| Landry’s finally releases 2006 annual report
After a long and costly delay, Landrys Restaurants Inc. on Friday released its 2006 annual report, posting a $21.8 million loss related mostly to the sale of its Joes Crab Shack chain.The report, which comes almost seven months after the companys fiscal year ended Dec. 31, sheds some light on what triggered a chain of events that has Landrys, in the words of its chief financial officer, facing irreparable harm. The 10-K report says a shareholder lawsuit caused the company to undertake a review of its stock-option practices. The review found no fraud and prompted no action from the Securities and Exchange Commission. But it cascaded into a $400 million dollar debt problem, causing agencies to lower Landrys credit rating, bruising the companys stock price earlier this month and leading to a temporary restraining order against bondholders that will come to head Thursday in an island courtroom.Landrys reported a net loss of $21.8 million, or 99 cents per diluted share last year, compared with net income of $44.8 million, or $1.95 per diluted share in 2005.
Brambles in play as Cheps stack up for rivals
WHEN Mike Ihlein became chief executive of Brambles - the world's biggest pallet hire business - on July 1, the last thing he expected was that one of his key customers, Toll, and its off-shoot Asciano were secretly building up stakes behind a mirage of different nominee companies. When the news came through that a lot of small parcels of shares, concealed behind ordinary named companies, belonged to two corporate predators, he was gobsmacked. Since he took the top job six weeks ago, he had been watching the share registry to make sure no private equity players were building up a stake. It is not hard to see why. Speculation has been rife for months that the company is a private equity target. Given Ihlein has coveted the top job since he was appointed chief financial officer three years ago, after a long career at Coca-Cola Amatil, the last thing he wanted was a potential takeover threat -- particularly before he can put his stamp on the company.
Shares swoon on subprime distress
NEW YORK (Reuters) - Stocks fell sharply on Thursday as another shoe dropped in the U.S. subprime mortgage sector meltdown, causing investors to flee riskier assets for the relative safety of government bonds. Stocks added to their declines after the Wall Street Journal reported a second Goldman Sachs Group Inc. hedge fund was suffering losses and was selling its positions. Sentiment was already poor following news overnight that France's biggest listed bank, BNP Paribas , froze 1.6 billion euros ($2.2 billion) worth of funds, citing fallout from the U.S. subprime sector. Trading was extremely volatile, with stocks coming off their lows of the session shortly after the market opened following the New York Stock Exchange's imposing of trading curbs. The Nasdaq briefly turned positive, but was firmly back in negative territory by midday.
Religion News In Brief
Gay bishop still hoping he can attend world Anglican meetingLONDON -- The first openly gay Episcopal bishop, whose 2003 consecration has moved the Anglican fellowship to the brink of schism, says he remains hopeful Anglicans can stay together."I think we need each other," said New Hampshire Bishop V. Gene Robinson, in an interview with The Times of London, published July 27. "We need to learn and grow with the presence of each other. I think it would be a terrible loss to all of us."The Episcopal Church is the U.S. province of the world Anglican Communion. Theological conservatives are demanding that the American church pledge by Sept. 30 not to consecrate any more gay bishops or face losing full membership in the communion.In an attempt to ease tensions, Robinson and Bishop Martyn Minns, who leads a network of breakaway conservative Episcopal parishes, have not been invited to a once-a-decade gathering of the world's Anglican bishops.
(AFX UK Focus) 2007-08-14 10:41 GMT: London shares down midmorning, off lows, July inflation falls below 2 pct
LONDON (Thomson Financial) - Leading shares remained weak midmorning but off lows as investors drew some comfort from July inflation news which showed the headline number fall back below the BoE target of 2 pct. By 10.15 am, the FTSE 100 index was 14.7 points lower 6,204.3, with the FTSE 250 index was also recovering some of its earlier losses to trade 58.4 points lighter at 11,110.7. Volume was fair, with 484 mln shares changing hands in 138,922 deals. In economic news, inflation in the UK fell by the biggest amount in over five years during July, pushed down by falls in food prices and furniture, as well as utility and petrol costs and taking the key CPI rate below the Bank of England's target rate, official figures showed. The Office for National Statistics said the annual CPI inflation rate slumped to 1.9 pct in July from 2.4 pct in June, well below analysts' forecasts for a decline to 2.2 pct and the steepest drop since May 2002.
Foreclosure Crisis Threatens U.S. Housing Market
In an analysis of the U.S. foreclosure crisis, eFinanceDirectory.com graphs foreclosure data, offers an in depth explanation for the surge in foreclosures, and details the projected impact increased foreclosure activity will have on the housing market. .
Matt Damon tops Hollywood value poll
Star reputations suffer as Forbes' payback survey separates A-list from D-list
Dan Glaister in Los Angeles
Wednesday August 8, 2007
The Guardian
Matt Damon in the latest Bourne film, which made him one of Hollywood's most profitable actors
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Suit opposes MOHELA payouts
A class-action suit has been filed to stop the transfer of $350 million from the Missouri student loan agency to fund Gov. Matt Blunt's plan for college buildings. If successful, the effort could derail Blunt's much-disputed plan, which he announced in January 2006. The plan was revised many times, became the subject of a filibuster in the Legislature before it was approved and is finally due to take effect on Aug. 28. The suit could affect public universities around the state that are counting on the money for various building projects, some of which are already in the works. Projects in the St. Louis area include a $15.7 million early-childhood education center at Harris-Stowe State University and a $28.5 million renovation of a science building the University of Missouri-St.
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