New York Times Business News   ---  

Lax Real Estate Decisions Hurt Starbucks

 Starbucks’s biggest mistakes and greatest challenges boil down to three words: location, location and location.

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Fighting Inflation, Europeans Raise Rate

 The European Central Bank, spooked by soaring prices for food and fuel, raised its benchmark interest rate a quarter of a percentage point to 4.25 percent.

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Outlook Darker as Jobs Are Lost

 The unemployment rate held steady as 62,000 jobs disappeared in June, the Labor Department reported.

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Economic Problems in Britain Mimic Those in U.S.

 The British economy, like that of the U.S., may be headed for recession, and the reasons are similar: the collapse of a once red-hot housing market and rising inflation.

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Mixed Finish as Losing Streak Continues

 Wall Street capped a shortened trading week with a mixed finish after receiving uneven economic data: news of a contraction in the nation’s services sector and a tame reading on employment.

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Fund Manager Turned Fugitive Is Sent to Prison

 Samuel Israel III, the hedge fund manager who fled after faking a suicide, went to prison on Thursday, 25 days late.

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Ex-Refco Chief Sentenced to 16 Years in Cover-Up

 Phillip R. Bennett was sentenced for a financial cover-up that brought down one of the world’s largest commodities brokerages.

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Jobless, and Selling Himself the Old-Fashioned Way

 Joshua Persky, an out-of-work investment banker, was interviewed by major news outlets as he stood on Park Avenue, handing out résumés and wearing a sandwich board.

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Criminal Charges Against Continental in Deadly Concorde Crash

 Continental Airlines and two of its employees have been ordered to stand trial on involuntary manslaughter charges related to the 2000 crash.

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Ex-Banker Investigated in Transfers of Money

 A former private banker at JPMorgan Chase is under investigation, suspected of making illegal money transfers, according to federal authorities and court documents.

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Penn National Gaming Cancels Its Sale to Private Equity Firms

 Another big corporate buyout fell apart as Penn National Gaming announced that it had terminated its $6.1 billion sale to two private equity firms.

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Russia Presses U.S. Bank Over Money Laundering

 The Russian government sought to make Bank of New York Mellon liable for $22.5 billion in damages for a money-laundering scandal that helped undermine Russia’s economy.

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Service Sector Data Adds to Inflation Anxiety

 The United States service sector shrank unexpectedly in June, according to a closely watched survey, while inflation pressures soared to a record high for the survey’s 11-year history.

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Business Briefing | Acquisitions: Vodafone Acquires Majority Stake of Ghana Telecom

 The Vodafone Group said it had agreed to acquire a 70 percent stake in Ghana Telecom, the African country’s third-largest mobile phone operator, for $900 million.

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Business Briefing | Economy: India Curbs Corn and Steel Exports

 India banned corn exports and curbed shipments of steel, seeking to increase domestic supplies and cool the fastest inflation in 13 years as world commodity prices soar.

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Business Briefing | Economy: BHP Billiton Wins Big Price Increase for Iron Ore

 Chinese steel mills have reached an iron ore agreement with the mining company BHP Billiton in line with the near-doubling of prices won by BHP’s rival Rio Tinto.

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Business Briefing | Economy: Britain’s Services Sector Contracted in June

 Britain’s services sector contracted last month by the most since October 2001 and banks said they would curb lending further in the third quarter.

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Business Briefing | Legal Matters: Couple Settles With S.E.C. in Trading Case

 A former Morgan Stanley vice president and her husband, a former hedge fund analyst at ING Investment Management, agreed to settle federal regulatory claims that they illegally traded stocks using inside information.

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Business Briefing | Airlines: Delta Ends Pact With Regional Airline in West

 Delta Air Lines and ExpressJet Holdings said that they had ended the agreement under which ExpressJet provided Delta with some regional flights.

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High & Low Finance: Inexperience May Feed the Bubbles

 In a study analyzing the last tech bubble, two professors found younger and less experienced fund managers became more swept up in the euphoria and suffered greater losses.

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