Australia & New Zealand
Financial News
BHP Says Rio Tinto May Have to Lower Growth Forecast After Project Delays BHP Billiton Ltd., bidding $142 billion for Rio Tinto Group in the world's largest mining takeover, said its target may have to lower growth forecasts because of delays to projects.
Westfield Group, Simon Property Acquire Stakes in Liberty International Liberty International Plc, Britain's largest shopping-center owner, climbed to the highest in four months in London trading after two of the biggest companies in the industry bought stakes in the company.
Australian Business Investment Probably Increased Amid Mining Expansion Australian business investment probably rose as miners including Rio Tinto Group expanded to meet Chinese demand for iron ore, offsetting a slide in spending by companies that rely on domestic spending.
Lend Lease Seeking Buyer For 50 Percent Interest in King of Prussia Mall Lend Lease Corp., the Australian developer building London's 2012 Olympic Village, plans to sell its 50 percent interest in Pennsylvania's King of Prussia Mall.
Wheat Falls For Third Day; Rising Dollar Weakens Importer, Investor Demand Corn, soybeans and wheat fell as the dollar headed for a second straight monthly gain, eroding the appeal of U.S. supplies to importers.
Rio Tinto Earnings Double as Iron-Ore Miner Fights $142 Billion BHP Offer Rio Tinto Group, fighting a $142 billion hostile offer from BHP Billiton Ltd., posted first-half profit that beat analyst estimates on increased aluminum sales and record iron ore prices.
Oil Rises on Hurricane Risk to Gulf of Mexico Production; Georgia Tensions Crude oil rose more than $1 a barrel on forecasts showing that Hurricane Gustav may enter the Gulf of Mexico, home to more than a fifth of U.S. oil production.
Worldwide
Financial News
Fed Policy Makers Agree Next Move on Interest Rates Will Be to Raise Them Federal Reserve policy makers agreed this month that their next change in interest rates will be to raise them, while reaching no conclusion on the timing of such a decision.
U.S. Bank `Problem List' Expands 30% to 117, Highest Level in Five Years The U.S. Federal Deposit Insurance Corp. said its ``problem list'' of banks increased 30 percent in the second quarter to the highest total in five years.
Lehman May Form Company Funded by Outside Investors to Buy Mortgage Assets Lehman Brothers Holdings Inc. may set up a company funded by outside investors to buy some of its mortgage assets, aiming to dispel concern the firm faces crippling losses, people familiar with the discussions said.
U.S. Consumer Confidence Improves; House-Price Drop Slows for Fourth Month Confidence among American consumers improved in August for a second month as the surge in gasoline prices and the slide in home values abated.
Dollar Advances to Six-Month High on Speculation European Growth Will Slow The dollar rose to a six-month high against the euro on speculation the greenback will be the main beneficiary of a global economic slowdown as German business confidence dropped in August more than forecast.
Carteret Mortgage of Virginia Will Close; `We Ran Out of Money,' CEO Says Carteret Mortgage Corp., a closely held mortgage broker that originated more than $4 billion in loans in 2006, plans to close in several weeks, said Chief Executive Officer Eric Weinstein.
Alabama's Jefferson County Prepares for Bankruptcy as Debt Deadline Looms Jefferson County, Alabama, officials told their lawyers to prepare a bankruptcy filing if the county can't reach an agreement with creditors over how to escape from $3 billion of bonds with soaring interest rates.
General News
U.S., Europe Condemn Russia's Recognition of Georgia's Breakaway Regions The U.S. and European Union condemned Russia's recognition of Georgia's two breakaway regions, which celebrated the move as increased international tensions drove down the ruble and Russian stocks.
Evacuations of Gulf Oil, Gas Rigs to Begin Tomorrow as Gustav Approaches Evacuations of offshore oil and gas rigs and platforms in the Gulf of Mexico will begin tomorrow in preparation for Hurricane Gustav, which may become the strongest storm to hit the region in almost three years.