Late Edition August 27 2008 at 03:05 PM Chi-Chu Tschang and Cristina Lindblad
Surprising Resilience in U.S. Manufacturing
The U.S. factory sector appears to have weathered the summer months in better shape than economists had expected, based on a report on orders for durable manufactured goods for July released Aug. 27. Orders rose 1.3% in July, matching the increase seen in June. The July jump was much better than the 0.1% increase anticipated by economists.
The data pointed to solid gains in defense, transportation equipment, primary metals, and computers and electronic products shipments. A competitive dollar and robust demand from abroad were key factors. The better-than-expected durable-goods numbers helped underpin Wednesday's U.S. stock rally.
Source: BusinessWeek
Oil Heads Higher as Gustav Heads for the Gulf
Worries that tropical storm Gustav could damage oil installations in the Gulf of Mexico pushed up the price of a barrel of crude to $119.63 in morning trading on the New York Mercantile Exchange.
Source: CNNMoney.com
Hillary Calls for Unity at the Convention
Senator Hillary Clinton delivered a strong message of support for Senator Barack Obama's presidential bid, in a speech Tuesday night at the Democratic National Convention in Denver. "Whether you voted for me, or voted for Barack, the time is now to unite as a single party with a single purpose," Clinton said. With polls showing Republican Senator John McCain narrowing the gap with Obama, the issue of who former Clinton supporters will vote for has become central. An August Wall Street Journal/NBC News poll shows that just 52% of Clinton primary voters plan to vote for Obama, while 21% now support McCain. The rest are undecided or not planning to vote.
Source: Wall Street Journal
Mattel Gets Less than Expected in Bratz Case
A California jury on Aug. 26 awarded Mattel $100 million in damages in the copyright infringement case it launched against MGA Entertainment, maker of the Bratz line of dolls. Mattel had been hoping for a settlement in the billions.
Source: Reuters
ConocoPhilips Sells Gasoline Stations
ConocoPhilips said on Aug. 26 that it will sell its network of 600 company-owned filling stations to PetroSun West for $800 million. ExxonMobil and BP have also announced plans to sell their U.S. gas stations.
Source: The New York Times
Ricoh Buying U.S. Rival
Ricoh, a Japanese maker of copiers and printers, announced on Aug. 26 that it will pay $1.62 billion for Ikon Office Solutions. The deal should boost Ricoh's sales in North America and Europe.
Source: MarketWatch
Russia Backs Independence for Georgian Regions
Russian president Dmitri A. Medvedev has declared on national television that his country recognizes the independence of the Georgian enclaves of South Ossetia and Abkhazia. The move drew immediate condemnation from Western nations including the U.S. who say Georgia must not be broken up.
Source: New York Times
Party Time in Denver for Lobbyists
Last year's much-celebrated overhaul of ethics laws notwithstanding, Denver is full of corporate lobbyists in town for the Democratic National Convention this week. Lawmakers, lobbyists, and state and federal politicos are mingling at hundreds of brunches, receptions, and parties, many sponsored by corporations and trade associations pushing their favorite causes. Starting on Aug. 30 the scene will migrate to St. Paul and Minneapolis to greet the Republicans at their convention.
Source: BusinessWeek
North Korea Threatens Halt to Nuclear Disarmament
Pyongyang threatened Tuesday to stop its nuclear disarmament and restart its Yongbyon reactor. North Korea said the move was in retaliation for Washington delaying in taking it off a list of state sponsors of terrorism.
Source: Financial Times
Wind Energy Stymied by Grid Limits
The U.S.' outdated and fragmented electricity transmission grid with over 200,000 miles of power lines owned by some 500 different owners, is inhibiting the development of wind energy and other alternatives including solar. "We need an interstate transmission superhighway system," said Suedeen G. Kelly, of the Federal Energy Regulatory Commission.
Source: New York Times
Retailers Delaying Purchases
Amid concerns about the slowing economy, apparel retailers are delaying purchases of new orders. While traditionally retailers have made their orders as early as six to nine months early, many now are opting for 'at once' orders to avoid the risks of high inventories.
Source: Reuters
China Mobile Profit Soars
China Mobile saw its second-quarter profit rise by 51% to a record $4.5 billion. The surge is due to new customer sign-ups lured by call price cutting as well as continued expansion into rural China. China Mobile has pushed the development of value-added services including messaging and games to offset cuts in call charges.
Source: Bloomberg
More Banks in Trouble Reports FDIC
The Federal Deposit Insurance Corp (FDIC) reported Tuesday that as of June 30 the number of banks on its 'problem list" had risen 30% to 117. "The results were pretty dismal," FDIC Chairwoman Sheila C. Bair said at a news conference.
Source: Los Angeles Times
Conversation of the Day: U.S. HEALTH CARE, THE REAL FISCAL NIGHTMARE
Reader Rick Hendricks Writes:"Our health-care system is a mishmash of shadowy insurance plans and government regulations that place the patient last."
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