Early Edition August 28 2008 at 06:31 AM Chi-Chu Tschang and Harry Maurer
Democrats Nominate Obama
Barack Hussein Obama, a freshman senator who defeated the first family of Democratic Party politics with a call for a fundamentally new course in politics, was nominated by his party on Wednesday to be the 44th president of the U.S. The unanimous vote made Mr. Obama the first African-American to become a major party nominee for president. It brought to an end an often-bitter two-year political struggle for the nomination with Senator Hillary Rodham Clinton of New York, who, standing on a packed convention floor, moved to halt the roll call in progress so that the convention could nominate Obama by acclamation.
Source: New York Times
Bill Clinton Pledges Support for Barack Obama
Former U.S. President Clinton on Wednesday urged Democrats and Americans to send his wife's former rival, Barack Obama, to the White House this fall in an impassioned address designed to put to rest lingering divisions within the Democratic Party. Clinton lauded the Illinois senator as "a 21st century incarnation of the old-fashioned American dream" and an example of the nation's "progress toward a more perfect union." Although the media and Republicans for days had fanned rumors that Clinton would not fully embrace Obama, the former president dispelled that notion from the opening line of his 20-minute speech: "I am here first to support Barack Obama."
Source: Los Angeles Times
Toyota Cuts 2009 Sales Forecast
Toyota Motor, the world's most profitable carmaker, lowered its 2009 vehicle sales forecast by nearly 7 percent on Thursday, blaming a downturn in Western markets, high fuel prices and the credit crunch. Global automakers face softening demand in the United States and Western Europe, especially for higher-margin, gas-guzzling vehicles. Toyota said it expects to sell about 9.7 million vehicles globally next year including its minicar-making Daihatsu Motor and truck-making Hino Motors units. It had previously forecast sales of 10.4 million vehicles. No car maker has yet passed the 10 million annual unit sales milestone.
Source: Reuters
Russia Proposes Counterweight to NATO
The Shanghai Cooperation Organisation (SCO), a grouping of China and Russia's Central Asian allies, expressed grave concern on Thursday over tensions in Georgia and called for reconciliation and more talks. This appeared to be at odds with Russian president Dmitry Medvedev's earlier statement that Russia had "united" support from China and Central Asian allies for its actions in Georgia and said it should send a "serious signal" to the West. Russia is trying to expand the SCO, a loose security grouping with China and five Central Asian states, as a counterweight to NATO and the West.
Source: Financial Times
Tropical Storm Gustav Raises Alarms in Gulf
U.S. federal, state and local officials along the Gulf Coast were preparing for Tropical Storm Gustav, which forecasters say could strengthen into a Category 2 storm and come ashore anywhere from the upper Texas coast to the Florida Panhandle early next week. New Orleans, which was devastated by Katrina, could also be in the storm's path. The storm, which killed at least 23 people in the Caribbean earlier this week as a Category 1 hurricane, is expected to skirt Cuba's southern coast, strengthen again into a hurricane and lumber into the Gulf of Mexico this weekend, according to the National Hurricane Center.
Source: Houston Chronicle
Oil Rises Above $119 on Storm Fears
Oil rose for a fourth straight day to above $119 a barrel on Thursday, driven by worries that Tropical Storm Gustav may strengthen and hit the Gulf of Mexico, the heart of U.S. offshore production. About 85 percent of U.S. offshore oil and gas production could be in its path. Crude for October delivery rose 93 cents to $119.08 a barrel by 0656 GMT, after touching an intraday high of $119.25. It has risen $3.56 over the past three sessions. London Brent crude was up $1.03 cents at $117.25 a barrel. The storm could be the first major hurricane to threaten U.S. energy installations there since Katrina and Rita in 2005.
Source: Reuters
Boeing To Give Machinists Final Offer for 3-Year Contract
Boeing Co. plans to give its largest union a final offer Thursday for a three-year contract, to keep machinists working on a record plane-order backlog and prevent them from going on strike. The International Association of Machinists and Aerospace Workers has rejected two proposals in the past week from Chicago-based Boeing. The group is negotiating a contract for 27,000 machinists in Washington state, Oregon and Kansas. Workers will vote Sept. 3 on whether to accept Boeing's offer or walk out the next day and shut down the Seattle manufacturing hub for the world's No. 2 commercial-aircraft maker. A walk-out would likely add to delays for the new 787 Dreamliner. Boeing two days ago raised its proposal by 17 percent, offering to boost compensation by an average of $28,000 over three years.
Source: Bloomberg
Malaysia's Anwar Sworn in as Premier
Malaysian opposition leader Anwar Ibrahim was sworn in as a member of parliament on Thursday, ending a nearly decadelong hiatus. Anwar decisively won a by-election on Tuesday, despite accusations of sodomy. The former deputy prime minister has repeatedly denied the charges, which he says were politically motivated.
Source: BBC News
Major League Baseball Launches Ambitious Ad Campaign
As the playoffs approach, Major League Baseball on Thursday launches a $65 million ad campaign, its largest ever. The TV commercials feature comedians, including Frank Caliendo, known for his impersonations of President Bush, as they blog about baseball.
Source: New York Times
General Motors to Invest in India
A senior executive for General Motors in India said the company will invest in a plant to produce auto engines and transmissions. Next week GM will begin production at a $320 million car factory with annual capacity of 140,000 vehicles.
Source: Wall Street Journal
Retailer Esprit's Shares Tank
The stock price of Hong Kong-listed Esprit, which gets most of its sales from Europe, sank 18%, the biggest drop in a decade for the retailer, after it announced net-income grew a disappointing 13%. Lehman, Nomura and JP Morgan all downgraded the stock, down 43% so far this year.
Source: Bloomberg
Caterpillar To Invest $100 Mln in China Plant
U.S. construction equipment maker Caterpillar will invest more than $100 million to triple the production capacity of its Shandong unit over three years, the company said Thursday. It will also spend $20 million to build the first phase of a research and development center in Wuxi, Chief Executive Jim Owens said. The expansion of Shandong SEM Machinery Co., which manufactures wheel loaders, will begin in 2009. It didn't specify the current or increased production capacity. Caterpillar purchased a 40% stake in SEM in 2005, and bought the remaining shares earlier this year.
Source: Dow Jones Newswires
Dell Unveils New PCs for Emerging Markets
Dell said it has begun selling computers designed specifically for 20 fast-growing markets outside the U.S. Dell joins rivals Hewlett-Packard, Lenovo Group and other top computer makers in targeting consumers and businesses in China, Indonesia and other markets that are healthier than the U.S. Dell should benefit: Unlike its main rival H-P, a relatively large percentage of Dell's sales come from inside the U.S.
Source: Wall Street Journal
Diabetes Researchers Convert Pancreas Cells to Produce Insulin
Injecting a cocktail of proteins directly into the bodies of diabetic mice, Harvard University researchers have converted normal pancreas cells into insulin-producing cells. The genetic transformation could offer a new way for treating diseases and injuries using a patient's own supply of healthy tissue. The scientists activated a trio of dormant genes that commanded the cells to transform themselves, much as a person might upload a new operating system onto a computer to change a PC into a Mac.
Source: Los Angeles Times
Conversation of the Day: Wall Street's Big Sell-Off
Reader Harry writes: "I frankly don't get it. $53 Trillion in health care costs. $2 Trillion in financial losses. $1.5 Trillion in unproductive wars. These numbers are looking more like Zimbabawe's Currency exchange than USD."
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