More From IBT Staff Reporter
Asia Inc girds for fallout of credit squeeze
Asian companies will have a tough time raising funds and face weaker export demand if the global credit squeeze persists and a deteriorating U.S. housing market crimps consumer spending.
Aug 20, 2007
Dell founder in spotlight after accounting audit
Dell Inc's disclosure that executives routinely adjusted accounts to meet financial goals raises questions about the role of founder Michael Dell.
Aug 20, 2007
Google reveals stake in Chinese social Web Tianya
Google Inc revealed on Monday that it had acquired a stake in Chinese community Web site Tianya.cn, indicating a foray by the global search leader into social networking in the world's second-largest Internet market.
Aug 20, 2007
OMX Chairman favors Nasdaq's bid: papers
OMX Chairman Urban Backstrom said Borse Dubai's all-cash bid was not more attractive than Nasdaq's share-and-cash bid and called it hostile, newspapers reported on Monday.
Aug 20, 2007
Nasdaq seeks to sell LSE stake, focuses on OMX
Nasdaq is abandoning its 797 million pound ($1.58 billion) stake in the London Stock Exchange, five months after its takeover bid failed, as it focuses on buying Nordic exchange operator OMX. Nasdaq Stock Market Inc, which needs overseas acquisitions to gain an international foothold, is locked in a $4 billion bidding war with Borse Dubai for OMX.
Aug 20, 2007
HSBC says in talks to buy S.Korea's KEB
HSBC Holdings Plc said on Monday it was in talks to buy a majority stake in Korea Exchange Bank (KEB) worth $4.8 billion from Lone Star, the latest chapter in a lengthy financial and judicial saga.
Aug 20, 2007
Futures point to firmer U.S. open after Fed action
U.S. index futures pointed to a firmer start on Wall Street on Monday, building on gains in the previous session after the Federal Reserve cut the discount rate it charges banks, and with little scheduled news on the agenda.
Aug 20, 2007
Anti-trust authorities appeal to block Whole Foods merger
U.S. antitrust regulators appealed a court ruling on Friday which denied their request to block the largest natural grocer, Whole Foods Market Inc., from acquiring its closest rival, Wild Oats Markets Inc.
Aug 18, 2007
Dendreon says breast cancer drug effective in initial study
Dendreon Corp. (Nasdaq: DNDN) said its breast cancer vaccine Neuvenge appeared to be safe, according to results of an initial study.
Aug 18, 2007
Pfizer’s Lipitor patent reissue request rejected
Pfizer’s effort to extend the patent for its best-selling cholesterol-reducing drug Lipitor an additional 15 months into 2011 has been dealt preliminary setback.
Aug 18, 2007
After Fed's rescue, volatile days ahead
The Federal Reserve came to the stock market's rescue on Friday but unless credit markets remain stable next week, the salvation may prove little more than a brief respite from its late summer sell-off.
Aug 18, 2007
After policy U-turn, another Fed step anticipated
Just 10 days after reiterating that inflation was its main concern, the U.S. Federal Reserve's policy-setting panel made a 180-degree turn on Friday, laying the groundwork for an interest rate cut as early as next month.
Aug 17, 2007
Hide Now, Buy Later
Clients are urged to sell shares and build up cash until stock markets settle and low prices opportunities emerge.
Aug 17, 2007
Dartmouth Top Business School in U.S.
Darthmouth tops a list of 50 schools, but can you find better value elsewhere?
Aug 17, 2007
Wealthy Not Affected by Market Woes
The stock market is swinging but there are no signs the rich are buckling their Pradas.
Aug 17, 2007
GM CEO says consumers holding up despite turbulence
The top executive at General Motors Corp said on Friday that U.S. consumers appeared to be holding up well despite the recent credit crisis that roiled world markets and prompted the U.S. central bank to cut rates.
Aug 17, 2007
August consumer sentiment declines sharply
U.S. consumer sentiment deteriorated in August to its weakest in a year as more expensive oil, declining home prices and turmoil in financial markets all hurt confidence.
Aug 17, 2007
Appeals court OKs lawsuit against Cingular
A U.S. Appeals Court on Friday reversed a lower court decision and allowed a class-action lawsuit against Cingular Wireless to go ahead.
Aug 17, 2007
Toys R Us stops sales of China-made bibs
Retailer Toys R Us on Friday said it removed all Hamco Inc.'s vinyl baby bibs, which were made in China, from its shelves as a precaution after an independent tester found two samples of bibs containing excessive amounts of lead.
Aug 17, 2007
Dow Jones could pay more to refinance debt
Dow Jones & Co Inc Chief Executive Richard Zannino said on Friday that a worsening credit market likely would force the company to pay more to refinance debt.
Aug 17, 2007
Luxury goods: Wealthy still not asking the price
The stock market is swinging like a pendulum and the credit market is getting tighter than a drum but there are no signs the rich are buckling their Pradas to hold onto their bucks.
Aug 17, 2007
Countrywide, other lenders rally on Fed rate cut
Countrywide Financial Corp shares leaped higher on Friday after the U.S. Federal Reserve lowered a key borrowing rate, making it easier for lenders to obtain credit.
Aug 17, 2007
Major banks meet with policy officials, praise Fed's move
A group of major banks meeting in a conference call with U.S. monetary policy officials expressed strong support for the Federal Reserve's move on Friday to bring stability to volatile financial markets by reducing the discount lending rate.
Aug 17, 2007
Fed's discount rate cut drives indexes higher
U.S. stocks rose on Friday after the Federal Reserve cut the discount rate at which it lends to banks in a surprise move to keep worsening credit conditions from hurting the economy.
Aug 17, 2007
Fed shifts view on volatile market, lowers discount rate
The U.S. Federal Reserve sought to bring order to volatile financial markets experiencing tighter credit conditions on Friday by lowering the rate at which it makes short-term loans to commercial banks and other institutions.
Aug 17, 2007
Prolonged buyout slowdown may hurt stock markets
The global credit squeeze is removing a crutch that has done much to prop up the U.S. stock market during the past 18 months.
Aug 17, 2007
J.M. Smucker quarterly profit beats view
Peanut butter and jelly maker J.M. Smucker Co. said on Friday quarterly profit rose a better-than-expected 42 percent, helped by the acquisition of dairy company Eagle Family Foods, lower restructuring costs and gross margin improvement.
Aug 17, 2007
Tom Cruise film company raises $500 million
Film company United Artists,will use the funds for 15 to 18 movies over the next five years.
Aug 17, 2007
Nasdaq says it remains committed to OMX takeover
U.S. stock market Nasdaq said on Friday that it remained committed to its plan to acquire Nordic exchange OMX and urged shareholders to support its bid after a $4 billion rival offer emerged from Borse Dubai.
Aug 17, 2007
BNP plays down subprime hit, France seeks answers
France's biggest listed bank BNP Paribas said its exposure to subprime risk was limited and manageable as it moved to reassure investors a week after rattling markets by freezing three of its funds.
Aug 17, 2007
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