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Bank of Japan downgrades growth forecasts (Finance, 9 articles)
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The price of meat - especially the cost of beef - was one of the key factors in the rising inflation rate, according to official statistics. Price rises, said Andrew Sentance, would be curbed and inflation brought under control only when household incomes had been squeezed, economic growth reduced and unemployment raised. Its expectations for headline inflation, fuelled by higher oil and food prices, moved even more sharply, from 1.1 per cent to 1.8 per cent. Thailand's central bank is expected on Wednesday to try to curb inflation, running at 8.9 per cent, by raising interest rates by as much as half a point. 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. June's rise in producer prices marked a further sharp jump from May's 9.3% annual rise, official figures showed, reflecting the spiralling cost of fuel.
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Other stories about inflation, Prices and growth:
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Microsoft cites Yang comments on Google-Yahoo deal (Finance, 10 articles)
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WASHINGTON - Yahoo Inc. drew skepticism from lawmakers when company officials said a plan to run some Internet search-based advertising sold by Google Inc. wouldn't hurt competition. Google, operator of the most popular search engine, and Yahoo, its closest competitor, said their arrangement wouldn't drive up prices for Web-based ads or expose users' personal information. Yahoo announced the deal with Google last month, after rebuffing takeover efforts by Microsoft Corp., which claims the agreement threatens to reduce competition in Internet advertising and raise prices.
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Bank of Canada holds line again on key interest rate (Finance, 8 articles)
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Canada's main stock index lost 383 points on Tuesday as investors continued to fret over the health of the U.S. financial system and oil prices tumbled. Bank shares across Europe were hit by a fresh wave of selling on Tuesday, as investor fears about the health of the US financial system intensified. Asian stocks took their cue from Wall Street and financials were categorically sold off, following a timid drop on Monday, as concerns over the extending credit crisis and slowing economies ricocheted across the region.
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Intel profits excel in second quarter (Finance, 5 articles)
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Despite high gas prices and widespread fears of an economic downturn, Intel, the largest chip maker, reported a sharp rise in profit on Tuesday and said strong demand worldwide for computer chips would continue in the current quarter. " Independent of the climate, we had a great second quarter Stacy J. Smith said in an interview on Tuesday. (Reuters) - European regulators are preparing to file new antitrust charges against Intel Corp, expanding a probe into the chipmaker's marketing and sales practices, The Wall Street Journal said, citing people familiar with the matter.
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Court Clears eBay in Suit Over Sale of Counterfeit Goods (Finance, 4 articles)
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EBay won a closely watched court battle against luxury jeweler Tiffany, easing Wall Street's fears that the online auctioneer might face a costly revamp of its business model to police counterfeit goods. 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. The deal with B has added over five million fixed-price listings to eB since the beginning of the year - for items from Xbox 360 video game consoles to Weber grills.
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Not all mutual funds have what it takes to weather a downturn (Finance, 4 articles)
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After the technology bubble burst, the Standard and Poor's 500 stock index plunged 42 percent from April 2000 through February 2003. The Securities and Exchange Commission is proposing that fund companies electronically "tag" key information such as investment objectives, risks and fees in their fund prospectuses and annual reports. Funds now keep their proxy-voting policy on company Web sites, so that investors can learn how management is likely to vote on key issues like executive compensation, implementation of poison pills and other anti-takeover measures and more.
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GM expected to cut several thousand salaried jobs - (Finance, 7 articles)
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DETROIT - With concern growing among investors about a possible bankruptcy filing, General Motors on Tuesday announced sweeping cost cuts and other measures to bolster its tenuous cash position. 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. Tuesday's actions, which the company said will save $15 billion through 2009, carry a more urgent tone than past roadmaps to recovery.
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blaster@cs.columbia.edu
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