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Bloomberg

 

Top Financial News

Tue, 10 Dec 2002, 7:48am EST

 

Nokia Cuts Its Sales Forecast for a Sixth Time This Year; Shares Decline

Nokia Oyj, the world's No. 1 mobile-phone maker, cut its sales forecast for the sixth time this year as consumers buy cheaper handsets ahead of the holidays. The shares fell as much as 5.2 percent. More...

 

European Stocks Rise, Paced by E.ON, DaimlerChrysler; BNP Paribas Advances

European stocks rose, paced by E.ON AG and DaimlerChrysler AG, as some investors speculated the longest losing streak in the Dow Jones Stoxx 600 Index since July wasn't justified given the likelihood that economic growth will rebound next year. More...

 

Crude Oil Falls as Chavez Considers Elections to Help End Venezuela Strike

Crude oil prices fell after Venezuela's President Hugo Chavez said he may call elections in a bid to end a strike that has disrupted oil shipments from the world's fifth-largest oil exporter. More...

 

U.S. Stocks Rise in Europe as General Electric, Boeing and Wal-Mart Climb

U.S. stocks rose in Europe amid optimism growth in the world's largest economy may accelerate next year, lifting corporate earnings. General Electric Co., Boeing Co. and Wal-Mart Stores Inc. gained. More...

 

Goldman Names Weinberg, Cole to Run Global Investment Banking With Kapnick

Goldman Sachs Group Inc., the top mergers adviser, named John S. Weinberg and Christopher Cole to head the global investment banking division with Scott Kapnick, according to an internal memo. More...

 

France Telecom Plans to Sell at Least $1.9 Billion of Euro and Pound Bonds

France Telecom SA said it plans to sell at least 1.5 billion euros ($1.5 billion) of seven- year bonds and 250 million British pounds ($396 million) of bonds. More...

 

Dollar Declines as Snow Faces Calls From Manufacturers for Weaker Currency

The dollar fell for a third day against the euro and the yen as John Snow, the U.S. Treasury secretary nominee, faces calls from manufacturers to let the currency weaken in a bid to boost exports. More...

 

Citigroup to Shun Enron-Type Transactions, Charles Prince to Tell Congress

Citigroup Inc. relied on Enron Corp. and its auditor Arthur Andersen LLP for advice on how to account for certain transactions with the now-bankrupt energy trader, and won't do such deals again, a top bank executive will tell a Senate committee on Wednesday. More...

 

Senate Likely to Ask Treasury Nominee Snow About Merger of CSX and Conrail

CSX Corp. Chief Executive John Snow, President George W. Bush's choice to revive an economic team in disarray, is poised to return to government after mixed success at running a railroad. More...

 

Swedish Chief Executives Join Union as Firings and Resignations Increase

Nicklas Nyman likes to wear two-tone shirts, gold-plated cufflinks and a gleaming white handkerchief, folded in the breast pocket of his dark suit. He looks more like a boss than a union activist. He's both. More...

 

Stephen Friedman Follows Long Line of Goldman Partners Going to Washington

President George W. Bush's choice of ex-Goldman Sachs Group Inc. Chairman Stephen Friedman as his chief economic adviser continues a long tradition of Goldman partners trading Wall Street for Washington. More...

 

Indicted, Convicted Keep Edifices at Harvard, Brown, Kozlowski's `Hall'

Seton Hall University junior Matt McCue attends lectures in a building named for indicted former Tyco International Ltd. Chief Executive Dennis Kozlowski and lifts weights in a gym bearing convicted money launderer Robert E. Brennan's name. More...

 

Stories

 

 

Economies

Tue, 10 Dec 2002, 7:48am EST

 

Snow to Face Lobbying Campaign by U.S. Manufacturers for Weaker Dollar

The National Association of Manufacturers plans to lobby the next Treasury secretary to seek a weakening of what they consider an overvalued dollar. More...

 

European Union Steps Up Pressure for Economic Overhaul as Population Ages

European executives and investors are counting on John W. Snow, appointed U.S. Treasury Secretary yesterday, to help kick-start the economies of France, Germany and their European Union neighbors. More...

 

European Executives Seek Help From U.S.'s Snow in Boosting Their Economies

European executives and investors are counting on John W. Snow, appointed U.S. Treasury Secretary yesterday, to help kick-start the economies of France, Germany and their European Union neighbors. More...

 

Stephen Friedman Follows Long Line of Goldman Partners Going to Washington

President George W. Bush's choice of ex-Goldman Sachs Group Inc. Chairman Stephen Friedman as his chief economic adviser continues a long tradition of Goldman partners trading Wall Street for Washington. More...

 

China Industrial Production Grows at Fastest Pace in Almost Seven Years

China's industrial production grew at the fastest pace in almost seven years last month, led by a 49 percent increase for cars, as automakers such as Volkswagen AG and General Motors Corp. met demand from the country's growing middle class. More...

 

U.S. Economy Probably Grew 1.4 Percent This Quarter as Manufacturing Slips

U.S. economic growth this quarter will be slower than economists expected a month ago as manufacturing slides, according to the latest Blue Chip Economic Indicators survey. More...

 

Fed Policymakers Unlikely to Change Interest Rates for Next Three Quarters

Federal Reserve policy makers aren't likely to raise interest rates today, or for the next nine months, to ensure that the anemic recovery doesn't slide back into a recession. More...

 

Italian Economy Grew 0.3% in Third Quarter as Consumer Spending Stalls

Italy's economy struggled to grow in the third quarter as shoppers curbed spending and job cuts at two of the country's biggest manufacturers hurt consumer confidence. More...

 

Shiokawa Says Snow Will Maintain U.S. Dollar Policy; Expects Weaker Yen

Japanese Finance Minister Masajuro Shiokawa said he doesn't expect John W. Snow, picked to be the next U.S. treasury secretary, to change the policy on the dollar. More...

 

China's Gains From WTO Membership in Past Year Leave Asian Rivals Trailing

Philippine exporter Donald Dee says China-based competitors may force him to sell his 50-year-old wool yarn mill. By holding prices at 1995 levels, they leave him with so little profit that banks won't lend to him. More...

 

Stories

 

 

Stock Market Update

12/10 07:12

 

U.S. Stocks Rise in Europe, Led by GE and Wal-Mart; Index Futures Advance

By Sam Fleming

 

Paris, Dec. 10 (Bloomberg) -- U.S. stocks rose in Europe amid optimism growth in the world's largest economy may accelerate next year, lifting corporate earnings. General Electric Co., Boeing Co. and Wal-Mart Stores Inc. gained.

 

``There are definite signs of improvement in the economy, and corporate managements seem to at least be saying things aren't getting any worse,'' said Alex Ingham, who oversees about $2 billion of stocks as head of North American equities at Aberdeen Asset Management.

 

Standard & Poor's 500 Index futures added 8.30 to 897.90 as of 1:07 p.m. Paris time. Dow Jones Industrial Average futures climbed 73 to 8526. Both benchmarks yesterday had their biggest declines in a month. Nasdaq-100 Index futures rose 7 to 1022.

 

The economy may expand 2.8 percent in 2003, up from a projected 2.4 percent pace this year, as consumers and businesses boost spending, according to the latest Blue Chip Economic Indicators survey of economists. Some investors expect a new policy team picked by President George W. Bush may push through tax cuts and other measures to spur growth.

 

Ingham recently sold shares of Procter & Gamble Co., the biggest U.S. household-goods maker, and bought stock of General Electric, as he favors companies whose earnings are more likely to benefit from economic growth.

 

Companies scheduled to report earnings today include Kroger Co., the largest U.S. supermarket chain. Rival Albertson's Inc. yesterday said third-quarter earnings rose 9.1 percent as it closed stores and cut prices to win back shoppers from discount retailers such as Wal-Mart.

 

The Dow's 2 percent drop yesterday pared its advance from its five-year low on Oct. 9 to 16 percent. It had been up as much as 23 percent.

 

Growth

 

Recent reports on U.S. services and consumer spending pointed to an improving business climate. The U.S. services industry, which accounts for more than three-fourths of the economy, grew for a 10th straight month in November.

 

Consumer confidence increased in November for the first time in six months, and consumer spending rose 0.4 percent in October, the biggest gain in three months.

 

John Snow, Bush's nominee to replace Paul O'Neill in the post of U.S. Treasury secretary, is facing calls from manufacturers to let the dollar weaken in a bid to boost exports.

 

General Electric, whose products range from aircraft engines to refrigerators, added 19 cents to $25.69 in Germany. Boeing Co., the world's biggest commercial-jet maker, gained 31 cents to $32.71.

 

Wal-Mart, the largest retailer, advanced 34 cents to $52.19 in Germany. Yesterday the stock lost 2.2 percent after the company said sales last week were at the low end of its target.

 

Fed

 

Policy makers from the Federal Reserve, which last month lowered its benchmark overnight interest rate by half a percentage point, will meet today to consider whether to change monetary policy. Economists surveyed by Bloomberg News expect the central bank to leave the rate unchanged at 1.25 percent.

 

The Commerce Department will probably report today that wholesale inventories increased 0.2 percent in October, the fifth straight gain, as distributors restocked depleted shelves, economists said. The report is due at 10:00 a.m. Washington time.

 

Nokia Oyj's American depositary receipts may fall when U.S. trading starts. The world's No. 1 mobile-phone maker cut its fourth-quarter sales forecast, saying consumers are buying cheaper models. Motorola Inc., a rival, added 19 cents to $9.42 in Germany.

 

Morning Update

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U.S. Is First to Get a Copy of Report on Iraqi Weapons

By JULIA PRESTON

The U.S. persuaded the four other permanent members of the Security Council to support it in insisting on seeing the document immediately.

? Text: Iraq Report Table of Contents (pdf)

? U.N. Team Inspects Uranium Mine

? Iraqi Indicated Atom Project Is Continuing

 

Judge Says Cheney Needn't Give Data on Energy Policy to G.A.O.

By ADAM CLYMER

A federal district judge threw out a suit to require the vice president to release records of the administration's energy task force.

 

THE OVERVIEW

United Files for Bankruptcy

By EDWARD WONG

United Airlines became one of the largest American companies ever to seek bankruptcy protection.

 

MAN IN THE NEWS

A Pragmatist at Treasury

By EDMUND L. ANDREWS

John W. Snow's greatest strength is not his ideological fervor but rather his skill as a manager and a communicator.

? Nominee Tackles His First Day as Salesman

? Lucrative Years Despite Average Performance

? Etiquette of Surrendering a Cabinet Post

 

Monica Almeida/The New York Times

At least 280 women and girls have been killed in Ciudad Ju?rez, Mexico, since a wave of murders began in 1993. Go to Article

 

 

NEW YORK REGION

Plan for Transit Strike Calls for Unified New York

 

NATIONAL

New Tools for Domestic Spying, and Qualms

 

WASHINGTON

Democratic Governors Push for Bigger Role in Party Policy

 

INTERNATIONAL

U.S. and China Resume High-Level Military Talks

 

 

EDITORIALS/OP-ED

? Kristof: The Next Africa?

? Krugman: 'All These Problems'

 

 

BUSINESS

 

Administration Proposes Rules That Can Alter Pension Plans

 

Market Place: Northrop-TRW Deal Hits a Last-Minute Snag

 

Economic Doubt and UAL Filing Roil the Markets

 

 

NATIONAL

 

Cleveland Seminarian Is Held in Rectory Killing and Arson

 

Boston Cardinal Law Consults Vatican

 

Schools Face New Policy on Transfers

 

 

WASHINGTON

 

Corzine to Lead Democrats' Bid to Take Over Senate in 2004

 

Under Fire, Lott Apologizes for His Comments at Thurmond's Party

 

Agency Adds Shredding of Documents to Inquiry

 

 

INTERNATIONAL

 

U.S. to Sell Military Gear to Algeria to Help It Fight Militants

 

News Analysis: Crosswinds Over Turkey: Will Europe Balk Again?

 

In Venezuela's General Strike, the Pinch Becomes Pain

 

 

NEW YORK REGION

 

New York Homeowners Paying a Record Share for Housing

 

Upscale Retailers Are Trying Downscale Tactics

 

New Plan for Ground Zero Will Be Done by Jan. 31

 

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Techs point the way higher

 

Bellwethers Cisco Systems, Intel and Microsoft were marked up in the pre-market, tracing Europe's gains.

Snapshot: Nasdaq falls nearly 4%

Nokia disappoints

Mobile handset maker cites product mix favoring lower-cost models in saying fourth-quarter sales may miss by as much as $200 million.

 

GLOBAL MARKETS

Europe: Banks boost

Financial stocks rose in European and U.K. markets, driven partially by continued merger positioning. Nokia off after mid-quarter update.

London: C&W drops anew

 

Asia: Wall Street impacts

Tokyo tech and telecom stocks hit by declines on Wall Street. Dollar strengthened against the yen.

Alerts: Fast, free breaking news

 

Stocks to Watch: Avon Products, Kroll, Option Care, Tribune Co. and more.

 

 

8:01 [NIHD] NII Holdings to lease back towers from American Tower

8:01 Earnings Watch Updates, advisories and surprises

8:01 [NIHD] NII to sell 535 towers to American Tower $100 mln

7:56 [iSYS] Integral Systems Q4 rev up 29% to $15.7 mln

7:56 [TDS] Telephone & Data Systems started at 'hold' at Wachovia

 

 

DUE DILIGENCE

John Snow's track record The railroad man tapped by the White House to lead the Treasury Department is well-known in Republican circles and inside the Beltway.

Plus: Bush's new man Listen: Good 'pitchman' Vote: Right pick?

 

UAL IN BANKRUPTCY

Big banks, big bills Major banks hold the heftiest unsecured claims against United Airlines. And: Shares end flat

Tilton: CEO outlines recovery Impact: Sector | Travel

 

 

Oil and water

Doubts on Venezuela unrest and Iraq output overshadow OPEC meeting.

Futures: Brent contract trades lower

 

Karmazin staying

Viacom president expected to stay on to end of 2003; no hint of future plans.

 

Ad pickup on horizon

Forecast for coming year indicates an ad-spending rise is in the offing.

 

Cause for heartburn

Generic version of Prilosec hits the U.S. market, potentially undercutting AstraZeneca.

 

Gold gleams

Gold funds rise 7.1 percent, while average stock fund dips 2.8 percent.

Mutual Funds: Fund news and tools

 

Learning experience

Major U.S. banks face more Enron grilling, likely to say they've made policy changes to avoid a repeat.

 

 

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