NYT > Business

• Struggling Lehman Plans to Lay Off 1,500
• The ailing Wall Street bank plans to lay off as many as 1,500 employees, or nearly 6 percent of its work force, before it announces third-quarter results on Sept. 15.
• Dell’s Earnings Fell 17% in Quarter
• The computer maker’s results surprised investors and caused a sell-off in Dell stock in after-hours trading.
• Economic Growth Stronger Than Expected
• Gross domestic product increased at a 3.3 percent annual rate in the quarter, the government said.
• Stocks & Bonds: Reports Bring Optimism to Wall Street
• Wall Street stocks rose after a better-than-expected reading on the gross domestic product and a decline in jobless claims reassured investors.
• Carmakers Deserve Loan Guarantees, G.M. Official Says
• General Motor’s vice chairman, Robert A. Lutz, said the car companies need money to retool their plants but probably cannot raise enough capital on their own.
• Oil Prices Fall as Storm Heads Toward Gulf
• Oil producers and refiners began halting production and evacuating workers from facilities in the Gulf of Mexico, anticipating that Tropical Storm Gustav could pick up speed.
• Fannie Mae Workers Watch Stock Plan Dwindle
• The employees of Fannie Mae and Freddie Mac are reeling from financial blows as the mortgage finance companies lurch toward what could be a government bailout.
• Toyota Cuts Sales Goal
• Citing high fuel costs and a slowdown, the automaker said it now expects to sell fewer vehicles than its early forecast.
• Court Upholds Dismissal of Tax Case Against 13
• The appeals court said the federal government interfered with KPMG’s practice of providing legal assistance to its employees by pressuring KPMG to limit or end the practice.
• Sears Struggles Continue; Profit Falls 62%
• The retailer also delivered a downbeat outlook, predicting that its sales and gross profit margins would continue to be pressured amid a difficult economic environment.
• Flights of Canadian Airline Are Canceled
• Flights operated by Zoom Airlines, a low-fare trans-Atlantic carrier, were canceled amid reports the privately held company filed for creditor protection in Canada and Britain.
• Chinese Officials Accused of Embezzlement
• A report from China’s top auditor says that ten central government departments “misused or embezzled” more than $660 million last year.
• Xcel to Disclose Global Warming Risks
• The New York attorney general announced an agreement that would require Xcel Energy, a builder of coal-fired plants, to disclose to investors the financial risks of global warming.
• Industry Rethinks Moneymaking Software Practice
• Before they ship PCs to retailers like Best Buy, computer makers get paid hundreds of millions of dollars to load them up with lots of free software. For $30, Best Buy will get rid of it for you.
• U.S. Moves Toward International Accounting Rules
• The S.E.C. moved to require all American companies to use international accounting standards by 2016.
• Amgen Alters Anemia Drug Discounts
• The company is halting some pricing practices that critics say were contributing to overuse of its flagship anemia drug Aranesp at a time of mounting concerns about the product’s safety.
• MBIA to Aid Troubled Bond Insurer
• MBIA agreed to take control of nearly $200 billion of municipal bonds currently backed by a rival bond insurer, in a move that could help its competitor avoid bankruptcy.
• As Food Prices Soar, Brazil and Argentina React in Opposite Ways
• In Brazil, the government is encouraging farmers to produce more for export while prices are high. But Argentina is focused on encouraging farmers to sell more at home.
• 3 Executives Are Leaving Fannie Mae
• Fannie Mae said three of its top executives were leaving as the company tries to cope with mounting losses from the troubles in the housing market.
• Practically Speaking: For American Restaurateurs, It’s Hard to Get a Break
• As European proprietors are preparing to reopen after extended holidays, American restaurant owners are just trying to catch a second wind following a taxing summer.
• Stocks & Bonds: Report Signaling Consumer Confidence Lifts Markets
• Wall Street posted a big advance after a larger-than-expected increase in orders for durable goods, indicating that the economy is stronger than many investors thought.
• Orders for Manufactured Goods Beat Forecasts
• Durable goods orders rose a surprising 1.3 percent, and a gauge of business investment also rose unexpectedly.
• Chrysler Explores Sale of Dodge Viper Unit
• The automaker said it was considering options for the sports car unit as it tries to raise cash to ride out a deepening industry downturn in the United States.
• China and Iraq Reach $3 Billion Oil Deal
• China and Iraq have signed a $3 billion deal revising a deal for China’s biggest oil company to help develop an oil field, according to the Iraqi Embassy in Beijing.
• Ricoh Buys Office Equipment Distributor in U.S.
• The Japanese copier and printer maker said that it would acquire Ikon Office Solutions for about $1.62 billion to help it expand overseas.
• Research Company Loses One Suitor and Rejects Another
• The British market research company Taylor Nelson Sofres rejected again a hostile bid from the WPP Group, but analysts said the company would have difficulty evading WPP.
• Clothing Retailers Post Better Results Than Expected
• The Apparel retailers Chico’s FAS and American Eagle Outfitters posted better-than-expected profits despite taking deep markdowns to lure shoppers of all ages, sending their shares higher.
• TiVo Posts Profit as Revenue Rises 4%
• TiVo posted a quarterly profit for only the third time in its 11-year history as the pioneer in digital video recorders improved margins on hardware and reduced marketing costs.
• Advertising: Major League Baseball Is Blogging Its Way Through the Playoffs
• Baseball’s playoff advertising push gets under way Thursday, when the first spots of the league’s largest ever campaign are broadcast.
• Target Settles Web Suit
• Target has agreed to pay $6 million in damages to plaintiffs in California unable to use its online site as part of a class-action settlement with the National Federation of the Blind.
• Olavo Setubal, a Brazilian Bank Chief, Dies at 85
• Mr. Setubal was a former foreign minister who also helped build one of Brazil’s largest banks, Banco Itaú.
• The Energy Challenge: Wind Energy Bumps Into Power Grid’s Limits
• Clean energy’s dirty secret is that while generating it is getting easier, moving it to market is not.
• Agency’s Head Expects Banking’s Crisis to Worsen
• The Federal Deposit Insurance Corporation warned that the nation’s ailing banking industry was likely to weaken further and raised the number of “problem” lenders.
• Cities Debate Privatizing Public Infrastructure
• Governments are overcoming their wariness of private funds as they struggle to finance public improvements.
• Fed Hints It Will Raise Benchmark Interest Rate
• The rate would be raised in an effort to slow inflation, but Fed policy makers have not agreed to a timetable for the move, documents show.
• China’s Promise Excites the Sports Stars
• The Olympics’ star athletes are hoping to cash in on Chinas’s boom in sports marketing and sponsorship deals.
• Data Points to Downturn in Germany, With a Ripple Effect Feared
• The odds of a mild recession in Germany rose significantly Tuesday, as data showed the outlook for business had plunged to its lowest level since a downturn in 1993.
• High & Low Finance: Economic Sense and Political Reality
• In 1974, the country had a president who actually wanted to confront the issue of high oil prices and the proposals made then seem highly relevant now.
• State of the Art: New Nikon Holds a Secret
• The Nikon D90 camera, arriving in stores next month, has the features and performance of a single-lens reflex, and can record high-definition video.
• Tiffany Doubles Profit on Strong Sales Overseas
• The jewelry retailer said second-quarter profit jumped to $80.8 million, beating Wall Street expectations, as sales rose by double-digit percentages in Asia and Europe.
• Williams-Sonoma Posts Lower Profit and Cuts Forecast
• The retailer reported a 29 percent drop in second-quarter profit and cut its third-quarter and full-year forecasts as the weak U.S. economy and slumping housing market hit sales.
• Profit Down 10% at Toronto-Dominion Bank
• The bank said third-quarter net income dropped as a difficult capital markets environment reduced profit in its wholesale business, but it raised its dividend.
• Quarterly Profit Up 18% at National Bank of Canada
• The bank cited better results in its financial markets and retail banking units, as well as a gain on the merger of Canada’s derivatives and stock-exchange operators.
• Ahold Quarterly Profit Down Sharply
• The Dutch grocery chain owner reported a sharp fall in second quarter earnings after selling operations in the same period a year ago.

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