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Portfolio.com: News and Markets

Tiffany Net Works
Thu, 28 Aug 2008 12:30:00 -0000
The rich are different than you and me. For one, many of them are in Asia. And that's a good thing for Tiffany & Co. The luxury jeweler has reported quarterly earnings and sales that sharply exceeded forecasts. The gain came on the back of strong sales growth overseas—in Europe but especially in Asia. Net sales in that part of the world jumped 17 percent to $214.2 million in the quarter, even amid weakness. Even sales growth in the United States reflected foreign demand in part. Its flagship Manhattan store, which accounts for 10 percent of its total sales had sales growth of 5 percent in the quarter "reflecting increased spending by non-U.S. visitors," the company said. Total revenue grew 11 percent in the quarter, to $732.4 million. The company increased its profit forecast for the year based on expectations for continued strong growth from Asia (outside of Japan) and Europe. "While we acknowledge that challenging economic and consumer conditions exist in the U.S., as they have for several quarters, our first-half results and the most recent worldwide trends keep us on track to meet our full-year sales and earnings growth expectations," said Michael Kowalski, Tiffany's chief executive. Yet there are signs that the slowdown in the United States is finally having more of an impact on other economies, as Peter S. Goodman of the New York Times detailed on Saturday. Even the red-hot economies of China and India are cooling a bit. A greater impact for Tiffany may be felt if the dollar continues its recent rally, keeping tourists away from the Manhattan store and eroding the company's margins on overseas sales. Even the wealthy have their price points. Related LinksBright Big BlueRussian GuessingSummer's Swoon Is Back

Wired: Tech Biz

Tip to Studios: Fire the Lawyers and Embrace the Web
Betsy Schiffman Thu, 28 Aug 2008 20:28:41 -0000
Gay porn producer Titan Media's copyright infringement lawsuit against Veoh illustrates old-media's constant urge to fight the web. Our advice? Take what you can and get over it.
Steve Jobs is Not -- Repeat, Not -- Dead
John C Abell Thu, 28 Aug 2008 13:20:00 -0000
We're not in the habit of piling on the gaffes of other media, but we feel duty bound to share this gawker story about Bloomberg somehow publishing its work-in-progress obituary of the Apple CEO -- who, by the way, is very much alive.
Veoh Prevails in Infringement Lawsuit
Chris Snyder Thu, 28 Aug 2008 12:33:00 -0000
A California court dismisses a copyright infringement case against Veoh, ruling that the Digital Millenium Copyright Act could not possibly require sharing sites to be solely responsible for vetting the content they host. This could be good news for YouTube, which is facing a $1 billion lawsuit with similar facts by Viacom.

ABC News: Money

Economy Rebounds 3.3% in Second Quarter
Thu, 28 Aug 2008 16:43:32 -0400
Foreign buyers bought more exports and tax rebates spurred shoppers at home.
Iraq's 1st Post-War Oil Deal Goes to China
Thu, 28 Aug 2008 10:12:32 -0400
China, Iraq reach $3 bln revised deal for CNPC to develop Ahdab oil field.
Company Won't Recall Deadly Bassinets
Thu, 28 Aug 2008 18:09:30 -0400
Govt. warns parents to stay away from Simplicity bassinets following two deaths.

Mondaq.Com - feed of articles

British Virgin Islands: Multi-Jurisdictional Concealed Asset Recovery: 'A Whistle-Stop Tour' - Martin Kenney & Co. Solicitors
Thu, 28 Aug 2008 15:51:06 -0000
As the term implies, 'concealed asset recovery' involves the recovery of wealth from a dishonest obligor – where such wealth has been laundered, camouflaged or hidden.
British Virgin Islands: Multi-Jurisdictional Concealed Asset Recovery Investigations – A Blueprint - Martin Kenney & Co. Solicitors
Thu, 28 Aug 2008 15:50:34 -0000
In general, the prosecution of a multi-jurisdictional concealed asset recovery investigation involves both extra-judicial and judicially assisted investigative procedures.
British Virgin Islands: Financing The Cost Of The Asset Recovery Process – Part 1 - Martin Kenney & Co. Solicitors
Thu, 28 Aug 2008 15:48:32 -0000
The cost of large scale asset recovery inquiries and associated litigation is a factor which often deters victims of economic crime from pursuing their rights, preferring instead to abandon any hope for recovery.

BBC News | Business | World Edition

US GDP rebounds with 3.3% growth
Thu, 28 Aug 2008 14:50:50 -0000
The US economy grew 3.3% in the second quarter of 2008, the Commerce Department said, much higher than first thought.
Dell pricing policy hits profits
Thu, 28 Aug 2008 21:25:40 -0000
Dell says that a "strategic" effort to cut the prices of its computers, had dented its earnings.
Zoom Airlines suspend all flights
Thu, 28 Aug 2008 20:09:50 -0000
Transatlantic budget carrier Zoom Airlines suspends all operations after applying to go into administration.

CBC | Money News

Plane seized as Zoom Airlines folds
Thu, 28 Aug 2008 19:50:09 -0400
Even as Zoom Airlines sought court protection from creditors and suspended all operations Thursday, one of its 737s was seized and hundreds of passengers were left stranded at airports in Canada and abroad.
TD earnings slide on drop at wholesale banking unit
Thu, 28 Aug 2008 16:40:00 -0400
TD Bank Financial Group bumped up its quarterly dividend on Thursday as it reported a slide in its bottom line for the third quarter.
Big Ontario auto parts firm lays off hundreds
Thu, 28 Aug 2008 16:29:40 -0400
Linamar Corp. of Guelph, Ont., confirmed Tuesday that it is trimming 400 to 500 more people from its 12,000-strong workforce in tough times for the North American auto and construction-equipment industries.
Shift workers have higher levels of dissatisfaction: report
Thu, 28 Aug 2008 14:43:19 -0400
Canadians who do shift work report lower levels of satisfaction with their work-life balance, according to a recently-released study from Statistics Canada.
Exports, tax rebates spur U.S. economy in Q2
Thu, 28 Aug 2008 14:10:20 -0400
The U.S. economy performed better than expected in the spring as it grew at a 3.3 per cent annual rate.
National Bank shares jump on profit surprise
Thu, 28 Aug 2008 16:43:39 -0400
National Bank of Canada saw its share price jump after it reported a record third-quarter profit even after taking another hit on its ill-fated foray into asset-backed commercial paper.

Forbes.com: E-Business News

Microsoft Vs. Google, Again
Victoria Barret Wed, 27 Aug 2008 15:31:15 -0000
Chief executive Steve Ballmer's latest attempt at toppling Google is subtle and crafty.
Xbox Vs. Firefox
Chris Morris Mon, 25 Aug 2008 10:00:00 -0000
Browser-based gaming starts to offer real action.
Cracking China's Social Network Market
Tina Wang Thu, 21 Aug 2008 16:00:00 -0000
Facebook and MySpace are trying, but can they navigate China's tough regulatory environment?

 

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