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Global Investing Roundups Friday, August 29th, 2008

Aug 29th, 2008 | By William Patalon III | Category: Financial News, International Investing

Lukoil Counts on Artic Find; Gourmet-Cookware Seller Burned by 2Q Results; FGIC Prolongs the Inevitable; Diageo’s Strong Sales; Lehman Bros. Plans Layoffs; Toyota’s 10 Million Goal Just Out of Reach

  • Williams-Sonoma Inc. (WSM), America’s biggest gourmet-cookware retailer, yesterday (Thursday) announced second quarter net income fell to $18.4 million or 16 cents per share, from $26 million or 23 cents per share in the same period the year prior. Sales worsened through the quarter as the “macro-economic environment deteriorated,” Chief Executive Officer Howard Lester said, Bloomberg News reported.
  • Lehman Brothers Holdings Inc. (LEH) plans to layoff 1,500 employees. The battered investment bank will cut 6% of total employees prior to its announcement of third-quarter fiscal earnings on Sept. 15, The New York Times reported on its website yesterday (Thursday).
  • Toyota Motor Corp. (ADR: TM) lowered its 2009 sales forecast to 9.7 million vehicles from a previous estimate of 10.4 million based on slower global demand. “The business environment is rapidly becoming more difficult. Things remain very uncertain, not just in the United States but in emerging countries and resource-rich nations as well,” Toyota President Katsuaki Watanabe told a press conference, AFP reported.

Source: Global Investing Roundups Friday, August 29th, 2008


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William Patalon IIIWilliam (Bill) Patalon III is the Managing Editor and Senior Research Analyst for Money Morning, and is also the Managing Editor for The Money Map Report. Patalon's work has appeared in Kiplinger's personal finance magazine, USA Today, and The South China Morning Post, among other publications.

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Money Morning is the leading source of investment research on the global markets. Its free daily service provides news, research, investment opportunities and insights on international investing -- most of it well before it appears in the mainstream financial media.

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