AIG Ousts CEO; NY Manufacturing Slump; Landry's Bought by CEO; Oil Retreats From Record; Chiquita Expects Significant Loss; Homebuilder Sentiment Hits All-Time Low; McClatchy Cuts 1,400 Jobs; Yahoo Shareholder Presents "Third Option" Mark Sullivan, chief executive officer of American International Group Inc. (AIG), has been ousted after three years in the top spot, which were […]
Archives for June 2008
June 2008 - Page 7 of 13 - Money Morning - Only the News You Can Profit From
FCC Chairman Backs Sirius-XM Merger; Awaits Commissioner Approval
By Mike Caggeso Associate Editor The dormant, yet important, proposed $5 billion merger of Sirius Satellite Radio Inc. (SIRI) and XM Satellite Radio Holdings Inc. (XMSR) cleared a major hurdle, as Federal Communication Commission Chairman Kevin Martin backed the merger – with stipulations. Concessions Martin recommended include: the stations turn over 24 channels to noncommercial […]
ECB Rate Hike More Likely After European Inflation Hits New High
By Jennifer Yousfi Managing Editor Odds of a future rate hike for the European Central Bank (ECB) increased yesterday (Monday) on news that Eurozone inflation hit a 16-year high in May. With inflation accelerating "it becomes increasingly difficult to argue against an ECB hike in July," Carsten Brzeski, an economist at ING Groep NV (ADR: […]
Investors Will Watch as Inflation Dominates the Spotlight This Week
By William Patalon IIIExecutive EditorMoney Morning/The Money Map Report Investors better keep an eye on bonds this week. While the stock market may be more fun to follow, fixed income is often a stronger gauge of investor expectations of the economy, future U.S. Federal Reserve policy, and inflation. With the consumer price index (CPI) safely […]
With a $3.1 Billion Program, Europe Hopes to Regain Position as Top Drug-Development Market in the World
From Staff Reports In a bid to re-establish itself as the "pharmacy of the world" – and narrow the growing gap between itself and the United States and Asia – Europe is launching a $3.1 billion drug-discovery initiative. The program – known as the "Innovative Medicines Initiative" – was unveiled in Belgium, and offers financial […]
A Pledge to Hedge: Money Morning’s Fitz-Gerald Makes Public Promise to Slash Private Power Use
By Keith Fitz-GeraldInvestment DirectorMoney Morning/The Money Map Report As much as I poke fun at my home state of Oregon (with its decidedly liberal tendencies), it's a phenomenal place to live. Not only are the people spectacular, so is their attitude. There's a real "make-a-difference" philosophy at work out here that manifests itself in everything […]
New Travel Arrangement with China Could Lead to Stronger Economic Growth in Taiwan
By Jason Simpkins Associate Editor After completeing their first offical talks since 1999, China and Taiwan will open the first permanent offices in each other's capitals and begin direct weekend passenger flights between their territories. The agreement is a positive step that will bring the two contentous regions closer together both politically and economically. Approximately […]
Exxon Plans to Sell 2,220 Profit-Squeezed Gas Stations
By Mike Caggeso Associate Editor High gas prices have forced Exxon Mobil Corp. (XOM) – the world's largest oil company – from the retail gasoline business, the company said late Thursday afternoon. There are about 12,000 gas stations with the Exxon sign at the entrance, though the company owns about 2,220 of them. And Exxon […]
Home Foreclosures Continue to Soar Delaying U.S. Economic Recovery
By Jennifer YousfiManaging Editor There's more bad news ahead for the U.S. economy as home foreclosures continue to rise. One out of every 483 U.S. households is at some stage of the foreclosure process, and with that many displaced or struggling homeowners, the economic recovery may well take longer than expected. "May was the third […]
Yahoo Grasping at Straws with Google Deal
By Jason SimpkinsAssociate Editor Jerry Yang, Yahoo Inc.'s (YHOO) chief executive officer, finally got his wish last Thursday when his company partnered with rival Google Inc. (GOOG) to enhance its online advertisement business. But while Yang insists the deal will generate an extra $800 million a year in revenue, shareholders and analysts alike are skeptical […]