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BUSINESS CHANGE NEWS
KDB ends talks with Goldman on Daewoo sale (Reuters)
Reuters - A top shareholder in Daewoo Shipbuilding and Marine Engineering Co Ltd (042660.KS) said on Sunday it had withdrawn from talks to have Goldman Sachs manage the sale of the South Korean shipbuilder.
Westpac may have to boost $17.6 billion St George bid (Reuters)

A pedestrian is reflected on a window of a Westpac bank in Sydney May 1, 2008. (Daniel Munoz/Reuters)Reuters - Westpac Banking Corp Ltd , which has bid $17.6 billion for St George Bank in the biggest banking takeover ever in Australia, is bracing for rival offers to emerge that could push the price tag even higher.
Fed's Lockhart says world will feel U.S. slowdown (Reuters)

A pedestrian walks past the New York Stock Exchange in New York January 9, 2008. U.S. exports have been helped by a weaker dollar and this is providing a boost to an otherwise weak economy, Federal Reserve Bank of Atlanta President Dennis Lockhart said on Saturday. (Lucas Jackson/Reuters)Reuters - U.S. exports have been helped by a weaker dollar and this is providing a boost to an otherwise weak economy, Federal Reserve Bank of Atlanta President Dennis Lockhart said on Saturday.
Wall St ends flat as energy gains offset sentiment (Reuters)

Traders work on the floor of the New York Stock Exchange, April 29, 2008. (Brendan McDermid/Reuters)Reuters - Stocks finished little changed on Friday as surging oil prices lifted energy shares and offset data that showed consumer confidence sank to its lowest in 28 years.
Consumers' mood as grim as early-80s (Reuters)

Consumer sentiment plunged in May to the lowest since June 1980 thanks largely to soaring food and fuel prices, according to the latest (University of Michigan survey of consumers. REUTERS/Graphics/Reuters)Reuters - U.S. consumer confidence tumbled to a 28-year low this month as rising prices strained household finances, while another drop in single-family housing starts underscored problems still plaguing the economy.
Treasury secretary says markets are calmer now (AP)

In this Feb. 17, 2007 file photo, bilingual signs are prominent in Chicago's first Wal-Mart. Wal-Mart Stores, the world's largest retailer, posted a 6.9 percent increase in first-quarter profits, Tuesday, May 13, 2008, helped by improved customer service, better inventory control and strong international sales. The results beat Wall Street's projections by a penny, but the company issued a cautious outlook for the current quarter and warned that the economy will be a 'critical factor' in 2008. (AP Photo/Charles Rex Arbogast, file)AP - Treasury Secretary Henry Paulson said Friday that financial markets are "considerably calmer" now than they were two months ago. He predicted the economy will be rebounding by the second half of this year.
SMFG posts big rebound, forecasts modest growth (Reuters)
Reuters - Sumitomo Mitsui Financial Group (8316.T) reported a threefold increase in fourth-quarter profit, rebounding from massive losses at its consumer finance unit a year earlier, and it forecast modest growth ahead.
Abercrombie profit edges up on sales increase (AP)
AP - Teen retailer Abercrombie & Fitch Co. said Friday that its first-quarter earnings rose 3 percent from a year ago on stronger sales.

STOCKS NEWS
Summer may bring a turning point for stock market (AP)

In this photo released by the New York Stock Exchange Euronext, members of the 90's vocal group 'New Kids on the Block' ring the closing bell at the exchange Thursday, May 15, 2008 in New York. From left are Jordan Knight; Donnie Wahlberg; Jonathan Knight; Joey McIntyre and Danny Wood. (AP Photo/NYSE Euronext, Mel Nudelman)AP - After nine months of turmoil that started with the collapse of the subprime mortgage market, Wall Street appears to be at a turning point of sorts.
IBD's Top 10 - Friday (Investor's Business Daily)
Investor's Business Daily - 1 June crude rose $2.17 to $126.29 after hitting $127.82 on Goldman Sachs' forecast that prices will average $141 in the 2nd half. China may up imports of diesel, squeezing already tight global supplies of distillates. The U.S. will stop adding to petroleum stockpiles, bowing to heavy pressure from Congress. Retail gasoline prices neared $3.78 a gallon.
Stocks pare losses to finish mixed after oil spikes (AP)

A pedestrian walks past the New York Stock Exchange in New York January 9, 2008. U.S. exports have been helped by a weaker dollar and this is providing a boost to an otherwise weak economy, Federal Reserve Bank of Atlanta President Dennis Lockhart said on Saturday. (Lucas Jackson/Reuters)AP - Wall Street capped a week of big gains with modest moves Friday as investors grappled with surging energy prices that overshadowed news of a surprise increase in home construction.
Wall St ends flat as energy gains offset sentiment (Reuters)

Traders work on the floor of the New York Stock Exchange, April 29, 2008. (Brendan McDermid/Reuters)Reuters - Stocks finished little changed on Friday as surging oil prices lifted energy shares and offset data that showed consumer confidence sank to its lowest in 28 years.
Stock futures up ahead of home construction data (AP)
AP - Wall Street headed for a modestly higher open Friday as investors watched oil prices hit a new record high and awaited data on new home construction last month.
Berkshire holds no Ameriprise shares: SEC filing (Reuters)

A Berkshire Hathaway shareholder plays bridge with cards with pictures of the billionaire financier and Berkshire Hathaway CEO Warren Buffett during their annual meeting in Omaha, Nebraska, May 4, 2008. (Carlos Barria/Reuters)Reuters - Berkshire Hathaway Inc (BRKa.N), billionaire Warren Buffett's investment company, no longer held any Ameriprise Financial Inc stock as of March 31, according to a U.S. regulatory filing on Thursday.
European stocks mixed amid earnings news (AFP)

A trader shows the GCDS index curve at a bank in Paris, January 2008. Europe's main stock markets diverged as companies published mixed earnings news, and after share-price gains in Tokyo and overnight on Wall Street.(AFP/File/Jean Ayissi)AFP - Europe's main stock markets diverged on Thursday as companies published mixed earnings news, and after share-price gains in Tokyo and overnight on Wall Street, dealers said.
SEC charges Broadcom co-founders in options probe (AP)
AP - Securities regulators on Wednesday charged Broadcom Corp. co-founders Henry T. Nicholas III and Henry Samueli with falsifying the company's reported income, leading to what is believed to be the largest accounting restatement yet because of backdating stock options.

BONDS NEWS
Fitch Rates SMUD's $510MM Series U Elec Refg Revs 'A'; Outlook to Stable (Business Wire)
NEW YORK----Fitch assigns an underlying 'A' rating to Sacramento Municipal Utility District's approximately $510 million, 2008 series U electric revenue refunding bonds . Fitch also affirms SMUD's $1.5 billion parity electric revenue bonds and $431.4 million subordinated electric revenue bonds at 'A'.
Investment Banks Doing Better, But Profits An Issue Long-Term (Investor's Business Daily)
Big U.S. investments banks have gotten a crash course in damage control over the past several months, telling investors and analysts alike to dial down their expectations until the credit crisis runs out of steam.
Fitch Rates Romeoville, Illinois $46.9MM GOs 'A+' (Business Wire)
CHICAGO----Fitch Ratings assigns an 'A+' rating to the following Village of Romeoville, Illinois' general obligation bonds:
Stocks pare losses to finish mixed after oil spikes (AP)
Wall Street capped a week of big gains with modest moves Friday as investors grappled with surging energy prices that overshadowed news of a surprise increase in home construction.
Treasurys fall amid more anxiety about inflation (AP)
Treasurys fell Friday after rising oil prices had investors worrying about inflation's impact on fixed-income returns. Crude prices rose more than $2 a barrel on the New York Mercantile Exchange, while the average retail price of gasoline hovered around $3.77 per gallon.
Treasury bond market at a glance (AP)
Key barometers in the Treasury market late Friday compared with late Thursday. The price changes in the 10-year note and 30-year bond are per $1,000 invested.
S&P assigns "A" rating to junior AIG debt (AP)
Standard & Poor's Ratings Services assigned an "A" rating to roughly $2.5 billion in bonds American International Group Inc. is selling as part of a plan to raise more cash.
Bonds.com Group, Inc. Reports First Quarter 2008 Operating Results (Business Wire)
BOCA RATON, Fla.----Bonds.com Group, Inc. , operating through its subsidiary Bonds.com, Inc., provider of an innovative comprehensive online trading platform providing execution, liquidity and competitive pricing to the fragmented fixed income marketplace, announced operating results for the quarter ended March 31, 2008.

COMMODITIES NEWS
Oil sets record near $128; pump price at high, too (AP)
News that Saudi Arabia had boosted its oil output by 300,000 barrels a day was greeted as a non-event on oil markets -- the move wasn't anywhere near the kind of production increase needed to bring prices down on Friday.
Cathay Pacific Airways considers cutting routes (AP)
Cathay Pacific Airways might cut routes to help cope with surging fuel prices, its chief executive said. Tony Tyler said in an internal company newsletter, seen Saturday by The Associated Press, that the airline must focus on its most profitable markets, maximize use of fuel-efficient aircraft and cut unspecified routes if necessary.
Ex-Malaysian leader calls for ban on Halliburton (AP)
Former Prime Minister Mahathir Mohamad on Saturday slammed the government's move to allow U.S. oilfield services provider Halliburton Co. to begin operating in Malaysia, saying the country doesn't need "blood money."
Oil surges, nears $128 on China use, Goldman note (CNNMoney.com)
The government said Friday that it would halt deliveries to the strategic oil reserves, and in quick response, oil prices retreated from a record high near $128 a barrel.
Bush fails to win Saudi help on gas prices (AP)
President Bush failed to win the help he sought from Saudi Arabia to relieve skyrocketing American gas prices Friday, a setback for the former Texas oilman who took office predicting he would jawbone oil-producing nations to help the U.S.
Oil sets record near $128; pump price at high, too (AP)
News that Saudi Arabia had boosted its oil output by 300,000 barrels a day was greeted as a non-event on oil markets -- the move wasn't anywhere near the kind of production increase needed to bring prices down on Friday.
Olympian Montgomery gets 46 months for check fraud (AP)
Olympic gold medalist Tim Montgomery's once-celebrated life continued its long downward spiral Friday when a federal judge sentenced the former "world's fastest man" to nearly four years in prison for dealing in bad checks.
Rice futures fall on improved supply outlook (AP)
Rice futures sank to a six-week low Friday, falling for a fifth day on hopes that exports from Pakistan and Japan will ease fears of a shortage of the staple consumed by half the world's population.

 

 

 

 


 

 
 

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