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Inflation moves up on list of Bernanke's worries about the economy (Finance, 9 articles)
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CAMBRIDGE - Federal Reserve chairman Ben S. Bernanke signaled yesterday that the central bank is turning its attention to fighting inflation after several months of cutting interest rates to bolster a weakened economy and struggling financial system. The good news in yesterday's report is that core inflation - which excludes volatile food and energy prices - rose by only 0.1 percent. That suggests that the spike in fuel and food costs is not yet forcing workers and companies to demand higher wages and prices to offset those rising costs. The growing threat of inflation could lead to rating downgrades in many Middle Eastern countries as price pressures from soaring commodity prices coupled with strong consumer demand destabilise these economies. Expectations of future rises in inflation rose on Wednesday in bond markets to the highest level since the Bank of England gained independence 11 years ago. WASHINGTON Federal Reserve Chairman Ben S. Bernanke has moved inflation up on his list of worries, suggesting more pointedly than ever that the time for cutting interest rates is over in view of soaring oil and commodity prices and a weakened dollar. Federal Reserve Chairman Ben Bernanke said Wednesday he does not believe the United States will experience the out-of-control prices seen with 1970s oil shocks.
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Other stories about inflation, cent and Bank:
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Icahn demands Yahoo scrap employee severance plan (Finance, 15 articles)
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SAN FRANCISCO - Activist investor Carl Icahn escalated his attacks on Yahoo Inc.'s beleaguered board yesterday in an acerbic letter demanding the directors scrap an employee severance plan that drove up the potential costs of a Microsoft Corp. takeover. The internet company said Mr Icahn's reference to its employee retention plan as a poison pill "could not be further from the truth". If Yahoo's board clings to the severance plan, Icahn plans to follow through on his three-week-old threat to ask shareholders to fire the board at the Sunnyvale-based company's Aug. 1 annual meeting.
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GM to close 4 truck, SUV plants as consumers' preferences shift (Finance, 13 articles)
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General Motors' decision to close four manufacturing plants, including GM's pickup truck plant in Oshawa which will leave 2,600 employees out of work, has come under fire by workers and union leaders. GM CEO Rick Wagoner said Tuesday that higher gasoline prices are rapidly changing the auto industry sales mix, as consumers shift away from large trucks and SUVs. WILMINGTON, Del. - General Motors officially blew up its old business model Tuesday, closing four pickup and SUV factories, announcing a new small car that could get 45 miles per gallon and shedding 10,000 jobs in the process.
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Stocks wobble to mixed close on financial-sector concerns (Finance, 4 articles)
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Some investors looking to sidestep the troubled sector moved into technology stocks, giving the Nasdaq composite index the biggest advance of the major indexes. NEW YORK - Wall Street ended a wobbly session today with mixed results as concerns about the financial sector eroded enthusiasm over a decline in oil prices and a report that signaled modest growth in the service economy. NEW YORK (Reuters) - Blue-chip stocks dipped on Wednesday to close at their lowest since mid-April after Federal Reserve Chairman Ben Bernanke stoked inflation worries and concerns about more credit losses dogged financial shares.
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Other stories about Lehman, shares and Bank:
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Verizon Wireless reportedly in talks to acquire Alltel for $27 billion (Finance, 7 articles)
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Executives from Vodafone and Verizon, the US phone company in which the Berkshire-based group controls a 45 per cent stake, are understood to be in advanced discussions with Alltel, America's fifth-biggest cell phone operator. The transformational deal would represent the swansong of Arun Sarin who is planning to step down this summer. NEW YORK - Verizon Wireless is in talks to buy Alltel Communications, the country's fifth-largest wireless carrier by subscribers, for $27 billion, according to business news channel CNBC.
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Intel Dual-Core FAQ (Finance, 5 articles)
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SEOUL, South Korea - South Korea's antitrust regulator said Thursday it will order Intel Corp. to pay US$25.4 million for violating fair trade rules. The commission said Intel provided rebates to Samsung Electronics Co. and other South Korean computer makers who agreed to use Intel microprocessors over those manufactured by Sunnyvale, Calif.-based AMD, Intel's main competitor. Intel's move toward dual-core chip architecture and the subsequent retirement of the Pentium brand signals the next great leap in the evolution of the personal computer.
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Doubts raised about tenets of underwriting (Finance, 5 articles)
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Senior City figures and institutional investors lined up to denounce the decision by B&B to allow Citigroup and UBS to walk away from their promise to guarantee a critical $300million rights issue on Monday. For the first time in most investors' memory, the tried and tested British system of raising capital through an underwritten rights issue appears to have foundered. For decades, UK companies hoping to raise money by issuing shares at a discount have given existing shareholders rights of first refusal to new shares to avoid holdings being diluted.
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blaster@cs.columbia.edu
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