Money Daily Brief: Troubled Galleon sees redemptions soar
Investors have redeemed $1.3 billion from troubled hedge firm Galleon.
Earth-moving equipment from Caterpillar is a standard in projects like this one in Sandy, Utah. Caterpillar saw its third-quarter profits fall 53 percent but raised its outlook for future earnings and sales.
Douglas C. Pizac/AP/File
鈥�Galleon Group woes: Employees began preparing resumes as investors in assets from the $3.7 billion hedge fund, which is at the center of an insider-trading scandal. Raj Rajaratnam , the group's cofounder, went free after posting $100 million in bail. Institutional investors may .
鈥arnings reports: DuPont's third-quarter profit rose , but the chemical giant's revenues fell. Pfizer, whose earnings climbed 26 percent, saw a similar phenomenon, while Caterpillar's earnings . The picture was far brighter at Apple, which for the fiscal fourth quarter with a 47 percent rise in profit and 25 percent jump in revenue on computer and iPhone sales. But the tech bellwether expected its gross profit margin to slip more than 2 percent in the fiscal first quarter, which includes the holiday season.
鈥ale of Manpower: Swiss-based Adecco SA, the world's largest supplier of temporary workers, is for $1.3 billion to expand services in the US, United Kingdom, and Canada. The prices represents Companies like Adecco are expecting a surge in work as economies around the world begin to crawl back from the crisis.
鈥mooth sailing: The global shipping industry of the downturn, analysts say. But while freight rates are rising to break-even levels, it could be years before shippers return to the kind of profitability they saw in better times. The slight resurgence in their stock prices is also fragile.
鈥n my backyard: Toyota Motor Corp. and two other Toyota-brand models in South Korea, muscling into a market dominated by local automakers. The Japanese manufacturer had previously offered only Lexus-brand models here. The Prius may prove especially successful thanks to South Korea's for drivers who buy green vehicles. South Korea's own Hyundai Motor Corp., a late-comer to the green-car market, launched its Elantra hybrid just this July. It is only sold domestically and uses liquid petroleum gas.
鈥� Ben Hancock is a Monitor contributor based in Seoul. For a look at US-backed mortgage guarantors, see Outlook for Fannie Mae, Freddie Mac still troubled a year later.