World Business
Good day, Bad day
Faith trumping reason, Feeling their pain
A dot-corn boom, EBay’s high-stakes bid
Things are sunny in the Corn Belt, economically speaking, but clouds may be closing in. EBay is moving away from its auctioneering roots. And Olympic gold medals don’t actually contain that much gold.
Good day, Bad day
Golden parachutes, Gold bugs
Best columns: Russian roulette, Royalties wrestling
If you have mutual-fund investments in Russia, says Brett Arends in The Wall Street Journal, “it’s time to cash in your chips.” Record labels may be near-sighted, says the Los Angeles Times in an editorial, but asking for higher royalties from Web radio and vidoegames is reasonable.
Lehman’s shopping trip, Gulfstream’s service entrance
Lehman Brothers is seeking informal bids on its asset management business. Gulfstream maker General Dynamics buys Swiss aviation services firm Jet Aviation. And when it comes to satisfaction, American drivers buy foreign.
Housing tea leaves, California dealing
The housing market slump leaves more marks in Britain and the U.S. Japan’s largest bank completes the takeover of a California lender. And Brazil’s exchange rate makes U.S. movie stars seem like a bargain.
China’s global assist, Merrill’s U.K. tax holiday
China will probably save us from a global recession. Merrill Lynch has found a way to avoid paying British taxes for up to 60 years. And Amish homebuilders are great, if you can find one.
Best columns: Web watching, Google's gobbling
“NBC’s boffo TV ratings,” says the Los Angeles Times in an editorial, suggest that streaming the Olympics over the Internet actually boosts TV viewership. Google has a reputation as an “entrepreneur’s paradise,” says Farhad Manjoo in Slate, but it is more like a start-up “black hole.”
Corporate melting pot, Bargainer’s sweet spot
As share prices hang low, the corporate buyout market is riding high. Wal-Mart reaps the rewards of consumer bargain shopping. And Michael Phelps is becoming worth his weight in gold.
Good day, Bad day
Foreign friends, BlackBerry
Securities go nowhere, CVS moves West
The broken securitization system is clogging up the credit market. CVS buys California-based Longs Drug Stores. And China’s manufacturing shifts into high gear as the U.S. idles.
Best columns: Dollar’s direction, Fed’s self-help
“The dollar’s big bounce,” says David Bogoslaw in BusinessWeek.com, could be “a sign of growing confidence in U.S. growth,” or pessimism about the rest of the world. The Fed’s “rather sizable” rate cuts have had effects, says Irwin Kellner in MarketWatch, but probably not the intended ones.
Wall Street’s job shuffle, UBS’s millionaire problem
Wall Street job cuts are welcomed by at least some in the financial-services industry. UBS posts another loss on new writedowns and an exit of private wealth. And GE is rewarded for keeping NBC.
NBC’s Olympic gold, UPS’s Dutch tryout
China’s stock market doesn’t get a boost for the Olympics, but NBC does. UPS is in preliminary talks to buy Dutch rival TNT. And Waste Management ups the ante in the garbage consolidation wars.
