"I am extremely pleased with this record revenue performance, particularly in today's challenging environment"
Reality hit after a few minutes into State Street Corp.'s initially upbeat earnings conference call: The financial services giant had a $3.2 billion skeleton hidden in its closet. via Palm Beach Post
"When they get hold of oil, they assume that oil is a free commodity and belongs to them and has wrongly been placed in other territories... This is the spirit of selfishness and arrogance"
TEHRAN, Iran : Iran's hard-line President Mahmoud Ahmadinejad was quoted Saturday as saying crude oil prices at US$115 a barrel are too low, and that oil must "discover its real value." Oil prices have hit ... via International Herald Tribune
Flags and bunting hung from the back of a shiny blue train car. Thousands of people swarmed small-town rail depots. via Charleston Daily Mail
"The belief is that the Fed is probably getting closer to a wait-and-see stance than continuing to be aggressive"
Published: April 18th, 2008 02:03 PM Last Modified: April 18th, 2008 02:04 PM Treasury prices finished mixed after an initial decline Friday as investors moved into long-term government debt after comments from ... via Anchorage Daily News
"We need to get some balance -- but we need a changed regulatory framework in the financial arena without a doubt."
A heavier federal hand is reaching into American life as politicians in both parties demand an overhaul of government financial regulation and more protection for homeowners in the face of mortgage woes and a weakening economy.
This rush to regulate also was apparent in the recent crackdown on the airlines, resulting in thousands of grounded flights for safety inspections as the government beefs up its enforcement of existing laws. There have been mounting proposals for tougher government rules to address climate change. High corporate salaries have come under attack on Capitol Hill, as have oil industry profits and rising food costs. Read more
"Regardless of this transaction, we're going to continue this philosophy of adjusting capacity to demand as these fuel prices continue at these levels. That's the rational thing to do, and we'll continue to do that."
Weary shareholders and creditors of Delta Air Lines Inc. and Northwest Airlines Corp. via CBC News
Alliance Data Systems Corp. said late Friday that it is suing Blackstone Group LP for $170 million over the private-equity giant's alleged breach of a merger agreement. via MarketWatch
"If the dollar strengthens, it will only be to our benefit"
The dollar's plunge might be preventing Americans from taking that European vacation this summer, but it could be the very thing saving their 401(k)s from buckling.
Some of the nation's biggest corporate powerhouses _ across all industries _ have used the greenback's retrenchment to shield themselves from slumping profit margins. Declines against world currencies make U.S. products look cheap overseas, and translate into big returns when sales are converted back into dollars.
Take Coca-Cola Inc. for example. Buying a can of Coke cost $1 in the United States, but the equivalent of about $2 in the U.K. _ one reason the beverage giant was able to sail past Wall Street profit projections earlier this week. Read more
Retailer Sears Holdings Corp said on Friday a credit agreement with Bank of America Corp would come to an end after the bank would not agree to renew it under existing terms. via BNET
"I think it's something that is necessary. If we don't have this what this will mean is that the whole mortgage market and perhaps the real economy will freeze up."
The Bank of England is to swap 50 billion of government bonds for high street lenders' mortgages in a bid to ease the credit crunch, it has been reported. via Daily Express
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