July 2009

Delmonico’s Reports the Green Shoots on Wall Street Are Not Just Asparagus

July 31, 2009

By Allison Abell Schwartz July 31 (Bloomberg) — Dennis Turcinovic, managing partner of Delmonico’s steakhouse, said he knew things were looking up when a table of Wall Streeters ordered a $4,000 bottle of Far Niente Cabernet Sauvignon last month. It was the first he had sold since January. “We’re seeing the old times coming back,” said Turcinovic. “People are starting to spend a little money again.” The restaurant, which used to sell about 10 four-figure bottles a week before last September, has sold that many since June, he said.

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Buffett Earns $1 Billion Paper Profit on Chinese Hybrid Vehicle Maker BYD

July 31, 2009

By Bloomberg News July 31 (Bloomberg) — Warren Buffett ’s Berkshire Hathaway Inc.

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MGM Mirage’s Murren to Overhaul Macau Operations to Challenge Wynn Casinos

July 31, 2009

By Beth Jinks and Chia-Peck Wong July 31 (Bloomberg) — MGM Mirage , with the smallest casino market share in Macau, said it’s overhauling operations and marketing at its venture in the city to boost the company’s revenue after an “underwhelming” start. “Our Macau market share is half what it should be,” Jim Murren , chief executive officer and chairman, said in an interview yesterday in Las Vegas, where the company is based. “The other U.S.-based and other newer casinos have been more aggressive in marketing, more aggressive” in recruiting and junket relationships, he said. MGM Mirage may consider an initial public offering for the Macau business when earnings improve, Murren said.

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Wal-Mart Everyday Low Laptops Lure Buyers to Profitable Hard-Drives, Cases

July 31, 2009

By Courtney Dentch and Mark Clothier July 31 (Bloomberg) — Staples Inc. and Wal-Mart Stores Inc

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Glaxo Adds Face Masks to Flu Franchise as Sales Soar from Global Outbreak

July 31, 2009

By Trista Kelley July 31 (Bloomberg) — GlaxoSmithKline Plc may reap 1.53 billion pounds ($2.52 billion) of sales from the outbreak of pandemic flu in the next six months, and that’s before the drugmaker introduces its latest influenza product.

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China’s Missiles Must Go, Taiwan Summit With Hu `Ultra-Sensitive,’ Ma Says

July 31, 2009

By Stuart Biggs and Stephen Engle July 31 (Bloomberg) — Taiwan President Ma Ying-jeou says China must stop targeting the island with hundreds of missiles to extend the deepest thaw in relations in six decades. While ties with China are “good and getting better,” missiles are “very much on the mind” of the island’s people, Ma, 59, said in an interview today at the Presidential Office Building in Taipei

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Video: Is The Recession Easing?

July 31, 2009

U.S. economy probably shrink at slower pace in second quarter. (Bloomberg News)

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Bank Debt Swaps in Europe Head for Best Month Since April 2008 on Earnings

July 31, 2009

By Abigail Moses and Caroline Hyde July 31 (Bloomberg) — The cost of protecting bank bonds from default headed for its biggest monthly decline since April 2008 in Europe as trading in fixed-income assets, surging stock prices and record bond issuance boosted earnings. The Markit iTraxx Financial index of credit-default swaps on 25 European banks and insurers is on pace for an almost 30 percent decline, according to JPMorgan Chase & Co. It tumbled as much as 33 basis points to 77, the lowest since Aug. 18.

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Bank Debt Swaps in Europe Head for Best Month Since April 2008 on Earnings

July 31, 2009

By Abigail Moses and Caroline Hyde July 31 (Bloomberg) — The cost of protecting bank bonds from default headed for its biggest monthly decline since April 2008 in Europe as trading in fixed-income assets, surging stock prices and record bond issuance boosted earnings. The Markit iTraxx Financial index of credit-default swaps on 25 European banks and insurers is on pace for an almost 30 percent decline, according to JPMorgan Chase & Co. It tumbled as much as 33 basis points to 77, the lowest since Aug

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Continental Chief Executive Set to Leave After Pushing Through Share Sale

July 31, 2009

By Cornelius Rahn and Hellmuth Tromm July 31 (Bloomberg) — Continental AG Chief Executive Officer Karl-Thomas Neumann is set to step down after pushing through a share sale of as much as 1.5 billion euros ($2.1 billion) against majority owner Schaeffler Group.

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British Airways Posts Loss, Sees Further Declines as Business Class Wilts

July 31, 2009

By Steve Rothwell July 31 (Bloomberg) — British Airways Plc reported a first-quarter loss and said passenger receipts have further to fall as the recession forces business travelers to buy cheaper tickets, mitigating the benefits of any recovery in traffic. The net loss was 106 million pounds ($175 million) in the three months ending June 30, compared with a year-earlier profit of 27 million pounds, the London-based company said today in a statement

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Daiwa Profit Surpasses Nomura’s as Market Revival Boosts Underwriting Fees

July 31, 2009

By Takahiko Hyuga July 31 (Bloomberg) — Daiwa Securities Group Inc. , Japan’s second-largest brokerage, posted higher first-quarter profit than larger Nomura Holdings Inc. as a stock market revival boosted equity underwriting. Net income surged to 17.87 billion yen ($187 million) in the three months ended June 30, compared with a 5.9 billion yen profit a year earlier, Daiwa said in a statement today

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Daiwa Profit Surpasses Nomura’s as Market Revival Boosts Underwriting Fees

July 31, 2009

By Takahiko Hyuga July 31 (Bloomberg) — Daiwa Securities Group Inc. , Japan’s second-largest brokerage, posted higher first-quarter profit than larger Nomura Holdings Inc

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European Consumer Prices Fall Most in 13 Years; Unemployment Rate Is 9.4%

July 31, 2009

By Emma Ross-Thomas July 31 (Bloomberg) — European consumer prices fell by the most in at least 13 years in July after energy costs declined and unemployment rose to the highest in a decade. Prices in the euro region dropped 0.6 percent from a year earlier, the most since the data were first compiled in 1996, the European Union statistics office in Luxembourg said today. That exceeded the 0.4 percent decrease forecast by economists, according to the median of 32 estimates in a Bloomberg survey. Unemployment rose to 9.4 percent in June, the highest since 1999, from a revised 9.3 percent in May, a separate report showed.

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Economy’s Slump Probably Eased in Second Quarter as Obama Plans Took Hold

July 31, 2009

By Shobhana Chandra July 31 (Bloomberg) — The U.S. economy probably shrank at a slower pace in the second quarter, a sign the worst recession in half a century is winding down, economists said before a report today

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Economy’s Slump Probably Eased in Second Quarter as Obama Plans Took Hold

July 31, 2009

By Shobhana Chandra July 31 (Bloomberg) — The U.S. economy probably shrank at a slower pace in the second quarter, a sign the worst recession in half a century is winding down, economists said before a report today. Gross domestic product contracted at a 1.5 percent annual rate from April to June after dropping 5.5 percent the prior quarter, according to the median forecast of 78 economists surveyed by Bloomberg News. The report will also include benchmark revisions for prior quarters.

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Yen, Dollar Fall Before U.S. GDP Report; Stock-Index Futures, Metals Climb

July 31, 2009

By Justin Carrigan July 31 (Bloomberg) — The yen and the dollar fell, stock futures rose and metals led commodities higher on speculation a U.S.

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Yen, Dollar Fall Before U.S. GDP Report; Stock-Index Futures, Metals Climb

July 31, 2009

By Justin Carrigan July 31 (Bloomberg) — The yen and the dollar fell, stock futures rose and metals led commodities higher on speculation a U.S.

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McKinsey Study Finds Commercial and Residential Buildings Key to Unlocking Nation’s Energy Efficiency Potential

July 31, 2009

Investing $125 billion in efficiency measures over the next decade would reduce energy consumption and greenhouse gas emissions in the U.S. commercial sector to pre-2008 levels, according to a new report by the consulting group McKinsey & Co. The commercial…

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Video: Bernanke Portfolio Takes A Hit

July 31, 2009

Federal Reserve Chairman Ben Bernanke’s assets falls during the year. (Bloomberg News)

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Video: Southwest Bids $113.6M For Frontier

July 31, 2009

Southwest offers to buy Frontier Airlines for almost 114 million dollars.

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Video: British Airways Earnings

July 31, 2009

British Airways reports loss on air travel slump.

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Video: JetBlue CEO On Oil Speculators

July 31, 2009

JetBlue C.E.O. Dave Barger gives hist thoughts about oil restrictions in airline companies.

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Keiretsu Forum Announces Event With Distinguished Panel of Real Estate Experts

July 31, 2009

– 07/30/09 — Keiretsu Forum, the world’s largest angel investment community, will host a program to discuss Real Estate Investment Opportunities in the next 12 months. The program will take place Wednesday morning, August 19 from 8-11am at the Autodesk

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Keiretsu Forum Announces Event With Distinguished Panel of Real Estate Experts

July 31, 2009

– 07/30/09 — Keiretsu Forum, the world’s largest angel investment community, will host a program to discuss Real Estate Investment Opportunities in the next 12 months. The program will take place Wednesday morning, August 19 from 8-11am at the Autodesk

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Macerich Sells 49% of Star New York City Asset to Cadillac Fairview

July 31, 2009

The Cadillac Fairview Corporation, a subsidiary of Ontario Teachers’ Pension Plan, is becoming a joint venture partner in the Queens Center, a 966,499-square-foot urban mall in Queens, NY. The center’s owner since 1995, Macerich, said it would receive…

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Macerich Sells 49% of Star New York City Asset to Cadillac Fairview

July 31, 2009

The Cadillac Fairview Corporation, a subsidiary of Ontario Teachers’ Pension Plan, is becoming a joint venture partner in the Queens Center, a 966,499-square-foot urban mall in Queens, NY. The center’s owner since 1995, Macerich, said it would receive…

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GDP report is likely to show recession eased in 2Q

July 31, 2009

WASHINGTON — The recession likely eased in the spring, with the U.S. economy no longer in free-fall

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GDP report is likely to show recession eased in 2Q

July 31, 2009

WASHINGTON — The recession likely eased in the spring, with the U.S. economy no longer in free-fall

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Fat Duck’s Blumenthal Gets Cooking in City for Hunger Charity: Food Buzz

July 30, 2009
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Google Summons Android for Smart-Phone Attack: Rich Jaroslovsky

July 30, 2009
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Debt at 200% of GDP Means Throw Those Bums Out: William Pesek

July 30, 2009
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Japan’s Jobless Rate Rises to Six-Year High, Prices Drop at Record Pace

July 30, 2009

By Toru Fujioka and Mayumi Otsuma July 31 (Bloomberg) — Japan’s unemployment rate rose to a six-year high in June, undermining the outlook for consumer spending just as exports start to improve. The jobless rate advanced to 5.4 percent from 5.2 percent in May, the statistics bureau said today in Tokyo, higher than the 5.3 percent median forecast of economists surveyed. Consumer prices excluding fresh food, the central bank’s preferred gauge, fell a record 1.7 percent in June, a separate report showed

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Obama Calls White House Talk With Gates and Crowley ‘Friendly, Thoughtful’

July 30, 2009

By Nicholas Johnston July 31 (Bloomberg) — President Barack Obama hosted a “friendly, thoughtful” talk last night with Harvard University scholar Henry Louis Gates Jr . and police Sergeant James Crowley , whose confrontation led to a national debate about race and sidetracked the administration’s domestic agenda. The two men and Obama, who professed before the meeting to being “fascinated with the fascination” about it, spent about 40 minutes at a table near the White House Rose Garden for a conversation over beers

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Carlyle, Longreach May Merge Taiwanese Banks They Own With Local Rivals

July 30, 2009

By Cathy Chan July 31 (Bloomberg) — Carlyle Group and Longreach Group Ltd.

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Mizuho Reports Fourth Straight Quarterly Loss on Higher Bad-Loan Charges

July 30, 2009

By Finbarr Flynn July 31 (Bloomberg) — Mizuho Financial Group Inc. , Japan’s third-biggest bank by market value, booked its fourth-straight quarterly loss on higher bad loan charges. The 4.5 billion yen loss ($47 million) in the three months ended June 30 compares with a 133 billion yen profit a year earlier, and a loss in the preceding quarter, the Tokyo-based bank said in a statement today

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China Says Iron Ore Producers `Distorted’ Market With Massive Spot Sales

July 30, 2009

By Bloomberg News July 31 (Bloomberg) — China , the world’s largest consumer of iron ore, said suppliers of the steelmaking material have “distorted” the market and disrupted annual contract talks by “massive” selling on the cash market. Spot iron ore accounted for about 83 percent of imports this year, the China Iron & Steel Association said today in a statement issued in Beijing

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Treasuries Decline on Speculation GDP Report Will Show Recession Is Easing

July 30, 2009

By Wes Goodman July 31 (Bloomberg) — Treasuries fell, heading for a fourth monthly loss, before a government report that economists said will show the deepest U.S. economic recession in 50 years is easing.

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Japan’s Jobless Rate Rises to Six-Year High; Prices Decline at Record Pace

July 30, 2009

By Toru Fujioka and Mayumi Otsuma July 31 (Bloomberg) — Japan’s unemployment rate rose to a six-year high in June, undermining the outlook for consumer spending just as exports start to improve. The jobless rate advanced to 5.4 percent from 5.2 percent in May, the statistics bureau said today in Tokyo, higher than the 5.3 percent median forecast of economists surveyed. Consumer prices excluding fresh food, the central bank’s preferred gauge, fell a record 1.7 percent in June, a separate report showed

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Asian Stocks Rise on Profit Reports; MSCI Index Set for Fifth Monthly Gain

July 30, 2009

By Patrick Rial and Kotaro Tsunetomi July 31 (Bloomberg) — Asian stocks climbed, sending the MSCI Asia Pacific Index to a fifth monthly gain, as better-than- expected earnings and a rally in commodities lifted confidence the global economy is headed toward recovery.

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Secondary Prices Deteriorate for Real Estate Partnerships

July 30, 2009

for illiquid assets released to customers its report, ‘ .’ ‘Median secondary bids continue to decline for interests in commercial real estate partnerships relative to private equity partnerships, due to concerns about vacancies, rental rates and

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Ireland reveals plan of bad bank to buy dud loans

July 30, 2009

Ireland reveals plan of bad bank to buy dud loans

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Air France-KLM reports $598m Q1 loss

July 30, 2009

Air France-KLM reports $598m Q1 loss

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Japan’s Jobless Rate Rises to a Six-Year High, Damping Hopes of Recovery

July 30, 2009

By Toru Fujioka

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Senate Health-Care Bill Won’t Be Considered Next Week in Setback for Obama

July 30, 2009

By Laura Litvan July 30 (Bloomberg) — Senate Finance Committee Chairman Max Baucus said his panel won’t consider health-care legislation next week, dealing another setback to President Barack Obama ’s timetable for his top domestic policy goal. “It’s clear there won’t be a markup next week,” Baucus told reporters after meeting with a group of Democratic and Republican senators at the Capitol. “We are committed to finding a bipartisan solution as expeditiously as possible.” Earlier today, Senator Mike Enzi , one of three Republican lawmakers working with Baucus on the measure, said he wouldn’t agree to a plan before the Senate adjourns next week, setting the stage for the decision to abandon the effort to complete a deal on the panel before the recess. “The bill is not ready for prime time, so I don’t know of any way it can be completed today or next week or before the August break,” said Enzi, a Wyoming Republican

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Obama Welcomes Sergeant Crowley, Professor Gates to White House for Beer

July 30, 2009

By Nicholas Johnston July 30 (Bloomberg) — President Barack Obama welcomed Harvard University scholar Henry Louis Gates Jr . and police Sergeant James Crowley to the White House this evening for a private talk over beers at a table outside the Oval Office. The three, joined by Vice President Joe Biden , sat briefly for photographs and video and made no statements before diving into a private discussion intended to put behind them the national controversy that followed the July 16 arrest of Gates, who is black, by Crowley, who is white. The men had “a friendly, thoughtful conversation,” Obama said in a statement released after the event

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HSBC May Post First-Half Loss as U.S. Unit Pushes Bad Loans to $15 Billion

July 30, 2009

By Jon Menon July 31 (Bloomberg) — HSBC Holdings Plc , Europe’s biggest bank by market value, may report a second straight loss after setting aside $15.3 billion, mainly for consumer loans that soured in the U.S. The first-half net loss probably will be $600 million, compared with earnings of $7.72 billion a year earlier, according to the median estimate of seven analysts surveyed by Bloomberg. London-based HSBC had a $2 billion loss in the second half of 2008 after bad-loan provisions increased 37 percent. “The key thing is the U.S.,” said Leigh Goodwin , a London-based analyst at Fox-Pitt, Kelton Cochran Caronia Waller LLC, who has an “outperform” rating on HSBC.

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Goldman, JPMorgan Sent Subpoenas by Senate Panel Probing Mortgage Crisis

July 30, 2009

By Christopher Stern July 30 (Bloomberg) — A Senate panel seeking evidence of fraud tied to last year’s mortgage crisis has issued subpoenas to financial companies including Goldman Sachs Group Inc. and JPMorgan Chase & Co ., said U.S. Senator Tom Coburn , a Republican from Oklahoma.

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Japan Consumer Prices Fell Record 1.7% in June, Stoking Deflation Concern

July 30, 2009

By Mayumi Otsuma July 31 (Bloomberg) — Japan’s consumer prices fell at a record pace in June, adding to signs that deflation may hamper a rebound from the nation’s worst postwar recession. Prices excluding fresh food declined 1.7 percent from a year earlier after sliding 1.1 percent in May, the statistics bureau said today in Tokyo. The decrease, the sharpest since the survey began in 1971, matched the estimate of economists. Bank of Japan board members say price declines will probably accelerate in coming months, signaling the central bank will maintain its extraordinary policy of keeping interest rates near zero

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Fed’s Bear Stearns, AIG Assets Rise to $62.2 Billion, Paring Paper Losses

July 30, 2009

By Scott Lanman July 30 (Bloomberg) — The Federal Reserve raised its estimated value of investment portfolios acquired in the rescues of Bear Stearns Cos.

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