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Study Links CEO's Private Life to Profits

Company downturns often follow deaths in executives' families

(Newser) - A new study adds to the growing pool of data showing how intimately a company's success can be linked to the life of its CEO, the Wall Street Journal reports. The latest finding indicates that a firm's profitability drops following the death of a CEO's close family member—though the... More »

Big Business Fuels Green Boom

Fear of dot-com-like bust grows as money chases scarce ideas

(Newser) - Greed and idealism are converging as big business propels today’s clean energy industry, CNN reports. Silicon Valley entrepreneurs are pulling in capital for oil and coal alternatives, while across the pond, London financiers swapped more than $30 billion last year in "pollution permits"—credits companies can sell... More »

Market Opens Sharply Down

(Newser) - US stocks dipped this morning, following steep declines in Europe and Asia as distress over the expanding credit crisis heightened. The Dow Jones sank over 100 points this morning, and the S&P was off nearly 0.8% after erasing its entire year's gains yesterday. "Everyone is waiting for... More »

Bush Ready to 'Push Hard' for Biz Tax Breaks

But he knows it's a tough sell

(Newser) - President Bush is considering a new package of corporate tax breaks in a bid to perk up Wall Street, calm volatile markets and send a message the economy is sound, the Washington Post reports. At the same time he rejected Democratic proposals to allow Fannie Mae and Freddie Mac more... More »

Gay Support Turns Off Swing Voters

Endorsements hurt more than help in key states, poll finds

(Newser) - The backing of gay rights groups could turn swing-state voters against a candidate, new polls show. Politico reports that Florida, Ohio and Pennsylvania voters, by a large margin, consider the support of such groups reason to vote against rather than for a candidate; no one since JFK has been elected... More »

Exit Scrambles Fidelity Succession Picture

Mutual-fund giant loses possible heir apparent

(Newser) - A top Fidelity Investments exec has resigned her post, reigniting speculation about the closely held firm's line of succession, reports the Wall Street Journal. Ellyn McColgan, 53, who was president of a division of the largest American mutual-fund company, was seen as a front-runner in the race to succeed 77-year-old... More »

Wal-Mart Sets Sights on India

Retail behemoth teams up with local biz, hoping to get piece of $300B market

(Newser) - Wal-Mart will set up shop in the lucrative Indian market for the first time, the Times of London reports. In collaboration with Indian mobile phone company Bharti, the American retail giant will sell wholesale goods to small shops, restaurants, and other businesses. The first "Bharti Wal-Mart" stores are expected... More »

GM’s Quarter Is Twice as Nice

Carmaker more than doubles estimates, beats Toyota in sales for quarter

(Newser) - General Motors scored a breakout second quarter, more than doubling earnings estimates and turning a profit of $891 million, compared to a loss of $3.4 billion a year ago, Bloomberg reports. GM made money in three out of four regions globally, and nearly broke even in the recently treacherous... More »

Gates Plans to Log Off as Scheduled

Despite most volatile market ever, Microsoft chairman will bow out

(Newser) - Bill Gates says that, despite a surge in competition from all sides of the market, his phased exit from Microsoft has been bug-free so far. His two-year transition period halfway done, the chairman and former CEO says that his handpicked successors have been successfully picking up the slack. But doubters... More »

Battling Bancrofts Take Journal Deal Down to Wire

Deadline today on Murdoch's offer

(Newser) - The Bancroft family, which controls the majority of shares in Dow Jones, is so deeply divided over the proposed sale of the Wall Street Journal to Rupert Murdoch that the deal is still too close to call, the Journal reports. A decision on the $5 billion bid is set for... More »

Major Bancroft Branch to Nix Murdoch Offer

Family trust may force mogul to raise price for Journal

(Newser) - An important faction within the Bancroft family will vote against Rupert Murdoch’s controversial $5 billion deal for Dow Jones, instead demanding a significant increase of his offer. The Denver branch of the family, which owns a crucial 9.1% of Dow Jones voting stock, wants an extra $120 to... More »

What CEOs Read Before They Lead

Business leaders find refuge and resource in luxury book collections

(Newser) - Scanning the personal libraries of CEOs, tech gurus and venture geniuses reveals not only what they read but how they think, the Times reports. The well-heeled have taken to housing their exorbitant collections in luxurious, custom-built, private spaces. And if you read between the lines, the literature tends to reflect... More »

EU Supports French Socialist to Head IMF

Choice of former finance minister a victory for Sarkozy

(Newser) - A former French finance minister has the inside track to become the next chief of the IMF. EU finance ministers meeting in Brussels today settled on Dominique Strauss-Kahn, a Socialist who served in the cabinet of Francois Mitterrand. The choice was another coup for Nicolas Sarkozy, who managed at once... More »

Danone Swallows Up Numico

Paris-based company spits up $16.8B for big-boy serving of baby food market

(Newser) - French food corp Groupe Danone put in a $16.8B cash offer to buy baby food magnate Royal Numico—at just under $75 a share, a 38% premium over last week's closing price. The acquisition will make Danone an industry leader in the baby food market and should be finalized... More »

Zimbabwe Arrests Dozens in Price Wars

Businesses flout strict cost-control laws as inflation passes 3,700%

(Newser) - Police in Zimbabwe have arrested 1,328 businesspeople, including 33 top executives, for violating official price controls installed to curb uncontrollable currency devaluation. The new regulations demand that many goods' prices be cut in half in response to inflation that has now risen to more than 3,700%. More »

Kraft Goes Cookie Shopping in France

American snack giant bids $7.2B for Danone's biscuit division

(Newser) - Kraft moved to elevate its international profile today with a $7.2 billion for Danone's biscuit division, setting up a deal that would make the Oreo manufacturer Europe's largest cookie maker. The polyglot alliance of Ritz crackers and Petit Ecolier biscuits faces numerous obstacles, the Times of London reports, including... More »

Hong Kong Poised to Become Asia's Big Apple

Port city turning into financial capital

(Newser) - Hong Kong is in decline as Asia's premier shipping hub, but the dip in dockyard activity is nothing to fret over, Newsweek reports. The city is on the brink of becoming one of the world's financial capitals—on par with London and New York. Economic shifts are reconfiguring the political... More »

Bad US Loans Sink London Hedge Fund

Subprime mortgage crisis ripples through world market

(Newser) -  A London hedge fund is the latest casualty of the US subprime mortgage crisis that has already hit American investment companies, the Financial Times reports. After losing 53% of its value, Caliber Global Investment will sell its assets and try to repay $900 million to investors over the next... More »

Fraud Case Against Mogul Goes to Jury

Federal panel to weigh 15 weeks' worth of testimony in Black trial

(Newser) - The Conrad Black fraud case went to the jury today in Chicago, and the onetime press baron now awaits word on whether he'll walk free or face a decades-long prison sentence. The federal government contends that the ex-Hollinger chairman and three associates raided the company under the guise of complicated... More »

Murdoch Says $5B Is Final Offer for Dow Jones

Mogul won't raise offer to push stalling Bancroft family

(Newser) - Rupert Murdoch won't raise his $5B bid for Dow Jones, the media mogul said today. Murdoch deflected speculation that he would up the ante to move along negotiations with the openly skeptical Bancroft family, which owns a majority stake in the Journal publisher. Instead, Reuters reports, Murdoch is suggesting he... More »

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