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Fretting over Fannie and Freddie: Investors nervously await action to help mortgage giants (Finance, 51 articles)
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WASHINGTON Acting to prevent a severe disruption of the mortgage market, the federal government stepped in Sunday with plans for a sweeping aid package designed to bolster confidence in battered home-loan giants Fannie Mae and Freddie Mac. The plan calls on Congress to expand the companies' access to credit and allow the Treasury to buy shares in the companies if needed. There were encouraging signs Monday for the rescue plan, but also signs of concern - notably on Wall Street, where shares of the two companies slumped further - that the plan won't be enough. While the companies say they have adequate access to capital, the government's effort to help the companies is designed to reassure investors who have grown nervous about further fallout from the nearly year-old credit crisis. As the Bush administration scrambles to address the sudden decline of the country's two largest mortgage finance companies, some of their longtime critics say the crisis has been building for years. WASHINGTON - A day that began with a stomach-churning drop in stock prices for the two largest mortgage finance companies ended with a measure of relief, after government officials and lawmakers managed to calm investors worried about the health of the two companies.
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Other stories about Freddie, Fannie and mortgage:
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Carl Icahn nominates nine Yahoo board directors to ensure Microsoft deal (Finance, 8 articles)
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NEW YORK Billionaire investor Carl Icahn filed a definitive proxy statement today in his fight with Yahoo Inc., nominating nine directors for the Internet company's board. Microsoft first offered to buy Yahoo five months ago, but the software maker ultimately walked away from a deal in May after last-ditch efforts to negotiate a mutually acceptable sale price failed. NEW YORK (Reuters) - Activist shareholder Carl Icahn blasted Yahoo Inc on Monday for rejecting his joint proposal with Microsoft Corp, saying management was more focused on who would run the Internet company than on the details of the offer.
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Other stories about Microsoft, company and board:
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In $52 billion deal, InBev snags Anheuser-Busch and its marketing savvy - (Finance, 13 articles)
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InBev SA has an ambitious plan behind its $52 billion acquisition of Anheuser-Busch, hoping to tap into the US company's marketing power and make the Budweiser and Bud Light brands into globally recognized products. InBev agreed to buy Anheuser-Busch Cos. for $52 billion to become the world's biggest brewer and gain almost half the U.S. market for beer, the companies said in a joint news release early today. ST. LOUIS, Mo. - Outrage mixed with sad resignation Monday in the home city of brewer Anheuser-Busch Cos Inc, following its $52 billion takeover by Belgium-based InBev NV.
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Apple sells one million iPhones in first three days after release (Finance, 10 articles)
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Half of Apple's stores in the U.S. had sold out by Sunday, while carriers in the Britain, Germany and Japan said many shops ran out the first day. NEW YORK - One million iPhones were sold in the three days following the release of the latest model in a " stunning opening weekend Apple Inc. CEO Steve Jobs announced Monday. The original iPhone, introduced in late June 2007 in the United States only, sold about 270,000 units in its first two days.
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EBay wins ruling in Tiffany case over trademarks (Finance, 6 articles)
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NEW YORK EBay Inc. scored an important victory in court Monday as a federal judge said companies such as jeweler Tiffany & Co., not auction platforms like EBay, are responsible for policing their trademarks online. Tiffany had sued EBay in 2004, arguing that most items listed for sale as genuine Tiffany products on EBay's sites were fakes. To shift toward that model, eBay has struck a deal with the Web retailer B that allows the company to sell millions of books, DVDs, electronics and other items on eBay without paying the full complement of eBay fees.
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GM readies for new round of job cuts (Finance, 6 articles)
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DETROIT - General Motors is expected to reveal a "wide-ranging" plan on Tuesday to address its deteriorating sales and liquidity by cutting more jobs and taking other steps aimed at reviving its turnaround effort. G.M. said late Monday that its chief executive , Rick Wagoner, would address employees in the morning before appearing at a news conference along with other executives. General Motors Corp. is expected to cut several thousand salaried jobs and further slash truck production in response to falling U.S. sales and Wall Street's demands for more action to stem its losses, according to people briefed on the plan.
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UK factory gate inflation surges (Finance, 6 articles)
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Consumers are increasingly reluctant to venture into the uncertain housing market or to spend beyond essential purchases, according to two surveys out on Tuesday that suggest households are feeling the strain of tight credit conditions and rising living costs. Factory gate inflation has hit double-digit figures for the first time in more than 20 years, underlining the strong price pressures in the economy that have stopped the Bank of England cutting interest rates. Economists said the year-on-year increase of 10 per cent in the prices charged by manufacturers increased the risk of a knock-on effect on consumer price inflation, the measure the Bank uses to decide monetary policy.
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Waste Management offers $6.2bn for Republic Services (Finance, 5 articles)
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Waste Management, the largest waste disposal company in the US, on Monday made an unsolicited $6.19bn offer to take over Republic Services, the third largest. An acquisition of Republic by Waste Management would create a company with sales of $16.5bn last year, compared with $9.24bn for a Republic-Allied merger. But that deal's worth had declined along with Republic's share price and was valued at about $5.43 billion, $12.56 a share, as of Friday's close.
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blaster@cs.columbia.edu
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