| Global Bond Risk Premiums Soar as Investors Seek Safest Assets
July 27 (Bloomberg) -- Japanese corporate bond risk rose to the highest in more than two years and debt sales faltered globally as investors shunned all but the safest of debt. Tyco Electronics Ltd. canceled a bond offering. DAE Aviation Holdings Inc. scrapped plans for a loan. Credit-default swaps on Goldman Sachs Group Inc. and Bear Stearns Cos. rose to records on concerns investment banks will be stuck with high- yield, high-risk debt that they are unable to sell. The rout spread to indexes gauging the risk of owning everything from bank loans to emerging market debt. ``The fear has set in,'' said Gregory Habeeb, who manages $7.75 billion of bonds at Calvert Asset Management Co. in Bethesda, Maryland. ``No one wants to hold bonds and everyone wants to sell.'' Risk premiums surged after Absolute Capital Group Ltd., an Australian hedge fund, suspended withdrawals from two funds after forecasting losses on U.S.
Corporate Bond Premiums Soar; Investors Shun Riskiest of Debt
July 26 (Bloomberg) -- The risk premium on corporate bonds soared the most in five years and debt sales faltered as investors shunned all but the safest of debt. Tyco Electronics Ltd. canceled a bond offering. DAE Aviation Holdings Inc. scrapped plans for a loan. Credit-default swaps on Goldman Sachs Group Inc. and Bear Stearns Cos. rose to records on concerns investment banks will be stuck with high-yield, high- risk debt that they are unable to sell. The rout spread to indexes gauging the risk of owning everything from bank loans to subprime mortgages. ``The fear has set in,'' said Gregory Habeeb, who manages $7.75 billion of bonds at Calvert Asset Management Co. in Bethesda, Maryland. ``No one wants to hold bonds and everyone wants to sell.'' Risk premiums surged after Absolute Capital Group Ltd., an Australian hedge fund, suspended withdrawals from two funds after forecasting losses on U.S.
EDS Reports 2007 Second Quarter Results
EDS today reported second quarter 2007 adjusted net income of $143 million, or 27 cents per diluted share, versus second quarter 2006 adjusted net income of $107 million, or 20 cents per diluted share. See "GAAP Reconciliation" below for reported net income and earnings per share for second quarter 2007 and 2006. .
Suit complicates Ronco's bankruptcy case
A fight between a porn star and the former chief financial officer of her adult video company is the latest twist in the made-for-television bankruptcy case of Veg-O-Matic maker Ronco Corp. Ronco CFO Ronald Craig Stone faces allegations from Jill Kelly of misappropriating funds and driving her adult movie company, Jill Kelly Productions, into bankruptcy. Stone was fired after the company filed for bankruptcy in August 2005. He joined Ronco shortly afterward. Ronco, a Simi Valley, Calif., gadget-maker, last month sought protection from its creditors in U.S. Bankruptcy Court. The company, which owes creditors about $32.7 million, has said it intends to sell its assets. Richard Allen, a former Ronco chief executive who also is a shareholder, now is arguing in court papers that Stone's $400,000 salary should not be paid until a "full investigation" is completed of the misappropriation claims and other allegations of misconduct by Stone, including insider trading at Ronco.
Rare Trifecta On Wayne Farm
A Wayne County Farmer -- and one of his cows -- are basking in the attention brought on by a rare trifecta. On Chuck Raes' farm in Lyons, 80 cows keep him busy. But one cow in particular has received quite a bit of attention lately. “She's just your average ‘you do what you gotta do, I do what I gotta do' cow," said Raes of a Holstein named Myrtle. Actually, Myrtle is not so average. Each of the past three years, she delivered twins. “We call her ‘Fertile Myrtle,'" said Raes. On July 1, Myrtle more than lived up to that nickname. Raes was driving by the pasture and noticed one calf. He got closer and saw two others. Myrtle had given birth to triplets. “I was shocked. I didn't think in a million years I'd have triplets," said Raes, who named them Mary, Sherry and Larry.
Paying the price of summer flooding
THE price of a pint of milk is to rise by 3p, in the first evidence of the impact devastating floods south of the Border are having on shopping bills. The cost of sandwiches and Scotch pies are also set to increase, with Britain's biggest baker admitting additional costs linked to the extreme weather would be passed on to consumers. Experts warned the worst was yet to come, with vegetables such as potatoes, peas and brussels sprouts likely to rise by 20 per cent as a result of many crops being wiped out. Wheat prices have soared by 15 per cent and industry insiders predict the price of an average loaf of bread will increase by between 5p and 10p. .
MISCOR Group Reports Increased Sales, Net Income in Second Quarter
Industrial services provider MISCOR Group, Ltd. (OTC Bulletin Board: MCGL - News) reported a return to profitability on a 16 percent increase in revenues for the second quarter ended July 1, 2007. MISCOR posted gains in each of its segments and in both product sales and services revenue. .
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