The dollar snapped three days of gains against the euro before reports that may show U.S. housing starts fell to a 17-year low and consumer confidence slumped to the weakest in 26 years. The U.S. currency pared its weekly advance versus the euro after European Central Bank policy makers signaled they are unlikely to cut interest rates that are double those in the U.S. The yen was set for its biggest weekly decline in a month versus the dollar and euro as Asian stock gains encouraged investors to increase holdings of higher-yielding assets funded in Japan.

via bloomberg.com

apan's economy grew 3.3 percent last quarter, faster than economists estimated, as exports to Asia and emerging markets helped the nation weather the U.S. slowdown.
Gross domestic product in the three months ended March 31 was better than the 2.5 percent median estimate of 32 economists surveyed by Bloomberg. Fourth-quarter growth was revised to 2.6 percent from 3.5 percent, the Cabinet Office said today in Tokyo.

via bloomberg.com

Networks typically trot out corporate executives, programmers and stars to pitch to advertisers during the television industry’s annual upfront season. CBS showcased a deal maker, Quincy Smith, the president of CBS Interactive, who took the stage at Carnegie Hall on Wednesday wearing his trademark sneakers and infectious grin. “We have the most content online of any network,” he said. It now has more. On Thursday, CBS announced a $1.8 billion deal to buy the online media brand CNet Networks.

via nytimes.com

Gold prices shot up Thursday after crude oil surged early in the day, an inflationary move that fed buying of precious metals as safe, alternative investments. Oil eventually closed lower, as did other commodities; soybeans, rice, gasoline and heating oil futures all declined. Gold for June delivery jumped $13.50 to settle at $880 an ounce on the New York Mercantile Exchange, after earlier rising as high as $888.50. "We've seen projections for $150 crude so that's adding to inflation fears and helping gold," said Carlos Sanchez, analyst with CPM Group in New York.

via chron.com

A horse by any other name simply wouldn't have worked for UPS. Capitalizing on the buzz around thoroughbred racing's biggest event, UPS has inked a sponsorship deal with Kentucky Derby winner Big Brown, who was named in honor of the shipping giant known for its distinctive brown trucks and uniforms. The marketing coup has already won big media exposure and brand recognition for the original Big Brown — a rare opportunity the company candidly concedes galloped straight into its lap.

via chron.com

The world economy is "teetering on the brink" of a severe downturn and is expected to grow only 1.8 percent in 2008, the United Nations said in its mid-year economic projections Thursday. That's down from a global growth rate of 3.8 percent in 2007, and the downturn is expected to continue with only a slightly higher growth of 2.1 percent in 2009, the U.N. report said. The mid-year update of the U.N. World Economic Situation and Prospects 2008 blamed the downturn on further deterioration in the U.S.

via chron.com

Tokyo stocks edged lower Friday after a four-day winning streak as investors sold recent gainers such as precision equipment and electronics makers. The Nikkei fell 0.2 percent to 14,219.48, after rising more than 4 percent in the previous four sessions. The Topix index of all the Tokyo Stock Exchange First Section issues rose 0.2 percent to 1,395.87. "Although investors are expected to chase the market higher in the near future," the market is still not on a firm upward trend, said Seiichiro Iwasawa, chief strategist at Nomura Securities. "It is not rising yet."

via chron.com

As cell phone usage continues to spread, more and more Americans are rarely, if ever, talking on landlines anymore. According to a new study, 3 out of 10 homes in the country are virtually completely relying on cell phones. Cell phones are definitely more convenient, and the more we use them, the more we want to put the days of landlines in our past. According to the study, 16 percent of all homes in the country did not even have a landline installed during the second half of last year.

via bloggingstocks.com

The markets got some extra relief today as weekly jobless claims only rose by 6,000 to 371,000. The Philly Fed also showed that manufacturing contracted slower than expected as output fell by 0.7% in April. Below are the unofficial closing prices for major index levels:
* DJIA 12,988.91 +90.53 +0.70%
* S&P500 1,423.28 +14.62 +1.04%
* NASDAQ 2,533.73 +37.03 +1.48%
* 10 Yr Bond(%) 3.8430% -0.0950
* 52-WEEK LOWS.

via bloggingstocks.com

Consumer electronics retailer Best Buy, Inc. (NYSE: BBY) didn't really like the FCC's idea that it label all analog TV sets with a warning label -- something I posted on a month ago. In fact, the retailer is now challenging the FCC's authority to require retailers to slap those "Warning: Analog TV" stickers on those retail shelf boxes. The FCC seems to believe it will be Y2K all over again when the analog television frequencies are vacated next February for all those who receive TV signals via antenna.

via bloggingstocks.com

Companies from Nokia (NYSE:NOK) to Samsung are trying to create a product to compete with the Apple (NASDAQ:AAPL) iPhone. Now RIM (NASDAQ:RIMM) will join the group. RIM will come out with a touchscreen version of its Blackberry, probably in the third quarter. The decision is based on a false premise, which is that people was to buy an "iPhone" from someone other than Apple. According to The Wall Street Journal "Dubbed the Thunder, the new BlackBerry is among RIM's strongest moves so far to appeal to the increasing number of consumers opting for multimedia phones."

via bloggingstocks.com

Consumers still want different types of beers, but for a growing number with empty pockets, that means less expensive ones, the chief executive of Miller Brewing Co. said Thursday. The Milwaukee-based brewer saw a small increase in sales of economy beers like Milwaukee's Best starting in January, at the expense of higher-priced brews, Tom Long told The Associated Press in an interview. It's a direct result of people having less disposable income as they grapple with higher gas and food prices, he said.

via businessweek.com

Oil rose Friday in Asia following a whipsaw overnight session during which the expiration of options and a mix of news played havoc with prices trading in a range almost $6 wide. During Thursday's session, the front-month crude oil contract dropped as low as $120.75 before bouncing back to finish above $124 a barrel.
"Unless there is a confluence of substantive bearish news, when there is a pullback of something like $5, it's unlikely to stay down because enough participants will see that as a buying opportunity," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.

via businessweek.com

Maverick oilman T. Boone Pickens' plan for a mammoth wind farm in the Texas Panhandle is a $2 billion bet that Congress will extend a tax credit critical to the environmentally friendly industry. Pickens' company, Mesa Power, is purchasing hundreds of wind turbines from General Electric Co. to create the Pampa Wind Project, which will eventually cover 400,000 acres and generate enough power for more than 1.3 million homes.
"We are making Pampa the wind capital of the world," Pickens said.

via businessweek.com

TD Ameritrade Holding on Thursday said its chief operating officer, Fred Tomczyk, will become chief executive in October, replacing Joe Moglia. Moglia will retire as CEO on Oct. 1 and become chairman of the Omaha, Neb.-based online brokerage. He will replace Joe Ricketts, founder and chairman, who announced earlier this year that he would step down at the end of the fiscal year in September "TD Ameritrade has accomplished so many things since I joined the firm, delivering five consecutive years of record profitability," Moglia said Thursday.

via businessweek.com

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) remained stable, hovering just below 119 dollars, OPEC said on Thursday. One barrel (159 litres) of crude produced by OPEC's 13 member states stood at 118.78 dollars on Wednesday, compared with 118.76 dollars the previous day. OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

via topnews.in

As a single man in Raleigh, N.C., Greg Labows likes golf, college basketball and most things American. As a 35-year-old corporate riser at IBM, his eyes are overseas. The software-sales executive is preparing for a four-week stint in the Philippines, where IBM is working to build good will and a stronger presence. "Ten or 15 years down the road, a lot of the opportunities will focus abroad," Labows said, "and experiences like this will open doors."

via scrippsnews.com

India's gold prices firmed up on Thursday afternoon as the dollar weakened suddenly after strong German gross domestic product data, keeping demand subdued with the season gradually drawing to a close, dealers said. Buyers also waited to see if the rupee, that had weakened against the dollar to a thirteen-month low the previous day, would recover further, helping ease local gold prices.

via in.reuters.com