| LETTERS: Hush money
Chris Lester's column ("This hush money is a howl," Star Business Weekly, Jan. 28) puts a pin in the administration's economic balloon and its mantra of "borrow and spend." The quick fix of the economic stimulus package is no real fix to the shortsighted fiscal practices America refuses to face. The Republican pitch of "the less taxes, the better" translates in practice to "borrow and spend" to pay for the Iraq war and unrestrained domestic spending. The Bush administration is anything but conservative fiscally. If our president had the courage of any previous wartime president, he would have raised taxes in time of war so that the citizens at home helped sacrifice to pay for the war abroad. Instead, he has cut taxes and fights a war without end with money borrowed from China and Arab purchasers of our debt.
CME rival eyes Archipelago founder as chief
The upstart electronic futures exchange planning to face off against the CME Group is considering Archipelago founder Jerry Putnam for its chief executive, say people close to the discussions.
Putnam has been at the forefront of computerized trading for well over a decade and could be in the market for another opportunity after stepping down as vice chairman of NYSE Euronext in August.
A spokesman for the proposed exchange declined to say whether Putnam is a CEO candidate.
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Adventurer Fossett declared dead
The 63-year-old went missing on September 3 after taking off in a single-engined plane from a Nevada airstrip. His wife had asked for him to be declared legally dead. The judge heard testimony from Mr Fossett's wife, Peggy, and a family friend, as well as from a search-and-rescue expert, before deciding there was sufficient evidence to declare him dead. Mr Fossett earned millions of dollars trading futures and options on Chicago exchanges. Attorneys representing his estate had filed a petition to have him declared legally dead so his assets could be distributed according to his will. Mr Fossett was a record-setting balloonist, sailor and pilot who completed non-stop flights around the world. Mrs Fossett's lawyer, Michael LoVallo, said: "It was very sad and at first she hoped and sort-of envisioned him walking down the road the next day with another story to tell.
Citi buys 14.5 pc of Globe Capital for Rs 168 cr
Citi Venture Capital International (CVCI), the private equity arm of Citigroup, has picked up around 14.5 per cent in the Delh-based Globe Capital for Rs 168 crore. At this price the company is being valued at over Rs 1,000 crore. While confirming the deal, Ashok Agrawal, chairman of Globe Capital, said Citi had invested $42 million for a minority stake in the company.. The company would use the proceeds for expanding into the retail segment and margin financing, he added. Globe Capital had reported a net profit of Rs 70 crore on a gross income of Rs 130 crore in the first nine months of 2007. Last fiscal, the company posted a net profit of Rs 50 crore. One of the leading clearing members in the futures and options (F&O) segment, the company plans to expand overseas and has already established operations in Dubai through a subsidiary and plans to acquire ICON Capital, a member of the London Stock Exchange.
Earnings Preview: Safeway Inc.
For the full 2008 year, the company expects earnings of $2.25 to $2.35 per share for the year, including the effect of an extra week in the 2008 fiscal year. Excluding the extra week, the company predicts earnings of $2.21 to $2.31 per share. STOCK PERFORMANCE: Shares rose 14 percent during the quarter but fell 13 percent in the past 52 weeks. .
JOHN HARWOOD
He has been around journalism and politics all his life; his first trip on a presidential campaign press plane came when he was 11 years old and accompanied his father, then a political reporter for the Washington Post. While still in high school, he began his journalism career as a copy boy at the Washington Star. He studied history and economics at Duke University and graduated magna cum laude in 1978. Harwood subsequently joined the St. Petersburg Times, reporting on police, investigative projects, local government and politics. Later he became state capital correspondent in Tallahassee, Washington correspondent and Political Editor. While covering national politics, he also traveled extensively to South Africa, where he covered deepening unrest against the apartheid regime.
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