Oil prices remained near record highs above $145 a barrel in Asia after Saudi Arabia's oil minister suggested his country doesn't plan to boost production.
Light, sweet crude for August delivery was up 23 cents at $145.52 a barrel in Asian electronic trading on the New York Mercantile Exchange, midafternoon in Singapore. Crude futures rose to $145.85, a record high, in New York on Thursday before settling at a record finish of $145.29 a barrel.

via chron.com

Mortgage lender Bradford & Bingley PLC said Friday it is revising its plans to raise new capital after U.S. private equity fund Texas Pacific Group pulled out of its agreement to invest. Fort Worth, Texas-based TPG withdrew after Moody's rating service downgraded Bradford & Bingley's long-term debt ratings from A3 to Baa1. TPG's agreement to invest $356 million in B&B included an escape clause in the event of downgrading.

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* San Francisco Fed Reserve Bank President Yellen to speak about the U.S. economic outlook at the University of California/San Diego with a Q&A session. * Aracruz Cellulose (NYSE: ARA) to report Q2 earnings; conference call at 11:00am. Tuesday, July 8 * Richmond Fed Reserve Bank President Lacker to speak about U.S. economic outlook to the National Economists Club in Washington with a Q&A session expected.

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In a way, Africa is a new frontier for mobile services. The continent is seeing growth from the commodities boom. Plus, there is certainly a need to build up the infrastructure. No doubt, Vodafone Group plc (NYSE: VOD) sees the opportunity. In fact, this week the company plunked down $900 million for a 70% stake in Ghana Telecom (the remaining 30% will be held by the government).

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If you love Adidas' clothing and footwear then I have some good news for you. Adidas is eying to open about 2,300 new stores in China by 2010, lifting its total number to 6,300. The company's decision came as a result of strong demand from China even in times when we might expect to see some downturns. Frederic Seiller, a vice president in charge of retail operations for Greater China, stated that the the global economic slowdown had no impact on Adidas's sales in China.

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General Motors Corp. is considering a new Chevrolet mini car for the United States as it reworks its product lineup to cope with a dramatic shift from trucks to cars linked to high gas prices, a spokesman said Thursday.
GM spokesman Dee Allen said bringing the Chevrolet Beat, which is about the size of a Honda Fit or Toyota Yaris mini car, to the U.S. is among the options the company is studying.

via businessweek.com

Faced with soaring gas prices, a sputtering economy and a rapid U.S. market shift away from trucks, the U.S. auto industry's weakest player, Chrysler, may have to file for bankruptcy or sell its storied Jeep and Dodge Ram brands as early as next year, JPMorgan said Thursday.
But rivals GM and Ford are likely to get through the rough patch and turn a profit in 2010.

via businessweek.com

Soaring fuel costs are taking some of the celebration out of this holiday weekend. Oil prices headed into the busy Fourth of July break by racing past $145 a barrel for the first time Thursday. The story was no different at the gas pump, where the national average soared to within a whisker of $4.10 a gallon.

via businessweek.com

The former head of Refco Inc., blamed for the collapse of one of the world's largest commodities brokerages, was sentenced to 16 years in prison Thursday by a judge who decried the "staggeringly arrogant" greed of white collar criminals. Phillip Bennett, 59, a British citizen living in Gladstone, N.J., had previously pleaded guilty to conspiracy to commit securities fraud and other charges for the eight-year fraud.

via businessweek.com

After last week's highly-anticipated Federal Reserve rate decision, in which rates were expectedly left on hold, markets have shifted their attention to the upcoming European Central Bank rate decision on Thursday.
After remaining on hold since June of last year, markets are beginning to speculate over whether the ECB will in fact follow up with rate action following strong signals sent in recent weeks from bank president Jean-Claude Trichet.

via mortgagenewsdaily.com

Another update for you before we get to the main content for the day... The MBS market has picked up perhaps a tick or two since earlier this morning. Although jobless claims were over 400k, the level NFP number is buoying stocks still. Don't count out market psychology. We "want" to see the market make sense, and for stocks to realize just how crappy the outlook is, which would allow MBS to improve, but it's Independence day weekend.

via mortgagenewsdaily.com

General Motors, battered by the slowest U.S. sales market in 15 years, faces the possibility of bankruptcy and may need to raise as much as $15 billion, a Merrill Lynch & Co. analyst said. The automaker's shares fell the most in 20 years. The “dramatic drop-off” in sales probably will continue through 2009, forcing GM to find additional funding, analyst John Murphy, who lowered the Detroit-based company's shares to “underperform” from “buy,” said in a report.

via turkishdailynews.com.tr

Consumption of vodka has increased dramatically in Turkey, which is consistent with trends in the world's alcoholic drink markets. Although rakı, the anise-flavored traditional Turkish drink, continues to lead the market, domestic rakı sales have experienced some decline. On the other hand, vodka consumption in Turkey increased 20 percent during the first five months of this year, reported the Turkish weekly, Ekonomist, on Sunday.

via turkishdailynews.com.tr

he European Central Bank raised interest rates to a seven-year high to fight inflation even as economic growth cools. The ECB's Governing Council, meeting in Frankfurt, increased the benchmark lending rate by a quarter point to 4.25 percent yesterday.

via turkishdailynews.com.tr

Oil soared to a record above $144 a barrel yesterday in Asia, fueled by concerns over a larger-than-expected drop in U.S. stockpiles and the threat of conflict with Iran. Early afternoon in Singapore, light, sweet crude for August delivery was up 78 cents at $144.35 a barrel in Asian electronic trading on the New York Mercantile Exchange. Earlier in the session, it rose as high as $144.57 a barrel, a record.

via turkishdailynews.com.tr

Shares of General Motors Corp. plunged Wednesday to close below $10 for the first time in more than half a century, on worries about the company's cash needs and speculation about a possible bankruptcy protection filing down the road. GM shares fell $1.77, or 15.1 percent, to close at $9.98. Their session low of $9.96 marked their lowest point since Sept.

via chron.com

When consumers astonished the U.S. auto industry two months ago by quickly shunning trucks and going for gas mileage, the biggest beneficiary ended up being Honda Motor Co. The No. 2 Japanese automaker, with the most fuel-efficient model lineup in the industry, never put both feet into the U.S. truck market, instead focusing on slow-but-steady growth with popular cars like the Civic and Accord.

via chron.com

The worst news Wednesday regarding oil wasn't its record high close of $143.57 per barrel. It was the dollar. "There may be another record Thursday, and another Monday, and so on," energy trader Jim Dietz told BloggingStocks Wednesday. The reason? Concern that the already weak dollar will fall further, Dietz said. The European Central Bank meets Thursday to vote on interest rates.

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Lehman Brothers Holdings Inc. (NYSE: LEH) is trying real hard to convince its Gucci-clad workforce not to abandon ship. According to CNBC, employees will receive 20% of last year's bonus in stock that vests over three years. "Lehman's decision to issue additional stock to employees is being interpreted by some in the market as a sign that the Lehman is not planning to sell itself for a below-market price," writes CNBC ON-Air Editor Charlie Gasparino.

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With a slowing economy and corporate layoffs being announced daily, look for online education companies to benefit. Many unemployed are and will be looking for a profession, and many employed people are always looking to make career changes. Online education companies are therefore enjoying higher enrollment rates. Shares in Apollo Group (NASDAQ: APOL) are surging over 20% on a strong earnings report.

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