Biden says administration 'misread' economy

Sun, 05 Jul 2009 20:18:18 GMT

LONDON (MarketWatch) -- Vice President Joe Biden said in a broadcast interview Sunday that administration officials "misread how bad the economy was," when the stimulus package was being put together at the beginning of the year. Unemployment, at 9.5%, is far higher that the 8% top promised at the time the stimulus was passed. But Biden said in an ABC interview it was too early to say whether additional stimulus money was needed, noting that billions of dollars in projects included in the current bill won't come online until September.

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Federer wins men's championship at Wimbledon

Sun, 05 Jul 2009 18:14:09 GMT

LONDON (MarketWatch) -- Roger Federer won the men's singles tennis championship at Wimbledon Sunday, defeating Andy Roddick to recapture the title lost last year. Federer's win gave him his 15th Grand Slam tennis title, surpassing Pete Sampras, who won 14 titles in his career.

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Three parties interested in Porsche stake: report

Sat, 04 Jul 2009 16:55:25 GMT

NEW YORK (MarketWatch) -- Three new parties with an interest in taking a stake in German car maker Porsche Automobil Holding have emerged, according to reports Saturday. Reuters quoted German magazine Focus, which reported that a Chinese and a Russian sovereign wealth fund as well as a hedge fund were interested, rivaling investment plans by Qatar. Reuters said a Porsche spokesman declined to comment on the report.

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Alaska Gov. Sarah Palin stepping down

Fri, 03 Jul 2009 20:16:15 GMT

SAN FRANCISCO (MarketWatch) -- Alaska Gov. Sarah Palin announced in a televised statement that she would be stepping down, handing the office over to Lt. Gov. Sean Parnell. Palin was the running mate to 2008 Republican presidential candidate John McCain.

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China taking a $1.5 billion stake in Canada's Teck

Fri, 03 Jul 2009 13:36:26 GMT

LONDON (MarketWatch) -- The state-run China Investment Corp. is going to take a C$1.7 billion ($1.5 billion) stake in Teck Cominco , a deal that will give it a 17% equity stake with 6.7% voting interest in the Vancouver miner, according to a statement released Friday. The miner said the deal will have a "very positive effect" on its balance sheet and give it a deeper understanding of China, its top consumer. CIC plans to be a "long-term passive financial investor" and hold the stake for at least one year and then won't sell it to any other rival or material customer of Teck.

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Tesco says shareholders pass 22 of 23 resolutions

Fri, 03 Jul 2009 13:28:06 GMT

LONDON (MarketWatch) -- Tesco said Friday that 22 out of 23 resolutions were passed by shareholders at its annual general meeting, Dow Jones Newswires reported. The vote was close on resolution 21 with 57% voting in favor of the supermarket group changing the rules of its 2004 share option plan, the news service said. Resolution 23, which called for Tesco to improve the treatment and pay of meat workers employed by its suppliers, was rejected by shareholders as recommended by the company. Tesco shares rose 0.4% in London.

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British Airways June passenger traffic fell 3.8%

Fri, 03 Jul 2009 13:25:34 GMT

LONDON (MarketWatch) -- British Airways , Europe's third-largest transatlantic airline, on Friday said June passenger traffic measured in revenue passenger kilometers fell by 3.8% compared to the same period last year. Non-premiun traffic declined 1.3% while premium traffic slumped 14.9%. Load factor, a measure of how full an airline's jets are, fell 1.8 percentage points to 79.6%. Cargo traffic, meanwhile, declined 9.8%. The company said it now plans to reduce capacity by 3.5% in the summer, compared to an earlier plan of a 2.5% slash. In the winter it will cut capacity by 5%. The airline also said it's delayed the delivery of its first six Airbus A380s by an average of five months and that of the remaining six by roughly 2 years. BA will receive its first A 380 in 2012 and its last one in 2016.

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Beijing Auto makes offer for GM's Opel unit

Fri, 03 Jul 2009 12:57:30 GMT

LONDON (MarketWatch) -- General Motors has received a non-binding approach from China's Beijing Automotive (BAIC) for its European Adam Opel unit. The company is also in discussions with Belgian industrial holding company RHJ, a spokeswoman said Friday. GM has already signed a memorandum of understanding over the possible sale of a majority stake in Opel to Canada's Magna International Inc. . GM and Magna are continuing to work to close that deal, the spokeswoman said.

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Ryanair carried 5.8 mln passengers in June, up 13%

Fri, 03 Jul 2009 12:51:06 GMT

LONDON (MarketWatch) -- Ryanair Holdings , Europe's largest low-cost airline, on Friday said it carried a record 5.8 million passengers in June, up 13% from the same month last year. The airline said the June figured smashed its previous traffic record of 5.7 million passengers last August. Load factor, a measure of how full an airplane is, improved to 85% from 84%.

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Rautaruukki to cut shifts at plant

Fri, 03 Jul 2009 11:38:48 GMT

LONDON (MarketWatch) -- Steelmaker Rautaruukki said it's going to cut shifts at its Norway plant for shipbuilding and windmill towers in a move that will result in 137 job losses. The move will result in a 1.2 million euro restructuring plant.

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Rolls-Royce wins $470 million engine order

Fri, 03 Jul 2009 10:58:45 GMT

LONDON (MarketWatch) -- Rolls-Royce said it's won an order worth $470 million at list prices to provide its Trent engines for seven Airbus A330s from Turkish Airlines.

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UPDATE: Friends Provident gets approval on F&C

Fri, 03 Jul 2009 09:09:37 GMT

LONDON (MarketWatch) -- Insurer Friends Provident said Friday that it had received court approval to hand its stake in F&C Asset Management direct to shareholders. Shares in the group rose as much as 10% Friday, when taking account of the value of F&C shares distributed to shareholders. Under the terms of the deal, which was first announced last year, shareholders will receive 1 F&C share for every 10 Friends Provident shares held. Shares in F&C rose 1.5%. [Updated to show the price move is adjusted for the distribution of F&C shares.]

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