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    Showing posts with label Business. Show all posts
    Showing posts with label Business. Show all posts

    Sunday, March 30, 2008

    Reuters - Dave Stewart, Nokia envision brave new mobile world

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    Dave Stewart, Nokia envision brave new mobile world

    Sunday, Mar 30, 2008 3:9AM UTC

    By Antony Bruno

    DENVER (Billboard) - At first glance, Nokia's Tero Ojanpera and Dave Stewart might seem like an odd pair.

    As executive vice president of entertainment and communities for Nokia, Ojanpera oversees all of the company's music, gaming, video and social networking initiatives, including the Nokia Music Store and Comes With Music.

    Stewart is a musician/producer best known as one half of the Eurythmics. In February, Stewart was named founding member of Nokia's new Artist Advisory Council, an initiative created to foster an artist-friendly environment within the company.

    But the two have more in common that meets the eye. Stewart has strong ideas on how technology and digital business models should benefit acts and their fans, and, in fact, was the driving force behind the council's creation. Ojanpera, meanwhile, aims to combine Nokia's entertainment content services with its social networking capabilities to help fans and artists better connect and communicate to promote and distribute new content.

    For Nokia, the effort is central to its reinvention from a handset vendor with 40 percent of the global mobile phone market share to a Web services company. For Stewart, the technologies of today and tomorrow represent a new stage of creative and professional development he hopes to share not only with musicians but also with filmmakers and others in the creative community.

    Q: Can you give us a better idea what the vision of the Artist Advisory Council is?

    Dave Stewart: It's a vision of the future where people would want to dig deeper in the world of an artist and where artists would be willing to be more experimental because the payment systems would be more transparent and different than they are today. It's about artists linking together and being collaborative.

    Tero Ojanpera: If you think about the artist's point of view, it's not about selling one track or selling a ringtone or wallpaper. It's about how you create a discovery mechanism (that) represents the artist in a way that gives justice to their work. It's not just putting something online in a digital format -- the technology will enable us to make a rich world where things come together in a really new fashion.

    Q: How do you plan to achieve this?

    Ojanpera: At this point it's about understanding the artist and understanding the consumer and making that connection. The rest will sort itself out. It may need some facilitation, but we should worry about those two things first. If you can bring value to the consumer and to the creative talent, I'm sure we will do well.

    Stewart: Imagine a future where you have a little cloud above your head and in that is everything you think is groovy, and you can carry that along with you and pull it down to either watch or share ... and it's all controlled by this little device in your pocket. The other part of it is that there are artists all over the world who don't want to share much more than what they can control -- there are filmmakers who want to make 10-minute short films. So you can't put everything into one bag. What you can do is create a facility that can put all that work -- whatever it is -- into a context and in a way (that) consumers can access it.

    Q: Dave, what is your perspective as an artist on the current digital/mobile business constructs?

    Stewart: What I'm talking about is dropping a neutron bomb on the old paradigm of the entertainment industry and the way in which it functions. It's completely insane. In America, it's all gotten completely strangleholded by these providers. Nobody ever talked to artists about what they wanted to do. Steve Jobs didn't talk to me about selling music online -- it just went straight to the music labels.

    Artists make their work, and people come along and treat it like something you can chop up into bits and sell into other bits. They say ringtones is a $3 billion business; I still haven't seen one cent on a "Sweet Dreams" download. There's always been a bit of foggy accounting. There's ways and means through technology and through common sense to create a way in which the consumer gets a fair deal and the creator gets a fair deal and business is good.

    Q: So it sounds like the vision is to try to use mobile phones as a way of distributing content directly to fans without all the other layers.

    Stewart: I'm not going to try to do that. I am going to do it. It's also about trying to get artists to understand that, in the new world, it's not about making an album or a film that has to fit the exact demographic and exact length. It's going to be a completely different world. I can send you clips of what I'm working on and you can pre-order it. There's a dialogue going on so you actually know who your fans are and where they are.

    Q: Do phone manufacturers have more power in the mobile value chain now that entertainment services have made the phone more of a consumer electronics device and less a mere network access device?

    Ojanpera: This is a great opportunity for the whole industry to grow: device manufacturers, carriers and the content companies. The fact that content is coming to mobile will enable us to continue to innovate for the industry. We have the strength to invest in this space, and that's valuable to the content industry. This is not about who has more power or less power -- this is about, Can we attract the consumer to really use these services?

    Q: So on that note, how is the Nokia Music Store doing?

    Ojanpera: We're not sharing any specific data. But the service is live in the U.K. and Germany, and we are launching (in) additional countries in Europe and Asia. So one could describe it as a store rollout phase for the next month or two and getting the catalog in place. The feedback from the U.K. store is good; people are using it and seeing that there's an easy way to get music on your device, both side-loading and (over the air). We're currently seeing about 75 percent side-loading and 25 percent OTA. We think once the Comes With Music service is in place later this year, it will make the purchase decision easier, and we believe that can and will really scale the music market up.

    Reuters/Billboard

    Wednesday, March 26, 2008

    Reuters - Sprint, Clearwire up on Wi-Max cable joint venture

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    Sprint, Clearwire up on Wi-Max cable joint venture

    Wednesday, Mar 26, 2008 2:54PM UTC

    NEW YORK (Reuters) - Shares of Sprint Nextel Corp <S.N> and Clearwire Corp <CLWR.O> rose sharply on Wednesday after reports that both companies are in talks with the two biggest U.S. cable operators to create a nationwide wireless company.

    The new $3 billion joint venture would be partly funded by contributions of about $1 billion from Comcast Corp <CMCSA.O>, the largest U.S. cable operator, and about $500 million from Time Warner Cable <TWC.N>, the second-largest, people familiar with the talks told Reuters on Tuesday.

    Sprint shares rose as much as 8 percent in early trading before easing back to $6.65, a rise of 3.6 percent. Clearwire was up 9.7 percent at $14.69 after jumping as much as 18 percent.

    The joint venture would use WiMax technology to support Internet access at speeds up to five times faster than traditional wireless networks and could support a range of mobile and video applications. It is seen as a potential substitute for fixed-wire high-speed Internet that, for instance, could be offered across an entire metropolitan region.

    Shares of Sprint and Clearwire's larger rivals were lower on Wednesday morning.

    Verizon Communications <VZ.N> was down 3 percent at $35.80, while AT&T Inc <T.N> fell 1.7 percent to $37.36.

    (Reporting by Yinka Adegoke; Editing by Lisa Von Ahn)

    Reuters - Mobile calls set for take off on UK planes

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    Mobile calls set for take off on UK planes

    Wednesday, Mar 26, 2008 1:49PM UTC

    LONDON (Reuters) - Passengers on UK-registered aircraft could soon be able to use their mobile phones to make calls and send text messages, the telecommunications regulator Ofcom said on Wednesday.

    Ofcom, which had been examining the proposals since last year, said the plans would be subject to approval by the relevant UK and European aviation bodies.

    The regulator said the decision had been developed with other European Union countries and the system could be used in European airspace.

    Under the plans, airlines wishing to provide the service would allow passengers to use their own handsets once the aircraft reaches a minimum height of 3,000 meters. They would not be allowed during take-off and landing for safety reasons.

    The system would work by connecting the mobile phone to an onboard base station to make and receive calls which would then be billed through a passenger's normal service provider.

    "The safety of passengers is paramount and mobile systems on aircraft will only be installed when they have secured approval by the European Aviation Safety Agency and the Civil Aviation Authority in the UK," Ofcom said.

    "If such approval has been secured it will be a matter for individual airlines to judge whether there is consumer demand for these services."

    In responses to the consultation, British airline BMI said it was eager to offer its passengers a mobile service.

    (Reporting by Kate Holton; Editing by Quentin Bryar)

    Reuters - Pentagon approves development of new radios

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    Pentagon approves development of new radios

    Wednesday, Mar 26, 2008 4:4PM UTC

    WASHINGTON (Reuters) - The Pentagon on Wednesday said it approved the start of development of a next-generation radio system for aircraft, ships and ground stations, paving the way for a huge contract award to either Boeing Co <BA.N> or Lockheed Martin Corp <LMT.N> in coming days.

    Pentagon acquisition chief John Young signed a document approving the next phase of the Joint Tactical Radio System program late on Monday.

    Defense analysts say the contract for system design and development of the Airborne Maritime and Fixed Station (AMF) segment of the program will total $800 million to $1.2 billion. A later production contract could translate into business deals valued at $10 billion or more over the long term, they say.

    (Reporting by Andrea Shalal-Esa; editing by John Wallace)

    Motorola to Split

    Me not make good money

    Reuters - Motorola to split into two companies

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    Motorola to split into two companies

    Wednesday, Mar 26, 2008 12:29PM UTC

    NEW YORK (Reuters) - Motorola Inc said on Wednesday it would split into two publicly traded entities to separate its loss-making handset division from its other businesses, sending its shares up more than 10 percent.

    The move, which comes amid an intensifying proxy battle against activist investor Carl Icahn, would take the form of a tax-free distribution to Motorola's shareholders and is expected to be completed in 2009, the company said.

    Motorola has been losing handset market share and is now ranked third in the world. The two entities it plans to split into are Mobile Devices, and Broadband & Mobility Solutions. The latter consists of its network equipment, enterprise and public safety businesses.

    It said the creation of two companies would improve flexibility, increase management focus and provide more targeted investment opportunities for shareholders.

    Motorola Chief Executive Greg Brown said in a statement that the company has started a global search for a new CEO for the mobile devices business.

    The move comes after Motorola said in late January that it was conducting a strategic review of its business that could lead to a separation of the handset business.

    The company is engaged in a proxy battle with Icahn, its second-largest shareholder. Icahn has proposed a slate of four directors to the board and is suing Motorola to force it to hand over documents related to its mobile devices business.

    Motorola said on Wednesday there was no assurance the planned split, which is subject to further financial, tax and legal analysis, would occur.

    Its shares rose to as much as $10.82 before settling at around $10.32 in premarket trading, still up 5.7 percent from their close on Tuesday at $9.76 on the New York Stock Exchange.

    (Reporting by Sinead Carew and Tiffany Wu; Editing by Steve Orlofsky and Dave Zimmerman)

    Tuesday, March 25, 2008

    Reuters - Steve McQueen's estate sues over clothing line

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    Steve McQueen's estate sues over clothing line

    Tuesday, Mar 25, 2008 10:6PM UTC

    NEW YORK (Reuters) - Steve McQueen's estate sued a clothing
    company on Tuesday, alleging the unauthorized use of the late
    film star's image and name as part of its "Steve McQueen
    Celebration" line of fashion and accessories.

    The McQueen heirs accuse Clothing Company S.P.A. and parent
    company Belstaff USA and Belstaff International LTD of "willful
    and brazen unauthorized use of the name, image, signature and
    likeness" of the actor known as the King of Cool for his roles
    in films in the 1960s and 1970s.

    British-born Belstaff, whose trademark biker jackets were a
    favorite of soldier and writer T.E. Lawrence, is owned by
    Italy's Malenotti family. A company representative was not
    immediately available for comment.

    The suit alleges a representative of Belstaff contacted the
    estate in 2007 requesting a license for use of McQueen's image
    on a clothing and accessories line which was denied after
    negotiations broke down.

    In August 2007, the company began producing the line
    anyway, the lawsuit said.

    Belstaff's actions jeopardize "the goodwill and value" of
    the McQueen trademark.

    The actor, who died at age 50 in 1980, starred in such
    films as "Bullitt," "Papillon" and "The Towering Inferno."

    (Reporting by Edith Honan; Editing by Daniel Trotta)

    USA TODAY - Report: Sony BMG developing music service

    This story has been sent from the mobile device of Bombastic4000@gmail.com. For real-time mobile news, go to m.usatoday.com.

    BERLIN
    By Matt Moore, Associated Press

    The CEO of Sony BMG Music Entertainment says that the company is developing an online music subscription service that would give users unlimited access to its music and be compatible with a host of digital music players.

    Sony BMG's artist roster includes newcomers like Leona Lewis, along with stalwarts like Alicia Keys and Celine Dion, as well as country singer Carrie Underwood among others.

    In an interview with the newspaper Frankfurter Allgemeine Zeitung published Monday, chief executive Rolf Schmidt-Holtz did not offer a timeline for unveiling the service.

    As for costs to subscribers, the newspaper quoted him as saying that the "simplest option would be a flat rate" fee per month of around 6 to 8 euros ($9 to $12) for unlimited access to Sony BMG's entire music catalog and that the downloads would be compatible with all players, including Apple's ubiquitous iPod.

    He said that it was "even possible that clients could keep some songs indefinitely, that they would own them even after the subscription expired."

    A Bertelsmann spokesman confirmed that the interview was accurate but declined to provide further details.

    Schmidt-Holtz was quoted as saying the unit was in talks with other major music distributors but did not disclose with whom and added that it was possible mobile phone operators could be brought on board, with the aim of letting users download their songs to their cellphones.

    Besides the book publisher Random House, Bertelsmann's interests include music business BMG, which is comprised of its 50% holding in the Sony BMG Music Entertainment joint venture with Japan's Sony Corp., and radio and television including broadcaster RTL, magazines and media services.

    Bertelsmann is headquartered in Guetersloh, Germany, but most of its 97,000 employees are scattered over its divisions. The company is controlled by the Mohn family, directly and through a foundation.

    Website address: http://www.usatoday.com/tech/products/2008-03-25-sony-music-service_N.htm

    Reuters - Google holders seek human rights, censorship review

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    Google holders seek human rights, censorship review

    Tuesday, Mar 25, 2008 8:1PM UTC

    NEW YORK (Reuters) - Shareholders of Google Inc will propose that the Web search company take steps to ensure freedom of Internet access and establish a review of its operations' effect on human rights, according to a regulatory filing on Tuesday.

    In one proposal expected to be submitted at the company's 2008 annual meeting on May 8, shareholders will ask Google to commit to certain standards, including a pledge not to engage in proactive censorship or host user data in countries that restrict political speech.

    The proposal will be raised by the New York City comptroller's office, which oversees the New York City Employees Retirement System as well as retirement funds for city teachers, police and firefighters, Google said in its proxy filing with the U.S. Securities and Exchange Commission.

    A second proposal put forward by Harrington Investments requests that the company create a board committee on human rights to review the implications of its policies on a worldwide basis.

    Google said its board recommends that investors vote against both proposals.

    The Web search leader will ask investors to keep its slate of 10 directors in office for another year.

    (Reporting by Michele Gershberg, editing by Richard Chang)

    Reuters - Ford agrees to sell Euro brands for $2 bln: source

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    Ford agrees to sell Euro brands for $2 bln: source

    Tuesday, Mar 25, 2008 5:48PM UTC

    LONDON (Reuters) - Ford <F.N> has agreed to sell its UK-based Jaguar and Land Rover brands to India's Tata Motors <TAMO.BO> for more than $2 billion, said a source familiar with the matter on Tuesday.

    Ford, which signed the deal on Tuesday, plans to publicly announce the transaction, which will also see it pay about 300 million pounds ($597.7 million) into the European units' pension fund, on Wednesday, said the source.

    Ford declined to comment on the deal, adding "our first responsibility is to communicate with our employees."

    (Reporting by Mathieu Robbins; Editing by David Holmes)

    Stock index rise

    See, it's not so bad.

    Reuters - S&P, Nasdaq inch up on miners, oil

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    S&P, Nasdaq inch up on miners, oil

    Tuesday, Mar 25, 2008 8:35PM UTC

    By Ellis Mnyandu

    NEW YORK (Reuters) - The S&P 500 and Nasdaq rose on Tuesday as rebounding metal and oil prices lifted mining and energy shares, offsetting news of the biggest drop in consumer confidence in five years.

    The Dow ended slightly lower, held back by a 3.5 percent drop in Bank of America Corp <BAC.N> after a brokerage advised investors to sell the stock, citing the No. 2 U.S. bank's exposure to the bursting housing bubble.

    Stocks weakened early after a Conference Board report showed consumer confidence fell sharply in March, raising the specter of Americans tightening their purse strings.

    The data also hurt the dollar, which in turn fueled a rebound in commodity prices after last week's sell-off. That benefited companies such as aluminum producer Alcoa Inc <AA.N>, up 2 percent, and Freeport-McMoran Copper & Gold Inc <FCX.N> which jumped 4.1 percent.

    Standouts included shares of independent oil and gas producer Devon Energy <DVN.N>, up 3.8 percent, and oil services company Schlumberger Ltd <SLB.N>, which jumped 1.7 percent. Both stocks were among the Dow's biggest gainers.

    "The catalyst for commodities is the weaker dollar and it's allowing other groups to rally," said Steve Goldman, market strategist at Weeden & Co., based in Greenwich, Connecticut. "Global growth, at least from a commodities standpoint, will probably stay intact."

    The Dow Jones industrial average <.DJI> slipped 16.04 points, or 0.13 percent, to close at 12,532.60. But the Standard & Poor's 500 Index <.SPX> inched up 3.11 points, or 0.23 percent, to 1,352.99. The Nasdaq Composite Index <.IXIC> rose 14.30 points, or 0.61 percent, to close at 2,341.05.

    And as the market had rallied on Monday to book its strongest 2-day advance in nearly four months, some investors opted to take profits, particularly in the financials, which had rallied on news of a revised buyout offer for beleaguered Wall Street investment bank Bear Stearns Cos <BSC.N> from JPMorgan Chase & Co <JPM.N>.

    Shares of Bank of America dropped to $40.97 on the New York Stock Exchange, where shares of JPMorgan, the No. 3 U.S. bank by assets, slid to $46.06. Both stocks were among the top drags on the Dow and the S&P 500.

    But shares of Alcoa led the Dow's advancers, finishing up 2 percent, or 70 cents, at $35.74, followed by shares of chemical maker DuPont <DD.N> , which gained 1.4 percent, or 64 cents, to $47.30.

    Shares of Caterpillar Inc <CAT.N>, the maker of bulldozers and excavating equipment, which is an exporter that benefits from a declining dollar, rose almost 1 percent to finish at $76.64 on the NYSE. Its customers include miners.

    Monsanto Co <MON.N> was another bright spot on the commodities front after the U.S. agricultural biotechnology company raised its profit forecasts. Its shares jumped 9.9 percent to $114.54 on the NYSE.

    "Outside of financial companies, earnings remain pretty strong," said Cleveland Rueckert, market analyst with Birinyi Associates Inc in Stamford, Connecticut.

    Investors also snapped up technology shares following positive broker comments on the sector's bellwether stocks, including Qualcomm Inc <QCOM.O>.

    The wireless chipmaker's stock, which gained 2.3 percent to close at $40.80 on the Nasdaq, was raised to a "buy" from "neutral" at Merrill Lynch, according to theflyonthewall.com, a financial Web site.

    Shares of Yahoo Inc <YHOO.O> jumped 4.4 percent to close at $28.73 on Nasdaq after Citigroup said it is likely that Microsoft Corp <MSFT.O> will raise its takeover offer for the Internet media firm. Shares of BlackBerry maker Research In Motion Ltd <RIMM.O> ended at $115.95, up 3.7 percent.

    (Reporting by Ellis Mnyandu; Editing by Jan Paschal)

    Reuters - Clear Channel talks in trouble: source

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    Clear Channel talks in trouble: source

    Tuesday, Mar 25, 2008 8:56PM UTC

    NEW YORK (Reuters) - Talks over the $20 billion leveraged buyout of U.S. radio operator Clear Channel Communications Inc. <CCU.N> are in trouble, with the banks financing the deal unwilling to take a mark-to-market loss, a source familiar with the situation said on Tuesday.

    But the final resolution is unclear, with the buyers still wanting to do a deal, the source said.

    Clear Channel last year struck a deal to be bought by private equity firms Thomas H. Lee Partners and Bain Capital Partners LLC for $39.20 a share. The stock has traded significantly lower than that in recent months on fears the deal could also be in jeopardy.

    (Reporting by Megan Davies; Editing by Gary Hill)

    Reuters - Goldman sees $1.2 trillion global credit loss

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    Goldman sees $1.2 trillion global credit loss

    Tuesday, Mar 25, 2008 5:30PM UTC

    NEW YORK (Reuters) - Goldman Sachs forecasts global credit losses stemming from the current market turmoil will reach $1.2 trillion, with Wall Street accounting for nearly 40 percent of the losses.

    U.S. leveraged institutions, which include banks, brokers-dealers, hedge funds and government-sponsored enterprises, will suffer roughly $460 billion in credit losses after loan loss provisions, Goldman Sachs economists wrote in a research note released late on Monday.

    Losses from this group of players are crucial because they have led to a dramatic pullback in credit availability as they have pared lending to shore up their capital and preserve their capital requirements, they said.

    Goldman estimated $120 billion in write-offs have been reported by these leveraged institutions since the credit crunch began last summer.

    "U.S. leveraged institutions have written off less than half of the losses associated with the bursting of the credit bubble," they said. "There is light at the end of the tunnel, but it is still rather dim."

    Of the cumulative losses expected by these leveraged players, bad residential home loans will represent about half, while poor-performing commercial mortgages will represent 15 percent to 20 percent.

    The rest of the losses will come from credit card loans, car loans, commercial and industrial lending and non-financial corporate bonds, Goldman economists said.

    Facing more credit losses, leveraged institutions have raised about $100 billion in new capital from domestic and foreign investors and reduced dividend payouts. This amount is more than three-quarters of the write-offs to date, the report said.

    (Reporting by Richard Leong)

    Bear Stearns fall affects Office Market

    Rent me

    Reuters - Bear fire sale rattles Manhattan office market

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    Bear fire sale rattles Manhattan office market

    Tuesday, Mar 25, 2008 8:0PM UTC

    By Ilaina Jonas - Analysis

    NEW YORK (Reuters) - The Manhattan office market can withstand the fire sale of Bear Stearns Cos Inc, but if other financial firms disintegrate, flat rents and lower values already expected could turn into a sharp decline.

    "The real test is how big are the ripples from this and how far are they going to extend," John Houck, senior managing director of Weiser Realty Advisors LLC, said.

    "I feel a little like we're tipping at the edge of the roller coaster," he said. "For the moment, I hope it will be just a small ride down and it will tip back up again."

    Last week, Bear Stearns nearly collapsed under the weight of the credit crisis. JPMorgan Chase & Co has agreed to buy the firm, on Monday ratcheting up its initial offer to $2.1 billion from $236 million.

    While JPMorgan said it intends to hire some Bear employees, Peter Hennessy, president of tenant representation brokerage firm Staubach Co's New York office, estimated that about half the 14,000 jobs at Bear would disappear, sharply reducing office space needs.

    The health of the Manhattan office market rests on the financial sector, which occupies about 35.6 percent of the roughly 391 million square feet of New York office space, according to real estate brokerage Cushman & Wakefield.

    At the end of February, Manhattan's vacancy rate stood at 5.8 percent in Manhattan and 6.1 for high quality Midtown buildings that financial tenants prefer, according to Cushman & Wakefield. The average asking rent for a Class A midtown building was $84.65 per square foot.

    "If 2 million or 3 million square feet hits the market, it adds a point or two points to the vacancy rate," Hennessy said. "We could end up at even 8 or 9 percent. That's kind of equilibrium -- a good balance between supply and demand."

    Houck and Hennessy said they expect rental rates to be flat. Effective rents -- the rent after sweeteners -- could decline as much as 5 percent, Hennessy said. "This 5 percent could turn into 10 percent if the momentum builds."

    If Bear's meltdown becomes the first in a series of collapses, some experts said the market could be badly battered, leading to a surge in the vacancy rate.

    JOB CUTS

    New York-based commercial finance company CIT Group Inc is struggling not to follow Bear's path, and Citigroup Inc is cutting about 2,000 more investment banking jobs on top of the 4,200 cuts announced in January. Fewer workers reduce the demand for office space, weakening market rent and ultimately prices.

    New York City's Independent Budget Office said on Monday the city risks losing more than 20,000 financial sector jobs over the next two years, and that's before the effect of Bear Stearns.

    Recently, many financial tenants have considered putting space back on the market through subleasing. But they have been reluctant to give up space, fearing they would be forced to pay even more should the credit markets recover.

    Bear Stearns' situation may be starting to change that, Hennessy said.

    Included in the deal with JPMorgan is the 1.1 million square-foot Bear Stearns World Headquarters at 383 Madison Ave. The agreement gives JPMorgan the right to purchase the building for $1.1 billion, less any debt the building carries, even if the deal falls apart.

    JPMorgan intends to move its investment bankers from its building across the street, and still plans to construct another building at No. 5 World Trade Center, Spokesman Joe Evangelisti said.

    JPMorgan occupies 5.63 million square feet throughout Manhattan, according to real estate brokerage firm CB Richard Ellis Group Inc. Bear Stearns occupies 1.61 million square feet in Manhattan.

    "Now you got others saying we probably need to start unloading," Hennessy said. "That effectively is the first piece of the dam to break, meaning that while others had been playing with it, nobody pushed forward with it."

    Until the turbulence settles and the rental market becomes more measurable, Hennessy is advising his clients not to make any deals unless their lease is expiring within the next nine months.

    "Most people want to know that they're either close to the bottom or at the bottom before they make a decision like that," he said.

    (Additional reporting by Joan Gralla; Editing by Brian Moss)

    Bear. Stearns blobcbuster sale

    Can afford me?

    Reuters - Sold! Bear Stearns T-shirt gone for $151.76

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    Sold! Bear Stearns T-shirt gone for $151.76

    Tuesday, Mar 25, 2008 5:6PM UTC

    By Jennifer Ablan

    NEW YORK (Reuters) - A used T-shirt bearing the Bear Stearns logo has sold for $151.76 online, worth about 14 or 15 shares in the once venerable Wall Street investment bank.

    Bear Stearns shirts and other trinkets have been snatched up in recent days on eBay's Internet auction site.

    This particular extra-large men's T-shirt, blue, with a white Bear Stearns logo, attracted over 1,600 visitors and sold for $151.76 on Monday night, a price no doubt prompted by the sudden fall of the fifth-largest U.S. investment bank.

    The Bear Stearns takeover by JPMorgan Chase & Co has generated public interest reminiscent of Enron's demise. Other auction items include umbrellas, coffee mugs, cafeteria cards, hard hats and a pewter reproduction of Bear Stearns' midtown Manhattan office building, which was included in the fire sale.

    "Be the first to get your paws on classic Bear Stearns memorabilia," read one post auctioning a miniature plastic toy bear that was going for $28 on Tuesday morning.

    Another Bear Stearns bear wearing a business tie attracted over 1,400 visits and a high bid of about $150.

    The T-shirt seller, Jennifer Cseplo of Dublin, Ohio, said her husband got the shirt as a gift four years ago and wore it to work out in.

    "I thought I would get $20 for it and be happy. This is pretty crazy," Cseplo said.

    On March 16, JPMorgan Chase said it would acquire its rival the Bear Stearns Co Inc. for only $2 per share, in a deal brokered by the Federal Reserve aimed at heading off a bankruptcy and a spreading crisis of confidence in the global financial system.

    On Monday, JPMorgan raised its offer to about $10 a share to appease angry stockholders who vowed to fight the original deal. Bear Stearns traded at $10.80 a share near midday on Tuesday.

    (Editing by Alan Elsner and Daniel Trotta)

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    Reuters - Yahoo supports Google social network applications

    This article was sent to you from Bombastic4000@gmail.com, who uses Reuters Mobile Site to get news and information on the go. To access Reuters on your mobile phone, go to:
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    Yahoo supports Google social network applications

    Tuesday, Mar 25, 2008 2:51PM UTC

    NEW YORK (Reuters) - Yahoo Inc said on Tuesday that it supports a program by archrival Google Inc to develop applications for social networks and will help create a joint foundation to keep it alive.

    Google launched its OpenSocial network in November to lure developers already creating popular Web applications on social networks like Facebook.

    Yahoo, Google and News Corp-owned MySpace said on Tuesday they will create the OpenSocial Foundation to maintain a neutral, community-governed forum for developing applications. It will be set up as a non-profit entity, with assets to be assigned to the new organization by July 1.

    (Reporting by Michele Gershberg, editing by Dave Zimmerman)

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