WALL STREET JOURNAL: After months of looking at its options for the parts of AOL, the Wall Street Journal reported that Time Warner (TWX) is reportedly ready to separate its dial up access business from the ad and content side, and will next decide if it will sell all or parts of AOL…The Wall Street Journal also reported that the Securities and Exchange Commission is expected to soon introduce proposals that will put U.S. companies on track to adopt international accounting standards, which some believe may "sow the kind of confusion" that allows hedge funds to flourish. Additionally, the SEC will also discuss issues related to U.S. and international accounting systems and the subprime-mortgage squeeze…FINANCIAL TIMES: The Financial Times reported that Royal Dutch Shell (RDS.A) is negotiating an asset swap with Sibir Energy. Under the proposed deal, Shell would trade its 50% stake in eastern Siberia's Salym fields for a large equity stake in Sibir, which focuses on Russian energy opportunities and is currently an equal partner with Shell in the Salym venture…BLOOMBERG: Citigroup (C) is said to be shutting down Tribeca Convertible LP, a $400M convertible arbitrage fund that has been damaged by investor redemptions, inside sources said. The sources added that the move is the final step in terminating the investment bank's $2B Tribeca Global Investments group, Bloomberg reported…
Weekly additions to the Investors Business Daily-100
The following are additions to the Investors Business Daily-100 list for the week of August 1: Potash Corp Saskatchewan (POT), Mosaic (MOS), Massey Energy Company(MEE), Metalicio Inc (MEA), CAI International (CAP), National Oilwell Varco (NOV), Natural Gas Services Group (NGS), DXP Enterprises (DXPE), Agrium (AGU), Lumber Liquidators (LL) Priceline.com (PCLN), Hess Corp.(HES), Companhia Siderurgic (SID), Circor Internationall (CIR), United Therapeutics Corp (UTHR) FMC Corp (FMC), SPX Corp (SPW), Occidental Petroleum (OXY), United State Steel Corp(X), NCI Inc.(NCIT), Stepan Co (SCL), Atwood Oceanics (ATW) VSE Corp (VSEC) Emcor Group (EME), Websense Inc (WBSN), Monsanto Co. (MON), National Presto (NPK).
Weekly subtractions from the Investor's Business Daily-100
The following are subtractions from the Investors Business Daily-100 list for the week of August 1 : Continental Resources (CLR), Intuitive Surgical (ISRG), New Oriental Education & Technology (EDU), FMC Technologies (FTI), Plexus Corp (PLXS), Western Digital Corp (WDC), Altra Holdings (AIMC), Newmaket Corportation (NEU), True Religion Apparel (TRLG), Graftech International (GTI), Swift Energy Co. (SFY), ITT Educational Services (ESI), Atheros communications (ATHR), Netlogic Microsystems (NETL), Amphenol Corp. (APH), Parametric Tech. (PMTC), Tyler Technologies (TYL), Volterra Semiconductor (VLTR), Stifel Financial Corp. (SF), Techne Corp (TECH), Balchem Corp (BCPC), Strayer Education (STRA), Lufkin Industries (LUFK), Encore Acquisition (EAC), Gulfmark Offshore (GLF), Covanta Holding (CVA), Cummins (CMI).
Japan may say that it is in a recession-FT
The Japanese government may have to state that the country has technically entered a recession, several economists said. The declaration could have to be made following a series of data disclosed by the government last week, including an announcement that industrial production had slowed for a second straight quarter. However, this downturn will probably be much less severe than previous recessions endured by Japan in 1998 and 2001, according to the Financial Times.
Goldman Sachs to acquire 10 poultry farms for $300M-South China Morning Post
According to a report, Goldman Sachs (GS) has acquired full control of more than 10 poultry farms on the Chinese mainland for as much as $300M.
Hedge funds face troubles-WSJ
Even hedge funds have their performance limits as the financial crisis is expected to have severely affected their overall performance in July, according to the Wall Street Journal, with some funds managers down about 20% year to date. "It (July) was a comeuppance month" for hedge funds, says Jay Krieger of Fundamental LP, an investor in hedge funds.
SEC's adoption of international accounting rules may benefit hedge funds-WSJ
It may not have intended to do so but the SEC's move to use international accounting standards may arouse enough confusion to help hedge funds, according to the Wall Street Journal's "Heard 0n the Street". A global accounting system is the goal but until it happens–there's no specific date to change over–U.S. companies meeting certain requirements may choose which system to use for a few years making comparison difficult and problematic for typical investors but beneficial to hedge funds.
Arcelor Mittal's aggressive plans in Indonesia are halted-FT
Indonesia's state-owned Krakatau Steel, said it will not talk to ArcelorMittal (MT) until at least next year. Fazwar Bujang, Krakatau's president director said that his management team would field proposals from other steel companies before committing to the $3B joint venture with ArcelorMittal.
Arcelor Mittal gets less out of China-FT
Lakshmi Mittal, CEO of ArcelorMittal (MT), said that the company has to settle for a stake of just under 30% in China Oriental although the original expectation was for more than 70%.