Small investors offer hope for Japan market gloom
TOKYO (Reuters) - Stocks in Japan fell to their lowest in decades this week, but seasoned punter Heiichiro Kase is far from discouraged.
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Financial crisis spells business for lending sites
KANSAS CITY, Missouri (Reuters) - One woman wants to pay off medical bills. An Ohio couple wants $5,000 to start a home business. An Illinois college student needs help with tuition.
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NY mayor offers help from financial crisis fallout
NEW YORK (Reuters) - New York Mayor Michael Bloomberg unveiled plans on Thursday to help New Yorkers cope with fallout from the global financial crisis, including counseling on debt management and creating more affordable housing.
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Biotech funding crisis poses risks to innovation
BOSTON (Reuters) - The delicate ecosystem that supports drug development is in danger as funding to the biotechnology industry continues to shrink.
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Britain urges banks to access EU funds for lending
LONDON (Reuters) - Bank lending to small British businesses could be boosted by European funds worth four billion pounds ($6.6 billion), finance minister Alistair Darling said on Thursday, as Britain tries to get banks to do more to support the economy.
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Steel demand seen suffering until mid-2009
LONDON (Reuters) - Global demand for steel will weaken over the next few months as turmoil in financial markets tears into the real economy, while China remains key for a recovery in demand, which is not expected until mid-2009.
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Pzena Investment amends credit pact with lenders
(Reuters) - U.S. money manager Pzena Investment Management said it reached an agreement with lenders to amend the terms of a credit facility including the waiver of a financial covenant requiring it to maintain a minimum level of assets under management.
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Canada small business optimism sliding: survey
TORONTO (Reuters) - A weekly survey of Canadian small-business owners shows that optimism is falling and now hovers near depths reached in August 1990, when the country was in recession.
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Yorkville fund eyes small-cap IT solutions firms
LONDON (Reuters) - Yorkville Advisors UK, an investment fund focused on small and medium-sized companies, believes IT firms with technology that can help businesses streamline operations and cut costs are an attractive bet over the coming months.
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Balchem results miss market estimates
(Reuters) - Specialty chemicals maker, Balchem Corp posted third-quarter earnings that trailed analyst estimates, hurt by higher raw material costs.
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GM could have case for aid: experts
WASHINGTON (Reuters) - General Motors Corp is lobbying for a $10 billion government bailout to help it merge with Chrysler LLC, and could make a strong case for crucial parts of the package, experts said on Tuesday.
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Dollar Thrifty to cut 400 jobs amid economic turmoil
(Reuters) - Dollar Thrifty Automotive Group Inc cut its workforce by about 6 percent to cut costs amid tough economic conditions, in a move that will affect 30 percent of the car-rental company’s senior management staff.
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New brokerage focuses on option trading
CHICAGO (Reuters) - A team of veteran traders in the brokerage industry has launched a new online brokerage company that specializes in option trading for the self-directed investor.
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Watts Water to cut jobs, freeze salaries
(Reuters) - Plumbing products supplier Watts Water Technologies Inc said it would cut jobs, freeze salaries and suspend its stock buyback program to save costs, even as it reported a quarterly profit that was in line with Street estimates.
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Small German firms feel big financial crisis impact
BERLIN (Reuters) - Small- and mid-sized German firms are suffering “massively” from the financial crisis, with their orders situation deteriorating and credit conditions tightening, the head of their BVMW business association said.
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Provident Bankshares posts loss on impairment charge
(Reuters) - Provident Bankshares Corp posted a loss for the third quarter, hurt by a $24.6 million impairment charge on investment securities.
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Avid Technology to sell Pinnacle PCTV
(Reuters) - Digital video editing and software firm Avid Technology Inc said it agreed to sell its Pinnacle PCTV product line and related assets to Hauppauge Digital Inc to increase its focus on software applications.
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Small operators urge EU not to dilute mobile plan
BRUSSELS (Reuters) - Smaller mobile companies urged the European Commission on Monday not to dilute or drag out moves to slash the fees operators charge each other.
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Liberty Shipping reiterates offer to buy Int’l shipping
(Reuters) - Liberty Shipping Group LLC, a dry bulk shipping company based in Lake Success, New York, reiterated its offer to buy International Shipholding Corp .
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DineEquity cutting debt, selling outlets, stock jumps
LOS ANGELES/CHICAGO (Reuters) - DineEquity Inc posted better-than-expected results on Monday and shares soared after it made progress selling underperforming restaurants and reducing debt.
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Humana profit drops, sees modest Medicare growth
NEW YORK (Reuters) - Health insurer Humana Inc forecast relatively tepid growth for its Medicare plans for seniors next year that signaled a potential slowdown for its main business, sending shares down nearly 10 percent.
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Brinker meal break lawsuit could be costly
LOS ANGELES (Reuters) - The California Supreme Court decision late last week to step into a closely watched lawsuit against Brinker International Inc over employee rest and meal breaks could have a potentially profound and costly affect on the state’s employers.
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British Columbia mulls small-business pension fund
VANCOUVER, British Columbia (Reuters) - Details of British Columbia’s proposal to create a group pension fund for businesses that can’t offer their own plans will take a while to work out, the province’s finance minister said on Friday.
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Funding becoming harder to get for green startups
LOS ANGELES (Reuters) - Saving the planet is looking a lot less profitable than it was a few months ago, and investors once enamored with finding the next high-flying alternative energy startup are retrenching.
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Canada province mulls small-business pension fund
VANCOUVER, British Columbia (Reuters) - Details of British Columbia’s proposal to create a group pension fund for businesses that can’t offer their own plans will take a while to work out, the province’s finance minister said on Friday.
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Sarkozy suspends corporate tax on new investments
ARGONAY, France (Reuters) - France will suspend corporate tax on all new investments by companies until January 2010 to help stimulate the economy, President Nicolas Sarkozy said on Thursday.
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Spain’s small businesses topple in crisis
MADRID (Reuters) - Israel Barragan and his wife Isabel Navarro are hoping for a good Christmas at their home and kitchenware store Piu e Piu in Madrid, but say even buoyant sales are unlikely to save the three-year-old business.
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Spartan Motors Q3 results top Street
(Reuters) - Automotive chassis maker Spartan Motors Inc posted third-quarter results that beat market estimates, helped by specialty chassis sales for military vehicles and growth in its service, parts and accessories business.
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Post-default liquidation now more likely: S&P
NEW YORK (Reuters) - Companies that file for bankruptcy are more likely to be forced into liquidation in the current environment as the availability of financing for restructuring has dried up, Standard & Poor’s said on Thursday.
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Lower costs, price increases help Select Comfort
(Reuters) - Select Comfort Corp’s third-quarter profit beat market estimates by a cent, helped by select price increases and lower expenses, and the mattress maker said it plans to reduce its store base to cut costs.
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Credit crisis, cheaper crude to boost oil M&A
LONDON (Reuters) - The credit crisis will spur more takeovers in the oil and gas industry as cash-rich oil majors and utilities pounce on small and mid-cap companies whose shares have been hit hard as they struggle to fund developments.
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Education comps likely to report strong quarterly enrollment
BANGALORE (Reuters) - For-profit education providers are expected to see a rise in quarterly enrollments as a weak job market drives students back to school, even as concerns about the credit crisis squeezing student loan programs linger.
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Wintrust Financial’s Q3 loss sends shares tumbling
(Reuters) - Wintrust Financial Corp posted a surprise quarterly loss, as it increased its reserves more than five-fold to meet losses from bad loans related to deteriorating credit market, sending shares down as much as 18 percent.
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TCF Financial Q3 profit trails Street estimates
(Reuters) - TCF Financial Corp , the parent of TCF National Bank, reported lower-than-expected third-quarter profit, hurt mainly by a higher provision for credit losses.
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Nickel prices to fall further, output cuts loom
LONDON (Reuters) - A freefall in the nickel price from record highs above $50,000 a tonne is set to continue into next year, with the industrial metal likely to plunge well below $10,000 as a global economic downturn bites.
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Manhattan Associates hit by global economic slump
(Reuters) - Manhattan Associates Inc cut about 150 positions, or 6.5 percent of total positions at the supply chain management software developer, mainly in the United States, and forecast fourth-quarter earnings below market expectations amid challenging economic conditions.
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Federal-Mogul quarterly profit drops
DETROIT (Reuters) - U.S. auto parts supplier Federal-Mogul Corp reported a 74 percent drop in quarterly profit on Wednesday and said it planned to close several facilities in response to a major market downturn.
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Medicines Co posts Q3 loss; expects 2008 loss
(Reuters) - The Medicines Co posted a quarterly net loss, hurt by charges related to an acquisition, and now expects a loss for the full year on soaring research and development costs.
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Wabtec ups 2008 view, sees strong transit market
(Reuters) - Railcar parts and braking equipment maker Wabtec Corp expects to benefit from the passenger train market, which has been boosted by recently approved legislation to improve rail services and safety, and a rise in federal spending.
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Myriad Genetics to spin off drug development business
(Reuters) - Myriad Genetics Inc said it would spin off its research and drug development business from its molecular diagnostics business to form two independent public companies. The molecular diagnostics business would operate under the name Myriad Genetics Inc, while the research and drug development business would be named Myriad Pharmaceuticals Inc, the company said in a statement.
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Susquehanna starts 10 biotech companies with positive
(Reuters) - Susquehanna Financial Group began coverage of 10 biotechnology firms with a “positive” rating, and said the companies offered strong development capabilities and broad commercial potential in oncology and inflammation.
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Cautious angels seek to minimize risk
CHICAGO (Reuters.com) — Fiberstar Inc., a small company that converts orange juice pulp into a line of food ingredients and other products, is no longer a start-up. Founded a decade ago, it now has a customer base of loyal multinationals and annual revenue in excess of $5 million.
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Asia’s small companies may face big debt problems
HONG KONG (Reuters) - A big wave of defaults could be forming among small and medium-sized companies in Asia, raising the specter of a pile of bad loans at the region’s banks and a further plunge in investor trust.
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UMB Financial Q3 profit trails Wall Street view
(Reuters) - UMB Financial Corp , a financial services holding company posted a third-quarter profit below analysts’ expectations, hurt by a 60 percent rise in loan loss provision.
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Volterra earnings rise; gives Q4 view
(Reuters) - Volterra Semiconductor Corp , a low-voltage power supply chipmaker, posted higher third-quarter earnings, which was in line with analysts’ expectations, helped by a 72 percent jump in gross margins.
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Ameriprise seeks tapes of Reserve staff calls
(Reuters) - Ameriprise Financial Inc , which is suing Reserve Management Co’s Primary Fund, asked a federal judge to allow the release of audio tapes of calls that the fund’s sales staff made to customers the day before the money market fund’s share price fell below $1, court documents showed.
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PacSun rejects smaller rival Adrenalina’s buyout offer
(Reuters) - Pacific Sunwear of California Inc on Tuesday said it rejected an unsolicited buyout offer from athletic-clothing retailer Adrenalina , saying the proposal was not in the best interests of its shareholders.
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Pilgrims Pride shares fall on credit worries
CHICAGO (Reuters) - Chicken producer Pilgrim’s Pride Corp shares fell as much as 40 percent to a five-year low on Wednesday before being halted, leading a slide in U.S. meat companies’ stock as investors worried that credit would become harder to get in the deepening financial crisis.
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Circuit City store closures seen aiding Best Buy
ATLANTA (Reuters) - Closing poorly performing stores may bring Circuit City Stores Inc some relief as it looks to restore profitability, but rival Best Buy Co could benefit greatly from such actions, analysts said.
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China tells banks to lend to small firms
BEIJING (Reuters) - China’s banking regulator told Chinese banks they should target their lending at small companies, a policy the Cabinet stressed over the weekend as it tries to help firms weather the global financial crisis.
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Cheesecake Factory halts buybacks, stock falls
LOS ANGELES (Reuters) - Restaurant chain Cheesecake Factory Inc said on Thursday it has temporarily stopped buying company shares to conserve cash amid a slowing U.S. economy and global credit crunch, and its stock fell 5 percent.
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Wilmington Trust profit beats Street view
(Reuters) - Wilmington Trust Corp , a financial services holding company, posted third-quarter results that edged past Wall Street targets, helped in part by higher advisory revenue.
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Pilgrim’s says it doesn’t plan bankruptcy filing
CHICAGO (Reuters) - Pilgrim’s Pride Corp said on Friday that it did not expect to file for bankruptcy protection, but new concerns over the ability of the world’s largest chicken producer to meet debt obligations sent its shares down nearly 23 percent.
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Linens ‘n Things store closings to begin Friday
NEW YORK (Reuters) - Going-out-of business sales at Linens ‘n Things stores will begin on Friday after the bankrupt home goods retailer failed to find a buyer to keep the chain running.
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Canadian small businesses fret about fuel: survey
TORONTO (Reuters) - Rising fuel costs and managing growth and cash flow amid a global economic slowdown are the main concerns of small business owners across Canada heading into 2009, according to a survey released on Thursday.
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MPS Group cuts Q3 outlook; shares fall
BANGALORE (Reuters) - Staffing solutions provider MPS Group Inc lowered its third-quarter forecast due mainly to a drop in revenue at its international professional services unit, sending its shares down more than 10 percent.
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Bon-Ton Stores sees FY08 loss at wider end of range
(Reuters) - Apparel and home furnishings retailer Bon-Ton Stores Inc said it expects fiscal 2008 loss to be at the wider end of its outlook range, citing sales trends in the fall season and continued expectations for a soft holiday season.
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U.S. small business optimism up again in September: survey
WASHINGTON (Reuters) - Optimism among U.S. small businesses perked up in September for the second straight month as entrepreneurs said they expect the economy to improve over the next six months, a survey released on Tuesday showed.
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Linens ‘n Things to liquidate remaining stores
NEW YORK (Reuters) - Linens ‘n Things, victim of a widespread credit crunch, will begin liquidating its remaining stores as early as Thursday, after the bankrupt home goods retailer failed to find a buyer that will keep the company in operation.
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Domino’s Pizza profit misses view; shares dive
NEW YORK (Reuters) - Domino’s Pizza Inc posted a weaker-than-expected quarterly profit due to a sharp drop in U.S. sales, the biggest independent U.S. pizza chain said on Tuesday, and its shares fell as much as 19 percent.
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