Heineken turns a profit (AP Photo/Sang Tan)
World Business
Banking on failures, Expensive beer hopping
The FDIC considers borrowing from the U.S. Treasury as more banks appear on its failure watch list. Heineken’s profit rises as people keep drinking premium beer. And clean energy’s dirty secret is that we can’t get it from Point A to Point B.
Housing hits the road, Asia’s oil race
The housing slump is giving a boost to mobile homes, along with a small assist from fashion. India’s ONGC is hoping to out-duel China for Russian oil fields. And the Rust Belt is being repainted green.
Olympic gold, Gas expansion
The Beijing Olympics turn out great for NBC, and mixed for China. Canada’s Precision Drilling buys U.S. gas driller Grey Wolf. And the FBI predicted the mortgage crisis, but did little else.
Mortgage giants’ contagion, Aon’s expansion
Fannie and Freddie’s cold spreads to Lehman and other financial players. Insurance broker Aon buys one of its last privately held rivals, Benfield. And Boeing plays a high-stakes game of poker with the Air Force.
Good day, Bad day
Small sacrifices, The old college try
Oil price speculations, Assembling auto parts
Commodities regulators are finding widespread speculative investing in oil markets. Germany’s Schaeffler is buying almost half of a larger rival to become the top car-parts firm. And mall shoppers are trading down, to the consternation of mall owners.
Good day, Bad day
Faith trumping reason, Feeling their pain
A dot-corn boom, EBay’s high-stakes bid
Things are sunny in the Corn Belt, economically speaking, but clouds may be closing in. EBay is moving away from its auctioneering roots. And Olympic gold medals don’t actually contain that much gold.
Good day, Bad day
Golden parachutes, Gold bugs
Best columns: Russian roulette, Royalties wrestling
If you have mutual-fund investments in Russia, says Brett Arends in The Wall Street Journal, “it’s time to cash in your chips.” Record labels may be near-sighted, says the Los Angeles Times in an editorial, but asking for higher royalties from Web radio and vidoegames is reasonable.
Lehman’s shopping trip, Gulfstream’s service entrance
Lehman Brothers is seeking informal bids on its asset management business. Gulfstream maker General Dynamics buys Swiss aviation services firm Jet Aviation. And when it comes to satisfaction, American drivers buy foreign.
Housing tea leaves, California dealing
The housing market slump leaves more marks in Britain and the U.S. Japan’s largest bank completes the takeover of a California lender. And Brazil’s exchange rate makes U.S. movie stars seem like a bargain.
China’s global assist, Merrill’s U.K. tax holiday
China will probably save us from a global recession. Merrill Lynch has found a way to avoid paying British taxes for up to 60 years. And Amish homebuilders are great, if you can find one.
Best columns: Web watching, Google's gobbling
“NBC’s boffo TV ratings,” says the Los Angeles Times in an editorial, suggest that streaming the Olympics over the Internet actually boosts TV viewership. Google has a reputation as an “entrepreneur’s paradise,” says Farhad Manjoo in Slate, but it is more like a start-up “black hole.”
