Global Investing Roundups

U.S. Bankruptcy Filings Soar; Japan's Bankruptcy Jitters; Boeing Backs Down in Face of Strike; Quicksilver's Ski Sale; Gustav Pushes Crude Higher; TiVo Swings to Profit; PetroChina Hurt by Subsidies; BP Ending Russian Venture

  • In yet another indication of the weak economy, U.S. bankruptcy filings spiked in the second quarter, up 29% for the 12-month period ended June 30. Business filings ratcheted up more than 41% to 33,822 from 23,889 the year before. Non-business filings totaled 934,009, up 28% from the same period in the prior year, reported.

  • Tokyo-based real estate developer Sohken Homes Co. Ltd. filed for bankruptcy, sparking concern over a weakening Japanese economy. "If consumers were confident their salaries would remain secure, they'd buy condos and homes even with 30-year loans," Yoshihiro Ito, senior strategist at Okasan Asset Management Co. in Tokyo, told Bloomberg News. "With rising prices and stagnant income growth, that isn't the case now."
  • Aerospace firm The Boeing Co. (BA) withdrew plans to begin phasing out its traditional employer-sponsored pension plan after threats of a strike from the International Association of Machinists and Aerospace Workers. Boeing had hoped to replace the costly plan with a 401(k)-type plan that was more dependent on employee contributions, MarketWatch reported.

  • Light, sweet crude for October delivery rose $1.88 to settle at $118.15 a barrel on the New York Mercantile Exchange yesterday (Wednesday), after earlier spiking as high as $119.63. Crude has jumped more than $3 this week as Hurricane Gustav continues to slowly spiral towards the Gulf Coast.