Saturday, November 28, 2009

“Business events scheduled for the coming week - The State” plus 4 more

“Business events scheduled for the coming week - The State” plus 4 more

Business events scheduled for the coming week - The State

Posted: 28 Nov 2009 12:51 AM PST

WASHINGTON - National Association of Realtors releases pending home sales index for October, 10 a.m; Commerce Department releases construction spending for October, 10 a.m.; Senate Commerce, Science and Transportation subcommittee hearing on aviation safety, focusing on pilot fatigue.

NEW YORK - The Institute for Supply Management releases its manufacturing index for November, 10 a.m.

DETROIT - Major automakers report U.S. auto sales for November.

FRAMINGHAM, Mass. - Staples Inc. reports third-quarter financial results.

WEDNESDAY, Dec. 2

WASHINGTON - Federal Reserve releases Beige Book, 2 p.m.; Senate Agriculture, Nutrition and Forestry Committee hearing on over-the-counter derivatives; House Financial Services Committee hearing on Internet gambling.

THURSDAY, Dec. 3

WASHINGTON - President Barack Obama holds a White House forum on jobs and economic growth; Senate Banking, Housing and Urban Affairs Committee hearing on the nomination of Ben Bernanke for another term as Federal Reserve chairman; Labor Department releases weekly jobless claims, 8:30 a.m.; Labor Department releases revised third-quarter productivity, 8:30 a.m.; Freddie Mac, the mortgage company, releases weekly mortgage rates; House Agriculture subcommittee hearing on the costs and benefits of agricultural subsidies.

NEW YORK - The Institute for Supply Management releases its service sector index for November, 10 a.m.

NEW YORK - Retailers report sales results.

HORSHAM, Pa. - Toll Brothers Inc. reports fourth-quarter financial results.

FRIDAY, Dec. 4

WASHINGTON - Labor Department releases employment data for November, 8:30 a.m.; Commerce Department releases factory orders for October, 10 a.m.

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Lenovo buys back phone business - Raleigh News & Observer

Posted: 28 Nov 2009 02:31 AM PST

In addition, the mobile phone business was unprofitable when Lenovo sold it, but now it's making money as consumer demand has increased in China, the world's largest phone market. Lenovo Mobile is the No. 3 brand in China.

"As Lenovo's global PC business continues to make steady progress, we view mobile Internet as a key growth opportunity moving forward globally," CEO Yang Yuanqing said in a prepared statement. Yang is based in Morrisville.

Lenovo Mobile was established in 2002.

Staff writer David Ranii

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Philippine business group buys 28 pct of SanMig for $1.36 bln - Forbes

Posted: 26 Nov 2009 08:56 PM PST


MANILA, Nov 27 (Reuters) - Philippine firm Top Frontier Investment Holdings Inc said on Friday it bought 28 percent of food-to-power conglomerate San Miguel Corp for 64.3 billion pesos ($1.36 billion).

Top Frontier counts Roberto Ongpin, an ally of San Miguel President Ramon Ang, as a key shareholder.

The acquisition involved 857.12 million shares bought from the San Miguel retirement fund at 75 pesos apiece.

Most of the shares acquired were A shares, open only to Filipinos, which were last traded up 6.11 percent at 69.50 pesos.

(Reporting by Manolo Serapio Jr.)

((manolo.serapio@thomsonreuters.com; +632 841 8936; Reuters Messaging: manolo.serapio.reuters.com@reuters.net)) Keywords: SANMIGUEL/

(If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

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Business Highlights - WCAX

Posted: 25 Nov 2009 03:07 PM PST

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Good news raises hopes recovery won't fizzle

WASHINGTON (AP) - A flurry of good news this week - including falling jobless claims, stronger consumer spending and higher new-home sales - suggests the economic rebound, modest though it is, might be here to stay.

The number of newly laid-off workers filing applications for unemployment aid fell by 35,000 last week to 466,000, the Labor Department said - the fewest new filings since September of last year.

Another report showed that Americans stepped up their shopping in October in the best showing since August.

Meanwhile, sales of new homes rose last month to the highest level in more than a year.

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AIG resolves all legal disputes with Greenberg

NEW YORK (AP) - American International Group Inc. has agreed to settle all legal disputes with its former chairman Maurice "Hank" Greenberg, the company said late Wednesday.

AIG also settled all its legal disputes with former Chief Financial Officer Howard I. Smith. AIG, which is owned by U.S. taxpayers, said it will pay up to $150 million in past legal costs for Greenberg and Smith.

AIG has said that a Greenberg-controlled investment firm owed it $4.3 billion to cover stock taken from a retirement fund.

AIG had also claimed that Greenberg and Smith owe part of the $1.6 billion AIG has paid to settle a range of issues with regulators including the Securities and Exchange Commission, Justice Department and New York Attorney General.

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Stocks rise following drop in jobless claims

NEW YORK (AP) - Stocks climbed Wednesday following a drop in weekly unemployment claims to the lowest level of the year and a rise in new home sales.

The market's gains were modest on light trading volume ahead of the Thanksgiving holiday.

The government said new claims for unemployment insurance fell by 35,000 last week to 466,000. That's the fewest claims since September last year, and better than the 500,000 that economists had expected.

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Fed tightens conflict of interest rules

WASHINGTON (AP) - The Federal Reserve on Wednesday tightened the conflict of interest restrictions governing the boards of directors of its 12 regional banks.

The new rules were passed to deal with potential conflicts such as one that involved Stephen Friedman, a former chairman of Goldman Sachs Group Inc. The requirements take effect immediately and spell out the obligations of directors with ties to financial institutions that change status while the official is serving on a Fed regional board.

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Toyota to replace gas pedals on 4 million vehicles

WASHINGTON (AP) - Toyota plans to replace the gas pedals on 4 million vehicles in the United States because the pedals can get stuck in the floor mats and cause sudden acceleration, a flaw that led to the sixth-largest recall ever in the U.S.

The repairs are a critical step to restoring the reputation of the world's biggest automaker, which suffered a blow when the recall was announced in September after years of making safe, reliable cars and trucks.

In plans outlined Wednesday, dealers will offer to shorten the length of the gas pedals by three-fourths of an inch beginning in January as a stopgap measure while the company develops replacement pedals.

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AP Source: GM not talking to any new Saab suitors

DETROIT (AP) - General Motors Co. has not talked with any other potential buyers for the Swedish Saab brand since a specialty car maker pulled out of a deal to buy it this week, a person briefed on GM's plans said Wednesday.

The development is another sign that GM's board may decide when it meets next week to let the storied brand go out of business, placing 4,500 jobs in jeopardy.

The person, who asked not to be identified because no final decision has been made on the brand, confirmed Wednesday that the board would discuss Saab's future on Dec. 1.

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Stores look to basics to drawin holiday shoppers

NEW YORK (AP) - As stores prepare for hordes of Black Friday shoppers and mark down high-definition TVs and hot toys, they're also pushing deals on something more mundane - necessities like socks and diapers.

Toys R Us, Walmart and clothing stores in malls are responding to tough economic times by luring people who are making it a more practical holiday this year.

What should shoppers expect? Fewer sumptuous sweaters, $200 robotic toys and other flashy items. Everyday items like flannel shirts, blankets and underwear are the order of the day.

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Dollar hits 15-month low; steepest drop since July

NEW YORK (AP) - The safe-haven dollar slid to a 15-month low against the euro, was within striking distance of 14-year lows versus the yen and dipped below parity against the Swiss franc Wednesday as markets absorbed the Federal Reserve's indication that interest rates will remain at super-low levels for a while and it was not overly concerned by the U.S. currency's decline.

Against a basket of six currencies including the euro, yen and franc, the dollar fell as low as 74.245, its weakest point since August 2008 and its steepest one-day drop since July 31, said Joseph Trevisani, chief market analyst at FXSolutions.

The 16-nation euro climbed as high as $1.5142 Wednesday, its strongest level since August 2008. In late New York trading, it read $1.5139 from $1.4975 late Tuesday.

The break above $1.51 sets the dollar up for possible steep drops this weekend.

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A stream of White House health care visits

WASHINGTON (AP) - President Barack Obama's top aides met frequently with lobbyists and health care industry heavyweights as his administration pieced together a national health care overhaul, according to White House visitor records obtained Wednesday by The Associated Press.

The records disclose visits by a broad cross-section of the people most involved in the health care debate, weighted heavily toward those who want to overhaul the system.

The list includes George Halvorson, chairman and CEO of Kaiser Health Plans; Scott Serota, president and CEO of the Blue Cross and Blue Shield Association; Kenneth Kies, a Washington lobbyist who represents Blue Cross/Blue Shield, among other clients; Billy Tauzin, head of PhRMA, the drug industry lobby; Richard Umbdenstock, chief of the American Hospital Association, and numerous lobbyists.

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Energy prices on the rise despite huge supply

The dollar's sway over energy markets was on full display Wednesday, with oil and gasoline futures rising sharply as the U.S. currency tumbled to 15-month lows.

Crude prices had been trading relatively flat, even after the government reported supplies grew by 1 million barrels last week.

At midday, however, the dollar began to slide against the euro, and crude prices jumped along with gasoline and other crude-based fuels.

Natural gas, which each week sets new records for the total amount held in storage, jumped more than 8 percent.

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The Dow Jones industrial average rose 30.69, or 0.3 percent, to 10,464.40.

The broader Standard&Poor's 500 index rose 4.98, or 0.5 percent, to 1,110.63, and the Nasdaq composite index rose 6.87, or 0.3 percent, to 2,176.05.

Benchmark crude for January delivery rose $1.94 to settle at $77.96 on the New York Mercantile Exchange, despite growing supply.

In other Nymex trading, gasoline for December delivery jumped 5.86 cents to settle at $1.9976 a gallon. Heating oil gained about 4 cents to settle at $1.9901 a gallon. Natural gas for December delivery rose nearly 40 cents to $5.163 per 1,000 cubic feet.

In London, Brent crude for January delivery rose $1.98 to settle at $78.44 on the ICE Futures exchange.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Business Briefs - Honolulu Star-Bulletin

Posted: 28 Nov 2009 04:26 AM PST

Detroit paper on hiatus till Jan. 1

ROYAL OAK, Mich. » A new Detroit-area newspaper says it will stop publishing until after Jan. 1.

The Detroit Daily Press hit the streets Monday, and home delivery was planned for next week. But on its Facebook page, the paper said yesterday there's been a lack of advertising, sales and distribution. The paper calls it "just a bump in the road."

A recorded phone message says there will be no paper for six weeks.

Publishers Mark and Gary Stern say they created the paper to provide seven-day-a-week home delivery after The Detroit News and Detroit Free Press reduced home delivery to three days a week. A message seeking comment was left yesterday with Mark Stern.

Colliers to be broker for Ilikai Shops

The Ilikai Hotel has selected Colliers Monroe Friedlander as the leasing broker for the Ilikai Shops, which includes restaurant, retail and office space, according to iStar Financial's affiliate, SFI Ilikai Retail Owner LLC.

Hotel Management Services LLC has been managing the 203-unit Ilikai Hotel and Suites since late July with a variety of support services from Aqua Hotels and Resorts. In addition, Elite Parking has been selected as the Ilikai's parking operator.

The Colliers team will be led by Jessika Fodor and Emalia Pietsch, who specialize in retail leasing, and Susan Ichimasa, who specializes in office leasing.

Wal-Mart prevails in union case

TORONTO » The Supreme Court of Canada said yesterday that Wal-Mart Stores Inc. was entitled to close a store in Quebec in 2005, seven months after workers voted to become the first Walmart in North America to unionize.

The highest court in Canada ruled in a 6-3 margin that the multinational had the right to shut down the outlet in Jonquiere, Quebec, and lay off 190 employees.

Deflation, surging yen hurting Japan

TOKYO » Japan got word yesterday that prices fell again in October, just as a surging yen threatens to worsen the deflation that is undermining the country's fragile economy.

The core consumer price index, which excludes volatile fresh food, retreated at a near-record pace of 2.2 percent from a year earlier, the government said. Prices have now fallen for eight straight months -- a trend that the government highlighted last week for the first time in three years.

The news came amid heightened concern over the Japanese currency, which hit a new 14-year high against the dollar. A strong yen and deflation represent a perilous combination for the world's second-biggest economy.

Reno homeowners 'underwater'

RENO, Nev. » A new report shows that more than half of Reno-area homeowners with a mortgage owe more to the bank than their homes are worth.

First American CoreLogic reports that 52.6 percent of homeowners, or 51,797, were "underwater" on their mortgages by the end of the third quarter.

According to the report, Nevada had the highest negative equity rate in the nation at 65 percent, fueled by the Las Vegas area's housing market.

Nationwide, 23 percent of homeowners, or 10.7 million, were underwater.

Mark Fleming of First American CoreLogic says negative equity continues to affect almost every segment of the housing market.

He says the recent improvement in home prices has slowed the increase in negative equity, but it will take a significant rebound to help the most depressed states.

ON THE MOVE

The Gordon and June Ito Foundation has named Cathy Iwai as executive director. She was previously an executive assistant at Ito Healthcare Group for nine years, as well as administrative services coordinator for Shriners Hospitals for Children-Honolulu and executive director with the Hawaii Orthopedic Association and Pan-Pacific Surgical Association.

Sheraton Princess Kaiulani has appointed Jon Ushijima as front office manager. He was previously a guest service manager at Sheraton Waikiki Resort, as well as Asia sales manager, Japanese guest service manager and front office manager at Starwood Waikiki properties.

State Farm Insurance has appointed Young Park as agent. He was previously a senior commercial lines underwriter for First Insurance Co. of Hawaii and worked for State Farm in Pennsylvania.

Also, Suzette Rodolf was chosen as an agent. She was previously a team member in State Farm agent Henry Uyehara's office for 17 years, as well as agent/team leader for KeyCorp Insurance Agency, loan representative for Boeing Employees Credit Union and sales specialist for GE Capital Fleet Services.

 

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