NewsDaily: Business Headlines

Freddie, Fannie plan protects taxpayers: Paulson (Reuters)

Mon, 08 Sep 2008 05:38:15 EDT

LONDON, Sep. 8, 2008 (Reuters) -- Treasury Secretary Henry Paulson said in an interview with U.S. radio broadast on Monday that a plan to take control of Freddie Mac <FRE.N> and Fannie Mae <FNM.N> had been structured in a way to protect U.S. taxpayers. ... > read full story

China and Japan hail U.S. mortgage rescue as doubts linger (Reuters)

Yoko Nishikawa and Natsuko Waki — Mon, 08 Sep 2008 05:22:15 EDT

TOKYO/BASEL, Sep. 8, 2008 (Reuters) -- China and Japan, the biggest buyers of Freddie Mac and Fannie Mae bonds, praised Washington for its rescue of the ailing mortgage giants, but investors had no illusions the bailout would end the global credit market misery. ... > read full story

Futures signal Wall Street jump on Fannie, Freddie plan (REUTERS)

Mon, 08 Sep 2008 05:17:39 EDT

, Sep. 8, 2008 (REUTERS) -- Stock index futures pointed to a jump on Wall Street on Monday after the government seized control of major mortgage firms Fannie Mae <FNM.N> and Freddie Mac <FRE.N>. ... > read full story

Altria to buy UST for $10.3 billion: report (Reuters)

Mon, 08 Sep 2008 04:57:05 EDT

, Sep. 8, 2008 (Reuters) -- Cigarette maker Altria Group Inc has agreed to buy Skoal and Copenhagen smokeless tobacco maker UST Inc for about $10.3 billion in cash, the Wall Street Journal said, citing people familiar with the matter. ... > read full story

Origin eyes $8 billion joint venture with Conoco to fend off BG (Reuters)

Fayen Wong and Tom Bergin — Mon, 08 Sep 2008 04:44:15 EDT

PERTH/LONDON, Sep. 8, 2008 (Reuters) -- Origin Energy Ltd <ORG.AX>, fending off an $11 billion hostile bid from Britain's BG Group Plc <BG.L>, is to spin off its coalbed methane assets into a joint venture with U.S. oil major ConocoPhillips <COP.N>. ... > read full story

Russia aims to corner energy markets: U.S. official (Reuters)

Tabassum Zakaria — Mon, 08 Sep 2008 04:20:32 EDT

ROME, Sep. 8, 2008 (Reuters) -- Russia aims to corner energy markets, a senior U.S. official said on Monday as Vice-President Dick Cheney arrived in Italy during a tour that has taken in eastern European states which are important transit routes. ... > read full story

Universal Pics to back digital cinema upgrade: report (Reuters)

Mon, 08 Sep 2008 02:35:32 EDT

, Sep. 8, 2008 (Reuters) -- Universal Pictures has agreed to back rollout of digital cinema equipment in U.S. theaters, people familiar with the matter told the Wall Street Journal. ... > read full story

U.S. talks with Fannie, Freddie turned sour: sources (Reuters)

Patrick Rucker — Mon, 08 Sep 2008 02:11:47 EDT

WASHINGTON, Sep. 8, 2008 (Reuters) -- Amicable talks between Fannie Mae <FNM.N> and Freddie Mac <FRE.N> and the U.S. mortgage finance companies' regulator about an aid package ended abruptly as policy-makers resolved in recent days to seize the firms, industry sources with knowledge of the events said. ... > read full story

China frets at U.S. risk after Fannie/Freddie bailout (Reuters)

Mon, 08 Sep 2008 02:06:56 EDT

BEIJING, Sep. 8, 2008 (Reuters) -- The U.S. Treasury's takeover of Fannie Mae and Freddie Mac is good news in the short term for China, the biggest holder of the giant mortgage lenders' debt, but Beijing's huge U.S. exposure still poses a serious risk, a prominent government researcher said on Monday. ... > read full story

Boeing strike threatens global aero industry (Reuters)

Laura Myers and Bill Rigby — Mon, 08 Sep 2008 01:39:46 EDT

EVERETT, Washington/NEW YORK, Sep. 8, 2008 (Reuters) -- Boeing Co's <BA.N> 27,000 machinists prepared for a third day of strike action, halting production at the plane maker's Seattle-area plants in protest at Boeing's contract offer and what they see as plans to shift more jobs to non-union and foreign companies. ... > read full story

Asian banks rally on Fannie, Freddie bailout (Reuters)

Lincoln Feast — Mon, 08 Sep 2008 01:18:21 EDT

SINGAPORE, Sep. 8, 2008 (Reuters) -- Shares in Asian banks soared on Monday after the U.S. government took over Fannie Mae <FNM.N> and Freddie Mac <FRE.N>, reassuring investors worried about exposure to the mortgage giants' bonds and the value of other risky debt assets. ... > read full story

U.S. hedge fund Fairfield, Swiss private bank merge (Reuters)

Paritosh Bansal — Mon, 08 Sep 2008 00:37:13 EDT

NEW YORK, Sep. 8, 2008 (Reuters) -- U.S. hedge fund Fairfield Greenwich Group has merged with Swiss private bank Banque Benedict Hentsch, bringing their combined assets under management to more than $18 billion. ... > read full story

WaMu picks Meridian's Fishman as new CEO: report (Reuters)

Sun, 07 Sep 2008 22:52:26 EDT

NEW YORK, Sep. 7, 2008 (Reuters) -- Washington Mutual Inc <WM.N>, the largest U.S. savings and loan, is replacing Chief Executive Kerry Killinger, making him the latest high-profile casualty of the credit crisis, the Wall Street Journal reported on its website on Sunday. ... > read full story

Oil surges $2 to near $109 on hurricane threat (Reuters)

Sun, 07 Sep 2008 21:36:02 EDT

PERTH, Sep. 7, 2008 (Reuters) -- Oil jumped than $2 to near $109 a barrel on Monday, rebounding from a five-month low on worries that Hurricane Ike would tear through the Gulf of Mexico, and on hopes that a U.S. bailout of its top mortgage lenders would help temper an economic downturn. ... > read full story

Advertiser group objects to Google-Yahoo tie up (Reuters)

Gina Keating — Sun, 07 Sep 2008 21:03:49 EDT

LOS ANGELES, Sep. 7, 2008 (Reuters) -- The Association of National Advertisers sent a letter objecting to the proposed Internet search advertising partnership between Yahoo Inc <YHOO.O> and Google Inc <GOOG.O> to government regulators reviewing the deal, the group said on Sunday. ... > read full story

Hedge fund Paulson to weigh buying bank stocks: report (Reuters)

Sun, 07 Sep 2008 19:34:26 EDT

NEW YORK, Sep. 7, 2008 (Reuters) -- Paulson & Co, a prominent New York hedge fund, will weigh buying shares or convertible bonds in banks and other financial institutions that need capital, the Financial Times reported on its website on Sunday. ... > read full story

Lehman announces senior management changes (Reuters)

Sun, 07 Sep 2008 19:27:35 EDT

NEW YORK, Sep. 7, 2008 (Reuters) -- Lehman Brothers Holdings Inc <LEH.N> said on Sunday it has named Eric Felder and Hyung Soon Lee as global co-heads of fixed income, following the departure of current global head Andrew Morton. ... > read full story

GSE rescue could scare bears (Reuters)

Steven C. Johnson — Sun, 07 Sep 2008 19:21:30 EDT

NEW YORK, Sep. 7, 2008 (Reuters) -- Bears have reigned supreme on Wall Street so far in September thanks to growing concern about economies worldwide, but their grip on stocks faces a big challenge after the U.S. government's weekend seizure of control of mortgage finance giants Fannie Mae and Freddie Mac. ... > read full story

Royal Bank of Canada considered buying Lehman: report (Reuters)

Sun, 07 Sep 2008 18:36:34 EDT

LONDON, Sep. 7, 2008 (Reuters) -- Royal Bank of Canada <RY.TO> <RY.N> considered buying Lehman Brothers in July, but decided against the move because it doubted the U.S. bank's ability to shore up its balance sheet, the Financial Times reported on Monday. ... > read full story

S&P, Fitch slash Fannie, Freddie preferreds to junk (Reuters)

Sun, 07 Sep 2008 17:21:14 EDT

NEW YORK, Sep. 7, 2008 (Reuters) -- Standard & Poor's and Fitch Ratings on Sunday cut the ratings on preferred stock of troubled housing finance companies Fannie Mae <FNM.N> and Freddie Mac <FRE.N> to junk status after dividends were eliminated in a takeover by the U.S. government. ... > read full story