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Top Ten Business Stories for the Week Ending December 29
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Friday, December 29, 2006
With the year winding down, who has time to keep up with the news? Here are the top business headlines this week:
Viagra Interuptus: A Chinese court ordered two companies to stop selling generic versions of Viagra, a prescription drug used for erectile dysfunction. The court acted to protect the patent of Viagra's manufacturer, Pfizer Inc. (NYSE:PFE), ordering payments for trademark infringements. When China became part of the World Trade Organization in 2001, China agreed to be more stringent on violations of intellectual property rights. Read the story here.
Masters of the Universe redux: A number of elite traders and investment bankers received bonuses of $100 million or higher this year. According to the New York Post, individuals like Morgan Sze of Hong Kong and Pierre-Henri Flamand of London who both work for Goldman Sachs Group, Inc.'s (NYSE:GS) principal strategies group, have been rumored to receive $100 million bonuses. Raanan Agus, recently featured in the New York Times, is Goldman's New York-based head of the principal strategies group and is reported to have received more than $70 million. He has received special media attention because he drives a Honda minivan instead of a more expensive car. John Mack, the head of Morgan Stanley, is thought to have made upwards of $40 million. Read the story here.
Keep Spending: Consumer spending shows biggest increase since July. According to the Commerce Department, spending rose 0.5% in November after an increase of 0.3% a month earlier. Consumer spending accounts for two thirds of GDP and is a critical measure of the economy's robustness. The Commerce Department also indicated that high ticket items such as flat-screen televisions and refrigerators rose 1.9% in November, after falling 8.2 percent the previous month. Read the story here.
No Virgins Allowed: Virgin Group is prohibited from launching a budget airline in the U.S. According to Bloomberg, the California-based company was refused an operating license because the airline was "not under the actual control of U.S. citizens." Under U.S. law, airlines must be 75% owned and controlled by U.S. citizens. Virgin America, a subsidiary of Richard Branson's Virgin Group Ltd. planned to start domestic U.S. flights in 2007. Read the story here.
Talk to Her: Shares of Toyota rose 1.9% on the news that Ford Motor Company (NYSE:F) and Toyota's leaders, Fujio Cho and Alan Mulally respectively, met in Japan. Toyota Motor Corporation (ADR) (NYSE:TM) shares have been on a roll, reaching an all-time high of $67.17. The companies confirmed that the two chairmen met. Toyota is the second largest auto maker in the world. Read the story here.
Poison Apple: The once invincible Apple Computer, Inc. (NASDAQ:AAPL), suffered blows to its stock price and reputation this past week as questions continued to grow regarding the awarding of company stock options. According to the Financial Times, Apple's founder and CEO, Steve Jobs, received options without the board of director's explicit approval. Meanwhile, the company still has not released its annual report, which has been continuously delayed as the probe widens. Read the story here.
Looking up: The Conference Board released its index of consumer sentiment showing the highest level since April 2006. Optimism regarding the outlook for jobs was the key driver. 27% of those surveyed said that jobs were plentiful, up from 25.7% last month. As of November, the national unemployment rate stands at 4.5%. Read the story here.
Boffo Box Office: According to Reuters, Night at the Museum, a Ben Stiller and Robin Williams comedy, was the most popular movie in theaters over the Christmas weekend. It generated $30.8 million, more than double last week's number one, The Pursuit of Happyness, starring the father and son team of Will and Jaden Smith. Although released in a limited number of theaters, Dreamgirls, the musical based on the careers of Diana Ross and the Supremes, brought in close to $9 million on its opening day. Casino Royale has now become the most successful James Bond movie in the 40-year franchise, generating $454 million in worldwide. Read the story here.
Ford to NASDAQ...: According to the Associated Press, the tech-heavy NASDAQ stock market will close on January 2nd in honor of the 38th President of the United States, Gerald Ford, 93, who died December 26. Closing the stock market exchanges on the day of a president's funeral is a tradition that began when President Ulysses S. Grant died in 1885. The NYSE will most likely follow this decision and close on Tuesday, the day of the funeral. This is problematic because the U.S. stock markets have traditionally avoided more than three consecutive days of remaining closed, with the exception most recently being the days following the September 11th tragedy. Read the story here.
Third Time's a Charm: An appeals court cut ExxonMobil Corporation's (NYSE:XOM) payment from $4.5 billion to $2.5 billion because the previous decision had been "excessive" in the eyes of the court. According to the Alaska Journal of Commerce, more than 30,000 Alaskans have been suing Exxon Mobil since 1994. More than 1,500 miles of Alaska's coastline were damaged and affected by the spill. In the original court ruling, Exxon was ordered to pay $5 billion. In the latest judgment, the San Francisco judges indicated that this decision should be final. Read the story here.
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Top Ten Business Stories for the Week Ending December 29
Viagra Interuptus: A Chinese court ordered two companies to stop selling generic versions of Viagra, a prescription drug used for erectile dysfunction. The court acted to protect the patent of Viagra's manufacturer, Pfizer Inc. (NYSE:PFE), ordering payments for trademark infringements. When China became part of the World Trade Organization in 2001, China agreed to be more stringent on violations of intellectual property rights. Read the story here.
Masters of the Universe redux: A number of elite traders and investment bankers received bonuses of $100 million or higher this year. According to the New York Post, individuals like Morgan Sze of Hong Kong and Pierre-Henri Flamand of London who both work for Goldman Sachs Group, Inc.'s (NYSE:GS) principal strategies group, have been rumored to receive $100 million bonuses. Raanan Agus, recently featured in the New York Times, is Goldman's New York-based head of the principal strategies group and is reported to have received more than $70 million. He has received special media attention because he drives a Honda minivan instead of a more expensive car. John Mack, the head of Morgan Stanley, is thought to have made upwards of $40 million. Read the story here.
Keep Spending: Consumer spending shows biggest increase since July. According to the Commerce Department, spending rose 0.5% in November after an increase of 0.3% a month earlier. Consumer spending accounts for two thirds of GDP and is a critical measure of the economy's robustness. The Commerce Department also indicated that high ticket items such as flat-screen televisions and refrigerators rose 1.9% in November, after falling 8.2 percent the previous month. Read the story here.
No Virgins Allowed: Virgin Group is prohibited from launching a budget airline in the U.S. According to Bloomberg, the California-based company was refused an operating license because the airline was "not under the actual control of U.S. citizens." Under U.S. law, airlines must be 75% owned and controlled by U.S. citizens. Virgin America, a subsidiary of Richard Branson's Virgin Group Ltd. planned to start domestic U.S. flights in 2007. Read the story here.
Talk to Her: Shares of Toyota rose 1.9% on the news that Ford Motor Company (NYSE:F) and Toyota's leaders, Fujio Cho and Alan Mulally respectively, met in Japan. Toyota Motor Corporation (ADR) (NYSE:TM) shares have been on a roll, reaching an all-time high of $67.17. The companies confirmed that the two chairmen met. Toyota is the second largest auto maker in the world. Read the story here.
Poison Apple: The once invincible Apple Computer, Inc. (NASDAQ:AAPL), suffered blows to its stock price and reputation this past week as questions continued to grow regarding the awarding of company stock options. According to the Financial Times, Apple's founder and CEO, Steve Jobs, received options without the board of director's explicit approval. Meanwhile, the company still has not released its annual report, which has been continuously delayed as the probe widens. Read the story here.
Looking up: The Conference Board released its index of consumer sentiment showing the highest level since April 2006. Optimism regarding the outlook for jobs was the key driver. 27% of those surveyed said that jobs were plentiful, up from 25.7% last month. As of November, the national unemployment rate stands at 4.5%. Read the story here.
Boffo Box Office: According to Reuters, Night at the Museum, a Ben Stiller and Robin Williams comedy, was the most popular movie in theaters over the Christmas weekend. It generated $30.8 million, more than double last week's number one, The Pursuit of Happyness, starring the father and son team of Will and Jaden Smith. Although released in a limited number of theaters, Dreamgirls, the musical based on the careers of Diana Ross and the Supremes, brought in close to $9 million on its opening day. Casino Royale has now become the most successful James Bond movie in the 40-year franchise, generating $454 million in worldwide. Read the story here.
Ford to NASDAQ...: According to the Associated Press, the tech-heavy NASDAQ stock market will close on January 2nd in honor of the 38th President of the United States, Gerald Ford, 93, who died December 26. Closing the stock market exchanges on the day of a president's funeral is a tradition that began when President Ulysses S. Grant died in 1885. The NYSE will most likely follow this decision and close on Tuesday, the day of the funeral. This is problematic because the U.S. stock markets have traditionally avoided more than three consecutive days of remaining closed, with the exception most recently being the days following the September 11th tragedy. Read the story here.
Third Time's a Charm: An appeals court cut ExxonMobil Corporation's (NYSE:XOM) payment from $4.5 billion to $2.5 billion because the previous decision had been "excessive" in the eyes of the court. According to the Alaska Journal of Commerce, more than 30,000 Alaskans have been suing Exxon Mobil since 1994. More than 1,500 miles of Alaska's coastline were damaged and affected by the spill. In the original court ruling, Exxon was ordered to pay $5 billion. In the latest judgment, the San Francisco judges indicated that this decision should be final. Read the story here.
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