News For Saturday Oct 11, 2008 News For Saturday Oct 11, 2008

Business Business

Judge rules against bird waste injunction in Okla. - Added 1 week ago

A federal judge has denied Oklahoma's request for a preliminary injunction to stop 13 Arkansas poultry companies from disposing of bird waste in the Illinois River watershed. Attorney General Drew Edmondson, who...

Bailout bill defeat could cause painful recession - Added 1 week ago

The fallout from the vote against a bailout package for the U.S. financial system may well be lasting pain for the economy. The House's stunning defeat of a $700 billion package urgently championed by President Bush,...

Citigroup to buy Wachovia banking operations - Added 1 week ago

Citigroup agreed Monday to buy Wachovia's banking operations for $2.1 billion in a deal arranged by federal regulators, making the Charlotte, N.C.-based bank the latest casualty of the widening global financial crisis. ...

Investors swarm T-bills as House rejects bailout - Added 1 week ago

The House's rejection of the financial bailout plan flung the credit markets into further disarray Monday, sending investors swarming again for the safety of Treasury bills. If the credit markets stay tight, it could...

Circuit City has bigger 2Q loss, withdraws outlook - Added 1 week ago

Circuit City Stores Inc. withdrew its outlook for the full year and posted a wider second-quarter loss Monday as it looks toward a holiday shopping season which has even the least vulnerable retailers worried. Shares...

Sales boost Walgreen fiscal 4th-qtr profit - Added 1 week ago

Shares of Walgreen Co. fell to their lowest price in almost five years Monday after the drugstore operator reported disappointing revenue in its fiscal fourth quarter, pointing to promotions that failed to pay off. ...

Cephalon to pay $425M for improper drug marketing - Added 1 week ago

Drug maker Cephalon Inc., completing a previously announced settlement, will pay $425 million for illegally marketing a highly addictive lollipop painkiller and two other drugs for non-approved uses. Federal...

Oil plunges $10 as US bailout plan voted down - Added 1 week ago

Oil prices tumbled more than $10 a barrel Monday, dropping back below $100 as a U.S. financial bailout failed to win legislative approval, raising fears of a prolonged economic downturn that could drastically erode...

Walgreen, Gentex, Citigroup among big movers - Added 1 week ago

Stocks that moved substantially or traded heavily Monday on the New York Stock Exchange and Nasdaq Stock Market: Walgreen Co., down $1.73 at $31 The drugstore operator said revenue for its fiscal fourth quarter missed...

Fortis reshaped by government bailout - Added 1 week ago

Shares in troubled bank Fortis NV plummeted Monday despite a 1.2 billion euro ($16.4 billion) government bailout, amid growing signs European banks have been hit harder by the U.S. financial crisis than they have been...

Paulson vows continued efforts on rescue plan - Added 1 week ago

Treasury Secretary Henry Paulson said his agency would use "all the tools available to protect our financial system and the economy" in response to Monday's stunning defeat of the government's proposed $700 billion...

Gas shortage plagues the Southeast - Added 1 week ago

Motorists are rising before dawn so they can be at the filling station when the delivery truck arrives. Some are skipping work or telecommuting. Others are taking the extreme step _ for Atlanta _ of switching to public...

Gold prices jump after lawmakers reject bailout - Added 1 week ago

Gold prices bolted above $900 an ounce Monday after the legislative defeat of a U.S. financial bailout drove investors to pull money out of stocks and buy safe-haven assets. Other commodities traded mostly lower as...

Agriculture futures end trading lower on CBOT - Added 1 week ago

Agriculture futures traded lower Monday on the Chicago Board of Trade. Wheat for December delivery fell 48 cents to $6.68 a bushel; December corn lost 30 cents to $5.13 a bushel; December oats declined 13.25 cents to...

Report: Everglades in decline as restoration lags - Added 1 week ago

A multibillion-dollar effort to restore Florida's Everglades has made little progress amid funding shortfalls, bureaucratic red tape and disagreements, according to a congressionally mandated report that warns the vast...

ImClone could name $70-a-share bidder on Wednesday - Added 1 week ago

ImClone Systems Inc. said Monday it expects either a solid purchase proposal or formal rejection by Wednesday night from its mystery suitor, which ImClone says is offering $70 per share for the biotech company. That...

Walgreen settles Medicaid case for $9.9 million - Added 1 week ago

The U.S. Department of Justice said Monday that drugstore operator Walgreen Co. paid $9.9 million to settle whistleblower allegations that it overcharged the Medicaid programs in Minnesota, Michigan, Florida and...

Fed makes billions available to battle crisis - Added 1 week ago

The Federal Reserve and foreign central banks moved Monday to pump billions of dollars to cash-strapped banks at home and abroad in a dramatic bid to break through a credit clog and spur lending. The Fed said the...

Fannie, Freddie disclose subpoenas, investigations - Added 1 week ago

Adding to their woes, mortgage finance giants Fannie Mac and Freddie Mac are facing a federal grand jury investigation into their accounting practices. The mortgage finance companies said Monday that a federal grand...

Private equity firms to buy Lehman's Neuberger - Added 1 week ago

Lehman Brothers Holdings Inc. on Monday agreed to sell its investment management business to a pair of private-equity firms, fetching $2.15 billion as the bankrupt investment bank continues its liquidation. Bain...

Inbev shareholders approve Anheuser-Busch deal - Added 1 week ago

InBev SA shareholders on Monday backed the company's $52 billion takeover of Anheuser-Busch _ a deal that would form the world's largest brewer under the name Anheuser-Busch InBev. Shareholders also approved a capital...

Consumer spending weakens as stimulus fades - Added 1 week ago

Consumer spending in August turned in the weakest performance in six months, underscoring the threat the economy faces as the government's stimulus program fades into the past. The Commerce Department reported Monday...

European banks bailed out as crisis spreads - Added 1 week ago

European governments had to step in with a flurry of major bank bailouts from Iceland to Germany as fear and turmoil from the U.S. credit crisis spread through the financial system. Even as U.S. lawmakers were...

Mitsubishi UFJ buys 21 pct stake in Morgan Stanley - Added 1 week ago

Japan's Mitsubishi UFJ Financial Group says it is investing $9 billion in Morgan Stanley for a 21 percent stake in the U.S. investment bank. Mitsubishi UFJ said Monday it will buy nearly 10 percent of Morgan Stanley's...

Investors give $700B rescue plan cool reception - Added 1 week ago

Wall Street gave Washington's $700 billion rescue plan for banks, brokerages, credit unions, thrifts and insurance companies a mediocre grade on Monday. As the House prepared to vote on the package that was finalized...

UK government nationalizes Bradford & Bingley - Added 1 week ago

The British government is nationalizing troubled mortgage lender Bradford & Bingley, the Treasury confirmed Monday, taking over the bank's 50 billion pound ($91 billion) mortgage and loan books as turmoil from the...

Airfares aren't taking off everywhere - Added 1 week ago

Air fares are up, right? The short answer is yes _ 22 fare increases this year. But fares in some cities are flat or even down, as fierce competition keeps airlines from charging as much as they would like. Business...

Fortis reshaped by government bailout - Added 1 week ago

Fortis NV said Monday it will become a smaller but financially stable bank after three European governments agreed on an 11.2 billion euro ($16.4 billion) bailout package. Belgium, the Netherlands and Luxembourg agreed...

AP Executive Morning Briefing - Added 1 week ago

The top business news from The Associated Press for the morning of Monday, September 29, 2008: House to vote on $700 billion market bailout WASHINGTON (AP) _ With the House slated to vote Monday on a deeply unpopular...

World markets fall as US bailout seen taking time - Added 1 week ago

World stock markets tumbled Monday as investors reacted coolly to Washington's $700 billion bank bailout deal, recognizing that cleaning up the bad debt mess will take a long time and likely drag on global economic...

Harvest caps challenging year for Calif. vintners - Added 1 week ago

California vintners are bringing in the grape harvest this month after a challenging year that started with unusually sharp frosts and moved on to smoky summer wildfires. So far, it looks like the crop will be smaller...

Who wins, who loses under proposed bailout plan? - Added 1 week ago

The proposal to bail out U.S. financial markets to the tune of up to $700 billion creates a lot of potential short-term winners, as well as some losers. Wall Street and the banking industry are perhaps the biggest...

Sold to US taxpayers for $700B: banks' bad assets - Added 1 week ago

Sold to American taxpayers for up to $700 billion: an unprecedented plan to buy distressed banks' least desirable mortgage assets. What started as a fairly simple three-page proposal giving the Treasury Secretary...

Sour economy tied to psychology that fed gas panic - Added 1 week ago

!!-- pobj:TNNAT501-0919081559 -->As anxiety on Wall Street led banks and other investors to hoard cash last week, a different kind of market fear gripped cities across the Southeast. A hurricane-related disruption in...

Reports: Wachovia in talks with potential buyers - Added 1 week ago

At least two major banks were reportedly in talks Sunday to buy Wachovia Corp., the latest U.S. bank to be the focus of investor anxiety over mounting losses tied to toxic assets. The New York Times reported on its Web...

European bank giant Fortis partially nationalized - Added 1 week ago

Dutch-Belgian bank and insurance giant Fortis NV was given a 11.2 billion euro ($16.4 billion) lifeline to avert insolvency as part of a wider bailout plan agreed to by Belgium, the Netherlands and Luxembourg, officials...

Santander said to take Bradford & Bingley deposits - Added 1 week ago

The troubled British mortgage lender Bradford & Bingley will be nationalized and sold off in parts, with Spanish banking giant Santander SA taking over its retail deposits and branch network, British media reported...

Bush statement on financial rescue plan - Added 1 week ago

President Bush's statement Sunday on the financial rescue legislation in Congress: Today, a bipartisan group of members of Congress, working with my administration, reached agreement on economic rescue legislation that...

What is Libor? Answers to interest-rate questions - Added 1 week ago

It goes by a clumsy acronym, and its inner workings may be difficult to understand, but a key interest rate set in London every business day is having a dramatic impact on the U.S. and global economies as the credit...

Who wins, who loses under proposed bailout plan? - Added 1 week ago

The proposal to bail out U.S. financial markets to the tune of up to $700 billion creates a lot of potential short-term winners, as well as some losers. Wall Street and the banking industry are perhaps the biggest...

Airfares aren't taking off everywhere - Added 1 week ago

Air fares are up, right? The short answer is yes _ 22 fare increases this year. But fares in some cities are flat or even down, as fierce competition keeps airlines from charging as much as they would like. Business...

Coke tests Beijing's acceptance of acquisitions - Added 1 week ago

Coca-Cola's friendly $2.5 billion bid to buy China's biggest juice maker is emerging as a test of whether Beijing will allow foreign companies to buy homegrown businesses _ or force entrepreneurs to serve its vision of...

A successful bailout? Watch lending between banks - Added 1 week ago

The New Deal it is not. The government's biggest economic bailout since the Great Depression is aimed not at relieving unemployment or reforming questionable business practices, but at resuscitating financial markets...

Coke tests Beijing's acceptance of acquisitions - Added 1 week ago

Coca-Cola's friendly $2.5 billion bid to buy China's biggest juice maker is emerging as a test of whether Beijing will allow foreign companies to buy homegrown businesses _ or force entrepreneurs to serve its vision of...

Hong Kong investors in Lehman protest again - Added 1 week ago

Investors in Lehman Brothers in Hong Kong held their second protest in a week on Sunday, accusing local banks of misleading them about investment products backed by the failed U.S. investment bank. Holding signs that...

Hong Kong man arrested over bank run rumors - Added 1 week ago

Hong Kong police have arrested a man for allegedly spreading rumors on the Internet about a bank run amid anxiety in the Chinese territory about the U.S. financial crisis, police said Sunday. The man was arrested...

Japan and Sweden: A tale of 2 gov't bailouts - Added 1 week ago

Loans turn sour after years of excessive lending. Big financial institutions collapse. Fears grow about an economic meltdown. The government announces a massive bailout. The story of the current U.S. financial crisis...

What $700B won't buy: a quick fix for the economy - Added 1 week ago

Not even $700 billion will be enough to spare the United States from more economic anguish if the government's proposed banking bailout pans out like similar desperation moves during the past two decades. It usually...

Bailout goal: move fiscal wreck off the road - Added 1 week ago

Lawmakers sometimes struggle to explain how the proposed $700 billion financial bailout would improve commercial activity and help revive the fragile economy. Sen. Judd Gregg tried an automotive metaphor Saturday,...

Crisis boosts urge to regulate in Europe - Added 2 weeks ago

In France, President Nicolas Sarkozy says the death knell has rung for freewheeling, U.S.-style capitalism. German's finance minister calls it downright "dangerous." Even the leader of more Wall Street-friendly Britain...