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HutchisonEssar posts

Newspaper wrap-up: If Fannie and Freddie issue new shares, will it help or hurt?

MAJOR PAPERS:

To ease concerns about their balance sheets, the Wall Street Journal's "Heard on the Street" reported that Fannie Mae, or Federal National Mortgage Association (NYSE: FNM), and Freddie Mac, or Federal Home Loan Mortgage Corporation (NYSE: FRE), would have to issue over $10B of new stock in 2008. The benefits to such a raise would be helping the housing market and staying the course. In the end, the answer may lie in the fact that the government is more interested in supporting the housing market, and not worrying about the shareholders.
The Financial Times reported that the Bombay High Court has delayed a court challenge by Vodafone Group Plc (NYSE: VOD) against Indian tax authorities until June 23 in order to allow changes to tax laws to come into force. Indian tax authorities are looking for Vodafone to pay around $2B in taxes for its acquisition of Hutchison Essar.

OTHER PAPERS:

Yahoo! Inc (NASDAQ: YHOO) may join a Google Inc (NASDAQ: GOOG)-led alliance called OpenSocial that is working to develop a common set of standards in order for developers to create programs that run on Web sites and social networks, the New York Times reported.
Japan is investigating a possible defect in Apple Inc's (NASDAQ: AAPL) iPod, a government official said. The Associated Press reported that the investigation was launched after one of the popular digital music players reportedly shot out sparks while recharging.