和我一起读报纸

140、OPEC divided on need for deeper output curbs
Sat Dec 2, 2006 3:58pm ET

Related News
Iran says OPEC may cut production if prices fall
More Related News...
advertisement
Business News
Mack-Cali pulls out of Icahn's Reckson bid
Jobs and data to call stocks' year-end tune
Anti-VW demo brings 15,000 to Brussels streets
VIDEO: Manufacturing hurts markets
More Business News... Email This Article | Print This Article | Reprints [-] Text [+] By Summer Said and Talal Malik

CAIRO (Reuters) - OPEC ministers were divided on Saturday on the need for deeper oil-supply cuts, with some concerned about high fuel stockpiles and others reluctant because crude prices are holding firm above $60.

Saudi Oil Minister Ali al-Naimi said the market was "significantly" out of balance because of swelling global inventories and that 100 million barrels should be removed.

But Libya's top energy official said markets seemed to be nearing a balance and he did not feel there was a need for OPEC to add to the 1.2 million barrel-per-day cuts agreed in October.

Reuters Pictures

Editors Choice: Best pictures
from the last 24 hours.
View Slideshow

"There are some people who are worried about oversupply in the first quarter and therefore believe there is a need for more cuts in production. These people, who include Saudi Arabia, will look at the stock level in the market as a guideline and not the oil price...," a senior OPEC delegate told Reuters.

"However, there are some countries within OPEC who are looking at oil prices only and not the fundamentals of the market. These countries might disagree with the idea of further production cuts," the delegate said, adding that a final decision would be taken when OPEC meets December 14 in Nigeria.

OPEC, which pumps more than a third of the world's oil, wants to clear any supply overhang by the second quarter of 2007, when winter ends and demand falls for its oil.

Qatari Energy Minister Abdullah bin Hamad al-Attiyah agreed with the Saudi assessment that inventories were "very high", but also did not say whether deeper cuts were needed in December.

OPEC President Edmund Daukoru has said the group would probably trim again, but the size of the reduction would depend on prices and inventory levels. Venezuela's oil minister has said Caracas could propose a further cut of 500,000 bpd.   Continued...

141、CORRECTED: Small brokers hope to block NYSE-NASD linkup
Sat Dec 2, 2006 5:19pm ET

advertisement
Business News
OPEC divided on need for deeper output curbs
Mack-Cali pulls out of Icahn's Reckson bid
Jobs and data to call stocks' year-end tune
VIDEO: Manufacturing hurts markets
More Business News... Email This Article | Print This Article | Reprints [-] Text [+] Corrects 13th paragraph to show all registered member firms receive payment to recognize cost savings

NEW YORK (Reuters) - A group of small brokerages wants to block a merger between private regulators, saying it is a backstairs way for larger firms to strip smaller companies of their power in shaping regulations.

Earlier this week, NYSE Group Inc. (NYX.N: Quote, Profile , Research) said its regulation unit would fold its brokerage firm oversight operations into the NASD, the nation's largest private brokerage watchdog.

The move is meant to reduce the cost of complying with regulatory laws for the firms that are overseen by both the NYSE and the NASD, which tend to be larger brokerages.

Reuters Pictures

Editors Choice: Best pictures
from the last 24 hours.
View Slideshow

But Richard Goble and members of his group, the Financial Industry Association, see this proposal as part of a wider problem: larger firms are supporting regulations that can be excessively burdensome for smaller brokers, to make it harder for them to survive.

"The big firms are trying to grow by taking market share from the smaller guys," Goble said.

Members of the NASD, which regulates all securities brokers in the United States, are entitled to vote for or against this merger, but those members may be unaware of some of the fine print in the combination, said Goble, co-founder of the Financial Industry Association.

For example, smaller firms will only be able to vote for three of the 23 board positions of the merged entity, while now, members can vote for 15 of the 17 NASD board spots, Goble said.

Under the current rules, large and small firms alike each have one vote, so smaller firms can theoretically elect as many as 100 percent of the available NASD board spots.   Continued...

© Reuters 2006. All Rights Reserved.

142、Bush may end drilling ban in Alaskan bay By JOHN HEILPRIN, Associated Press Writer
Sat Dec 2, 6:49 PM ET



WASHINGTON -     President Bush is deciding whether to lift a ban on oil and gas drilling in federal waters off Alaska's Bristol Bay, home to endangered whales and sea lions and the world's largest sockeye salmon run.

ADVERTISEMENT

Leasing in a portion of area rich in oil and natural gas ended nearly two decades ago ― while Bush's father was president ― in the outcry after the Exxon Valdez oil spill in 1989.

But with natural gas prices higher, the Interior Department's Minerals Management Service proposed reopening up the North Aleutian Basin. That includes Bristol Bay and part of southeastern Bering Sea.

White House spokesman Scott Stanzel confirmed Saturday the president was considering taking that step.

Environmentalists oppose drilling there because of the potential for oil spills and harm to wildlife. They have speculated in recent days that Bush might allow such drilling before Democrats regain control of Congress in January.

"If the Bush administration decides to allow drilling in Bristol Bay, it will simply illustrate the level to which they will sink to satisfy Big Oil," Carl Pope, the     Sierra Club's executive director, said Saturday. "They are willing to risk a valuable, renewable resource like Bristol Bay's salmon fisheries for limited, shortsighted drilling plans."

Rep. Edward Markey (news, bio, voting record), D-Mass, a senior member of the House Resources Committee, said opening up Bristol Bay and expanding drilling off Florida's coast ― a goal of House Republicans before losing power to Democrats ― would amount to "a last minute giveaway of public lands as an early Christmas present to the big oil companies."

The Minerals Management Service said in its August proposal that reopening energy development in the basin's federal waters, extending between three miles and 200 miles offshore, could produce $7.7 billion in oil and gas production and up to 11,500 jobs.

Some 200 million barrels of crude oil, about what the U.S. imports every 16 days, are thought to be there. The agency estimates the region could yield 5 trillion cubic feet of natural gas ― a quarter of all U.S. annual production.

Fourteen companies are said to be interested. The agency cited support among more than a dozen local and tribal governments nearby who believe the drilling would boost their economy. Lease payments go to the government.

Despite its fame among fishermen for its rich stocks of salmon, king crab and other seafood, the Bristol Bay fishing region has lost hundreds of millions of dollars over the past decade because of competition from less expensive farmed salmon.

Alaska Native villages also depend on the annual sockeye and chinook salmon runs for protein in their diet.

The commercial fishing industry has plunged into a depression, giving more support to Royal Dutch Shell PLC and other oil companies that have lobbied the White House to lift the offshore drilling ban.

Environmentalists worry about the large populations of migratory seabirds and crab, the imperiled Steller's sea lions and northern sea otters, or the North Pacific right whales ― a population so decimated only about 100 are thought to still exist.

The Minerals Management Service said accidental spills could foul coastal water quality, and the noise and pollution from more ship traffic could disturb or kill seagoing creatures. It said even a large spill probably would harm only a small portion of the fish populations, but could pose a serious threat to marine mammals.

The Bering Sea Fishermen's Association raised alarms about protecting the region, as did the Yukon River Drainage Fisheries Association, which said the drilling would threaten the salmon runs.

On Friday, more than 30 people representing fishermen, native Alaskans and conservationists wrote Bush urging him not to lift the ban.

"These protections have been in place because of the great risk to Bristol Bay posed by oil and gas development," wrote representatives of the Alaska Longline Fishermen's Association, Alaska Wilderness League, Sierra Club, World Wildlife Fund and others. "The presidential withdrawal now stands as the last line of defense for this irreplaceable resource."

The southwest segment of Bristol Bay was last open for lease sales in 1988 when the federal government collected more than $95 million. The government bought back the leases after the Exxon Valdez coated Prince William Sound and the waters of south-central Alaska with 11 million gallons of crude.

Congressional protections put on the area in 1989 were lifted in 2003 at the behest of Sen. Ted Stevens (news, bio, voting record), R-Alaska, who said he had been acting at the request of constituents in the region.

Environmental groups said they are confident the new Democratic-controlled Congress would work to restore congressional protections on Bristol Bay.

___

Associated Press writer Jeannette J. Lee in Anchorage, Alaska contributed to this report.

___

On the Net:

Interior Department:

http://www.mms.gov/5-year/PDFs/ProposedProgram2007-2012.pdf

134、Nintendo's Wii hits Japanese stores By HIROKO TABUCHI, Associated Press Writer
Sat Dec 2, 6:36 PM ET



TOKYO - Nintendo's Wii video game system hit Japanese stores Saturday with long lineups and shortages, following its sellout U.S. launch last month.

ADVERTISEMENT

More than 3,000 people braved frosty weather to line up at downtown Tokyo electronics retailer Bic Camera, hoping to get their hands on the console, said store spokeswoman Naoko Ito.

The store started turning people away at 5:40 a.m. local time ― more than an hour before doors opened ― and Wiis were sold out "for the foreseeable future," Ito said.

Earlier, crowd-control staff at the store, trying to avoid a stampede, used megaphones to urge shoppers to stop pushing.

Short supplies were reported elsewhere in the capital.

With the Wii, Kyoto-based Nintendo Co. ― which brought the world the mustachioed plumber Super Mario, and Game Boy hand-held game machines ― hopes to challenge the dominance of Sony Corp (NYSE:SNE - news). and Microsoft Corp. in the game console market.

Unlike its rivals' high-powered consoles, Nintendo's Wii puts simplicity above fancy graphics and computing horsepower.

Wii's remote-control wand can be swung like a tennis racket, fishing pole, or orchestra baton in easy-to-play games the company hopes will appeal to a wider audience than the traditional young male demographic.

That will be especially crucial in Japan, where a graying population has made the game industry's growth sluggish in recent years.

Wii has a price advantage at US$250 ― about half of PlayStation 3 at roughly US$500 or US$600, depending on the model.

The     Xbox 360, which launched last year, sells for US$300 to US$400.

Nintendo also has more machines for sale. Nearly 400,000 Wiis were available for the Japan launch date. U.S. shoppers snapped up more than 600,000 of its Wii video game systems in the week after its launch there on Nov. 19.

Sony had just 100,000 PS3s in Japan and 400,000 consoles in the U.S. when they debuted last month.

Production problems have pushed PlayStation's European launch back to March.

Analysts expect Wii to mount a serious challenge to Sony's 70 percent market share, which it built with previous PlayStation consoles.

Sony has sold more than 200 million PlayStation series machines over the years.

Nomura Securities Co. analyst Yuta Sakurai said last month he expected Nintendo to sell 40 million machines, compared with 70 million PlayStation 3 consoles in the next five years.

More critically, the profit is also likely to be better for Nintendo, while Sony is losing money for every PS3 console it sells until it gets a return on its huge investments.

Sony is expecting to rack up 200 billion yen (US$1.7 billion) in red ink in its game unit for the fiscal year ending March 2007, much of it in startup costs for PlayStation 3. By contrast, Nintendo is forecasting profit of 100 billion yen (US$845 million) for the fiscal year, as Wii buoys earnings in the second half.

144、Nintendo's Wii hits Japanese stores By HIROKO TABUCHI, Associated Press Writer
Sat Dec 2, 6:36 PM ET



TOKYO - Nintendo's Wii video game system hit Japanese stores Saturday with long lineups and shortages, following its sellout U.S. launch last month.

ADVERTISEMENT

More than 3,000 people braved frosty weather to line up at downtown Tokyo electronics retailer Bic Camera, hoping to get their hands on the console, said store spokeswoman Naoko Ito.

The store started turning people away at 5:40 a.m. local time ― more than an hour before doors opened ― and Wiis were sold out "for the foreseeable future," Ito said.

Earlier, crowd-control staff at the store, trying to avoid a stampede, used megaphones to urge shoppers to stop pushing.

Short supplies were reported elsewhere in the capital.

With the Wii, Kyoto-based Nintendo Co. ― which brought the world the mustachioed plumber Super Mario, and Game Boy hand-held game machines ― hopes to challenge the dominance of Sony Corp (NYSE:SNE - news). and Microsoft Corp. in the game console market.

Unlike its rivals' high-powered consoles, Nintendo's Wii puts simplicity above fancy graphics and computing horsepower.

Wii's remote-control wand can be swung like a tennis racket, fishing pole, or orchestra baton in easy-to-play games the company hopes will appeal to a wider audience than the traditional young male demographic.

That will be especially crucial in Japan, where a graying population has made the game industry's growth sluggish in recent years.

Wii has a price advantage at US$250 ― about half of PlayStation 3 at roughly US$500 or US$600, depending on the model.

The     Xbox 360, which launched last year, sells for US$300 to US$400.

Nintendo also has more machines for sale. Nearly 400,000 Wiis were available for the Japan launch date. U.S. shoppers snapped up more than 600,000 of its Wii video game systems in the week after its launch there on Nov. 19.

Sony had just 100,000 PS3s in Japan and 400,000 consoles in the U.S. when they debuted last month.

Production problems have pushed PlayStation's European launch back to March.

Analysts expect Wii to mount a serious challenge to Sony's 70 percent market share, which it built with previous PlayStation consoles.

Sony has sold more than 200 million PlayStation series machines over the years.

Nomura Securities Co. analyst Yuta Sakurai said last month he expected Nintendo to sell 40 million machines, compared with 70 million PlayStation 3 consoles in the next five years.

More critically, the profit is also likely to be better for Nintendo, while Sony is losing money for every PS3 console it sells until it gets a return on its huge investments.

Sony is expecting to rack up 200 billion yen (US$1.7 billion) in red ink in its game unit for the fiscal year ending March 2007, much of it in startup costs for PlayStation 3. By contrast, Nintendo is forecasting profit of 100 billion yen (US$845 million) for the fiscal year, as Wii buoys earnings in the second half.

Email Story IM Story Discuss Printable View RECOMMEND THIS STORY
      Recommend It:

Average (12 votes)
» Recommended Stories

145、Nintendo's Wii hits Japanese stores By HIROKO TABUCHI, Associated Press Writer
Sat Dec 2, 6:36 PM ET



TOKYO - Nintendo's Wii video game system hit Japanese stores Saturday with long lineups and shortages, following its sellout U.S. launch last month.

ADVERTISEMENT

More than 3,000 people braved frosty weather to line up at downtown Tokyo electronics retailer Bic Camera, hoping to get their hands on the console, said store spokeswoman Naoko Ito.

The store started turning people away at 5:40 a.m. local time ― more than an hour before doors opened ― and Wiis were sold out "for the foreseeable future," Ito said.

Earlier, crowd-control staff at the store, trying to avoid a stampede, used megaphones to urge shoppers to stop pushing.

Short supplies were reported elsewhere in the capital.

With the Wii, Kyoto-based Nintendo Co. ― which brought the world the mustachioed plumber Super Mario, and Game Boy hand-held game machines ― hopes to challenge the dominance of Sony Corp (NYSE:SNE - news). and Microsoft Corp. in the game console market.

Unlike its rivals' high-powered consoles, Nintendo's Wii puts simplicity above fancy graphics and computing horsepower.

Wii's remote-control wand can be swung like a tennis racket, fishing pole, or orchestra baton in easy-to-play games the company hopes will appeal to a wider audience than the traditional young male demographic.

That will be especially crucial in Japan, where a graying population has made the game industry's growth sluggish in recent years.

Wii has a price advantage at US$250 ― about half of PlayStation 3 at roughly US$500 or US$600, depending on the model.

The     Xbox 360, which launched last year, sells for US$300 to US$400.

Nintendo also has more machines for sale. Nearly 400,000 Wiis were available for the Japan launch date. U.S. shoppers snapped up more than 600,000 of its Wii video game systems in the week after its launch there on Nov. 19.

Sony had just 100,000 PS3s in Japan and 400,000 consoles in the U.S. when they debuted last month.

Production problems have pushed PlayStation's European launch back to March.

Analysts expect Wii to mount a serious challenge to Sony's 70 percent market share, which it built with previous PlayStation consoles.

Sony has sold more than 200 million PlayStation series machines over the years.

Nomura Securities Co. analyst Yuta Sakurai said last month he expected Nintendo to sell 40 million machines, compared with 70 million PlayStation 3 consoles in the next five years.

More critically, the profit is also likely to be better for Nintendo, while Sony is losing money for every PS3 console it sells until it gets a return on its huge investments.

Sony is expecting to rack up 200 billion yen (US$1.7 billion) in red ink in its game unit for the fiscal year ending March 2007, much of it in startup costs for PlayStation 3. By contrast, Nintendo is forecasting profit of 100 billion yen (US$845 million) for the fiscal year, as Wii buoys earnings in the second half.

146、Mack-Cali pulls out of Icahn's Reckson bid
Sat Dec 2, 2006 7:39pm ET

advertisement
Business News
OPEC divided on need for deeper output curbs
Jobs and data to call stocks' year-end tune
Anti-VW demo brings 15,000 to Brussels streets
VIDEO: Manufacturing hurts markets
More Business News... Email This Article | Print This Article | Reprints [-] Text [+]
By Ilaina Jonas

NEW YORK (Reuters) - Mack-Cali Realty Corp.(CLI.N: Quote, Profile , Research) has pulled out of its partnership with Carl Icahn and Harry Macklowe in their bid to buy office building owner Reckson Associates Realty Corp.(RA.N: Quote, Profile , Research), exercising its option not to contribute $400 million to the deal, Reckson said on Saturday.

It wasn't clear why Mack-Cali pulled out of the deal two days after it announced that it would join Rome Acquisition L.P., the entity billionaire Icahn and New York real estate magnate Macklowe formed to takeover Reckson, a real estate investment trust (REIT) that owns office buildings in New York City and its suburbs.

A Mack-Cali spokeswoman did not immediately return phone calls.


Reuters Pictures

Editors Choice: Best pictures
from the last 24 hours.
View Slideshow

In a non-binding offer, the partnership has said it would pay $49 per share, or about $4.6 billion in cash, for Reckson, which owns 101 properties in New York City, its suburbs and in New Jersey. Mack-Cali owns property primarily in New Jersey and New York state's Westchester County.

Reckson's board has already approved a stock-and-cash takeover offer from New York office owner SL Green Realty Corp.(SLG.N: Quote, Profile , Research) worth roughly $45.70 per share, or $3.99 billion based on SL Green's closing share price Friday of $134.95. Reckson's shareholders are scheduled to vote on SL Green's offer on December 6.

The $400 million from Mack-Cali would have pushed up Rome's equity contribution -- the amount the partnership itself puts into the deal -- to $1.6 billion from the $1.2 billion Icahn and Macklowe said they together would fund. The remainder could be borrowed or come from another source.

However, in a press release Saturday, Reckson also said that despite repeated requests, Rome still had not shown it any documentation with respect to its debt financing arrangements and had not responded to Reckson's requests for information regarding a number of outstanding financial, legal and structural issues pertaining to Rome's proposal.

Reckson also added that to date, Rome had not made a firm proposal to acquire Reckson. Rome previously said it would deliver a definitive offer by Monday. Reckson said Saturday that it continued to remain subject to a binding merger agreement with SL Green.

147、Pfizer ends cholesterol drug development By THERESA AGOVINO, AP Business Writer
1 hour, 36 minutes ago



Pfizer Inc. said Saturday it has cut off all clinical trials and development for a cholesterol drug that was supposed to be the star of its pipeline because of an unexpected number of deaths and cardiovascular problems in patients who used it.

ADVERTISEMENT

The world's largest drugmaker said it was told Saturday that an independent board monitoring a study for torcetrapib, a drug that raises levels of HDL, or what's commonly known as good cholesterol, recommended that the work end because of "an imbalance of mortality and cardiovascular events."

The news is devastating to Pfizer, which had been counting on the drug to revitalize stagnant sales that have been hurt by numerous patent expirations on key products. It has said it was spending around $800 million to develop Torcetrapib.

There were already concerns about the drug because a recent study showed it triggered a slight increase in blood pressure, but it was unclear if that was behind the patient deaths and cardiovascular problems.

Pfizer said it is asking all clinical investigators conducting trials to warn patients to stop taking the drug immediately.

According to Pfizer spokesman Paul Fitzhenry, 82 patients taking the combination of torcetrapib died, compared to 51 deaths in the arm of the study where patients were taking     Lipitor alone. Each arm of the study had 7,500 patients. Pfizer said that the study didn't raise any questions about Lipitor's safety.

Just two days ago, Pfizer had said it hoped to file an application with the     Food and Drug Administration for approval of torcetrapib by the second half of next year. But despite the loss of the drug, Pfizer reiterated it would return to sales growth by 2009 and that it would achieve high single-digit earning growth in 2008.

However, Pfizer said the loss of the product would mean an acceleration of cost cutting measures it promised in October, which were already supposed to extend beyond the promise it made last year to slash $4 billion in expenses by 2008.

Earlier this week, Pfizer said it would cut 20 percent, or 2,200 positions, from its U.S. sales force, in a move analysts said could save the company between $400 million and $500 million annually. Pfizer said at the time more details on how it would transform the company would be announced in January.

New York-based Pfizer had expected to sell torcetrapib in combination with Lipitor, which lowers bad cholesterol and is the company's ― and the world's ― best-selling drug. At an analysts meeting on Thursday, Pfizer emphasized that it has 242 research programs and other promising drugs in the pipeline, but analysts remained focused on Torcetrapib and said Pfizer would struggle without it.

Patent expirations will cost the company $14 billion in annual sales between 2005 and 2007, the company said. Lipitor, which had $12.2 billion in sales last year, may lose patent protection by 2010.

Pfizer's decision to end the drug's development highlights the perils of drug development and safety, which have been under a harsh spotlight since Merck & Co. withdrew pain killer     Vioxx from the market two years ago.

Dr. Philip Barter, chairman of the steering committee overseeing the study, said in Pfizer's release that the findings of the data safety monitoring board Torcetrapib were a surprise "in light of prior study results."

"We believed that the study was coming along as expected, and this new information was totally unexpected and disappointing, given the potential benefits of this drug," said Barter, Director of the Heart Research Institute in Australia.

148、 Philly papers, union discuss contract By DEBORAH YAO, Associated Press Writer
Sat Dec 2, 9:39 PM ET



PHILADELPHIA - The largest union at Philadelphia's two biggest newspapers participated in contract negotiations Saturday night while members prepared for a strike.

ADVERTISEMENT

Stu Bykofsky, spokesman for The Newspaper Guild of Greater Philadelphia, said union members were getting press passes for PhilaPapers.com, the news Web site they plan to launch if there is a strike to compete with company-owned Philly.com.

But officials with the Guild, which represents more than 900 editorial, advertising, circulation and clerical workers at The Philadelphia Inquirer and Philadelphia Daily News, hoped a strike would be averted.

"A strike is a nuclear bomb," Bykofsky said. "As long as progress is being made, you don't want to go nuclear."

The Guild had been prepared to strike anytime after midnight Thursday, when its contract expired. But it held off a threatened walkout after the union and management reported progress, and nine other unions still negotiating made clear they wanted to avoid what they said would be a damaging strike.

Philadelphia Media Holdings, an investment group which bought the former longtime Knight Ridder newspapers in June, is seeking contract concessions and job cuts amid sharp declines in advertising revenue and circulation.

The Guild has said it was most concerned about management proposals to freeze pensions and carry out layoffs without regard to seniority.

The last walkout at the newspapers was a 46-day strike in 1985.

149、Primary Navigation
HomeU.S.BusinessWorldEntertainmentSportsTechPoliticsScienceHealthTravelMost Popular
Secondary Navigation
Local News Education Religion Politics Crimes and Trials Search:   All News Yahoo! News Only News Photos Video/Audio Advanced

--------------------------------------------------------------------------------

Prosecutors: Ex-KeyBank VP stole $40M Sat Dec 2, 10:04 PM ET



CLEVELAND - Federal prosecutors now say a former KeyBank vice president embezzled $40.6 million, up from a previous estimate of $29 million.

ADVERTISEMENT

The new charges against David F. Verhotz, 56, were outlined in a court filing Friday in U.S. District Court.

Verhotz, who has been fired as the head of the bank's international loans unit, stole the money between 1997 and 2003, prosecutors said.

Verhotz lived a life of luxury, buying a multimillion dollar home on Long Island and spending $1.1 million on his fiancee's engagement ring, according to testimony at a pretrial hearing last month.

He was arrested Nov. 11 at Cleveland Hopkins International Airport after getting off a flight from Dallas.

Verhotz could face six to eight years in prison if convicted on charges of bank fraud and embezzlement from a federally insured bank. A federal magistrate has denied bail while he awaits trial.

KeyBank is owned by KeyCorp., which has more than 900 branches in Alaska, Colorado, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont and Washington.