Friday, August 29, 2008, 1:06AM ET - U.S. Markets open in 8 hours and 24 minutes.
NEWS AT A GLANCE
Google vs. the Feds
The Justice Department is asking a court to make Google turn over information on millions of its users Web searches to help uphold an online pornography law. (The New York Times, free registration required) Three of the search giant's rivals -- AOL, MSN, and Yahoo! -- said they complied but protected users' privacy. Google said it would "vigorously" fight to keep the records private in the latest test of Internet companies' ability to shield their users from outside eyes. (The Wall Street Journal, paid registration required)
Home-building slows
Construction of new homes fell sharply in December in what a National Association of Realtors economist said was "another sign that the housing market is trending down from peak levels." The annual pace of housing starts dropped 8.9 percent from the previous month, although many analysts said that was no reason to panic. Overall, 2005 was the busiest homebuilding year in decades. In places where local job-growth remains strong, said one real-estate executive, "we could be in for another strong year." (The Washington Post, free registration required)
Scrushy's good publicity
An Alabama freelance writer said former HealthSouth Corp CEO Richard Scrushy paid her $11,000 through a PR firm to crank out sympathetic articles about him during his fraud trial. Her pastor said he also received money -- for bringing black preachers into the courtroom to help sway the mostly black jury. Scrushy said he never authorized the payments. Jurors have said they acquitted Scrushy in June because of a lack of evidence -- not good PR. (AP in Yahoo! News)
Wham-O goes to China
A Hong Kong toy distributor has bought Wham-O, the maker of an all-star roster of all-American toys. The buyer -- Cornerstone Overseas Investments -- said it would use its factories, stores, and distribution network in China to find new markets for Wham-O toys -- including Frisbees, Hula-Hoops, Silly String, Slip 'N Slides, and Superballs. "American retro-legacy brand names is what is in," said an adviser to the buyers, "and the Chinese love them." (Los Angeles Times, free registration required)
BEST COLUMNS OF THE DAY
Surviving the housing slowdown
OK, says Cybele Weisser in CNNMoney.com, so "the era of explosive home-price gains is kaput." Now what? Sellers might want to unload "sooner rather than later," especially if they need to "pocket" their gains for retirement. Buyers should avoid paying top dollar, although they won't get "fire-sale bargains right away." But remember -- this looks like a slowdown, not a "bust," so there's no reason to panic.
The economics of chowing down
We Americans are gobbling up our own retirement savings, says Robert Brokamp in The Motley Fool. Studies show that two out of three of us are overweight. "If we're eating too much, that also means we're spending too much." Cut 10 percent off the average grocery and restaurant budget of $5,340 a year and that's $534 that can go toward retirement. So tighten your belt, and repeat after me: "I will deposit my money in my bank and not my butt."
GOOD DAY FOR: Toyota fans, as Toyota surpassed Ford as the automaker with the most loyal customers. Almost 55 percent of Toyota owners who bought a new car in 2005 picked another Toyota, compared to 53.4 percent for Ford and 44 percent for the average brand. (CNNMoney)
BAD DAY FOR: SpongeBob SquarePants, as a group of parents and activists announced they were suing the Nickelodeon television network and cereal maker Kellogg for airing too many commercials marketing junk food to children. Both companies said they advocate healthy lifestyles. (Associated Press)
NOTED: The Denver Mint in November distributed as many as 50,000 flawed Wisconsin state quarters -- an ear of corn on one side appears to have an extra leaf. A set of two of the imperfect coins and a third without the flaw sold this week for $2,800 on eBay. (USA Today)
This story has not been rated yet
Sign-in to rate!
















Ask a financial question and get answers from real people on Yahoo! Answers.