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Thu, 15 May 2008 23:21:00 GMT

Ethanol For Everyone!

Despite a pledge to veto what he has described as a 'bloated' Farm Bill, President Bush might want to hold that threat for a moment. The legislation, now en route to the White House for his signature, protects one of his favorite industries: ethanol. The
Thu, 15 May 2008 23:21:00 GMT

Pellicano Guilty in Hollywood Wiretapping Case

The Hollywood private investigator, Anthony Pellicano was found guilty Thursday in federal court in Los Angeles of using wiretaps and other illegal tactics to gather information for rich and famous clients involved in divorces or legal disputes. Mr.
Thu, 15 May 2008 22:44:00 GMT

Bernanke presses US banks on capital raising

Ben Bernanke, chairman of the Federal Reserve, on Thursday urged US banks to continue raising capital, saying this could pave the way for an improvement in economic conditions.At a conference organised by the Chicago Fed, Mr Bernanke said he had been
Thu, 15 May 2008 20:38:00 GMT

Bare-knuckle fight begins for Yahoo

A week ago, Jerry Yang was trying to sound buoyant about the prospects for an independent Yahoo and insisting that he was in it for the long haul.'This is not something I got into lightly last year,' he told the Financial Times, referring to his
Thu, 15 May 2008 20:37:00 GMT

Rates on 30-year mortgages fall

Rates on 30-year mortgages edged down this week to their lowest point in a month, a spot of welcome news to would-be home buyers. Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.01 percent for the week
Thu, 15 May 2008 18:47:00 GMT

BT seeking increased landline use charges

BT signalled its determination to charge rivals more money for renting its landlines for the supply of phone and broadband services, as it reported annual results in line with expectations.Ian Livingston, incoming chief executive of the UK's leading
Thu, 15 May 2008 18:15:00 GMT

Fannie, Freddie dip on prospect of more oversight

Shares of Fannie Mae and Freddie Mac declined Thursday morning as Senate lawmakers neared a deal likely to give the government enhanced powers over the two mortgage finance companies. Democrats need Republican support to move housing legislation through
Thu, 15 May 2008 18:08:00 GMT

Mothers victory gives 6m right to flexitime

The mother of a disabled boy won a crucial legal victory yesterday that could lead to new rights to flexible working for Britains six million carers. Sharon Coleman, 41, says that she was forced to resign from her job as a legal secretary, working at a
Thu, 15 May 2008 15:52:00 GMT

Reversing trend, cable modems win over DSL

Cable companies attracted more Internet subscribers than phone companies did in the first quarter, reversing a 3 1/2-year trend, according to a research report Thursday. The 19 largest cable companies in the U.S. added 1.19 million broadband subscribers
Thu, 15 May 2008 15:42:00 GMT

J.C. Penney profit falls 50%

PLANO, Texas (AP) -- Department store retailer J.C. Penney says a pullback in consumer spending has cut its first-quarter profit in half, and predicts 'difficult' conditions for the entire year. Plano, Texas-based J.C. Penney Co. (JCP, Fortune 500) says
Thu, 15 May 2008 12:44:00 GMT

The year of the vulture

(Fortune Magazine) -- On a spring day at the Ritz-Carlton hotel in Key Biscayne, Fla., Michael Klein, Citigroup's chairman of institutional clients, took the stage at the bank's ninth annual private equity conference. In front of pension fund investors,
Thu, 15 May 2008 11:37:00 GMT

Crosswell leads Nasdaq OMX's European push

Nasdaq OMX has rehired Charlotte Crosswell, the former head of its international listings business, as president of the Nasdaq OMX pan-European market, a platform being launched this year to link multiple trading pools across Europe. Ms Crosswell, who
Thu, 15 May 2008 08:22:00 GMT

Credit Agricole plans cash call

Credit Agricole is France's biggest retail bankCredit Agricole has reported a big fall in three month profits and confirmed that it is to raise 5.9bn euros ($9.1bn; 4.7bn) from its shareholders. Net profit for the first three months of the year came in
Thu, 15 May 2008 06:29:00 GMT

Oil prices drop below $124 a barrel

Oil prices dropped below $124 a barrel Thursday in Asia after the U.S. government issued a mixed report on the country's petroleum reserves. The Energy Department said diesel stockpiles there rose last week, and news of the build eased concerns about the
Thu, 15 May 2008 05:47:00 GMT

Merrill Tries to Temper the Pollyannas in Its Ranks

Sometimes Wall Street seems a bit like the make-believe Lake Wobegon: Most stocks are above average, and it is always a good time to buy. At least that is the impression you might get from stock analysts who recommend where you should put your money.
Thu, 15 May 2008 04:14:00 GMT

Collateral Foreclosure Damage for Condo Owners

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Thu, 15 May 2008 04:14:00 GMT

Collateral Foreclosure Damage for Condos

Barbara Sanz has never missed a mortgage payment, but the plunge in real estate is punishing condominium owners like her anyway. Four years ago, she bought her first condo in a glassy new Miami tower when the building was filling up. Now nearly one in
Thu, 15 May 2008 03:26:00 GMT

Clear Channel deal puts banks on defensive

Banks will be less willing to finance leveraged buy-outs as a consequence of a revised deal struck by Bain Capital and Thomas H Lee to buy Clear Channel Communications, bankers and private equity executives said on Wednesday.Under the new terms, Clear
Thu, 15 May 2008 01:27:00 GMT

Tilton to groom US Airways chief if deal goes ahead

United Airlines' chief executive Glenn Tilton has offered to make US Airways' Doug Parker a top contender to succeed him should the two carriers agree to merge, people familiar with the matter said.While talks between the companies on a potential tie-up
Thu, 15 May 2008 01:27:00 GMT

Phones 4U faces Ofcom investigation

Phones 4U, one of Britain's biggest high street mobile phone retailers, is facing investigation for alleged phone misselling.Ofcom, the telecoms regulator, said it had received 'significantly high' numbers of complaints from the public about hidden
Thu, 15 May 2008 00:39:00 GMT

Condo Life: Foreclosures, Higher Fees and Yardwork

Peter Zalewski, a broker for Condo Vultures Realty in Miami, led an Italian investor, Alessandro Comoglio, through a dimly lit hallway to an apartment for sale recently. The lights are turned down to save on electricity costs, as owners forced out by
Thu, 15 May 2008 00:24:00 GMT

G.E. Looks to Sell Appliances Unit

General Electric is planning to sell its appliances division, one of the longest-running businesses in the conglomerate?s 120-year history, a person briefed on the matter said Wednesday. A sale of the unit could fetch at least $5 billion, this person
Wed, 14 May 2008 23:16:00 GMT

Condo Life: Foreclosures, Higher Fees and Mowing the Lawn

Peter Zalewski, a broker for Condo Vultures Realty in Miami, led an Italian investor, Alessandro Comoglio, through a dimly lit hallway to an apartment for sale recently. The lights are turned down to save on electricity costs, as owners forced out by
Wed, 14 May 2008 22:05:00 GMT

Delta pilots approve contract revisions

By HARRY R. WEBER Delta Air Lines Inc. pilots voted overwhelmingly in favor of changes to their contract that will give them pay raises, an equity stake and other benefits, but also will give management more leeway as part of a proposed combination with
Wed, 14 May 2008 22:03:00 GMT

Wishful thinking about Freddie Mac

NEW YORK (Fortune) -- Freddie Mac is the latest beneficiary of wishful thinking about the housing market. Shares of the government-sponsored mortgage investor surged 9% Wednesday, in a replay of last Tuesday's rally in Fannie Mae stock. Like Fannie,
Wed, 14 May 2008 19:30:00 GMT

Sallie Mae snafu dings student borrowers

Because of a computer error at Sallie Mae, thousands of people with student loans from the company had their credit scores decimated. The problem was fixed Tuesday night, the company said Wednesday. Sallie Mae, the nation's largest student lender,
Wed, 14 May 2008 17:24:00 GMT

Consumer Prices Rise, but Inflation Fears Ease

Consumer prices edged up slightly in April, but far more slowly than many economists had anticipated, the government reported Wednesday, lending credence to the view that a slowing economy is applying the brakes to inflation. The data offered a measure
Wed, 14 May 2008 16:39:00 GMT

Macy's reports loss on weak sales

CINCINNATI (AP) -- Macy's says it lost $59 million in the first quarter because of lower sales and the cost of consolidating business units that should save money starting next year. The department store operator said Wednesday that it lost 14 cents a
Wed, 14 May 2008 13:41:00 GMT

EADS returns to profit with deliveries up

Airbus parent EADS said Wednesday it returned to profit in the first quarter as the planemaker increased deliveries and the company cut costs, helping offset the weaker dollar. European Aeronautic Defence & Space Co. NV reported a net profit in the
Wed, 14 May 2008 11:00:00 GMT

IAC and Liberty settle dispute

Barry Diller's IAC/InterActiveCorp and its controlling shareholder, John Malone's Liberty Media, have reached an agreement on spinning off four of IAC's largest businesses, putting to rest a dispute that took the two top executives to court. Liberty said
Wed, 14 May 2008 10:03:00 GMT