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Paris Hilton won't owe $8.3 million for film flop

Celebrity heiress Paris Hilton will not have to pay $8.3 million in damages claimed by the receiver for a defunct entertainment firm who said she failed to promote a movie flop called

Daily Commentary - 19/08/2009

The Australian Dollar opens higher today against the greenback at 0.8260. During local trade yesterday the Aussie moved half a US cent higher towards 0.8250 after the minutes of the Reserve Bank of Australia's August board meeting underlined once more the market's expectations of an interest rate rise by the end of the year. Also delaying another test lower for the currency was a stronger-than-expected performance on local equities which finished the day only slightly lower after a poor lead fro...

Hacking case shows U.S. vulnerability to breaches

Consumers and companies are vulnerable to hackers and identity thieves even after U.S. authorities arrested a man they said was a master hacker who stole 170 million credit and debit card numbers.

Cost-cuts, steady growth help Home Depot outdo Lowe's

No. 1 home improvement chain Home Depot Inc is banking on a slow-but-steady growth strategy and cost cuts to fight lackluster demand for big-ticket remodeling projects.

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Oil settles above $69 on Wall Street gains

Oil rose more that 3 percent to top $69 a barrel on Tuesday as stronger-than-expected earnings results lifted equities and boosted optimism about the economy.

GM raises production as clunker sales rise

General Motors Co said on Tuesday it is increasing production in North America for the second half of 2009 after a surge in sales ignited by the U.S. government's Cash for Clunkers incentives program.

Hurricane Bill still growing, U.S. unlikely target

Hurricane Bill headed west-northwest over the open Atlantic Tuesday on a path toward Bermuda that would likely keep it clear of the U.S. East Coast but could spell trouble for Canada's Maritime Provinces.

1 in 4 songs sold in U.S. is from iTunes

iTunes-purchased songs now account for 25 percent of the overall music market--both physical and digital--in the U.S., according to an NPD Group report released Tuesday.

Best of track

Best of track

Wall Street regains ground

Stocks rose on Tuesday, rebounding after sharp losses in the previous session, as better-than-expected results from big retailers encouraged investors to get back into the market.

Sony rolling out new, cheaper PlayStation 3

Sony Corp will launch a slimmer, cheaper version of its PlayStation 3 game console next month, hoping to jumpstart sales and win back market share from rivals Microsoft and Nintendo.

Michael Jackson burial set for August 29

Representatives for Michael Jackson's family said on Tuesday he would be buried on August 29, which would have been the pop star's 51st birthday, as they outlined plans for a private ceremony with family and friends.

U.S. says building criminal cases against UBS clients

The United States is building criminal cases against more than 150 American clients of Swiss bank UBS as part of a crackdown on tax evasion now made easier by a deal over access to secret account information.

Mid-Day Minute - August 18

Tax Evasion Targets; Wall St Rebounds; Now Hiring at GM

Jenny Sanford feels sorry for Maria Belen Chapur

Jenny Sanford, wife of South Carolina governor, in an interview with Vogue.com said she felt sorry for her husband's Argentinean lover, Maria Belen Chapur.

Sony to cut price for PlayStation 3 console

Sony Corp will launch a cheaper version of its PlayStation 3 game console and plans to cut prices on existing models effective August 19 in Europe and the United States to bolster sales and take aim at rivals Microsoft and Nintendo.

Obama sees progress on Israeli settlements issue

U.S. President Barack Obama, said Tuesday he saw encouraging signs of a softening of Israel's resistance to his call for a freeze on settlement-building in the occupied West Bank.

Retailers and tech lead gains on Wall Street

U.S. stocks rose on Tuesday, erasing some of the sharp losses in the previous session as better-than-expected results from big retailers encouraged investors' back into the market.

Robert Novak dies at 78

Political columnist, Robert David Novak, died Tuesday at his home in Washington following a year-long battle with brain cancer.

Cost cuts help Home Depot beat estimates

Home Depot Inc posted a better-than-expected quarterly profit and raised its full-year forecast after cost cuts kicked in and sales improved in areas that had been hard hit by the U.S. housing downturn.

U.S. says targeting 150 UBS clients for tax evasion

The United States is building criminal cases against more than 150 American clients of Swiss bank UBS as part of a crackdown on tax evasion now made easier by a deal over access to secret account information.

PIMCO'S El-Erian: U.S. stock rally has hit a wall

Mohamed El-Erian, the chief executive of top bond fund manager PIMCO, on Tuesday said the rally in U.S. stocks had topped out because valuations have shot up too quickly.

Housing report keeps recovery hopes alive

Ground breaking for new U.S. homes fell in July, but a fifth straight monthly rise in single-family home construction kept hopes alive the economy was poised to recover from recession.

Wall Street up as retail, technology boost

Stocks rose on Tuesday, rebounding from a sharp fall in global equities in the previous session as better-than-expected results from big retailers offset a surprise drop in housing starts.

Euro, sterling rise on German, UK reports

The euro rose on Tuesday, recovering from multi-week lows against the dollar and yen, after an unexpected gain in German investor sentiment boosted optimism about the euro zone economy.

Retailers help lift Wall Street

Stocks rose on Tuesday, rebounding from a sharp fall in global equities the previous day, as better-than-expected results from retailers, including Home Depot Inc and Target Corp , offset a surprise drop in housing starts.

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