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Gas prices: Down 10 cents in 4 daysGas prices fell another 2 cents, marking the fourth straight decline after rising more than 18 cents in 8 days following Hurricane Ike, according to a nationwide survey of credit card swipes at gasoline stations.Source: Business and financial news - CNNMoney.com | 21 Sep 2008 | 12:12 pm Nomura, Barclays eye Lehman Europe unit (Reuters)
Source: Yahoo! News: Business | 21 Sep 2008 | 12:00 pm Nomura, Barclays eye Lehman Europe unitTOKYO/LONDON (Reuters) - Japan's Nomura Holdings is interested in buying the European operations of U.S. investment bank Lehman Brothers, according to reports on Sunday, while Barclays will bid for parts of the business, a person familiar with the matter said.Source: Reuters: Business News | 21 Sep 2008 | 12:00 pm Lehman administrator seeks $8bnEuropean administrators of failed bank Lehman are demanding $8bn (£4.4bn) is returned from New York to London.Source: BBC News | Business | World Edition | 21 Sep 2008 | 11:44 am Bail-Out Legislation: A Dictatorship For The Treasury Secretary
Most dictators get to wear general's uniforms, have multiple palaces, and several wives. Henry Paulson had better call his tailor. The Administration's proposal to buy up to $700 billion in mortgage-related securities from financial institutions gives the Secretary of the Treasury colossal powers which have not been since the times of Napoleon and Ghenghis Kahn. The legislation, if approved by the Congress, would also pass these powers on to Paulson's successor, no matter whom that person might be. The section on buying assets is unusually vague and stupendously broad: "Authority to Purchase.–The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States." In other words, there is no mechanism set to determine the price of these assets. Will it be by auction or at the whim of those within Treasury who do the buying? Which institutions will be within the realm of the purchasing action and which will be left out without aid or recourse? In almost all ways, the bill, if passed, would put the Treasury Secretary outside the law. "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." The power of the Judicial Branch as an element of the Constitution's mandate for "checks and balances" has been suspended, undercutting a critical principle established by the Founding Fathers. An additional subversive part of the bill is that "The term “Secretary” means the Secretary of the Treasury." Once Paulson has retired and a new President is sworn in, the chief executive will have the right to appoint a new man who may well not share Paulson's view of how the act should be interpreted or enforced. The rules for enacted the program might, at that point, be radically changed. Other than that, the proposal is just fine. Douglas A. McIntyre Source: 24/7 Wall St. | 21 Sep 2008 | 11:43 am UK's Brown-part of banks' bonuses are "unacceptable"MANCHESTER (Reuters) - British Prime Minister Gordon Brown said on Sunday changes had to be made to pay and incentives in the financial sector that he said helped trigger the credit crisis.Source: Reuters: Business News | 21 Sep 2008 | 11:32 am Bush defends US debt rescue planUS President George W Bush defends a rescue package to tackle the worst financial markets crisis for decades.Source: BBC News | Business | World Edition | 21 Sep 2008 | 11:16 am Israel Prime Minister Olmert tenders resignation to cabinetIsraeli Prime Minister Ehud Olmert on Sunday tendered his resignation to the cabinet, but he’ll stay on as caretaker until a new government is formed, wire reports said.Source: MarketWatch.com - Top Stories | 21 Sep 2008 | 10:30 am Swiss trust in UBS eroding: reportThe Swiss people's trust in the country's banking giant UBS has been eroding following the subprime crisis, a survey commissioned by Swiss tabloid newspaper SonntagsBlick indicated Sunday.Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Sep 2008 | 10:24 am Alitalia administrator readies public sale: reportsMILAN (Reuters) - Alitalia's special administrator is ready to start a public sale procedure for Italy's flag carrier which is on the brink of bankruptcy, Italian newspapers reported on Sunday.Source: Reuters: Business News | 21 Sep 2008 | 9:43 am Alitalia administrator readies public sale: reportsMILAN (Reuters) - Alitalia's special administrator is ready to start a public sale procedure for Italy's flag carrier which is on the brink of bankruptcy, Italian newspapers reported on...Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Sep 2008 | 9:43 am Truck bomb at a Pakistan Marriott kills more than 50: reportsIn one of the worst terror attacks in Pakistan’s history, a truck bomb exploded on Saturday at a Marriott Hotel in Islamabad, killing more than 50 people and injuring more than 200, media reports said.Source: MarketWatch.com - Top Stories | 21 Sep 2008 | 9:02 am Tangiers International Expands Regional Medical Coverage to Baghdad, IraqSLIEMA, Malta, Sept. 21 /PRNewswire/ -- Tangiers International Ltd., a global provider of Insurance Support Services, announces the opening of Medical Support Services...Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Sep 2008 | 9:00 am UK's Brown: part of banks' bonuses are "unacceptable"MANCHESTER (Reuters) - British Prime Minister Gordon Brown said on Sunday changes had to be made to pay and incentives in the financial sector that he said helped trigger the credit crisis.Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Sep 2008 | 8:54 am CORRECTED: UK's Brown urges U.S. to help repatriate Lehman cashCorrects final paragraph to make clear money transferred to New York from London, instead of from New York to London.Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Sep 2008 | 8:49 am Nomura interested in Lehman Europe operations: reportTOKYO (Reuters) - Nomura Holdings, Japan's largest brokerage, is interested in buying the European operations of failed U.S. investment bank Lehman Brothers, Japan's Mainichi newspaper saidSource: Infocious RSS raw feed - channel BNewsBusiness | 21 Sep 2008 | 8:32 am Australia leads Asia's wheat bowl recoveryAsia's wheat stockpiles are set to grow this year as major exporter Australia, along with China and India, forecast larger crops, raising the prospect of lower prices for the golden grain,...Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Sep 2008 | 7:45 am Judge approves Lehman, Barclays pactNEW YORK (Reuters) - A U.S. bankruptcy judge approved a revised version of British bank Barclays Plc's deal to purchase the core U.S. business of Lehman Brothers Holdings Inc .Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Sep 2008 | 7:37 am Short-sale ban could have unintended consequences: JournalU.S. and U.K. regulators may have restricted short sales, but investors have other tools to protect themselves from falling share prices, The Wall Street Journal reported.Source: MarketWatch.com - Top Stories | 21 Sep 2008 | 7:32 am Why delaying retirement may be your best optionWork extra hours, save more, spend less -- those are strategies that'll help anyone. But if you're close to retirement, staying in the workforce longer (even if it's not for long) can really pay off. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Sep 2008 | 7:00 am She's too ill to work but wants to pay off credit card debtDear Liz: I need help. I'm a 42-year-old woman with serious medical problems and $5,000 in credit card debt. My only income right now is $668.25 a month in Supplemental Security Income. My daughter recently...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Sep 2008 | 7:00 am FTC cracks down on bogus online cancer curesThe agency takes enforcement action against 11 companies that promote cancer cures on websites. Six have settled their cases, and the rest will be litigated.It's hard to think of anything more heinous than bogus cancer cures. Yet there is no lack of Internet sites that promise to cure, for a price, any cancer with an elixir, concoction of herbs or systematized program of thinking good thoughts. Source: L.A. Times - Business | 21 Sep 2008 | 7:00 am FTC: Borrowers' trust in Bear Stearns misplacedThe collapsed bank's loan servicing unit is said to have violated the rules in many ways.Fannie Mae, Freddie Mac, Merrill Lynch and Lehman Bros. are dominating the financial headlines, but a $28-million settlement this month between the Federal Trade Commission and what's left of Bear Stearns spotlights the boom-era products -- and practices -- that started a lot of the trouble. Source: L.A. Times - Business | 21 Sep 2008 | 7:00 am She's too ill to work but wants to pay off credit card debtDear Liz: I need help. I'm a 42-year-old woman with serious medical problems and $5,000 in credit card debt. My only income right now is $668.25 a month in Supplemental Security Income. My daughter recently turned 18, which means we lost her Social Security allowance of $720 a month. I recently had to apply for food stamps. I was in a debt consolidation program to pay off my credit card debt, but now I can't pay. I want to work but I'm too ill, and I don't want to file for bankruptcy. I feel that I should pay my debt, but how?Source: L.A. Times - Business | 21 Sep 2008 | 7:00 am Jobless? Tips for survivalHere are ways to stretch your resources until you land steady work.Abby Winger learned at least one thing during the more than a year she was out of work: how to live cheaply. ¶ After being laid off from a home loan processing position, the 37-year-old Chatsworth resident scrimped to stretch her unemployment checks and severance pay as far as she could. ¶ Now working in a temporary position, Winger points with pride to the time she used coupons and her store discount card to push a $99 grocery bill down to $65. ¶ "You can't do the normal things that you would take advantage of if you were working, like going to the movies or going to get a haircut as much or even just going out to eat," Winger said of her time in the ranks of the unemployed. ¶ It's never fun losing your job, but it's worse in an economic downturn, when more people are fighting for fewer positions. And it's especially tough in California, which is tied with Mississippi for the third-highest jobless rate in the nation. Unemployment rose sharply to 7.7% in August, California officials said Friday, up from 5.5% a year ago.¶ Experts say there are ways to soften the blow of a long layoff -- including acting early and decisively to cut expenses. The newly unemployed should also communicate with creditors, landlords and others owed money; you don't want to be driven deeper into debt with fees for late and missed payments. Source: L.A. Times - Business | 21 Sep 2008 | 7:00 am Will new foreclosure notice rules make a difference?A California law requires lenders to prove they communicated directly with delinquent homeowners before initiating foreclosure.Prepare for headlines along this line: "Huge drop in L.A. foreclosure filings in September." Behind those upcoming headlines: a new state law requiring lenders to make better efforts to talk with homeowners before initiating the foreclosure process. Source: L.A. Times - Business | 21 Sep 2008 | 7:00 am Lender can't yank your equity line of credit without good reasonLenders need a valid reason to reduce, suspend or terminate such borrowing.Some of the millions of homeowners who have seen their home-equity lines of credit, or HELOCs, sharply curtailed or even halted may have a legitimate gripe with their lenders. Source: L.A. Times - Business | 21 Sep 2008 | 7:00 am Let Google and Yahoo get alongBy standing in the way of the proposed Internet search deal between Yahoo Inc. and Google Inc., the federal government, newspaper groups and national advertisers may very well prevent what they say they want -- more browser competition. (" EC is scrutinizing Yahoo-Google deal ," Sept. 16.)Source: L.A. Times - Business | 21 Sep 2008 | 7:00 am Why delaying retirement may be your best optionWork extra hours, save more, spend less -- those are strategies that'll help anyone. But if you're close to retirement, staying in the workforce longer (even if it's not for long) can really pay off.In a financial crisis, the typical advice from experts is to stay the course, keeping investments in place for the long term and waiting out the downturn. Source: L.A. Times - Business | 21 Sep 2008 | 7:00 am FTC: Borrowers' trust in Bear Stearns misplacedThe collapsed bank's loan servicing unit is said to have violated the rules in many ways. Fannie Mae, Freddie...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Sep 2008 | 7:00 am The free market's not always the fair and honest marketMarket forces are great. Until they're not.Source: L.A. Times - Business | 21 Sep 2008 | 7:00 am Will new foreclosure notice rules make a difference?A California law requires lenders to prove they communicated directly with delinquent homeowners before initiating foreclosure. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Sep 2008 | 7:00 am Resources for the unemployedWhere to find assistance Here's a sampling of resources available for the jobless.Source: L.A. Times - Business | 21 Sep 2008 | 7:00 am Let Google and Yahoo get alongBy standing in the way of the proposed Internet search deal between Yahoo Inc. and Google Inc., the federal government, newspaper groups and national advertisers may very well prevent what they say they...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Sep 2008 | 7:00 am The free market's not always the fair and honest marketMarket forces are great. Until they're not.Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Sep 2008 | 7:00 am FTC cracks down on bogus online cancer curesThe agency takes enforcement action against 11 companies that promote cancer cures on websites. Six have settled their cases, and the rest will be litigated. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Sep 2008 | 7:00 am Jobless? Tips for survivalHere are ways to stretch your resources until you land steady work. Abby Winger learned at least one thing during...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Sep 2008 | 7:00 am Lender can't yank your equity line of credit without good reasonLenders need a valid reason to reduce, suspend or terminate such borrowing. Some of the millions of homeowners...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Sep 2008 | 7:00 am Resources for the unemployedWhere to find assistance Here's a sampling of resources available for the jobless.Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Sep 2008 | 7:00 am US crisis may delay capital market reforms in AsiaThe American financial crisis is expected to delay capital market reforms in China and other developing Asian economies stunned by the colossal damage unleashed by complex financial...Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Sep 2008 | 4:49 am Central banks may expand range of collateral: NikkeiTOKYO (Reuters) - Central banks in the United States, Europe and Japan will consider taking foreign-denominated assets as collateral in an effort to provide liquidity for battered financial markets, the Nikkei newspaper said on Sunday.Source: Reuters: Business News | 21 Sep 2008 | 4:01 am Economic Preview: Housing, durable-goods data provide economic pulse this weekWith all of Wall Street's attention focused on the unprecedented moves to fix the financial system, little time has been left to consider the worsening economic outlook.Source: MarketWatch.com - Top Stories | 21 Sep 2008 | 4:01 am Congress examines $700 billion market bailout planWASHINGTON (Reuters) - The Bush administration asked Congress on Saturday for $700 billion to bail out firms burdened with bad mortgage debt, seeking extraordinary authority as it tackles the worst financial crisis since the Great Depression.Source: Reuters: Business News | 21 Sep 2008 | 3:48 am Central banks may expand range of collateral: NikkeiTOKYO (Reuters) - Central banks in the United States, Europe and Japan will consider taking foreign-denominated assets as collateral in an effort to provide liquidity for battered financialSource: Infocious RSS raw feed - channel BNewsBusiness | 21 Sep 2008 | 3:25 am Congress examines $700 billion market bailout plan (Reuters)
Source: Yahoo! News: Business | 21 Sep 2008 | 2:43 am Unions urge new Alitalia effortItaly's biggest labour organisation urges the government to push for new talks to save the national airline, Alitalia.Source: BBC News | Business | World Edition | 21 Sep 2008 | 1:52 am Tesco store set for fresh OFT probeThe Office of Fair Trading is to launch an investigation after Tesco used a local retailer to "front" a planning application for a massive supermarket development in Devon.Source: Telegraph Business | 21 Sep 2008 | 12:01 am Financial crisis: Leaders look for calmer waters amidst the stock market turmoilA shocked public -still stunned by the global financial turmoil - are hoping someone will rescue the situation, writes Peter Koenig.Source: Telegraph Business | 21 Sep 2008 | 12:01 am Financial crisis: Don't panic this is not the Great DepressionAt times like this one must resist hyperbole. So let me assert, in response to several excitable commentators, this is not the Great Depression.Source: Telegraph Business | 21 Sep 2008 | 12:01 am Financial crisis: Default by the US government is no longer unthinkableSo, here we are - the start of a new world order. After the tumultuous events of the last fortnight, the global economic landscape will never look the same again.Source: Telegraph Business | 21 Sep 2008 | 12:01 am Financial crisis: US commits $700bn to bailout fundThe bailout fund created by the US Treasury to help draw a line under the country's banking crisis will involve taking on up to $700bn (£380bn) of taxpayers' money, it was disclosed yesterday.Source: Telegraph Business | 21 Sep 2008 | 12:01 am Mayor's study to examine new London airport planBoris Johnson, the Mayor of London, will this week launch a feasibility study into a new airport in the Thames Estuary amid growing debate over the location of additional airport capacity in the South East of England.Source: Telegraph Business | 21 Sep 2008 | 12:01 am Lloyds TSB's Quiet American rides to rescueEric Daniels, the chief executive of Lloyds TSB, tells Andrew Cave about the late-night talks that last week gave him control of Britain's biggest mortgage lender.Source: Telegraph Business | 21 Sep 2008 | 12:01 am Grandee sought to review board payThe Government is casting around for a heavyweight City figure to lead a top-level review of boardroom pay, writes Mark Kleinman.Source: Telegraph Business | 21 Sep 2008 | 12:01 am Financial crisis: Strong medicine needed to cure ills of cheap moneyGiven the events of the past week in financial markets there are a few questions I imagine you might want to know the answers to like: What is happening and why? Who is to blame? What can and should be done about it?Source: Telegraph Business | 21 Sep 2008 | 12:01 am Damien Hirst nearly stuffed as RBS glitch hits bankers dining at The WolseleyDashwood hears that customers at The Wolseley, no doubt taking the edge off what was shaping up to be a rough week, had their digestion disturbed by the news that the establishment's Royal Bank of Scotland payment line had decided to stop working.Source: Telegraph Business | 21 Sep 2008 | 12:01 am Bush wants OK to spend $700BPresident Bush has asked Congress for the authority to spend as much as $700 billion to purchase troubled mortgage assets and contain the financial crisis.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 11:57 pm Treasury keeps options open on asset purchasesWASHINGTON (Reuters) - The Treasury Department said on Saturday that its financial rescue plan could permit it to buy assets beyond those backed by mortgages and potentially buy them from foreign holders.Source: Reuters: Business News | 20 Sep 2008 | 11:54 pm Treasury keeps options open on asset purchases (Reuters)
Source: Yahoo! News: Business | 20 Sep 2008 | 11:49 pm Proposed Wall St bailout to cost $700bnSenior Democrats signalled hard bargaining ahead on the Bush administration's proposed $700bn bailout for the country's financial institutions as officials met members of Congress to seek bipartisan agreement on the packageSource: FT.com - US homepage | 20 Sep 2008 | 11:35 pm Fears of dollar being hit by Washington’s $700bn bailout plan$THE US Treasury’s $700 billion ($£380 billion) plan to bail out the banks could undermine the dollar, economists warn.Source: Latest Business News from Times Online | 20 Sep 2008 | 11:00 pm Fury at $2.5bn Lehman bonus$STAFF at Lehman’s New York office who helped to cause the world’s biggest corporate bankruptcy are to share in a $2.5 billion bonanza.$Source: Latest Business News from Times Online | 20 Sep 2008 | 11:00 pm Lloyds TSB boss Sir Victor Blank targets world top 10SIR VICTOR BLANK, chairman of Lloyds TSB, which last week announced a £12 billion takeover of HBOS, has set out his ambitions to turn the combined group into a top 10 international bank within five years.Source: Latest Business News from Times Online | 20 Sep 2008 | 11:00 pm Allan Leighton calls time as chairman at Royal MailTHE chairman of the Royal Mail, Allan Leighton, is to stand down from the role by next March.Source: Latest Business News from Times Online | 20 Sep 2008 | 11:00 pm Framestore gets animated to become a British PixarMOVIE special-effects house Framestore is hunting for financial backers to turn it into a British version of Pixar, the Disney-owned animations studio behind Wall-E and Toy Story.Source: Latest Business News from Times Online | 20 Sep 2008 | 11:00 pm Bidders offer less for broadband supplier TiscaliCARPHONE WAREHOUSE has returned to the table in the drawn-out auction of Tiscali with a bid of less than £450m for the British arm of the broadband supplier.Source: Latest Business News from Times Online | 20 Sep 2008 | 11:00 pm Shareholder revolt on the Orient ExpressTHE property tycoons David and Simon Reuben have joined a shareholder revolt at Orient Express, the luxury-travel group that owns some of the world’s most famous hotels.Source: Latest Business News from Times Online | 20 Sep 2008 | 11:00 pm Henry Paulson buries US toxic debtHenry “Hank” Paulson is a farmer’s son from the Mid-West with a keen interest in saving the environment. His day job, however, is US Treasury secretary. This week, his task is to save the American economy by drawing out the toxic waste that is threatening to destroy it.Source: Latest Business News from Times Online | 20 Sep 2008 | 11:00 pm BP toughens up in RussiaBP chief executive Tony Hayward has brought in one of his closest lieutenants to take a “tough” new line with the billionaire partners in its contentious Russian joint venture TNK-BP.Source: Latest Business News from Times Online | 20 Sep 2008 | 11:00 pm Tax crackdown on offshore accountsUP to 80,000 wealthy investors suspected of evading tax by using offshore bank accounts are facing investigation over the next two years, it can be revealed.Source: Latest Business News from Times Online | 20 Sep 2008 | 11:00 pm Morgan Stanley board meets to weigh options: sourcesPHILADELPHIA (Reuters) - Morgan Stanley's board was scheduled to meet on Saturday to weigh strategic options for the investment bank, including a possible takeover by Wachovia Corp or selling a bigger stake to China Investment Corp, sources familiar with the situation said on Saturday.Source: Reuters: Business News | 20 Sep 2008 | 10:37 pm The trouble with ZunesWhen Microsoft introduced the Zune portable music player almost two years ago, even people at the company made light of it. Microsofties called it "the brick." The Zune was larger thanApple's sleek iPod. It also came in white, black...and brown.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 10:25 pm When your company's stock goes badQuestion: My husband's 401(k) from a prior job - about 10% of our savings - is all in his old company's stock. It just dropped 50%. Do we leave it and hope it recovers? Or do we sell it and invest elsewhere? - Elaine Ricca, Forsyth, Ga.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 10:25 pm Be a pilot in 20 hoursSpurred by the FAA's easing of licensing requirements for pilots of low-altitude "light sport" aircraft, former Air Force pilot Kirk Hawkins set about developing a premium light sport plane - the Ferrari of the skies.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 10:10 pm Judge OKs Lehman unit sale to BarclaysRead full story for latest details.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 9:55 pm Stocks to Watch: Stocks in focus for MondayThe stock market’s focus on Monday will remain on financial stocks as Treasury officials and Congress wrangle over the details of a $700 billion rescue package for the financial sector.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 9:46 pm NewsWatch: Financial rescue plan taking shape on Capitol HillU.S. lawmakers have begun hammering out legislative authority for the Bush administration to undertake a sweeping, $700 billion rescue of the American financial system.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 9:00 pm Morgan Stanley board meets to weigh options: sources (Reuters)
Source: Yahoo! News: Business | 20 Sep 2008 | 8:12 pm Blast rocks Islamabad hotelA truck laden with explosives caused a huge explosion outside Islamabad's Marriott Hotel killing at least 50 people and injuring more than 200, according to Pakistani rescue workers and the policeSource: FT.com - US homepage | 20 Sep 2008 | 8:04 pm Ten tales worth remembering from one unbelievable weekThe stock market ended little changed on the week. Yet, that incredible fact might just come at the bottom of the list of astounding market numbers for what may well be one of Wall Street's most tumultuous weeks on record.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 7:52 pm Car bomb kills more than 40 in PakistanA suicide car bomb attack on the Marriott Hotel in Islamabad, Pakistan's capital, kills at least 40 people and wounds some 100, including foreigners, according to media reports. Dozens more are feared to be trapped inside the burning hotel.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 7:45 pm Financial rescue plan taking shape on Capitol HillU.S. lawmakers have begun hammering out legislative authority for the Bush administration to undertake a sweeping, $700 billion rescue of the American financial system.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 5:33 pm Apple runs short of entry-level iPhonesBy Friday night, only 36 of Apple's 197 U.S. retail outlets still had 8 GB iPhones in stock.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 4:38 pm Analysts: Taxpayers will learn to play the bluesThe historic proposal to have the government take the toxic waste off of the balance sheets of U.S. financial institution will balloon the federal deficit and alter the economic landscape, analysts say.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 4:32 pm Gen Y facing up to debtProspects for the Kiwi economy are looking weak as the global financial crisis deepens, yet a quarter of the population has, until now, known only sustained economic growth. The oldest members of Generation Y, loosely defined as...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm Chasing the best rewardsWith share prices tumbling, the world's financial markets in turmoil and even the bluest of blue-chip banks in trouble, many people may be considering mattresses as the safest option for keeping their hard-earned money safe. But...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm Bernard Hickey : Mortgage costs feel the crunchThe latest instalment of the credit crunch will affect New Zealanders, but not in the way many might assume. I reckon it will push house prices lower and keep interest rates higher for longer. It will probably also extend our recession...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm How safe is your bank?Financial experts say New Zealand banks are well-placed to survive the events of the past week with minimal damage. Our banks are stronger, better regulated, simpler and cleaner than the US investment institutions that collapsed...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm Kenny's working card to crack Kiwi marketReversing the trend of Kiwi retailers launching across the ditch, an Australian card and gift retail chain has opened the first of its stores in New Zealand and has plans for a nationwide network. Kenny's Cardiology has five stores...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm Martin Hawes : Don't let the bear scare youInvestment markets work on two predominant emotions - fear and greed - and at the moment it is fear that is dominating most investors' thoughts. With the sub-prime crisis carrying on unabated and property and share markets in disarray,...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm Fonterra offerFonterra has offered to send special supplies of milk powder or infant formula from New Zealand to help Chinese parents safely feed their babies. The offer comes as the contaminated dairy scandal in China widens to embroil 22 manufacturers,...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm Top tips: On wealth protection through trustsKevin Peacock, manager of private wealth management at Guardian Trust,on wealth protection through trusts. Why would I need to set up a trust? Depending on your life circumstances and financial situation, a trust can be...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm U.S. readies massive toxic-debt planNEW YORK (Reuters) - The U.S. government is preparing to mop up hundreds of billions of dollars in bad mortgage debt, after curbing short-selling and guaranteeing mutual funds in an effort to stabilize financial markets.Source: Reuters: Business News | 20 Sep 2008 | 3:35 pm Beleaguered Mbeki to stand downThabo Mbeki, South Africa's beleaguered president, agreed to stand down after a midnight putsch by the leaders of the ruling African National CongressSource: FT.com - US homepage | 20 Sep 2008 | 3:22 pm Bush Asks For $700 BillionAccording to The Associated Press, The plan would give the government broad power to buy the bad debt of any U.S. financial institutions for the next two years. It also would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion -- making room for the massive rescue. Douglas A. McIntyre Source: 24/7 Wall St. | 20 Sep 2008 | 2:04 pm Brand AucklandAuckland has been my home for almost 20 years and is the place around which I'm building my future. I spend most of my year travelling the world but Auckland is the place where I generate my best ideas, in the lush beauty of the native...Source: New Zealand Herald - Business | 20 Sep 2008 | 2:00 pm Paulson's Bail-Out: No New Jobs
Economists, even those with Ph.Ds in mathematics or Nobel Prizes, have not been able to articulate whether the deliverance of the American system of capitalism will work. Financial companies who are not bailed out will need to sell assets to stay in business and will race one another to the bottom in an effort to maintain some liquidity. Banks will have to write-off the difference between what the government will pay them for their toilet paper and what they have carried it for on their books for. Unless the Congress is willing to suspend the GAAP rules which have controlled financial reporting for decades, banks will have to raise more capital. No one outside an asylum will put up that cash. Some Congressmen will roil debate with the festering question of how people who cannot make their mortgage payments will get on the dole. If the government is to provide relief for hundreds of thousands of homeowners, the salvation program might cost $2 trillion. There is nothing in Paulson's plan which creates a single new American job. If the base of taxpayers continues to fall the burden on each person who remains employed rises sharply. The Fed can bring in extra printing presses to push more dollars into the pockets of consumers. Inflation follows. Consumer spending moves into a moribund state. The economy dies from the ground up. Paulson's plan seems vast in comparison to anything that the government has had to do to right the financial system since the 1930s, but it may turn out to be less than vast enough. Douglas A. McIntyre Source: 24/7 Wall St. | 20 Sep 2008 | 1:19 pm U.S. readies massive toxic-debt plan (Reuters)
Source: Yahoo! News: Business | 20 Sep 2008 | 12:01 pm U.S. readies massive toxic-debt plan (Reuters)
Source: Yahoo! News: Business | 20 Sep 2008 | 12:01 pm 4 Fannie Mae senior execs resignRead full story for latest details.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 11:43 am
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