NYT > Business (48 unread)
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Campaign Reveals (Just a Bit) of Coke’s Secret Formula
Posted: August 6th, 2008, 4:26pm EDT by By VICTORIA YOUNG
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For more than a century, Coke has fiercely guarded its recipe. But in an advertising campaign introduced last month in Britain, the company divulged a few facts about the formula.
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G.M.’s Directors Stand Behind Wagoner
Posted: August 6th, 2008, 3:53pm EDT by By BILL VLASIC
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The chairman of General Motors, Rick Wagoner, has the “unified support” of the board and will continue to lead the troubled automaker, G.M.’s lead outside director said.
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Mining Giant Bids $10 Billion for Platinum Producer
Posted: August 6th, 2008, 3:53pm EDT by By THE ASSOCIATED PRESS
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Lonmin, a large producer of platinum, immediately rejected the cash offer by Xstrata of Britain as too low.
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Freddie Mac Loses $821 Million and Cuts Dividend
Posted: August 6th, 2008, 3:45pm EDT by By CHARLES DUHIGG
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The mortgage finance giant posted its fourth consecutive quarterly loss and set plans to slash its common stock dividend.
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Connecticut Joins States Suing Countrywide
Posted: August 6th, 2008, 3:43pm EDT by By REUTERS
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Connecticut accused the mortgage giant of steering customers into mortgages they could not afford. California, Florida and Illinois have also sued Countrywide.
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I.R.S. Offers to Settle Tax-Shelter Dispute
Posted: August 6th, 2008, 3:33pm EDT by By LYNNLEY BROWNING
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The I.R.S. offered more than 45 companies the opportunity to settle disputes over the use of certain tax shelters that have been used to shield billions of dollars in income.
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Blackstone Posts Lower Profit, but Sees Opportunities
Posted: August 6th, 2008, 2:21pm EDT by By REUTERS
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The private equity company said second-quarter profit fell to $99.9 million, but said it was seeing investment opportunities amid volatile markets.
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Wall Street Report Tries to Dissect Financial Meltdown
Posted: August 6th, 2008, 12:37pm EDT by By LOUISE STORY
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Wall Street failed to anticipate how wide-reaching problems with mortgage bonds would spread into seemingly distant corners of the financial markets, the report said.
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Commerzbank Net Profit Climbs
Posted: August 6th, 2008, 12:25pm EDT by By THE ASSOCIATED PRESS
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Germany’s second-largest bank said its second-quarter net rose by 6.4 percent to 817 million euros, or $11.3 billion, thanks to a tax gain, but said it is still suffering from the global financial crisis.
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Polo Ralph Lauren Posts Higher Profit and Raises Outlook
Posted: August 6th, 2008, 12:18pm EDT by By REUTERS
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The fashion company reported a much bigger-than-expected increase in quarterly profit and raised its full-year earnings outlook, citing a higher gross margin and a lower tax rate.
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Sprint Nextel Reports a Loss as Revenue Falls
Posted: August 6th, 2008, 12:17pm EDT by By THE ASSOCIATED PRESS
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The wireless carrier cited severance and other costs for its second-quarter loss, but the company said it had slowed the loss of customers.
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AOL Weighs on Time Warner; Earnings Fall 26%
Posted: August 6th, 2008, 12:17pm EDT by By THE ASSOCIATED PRESS
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Declining subscriber fees at the AOL online unit and lower ad revenue at the Time publishing business pushed down second-quarter earnings.
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Revised Tally Increases ‘No’ Votes for Yahoo Directors
Posted: August 6th, 2008, 12:09pm EDT by By MIGUEL HELFT
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A new tally of its board of directors’ election shows that five Yahoo directors, including the chief executive, Jerry Yang, were re-elected with much higher protest votes than initially released.
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Russian Gang Hijacking PCs in Vast Scheme
Posted: August 6th, 2008, 12:07pm EDT by By JOHN MARKOFF
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The gang has infected thousands of PCs in corporate and government networks with programs that steal passwords and other information, a security researcher has found.
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11 Charged in Theft of 41 Million Card Numbers
Posted: August 6th, 2008, 12:05pm EDT by By BRAD STONE
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Authorities said the scheme was spearheaded by a Miami man who hacked into several retailers’ computer systems.
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Inquiry Finds Under-Age Workers at Meat Plant
Posted: August 6th, 2008, 11:45am EDT by By JULIA PRESTON
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State labor investigators said minors at the Postville, Iowa, plant were exposed to hazardous chemicals, and were using prohibited tools like knives and saws.
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Lower Oil Prices Ignite Big Rally; Dow Is Up by 331
Posted: August 6th, 2008, 11:38am EDT by By MICHAEL M. GRYNBAUM and LOUIS UCHITELLE
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Oil prices touched a three-month low, sending stocks soaring, while the Fed decided to keep its key rate steady.
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Comcast Buying a Publisher of Net Newsletters and Sites
Posted: August 6th, 2008, 11:04am EDT by By MICHAEL J. DE LA MERCED
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Comcast said it would buy DailyCandy, a publisher of net newsletter, for $125 million.
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Nasdaq Profit Rises 81% on Added Market Share
Posted: August 6th, 2008, 10:40am EDT by By THE ASSOCIATED PRESS
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The New York-based exchange operator reported results from its first full quarter in which Nasdaq operations were combined with those of Sweden’s OMX stock exchange.
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Economists Plumb the Depths of the Downturn
Posted: August 6th, 2008, 9:58am EDT by By ABHA BHATTARAI
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Even if the economy continues to deteriorate, economists generally agree that the United States is not heading for another Great Depression.
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BNP Net Profit Drops 34%
Posted: August 6th, 2008, 9:27am EDT by By THE ASSOCIATED PRESS
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The euro zone’s largest bank said net profit fell to 1.5 billion euros, or $2.32 billion, as the global financial crisis contined to weigh on earnings.
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Sirius Chief Undaunted by Challenge
Posted: August 6th, 2008, 9:24am EDT by By ANDREW ROSS SORKIN
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The company, which completed its merger last week with XM Radio, has to persuade shareholders that it has a profitable future.
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Munich Re Net Profit Falls 47%
Posted: August 6th, 2008, 9:09am EDT by By THE ASSOCIATED PRESS
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The reinsurer said that the company’s second-quarter net profit fell to 599 million euros, or $928 million, amid market turmoil and asset write-downs of 889 million euros.
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Ambac Quarterly Net Income Rises Sharply
Posted: August 6th, 2008, 9:07am EDT by By REUTERS
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The bond insurer said that second-quarter earnings rose to $823.1 million, helped by valuation gains on credit derivatives.
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Marsh & McLennan Earnings Fall on Write-Down
Posted: August 6th, 2008, 8:36am EDT by By REUTERS
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The largest global insurance brokerage posted a 63 percent drop in second-quarter earnings, hurt by a $115 million write-down of goodwill for its risk consulting and technology division.
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Europe Tries to Handle Political Fallout of Pension Cuts
Posted: August 6th, 2008, 8:29am EDT by By CARTER DOUGHERTY
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Faced with an aging population, much of Europe is trying to address the pressing need for change in national pension systems, balancing rising costs with political pressure.
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South Africa Strike Hits Mining and Factories
Posted: August 6th, 2008, 5:40am EDT by By REUTERS
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South Africa's giant mining companies were badly hit by a strike on Wednesday over rising power, food and fuel prices that threatened to bring the continent's biggest economy to a standstill.
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Home Energy Prices Are Expected to Soar
Posted: August 6th, 2008, 1:59am EDT by By JAD MOUAWAD
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Even with the recent drop in oil prices, experts are predicting that heating bills this winter will far exceed those of last year.
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British Lender Gets $5.9 Billion Infusion
Posted: August 6th, 2008, 1:49am EDT by By REUTERS
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Britain has provided the additional capital for Northern Rock after it reported a 585 million pound loss and soaring debts.
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Muslim Holiday at Tyson Plant Creates Furor
Posted: August 6th, 2008, 1:26am EDT by By STEVEN GREENHOUSE
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The union that represents workers at a Tyson Foods poultry plant in Tennessee has negotiated a contract that substitutes a Muslim holiday for Labor Day as one of the eight paid holidays at the plant.
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Text of the Federal Reserve’s Statement
Posted: August 6th, 2008, 1:21am EDT
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Following is the full text of the statement released Tuesday by the Federal Reserve.
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Profit and Prices Rise at Procter & Gamble
Posted: August 6th, 2008, 1:03am EDT by By THE ASSOCIATED PRESS
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Procter & Gamble reported a 33 percent jump in fourth-quarter profit as it countered soaring energy and commodity costs with higher prices.
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Building a Technology Park in Baltimore by Rehabilitating a Neighborhood
Posted: August 6th, 2008, 1:03am EDT by By EUGENE L. MEYER
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The large-scale urban renewal project has called for the bulldozing of entire blocks to redevelop an area centered on a new technology park.
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Renovation Brings New Vigor to Chicago’s LaSalle Street
Posted: August 6th, 2008, 1:02am EDT by By ROBERT SHAROFF
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While there has been no construction on Chicago’s famed LaSalle Street in over a decade, several buildings are being redeveloped.
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Gauge for Service Industry Declines
Posted: August 6th, 2008, 12:59am EDT by By BLOOMBERG NEWS
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The Institute for Supply Management’s index of nonmanufacturing businesses was below the dividing line between growth and contraction for the second month in a row.
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Russian Tycoons Agree on Sale of Arctic Mining Stake
Posted: August 6th, 2008, 12:59am EDT by By ANDREW E. KRAMER
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In what would be one of the biggest mining deals in Russia this year, the metals tycoon Mikhail D. Prokhorov announced that he would sell his 16.6 percent of Norilsk Nickel for $10 billion.
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News Corp. Reports a Sharp Rise in Profit
Posted: August 6th, 2008, 12:55am EDT by By RICHARD PÉREZ-PEÑA
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Rupert Murdoch’s News Corporation reported that its fourth quarter net profit rose 27 percent and showed strong performance across a number of properties.
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Delta to Offer Wi-Fi on U.S. Flights
Posted: August 6th, 2008, 12:55am EDT by By THE ASSOCIATED PRESS
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The airline said Wi-Fi service would be offered for a fee to customers traveling throughout the continental United States.
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Profit Falls 61% at Archer Daniels Midland
Posted: August 6th, 2008, 12:55am EDT by By REUTERS
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Archer Daniels Midland reported lower-than-expected quarterly profit Tuesday because of a drop in earnings from agricultural services and wheat and cocoa processing.
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Income Falls as Whole Foods Suspends Dividend
Posted: August 6th, 2008, 12:54am EDT by By ANDREW MARTIN
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Whole Foods said its net income dropped more than 30 percent due to costs related to its proposed acquisition of Wild Oats and the slowdown in consumer spending.
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MGM Rises on Project News
Posted: August 6th, 2008, 12:53am EDT by By REUTERS
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MGM Mirage, the casino operator, said it had lined up more than half of the current financing needs for its CityCenter project on the Las Vegas Strip.
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Cisco Sales Rise, Despite Concerns
Posted: August 6th, 2008, 12:50am EDT by By LAURIE J. FLYNN
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Cisco Systems, the largest maker of networking equipment, reported that its net income in the fourth quarter rose 4.4 percent, to $2 billion, from a year ago.
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Cablevision Weighs a Possible Spinoff
Posted: August 6th, 2008, 12:49am EDT by By TIM ARANGO
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Among the options the company mentioned to improve shareholder value are regular dividends, a stock buyback plan and possible spinoffs of business units.
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Wendy’s Earnings Decline
Posted: August 6th, 2008, 12:48am EDT by By THE ASSOCIATED PRESS
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Wendy’s International, the hamburger chain, reported lower second-quarter profit on Tuesday on expenses from a reorganization and a special committee formed a year ago to seek a possible sale.
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Morgan Stanley to Advise U.S. on Fannie and Freddie
Posted: August 6th, 2008, 12:48am EDT by By LOUISE STORY
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The Treasury secretary, Henry M. Paulson Jr., asked Morgan Stanley to submit a formal proposal about the new role the federal government could take in a rescue of the troubled lenders.
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Advertising: Google’s New Tool Is Meant for Marketers
Posted: August 6th, 2008, 12:33am EDT by By MIGUEL HELFT
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The company is introducing a free service, intended for marketers, but which will allow anyone to track the popularity of various terms in Google’s search engine.
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An Energy Diet for Power-Hungry Household PCs
Posted: August 6th, 2008, 12:32am EDT by By STEVE LOHR
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A group, including Microsoft, has launched an initiative to distribute free software to personal computer owners to help them save on energy costs.
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A Top Producer for ‘Idol’ to Leave for Other Projects
Posted: August 6th, 2008, 12:25am EDT by By EDWARD WYATT
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The producer Nigel Lythgoe is leaving “American Idol” to concentrate on another Fox reality series and a new joint venture with Simon Fuller, the creator of “Idol.”
