Blackstone shares jump 19% in debut

Blackstone shares jump 19% in debut

Shares of private equity titan Blackstone Group jumped about 19 percent in their market debut Friday, further enriching the firm's two founders and raising the specter of more scrutiny from lawmakers.

BFAD notes sanitary flaws at Wyeth warehouse

BFAD notes sanitary flaws at Wyeth warehouse

Dead insects, sputum on the floor, damped environment�these were some of the unsanitary condition at one of the warehouses of the embattled multinational giant Wyeth Philippines in Laguna that the Bureau of Food and Drugs (BFAD) noted in its inspection report.

Best Buy Q1 falls 18 percent

Best Buy 1st-quarter profit falls (AP)

AP - Electronics retailer Best Buy Co. on Tuesday said first-quarter earnings fell 18 percent, hurt by weak profits in China and increased sales of lower-margin products such as notebook computers.

Home construction fall 2.1 percent in May

May housing starts fall 2.1 percent (Reuters)

Reuters - The pace of U.S. home construction fell 2.1 percent in May to a slightly lower rate than analysts had expected while building permit activity, a signal of future building plans, increased more than anticipated, a government report showed on Tuesday.

Survey: Q2 earnings forecasts rise

U.S. Q2 earnings forecasts rise: survey (Reuters)

Reuters - Wall Street is raising estimates of second-quarter earnings growth, estimating profits will be up 5.9 percent on average, according to Reuters Estimates, which compiles analysts' forecasts weekly for the Standard & Poor's 500 index (.SPX).

Microsoft to buy $12 million stake in China TV maker

Microsoft to buy $12 mln stake in China TV maker (Reuters)

Reuters - Microsoft Corp. has agreed to pay 94 million yuan ($12.3 million) for a stake in Sichuan Changhong Electric Co. (600839.SS) and will form a cooperative alliance with the TV and electrical appliance maker, the Chinese company said on Monday.

PSE: JFC now the sole owner of China's Yonghe Kin

Jollibee Foods acquires sole ownership of China's Yonghe Kin

MANILA, Philippines -- The Philippines' largest fast food operator, Jollibee Foods Corp., bought the remaining shares in the Yonghe King restaurant chain in China that it did not already own for $6 million, making it the sole owner of the chain.

Shares close higher for 3rd day

(UPDATE) Shares close higher for 3rd day, PLDT gains trimmed

MANILA, Philippines -- Share prices closed higher for the third straight session following another rally on Wall Street Friday as a decline in US bond yields and mild inflation eased market worries that US interest rates would rise later this year.

May BOP surplus up 3x

(UPDATE) May BOP surplus up three-fold at $665M

MANILA, Philippines -- The Philippines’ balance of payments (BOP) surplus expanded nearly three-fold to $665 million in May from $282 million in April on the back of strong remittances from Filipino workers overseas and other inflows, the central bank said.

Net foreign buying up 86.2% (January-May 2007)

PSE cites surge in foreign buying

NET FOREIGN BUYING IN THE STOCK MARKET SURGED 86.2 percent to P46.56 billion in the first five months of the year from P25 billion a year ago, the Philippine Stock Exchange (PSE) reported.

Blackstone says tax changes could hurt value

Blackstone says tax changes could hurt value (Reuters)

Reuters - Blackstone Group LP , which is preparing to go public later this month, said on Friday that proposed U.S. Senate legislation on the taxation of private equity firms could materially reduce earnings and lower the partnership's value.

Tokyo bourse buys almost 5% of Singapore exchange

Tokyo bourse buys almost five percent of Singapore exchange (AFP)

AFP - The Tokyo Stock Exchange announced Friday that it had acquired a stake of almost five percent in the Singapore stock exchange operator as part of its efforts to forge links with overseas bourses.

Wall Street on a run again

Stocks surge, Dow jumps almost 86 points (AP)

AP - Wall Street barreled higher again Friday after the week's most anticipated economic reading indicated that inflation excluding the price of gas remained tepid last month, easing some concerns that have jolted stock and bond markets in recent sessions.

Megaworld sees net sales of 10B

Megaworld sees net sales of P10B in 2007

MANILA, Philippines -- Major Philippine property developer Megaworld Corp. expects real estate net sales this year to increase to P10 billion from P6.16 billion last year, boosted by brisk sales of apartments in its condominium developments, the company said.

Bank lending up 12.1% in April

Bank lending up 12.1% in April

MANILA, Philippines -- Commercial banks' outstanding loans amounted to P2.046 trillion at the end of April, 12.1 percent more than a year earlier, growing at a faster rate than the revised 10.5 percent in March, the central bank said.

Remittances jumped 32.6%

Remittances jumped 32.6% in April

MANILA, Philippines -- Remittances from Filipinos working abroad rose 32.6 percent in April from a year earlier to $1.19 billion, the 12th straight month that the figure topped the $1 billion mark, the central bank said on Friday.

Jobless rate drops to 7.4%

Jobless rate drops to 7.4% in April from 8.2 % a year ago

MANILA, Philippines -- The Philippines' unemployment rate fell to 7.4 percent at the end of April from 8.2 percent a year earlier, preliminary data from the National Statistics Office showed. That compared to a jobless rate of 7.8 percent when the previous labor force survey was done in January.

Spurs sweep Cavs to win fourth title

Spurs sweep Cavs to win fourth title (AP)

Once again, the San Antonio Spurs walked the hallways in champagne-soaked T-shirts. Bruce Bowen carried the Larry O'Brien trophy, one he had cradled before. Tony Parker, wrapped in France's flag, squeezed an MVP award he richly deserved. And Tim Duncan, always the center of everything for his team, recorded every precious moment with a camcorder.

Adobe bullish about summer sales

Adobe bullish about summer sales (AP)

AP - Bullish executives at Adobe Systems Inc. are predicting a blockbuster summer as the company, which produces popular software such as Photoshop, continues its biggest-ever product launch.

Shares close sharply higher

(UPDATE) Shares close sharply higher; index hits record

MANILA, Philippines -- Share prices closed sharply higher as broad-based buying sent the benchmark index to a new record, thanks to a recovery in US stocks overnight after bond yields eased and retail sales surpassed expectations.

Survey says retail losses at $42 B

Survey says retail losses hit record $41.6 billion (Reuters)

Reuters - Retail theft and fraud cost U.S. retailers a record $41.6 billion last year, although the percent of sales the industry lost through activities like organized crime and employee theft remained almost flat, according to a survey released on Monday.

Lehman Bros Qearnings rise 27 percent

Lehman Brothers quarterly earnings rise 27 percent (Reuters)

Reuters - Lehman Brothers Holdings Inc. , said on Tuesday that quarterly profit rose 27 percent, beating expectations, on surging revenue from bond underwriting and stock trading.

Google complains about Vista

Google complains about Microsoft's Vista (AP)

AP - Internet search leader Google Inc. is trying to convince federal and state authorities that Microsoft Corp.'s Vista operating system is stifling competition as the high-tech heavyweights wrestle for the allegiance of personal computer users.

Burger King ignites Spam War

Burger King ignites Spam war with rival (AP)

AP - For many Americans, spam is a four-letter word for unwanted e-mail. In Hawaii, Spam is a beloved comfort food, with cans of the gelatinous pork bricks found in virtually every cupboard.

GE, Microsoft discussed DowJones bid

GE, Microsoft discussed Dow Jones bid: report (Reuters)

Reuters - General Electric Co. and Microsoft Corp. discussed joining forces for a competing bid for Dow Jones & Co. in recent weeks, but the idea was abandoned, the Wall Street Journal reported on Monday.

Companies must explain CEO compensation

Companies must explain CEO compensation (AP)

AP - Shareholders who complain that executive pay is getting out of control have a new tool for pressing their case: They are demanding that companies spell out why their top brass deserves generous rewards.

Gold tumbles to 3-month low

Gold tumbles to 3-month low

Read full story for latest details at CNNMoney.com

US data shows economy is poised for better growth

Data shows economy poised for better growth (Reuters)

Reuters - The U.S. labor market is holding steady, businesses are rebuilding inventories and the consumer is still spending, all signs pointing to stronger economic growth in the latter part of this year.

PSE shares down

Shares close flat; PLDT recovers on bargain-hunting

MANILA, Philippines -- (UPDATE) Share prices closed flat as bargain-hunters emerged in late trade and picked up battered stocks like heavyweight Philippine Long Distance Telephone Co. (PLDT), allowing the market to cut early losses.

Government considers 6.2% GDP growth forecast for 2008

Gov’t considers 6.2% GDP growth forecast for 2008

MANILA, Philippines -- The Philippines' economic managers are considering a 2008 economic growth forecast of 6.2 percent, which would compare with a 2007 forecast of 6.1 to 6.7 percent, Economic Planning Secretary Romulo Neri said.

Citigroup research assigns "buy" rating for Meralco

Citigroup assigns ‘buy’ rating to Meralco

Citigroup Research has begun covering Manila Electric Co. (Meralco) with a "buy" recommendation and a price target of P154 per share, predicting that the electricity distributor will be allowed a tariff increase of as much as P1.37 per kilowatt-hour by early next year under a new regulatory regime.

End-April NPL at 5.2%

End-April bad loans ratio at 5.2%, little changed from March

MANILA, Philippines -- Commercial banks non-performing loans ratio stood at 5.27 percent at the end of April, barely changed from 5.28 percent in March but significantly lower than the 8.08 percent level recorded in April 2006, the central bank said.

Tokyo stocks fall sharply

Tokyo stocks fall sharply; dollar up (AP)

AP - Japanese stocks fell sharply Friday, led by steels, machinery and real estate shares, buffeted by Wall Street's overnight drop and weaker-than-expected Japanese machinery data.

Asian markets mostly down, following Wall Street slide

Asian markets follow Wall Street's slide (AP)

AP - Most Asian markets tumbled Friday after shares on Wall Street fell sharply amid growing speculation a U.S. interest rate cut was unlikely. Chinese stocks, however, bucked the trend and rose for a fourth straight session.

CFOs turn pessimistic on US economy, survey says

CFOs turn pessimistic on US economy: survey (AFP)

AFP - Chief financial officers at American companies have turned pessimistic on US economic prospects, a survey released Thursday showed.

Norilsk profit up 154 percent

Norilsk profit up 154 percent (Reuters)

Reuters - Norilsk Nickel, the world's largest nickel and palladium miner, said on Friday 2006 net profit more than doubled on record prices and the sale of a stake in South African miner Gold Fields Ltd..

Jobless claims down a bit

Jobless claims down 1,000 to 309,000 last week (Reuters)

Reuters - The number of U.S. workers signing up for unemployment aid edged down slightly last week, the Labor Department said on Thursday in a report underscoring stability in the labor market despite sluggish growth.

US: Q1 non-farm productivity rose 1%

Q1 non-farm productivity rose 1.0 pct (Reuters)

Reuters - Worker productivity grew at a slower than first estimated 1.0 percent annualized pace during the first quarter as the economy just inched ahead, driving up labor costs by 1.8 percent and backing fears inflation remains a concern, a government report on Wednesday showed.

Oil above $71

Oil above $71, nears 9-month high on Turkey Iraq raid

SINGAPORE -- Oil prices held firm above $71 a barrel on Thursday, nearing their highest in nine months even as a raid by Turkish troops into northern Iraq revived Middle East geopolitical jitters.

Goldman Sachs raises PLDT target to 3,000

Goldman Sachs raises PLDT target to P3,000

MANILA, Philippines -- Goldman Sachs has reaffirmed its "buy" recommendation on Philippine Long Distance Telephone Co. (PLDT) and increased its 12-month target price to P3,000 from P2,700, citing a better outlook for the country's biggest telecommunications firm.

Productivity falls

Productivity falls in 1st quarter (AP)

AP - The productivity of American workers slowed sharply in the first three months of this year but wage pressures eased as well, providing evidence that inflation is being restrained.

Millionaires in the making?

Millionaires in the making with seven mouths to feed (CNNMoney.com)

With seven mouths to feed, what makes this couple think they could become millionaires?

Colony to pay $5.4B for Libya's Tamoil

Colony to pay $5.4 bln for Libya's Tamoil (Reuters)

Reuters - Private investment firm Colony Capital LLC has agreed to pay 4 billion euros ($5.4 billion) for Libya's European oil company Tamoil and Oilinvest.

Morgan Stanley comment weighs on FTSE

Morgan note weighs on FTSE (FT.com)

FT.com - A bearish note from Morgan Stanley (AMEX:MWD) helped send the FTSE 100 tumbling 67 points, or 1 per cent, to 6555.4 in late morning trade, as investors intensified their caution ahead of Thursday's interest rate decision.

Mortgage applications decline

U.S. mortgage applications decline in week: MBA (Reuters)

Reuters - U.S. mortgage applications declined last week, dragged down by sinking demand for home refinancing with long-term interest rates at their highest level since October, an industry group said on Wednesday.

Prudential Financial shuts down stock research, trading arm

Prudential shuts down stock research, trading arm (Reuters)

Reuters - Insurance company Prudential Financial Inc. said on Wednesday that it will shut down its institutional stock research and trading business, Prudential Equity Group.

7 year T-bonds rise

Bangking & Finance: 7-year T-bonds rise

The government's borrowing cost went up at yesterday's Treasury bond auction, but officials said this was no cause for concern, since the rate was within expectations.

Fed chief expects economy to rebound

Fed chief expects economy to rebound (AP)

AP - Federal Reserve Chairman Ben Bernanke predicted Tuesday the economy will rebound from an anemic performance at the start of the year even if the housing slump continues.

May inflation at 2.4%

Inflation in May at 2.4%

MANILA, Philippines -- The consumer price index in May rose 2.4 percent year-on-year, sustaining its uptick for the second straight month but was within the central bank's forecast, data from the National Statistics Office showed.

Peso down, Malaysian ringgit at 1-month low

Peso down on profit-taking, ringgit at 1-month low

SINGAPORE -- The Philippine peso retreated on profit-taking Tuesday while the Malaysian ringgit hit a one-month low as investors bought dollars to cover their short positions. Other Asian currencies were mostly steady.

Factory orders post weak advance

Factory orders post weak advance (AP)

AP - Orders to U.S. factories posted a weaker-than-expected gain in April as declines in demand for cars, planes and boats offset strength in business investment.

Property sector grows 17.1%, fastest in 40 years

The Economy: Property sector grows fastest in 40 years

The Philippine real estate industry continued to post significant growth last year, posting a rise of 17.1% in gross value added (GVA), the fastest annual growth achieved since 1967, the National Statistical Coordination Board said in a statement yesterday.

Chinese stocks rebound to close higher

Chinese stocks rebound in late-day rally (AP)

AP - Chinese stocks rebounded in volatile trading Tuesday following their sharpest one-day drop in three months as strong buying by institutions offset selling by retail investors.

Monetary Board oks agri, rail loans

The Economy: Monetary Board okays agri, rail loans

The policy-making Monetary Board has approved the government's bid to secure funding from foreign donors for the improvement of agricultural production in Mindanao and the face-lift of Metro Manila's dilapidated railway.

Amex to sell private bank unit within weeks

Amex to sell private bank unit within weeks: source (Reuters)

Reuters - New York-based credit card and travel services company American Express is expected to sell its private banking business within weeks, said a source familiar with the matter.

Chinese stocks tumble again

Chinese stocks tumble 8.3 percent

BEIJING - Chinese stocks plunged Monday following government efforts to cool a market boom, recording their biggest one-day drop since a late February drop that triggered a global market sell-off.

New record high for PSE shares

Shares close at new record high on Wall St, regional gains

(UPDATE) MANILA, Philippines -- Share prices closed sharply higher, lifting the main index to a fresh record, as Wall Street's advance Friday and the continued upswing in major Asian markets this morning further buoyed investor sentiment, dealers said.

Bancroft family to meet with Murdoch

Bancroft family to meet with Murdoch (Reuters)

Reuters - Representatives of the Bancroft family, which controls Dow Jones & Co. Inc. , plan to meet with News Corp. (NWSa.N) chief Rupert Murdoch on Monday to discuss his $5 billion bid for the company, The Wall Street Journal reported on its Web site Friday, citing sources familiar with the matter.

US urges Swiss banks to steer clear of Iran

U.S. urges Swiss banks to steer clear of Iran (Reuters)

Reuters - A U.S. anti-terrorism official warned Swiss banks not to do business with Iran on Saturday, saying Iranian officials sought to conceal their identity in deals designed to fund Iran's uranium enrichment program.

Buzz in Wall Street - Journal bid

Bid for Journal is talk of Wall Street (AP)

AP - Financial analyst Edouard Morin slid from his lunch seat at the swanky Harry's Cafe around the corner from Wall Street and sized up the latest merger talk that has the business world abuzz.

Top 25 fastest growing techs (CNNMoney.com)

The Top 25 fastest growing techs - Akamai Technologies (AKAM) (1) - Business 2.0

Akamai Technologies (AKAM)

Rank: 1
Employees: 1,058
Headquarters: Cambridge, MA
Sector(s): Business Services

Why it's hot: How big is online video and music? Big enough to catapult Akamai to the top spot. Internet traffic is surging, and companies like Apple and MTV Networks rely on the content delivery company's technology to get the digital goods to their customers.

See more B2 100 data for Akamai Technologies

Google hits the streets

Google hits the streets, raises concerns (AP)

AP - Google Inc. bills the latest twist on its online maps as "Street View," but it looks a bit like "Candid Camera" as you cruise through the panorama of pictures that captured fleeting moments in neighborhoods scattered across the country.

Greenspan promises surprises in September book

Greenspan promises surprises in September book (Reuters)

Reuters - Former U.S. Federal Reserve Chairman Alan Greenspan promised on Friday to deliver surprises and insights about the future in an eagerly awaited book, but he gave little away for now beyond saying interest rates were low.

No upgrade this time

No upgrade from Moody’s

MANILA, Philippines -- Moody’s Investor Service, which maintains the lowest sovereign credit rating on the Philippines among the three major credit rating agencies, is not keen on an upgrade at this time.  (Inquirer.net)

Ford down, Nissan, Chrysler up

Ford's U.S. sales decline; Nissan, Chrysler up (Reuters)

Reuters - Ford Motor Co. posted lower May sales on Friday, while rivals Nissan Motor Co. and Chrysler Group eked out small gains amid high gas prices and concerns about U.S. consumer confidence.

Euro growth slows to 3.2%

Euro-area growth slows to 3 percent (AP)

AP - Economic growth in the euro area slowed to 3 percent while the EU as a whole expanded by a slower 3.2 percent in the first three months of the year as household spending barely moved, the European Union said Friday.

Pending home sales index fell 3.2 pct, lowest since Feb 2003

April pending home sales index fell 3.2 pct (Reuters)

Reuters - Pending sales of existing U.S. homes in April unexpectedly fell to its lowest since February 2003, data from a real estate trade group showed on Friday.

US factory gauge highest in over a year

Factory gauge climbs to highest in over a year (Reuters)

Reuters - U.S. manufacturing grew a bit more rapidly in May as factory managers restocked depleted inventories, according to a survey published on Friday.

Joel Sendek: Weird Al of Wall Street

Joel Sendek: The Weird Al of Wall Street - June 11, 2007 (CNNMoney.com)

In the late 1960s, Don McLean penned the nostalgic anthem "AmericanPie" in part to respond to what he saw as the beginning of a dark erafor the U.S. Similarly, in May of this year, Lazard Capital Marketssell-side analyst Joel Sendek was feeling nostalgic about the growth ofAmgen's anemia drug, Erythropoietin, which was fading. So he started singing:

Bye-bye, Erythropoietin pie.

Drove my growth rate with the pipeline,

But the pipeline is dry...

...along with eight other verses, left in the voicemail boxes of about 350 clients.

Bank earnings fall slightly in Q1

Bank earnings fall slightly in 1st quarter (Reuters)

Reuters - Earnings at U.S. banks fell slightly in the first three months of the year amid a continuing housing slump and tightening credit standards, a banking regulator said on Thursday.

Incomes fall, spending increases

Incomes fall but spending increases (AP)

AP - Consumers' incomes dipped in April but that didn't stop them from spending briskly. The Commerce Department reported Friday that personal incomes fell by 0.1 percent in April, following a robust increase of 0.8 percent in March.

Buffett talk fuels interest in Kraft

Buffett talk fuels interest in Kraft Foods calls (Reuters)

Reuters - Call option activity in Kraft Foods Inc. surged on Thursday on speculation that Warren Buffett's Berkshire Hathaway Inc. (BRKa.N) (BRKb.N) is interested in the largest U.S. food company.

157,000 more jobs in May

Employers add 157,000 jobs in May (AP)

AP - Employers showed a decent appetite to hire in May, boosting payrolls by 157,000, the most in two months. The unemployment rate held steady at 4.5 percent.

Global guru

Global guru: Harvard's $30 billion endowment chief

When you first meet Mohamed El-Erian, 48, who heads up Harvard University's $30 billion endowment, two things immediately strike you: First, he's incredibly sharp, particularly when it comes to highbrow things like geo-political economics; second, despite being one of the world's most respected money managers, he's the antithesis of a hubristic hedgie or swaggering Wall Streeter: the Oxford and Cambridge-educated Egyptian is enormously polite and charming.

 (CNNMoney.com)

Civilian employment steady in May

Civilian employment steady in May (AP)

AP - Employers showed a decent appetite to hire in May, boosting payrolls by 157,000, the most in two months. The unemployment rate held steady at 4.5 percent.

Dell lays off 8,000; Q1 earnings sag

Dell lays off 8,000; 1Q earnings sag (AP)

AP - Dell Inc. beat Wall Street predictions in its first-quarter earnings report but said it would eliminate 10 percent of its work force over the next year as part of a broad plan to trim costs and become more competitive with rivals.

Salcon Power declares cash dividend, changes name

Salcon Power declares cash dividend, changes name

MANILA, Philippines -- Salcon Power Corp. said its shareholders on record as of June 18 would be paid a cash dividend of P0.25 per share on July 10.

Megaworld to build campus-type facility for BPO firms

Megaworld to build campus-type facility for BPO firms

MANILA, Philippines -- Property developer Megaworld Corporation will be building a campus-type facility called One Campus Place that aims to provide low lease price to business process outsourcing firms that are looking to expand or move their operations.

SMC retirement fund raises stake in company

San Miguel retirement fund raises stake in company

SMC Retirement Plan, the retirement fund owned by employees of San Miguel Corp., has recently acquired an additional 56.68 million common class B shares in San Miguel, raising its stake in the food and beverage firm to 320.45 million shares, or about 10.16 percent of the company's outstanding shares, San Miguel said.

PSE shares close at new record high

Shares close at new record high on upbeat economic outlook

(UPDATE) MANILA, Philippines -- Share prices closed sharply higher for the second straight day, lifting the main index to a new record, after the surprise surge in the domestic economy in the first quarter raised hopes it will easily beat last year's performance, dealers said.

Smart unveils low-cost 3G phone

Smart unveils low-cost 3G phone

MANILA, Philippines -- Mobile operator Smart Communications has announced the availability of the LG KU 250, touted as the most affordable handset that supports third-generation or 3G services.

Moody: RP debt rating at B1, outlook is stable

Moody's keeps RP debt rating at ‘B1’; outlook stable

MANILA, Philippines -- Moody's Investors Service said it haD reaffirmed its "B1" rating on the Philippines' sovereign debt, with a stable outlook.