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May 2008 Archives
Word of a possible rice cartel
If the world didn't have enough with an oil cartel, now there is talk about a rice cartel. The prime minister of Thailand said Wednesday that his government is going to try to get together with Vietnam, Cambodia, Myanmar and Laos to coordinate when trading rice.
The is just an idea for the moment. But, if it became a reality, it would have the potential of maintaining rice prices up there at record highs. Needless to say, big importing countries such as the Philippines are not very happy about this.
Latest bad news: sales tax revenue drop
Ok, so consumer confidence is low. Retail sales are growing very slowly these days. But check out this very telling piece of information: The New York Times reports that of the 36 states that have released sales tax revenue numbers this year, 21 are showing significant declines. Excluding Texas, the other 35 states show an average of 1 percent decline in sales tax revenues.
05/01/08 02:42 AM PT Posted by Lori Stassi on May 1, 2008 2:42 AM PTBringing home less bacon
These are lean times for the U.S. pork industry. Rising energy prices are hitting pig farmers as hard as everyone else, but they have a much bigger problem: the rocketing price of corn. That's what pigs eat and it's double the cost from a year ago. The industry hasn't turned a profit in months, and analysts don't expect that to change for at least a year. For the consumer, that means the cost of pork chops, ham and bacon will be on the rise very soon.
Which came first? The chicken or the ...
Tyson Foods says their chickens are raised without antibiotics. They launched a massive, multi-million dollar ad campaign to tell consumers about their naturally healthy birds. Well, now they have two weeks to shut it all down. A federal appeals court found that Tyson injected the eggs with antibiotics a few days before they were due to hatch. Tyson says that's OK because the word "raised" refers to the life of the chicken after it's hatched. The court didn't agree. They said Tyson's claim was misleading.
05/02/08 02:24 AM PT Posted by Lori Stassi on May 2, 2008 2:24 AM PTThrow in the fight and it's a perfect storm
Even if you are not into soccer, you might have heard of the Champions League. The most renowned soccer club competition. This year, and for the first time in the history of the European competition, two British teams reached the final. London's Chelsea and Manchester United. So, now put the pieces together -- the strong pound, the historic event, the money that soccer moves in Britain. That's right, some tickets for the final in Moscow on May 21 are already going for $10,000. In the U.K., it is illegal to sell tickets on the Internet, but who says foreign sites can't? And that's just to get into the stadium -- add the flight, the hotel, an expensive getaway.
Poisoned dumplings
It's not only Americans that have been concerned about the quality of Chinese products. In Japan, food imports from China dropped 30 percent in February after a scare over Chinese made dumplings. Some of them turned out to be poisoned with banned insecticide. And it certainly doesn't help that Chinese authorities came out saying they were an isolated, deliberate case. Japan is the third largest market for Chinese exporters of fish and dumplings.
05/02/08 02:30 AM PT Posted by Lori Stassi on May 2, 2008 2:30 AM PTSmall car sales picking up
Yet another down month for U.S. auto sales. April numbers show big drops for all three of the major American automakers. Sales figures for Ford, GM and Chrysler declined from 12 percent to 23 percent compared to April 2007. The shaky economy and rising gas prices kept consumers away from traditional Detroit favorites like pickups and SUVs. But Americans were buying small cars and in record numbers. About one in every five cars bought last month was a compact or subcompact.
05/02/08 07:56 AM PT Posted by Lori Stassi on May 2, 2008 7:56 AM PTYahoo, AOL, News Corp., Google... they're all talking
Over the weekend, Microsoft finally decided to walk away from Yahoo. Forty-seven billion dollars was the latest offer Microsoft had put on the table, and Yahoo said no, again. Now, we have a number of possible future scenarios. Some say Microsoft's walking away is just another negotiating tactic, and with Yahoo shares going down more than 17 percent in Europe, the tactic might be working. The Times of London is reporting that AOL has approached Microsoft about a possible tie up. Yahoo on the other hand, might be looking to seal a search ad pact with Google that is facing some antitrust obstacles. At the same time it continues talks with News Corporation and with AOL. In other words, everyone is talking to everyone and anything is possible. One thing is for sure, if Yahoo's shares take a beating today, there are going to be some angry shareholders out there.
05/05/08 02:36 AM PT Posted by Lori Stassi on May 5, 2008 2:36 AM PT"Iron Man" blasts through first weekend with $100 million
A lot of people went to the movies this weekend to see "Iron Man." The film picked up more than $100 million in North America. Not bad for the first movie wholly produced by Marvel studios. "Spider-Man 3" still holds the record for the biggest opening weekend of all time: $151 million.
05/05/08 02:45 AM PT Posted by Lori Stassi on May 5, 2008 2:45 AM PTEuropean telecom has eyes on Sprint Nextel
Europe's biggest telecom firm may be planning to pick up America's third largest wireless company. The Wall Street Journal reports that Deutsche Telekom is considering a bid to acquire Sprint Nextel Corporation. Deutsche Telekom already owns T-mobile USA, the fourth biggest wireless company. Buying Sprint Nextel would rocket the German firm to the No. 1 spot in the U.S. wireless market. Investors reacted to the news by pulling back from Deutsche Telekmon. Shares fell by 1.2 percent today. But Sprint may be getting a bump from the attention. Shares were up in pre-market trading.
05/05/08 08:09 AM PT Posted by Lori Stassi on May 5, 2008 8:09 AM PTIndonesia weighs opting out of OPEC
Oil keeps on climbing. Today in London, it is trading around $118 a barrel. And U.S. crude oil futures rose above $120 a barrel. The high prices have OPEC member Indonesia thinking about quitting the oil cartel. The country has become an importer of oil and is failing to meet its OPEC production quota. On the good news side -- good news for the price of oil, I mean -- Exxon Mobil's oil output in Nigeria has finally returned to normal. A strike had forced the company to shut down production in Africa's largest oil producer. Exxon continues to negotiate with the unions.
05/06/08 02:22 AM PT Posted by Lori Stassi on May 6, 2008 2:22 AM PTUBS selling off $15 billion in mortgage assets
This is a not a good week for UBS. It posted an almost $11-billion first quarter loss and says it will have to cut more than 5,000 jobs. The Zurich-based bank also announced today it would sell off a massive chunk of mortgage assets. American investment firm Black Rock, Inc. will buy $15 billion worth of Alt-A and subprime assets from UBS. Alt-A securities are considered slightly safer than subprime loans. The Wall Street Journal reports BlackRock will manage the holdings in a fund for distressed securities.
05/06/08 02:32 AM PT Posted by Lori Stassi on May 6, 2008 2:32 AM PTTropicana files for Chapter 11 protection
Missing a loan payment can get you in trouble. But if the loan is for $1.32 billion, that can push your company into bankruptcy. Casino operator Tropicana applied for Chapter 11 protection on Monday. That missed interest payment broke an agreement the company had with bondholders. Tropicana has 11,000 employees. It owns the renowned resort and casino in Las Vegas and another 12 casinos in the U.S. and the Caribbean.
05/06/08 02:45 AM PT Posted by Lori Stassi on May 6, 2008 2:45 AM PTSome Toyotas will cost a bit more
Toyota is raising the price tag on some of its models. Starting mid-month, the company will mark up the 2008 Yaris by $200. The '09 Camry will also go up $200, and if you want a hybrid Camry, it will cost you $300 more. Prices will go up on some Lexus models too. While Toyota is doing pretty well compared to U.S. automakers, it's struggling to hold on to profits because of the weak dollar.
05/07/08 02:01 AM PT Posted by Lori Stassi on May 7, 2008 2:01 AM PTGrand Theft Auto sales could run right over expectations
Take Two, the company that makes the popular video game Grand Theft Auto IV, is expected to report first week sales today. And The New York Times reports that we could be looking at six million copies. That is $500 dollars. These numbers would exceed expectations. And that might mean more pressure for Electronics Arts to raise the price of its take over offer for Take Two.
05/07/08 02:44 AM PT Posted by Lori Stassi on May 7, 2008 2:44 AM PTCisco reports increase in sales
Tech investors got a boost today. Cisco Systems says it's sales increased over 10 percent between February and April over the same period in 2007. Cisco makes the switches and routers that direct traffic on the Internet. The firm is seen by many analysts as an indicator of the health of the world's technology companies. In response to the news, shares in Cisco rose 3 percent in after hours trading.
05/07/08 09:33 AM PT Posted by Lori Stassi on May 7, 2008 9:33 AM PTPapa Johns makes big dough on Internet sales
You might not think of Papa John's as an Internet retailer, but you should. The Louisville-based pizza maker has just passed $1 billion in online sales. Papa John's is the nation's third largest pizza delivery chain. It says online orders account for more than 20 percent of it's sales. That includes text messaging. And customers can place their orders up to 21 days in advance. Papa John's has been selling pizza over the Internet since 2001.
05/08/08 08:00 AM PT Posted by Lori Stassi on May 8, 2008 8:00 AM PTGM buys HQ it's been renting
The conditions in the real state market are not bad news for every one. It's a buyers market, after all. And GM figured this is a good time to buy its headquarters in downtown Detroit --
for $626 million. A bargain. The car maker had been leasing the space since 1996. GM also paid $200 million for a couple of office properties near Pontiac.
A prediction on oil from the guys who make money off it
Oil is trading around $124 a barrel today. But don't worry. A new survey by KPMG is out today, and it says that 55 percent of oil executives out there think that the price of oil will drop below $100 a barrel by the end of the year. Twenty-five percent said oil would fall below $110 a barrel by year's end. One little catch though: The survey was conducted last month. So who knows what these guys are thinking now that we are passed the $120 mark.
05/09/08 08:30 AM PT Posted by Lori Stassi on May 9, 2008 8:30 AM PTAirlines tack on another fee
Planning a weekend getaway anytime soon? You might want to add another 20 bucks to the budget. The three biggest U.S. airlines just increased their roundtrip ticket prices by $20.
American, United and Delta are upping the fares to pay rising jet fuel costs. This will be an increase to the fuel surcharge you're already paying every time you buy a round trip ticket. That fuel fee is now well over $100 for domestic flights.
No surprise, but retail is slowing
With all the recession talk, it should come as no surprise that consumers are spending less these days. That's what a new report out today from SpendingPulse, a unit of MasterCard says. Retail sales in April barely rose compared to March. A 0.1 percent increase. And if you take out gasoline and cars, retail sales actually fell 0.7 percent.
05/12/08 08:46 AM PT Posted by Lori Stassi on May 12, 2008 8:46 AM PTUpcoming layoffs lead to strike talk at Thompson-Reuters
Reporters for the one of the world's biggest news wire services are talking about a walkout.
The Thomson-Reuters news staff are considering a strike in response to an upcoming round of job cuts. The downsizing has been expected since the London-based Reuters merged with Canada's Thomson Corporation last year. Management is expected to announce which positions will be axed within the next couple of weeks.
Gas prices over the limit for old gas pumps
Small-gas-station owners around the country have a little problem with gas prices. Their pumps will not go over $3.99 a gallon! The spinning mechanical dials were made back when you couldn't think of these gas prices, nor could you think about needing to spend more than $100 at the pump. Yes, the pumps only count up to $99.99. There are about 17,000 of these pumps around the country. Most owners can't afford the $10,000 it would cost to replace each of them.
05/13/08 02:31 AM PT Posted by Lori Stassi on May 13, 2008 2:31 AM PTThe home phone's becoming an endangered species
Who needs a home telephone line when every member of your family has a cell phone? Federal numbers show that three in 10 households either don't have a land line or don't bother picking it up when it rings. In the second half of last year, 16 percent of households only had cell phones. And another 13 percent had landlines as well, but mainly for Internet connection purposes.
What would the world be without Velcro?
It's hard to think about Velcro as something with a birth date. But yes, there was a time, when Velcro did not exist. It was invented by as Swiss engineer in the 1940s. And then, just 50 years ago, he named the invention "Velcro," a combination of the French words "velour" and "crochet": velvet and hook. After 1978, Velcro's patent expired and other companies were able to start using the ingenuous invention. Today Velcro USA employees 600 workers.
05/14/08 02:47 AM PT Posted by Lori Stassi on May 14, 2008 2:47 AM PTAmericans are taking their medicine -- a lot of it
The nation is not feeling very well. Over half of all insured Americans are taking regular medications for chronic health conditions, such as high blood pressure and diabetes.
That's according to a new study by Medco Health Solutions, a company that manages prescription benefits. The research shows seniors take the most meds; over 20 percent use at least five regular medications. The research also tracked a sharp rise in the use of prescription medications by young women.
More money to soldier on
The House Armed and Services Committee approved today a bill that gives the green light to over $600 billion in defense spending for next year. That includes a 3.9 percent pay raise for troops. On reconstruction spending, the bill would require the Iraqi government to pay $1 for every $2 the U.S. spends over there.
05/15/08 04:47 AM PT Posted on May 15, 2008 4:47 AM PTAmericans to Gov't: Do something
A new poll by Bloomberg and the Los Angeles Times found that 76 percent of Americans think the government should do something to stop the fall of the dollar. The U.S. currency has gone down 13 percent against the Euro in the past year alone, and that helps push oil and commodity prices even higher.
05/15/08 05:30 AM PT Posted on May 15, 2008 5:30 AM PTYou can still afford to drown your money sorrows
Maybe there are some people who find a refuge in their beer when the economy is not treating them well. Problem is, if the economy is not treating you well, how do you pay for the beer? How about, buy cheaper beer? That's what chief executive of Miller Brewing thinks is happening. He said the volume of beer sold remain stable, but the company expects to sell more of the low cost beer.
Macy's toys with an addition to stores
Macy's plans to open FAO Schwartz toy shops at over 680 of its locations. The toy seller will lease the floor space and pay Macy's a percentage of sales. Both stores benefit from the deal -- FAO Schwartz will raise it's profile while pulling in parents to shop at Macy's. The two retailers aren't wasting any time. They plan to have the toy shops up and running in about 275 stores by this fall. Just in time for the holiday season. The rest will open within the next two years.
05/16/08 05:15 AM PT Posted on May 16, 2008 5:15 AM PTClock ticking down on The Newshour?
The Public Broadcasting System's long running prime time news magazine, The Newshour, is running short on cash.The financial problem began last summer, when Ag-giant Archer Daniels Midland dropped it's sponsorship after 14 years. ADM accounted for a big chunk of the show's annual budget and Newshour hasn't been able to fill the gap.This month, salaries were frozen and company contributions to staff 401k funds were suspended.
05/19/08 06:03 AM PT Posted on May 19, 2008 6:03 AM PTEveryone already has a cell phone
Cell phone sales dropped in this country for the first time in several years, according to a couple of new studies. The biggest decline was seen among low and middle-income buyers. They appear to be holding onto their old handsets longer. The high end of the market is still growing, as more affluent buyers upgrade to newer phones with more features. Another possible reason for the drop in sales: the U.S. market is nearing saturation. Over 80 percent of Americans now own a cell phone.
05/20/08 05:53 AM PT Posted on May 20, 2008 5:53 AM PTOnly $11 million for the Ferrari
A 1962 Ferrari California Spider was sold for almost $11 million. That would be the highest price ever paid at a car auction. It happened in Italy over the weekend. The previous record was held by another Ferrari. The California Spider was one of 56 ever built. The lucky buyer was a British TV and radio host.
05/20/08 06:01 AM PT Posted on May 20, 2008 6:01 AM PTMuch more money for a mouthful
A typical household may soon be paying about $350 more for the same cart of groceries they bought last year. The government is raising it's projections for how much the price of food will rise this year. The Agriculture Department yesterday added a half percentage point to the food inflation forecast. The number has been rising for three months straight and it's now hovering around 5 percent. That kind of increase hasn't been seen since 1990.
05/20/08 06:05 AM PTPosted on May 20, 2008 6:05 AM PT
Dreaming of a house in Indiana?
There's more to the Hoosier State than basketball. The National Association of Home Builders just released it's latest list of the most affordable housing markets. And among the majors, Indianapolis is number one. The group tracks home sales that would be affordable for median-income families -- 90 percent of all homes sold in Indy during the first quarter met that mark. And the least affordable major city? That would be Los Angeles . . . for the 14th consecutive quarter!
05/21/08 06:22 AM PT Posted on May 21, 2008 6:22 AM PTeBay versus Chicago
Internet auctioneer eBay is catching some heat from the Windy City. Chicago is suing the company over it's failure to pay amusement taxes. City officials say eBay and it's ticket-selling subsidiary StubHub failed to pay the 8 percent tax on ticket sales for sports events and concerts. eBay says the tax does not apply to it, but Chicago says yes, it does. The amusement tax ordinance specifically includes Internet sites that resell tickets.
05/21/08 08:04 AM PT Posted on May 21, 2008 8:04 AM PTUnkosher business at the slaughterhouse
A shutdown at an Iowa slaughterhouse may mean higher prices for buyers of kosher meat. Recently, INS agents raided the Agriprocessors plant in Postville, Iowa and arrested half the workforce. That plant is one of the nation's largest kosher slaughterhouses. The Justice Department now says over 80 of the detained workers are illegal immigrants. This is just the latest problem for Agriprocessors. The company has been cited several times for violating food safety and animal cruelty rules.
05/22/08 04:37 AM PT Posted on May 22, 2008 4:37 AM PTA possible strike before Open Skies
British Airways will begin selling tickets today for its new Paris to New York service called "Open Skies." The flights may or may not begin next month -- British Airlines pilots may close Open Skies before the first plane takes off. They've voted overwhelming to strike if the carrier goes online. The pilots say BA is using this new service to force through a series of unacceptable new terms and conditions.
05/22/08 04:49 AM PT Posted on May 22, 2008 4:49 AM PTGuess they couldn't afford UBS after all
A couple of weeks ago, we told you about a deal between Swiss mega-bank UBS and American investment firm Black Rock. The bank was planning to sell the U.S. firm about $15 billion worth of shaky mortgage-based securities. These assets would be deposited in a new Black Rock investment fund.
Now, it appears that the Americans were a little short on cash to finish the deal. So UBS kindly loaned them $11 billion. They REALLY wanted to get rid of that stuff.
05/22/08 04:56 AM PT Posted on May 22, 2008 4:56 AM PTPet owners compensated for pet food problems
Remember that pet food scare last year? As you can imagine, some pretty upset pet owners decided to go against the companies that created this whole mess. Now Canada-based Menu Food and other firms have agreed to reach a settlement. A total of 24 million dollars will be paid to pet owners in the U.S. and Canada. People who had to spend money to treat their pets. The deal would also include burial or cremation fees.
05/23/08 04:31 AM PT Posted on May 23, 2008 4:31 AM PTPentagon should have kept its receipts . . .
Accounting errors, improper paperwork, billions of dollars worth of poorly documented purchases. Another bank scandal? No, just the latest audit at the Pentagon. The Defense Department's inspector general says the Pentagon can't account for about $15 billion worth of stuff purchased for the Iraq reconstruction effort. The military says the money paid for goods and services provided by contractors, such as laundry workers, trucks and generators. But according to the auditors, there was little or no paperwork to prove what was purchased or how much it cost.
05/23/08 04:49 AM PT Posted on May 23, 2008 4:49 AM PTWanna buy a jail?
Somerset County in the state of Maine has a deal for you. The county is selling its jail. It's a bargain at an asking price of $200,000. The jail was built in 1897 and comes complete with a security system and razor-wire fence. County officials are hoping the jail will be converted into a restaurant, art gallery or a bus station.
05/28/08 04:17 AM PT Posted on May 28, 2008 4:17 AM PTWatch your work mouth
A poll by a recruiting firm shows a majority of executives have a big problem with swearing -- 80 percent say a foul-mouth is unacceptable in the workplace. More than a third of bosses have taken some action against workers for using inappropriate language. Two-thousand senior execs took part in the survey. Other top workplace peeves include gossiping and drinking on the job.
05/28/08 04:25 AM PT Posted on May 28, 2008 4:25 AM PTLatest Posts
- Watch your work mouth
- Wanna buy a jail?
- Pentagon should have kept its receipts . . .
- Pet owners compensated for pet food problems
- Guess they couldn't afford UBS after all
- A possible strike before Open Skies
- Unkosher business at the slaughterhouse
- eBay versus Chicago
- Dreaming of a house in Indiana?
- Much more money for a mouthful
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Marketplace Confessional
I've just listened to Mr. Stein's concern for the poor working man. No doubt he drove his Bronco to the station to make his plea for the common man. Honestly, Ben Stein weeping for the common man's fate? After my sides stopped hurting from laughing ...
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