| Report: Clearwire, Sprint resume talks
Wireless Internet provider Clearwire Corp. and cellular operator Sprint Nextel Corp. have reportedly restarted talks to combine their high-speed wireless WiMax networks. Sprint and Clearwire are discussing a joint venture that would attract funding from Intel Corp., a major backer of WiMax technology, which promises faster wireless Web connection speeds for laptops and cell phones than mobile operators' third-generation networks. The companies have also approached Google Inc. and Best Buy Inc. about financing, according to a Wall Street Journal report. Sprint has started rolling out its WiMax network in some markets and has said it wants to reach 100 million U.S. consumers by the end of this year. Helen Chung, a Clearwire spokeswoman, declined to comment on the report, as did Sprint spokesman John Polivka.
Stocks: More Bricks in the Wall of Worry
The gloomy clouds that have gathered over the U.S. economy -- and the stock market -- appeared to grow darker and thicker this week. For one thing, there were signs the U.S. consumer is finally feeling the heat from the credit crisis. A brace of reports from companies in the consumer segment showed that Americans are cutting back on things like restaurant outings and everyday staples. That has more people convinced that a recession is on the way. Then there is the uncertainty surrounding the financial sector, amid speculation of a flood of red ink for major financial institutions, including talk of a bigger-than-expected loss at Merrill Lynch & Co. (MER). These factors helped the stock market close out a miserable week with another big sell-off.
Fed's Folly: Fooled by Flawed Futures?
That constitutes a bad day at the trading desk. (As an aside, I have worked with SocGen from time to time over the years, and have always been impressed.) Some suggest that it was the very selling by SocGen, which was 10% of the market trades, which caused the downside volatility. It seems the European Central Bank knew early on about the problems at SocGen, but the Fed got caught by surprise. The Fed holds an emergency FOMC meeting ahead of the scheduled meeting this week, and makes a shock and awe 75-basis-point cut. I can tell you that shocked a lot of very sophisticated traders and managers that I talked with here in Europe. Everywhere I went I was asked, "Why an inter-meeting cut?" The Financial Times wrote, "The question being asked now by some in the markets is: was the Fed duped into a clumsy and panicked move by the clean-up operation for Jerome Kerviel's [AKA rogue trader at SocGen] mammoth losses for the French bank?" My very good friend Barry Ritholtz seems to agree with that position.
Businesses Set to Benefit as BT Safeguards Privacy of Online ...
TORONTO, Nov. 8 /PRNewswire/ -- BT today opened up the benefits of cost- effective online communications for businesses by launching two new encryption solutions that guarantee privacy to the strictest regulatory standards. BT's new Secure Mail and Encrypted Message Exchange (BT EMX) services will run on LogicaCMG's globally managed and dedicated ASP (application services provider) platform, allowing businesses to communicate directly with customers, employees and partners via secure email or internet portals. The technology, based on public key infrastructure (PKI), is designed to run on existing infrastructures. Businesses, previously hampered by privacy concerns enshrined in regulatory programmes like the EU Data Protection Directive, can now slash costs and build new revenue-generating services by turning to secure and convenient online communications.
But the Santana watch is getting into crunch time
With Red Sox pitchers and catchers due to report on Valentine's Day, the endgame appears at hand for Twins pitcher Johan Santana, who should know before the start of spring training what uniform he will be wearing in 2008. His most ardent suitors remain the Red Sox and both New York teams, the Mets and Yankees. "Another Boston-New York matchup," one Sox official predicted, though privately, the Sox remain uncertain of the Twins' intentions. The Mets, needing an ace at the top of their rotation and looking for another selling point a year before moving into their new ballpark, are the most openly covetous. Publicly, the Sox are masking their intentions, while privately expressing conflicted emotions about not only parting with top prospects but having to pay Santana what likely will be the largest contract ever awarded a pitcher.
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