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G8 fears inflation could halt growth (Finance, 6 articles)
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The good news in yesterday's report is that core inflation - which excludes volatile food and energy prices - rose by only 0.1 percent. The Bank of England, seeking to maneuver between accelerating inflation and a slowing economy, left its main interest rate target unchanged at 5 percent on Thursday. Jean-Claude Trichet sounded the alarm on Wednesday over the spill-over effects of soaring oil prices, saying "first signs" were emerging that inflation dangers had spread into eurozone labour markets. Mr Trichet's comments in the European Parliament highlight the ECB's fear that wage growth is accelerating worryingly across the 15-country eurozone, threatening its attempts to bring high headline inflation rates back under control. In December 2004, the year his government took office, Manmohan Singh warned that India's system of subsidies, particularly those covering fuel and energy, was unsustainable. The following year, in a speech marking the first 12 months in office of the United Progressive Alliance, the Congress party-led ruling coalition, Mr Singh once again railed against "wasteful subsidies". That rate is more than double the ECB's target and lead the bank increasing its key interest rate to 4.25% last week.
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Other stories about inflation, Prices and rates:
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Dow Chemical agrees to buy rival, Morton owner, Rohm and Haas :: CHICAGO SUN-TIMES :: Business (Finance, 4 articles)
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Dow Chemical said Thursday that it had agreed to buy Rohm & Haas, a specialty chemical maker, for about $15.3 billion in cash. The acquisition, the biggest in Dow's 101-year history, is being financed with equity investments of $3 billion by Berkshire Hathaway, Warren E. Buffett s holding company, and $1 billion by the Kuwait Investment Authority. The deal, expected to close by early 2009, will create one of the nation's largest specialty chemical companies at a time when the industry is struggling and commodity prices are at record highs.
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Microsoft supports Icahn's Yahoo bid - (Finance, 6 articles)
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SAN FRANCISCO - Unable to beat Google in the Web search business on its own, Yahoo is trying a new approach. Yahoo, in turn, will sell ads on those new search engines; if some grab even small slivers of the search market, Yahoo will share in their success. Microsoft made an unsolicited offer to buy Yahoo for an estimated $47.5 billion earlier this year, but after Yahoo sought a higher price, Microsoft walked away from the discussions.
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Neiman Marcus' same-store sales fall as luxury market takes a hit (Finance, 6 articles)
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Retailers said on Thursday that sales at stores open at least a year, known as same-store sales and a barometer of retail health, rose higher than expected in June thanks to aggressive summer promotions, government stimulus checks and warm weather. Over all, chain store sales for June climbed 4.3 percent from last year, according to the International Council of Shopping Centers, a trade group. Same-store sales fell 12.7 percent, reflecting an 11 percent decline in store traffic and an average customer receipt that was 1.8 percent lower than a year ago.
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OPEC Leader Issues Warning About Iran and Oil Supply (Finance, 10 articles)
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World demand for oil will grow by 50% between now and 2030 as people in developing countries drive more cars, oil producers' group Opec says. Opec said that years of relatively low oil prices had led to under investment in oil production, leaving the industry unable to meet increased demand driven by booming economies such as China. Oil prices rebounded by more than $5 a barrel Thursday, as another missile launch by Iran stoked worries that escalating political tensions in the Middle East could cut off supplies out of the region.
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Buy-to-let: professional investors cash in on the credit crunch (Finance, 10 articles)
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Carrefour, the world's second largest retailer after Wal-Mart of the US, tumbled 8.6 per cent to €31.50, its lowest in five years, after sales at its French hypermarkets fell 2.4 per cent in the second quarter. The FTSE Eurofirst 300 fell 2.1 per cent to 1,156.98 erasing all of Wednesday's gains, with the CAC 40 in Paris down 2.5 per cent to 4,231.56 and Frankfurt's Xetra Dax shedding 1.3 per cent to 6,305. China's trade surplus fell by 20 per cent in June over the same month last year in a sign that the weaker global economy is having a serious impact on the country's export sector.
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Enron Update: Skilling's Last Stand (Finance, 7 articles)
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Washington Post staff writer Carrie Johnson was online from Houston to discuss the sentencing of former Enron chief Jeffrey K. Skilling at Noon ET on Tuesday, Oct. 24. Securities regulators yesterday sued two former Enron Corp. lawyers for allegedly participating in the devastating fraud and helping other executives at the Houston energy trader to mislead investors about financial setbacks and stock sales. The Securities and Exchange Commission accused Jordan H. Mintz, who served as general counsel to the global finance unit, and Rex R. Rogers of violating antifraud laws.
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Abu Dhabi Buys Chrysler Building (Finance, 4 articles)
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The government of Abu Dhabi bought a 90 percent stake in the Chrysler Building on Tuesday for $800 million from German real estate investors and Tishman Speyer. The majority stake in one of New York's most famous landmarks, the Chrysler Building, has been sold to a business arm of Abu Dhabi's government. The council, which has not commented on the deal, was reported to have paid about $800m ($400m) for the stake.
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blaster@cs.columbia.edu
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