The dollar struck a record low against the euro and suffered fresh losses against the yen Monday on concerns about the US economy, which also sparked another rout on global stock markets.In Asian trade, the euro jumped to a record 1.4347 dollars, which was the highest level since the single currency's creation in 1999. It later stood at 1.4307 dollars in European trade.

Elsewhere, the yen reached.........

via news.yahoo.com

Wall Street pointed toward a lower open Monday as investors prepared to extend the sharp losses from Friday, when worries about the credit and housing markets and disappointing corporate earnings came to a head.Stock markets around the world, responding to the Dow Jones industrial average's 366-point plunge, tumbled Monday.

In Asian trading, Japan's Nikkei stock average declined 2.24 percent, while Hong Kong's Hang Seng index........................

via news.yahoo.com

Microsoft (MSFT) said on Monday it would not appeal against its defeat in a landmark antitrust case in a top European Union court last month.

Earlier on Monday the European Commission said Microsoft had agreed on measures to comply with a decision by the EU executive in 2004 that the software group was breaking competition rules.

"At the time the Court of First Instance issued its judgment in September, Microsoft committed to taking any further steps necessary to achieve full compliance with the Commission's decision," Microsoft said in a statement.

"We have undertaken a constructive discussion.........

via bnet.com

The head of the Federal Trade Commission has refused to open a formal antitrust investigation of U.S. chipmaker Intel, despite requests by lawmakers, other commissioners, as well as probes by antitrust authorities overseas, according to a published report.

The New York Times reports that FTC chairwoman Deborah P. Majoras has rejected requests to elevate an informal inquiry into a formal investigation, a move which would give the agency's staff the authority to issue subpoenas and compel testimony from executives of the companies involved..............

via money.cnn.com

Oct. 22, 2007 (Thomson Financial delivered by Newstex) -- Asian stock markets tumbled Monday with the benchmark South Korean index losing almost 5 percent at its worst level after Wall Street's steep decline Friday prompted investors across the region to scale back risky positions.

Reflecting the risk-averse mood, the yen spiked higher against the dollar as traders moved to unwind carry trade positions, in which they borrow in a low-yielding currency to invest in higher-yielding currencies and assets.

Investors are nervous about a possible repeat of Black Monday, the market crash of Oct 19, 1987 which had its 20th anniversary on Friday.......

via money.cnn.com

Merck posted a stronger-than-expected gain in earnings Monday, and raised its outlook for the full year results above estimates as well.

The company reported earnings 75 cents per share, excluding special items. That's up 47 percent from earnings on that basis a year earlier, and it easily topped forecasts of 69 cents from analysts surveyed by earnings tracker First Call.

Special items, which included aan cquired research charge related to an acquisition and a gain from the settlement of patent disputes, brought net income to $1.5 billion, or 70 cents a share, up from $940.6 million, or 43 cents a share a year.........

via money.cnn.com

I have a personal vendetta against cognitive biases. I think one of the best ways to be successful in life is not to make any major mistakes - the kind that send you into bankruptcy, surgery, divorce, or any other traumatic life altering situation. Of course, the flip side of that coin is that not taking any risks is a sure way to a life of mediocrity.
I balance these two things by trying to take risks smartly. And that means avoiding lousy decisions because of cognitive biases. The problem is that cognitive biases are so dangerous because we don't know we have them and don't recognize when we fall prey to them. I am always on guard for this very reason. I spend a lot of time, when I make decisions, examining my thought processes............

via businesspundit.com

Turkey and Iran will sign a memorandum of understanding on investment of $1.5 billion to construct electricity transmission lines between the two countries, an Ankara-based Iranian official said.

Turkey and Iran will share the $1.5 billion investment equally, Ahmed Noorani, head of Tehran's energy negotiation teamin Turkey, told media.................

via geo.tv

Water pollution may already have reached "alarming" levels in China following its industrialisation over the last three decades, the Asian Development Bank said.

The Philippines-based lender said it was giving Beijing a 500,000-dollar grant to help it design a system to manage water pollution that "may have already reached an alarming level across the country."..........

via geo.tv

The Chicago Board Options Exchange, the largest U.S. options market, said on Thursday that third-quarter profit more than doubled, helped by a rise in record trading volume and new product offerings.

In the past year, the CBOE has shifted to a for-profit model from a member-owned organization, which could foreshadow an initial public offering.

After-tax net income jumped 150 percent to $22.7 million from $9.1 million a year ago................

via bnet.com

Citigroup Inc (C) executives say they have enough funding in place to support the $80 billion in structured investment vehicles (SIVs) the bank manages and won't be forced to sell assets at distressed prices, The Wall Street Journal reported on its Web site.

The bank has secured adequate funding through the end of the year after selling some $20 billion in assets since this summer's credit crunch, the Journal reported on Thursday, citing unnamed Citigroup executives.

John Havens, head of Citigroup's alternative-asset management unit, said the bank's SIVs have been able to sell "many billions of dollars" of short-term debt over the past week or so. In an interview...............

via bnet.com

Bear Stearns Cos (BSC) is being investigated by Massachusetts securities regulators over whether the bank improperly traded with two in-house hedge funds that collapsed last summer, the Wall Street Journal reported on Friday.

The paper, citing sources, said state investigators are trying to determine whether the bank traded mortgage-backed securities for its own account with the hedge funds without notifying the fund's independent...........

via bnet.com

Maybe there is high profit potential in low-end phones. On Oct. 18, Nokia (NOK) announced that third-quarter profit soared 85%, to $2.2 billion, handily beating analysts' estimates and sending its stock surging.

The strong showing is something of a surprise, not only because it comes just as telecom equipment makers Ericsson (ERIC) and Alcatel-Lucent (ALU) are struggling, but also because Nokia is the first mobile-phone company to show it can make healthy operating..................

via businessweek.com

Despite poor quarterly numbers, the gadget retailer dismisses bankruptcy chatter, but it desperately needs a healthy holiday seasonThe outlook for Sharper Image (SHRP) is getting fuzzy.

The high-profile retailer known for cutting-edge gadgets has seen its stock hammered in recent days, dropping more than 50% over five trading days from $3.75 to $1.87 on Oct. 17. Prompting the swoon was the refusal by a federal court judge to approve the proposed settlement in a class action over Sharper Image's air purifiers...........

via businessweek.com

The latest losses at chipmaker Advanced Micro Devices (AMD) were not as extensive as market expectations, thanks to surging sales of laptops.

AMD said its net losses for the three months to 30 September totalled $396m (£194m), compared with a profit of $136m for the same period last year.

Its revenues rose 23%, again from a year earlier, to $1.63bn, led by a 43% rise in sales of its laptop chips.

Analysts said AMD was recovering..............

via news.bbc.co.uk

WPP, the world's second-biggest advertising group, expects 2008 to be a bumper year for the industry.

The Beijing Olympics, the US presidential election and the European football championships are expected to boost business, it said.

WPP said total group revenues rose 4.9% to £1.48bn in the three months to the end of September, although the strong pound dented sales growth.

The company said it had seen little impact from the recent credit crunch.................

via news.bbc.co.uk

Oil prices have broken through $90 a barrel for the first time, lifted by the low dollar and ongoing concerns over tensions in eastern Turkey.

US light crude rose to $90.02 in late Thursday trading in New York, before pulling back to $89.39 in early Friday trade in Europe.

Meanwhile, London's Brent had fallen back 30 cents to $84.30 from its overnight close of $84.60.

The weak dollar has made oil a more attractive investment.

The greenback remains near record lows against the euro, and a three-week low against the yen, not helped by weak US jobs and manufacturing..............

via news.bbc.co.uk

Bank of America's quarterly profits have fallen 32%, after an investment banking slowdown and credit losses.

The worse-than-expected profits hit $3.7bn (£1.8bn) in the three months to 30 September, from $5.42bn in the same period a year earlier.

Earnings from its investment banking business fell 93%, following turmoil in the financial markets, the firm said.

Other banks, including Citigroup................

via news.bbc.co.uk

Media and internet firms, including Viacom, Walt Disney, Microsoft and Myspace are setting guidelines to protect copyright material online.

The group plans to use technology to prevent content that breaks copyright rules being posted on the internet, as well as to stop pirated material.

Search engine Google, owner of video site YouTube, has not joined the project, but analysts predict it will.

Internet content, notably video, has boomed, including copyright material.........................

via news.bbc.co.uk

Web search giant Google saw its profits leap 46% in the third quarter, beating expectations as it gains market share.

The firm saw profits for the three months to the end of September hit $1.07bn (£523.4m) up from 733.4m for the same period a year earlier.

The latest rise comes after Google saw profits for the second quarter miss forecasts - which has only occurred twice in just over three years.

Google shares recently breached the $600 mark, rising $100 over four weeks.....................

via news.bbc.co.uk