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Robert Mondavi, Wine Trailblazer, Dies at 94 Fri, 16 May 2008 18:25:00 -0400 Robert Mondavi, the man who put California wines along side the European greats, has died at the age of 94. Mondavi bought his first winery in 1966, and championed the use of cold fermentation, stainless steel tanks, and French oak barrels. Is the Economy Looking Better? Fri, 16 May 2008 16:00:00 -0400 A few weeks ago, most economists were convinced that the United States was in a recession, or at least headed for one. But now some say they're not so sure. Some key economic indicators suggest that growth hasn't slowed as much as the doomsayers predicted. Are these numbers just a blip? Or has the impact of the sub-prime mortgage crisis on the economy been exaggerated? 'Marketplace' Report: Serving Economic Blues Fri, 16 May 2008 14:06:00 -0400 Cash-strapped drinkers are starting to switch to lower-priced beers. Since January, Miller Brewing Company has seen a shift from higher-priced, premium beers to less expensive brands such as Miller High Life and Milwaukee's Best. Hear Nancy Marshall-Genzer of Marketplace.
Cyclone George Packer Mon, 12 May 2008 04:00:00 -0000 The Burmese military government, which hides from its people in the splendid isolation of a jungle capital newly manufactured in the center of the country, told the public, on April 29th, to expect widespread rain and forty-five-mile-an-hour winds on the southern coast. Cyclone Nargis arrived, on . . . The Open Secret of Success James Surowiecki Mon, 05 May 2008 04:00:00 -0000 In the current atmosphere of economic tumult, the announcement that Toyota sold a hundred and sixty thousand more cars than General Motors in the first three months of this year might seem like a minor news item. But it may very well signal the end of one of the most . . . Parsing Paulson James Surowiecki Mon, 21 Apr 2008 04:00:00 -0000 In the wake of a crisis, the natural response of government officials is often to offer up new rules and regulations. So it came as no surprise when, a few weeks ago, Treasury Secretary Henry Paulson proposed a new regulatory scheme for the nation’s stricken financial markets. What was surprising . . .
Reuters: Business News
Morgan Stanley cut 1,500 jobs this week: source Fri, 16 May 2008 18:46:59 -0400 NEW YORK (Reuters) - Morgan Stanley cut 1,500 jobs this week across its investment banking, trading and asset management businesses, a person familiar with the situation said Friday, a 5 percent reduction of non-broker employees.
Wall St ends flat as energy gains offset sentiment Fri, 16 May 2008 20:07:35 -0400 NEW YORK (Reuters) - Stocks finished little changed on Friday as surging oil prices lifted energy shares and offset data that showed consumer confidence sank to its lowest in 28 years.
Consumers' mood as grim as early-80s Fri, 16 May 2008 21:49:24 -0400 NEW YORK (Reuters) - U.S. consumer confidence tumbled to a 28-year low this month as rising prices strained household finances, while another drop in single-family housing starts underscored problems still plaguing the economy.
British Airways profits soar 45% Fri, 16 May 2008 16:17:44 -0000 British Airways reports a sharp jump in annual profits to £883m but its boss says he will not accept a bonus. Oil edges towards $128 a barrel Fri, 16 May 2008 22:29:38 -0000 Oil prices hit a record approaching $128 a barrel for the first time on fresh worries about global supplies. Plastic bag policy 'a diversion' Sat, 17 May 2008 01:46:46 -0000 Plans to tackle use of plastic bags are a diversion from the real environmental issues, a government adviser says.
The Economist: Business
Shrink rapped Thu, 15 May 2008 13:08:34 -0000 America's food retailers should wage a tougher war on wasteWALK into almost any big supermarket in America and you will find a cornucopia of food. The mountains of fresh produce on display are a testament to shoppers' desire for choice and freshness?and retailers' desire to relieve them of their dollars. But behind the mouth-watering offerings lies a distasteful reality: billions of dollars' worth of food is dumped each year because of retailers' inefficiency.It is difficult to gauge quite how much waste?known as ?shrink? in the industry's jargon?there is. Oliver Wyman, a consulting firm, puts the figure at 8-10% of total ?perishable? goods in America. The Food Marketing Institute, an industry body, says such sales totalled $196 billion in 2006. That means food worth nearly $20 billion was dumped by retailers. In a report published on May 14th, the United Nations estimated that retailers and consumers in America throw away food worth $48 billion each year, and called upon governments everywhere to halve food wastage by 2025. ... Return to Rio Thu, 15 May 2008 13:08:34 -0000 How Antonio Brufau is turning a refiner and petrol retailer into a real oil companyMOST leading oilmen have climbed the greasy pole entirely within their industry; their discourse drips with geological jargon or crude statistics. Antonio Brufau, the boss of Repsol, Spain's largest oil company, is different. A Catalan economics graduate from Barcelona University, he stepped into the Anglo-Saxon business world as an accountant and partner at Arthur Andersen, before plunging back into the heart of Catalonia as managing director of La Caixa Group?not just Spain's best-known mutual savings bank, but a politically well connected outfit woven into the fabric of Spanish economic life. Its holding company pulls the strings in many powerful Spanish firms. Though his discreet style betrays his professional training and his Anglophilia, this is a man who knows how modern Spain operates: he knows, as it were, where the bodies are buried.Until recently, Mr Brufau was also an unusual oilman in a more fundamental way. Compared with the global giants his firm, Repsol, had only a little gas and hardly any oil. ?When I got here, the fridge was empty,? he says. Lack of reserves was bad enough, but in addition his predecessor's effort to fix the problem had just failed, leaving a pile of debt. Sorting out the mess had to take precedence over finding new reserves, and drilling for oil was virtually suspended. So in 2004, when he moved into the executive suite in Repsol's head office at the top end of Madrid's Paseo de la Castellana, Mr Brufau faced a daunting task. ... Signs of weakness Thu, 15 May 2008 13:08:34 -0000 Stellar art-auction results in New York do not tell the full storyON THE face of it, the art market is still booming?in spite of the credit crunch and fears of a recession. On May 14th a Francis Bacon triptych (above) sold for $86.3m, the highest price ever paid publicly for work by the artist, at an evening auction of post-war and contemporary art at Sotheby's in New York. The night before, ?Benefits Supervisor Sleeping?, by Lucian Freud, another modern British painter, fetched $33.6m at Christie's, a record for a work by a living artist sold at auction; and a red-and-yellow Mark Rothko sold for $50.4m.Auctions of Impressionist paintings a week earlier raked in similarly spectacular sums. One of Claude Monet's early paintings, ?The Railway Bridge at Argenteuil?, fetched $41.5m at Christie's and a large Cubist painting by Fernand Leger sold for $39.2m at Sotheby's. Yet bidding for the Monet and for other important works was thin, with only two or three bidders competing. ?A year ago you would have seen much more competitive bidding,? says Ian Peck, chief executive of Art Capital Group, a New York bank that provides financing to art dealers and collectors. This suggests that broader economic woes are starting to affect the art market, which had previously seemed immune. ...
NewsTrack - Business - UPI.com
Canadian autoworkers reach labor deals Fri, 16 May 2008 20:05:44 -0400 DETROIT, May 16 (UPI) -- New contracts between the Canadian Auto Workers and U.S. automakers might threaten the future of Canada's auto industry, analysts say. GM reaches pact with union in Delta strike Fri, 16 May 2008 19:29:35 -0400 DETROIT, May 16 (UPI) -- General Motors Corp. has reached a tentative agreement with a United Auto Workers local that has been on strike for more than a month, the U.S. automaker said. Strike closes five Norwegian airports Fri, 16 May 2008 18:46:03 -0400 OSLO, Norway, May 16 (UPI) -- A strike at five airports in Norway left thousands of travelers stranded Friday, officials said. Paulson: Markets beginning to stabilize Fri, 16 May 2008 17:45:02 -0400 WASHINGTON, May 16 (UPI) -- U.S. Treasury Secretary Henry Paulson said Friday he believes the nation's financial crisis may be coming to an end, but warned a recovery may take time. UPI NewsTrack Business Fri, 16 May 2008 17:30:00 -0400 U.S. markets closed mixed ... United cuts back on frequent flier rewards ... 'Old Merc' says bye to old digs ... European Union to close tax havens ... News from United Press International. U.S. markets closed mixed Fri, 16 May 2008 16:16:28 -0400 NEW YORK, May 16 (UPI) -- U.S. market indexes closed mixed Friday as a wavering afternoon rally could not bring the Dow Jones index out of the doldrums.
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