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Wholesale prices rise by sharp 1.8 percent in June (Finance, 16 articles)
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NEW YORK The stock market notched its best gain in 3 1/2 months Wednesday as a second straight day of falling oil prices led Wall Street to shake off troubling new data on inflation. South Africa's rising official inflation figures, which have sparked escalating industrial action and sent the cost of borrowing to a five-year high, are overestimated and based on "make-believe" calculations, a leading bank said on Wednesday. The U.S. government said Wednesday that the inflation rate last month hit the second-highest rate in 26 years, reaching 1.1 per cent for the month. The Labor Department reported that consumer prices jumped 1.1 percent last month, much worse than had been expected. WASHINGTON - Soaring costs for gasoline and food pushed inflation at the wholesale level up by a larger-than-expected amount in June, leaving inflation rising over the past year at the fastest pace in more than a quarter-century. But the "upside risks to the inflation outlook have intensified" with a "sharp pick-up in inflation" driven by commodity prices and an increase in some measures of inflation expectations. Japan's central bank has left interest rates on hold and cut its forecast for growth amid concerns about rising costs and signs of an economic slowdown.
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ABC News: Feds Probe IndyMac Bank Collapse (Finance, 7 articles)
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The FBI is investigating failed bank IndyMac Bancorp Inc. for possible fraud, an official said today of the government's latest target following the collapse of the nation's subprime mortgage market. WASHINGTON (Reuters) - IndyMac is under investigation by the FBI for possible fraud involving home loans made to risky borrowers, The Associated Press reported on Wednesday, citing an unnamed law enforcement official. The report said it was not immediately clear how long the FBI's probe of the bank has been ongoing but the probe is focused on the company and not individuals who ran the thrift institution.
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EBay gains on rise in auctions (Finance, 4 articles)
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Wells Fargo amp; Co., the second-biggest US mortgage lender, rose the most since at least 1980 after reporting profit topped analysts' estimates and raising its dividend. Second-quarter net income dropped 23 percent to $1.75 billion, or 53 cents a share, exceeding analysts' average estimate of 50 cents. JPMorgan Chase Co., ranked third, is scheduled to report today, and Citigroup, the industry's biggest, discloses earnings tomorrow.
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Other stories about cents, share and quarter:
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Apple iPhone, Asia demand create touch-screen boom (Finance, 8 articles)
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The launch of the first iPhone model a year ago boosted interest in the technology tremendously, and the updated model available Friday likely will stoke enthusiasm further. Carrier Softbank Corp., which beat market leader NTT DoCoMo for the right to sell the iPhone in Japan, is planning a countdown ceremony at its flagship downtown store. The iPhone goes on sale there five hours earlier than other nationwide outlets, helping to kick off a global rollout in 22 nations.
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AOL talks with Microsoft, Yahoo heat up: source (Finance, 9 articles)
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Word of a meeting follows a breakdown in negotiations between Microsoft and Yahoo over the weekend, one that led activist investor Carl Icahn to step up efforts Monday to replace Yahoo's board in an Aug. 1 shareholder vote. 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. Investigators are planning to demand documents not only from Google and Yahoo, but also from other large companies in the Internet and media industries, said the sources, who spoke on condition of anonymity because the investigation is ongoing.
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GM cutting back on NASCAR spending (Finance, 5 articles)
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Troubled General Motors has notified two racetracks that run NASCAR events that their current contracts will not be renewed as part of an overall $10 billion cost-cutting program. GM announced Tuesday that it had suspended its stock dividend and will sell up to $4 billion in assets, moves made necessary by the downturn in sales and the rising cost of gas. This time, GM is facing one of the most serious threats in its nearly 100-year history, with one analyst speculating that the world's largest automaker by sales could wind up seeking bankruptcy protection.
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China June CPI up 7.1 pct yr-on-yr; H1 up 7.9 pct (Finance, 4 articles)
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BEIJING (XFN-ASIA) - China's consumer price index (CPI) rose 7.1 pct year-on-year in June, down from 7.7 pct in May, the National Bureau of Statistics said. HONG KONG (XFN-ASIA) - Share prices opened sharply higher, tracking a rally on Wall Street after oil prices fell further and US banking major Wells Fargo reported better-than-expected quarterly results. China banks were higher, with Bank of China up 0.1 hkd or 3.02 pct at 3.41, China Construction Bank up 0.23 hkd or 3.69 pct at 6.47, and China Merchants Bank up 0.90 hkd or 3.52 pct at 26.5.
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Boeing, Airbus say Bombardier's new plane is no cause for worry (Finance, 5 articles)
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FARNBOROUGH, England - Boeing's 787 Dreamliner is still on track for first flight this fall and delivery in the third quarter of 2009, but manufacturing issues are cutting into the extra margin Boeing built into the schedule. Airbus announced 148 jetliner orders valued at more than $17 billion on day two of the Farnborough International Air Show, more than 10 times the value of work secured by Boeing. Farnborough, U.K. - The world's biggest air show kicked off its second day on Tuesday with orders for 20 jets for European plane maker Airbus and an update from Boeing that its previously delayed 787 jetliner remains on schedule.
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Citi Settlement Ends Enron Creditors' 'Mega Claims' Suit (Finance, 4 articles)
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A federal appeals court yesterday thwarted attempts by a group of Enron investors to sue investment banks over their role in the Houston energy trader's collapse, giving Wall Street a powerful weapon to defend itself against future claims. 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. SEC officials are seeking financial penalties and orders that would bar the men from serving as officers or directors of a publicly traded company.
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blaster@cs.columbia.edu
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