News For Thursday Dec 4, 2008 News For Thursday Dec 4, 2008

Business Business

Big shareholder sees opportunity in Circuit City - Added 2 weeks ago

A Mexican billionaire who owns a large stake in Circuit City Stores Inc. believes there's great market opportunity in the company, even though it is under bankruptcy protection, a spokesman said Tuesday. Ricardo...

Online sales growth in October slowest on record - Added 2 weeks ago

Online spending for October grew at the slowest pace since at least 2001, an Internet research company said Tuesday _ the latest evidence that Web shopping is being dragged down by the deteriorating economy. According...

GE, Mayo Clinic, others develop health record tech - Added 2 weeks ago

Industrial powerhouse General Electric Co. hopes a push into medical electronic records and information with some of the top health care institutions in the nation will put it at the front of what is expected to be a...

Medicare prescriptions and the doughnut hole - Added 2 weeks ago

Facts about Medicare Part D prescription coverage: _ Under Medicare Part D, elderly and disabled Medicare benficiaries can enroll in a private drug plan that is largely subsidized by the federal government. Before the...

Trek introduces chainless bicycles - Added 2 weeks ago

Pedalers of the world, unite! You have nothing to lose but your chains. If you've ever been riding down the street and had your pants cuff ripped asunder, there may be a revolution at hand. Trek Bicycle is part of a...

France plans new conference on financial crisis - Added 2 weeks ago

France will host a January meeting of world leaders and experts to look for ways out of the global financial crisis, the president's office said Tuesday. President Nicolas Sarkozy and British Prime Minister Gordon...

Berlusconi says no auto aid for now - Added 2 weeks ago

Italian Premier Silvio Berlusconi and German Chancellor Angela are taking a wait-and-see posture on aid to the auto industries that power both economies, while closely watching moves in the United States, the leaders...

Summary Box: Trek introduces chainless bicycles - Added 2 weeks ago

FREE OF CHAINS: Wisconsin-based Trek Bicycle is introducing two chainless models this holiday season, using technology most often found in things like motorcycles and snowmobiles. The nation's largest domestic bike...

Citi credit losses to rise through middle of 2009 - Added 2 weeks ago

Citigroup Inc. shares continued to fall Tuesday, as the struggling bank disclosed it expects consumer loan losses to rise sharply through the first half of 2009. During a presentation Monday to employees where more...

Democrats support FDIC loan plan - Added 2 weeks ago

Democratic leaders in Congress on Tuesday threw their weight behind a proposal to use $24 billion in government funds to help struggling borrowers, a move opposed by the Bush administration. The Federal Deposit...

Study puts a total on diabetes cost: $218 billion - Added 2 weeks ago

Diabetes is a disorder in which the body either does not produce enough insulin or does not use the hormone properly to move sugar from the bloodstream into cells to be converted to energy. Some statistics on the...

Homebuilder sentiment index plunges to record low - Added 2 weeks ago

Homebuilders' confidence in a near-term housing recovery sank to a new all-time low this month, reflecting growing worries over the U.S. financial crisis, rising unemployment and weakening consumer confidence, an...

Holiday pain expected for luxury business - Added 2 weeks ago

The holiday outlook for the luxury world turned grimmer Tuesday, after Saks Inc. reported a wider-than-expected loss in the fiscal third quarter, and both it and Burberry Group PLC offered downbeat forecasts. Neiman...

Norwegian firm orders ships to sail around Africa - Added 2 weeks ago

The Norwegian shipping group Odfjell SE has ordered its more than 90 tankers to sail all the way around Africa to avoid the risk of attack by Somali pirates, instead of taking the Suez Canal shortcut through the Gulf of...

Crisis could reverse decades of falling subsidies - Added 2 weeks ago

The financial crisis is forcing European Union nations to reverse two decades of declining state subsidies for companies, the European Commission said Tuesday. European governments have spent billions of euros...

Lufthansa unit CityLine to cut jobs, fleet - Added 2 weeks ago

Deutsche Lufthansa AG said Tuesday its CityLine regional carrier will cut 20 percent of its 2,500-person work force and scale back the size of its fleet as it trims costs. Lufthansa spokesman Patrick Meschenmoser said...

InBev says Anheuser Busch takeover is finalized - Added 2 weeks ago

InBev SA formed the world's largest brewer Tuesday when it completed its $52 billion (euro41 billion) takeover of Anheuser-Busch Cos. Inc. The new company, named Anheuser-Busch InBev, will be headed by InBev CEO Carlos...

Belgian court rejects appeal against Fortis sale - Added 2 weeks ago

A Belgian commercial court on Tuesday threw out a shareholder challenge to the fire sale of troubled bank Fortis to France's BNP Paribas. The Brussels-based court rejected an appeal by shareholder activist group...

Kroger expands with biggest "Fresh Fare" store - Added 2 weeks ago

The Kroger Co. opened its biggest "Fresh Fare" store yet Tuesday, and plans more of the stores aimed at luring eat-at-home and natural foods shoppers. The store features high-end meats and seafood, gourmet cheeses and...

Darling warns against bank bailout renegotiation - Added 2 weeks ago

British Treasury chief Alistair Darling warned on Tuesday that any attempts to renegotiate the government's 37 billion pound ($55 billion) bailout of several banks hit by the financial crisis could prove even more...

Dutch insurer Aegon may seek US assistance - Added 2 weeks ago

Aegon NV, the Dutch owner of U.S. insurer Transamerica, said Tuesday it has signed up with the U.S. federal government's financial rescue program but added it did not yet plan to ask for funds. If it does ask for...

Barclays lets shareholders in on Mideast stock - Added 2 weeks ago

Barclays PLC moved to appease shareholders Tuesday, saying it will let existing stockholders in on a share issue originally earmarked for private Middle Eastern investors and that it won't pay its top executives any...

Carrefour ousts CEO Duran - Added 2 weeks ago

Carrefour SA said Tuesday it will replace its chief executive with a former top manager at Switzerland's Nestle SA, the culmination of long-simmering tensions over the French retail giant's performance and strategy. ...

A look at Anheuser-Busch InBev's brands - Added 2 weeks ago

Anheuser-Busch InBev is now the world's largest beer company, officially formed Tuesday when InBev closed its $52 billion buyout of St. Louis-based Anheuser-Busch. Here's a look at brands both sides bring to the new...

British Energy posts 2Q loss, but outlook positive - Added 2 weeks ago

British Energy Group PLC, the nuclear power producer being taken over by Electricite de France SA, on Tuesday posted a second-quarter loss after the company suffered from power station shutdowns. The company reported a...

Pirates seize 7 ships in 12 days, latest from Iran - Added 2 weeks ago

Somali pirates hijacked their seventh ship in 12 days on Tuesday, as the U.S. Navy reported that pirates had seized an Iranian cargo ship in the Gulf of Aden. U.S. Navy Commander Jane Campbell of the Bahrain-based 5th...

BSkyB to raise $600 million in bond issue - Added 2 weeks ago

Satellite broadcaster British Sky Broadcasting Group PLC said Tuesday it plans to raise $600 million in a bond issue to refinance existing debt and acquire new businesses. BSkyB, whose biggest shareholder is Rupert...

Carphone Warehouse 1H profits up, but outlook weak - Added 2 weeks ago

Carphone Warehouse Group PLC's reported Tuesday a jump in first-half net profit on a one-time gain on asset sales. But shares fell over 9 percent as the company gave a gloomy forecast and said it might split its...

Lonmin's profit up 45 pct, but cutbacks to come - Added 2 weeks ago

Lonmin PLC, the world's third largest platinum producer, said Tuesday it plans to cut output and jobs and halve its exploration expenditure to ride out a downturn in the market even as annual net profit rose 45 percent....

France calls for EU to ease up on bailout rules - Added 2 weeks ago

France, the current holder of the European Union presidency, called Tuesday on EU regulators to show flexibility in applying state subsidy rules so governments could help out their struggling carmakers. European car...

Burberry 1H net rises, shares fall on outlook - Added 2 weeks ago

British luxury goods company Burberry Group PLC on Tuesday reported a 13 percent rise in first half net profit, but its shares dropped as it said second-half business was proving more difficult, particularly in the...

easyJet board dispute escalates as earnings fall - Added 2 weeks ago

A dispute on the board of budget airline easyJet PLC escalated Tuesday when founder and non-executive director Stelios Haji-Iannou refused to approve the carrier's annual accounts as it posted a 45 percent drop in...

UK plumbing supplies firm Wolseley cuts 2,000 jobs - Added 2 weeks ago

Wolseley PLC, the world's largest distributor of plumbing products, said Monday it would shed 2,000 jobs and close 200 branches in Britain and Ireland to adjust to the economic downturn. The company, which has already...

Chinese president builds economic ties with Cuba - Added 2 weeks ago

Chinese President Hu Jintao was on a triumphant tour through Havana on Tuesday as his country expanded its already extensive economic relationship with the communist-run island. Hu laid a wreath at a monument to Cuban...

FTSE-100 up 76.39 points at 4,208.55 - Added 2 weeks ago

Share prices on the London Stock Exchange closed higher Tuesday. The FTSE 100-share index closed up 76.39 points at 4.208.55. ...

Mass. regulator accuses Oppenheimer & Co. of fraud - Added 2 weeks ago

Massachusetts' top securities regulator on Tuesday accused Oppenheimer & Co. Inc. of fraud over the investment bank's sales of auction-rate securities to customers who couldn't access their money after the market...

US dollar mixed, gold up in Europe - Added 2 weeks ago

The U.S. dollar was mixed against other major currencies in European trading Tuesday. Gold rose. The euro traded at $1.2687, up from $1.2677 late Monday in New York. Other dollar rates: _ 97.28 Japanese yen, up from...

Berlusconi hopes for Alitalia partner - Added 2 weeks ago

Premier Silvio Berlusconi said Tuesday after talks with German Chancellor Angela Merkel that both leaders hope Lufthansa can work out a collaboration deal with Alitalia. German airline Lufthansa has been one of the...

Crisis could mean bargains for China - Added 2 weeks ago

Chinese companies are shopping for companies in Europe and around the world, undeterred by the global financial crisis. In fact, they are hunting for bargains. Analysts and business leaders say the economic meltdown...

Court issues injunction against United pilot union - Added 2 weeks ago

United Airlines said on Tuesday that a federal judge has barred its pilot union and four pilots from activities that disrupt the airline's activities. United had accused some pilots of abusing sick time and refusing to...

China denies trying to obtain US space technology - Added 2 weeks ago

China on Tuesday dismissed suggestions that it is seeking to illegally obtain U.S. space technology after a scientist in the United States was convicted of violating the U.S. arms embargo on China. The scientist,...

BoE rate-setter: Inflation outlook justified cut - Added 2 weeks ago

Markets should not have been so surprised by the Bank of England's large 1.50 percentage point rate cut in November because it was justified by the increasingly favorable outlook for inflation, a members of the bank's...

Study shows retailers get $1B of sales tax back - Added 2 weeks ago

Even as they struggle amid the slowing economy, some states are giving retailers back about $1 billion in sales taxes each year as reimbursement for acting as tax collectors, according to a study released Tuesday. The...

EU says limits on labor from new states should go - Added 2 weeks ago

The EU's top labor affairs official said Tuesday there is no further need for Germany, Austria, Belgium and Denmark to keep in place job restrictions on citizens of new member states. EU Commissioner Vladimir Spidla...

Median home prices fall around US in Q3 - Added 2 weeks ago

Home prices fell in a record four out of five U.S. cities in the third quarter as low-cost foreclosures flooded the market and the U.S. housing market's decline spread throughout the country. Among 152 metropolitan...

Finland to hike alcohol tax by 10 percent - Added 2 weeks ago

Finland's government said it will hike the tax on alcohol by 10 percent next year in an attempt to discourage heavy drinking. It is the second time the government has upped the tax since September 2007, when health...

Sterling takeover talks collapse - Added 2 weeks ago

Takeover talks for bankrupt budget airline Sterling A/S failed Tuesday because of disagreements between the potential buyer and a labor union representing flight crews, the trustees handling the estate said. The...

Danish oil ship briefly seized off Nigeria - Added 2 weeks ago

A Danish shipping group says one of its vessels has been released after being hijacked for nearly 30 hours in Nigeria's southern oil region. Thor Shipping executive Thomas Mikkelsen says the crew aboard the Thor Galaxy...

China approves US-Belgian beer merger - Added 2 weeks ago

Beijing agreed Tuesday to Belgium-based InBev SA's takeover of Anheuser-Busch Cos. Inc.'s Chinese operations as part of their global merger but limited future acquisitions on anti-monopoly grounds. The tie-up is part...

Mandate keeps NATO from hijacked Saudi tanker - Added 2 weeks ago

NATO has no plans to intercept the Saudi supertanker hijacked by Somali pirates since its warships in the area have no mandate to board captured merchant vessels by force, a spokesman said Tuesday. NATO officials have...