Walt Mossberg, personal finance columnist for The Wall Street Journal, is arguably America’s most influential tech reviewer – someone who can literally make or break products, or at least the perception thereof. After Mossberg’s review of the 3G iPhone hi
Daily Archives: July 9, 2008
Bear Takes a Holiday, Comes Back Angry
Once again, “relief” for the stock market proved to be a mere reprieve as major averages gave back all of Tuesday’s gains – and then some – today.The Dow fell 237 points or 2.1%, the S&P lost 2.3% and the Nasdaq fell nearly 60 points or 2.6%
3G iPhone: Can It Run on Flower Power?
The 3G iPhone goes on sale Friday morning, but some people just can’t wait. Since July 4, there’s been a line of folks waiting at the 5th Avenue Apple store in New York City for a chance to be the first to get Steve Jobs’ latest wonder. But the people beh
We Need a Bailout: Housing Legislation ‘Close to a Joke’, Corcoran Says
The housing legislation snaking its way through Congress calls for $300 billion to fund FHA-insured refinancing and expanded powers for Fannie Mae and Freddie Mac. …
RIM’s iPhone-Killer BlackBerry Thunder Nowhere Near Ready
From Silicon Alley Insider, July 9, 2008: Verizon Wireless is counting on a touchscreen BlackBerry from Research In Motion — code-named “Thunder” — to help it compete against archrival AT&T, which is Apple’s exclusive U.S. carrier partner
Murdoch in Sun Valley: No deals
Consummate dealmaker Rupert Murdoch, Chairman and Chief Executive of News Corp, strolled into the Sun Valley Inn for the first full day of Allen & Co’s annual mogul retreat.
Asked by CNBC reporter Julia Boorstin whether he was buying anything, he shot back, “Not today. Not this week.”
That might provide some small comfort for shareholders who have sent shares of News Corp sinking close to 30 percent since the beginning of the year on a variety of issues, including a sluggish economy and threats of an advertising recession. Shareholders also craw about the dreaded “Murdoch Discount” — investor concern the media tycoon will suddenly make another a big purchase.
Recent actions to privatize NDS Group, which nets News Corp an estimated $1.7 billion in cash, have only exacerbated those fears.
(Photo: Rick Wilking for Reuters)
Barbara Corcoran’s Top 4 Tips for Sellers
You don’t have to be a real estate legend like Barbara Corcoran to know it’s a buyer’s market. But if you’re trying to sell, it pays to have advice from an expert like Corcoran, who turned The Corcoran Group into a billion-dollar business before selling t
Why This Housing Bust Is Worst Ever: The American Dream Ends
The current housing downturn isn’t over and is “much much worse” than past downturns, says Barbara Corcoran, who built The Corcoran Group into a multi-billion firm during the real estate busts of the mid-1970s, 1980s and early 1990s. This downtu
InBev’s slammer
InBev, seeking to avoid a lengthy courtroom battle in its takeover attempt of Anheuser-Busch, has asked a court to make a summary judgment on its suit over the removal of all 13 Anheuser board directors. Inbev had previously filed a lawsuit in Delaware Chancery Court seeking to confirm the right of Anheuser shareholders to remove the entire board without cause, and Anheuser has said it would challenge InBev’s claim. The court of public opinion may move more slowly than the one in Delaware in this case, as politicians weigh in about the potential tragedy of Budweiser becoming a little less American if the Dutch Belgian brewer’s $46.3 billion offer wins.
WPP Group, the world’s second-largest advertising company, made a hostile 1.08 billion pound ($2.13 billion) bid for Britain’s Taylor Nelson Sofres, challenging its agreed merger with GfK Holdings. TNS is the world’s third-biggest market research company with clients such as Procter & Gamble. The WPP offer has a significant amount of cash, so the lack of a premium to current prices may not bother TNS shareholders wanting to reduce exposure to the advertising environment, with the pervading frosty economic conditions. A source familiar with the situation told Reuters on Wednesday that Germany’s GfK was considering making a counter-offer for TNS with a co-investor to head off the WPP bid and safeguard its own deal.
Other deals of the day:
* Huron Consulting said it bought management consulting firm Stockamp & Associates for about $219 million in a cash and stock deal to expand its footprint in the hospital consulting space.
* Chinese logistics giant Sinotrans has agreed to merge with China Yangtze Transportation, the listed units of the two companies said.
* Belgian-Dutch financial services group Fortis said on Wednesday it had sold former ABN AMRO unit International Asset Management as part of a strategy to bolster its balance sheet.
* Suez Tractebel, part of France’s Suez Energy International, plans to sell its 32.8 percent stake in Oman’s United Power before next March at the government’s behest, a company official said.
* Russian electricity holding Integrated Energy System plans to raise up to $1 billion selling off non-core assets, the head of the company told reporters late on Tuesday.
* Polish media group Agora plans to take over news channel Superstacja to secure a foothold on the local television market, daily Rzeczpospolita reported on Wednesday, without citing sources.
* KPIT Cummins Infosystems said it has bought the mechanical design services of Harita TVS Technologies for an undisclosed sum.
Newer, Faster, Cheaper iPhone 3G
From All Things Digital, July 8, 2008:Software and Online Store Will Widen Its Versatility, But There Are Hidden CostsApple Inc.’s iPhone has been the world’s most influential smart phone since its debut a year ago, widely hailed for its beauty and functi