual fall ritual is performed before Halloween. Daylight Saving Time to Get an Unusually Brief Winter Break What's Hot!: Going back in time |
Green government plan 'a fiasco'
UK money pledged to help an African township to cut energy costs is paying administration fees Five Live Report finds.
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There's a New Day Ahead for Daylight Saving Time - NPR
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NPR | There's a New Day Ahead for Daylight Saving Time NPR - by Carol Anne Clark Kelly. The clock is about to change ending Daylight Saving Time for 2006. But 2007 will bring the first phase of a plan to extend Daylight Saving Time. New time change to make Halloween brighter in 2007 Our Views: Welcome extra hour of sleep |
This Week's Economic Roundup
Orders for durable goods increase; housing prices post sharpest decline in more than 30 years.
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Saturday, October 28, 2006
Update2 -- Housing Leads To Dip In GDP - Forbes
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 Earthtimes.org | Update2 -- Housing Leads To Dip In GDP Forbes - America's third-quarter economic growth rate seemed shockingly low on Friday when the Commerce Department reported a 1.6% expansion in the third quarter but the data seemed to reflect air coming out of the housing bubble more than a widespread economic ... US Economy: Growth Slows to 1.6% Rate as Homebuilding Slumps Housing market slows economy |
Growth rate is weakest since first quarter of 2003 - MarketWatch
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 East Valley Tribune | Growth rate is weakest since first quarter of 2003 MarketWatch - By Greg Robb MarketWatch. WASHINGTON (MarketWatch) -- US economic growth slowed sharply in the third quarter increasing at a real seasonally adjusted annual rate of 1.6% after a 2.6% increase in the second quarter the Commerce Department said Friday. Housing slump batters US economy Weak housing hits US growth |
Housing slump puts drag on growth - Boston Globe
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East Valley Tribune | Housing slump puts drag on growth Boston Globe - By Joel Havemann Los Angeles Times | October 28 2006. WASHINGTON -- The slumping housing market dragged the US economy in the third quarter into its weakest growth rate in more than three years the government ... Housing slump hits US economy growth GDP rises 1.6% as growth slows |
America The Bankrupt
David Walker head of the General Accounting Office is going cross-country telling the American public what they need to tell Washington: it's time to steer the nation off the path to financial ruin.
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California on Track to Move Wisconsin's Cheese Status
California is on track to pass Wisconsin and become the nation's top cheese producer.
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US economy's growth rate slows - Los Angeles Times
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Earthtimes.org | US economy's growth rate slows Los Angeles Times - Expansion should rebound again in the fourth quarter many analysts say. Much of the cooling is attributed to the housing slowdown. Growth slowest in more than 3 years US Data Fluke Exaggerated Growth Will Be Reversed (Update1) |
Friday, October 27, 2006
Housing slump batters US economy - BBC News
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Earthtimes.org | Housing slump batters US economy BBC News - US economic growth slowed to an annual rate of 1.6% in the third quarter of 2006 its lowest level for three years. Commerce Department figures showed that the slump in the US housing market was largely responsible for the loss of economic momentum. Housebuilding activity tumbles again pulling down Americaâs ... Housing slump hits US economy growth |
Global warming 'threat to growth'
Global warming may cut world annual economic output by as much as 20% an influential report is expected to say.
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Weak home building drags down economic growth (Reuters)
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Reuters - A slumping housing sector helped slow U.S. economic growth in the third quarter to its weakest pace in over three years leading financial markets to raise bets on interest-rate cuts next year.
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Fed Chief Bernanke Knows When to Hold 'Em
Let's give a little credit where it's due: To our (relatively) new Federal Reserve Chairman Ben S. Bernanke.
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Building Fire Disrupts Chicago Commute - Forbes
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 San Diego Union Tribune | Building Fire Disrupts Chicago Commute Forbes - By MEGAN REICHGOTT 10.25.06 1:08 PM ET. A six-story building that caught fire beside a busy downtown commuter train line was in danger of collapsing Wednesday forcing the city to shut down the nearby stretch of tracks indefinitely. Daley: Landlords have to take responsibility Chicago firefighters worry about collapse of gutted Loop building |
Weak home building drags down growth (Reuters)
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Reuters - A slumping housing sector helped slow U.S. economic growth in the third quarter to its weakest pace in more than three years the Commerce Department reported on Friday leading financial markets to raise bets on interest-rate cuts next year.
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L.A. Times' Epic Battle: Glory vs. Profits
The drama at the nation's fourth-largest newspaper illustrates the entire industry's struggle as it collides with the Internet and other news-delivery options. Issues include local management versus conglomerates and profit margins.
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Stocks Fall on Economy Worries
A government report showing that the U.S. economy slowed in the third quarter spooked Wall Street on Friday and the major indices fell.
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Gaming Server Software Help Microsoft Beat Profit Estimates - LinuxInsider.com
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 Earthtimes.org | Gaming Server Software Help Microsoft Beat Profit Estimates LinuxInsider.com - By Keith Regan. Thanks to a 70 percent revenue increase in its entertainment unit and strong demand for server software Microsoft exceeded its own revenue projections and surpassed Wall Street forecasts for first quarter profit. Microsoft profit up 11% in Q1 Xbox and server units boost Microsoft |
U.S. economic growth slows as new housing slumps
A slumping housing market pulled third-quarter U.S. economic growth down to its lowest level since early 2003.
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Housing slump batters US economy
US economic growth slows to 1.6% in the third quarter of 2006 - its lowest level in more than three years.
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GDP growth weakest in over 3 years (Reuters)
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Reuters - A slumping housing sector helped slow U.S. economic growth in the third quarter to its weakest pace in more than three years the Commerce Department reported on Friday leading financial markets to raise bets on interest-rate cuts next year.
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Xbox and server units boost Microsoft - Times Online
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 Xinhua | Xbox and server units boost Microsoft Times Online - By Rhys Blakely. Microsoft released solid first-quarter figures boosted by better-than-expected sales of database software and its Xbox games console as the world's largest software company prepares for two ... Microsoft's profit beats expectations Microsoft revenues rise as Xbox roars |
Stocks Fall Sharply on Economy Worries
A government report showing that the U.S. economy slowed in the third quarter spooked Wall Street on Friday and the major indices fell.
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Stocks pull back after economic report
Stocks pulled back Friday after the Commerce Department reported that the economy grew at the slowest pace in more than three years.
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U.S. economic growth slows as housing falls
A slumping housing market pulled third-quarter U.S. economic growth down to its lowest level since early 2003.
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ICBC shares rise in HK Shanghai after record IPO (Reuters)
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Reuters - Shares in Industrial & Commercial Bank of China which is raising up to US$21.9 billion in the world's largest IPO ended 15 percent higher in their Hong Kong debut on Friday after its stock sale generated huge investor demand.
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Drugs for $4 coming to Ohio - Akron Beacon Journal
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 Earthtimes.org | Drugs for $4 coming to Ohio Akron Beacon Journal - Wal-Mart Stores Inc. the world's largest retailer said Thursday it is extending its $4 generic prescription drug plan to Ohio and 11 other states bringing the total to 27 states. $4 generic drugs hit state Is Extended to 12 More States |
New Home Prices Drop By Most in 35 Years Even As Sales Rebo
The average cost of a new home in the U.S. dropped by nearly 10 percent from a year ago the most since 1970.
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Thursday, October 26, 2006
Beijing Capital buys parent assets for $2 billion (Reuters)
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Reuters - Beijing Capital International Airport Co. Ltd. (0694.HK) said on Friday it would buy a terminal and other assets at the Beijing capital airport from its parent for 15.62 billion yuan (US$1.98 billion).
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Wal-Mart Adds 12 More States Today to Discount Program on Generic ... - SeniorJournal.com
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 Xinhua | Wal-Mart Adds 12 More States Today to Discount Program on Generic ... SeniorJournal.com - October 26 2006 - Wal-Mart says it has filled 152000 new prescriptions in the first four days of rolling out its $4-for-30-day supply generic drug program to 14 states. Arkansas Wal-Mart stores offering $4 generic drug program UPDATE 1-Wal-Mart adds 12 states to $4 generic drug plan |
Stocks to Watch Oct. 27: Microsoft and Chevron
Among the companies whose shares are expected to see active trade in Friday's session are Microsoft Corp. Chevron Corp. and Sun Microsystems Inc.
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Microsoft's Earnings Up Boosted by Database Software Sales
Microsoft Corp. posted a rise in quarterly net profit Thursday.
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Microsoft profit rises 11 percent (Reuters)
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Reuters - Microsoft Corp. posted an 11 percent rise in quarterly net profit on Thursday boosted by a strong performance at its database division and shrinking losses from its Xbox 360 video game console.
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Warning as City toasts Big Bang
City leaders issue warning as the London Stock Exchange celebrates 20 years since the 'Big Bang' reforms of 1986.
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Microsoft just beats earnings forecast - ZDNet
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 KTIV | Microsoft just beats earnings forecast ZDNet - By Ina Fried CNET News.com. The software giant said that it earned $3.48 billion or 35 cents a share on revenue of $10.81 billion for the three months ended Sept. Database software buoys Microsoft profits Microsoft steamrollers through Q1 |
Dow industrials edge up to new record
Wall Street extended its rally Thursday as robust earnings at Exxon Mobil Corp. and Aetna Inc. helped ground investors as they tried to reconcile divergent economic data.
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Virgin defers A380 by four years
Virgin Atlantic says it will put back its order for six Airbus A380 superjumbos by four years to 2013.
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New home sales durables rose (Reuters)
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Reuters - Sales of new U.S. homes rose unexpectedly last month as prices posted the biggest drop in nearly 36 years while orders for durable goods aside from aircraft gained slightly according to reports on Thursday pointing to a modest pace of economic growth.
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Dollar Declines as New Home Prices Fall the Most Since 1970 - Bloomberg
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 Earthtimes.org | Dollar Declines as New Home Prices Fall the Most Since 1970 Bloomberg - By Daniel Kruger and Min Zeng. Oct. 26 (Bloomberg) -- The dollar fell against the euro for a third consecutive day its longest losing streak in more than a month and weakened versus the yen after a report ... Federal Reserve more optimistic on prices Fed leaves rate alone citing slow economy |
Stocks seesaw after report on housing
Wall Street seesawed Thursday lately edging higher after the government reported new home prices plunged at its steepest pace since 1970 interrupting a three-day rally inspired by robust corporate earnings reports.
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New Home Prices Plunge
The government said the median price for a new home sold in September fell 9.7 percent from a year ago - the sharpest annual decline in more than 35 years. The price drop came as the pace of sales rebounded for a second month.
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Coca-Cola Enterprises profit misses estimates (Reuters)
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Reuters - Coca-Cola Enterprises Inc. on Thursday posted quarterly profit below analysts' estimates hurt by weakness in the North American soft-drink business sending shares down 3 percent in morning trading.
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Exxon Mobil Strikes It Rich Again
High gas prices continue to be good to Exxon Mobil. The oil giant says it earned $10.49 billion in the third quarter - the second best quarter ever for a publicly traded U.S. company trailing only its own record fourth quarter last year.
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New home prices plunge unexpectedly
The median price of a new home plunged in September by the largest amount in more than 35 years even as the pace of sales rebounded for a second month.
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Manufacturers pessimistic as orders disappoint
Manufacturers are expecting less production and more job cuts in the months ahead as new orders continue to slump according to Statistics Canada.
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Wal-Mart adds 12 states to $4 generic drug plan - Reuters.uk
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 Washington Post | Wal-Mart adds 12 states to $4 generic drug plan Reuters.uk - CHICAGO (Reuters) - Wal-Mart Stores Inc. will begin selling $4 generic prescription drugs in 12 more states including Michigan and Ohio as of Thursday sooner than originally planned bringing the program to nearly two-thirds of its US stores. Wal-Mart adds 12 states to $4 generic drug plan; total now 27 UPDATE 1-Wal-Mart adds 12 states to $4 generic drug plan |
Shell Q3 underlying profit beats all forecasts (Reuters)
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Reuters - Royal Dutch Shell beat forecasts with a 21 percent rise in underlying third-quarter profit thanks to high oil prices but the oil major's headline earnings fell as the corresponding period last year benefited from gains on asset sales.
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Shell's earnings beat forecasts
Energy giant Shell reports better-than-expected quarterly earnings helping to lift its shares.
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Sony Profits Plummet 94 Percent
Sony's profits for the July-September quarter dithered by 94 percent after a global recall on laptop batteries added huge overhead costs threatening the company's position among the technology giants.
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Fed May Keep 5.25 Percent Rate for Quite a While: John M. Berry - Bloomberg
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Earthtimes.org | Fed May Keep 5.25 Percent Rate for Quite a While: John M. Berry Bloomberg - By John M. Berry. Oct. 26 (Bloomberg) -- Federal Reserve officials kept their target for the overnight lending rate at 5.25 percent and signaled that it could stay there for quite a while. Interest rates held in US Fed looks for comfort zone in debate over inflation |
Stocks to Watch Oct. 26: General Motors and Microsoft
Among the companies whose shares are expected to see active trade in Thursday's session are General Motors Corp. Microsoft and Affymetrix Inc.
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Wednesday, October 25, 2006
GM posts profit but tough part of recovery looms (Reuters)
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Reuters - General Motors Corp. on Wednesday posted operating earnings at the high end of Wall Street expectations but wary investors sent the stock down more than 4 percent on expectations that the easiest part of the automaker's turnaround was nearing an end.
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