WALL STREET JOURNAL: The Wall Street Journal reported that Best Buy (BBY) will begin selling Apple’s (AAPL) iPhone next month. Beginning September 7, Best Buy will become the first U.S. retailer outside Apple and AT&T (T) to offer the device…The Wall Street Journal also reported that Yahoo! (YHOO) is in the final stages of clearing former Viacom (VIA) CEO Frank Biondi and former Nextel Partners CEO John Chapple to join its board, a person familiar with the matter said. Yahoo! is expected to announce the appointments by Friday, although the person said Yahoo! has yet to make a final decision…FINANCIAL TIMES: Fifth Third (FITB), a struggling bank, is trying to sell at least part of its payment processing business, and is looking for bidders for the division, the Financial Times reported. The unit has a strong, stable cash flow…According to a letter seen by the Financial Times, at least a year before U.S. investigations began, senior executives at UBS (UBS) knew some of their bankers had “acted in a way that meant they risked breaching” American securities laws…NEW YORK TIMES: The New York Times reported that the SUV market is beginning to look similar to the housing market. Automakers’ SUV inventories have risen sharply, and many SUV owners’ vehicles are worth less than their car loans. Meanwhile, sellers of SUVs are slashing the prices they are seeking by large amounts…
EIA Petroleum Status Report released on 8/13 at 10:30 AM
SUVs are causing problems for automakers, owners-NY Times
The SUV market is beginning to look similar to the housing market. Automakers’ SUV inventories have risen sharply, and many SUV owners’ vehicles are worth less than their car loans. Meanwhile, sellers of SUVs are slashing the prices they are seeking by large amounts.
Asian Markets Wrap-Up for Wednesday, August 13
Asian stocks declined as most markets there were down…JAPAN: The Nikkei 225 Stock Average fell 280.55, or 2.1%, to 13,023.05, while the broader Topix index dropped 24.94, or 2%, to 1,246.48. Before the markets opened, the government said Japan’s gross domestic product contracted an annualized 2.4% in the second quarter ending June 30, the first down quarter in a year. Orix (IX) sank 5.7% to Y13,700. Nomura (NMR) slid 4.4% to Y1,505. Sumitomo Trust & Banking Co. tumbled 5.7% to Y673. Hiroshima Bank slumped 7.7% to Y408. Dentsu (DNTUY) lost 4.6% to Y210,300…AUSTRALIA: The S&P/ASX 200 Index retreated 102.00, or 2.02%, to 4,951.60. The Commonwealth Bank of Australia was down 1% to A$44.05. Rio Tinto (RTP) fell 2.1% to A$111.60. Fortescue Metals Group sank 5.2% to A$7.17…AROUND ASIA: In Hong Kong, the Hang Seng Index fell 347.57, or 1.6%, to 21,293.32. ICBC dropped 5.4% to HK$5.25. China Construction Bank Corp. tumbled 6.1% to HK$6.20. Gome Electrical Appliances Holdings dropped 18 cents, or 5.2%, to HK$3.27. China Unicom (CHU) lost 66 cents, or 4.3%, to HK$14.80. China Petroleum & Chemical Corp. (SNP) slipped 16 cents, or 2%, to HK$7.90.
Some restaurant chains struggle as sales slide-WSJ
The Wall Street Journal’s “Running a Business” column focuses on the financial struggles of Uno Restaurant Holdings Corp., parent of Uno Chicago Grill, as a number national and regional of sit-down restaurant chains face a cash crunch as sales fall and costs escalate during difficult economic times. In Uno ’s case, same store sales fell 7.7% in the first quarter, and it has a $7.5M interest payment due Friday on its $141M in senior secured notes. It will defer payment and reportedly is in talks with bondholders for a waiver or amendment. They have 30 days to avoid being in default. “We are not in any imminent danger of filing for bankruptcy,” says Uno CFO Louie Psallidas.
