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German firm to build massive mosque in Algeria

Sat, 19 Jul 2008 00:00:00 +0200

A German firm has signed a spectacular contract to build the world's third-largest mosque in Algeria during Angela Merkel's first visit to the north African country this week.

Backlog bolsters Cessna

Sat, 19 Jul 2008 00:00:00 +0200

Company expects to receive 570 orders this year

Despite rising oil prices, Cessna Aircraft's backlog of orders is expanding, although orders for Citation jets have declined this year to more normal levels. Last year, Cessna took more than 770 orders for business jets. This year, it's expecting orders to number about 570.

"We were in an overheated market," Cessna chief executive Jack Pelton said of 2007. "It was euphoria and orders were flying in."

To put it in perspective, Pelton said, orders this year will still surpass those taken in 2006, when Cessna sold a then-record 430 business jets.

Cessna turned in a strong first half of the year, with orders for 437 jets. Most are earmarked for delivery in 2010 and beyond, company officials said.

Paulson Lobbies to Get Fannie-Freddie Rescue Approved (Bloomberg)

Sat, 19 Jul 2008 00:00:00 +0200

Bloomberg - July 17 (Bloomberg) -- Treasury Secretary Henry Paulson tried to rally support yesterday for his plan to rescue Fannie Mae and Freddie Mac and said he is confident Congress will pass it by next week.

Bernanke, Frank Form Improbable Alliance Over Subprime Crisis (Bloomberg)

Sat, 19 Jul 2008 00:00:00 +0200

Bloomberg - July 17 (Bloomberg) -- After Federal Reserve Chairman Ben S. Bernanke detailed to a U.S. House panel yesterday the Fed's new efforts to toughen mortgage-lending rules, Representative Barney Frank praised him and panned his predecessor.

Paulson Lobbies Congress to Get Fannie-Freddie Rescue Approved (Bloomberg)

Sat, 19 Jul 2008 00:00:00 +0200

Govt OK sought for top pay at mortgage giants (AP)

Sat, 19 Jul 2008 00:00:00 +0200

AP - Congress wants to require executives at Fannie Mae and Freddie Mac to have their pay packages approved by the government as part of a bill to throw a federal lifeline to the mortgage giants.

JPMorgan beats forecasts, warns on mortgages (Reuters)

Sat, 19 Jul 2008 00:00:00 +0200

Reuters - JPMorgan Chase & Co posted a smaller-than-expected drop in earnings on resilient stock and bond underwriting revenue, sending its shares surging, but the company cautioned that the mortgage market and the economy are getting worse.

Fannie Mae, Freddie Mac shares jump again (Reuters)

Sat, 19 Jul 2008 00:00:00 +0200

Reuters - Investors snapped up shares of Freddie Mac and Fannie Mae for a second day on Thursday after Freddie pulled off its second successful debt sale following Sunday's announcement of a U.S. rescue plan for the two housing finance companies.

Sherwin-Williams 2Q profit falls; tops forecast (AP)

Sat, 19 Jul 2008 00:00:00 +0200

AP - A weak housing market and higher material costs dragged Sherwin-Williams Co.'s second-quarter profit down 15 percent, the paint-maker said Thursday. The company said it would raise prices for the third time this year.

Big Merrill Loss Ends Banks Bright Day On Glum Note (Investors Business Daily)

Sat, 19 Jul 2008 00:00:00 +0200

Investor's Business Daily - Financial stocks pushed higher for a second straight session Thursday on better-than-expected earnings from JPMorgan Chase and positive news on Fannie Mae and Freddie Mac .

Fannie Maes Mudd: wont tap new credit line (Reuters)

Sat, 19 Jul 2008 00:00:00 +0200

Reuters - The chief executive officer of mortgage finance giant Fannie Mae , Daniel Mudd, said on Thursday the company was unlikely to tap emergency credit measures that have been proposed for it by the U.S. Treasury Department.

Economy - Thursday (Investors Business Daily)

Sat, 19 Jul 2008 00:00:00 +0200

Investor's Business Daily - Home loan rates fell over the last week as Treasury yields fell sharply amid financial woes and views that the Fed won't hike rates this year. The 30-year fixed-rate mortgage fell to 6.26% for the week ended July 17 from 6.37% a week earlier, Freddie Mac said. The 15-year fixed-rate fell 13 basis points to 5.78% this week. The 5-year Treasury-indexed adjustable-rate mortgage edged down to 5.8%, while the 1-year ARM fell 7 ticks to 5.10%. Treasury yields have picked up in the last few days.

Freddie Mac weighs 10 bln dlr share offer: report (AFP)

Sat, 19 Jul 2008 00:00:00 +0200

AFP - US mortgage giant Freddie Mac may attempt to raise capital by selling up to 10 billion dollars in new shares after its stock rebounded this week, the Wall Street Journal reported Friday.

Google quarterly profit rises 35 percent

Sat, 19 Jul 2008 00:00:00 +0200

Google’s earnings growth slowed more than investors anticipated during the second quarter — an indication that sluggish economy is starting to weigh on the Internet search leader.

Coke will cost more after Labor Day

Sat, 19 Jul 2008 00:00:00 +0200

Coca-Cola can expect to pay more starting this fall after the company's biggest bottler said Thursday that it would raise prices.

JPMorgan predicts more loan losses

Sat, 19 Jul 2008 00:00:00 +0200

JPMorgan Chase & Co. said Thursday that it expects continued deterioration in its home equity, subprime and prime mortgage portfolios through the remainder of the year.

GOP kills Democrat oil drilling proposal

Sat, 19 Jul 2008 00:00:00 +0200

House Republicans on Thursday killed a Democratic plan designed to spur drilling on already available federal lands in Alaska, the West and the western Gulf of Mexico.

Banks reportedly not taking IndyMac checks

Sat, 19 Jul 2008 00:00:00 +0200

The frustration didn't end for some IndyMac customers when they finally were able to withdraw their funds from the failing bank seized last week by federal regulators.

Jobless claims rise, but less than expected

Sat, 19 Jul 2008 00:00:00 +0200

The number of newly laid-off people signing up for jobless benefits rose last week as companies keep work forces lean given the economy’s slowdown.

Microsoft quarterly profit up 42 percent

Sat, 19 Jul 2008 00:00:00 +0200

Microsoft said Thursday its fiscal fourth-quarter profit jumped 42 percent, helped by strong sales of its Office and Windows software.

Tories plan overhaul of Government borrowing

Sat, 19 Jul 2008 00:00:00 +0200

An independent panel of "wise men" would be able to advise the Government on how much it should borrow and spend each year under radical new plans being considered by the Conservative Party.

Supermarkets fire new shots in price war

Sat, 19 Jul 2008 00:00:00 +0200

Supermarkets have fired another volley of shots in the increasingly intense price war as the big four stores launch a weekend of special offers.

Parliamentary committee to question those to blame for Equitable Life

Sat, 19 Jul 2008 00:00:00 +0200

An influential Parliamentary committee is to hold a series of public hearings in the autumn to cross-examine those blamed for the collapse of Equitable Life following a damning official inquiry.

Credit crunch bites into takeaways, as diners chose to cook instead

Sat, 19 Jul 2008 00:00:00 +0200

Diners are ditching expensive takeaways in favour of cooking their favourite curries at home, as the credit crisis bites into people's food budgets.

Bradford Bingley gets cash call go-ahead

Sat, 19 Jul 2008 00:00:00 +0200

Bradford & Bingley shareholders have approved the bank's £400m rights issue at an extraordinary general meeting in Sheffield.

JP Morgan reveals rare cheer with better-than-expected profits

Sat, 19 Jul 2008 00:00:00 +0200

JP Morgan Chase has released some rare good news from the banking sector as it revealed better-than-expected second-quarter profits.

Stores stop selling Vodafone top-ups in protest

Sat, 19 Jul 2008 00:00:00 +0200

Thousands of independent shopkeepers are to temporarily stop selling Vodafone pre-pay top-ups in protest at the mobile phone company's plan to cut their commission.

Wall Street Journal to shed 50 jobs

Sat, 19 Jul 2008 00:00:00 +0200

The Wall Street Journal is to cut 50 journalists' jobs as the paper acquired last year by Rupert Murdoch's News Corporation scales back.

Winterflood to appeal against £4m FSA fine

Sat, 19 Jul 2008 00:00:00 +0200

Winterflood Securities, the market-making business founded by City veteran Brian Winterflood, is to appeal a provisional £4m fine from the Financial Services Authority for alleged market abuse.

Stay aboard the milk float as Dairy Crest aims to bag the green consumers

Sat, 19 Jul 2008 00:00:00 +0200

It may not be quite as dramatic as events in St Petersburg in 1917, or those of Paris in 1789, but according to J Sainsbury, it is a revolution none the less. Albeit one in the decidedly less glamorous area of milk packaging rather than global politics.

Banking bounce buoys market after 3-year low

Sat, 19 Jul 2008 00:00:00 +0200

A recovery by banking stocks drove the market up from a three-year low after sentiment was buoyed by better-than-expected results from US banks JP Morgan and Wells Fargo.

Consumers shun the high street for cheaper online shopping

Sat, 19 Jul 2008 00:00:00 +0200

Consumers are turning their backs on the high street in favour of online shops, in an effort to make savings during the economic downturn, figures have shown.

Credit crisis: Savers win out

Sat, 19 Jul 2008 00:00:00 +0200

Savers are being rewarded with the best savings rates for seven years, according to new research, which shows that some winners are emerging from the credit crisis.

New baby boom gives birth to growing demand

Sat, 19 Jul 2008 00:00:00 +0200

As more babies are born in the UK, sales of child products and services are rising

Bradford Bingley gets go-ahead on rights issue

Sat, 19 Jul 2008 00:00:00 +0200

Bradford & Bingley shareholders have approved the bank's £400m rights issue at an extraordinary general meeting in Sheffield.

GKNs Airbus factory plan stalls

Sat, 19 Jul 2008 00:00:00 +0200

A plan by aircraft manufacturer Airbus to sell a UK factory to engineering company GKN has run into trouble, but the two sides continue to be in advanced negotiations.

Government left with no place to hide after Equitable Life report

Sat, 19 Jul 2008 00:00:00 +0200

At long last Parliamentary Ombudsman Ann Abraham's report into the regulation of Equitable Life sees the light of day. It is an enormous piece of work; four years in the making and 2,819 pages long. Its conclusions are trenchant and damning. The factual evidence on which they are based is detailed, objective and balanced.

Ryanair blasts BAA after grounding 20 planes

Sat, 19 Jul 2008 00:00:00 +0200

Ryanair brushed off criticism that it had expanded too fast as it revealed it would ground 20 planes this winter, mostly at Stansted, and temporarily close seven European bases as rocketing oil prices and airport costs made services unprofitable.

UBS offshore services off limits to US citizens

Sat, 19 Jul 2008 00:00:00 +0200

UBS is to stop providing offshore banking services to American citizens as the latest development of its continuing involvement in the US government's $20bn (£10bn) tax-avoidance investigation into the bank's former operations.

Mothercare puts faith in the web as online sales climb 27.5pc

Sat, 19 Jul 2008 00:00:00 +0200

Mothercare, the maternity and babywear retailer, saw a sharp rise in online sales over the 15 weeks to July 11, even though like-for-like sales at its stores rose by just 1pc.

Christies is in the Monet as sales rise

Sat, 19 Jul 2008 00:00:00 +0200

Christie's has painted a glowing picture of the global art market after the sale of masterpieces including Claude Monet's Le bassin aux nymphéas (above) - which fetched £40.9m - helped the auction house's sales rise 10pc in the first half of the year, writes Jonathan Sibun.

Coca-Cola loses its fizz as sales fall

Sat, 19 Jul 2008 00:00:00 +0200

First it was the Winnebago. Then it was Starbucks. Now it is Coca-Cola. The soft drink has become the latest iconic American brand to fall victim to the economy's continued woes.

Kingfisher poaches DSG boss Kevin OByrne

Sat, 19 Jul 2008 00:00:00 +0200

DSG International, the electricals retailer, suffered a fresh blow yesterday after Kevin O'Byrne, its well-respected finance director, defected to take on the same role at B&Q-owner Kingfisher.

Eurotunnel profits soar as airlines hit by oil

Sat, 19 Jul 2008 00:00:00 +0200

Eurotunnel said the high oil price was playing into its hands as it posted a 27pc rise in first-half trading profits to €141m (£112m).

Hard-line plans to tackle business fraud unveiled

Sat, 19 Jul 2008 00:00:00 +0200

Businessmen convicted of fraud could be struck off professional registers, ordered to wind up their companies and even be forced to pay back their victims, under new plans.

HBOS shares fail to hit £4bn rights issue price

Sat, 19 Jul 2008 00:00:00 +0200

HBOS shares failed to clamber back above the price of its £4bn rights issue yesterday, potentially leaving its underwriters - Morgan Stanley and Dresdner Kleinwort - with more than £1bn worth of the high street lender's stock

IMF lifts its forecast for UK economic growth over next two years

Sat, 19 Jul 2008 00:00:00 +0200

THE International Monetary Fund has signalled that Britain is likely to avoid recession, upgrading its economic forecast for both this year and the next.

JP Morgan profits beat forecasts to cheer sector

Sat, 19 Jul 2008 00:00:00 +0200

Bear Stearns buyer defies analyst pessimism following writedown and buoys the Dow Jones

Gordon Brown to ditch strict borrowing rules

Sat, 19 Jul 2008 00:00:00 +0200

Gordon Brown's strict fiscal rules on borrowing are likely to be ditched as a result of the credit crisis, the Treasury confirmed last night.

Google and Microsoft feel the economic gloom

Sat, 19 Jul 2008 00:00:00 +0200

Google and Microsoft appear to be feeling the pinch, with both technology behemoths falling short of profit expectations amid the continuing economic gloom.

QinetiQ chief need not defend his miserly £95,000 pay rise

Sat, 19 Jul 2008 00:00:00 +0200

Poor old Graham Love. How's a man to cope on a pay rise of just £95,000? The chief executive of QinetiQ now rubs along on £640,000 a year, according to the defence firm's annual report. As for chairman Sir John Chisholm, his pay fell, from £388,653 to £220,765 because he moved to a non-exec role. Are the big guns losing their knack of making money?

Fiscal checks on government could be a vote winner

Sat, 19 Jul 2008 00:00:00 +0200

Setting interest rates was once a political game, but the Monetary Policy Committee (MPC) put paid to that, on the whole. The raising and spending of taxes, however, has always been political. And very dangerously so as Gordon Brown brilliantly leads us towards recession with the public finances in deficit despite a prolonged period of low inflationary growth. So why not learn from the MPC and create a Fiscal Policy Committee (FPC) to curb the natural profligacy of vote hungry politicians?

Regulators need ammunition to deal with abuse

Sat, 19 Jul 2008 00:00:00 +0200

When the going gets tough, the tough find sneaky new ways of profiting from others' pain. "Speculators", not for the first time, are being blamed for a range of ills, from the fall of Northern Rock and the demise of Bear Stearns to the near-doubling of the oil price in the last year.

TNK-BP tie-up faces meltdown, says chief

Sat, 19 Jul 2008 00:00:00 +0200

Relations between the British and Russian shareholders in TNK-BP appeared in meltdown last night as its chief executive spoke of the feuding, claiming it will tear the company apart.

Dennis turns over new leaf for Butler Tanner

Sat, 19 Jul 2008 00:00:00 +0200

Maverick publisher plans to reopen UK's largest colour printer, reports Emma Thelwell.

Merrill Lynchs £4.7bn loss dwarfs estimates

Sat, 19 Jul 2008 00:00:00 +0200

Wall Street giant reveals asset sell-off to raise $8bn as JP Morgan warns of worsening mortgage crisis.

Business group wants more from congestion relief

Sat, 19 Jul 2008 00:00:00 +0200

The British Chambers of Commerce (BCC) is not satisfied with Ruth Kelly's plans for reducing congestion on British roads.

Under Kelly's proposals, up to 500 miles of motorway hard shoulders could be opened up to general traffic to help to ease jams.

However, director general of the BCC David Frost comments that while the change was a 'positive move' it cannot be seen as a 'long term solution' to what he describes as a decrepit road network.

Frost says: 'We need extra capacity and that means improving road infrastructure.'

'The government has to show a bit more creative thinking on this issue,' he adds, claiming that congestion costs British firms £17 billion a year.

Kelly, the transport secretary, has also invited private companies to come up with innovative ideas to shape the network and ease traffic jams.

According to officials, the government is also considering making these extra lanes toll roads.

Leonsis to Launch Next Feature, SnagFilms, Online

Sat, 19 Jul 2008 00:00:00 +0200

Washington Capitals majority owner Ted Leonsis has successfully produced two documentary films in recent years. Now he is launching a Web company to distribute such films online for free, creating an outlet for moviemakers who have difficulty getting their films shown in cinemas.

Investigation of Iraq IG Ends With No Charges

Sat, 19 Jul 2008 00:00:00 +0200

The federal government has dropped two investigations into the office of the inspector general overseeing Iraq reconstruction projects, according to a lawyer for the IG.

Congressman Seeks Ethics Probe of Fundraising

Sat, 19 Jul 2008 00:00:00 +0200

Rep. Charles B. Rangel, facing two controversies in as many weeks, called yesterday for an ethics committee investigation of his fundraising for an academic center that bears his name. But he said the panel should not delve into his rental of four New York apartments at below-market rates.

Tracking Produce Proves Complex

Sat, 19 Jul 2008 00:00:00 +0200

The salmonella outbreak of 2008 may go down in history as the case of the missing tomatoes.

Area Starbucks Closings

Sat, 19 Jul 2008 00:00:00 +0200

Starbucks Coffee, trying to overcome a slowdown in its U.S. business, recently announced that it would close 600 unprofitable stores. The Seattle chain released an initial list of closures last week and followed up yesterday with a complete list. Stores in the D.C. area listed to close are:

Warming Is Major Threat To Humans, EPA Warns

Sat, 19 Jul 2008 00:00:00 +0200

Climate change will pose "substantial" threats to human health in the coming decades, the Environmental Protection Agency said yesterday -- issuing its warnings about heat waves, hurricanes and pathogens just days after the agency declined to regulate the pollutants blamed for warming.

New Stimulus Plan on Tap

Sat, 19 Jul 2008 00:00:00 +0200

Senate Democrats plan to unveil a second fiscal stimulus plan next week, this one worth at least $50 billion, arguing that soaring energy prices and the crisis in the housing market require a major jobs program to kick-start a faltering economy.

All Tomatoes Cleared of Salmonella Risk, Officials Say

Sat, 19 Jul 2008 00:00:00 +0200

All types of fresh tomatoes are safe to eat, federal health officials said yesterday, lifting a six-week-old warning that led restaurants to pull them and triggered tens of millions of dollars in losses for the tomato industry.

Capital Ones Profit Plunges 40 Percent

Sat, 19 Jul 2008 00:00:00 +0200

Capital One, one of the nation's largest credit card companies, said yesterday that profit in the second quarter fell by 40 percent and it warned that more customers are defaulting on their loans.

Merrill Lynch Posts $4.65 Billion Loss In Second Quarter

Sat, 19 Jul 2008 00:00:00 +0200

Merrill Lynch reported a $4.65 billion loss during its second quarter yesterday, surpassing the expectations of the most pessimistic analysts and underscoring the continued toll of the subprime mortgage meltdown even as economists and policymakers turn their attention to other economic threats such...

Pearlstein: The Economic Crisis

Sat, 19 Jul 2008 00:00:00 +0200

Washington Post columnist Steven Pearlstein will be online to discuss oil prices, the Fannie and Freddie rescue and the unfolding financial crisis.

Could your bank be the next to fail?

Sat, 19 Jul 2008 00:00:00 +0200

The run on IndyMac made headlines this week, and analysts say 100 or more banks might go bust this year. Here's how to protect yourself -- and some of the banks to be wary of right now.

Microsoft, Google earnings misses may stall rally

Sat, 19 Jul 2008 00:00:00 +0200

Microsoft, Google and Merrill Lynch miss Wall Street estimates, pushing their stocks lower in after-hours trading. The Dow closes up 207 as oil falls to $129. JPMorgan's earnings set off a second big day for financial stocks.

Can General Motors come back?

Sat, 19 Jul 2008 00:00:00 +0200

The future for automakers is so murky that even deeply wounded GM could enter the next decade in control. But the company will have to keep a close eye on its cash.

Economy - Thursday (Investors Business Daily)

Sat, 19 Jul 2008 00:00:00 +0200

Wipro Q1 profit misses forecast, remains cautious (Reuters)

Sat, 19 Jul 2008 00:00:00 +0200

Reuters - India's No.3 information technology outsourcer, Wipro Ltd , missed forecasts with a 15 percent rise in quarterly profit and expressed caution in the near term due to slowing Western economies, echoing its larger rivals.

Googles Q2 Profit Falls Shy Of Views Amid Soft Economy (Investors Business Daily)

Sat, 19 Jul 2008 00:00:00 +0200

Investor's Business Daily - Google (NasdaqGS:GOOG - News) apparently isn't recession-proof.

Freddie Mac mulling $10 bln share offer: report (Reuters)

Sat, 19 Jul 2008 00:00:00 +0200

Reuters - Mortgage giant Freddie Mac is considering raising capital by selling as much as $10 billion in new shares to investors, The Wall Street Journal reported, citing people familiar with the matter.

Home starts up on one-time event, still weak (Reuters)

Sat, 19 Jul 2008 00:00:00 +0200

Reuters - Housing starts took a surprising jump in June, the government reported on Thursday, but only because of a change in New York's building code that briefly obscured a drop in single-family home-building.

Qantas cuts 4 pct of workforce, prunes growth plan (Reuters)

Sat, 19 Jul 2008 00:00:00 +0200

Reuters - Australia's top airline, Qantas Airways Ltd , will cut 4 percent of its workforce and scrap its growth plan for the coming year, saying the business would be at risk if it fails to offset soaring fuel prices.

Microsoft profit outlook misses view, shares fall (Reuters)

Sat, 19 Jul 2008 00:00:00 +0200

Reuters - Microsoft Corp posted a quarterly profit and outlook below Wall Street expectations on Thursday, citing "tough" economic conditions, and its shares fell 6 percent.

Generic Attraction

Sat, 19 Jul 2008 00:00:00 +0200

Will the SEC clamp down on this rumor?

Pity The Celebrity Taxpayer

Sat, 19 Jul 2008 00:00:00 +0200

You think you have a hard time with the IRS.

Genzyme Pays Up For Anti-Nonsense Drug

Sat, 19 Jul 2008 00:00:00 +0200

The biotech giant will spend up to $437 million for rights to an oral suspension to treat cystic fibrosis and muscular dystrophy.

Fasten Your Seat Belts

Sat, 19 Jul 2008 00:00:00 +0200

Loan losses, delinquencies, write-downs: The worst isn't over for banks.

The Big Threes Biggest Mistakes

Sat, 19 Jul 2008 00:00:00 +0200

Decades of short-sighted planning and poor management have brought the U.S. auto industry to the brink of failure.

Dresdner Bank reportedly to be sold

Sat, 19 Jul 2008 00:00:00 +0200

Dresdner Bank is about to be sold, possibly to the second-biggest German bank, Commerzbank, a newspaper reported on Thursday.

Germany blocks eastern European workers until 2011

Sat, 19 Jul 2008 00:00:00 +0200

Germany has decided to keep restrictions on workers from new EU member states in eastern Europe until 2011, the Labour Ministry said on Wednesday.

BankHaven set to close its location in Wichita

Sat, 19 Jul 2008 00:00:00 +0200

After doing business in Wichita for more than eight years, BankHaven plans to close its Wichita branch at 13th and Tyler Road.

The top official at the Haven-based bank said Wednesday that the branch will close Sept. 12.

"Simply put, our deposit base was not growing anywhere near our projections," said BankHaven chairman Michael Fahrbach. "It was a difficult business decision to eliminate the branch facility."

It's a significant development in the local banking industry because it's the first out-of-town bank in at least a decade to open -- and then close -- a Wichita branch office.

Fahrbach said competition for loans was not the issue.

Some medical groups arent convinced retail clinics are what patients need

Sat, 19 Jul 2008 00:00:00 +0200

Cigarettes, shampoo and tetanus shots -- one-stop shopping for consumers in drugstore and supermarket chains where health clinics are projected to triple in number to 1,500 by the end of the year.

Wichita will see its first influx of retail health care clinics when Walgreens opens four by the end of July. The company plans to open two more by the end of the year.

The proliferation of retail health clinics around the country -- which about a year ago numbered less than 400 -- has raised concerns among health care professionals.

They cite quality issues, problems with continuity of care and lack of physician oversight.

The issue has prompted resolutions, official recommendations and formal statements by a number of associations that represent doctors. In some states, it has led to legislative wrangling as physicians attempt to regulate the industry.

Call center operator buys Dallas company

Sat, 19 Jul 2008 00:00:00 +0200

A Wichita call center operator has acquired a Dallas company with roots that extend to Wichita.

On Wednesday, Cincinnati-based Convergys announced it would acquire Intervoice for $335 million in cash.

Convergys opened an in-bound call center in the former Spiegel call center at 7236 E. Harry last year.

Intervoice acquired Brite Voice Systems in 1999. Brite Voice, which at the time of the Intervoice acquisition had 100 local employees, was founded in Wichita in 1984 by Stan Brannan.

Wednesday's transaction, which Convergys said is a 24 percent premium to Intervoice's closing stock price on Tuesday, is expected to close in the third quarter.

Slovakia preps isolated Roma for switch to euro (AFP)

Sat, 19 Jul 2008 00:00:00 +0200

AFP - Slovakia, which adopts the euro in six months, is putting its money where its mouth is with a drive to help its long-neglected gypsy minority with the switch to the official EU currency.

(AP)

Sat, 19 Jul 2008 00:00:00 +0200

AP - An industry group says home builders' confidence fell to a record low in July, it third consecutive monthly decline

Fannie, Freddie shares jump; financial stocks rally (Reuters)

Sat, 19 Jul 2008 00:00:00 +0200

Reuters - NEW YORK (Reuters) -Investors bought back into shares of mortgage finance companies Fannie Mae and Freddie Mac on Wednesday, after reassuring results from big mortgage lender Wells Fargo helped ease concerns about the impact of the credit crisis on the U.S. economy.

Congress could pass housing aid by next week: White House (Reuters)

Sat, 19 Jul 2008 00:00:00 +0200

Reuters - Congress should be able to approve legislation aimed at shoring up mortgage lending giants Fannie Mae and Freddie Mac by next week and has an existing housing bill as a vehicle, the White House said on Wednesday.

Fannie Mae, Freddie Mac: Investors Flee (BusinessWeek Online)

Sat, 19 Jul 2008 00:00:00 +0200

BusinessWeek Online - It's not often that Federal Reserve Chairman Ben Bernanke plays second fiddle when he makes his twice-yearly trip to Capitol Hill to outline his current outlook on monetary policy and the economy.

Economy - Tuesday (Investors Business Daily)

Sat, 19 Jul 2008 00:00:00 +0200

Investor's Business Daily - As interest rates continue to fall, an index of home loan demand increased to 522.2 for the week ended July 11, up from 513.4 a week earlier, according to the Mortgage Bankers Association. Refinancing activity grew 6.9%, but applications for loans to buy a home dipped 1.7%. The average 30-year fixed mortgage rate fell to 6.22%.

FBI probes possible home-loan fraud at IndyMac (AP)

Sat, 19 Jul 2008 00:00:00 +0200

AP - The FBI is investigating failed bank IndyMac Bancorp Inc. for possible fraud, an official said Wednesday of the government's latest target following the collapse of the nation's subprime mortgage market.

Bernanke comments ease fears on Fannie, Freddie (AFP)

Sat, 19 Jul 2008 00:00:00 +0200

AFP - Federal Reserve chairman Ben Bernanke said Wednesday ailing Fannie Mae and Freddie Mac are "in no danger of failing," helping fuel a big boost in the troubled finance sector as fears of a deeper crisis eased.

FBI mortgage probe expands to 21 firms from 19 (Reuters)

Sat, 19 Jul 2008 00:00:00 +0200

Reuters - The FBI's investigation into potential corporate fraud in the U.S. home mortgage industry now encompasses 21 companies, up from 19 reported in April, a bureau spokesman said on Wednesday.

Fannie, Freddie spent millions on lobbying (AP)

Sat, 19 Jul 2008 00:00:00 +0200

AP - For years, mortgage giants Fannie Mae and Freddie Mac tenaciously worked to nurture, and then protect, their financial empires by invoking the political sacred cow of homeownership and fielding an army of lobbyists, power brokers and political contributors.

Bernanke: Fannie, Freddie in no danger of failing (AP)

Sat, 19 Jul 2008 00:00:00 +0200

AP - Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing."

Administration presses for mortgage giant rescue (AP)

Sat, 19 Jul 2008 00:00:00 +0200

AP - The Bush administration lobbied skeptical lawmakers Wednesday to support a rescue plan for Fannie Mae and Freddie Mac, as lawmakers weighed how to protect taxpayers while still giving the government unfettered power to pour money into the mortgage giants.