Julk 4 2008
U.S. Economy Loses 62,000 Jobs, Sixth Straight Drop; Unemployment at 5.5% U.S. employers cut jobs for a sixth straight month and service industries shrank in June, signaling that the economic slowdown may deepen as the impact of federal tax rebates fades.
Most U.S. Stocks Drop, Sending S&P 500 to Brink of 20% Bear Market Decline Most U.S. stocks fell, completing the longest streak of weekly declines in four years, after a reduced sales forecast by Nvidia Corp. outweighed speculation the Federal Reserve will hold off raising interest rates.
Penn National $6.1 Billion Takeover Is Scrapped by Fortress, Centerbridge Fortress Investment Group LLC and Centerbridge Partners LP scrapped their $6.1 billion takeover of racetrack and casino owner Penn National Gaming Inc. as the credit market collapsed and gambling revenue slowed.
Euro Heads for Weekly Loss as Economy May Rule Out Interest-Rate Increase The euro headed for a weekly decline against the dollar on speculation a weakening European economic outlook will rule out future interest-rate increases.
LBO Defaults May Climb `Significantly’ as Borrowing Costs Rise, BIS Says Leveraged-buyout loan defaults may be “significantly higher” than ratings companies’ estimates as about $500 billion of debt used to fund the takeovers comes due, the Bank for International Settlements said.
Bear Stearns, Auditor Deloitte Face Revised Suit Over Hedge Fund Collapse Bear Stearns Cos., two of its former managers, and auditor Deloitte & Touche are accused in an amended lawsuit seeking $1.5 billion in damages of engaging in fraud before the collapse of two hedge funds.
http://www.bloomberg.com/news/index.html?Intro=intro_news