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Business News News Archive - Political Yard

Mervyn's suit blames ex-owners for bankruptcy

Posted on Sep 04, 2008 - 10:36 am
Reuters - Department-store chain Mervyn's Holdings LLC has sued its former private-equity owners, saying the firms stripped out real estate then leased it back to Mervyn's at higher rates, pushing it into bankruptcy, according to court documents.

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Many retailers report sluggish August sales
Posted on Sep 04, 2008 - 7:35 am - AP
AP - Many of the nation's retailers struggled with a sluggish back-to-school season, though Wal-Mart posted higher August sales Thursday as shoppers focused on buying essentials amid persistent worries about high gas and food prices.

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Merrill's bad debt sale to South Korea agency stalls
Posted on Sep 04, 2008 - 5:34 am - Reuters
Reuters - Merrill Lynch & Co's talks to sell bad loans to Korea Asset Management Corp (KAMCO) faced a deadlock due to a disagreement over price, the South Korean state agency said on Thursday.

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MUFG rejects report to invest in Lehman
Posted on Sep 03, 2008 - 10:32 pm - Reuters
Reuters - Mitsubishi UFJ Financial Group (8306.T) said it has no plans to invest in U.S. investment bank Lehman Brothers , rejecting a media report that it may bid for a stake.

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MUFG executive rejects report to invest in Lehman
Posted on Sep 03, 2008 - 7:31 pm - Reuters
Reuters - Mitsubishi UFJ Financial Group (MUFG) (8306.T) has no plans to invest in U.S. investment bank Lehman Brothers , an executive at Japan's largest bank said, rejecting a media report that it was considering taking a stake.

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MUFG has no plans to invest in Lehman: executive
Posted on Sep 03, 2008 - 6:29 pm - Reuters
Reuters - Mitsubishi UFJ Financial Group (MUFG) (8306.T) has no plans to invest in U.S. investment bank Lehman Brothers , an executive at Japan's largest bank said, responding to a media report that it was considering taking a stake.

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Market briefly rises on data, then swoons again
Posted on Sep 03, 2008 - 10:25 am - Reuters
Reuters - Stocks briefly rose in choppy trade on Wednesday on a government report that showed a rise in factory orders, but the market quickly resumed its slide.

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Morgan Stanley raising $10 billion property fund, eyes China
Posted on Sep 03, 2008 - 1:23 am - Reuters
Reuters - Morgan Stanley is raising $10 billion for a global property fund and plans to put $1.5 billion or more of that into China, shrugging off concern about a property market downturn, a banking source said on Wednesday.

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Market slides, led by energy, tech companies
Posted on Sep 02, 2008 - 2:21 pm - Reuters
Reuters - Stocks extended losses on Tuesday, with the Nasdaq down more than 1 percent, as a steep decline in the price of oil weighed on commodity-related companies and as tech shares fell on jitters a global economic slowdown would crimp technology spending.

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Manufacturing shrinks slightly in August: ISM
Posted on Sep 02, 2008 - 9:20 am - Reuters
Reuters - Factory activity unexpectedly shrank slightly in August while inflation pressures also eased, according to an industry report released on Tuesday.

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Manufacturing sector seen stuck on hold in August
Posted on Sep 02, 2008 - 4:19 am - Reuters
Reuters - The manufacturing sector likely stalled for a second straight month in August as the persistent housing slump and tight credit conditions crimped the overall business climate.

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More volatility seen with hurricane
Posted on Sep 01, 2008 - 2:16 pm - Reuters
Reuters - Wall Street is set for another volatile week after the Labor Day holiday, as investors track Hurricane Gustav, the price of oil, key economic data and continued fallout from the credit crisis.

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Miner BHP Billiton sees 10 pct output growth in 08/09
Posted on Aug 24, 2008 - 1:36 am - Reuters
Reuters - Mining giant BHP Billiton expects to grow its production volumes over the next 12 months by 10 percent despite some softening in demand from its biggest growth driver, China, the group's chief said.

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Merrill reaches tentative deal with SEC over ARS
Posted on Aug 22, 2008 - 4:29 pm - Reuters
Reuters - Merrill Lynch & Co Inc has struck a tentative deal with U.S. securities regulators to buy back up $7 billion in auction-rate securities, the latest in a series of pacts between banks and regulators over the debt instruments.

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Moody's ratings cut latest blow to Fannie, Freddie
Posted on Aug 22, 2008 - 3:29 pm - Reuters
Reuters - A major credit rating agency cut the preferred share rating on Fannie Mae and Freddie Mac amid mounting concern about the ability of the two largest U.S. home funding providers to access capital, in the latest blow before a widely expected government bailout.

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Market ends higher on Lehman's rally, lower oil
Posted on Aug 22, 2008 - 3:29 pm - Reuters
Reuters - Stocks rose on Friday as hopes that Lehman Brothers may attract a major investor boosted financial stocks while a plunge in oil prices soothed worries about inflation and consumer spending.

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Moody's cuts Fannie, Freddie preferred stock rating
Posted on Aug 22, 2008 - 12:28 pm - Reuters
Reuters - Moody's Investors Service on Friday cut its ratings on the preferred stock of Fannie Mae and Freddie Mac on concern that market turmoil has hurt their access to capital.

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Market opens up on Buffett comments
Posted on Aug 22, 2008 - 9:28 am - Reuters
Reuters - Stocks opened higher on Friday after investor Warren Buffett said he has no bets against the dollar and stocks are more attractive now than a year ago.

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Markets await Bernanke, central bankers gather
Posted on Aug 22, 2008 - 7:28 am - Reuters
Reuters - Federal Reserve Chairman Ben Bernanke tackles financial stability in a key speech on Friday but economists doubt he will provide solid clues about future policy action to calm the credit crunch.

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Microsoft enlists Seinfield for ad campaign: report
Posted on Aug 21, 2008 - 1:35 am - Reuters
Reuters - Jerry Seinfield will be one of the key celebrity pitchmen in Microsoft Corp's $300 million advertising campaign aimed at changing its image, the Wall Street Journal said on Thursday, citing people close to the situation.

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MUFG sweetens UnionBanCal bid to $3.5 billion
Posted on Aug 18, 2008 - 5:21 am - Reuters
Reuters - Mitsubishi UFJ Financial Group (8306.T) has sweetened its bid for full control of California bank UnionBanCal Corp by 17 percent to $3.5 billion, a deal that would help Japan's biggest bank expand in the United States.

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MUFG sweetens bid for UnionBanCal to $3.5 billion
Posted on Aug 18, 2008 - 3:21 am - Reuters
Reuters - Mitsubishi UFJ Financial Group (MUFG) (8306.T), Japan's largest bank, said on Monday it had sweetened its bid for control of U.S. unit UnionBanCal Corp by about 17 percent to $3.5 billion.

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