Early Edition July 30 2008 at 06:31 AM Chi-Chu Tschang and Harry Maurer
Doha Trade Talks Fail
The Doha round of world trade talks collapsed Tuesday in Geneva following almost seven years of contentious, on-and-off negotiations. The nine days of talks in this latest round foundered over disagreements among the U.S., China, and India over agricultural subsidies. The World Trade Organization had been hoping for a deal that would liberalize manufacturing, service and agricultural markets. With the U.S., India and China unable to agree on measures to protect farmers in developing countries, further progress will have to wait until at least next year, when a new U.S. administration takes office.
Source: The New York Times, Financial Times
Home Prices Face Record Drop
U.S. home prices faced their worst rate of decline in May, says the Standard & Poor's/Case-Schiller index. The survey showed that home prices across 20 cities fell by 15.8%, while Los Angeles saw an even worse 24.5% decline in home values.
Source: Los Angeles Times
Detroit Big Three Scale Back Auto Leases
Hit hard by declining used-vehicle prices, Ford and General Motors are shrinking their auto-leasing businesses, while Chrysler said last week it would end all leasing deals in the U.S. market. The move will make it much harder for millions of Americans to drive more expensive autos.
Source: Wall Street Journal
Health-Care Reform, Corporate-Style
In a climate of deepening health-care woes, company-based medical centers are winning dozens of fresh converts. These include the North American units of Toyota and Nissan, Harrah's Entertainment, and Walt Disney Parks & Resorts. Pharmacy chain Walgreen also operates nearly 200 small clinics for customers at its retail stores.
Source: BusinessWeek
Short Selling Ban Extended
The Securities and Exchange Commission has extended an emergency rule limiting short selling of the stocks of key financial agencies including troubled mortgage giants Freddie Mac, Fannie Mae, as well as Lehman Brothers and Goldman Sachs. The curb now continues until August 12. "The order is designed to protect legitimate short selling in these securities, but helps prevent illegitimate" short selling, SEC Chairman Christopher Cox said in a statement.
Source: Reuters
Iraq Oil Output Reaches Five-Year High
Iraq oil output had an average daily output of 2.43 million barrels this quarter, the highest since the U.S. invasion, says a U.S. Defense Department audit. The report attributes the oil boom in part to improved security in the war-torn country.
Source: Bloomberg
Indictment of Alaska Senator Blow to GOP
Six-term Alaska Senator Ted Stevens' indictment on federal corruption charges is the latest blow to the Republican Party. A November loss for the GOP's longest serving senator could help the Democrats in their quest to win a 60-seat majority, thus allowing them to break Republican filibusters.
Source: Washington Post
Bush Meets Chinese Dissidents on Olympics Eve
President Bush met Tuesday with five Chinese dissidents in the White House, just over one week before he arrives in Beijing for the Olympics Games. Bush has faced growing criticism by members of Congress as well as human rights advocates over his decision to attend the Olympics opening August 8 in China's capital.
Source: The New York Times
Denver Billionaire Boosts Wind Power Prospects
Denver billionaire Philip Anschutz is planning to invest $3 billion into a 900-mile, 3,000-megawatt wind transmission project aimed at supplying energy to the fast-growing Southwest. The project will bring wind power from southern Wyoming to Southern California, Las Vegas, and Phoenix.
Source: Denver Business Journal
Conversation of the Day: OFFSHORE OIL RESERVES
Reader Robert Writes: "Anyone remember the '70s and gas lines as long as a city block? America missed the boat then to change our habits and sink large sums of money into finding alternative energy sources."
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