Gas falls to $2.46 a gallon

Gas prices lost more than 4 cents to sell near $2.46 a gallon on average, according to a nationwide survey of filling station credit card swipes.

Source: Business and financial news - CNNMoney.com | 1 Nov 2008 | 1:55 pm

Panasonic considering purchase of Sanyo - reports

Panasonic Corp. may buy Sanyo Electric Co. and will soon enter negotiations with major shareholders, news reports said Saturday.

Source: Business and financial news - CNNMoney.com | 1 Nov 2008 | 1:13 pm

If Sears (SHLD) Can't Extend Credit, Sales Could Fall 10%

Sears (SHLD) is already one of the weakest retailers in the US. Firms like Wal-Mart (WMT) and Best Buy (BBY) have, in most cases, better merchandise, better store locations, and buying power to get the best prices at wholesale.

All of that means that in a retail downturn, Sears is worse off than most other large, national retail chains.

Sears could help drive in traffic by offering phenomenal low interest credit card deals.

The trouble with giving out credit to the poor and middle class in a deep recession is that many people will not pay the money back.

According to Bloomberg, "Almost a quarter of shoppers say banks cut the spending limits on their credit cards, according to a survey by America's Research Group." The car industry and banks have already figured out that buyers will stiff them at a moment's notice.

Sears is faced with the options of giving credit to high-risk borrowers to get them into its stores or sharply falling sales due to the inability of consumers to get spending money.

Either way, look for shares in Sears to fall from their current price of $57 to below its 52-week low of $46.51. It would not be surprising to see that stock under $30 before the end of the year.

Douglas A. McIntyre

Source: 24/7 Wall St. | 1 Nov 2008 | 12:46 pm

UPDATE 1-Cameroon gunmen lift hostage threat - French radio

YAOUNDE, Nov 1 (Reuters) - A death threat against six French
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Nov 2008 | 12:40 pm

China, India wary of taint of global economic crisis

LONDON (Reuters) - Two powerhouse emerging market countries felt the sting of the global financial crisis on Saturday as India unexpectedly cut its main short-term lending rate again and China said it was now feeling a slowdown.

Source: Reuters: Business News | 1 Nov 2008 | 12:39 pm

The economy: Why it feels so bad

CNN's Ali Velshi and Erica Fink take a long, hard look at five key measures of the economy to see how things really are out there.

Source: Business and financial news - CNNMoney.com | 1 Nov 2008 | 12:24 pm

As Verasun (VSE) Goes Chapter 11, The Ethanol Industry Faces Serial Failures

The most prominent ethanol energy company in the US, Verasun (VSE), is filing for Chapter 11. Among other things the firm has been pinched by falling oil prices, which make ethanol less attractive, and rising corn prices, which makes production more expensive.

When oil was at $147 a barrel, ethanol was a savior for car and truck drivers everywhere.

The ethanol industry built tremendous production and transportation infrastructure. It was a "if we build it, the will come" strategy. Then, the world fell apart. Prices for gas at the pump are back down well below $3 instead of being headed toward $5 as they were in August.

Verasun says it will keep operating, but common shareholders have been crushed to death. The stock was at nearly $18 late last year. Now it is under $.40.

The next companies that stockholders need to be concerned about are Pacific Ethanol (PEIX), which has dropped from a one-year high of almost $10 to $.90 and ADM (ADM), which is too big to fail but could get nicked by the industry fallout.

Until oil moves back above $100, ethanol companies are in a coma.

Douglas A. McIntyre

Source: 24/7 Wall St. | 1 Nov 2008 | 12:11 pm

NewsWatch: October set a slew of trading records, mostly bad

Read 'em and weep: A data recap of the October carnage in the financial markets.

Source: MarketWatch.com - Top Stories | 1 Nov 2008 | 12:00 pm

Cameroon gunmen lift hostage threat-French radio

crew members of an oil vessel seized off Cameroon on Friday has
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Nov 2008 | 11:39 am

Personal Finance Daily: The week's 10 best Personal Finance stories: Oct. 27-31

In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Oct. 27-31:

Source: MarketWatch.com - Top Stories | 1 Nov 2008 | 11:01 am

DLF Announces Financial Results for Q2 FY09

Editors Synopsis: Financial Highlights - Q2 FY09 compared to Q1 FY09 - Consolidated Revenue at Rs 3,840 crore, as compared to Rs 3,846 crore -...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Nov 2008 | 9:49 am

Auto Review: 2008 Mitsubishi Lancer Evolution MR

The 2008 Mitsubishi Lancer Evolution MRis the perfect car for “Lady Heather,” the dominatrix that seems to captivate Gil Grissom on the TV series CSI: Crime Scene Investigation.

Source: MarketWatch.com - Top Stories | 1 Nov 2008 | 9:00 am

Panasonic in talks to buy Sanyo Electric: sources (Reuters)

Reuters - Japanese electronics maker Panasonic Corp (6752.T) is in talks with Goldman Sachs and two other major shareholders of Sanyo Electric Co Ltd (6764.T) to buy a controlling stake in its smaller rival, company and financial sources said on Saturday.

Source: Yahoo! News: Business | 1 Nov 2008 | 8:18 am

Panasonic in talks to buy Sanyo Electric: sources

TOKYO (Reuters) - Japanese electronics maker Panasonic Corp is in talks with Goldman Sachs and two other major shareholders of Sanyo Electric Co Ltd to buy a controlling stake in its smaller rival, company and financial sources said on Saturday.

Source: Reuters: Business News | 1 Nov 2008 | 8:18 am

Despite Crisis, Wealthy Russians Are Buying Up Coastal Montenegro

Thanks in large part to wealthy Russians, Montenegro has received more foreign investment per capita than any other country on the Continent.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Nov 2008 | 8:13 am

Boeing ordered to pay punitive damages to ICO Global Communications

The aerospace giant, which has to pay $371 million in compensatory damages, must now also pay $236 million. The lawsuit stems from canceled plans to build a satellite telecommunications network. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Nov 2008 | 7:00 am

Mexico's economy grows 1.7%

INTERNATIONAL Mexico economy grows
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Nov 2008 | 7:00 am

Stocks waver following week's big gains

NEW YORK -- Wall Street wavered today, as investors tried to decide whether to extend or lock in the week's big gains after a report that showed worried consumers are cutting back on their spending.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Nov 2008 | 7:00 am

Memories of a road trip, driven by the price of gas

A couple become fuel economy connoisseurs as they traverse the nation My forest green 1998 Chevrolet Venture minivan...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Nov 2008 | 7:00 am

Ethanol maker VeraSun files for bankruptcy protection

The biofuels company made wrong bets on the price of corn, becoming the latest in its industry to founder. VeraSun...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Nov 2008 | 7:00 am

Nissan to offer no-frills Versa for less than $10,000

The vehicle, which is intended to compete with the used-car market, could serve as a bellwether of consumer choices in a tough economy.

In tough times, Nissan Motor Co. is hoping less is more.

Source: L.A. Times - Business | 1 Nov 2008 | 7:00 am

Schwarzenegger to press Legislature to bolster unemployment fund

The governor puts the nearly depleted fund on the agenda for a special session he intends to call next week.

Gov. Arnold Schwarzenegger moved Friday to bolster the financial health of California's nearly broke fund that pays unemployment benefits to the state's jobless.

Source: L.A. Times - Business | 1 Nov 2008 | 7:00 am

Chevron reaps $7.9 billion in earnings for third quarter

Profit more than doubles from the year-earlier period to $3.78 a share, fueled by soaring crude prices that shot past $145 a barrel in July. The No. 2 U.S. oil firm has earned $19 billion this year.

Chevron Corp. on Friday announced earnings of $7.9 billion in the third quarter, capping a week of historic profits for some of the world's major oil companies.

Source: L.A. Times - Business | 1 Nov 2008 | 7:00 am

Memories of a road trip, driven by the price of gas

A husband and wife become fuel economy connoisseurs as they traverse the nation.

My forest-green 1998 Chevrolet Venture minivan is a gas guzzler, sucking up a gallon of fuel every 19 miles -- at least according to the Environmental Protection Agency.

Source: L.A. Times - Business | 1 Nov 2008 | 7:00 am

Bernanke urges safeguards for housing finance

The Federal Reserve chairman, in a speech, lays out options such as keeping Fannie Mae and Freddie Mac under government control. But he refrains from stating preferences.

Federal Reserve Chairman Ben S. Bernanke said Friday that the housing finance system being constructed after the collapse of the current system will need better safeguards to allow it to function during times of stress.

Source: L.A. Times - Business | 1 Nov 2008 | 7:00 am

Boeing Co. ordered to pay punitive damages to ICO Global Communications

The aerospace firm, which has to pay $371 million in compensatory damages, must now also pay $236 million. The lawsuit stems from canceled plans to build a satellite telecommunications network. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Nov 2008 | 7:00 am

Stocks score back-to-back positive days

The Dow closes higher for the second straight day, rising 144 points, or 1.6%, to end one of the toughest months in market history.

One of the scariest months in stock market history is over, after weeks of nasty tricks gave way to a pair of solid gains that pushed the Dow Jones industrial average to its highest level in almost three weeks.

Source: L.A. Times - Business | 1 Nov 2008 | 7:00 am

Schwarzenegger to press Legislature to bolster unemployment fund

The governor puts the nearly depleted fund on the agenda for a special session he intends to call next week. Gov...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Nov 2008 | 7:00 am

Chevron reaps $7.9 billion in earnings for third quarter

Profit more than doubles from the year-earlier period to $3.78 a share, fueled by soaring crude prices that shot past $145 a barrel in July. The U.S.'s No. 2 oil firm has earned $19 billion this year...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Nov 2008 | 7:00 am

Mexico's economy grows 1.7%

INTERNATIONAL Mexico economy grows

Source: L.A. Times - Business | 1 Nov 2008 | 7:00 am

Bernanke urges safeguards for housing finance

The Federal Reserve chairman, in a speech, lays out options such as keeping Fannie Mae and Freddie Mac under government control. But he refrains from stating preferences. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Nov 2008 | 7:00 am

Brazil signs new oil deal as Cuba hopes for economic revival

Brazil has inked a multi-million-dollar deal to explore for oil off the Cuban coast, joining India, Vietnam, Malaysia Spain, Norway and Venezuela in cash-strapped communist Cuba's quest for
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Nov 2008 | 6:58 am

McCain Administration Will Kill Small Business Programs, Says American Small Business League

PETALUMA, Calif., Nov. 1 /PRNewswire-USNewswire/ -- There are over 27 million small businesses in America and only one federal agency established to address the needs of those...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Nov 2008 | 6:28 am

Mardell's Europe

New German pride emerges from rubble of war
Source: BBC News | Business | World Edition | 1 Nov 2008 | 6:04 am

Column: Banks using government money for deals

Critics are outraged that the nation's banks are using billions of dollars of federal bailout money to buy other banks instead of boosting their lending. But is that really such a bad...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Nov 2008 | 5:56 am

Boeing ordered to pay ICO $236 million in damages

A jury ordered the Boeing Co. to pay $236 million in punitive damages Friday for breaching a contract to build and launch satellites for a company headed by cellular phone pioneer Craig...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Nov 2008 | 5:52 am

Website BillShrink helps people cut bills in finance crisis

Legions of people with budgets battered by turbulent US financial markets are reaching out to a freshly-launched website specializing in cutting credit card and mobile telephone expenses.
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Nov 2008 | 5:21 am

Investors brace for a case of deflation

Investors are constantly reminded to think about inflation when making decisions about their money.

Source: L.A. Times - Business | 1 Nov 2008 | 5:02 am

New Zealand offers guarantee to stop banks running out of cash

The New Zealand government confirmed Saturday it will guarantee wholesale bank deposits in a scheme that it hopes will stop the financial system running out of cash. At the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Nov 2008 | 4:48 am

Panasonic in talks to buy Sanyo Electric: sources

TOKYO (Reuters) - Japanese electronics maker Panasonic Corp is in talks with Goldman Sachs and two other major shareholders of Sanyo Electric Co Ltd to buy a controlling stake in its...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Nov 2008 | 3:06 am

Stocks to Watch: Stocks in focus for Monday

Among the companies whose shares are expected to see active trade in Monday's session are MasterCard, Anadarko and Hartford.

Source: MarketWatch.com - Top Stories | 1 Nov 2008 | 3:01 am

Market Snapshot: Investors hope the 'worst October' signals the worst is past

Investors will start the month of November in the hope that the worst is behind for stocks, with credit conditions showing continued signs of improvement as governments around the world intervene to support financial markets.

Source: MarketWatch.com - Top Stories | 1 Nov 2008 | 3:01 am

Margin Calls Hit Execs Left & Right (AIV, BSX, CPE, CHK, DNR, LTM, PROV, PHM, SPA, STRL, WSM)

Source: 24/7 Wall St. | 1 Nov 2008 | 1:06 am

Home Nursing Business Consolidates In East And Southern States

The next U.S. president is going to face that evergreen political problem: how to control the rising cost of health care.

Source: Investor's Business Daily: BUSINESS | 1 Nov 2008 | 12:52 am

In Brief - Friday

Quality Systems (QSII), a medical software maker, said Q3 earnings rose 20% to 42 cents ex items, matching views. Revenue climbed 31% to $59 mil....

Source: Investor's Business Daily: BUSINESS | 1 Nov 2008 | 12:52 am

Business Briefs - Friday

Value menu boosts Burger King. The fast-food chain said Q1 EPS rose 9% to 38 cents, a penny over views. Revenue grew 12% to $674 mil, above...

Source: Investor's Business Daily: BUSINESS | 1 Nov 2008 | 12:52 am

Retail's Not-So-Super Market

Last spring's rebate checks are spent, shoppers' nest eggs are shrinking, jobs are evaporating and household net worth is declining nearly as fast...

Source: Investor's Business Daily: BUSINESS | 1 Nov 2008 | 12:52 am

Cool cars for tough times

Here are seven cars so cool they may just distract you from your portfolio.

Source: Business and financial news - CNNMoney.com | 1 Nov 2008 | 12:36 am

Citigroup loses $1.4 bln on securitizations

NEW YORK (Reuters) - Citigroup Inc lost $1.4 billion from packaging credit card loans into bonds in the third quarter, a regulatory filing showed on Friday.

Source: Reuters: Business News | 1 Nov 2008 | 12:24 am

Election and jobs to set tone for stocks (Reuters)

Reuters - Wall Street hopes to turn a new page as it heads into November, but next week is littered with hurdles ranging from the U.S. presidential election to a likely gloomy jobs report.

Source: Yahoo! News: Business | 1 Nov 2008 | 12:15 am

Election and jobs to set tone for stocks

NEW YORK (Reuters) - Wall Street hopes to turn a new page as it heads into November, but next week is littered with hurdles ranging from the U.S. presidential election to a likely gloomy jobs report.

Source: Reuters: Business News | 1 Nov 2008 | 12:15 am

Need to know: Admiral Taverns sale .... Vale output cuts ... Ghost saved

View video and Need to Know interactive heatmap
Source: Latest Business News from Times Online | 1 Nov 2008 | 12:13 am

Profit warning sends BT Group shares plunging below 1984 flotation price

BT Group suffered one of its darkest days as a publicly traded company yesterday when a profit warning and the resignation of a senior executive resulted in the collapse of its shares to a record low.
Source: Latest Business News from Times Online | 1 Nov 2008 | 12:00 am

John Lewis shocks with 'dismal' sales

Sales at John Lewis' department stores fell almost 10 per cent last week as the company's senior managers admitted that the economic problems the country is experiencing has hurt trading since the summer.
Source: Latest Business News from Times Online | 1 Nov 2008 | 12:00 am

October ends at last after record falls in shares and commodities

A clutch of financial records were smashed last month as the FTSE 100 recorded its worst October since 1987, despite enjoying its biggest weekly rise, while commodity prices fell at their fastest rate ever. The London index fell by almost 11 per cent in October, the biggest decline for that month since the 1987 crash, when it fell more than 26 per cent.
Source: Latest Business News from Times Online | 1 Nov 2008 | 12:00 am

Japan reluctantly cuts interest rates to 0.30%

The Bank of Japan (BOJ) has reluctantly joined its international central bank counterparts with a 20 basis point cut, which leaves the key policy interest rate at just 0.30 per cent.
Source: Latest Business News from Times Online | 1 Nov 2008 | 12:00 am

Intel says financial crisis could impact business

Intel, the world’s biggest maker of computer chips, yesterday admitted that the current financial crisis could have a negative impact on its business.
Source: Latest Business News from Times Online | 1 Nov 2008 | 12:00 am

John Varley denies that capital raising is feather-bedding in disguise

Barclays snubbed the Government yesterday by offering up to a third of the high street bank to Middle Eastern investors as part of a £7.3 billion capital raising.
Source: Latest Business News from Times Online | 1 Nov 2008 | 12:00 am

Gulf between bank's roots and its backers

Barclays visibly bristles when you suggest that its decision to turn to the Gulf for fresh funds rather than to its own government has anything to do with Bob Diamond's bonus, so this is probably at least part of the story.
Source: Latest Business News from Times Online | 1 Nov 2008 | 12:00 am

Treasury alters PFI rules to limit private profit

Profits made by companies building new hospitals, prisons, roads and schools under the Private Finance Initiative (PFI) will be curbed under new rules rushed through by the Treasury that come into force today.
Source: Latest Business News from Times Online | 1 Nov 2008 | 12:00 am

Gordon Brown goes to Gulf for cash to aid British industry

Gordon Brown will arrive in the Gulf today to ask oil-rich states to use their vast wealth to steady the fragile world economy and to boost British business.
Source: Latest Business News from Times Online | 1 Nov 2008 | 12:00 am

Consumers slash spending, world markets stabilize (Reuters)

Reuters - Americans slashed spending and the country's business outlook weakened but there were signs of stabilization in global markets on Friday, with interbank rates falling and U.S. stocks posting their best week in 34 years.

Source: Yahoo! News: Business | 31 Oct 2008 | 11:59 pm

Bailout beneficiary takes over Florida bank

Fifth Third Bancorp, which is receiving $3.5 billion in bailout money, will acquire Florida's failed Freedom Bank.

Source: Business and financial news - CNNMoney.com | 31 Oct 2008 | 11:36 pm

MasterCard to issue diamond-studded cards

The gold-laced card, which has a $1,000 (£620) annual fee, will be issued in two weeks' time by MasterCard and Kazkommertsbank, the second largest bank in commodities-rich Kazakhstan, where the oil and minerals boom of recent years has created a fresh crop of billionaires
Source: FT.com - US homepage | 31 Oct 2008 | 11:33 pm

October auto sales may have hit two-decade low

DETROIT (Reuters) - U.S. auto sales are expected to plunge to the lowest levels of the year in October and possibly the slowest running rate in two decades, with no certainty of when consumer confidence will return.

Source: Reuters: Business News | 31 Oct 2008 | 11:22 pm

October auto sales may have hit two-decade low (Reuters)

Reuters - U.S. auto sales are expected to plunge to the lowest levels of the year in October and possibly the slowest running rate in two decades, with no certainty of when consumer confidence will return.

Source: Yahoo! News: Business | 31 Oct 2008 | 11:22 pm

American Express paints bleak outlook

Source: Business and financial news - CNNMoney.com | 31 Oct 2008 | 11:17 pm

Ugly October ends with an upbeat day on Wall St

NEW YORK (Reuters) - U.S. stocks ended one of their worst months on record, but signs of further thawing in credit markets lifted battered shares on Friday.

Source: Reuters: Business News | 31 Oct 2008 | 10:45 pm

A market scorecard for October -- if you dare to look

Source: L.A. Times - Business | 31 Oct 2008 | 10:42 pm

Letters

Our listeners weigh in on grammar, gaffes in the edit room, small business owners and sunny beaches.
Source: Marketplace Money | 31 Oct 2008 | 10:30 pm

National Bank of Kuwait's Dabdoub Says Guarantees Are Overdue

Source: Bloomberg - All Podcasts | 31 Oct 2008 | 10:29 pm

Latin American Markets: Equities log weekly gains, but October's a loser

Latin American stock markets end mixed, closing out a grim month fueled by pressure on commodity prices and uncertainty about the future of Argentina's pension system.

Source: MarketWatch.com - Top Stories | 31 Oct 2008 | 10:15 pm

Happy Halloween From 24/7 Wall St. (pic.)

Source: 24/7 Wall St. | 31 Oct 2008 | 10:06 pm

Bernanke mulls over Fannie and Freddie

Ben Bernanke, the Federal Reserve chairman, cast doubt on whether Fannie Mae and Freddie Mac could ever return to the hybrid private-public structure they enjoyed before being seized by the government
Source: FT.com - US homepage | 31 Oct 2008 | 10:02 pm

FDIC takes over Freedom Bank, 17th failure this year

Bradenton, Fla.-based Freedom Bank gets taken over, marking the 17th bank failure so far this year amid the ongoing credit crisis.

Source: MarketWatch.com - Top Stories | 31 Oct 2008 | 9:55 pm

After Hours: Late stocks steady as investors exit grim month for equities

Late-traded shares edge slightly lower after U.S. stocks finishes higher for the session and for the week.

Source: MarketWatch.com - Top Stories | 31 Oct 2008 | 9:54 pm

Big day, brutal month

Stocks rallied Friday, capping off a strong week at the end of one of the worst months in Wall Street history.

Source: Business and financial news - CNNMoney.com | 31 Oct 2008 | 9:52 pm

The Marketplace Exit Exam

Marketplace Money is saying goodbye to longtime staffer Nancy Farghalli, but not before we see what she's learned during her time here. Host Tess Vigeland and other familiar voices give Nancy her final exam.
Source: Marketplace Money | 31 Oct 2008 | 9:44 pm

Google builds its war chest

LOS ANGELES (MarketWatch) -- In the battle of the search engine wars, Google has long been the site to beat. Competitors beware: Google's billionaire founders Larry Page and Sergey Brin bought themselves a fighter jet and they aren't afraid to use it.

Source: MarketWatch.com - Top Stories | 31 Oct 2008 | 9:44 pm

October a cruel month for markets

October has confirmed its reputation as one of the most punishing months for investors, with stocks suffering their worst monthly losses in 21 years in the US and their weakest ever in Japan
Source: FT.com - US homepage | 31 Oct 2008 | 9:43 pm

In banking, with age comes experience

America's biggest banks have been in the news as the government opens its pocketbook to bail them out. But as Tess Vigeland reports, some banks are doing just fine on their own and that's got investors interested.
Source: Marketplace Money | 31 Oct 2008 | 9:40 pm

Day in the Work Life: Ghost tour guide

On this week's "A Day in the Work Life," we celebrate Halloween with a visit to Jeanine Plumer of Austin Ghost Tours & Haunted Texas.
Source: Marketplace Money | 31 Oct 2008 | 9:40 pm

Getting Personal

Economics editor Chris Farrell and host Tess Vigeland take questions on debt collectors, TIAA-CREF, HELOCs and TIPS.
Source: Marketplace Money | 31 Oct 2008 | 9:40 pm

What I'm doing: Nicholas Gaffney

Marketplace presents "Here's What I'm Doing," a series asking people from all walks of life how they're coping with the financial crisis. In this edition, listener Nicholas Gaffney explains how he's learning to look away from the bad numbers.
Source: Marketplace Money | 31 Oct 2008 | 9:40 pm

Weighing possible bailout plans

New York Times columnist Joe Nocera has been curating economic rescue plans for homeowners in his blog and column. Host Tess Vigeland asks him to share the specifics of some of the proposals.
Source: Marketplace Money | 31 Oct 2008 | 9:40 pm

Straight Story: Still waiting for a cure

While the economy has stolen the spotlight as the top issue in this election, economics editor Chris Farrell explains why concerns about health care aren't going to vanish anytime soon.
Source: Marketplace Money | 31 Oct 2008 | 9:40 pm

Voters weigh candidates' health plans

As America prepares to choose a new president, people are examining the changes our next chief executive might make to heath care. Danielle Karson reports on how and who the candidates' plans might help.
Source: Marketplace Money | 31 Oct 2008 | 9:40 pm

Analysts react to Fed rate cut

The Fed slid interest rates lower in an effort to loosen up lending. Marketplace's Washington Bureau Chief John Dimsdale reports on the market's reaction to the change.
Source: Marketplace Money | 31 Oct 2008 | 9:40 pm

VIX Index of U.S. Stock Option Prices Retreats 4.8% to 59.89

Source: Bloomberg - All Podcasts | 31 Oct 2008 | 9:38 pm

Option Investments' Julian Uses ETFs For Long-Term Positions

Source: Bloomberg - All Podcasts | 31 Oct 2008 | 9:36 pm

U.S. online spending drops

Growth in online spending in the U.S. slowed in the third quarter, according to a study released Friday, in yet another sign that the economic slowdown has caused the American consumers to pull back.

Source: Business and financial news - CNNMoney.com | 31 Oct 2008 | 9:35 pm

October set a slew of trading records, mostly bad

Read 'em and weep: A data recap of the October carnage in the financial markets.

Source: MarketWatch.com - Top Stories | 31 Oct 2008 | 9:32 pm

Bernanke says GSE debt backing must be maintained

BERKELEY, California (Reuters) - Federal Reserve Chairman Ben Bernanke said on Friday that U.S. backing for the debt issued by home mortgage finance firms Fannie Mae and Freddie Mac in their current form must stand firm, even though it is appropriate to debate their future.

Source: Reuters: Business News | 31 Oct 2008 | 9:19 pm

Airlines seen facing winter survival battle

PARIS (Reuters) - European airlines face a cut-throat battle to survive the winter as recession threatens the recipe many have used to ride out a spike in oil prices -- sharing the pain with consumers by slapping on fuel surcharges.

Source: Reuters: Business News | 31 Oct 2008 | 9:18 pm

Bernanke says GSE debt backing must be maintained (Reuters)

Reuters - Federal Reserve Chairman Ben Bernanke said on Friday that U.S. backing for the debt issued by home mortgage finance firms Fannie Mae and Freddie Mac in their current form must stand firm, even though it is appropriate to debate their future.

Source: Yahoo! News: Business | 31 Oct 2008 | 9:03 pm

JPMorgan Chase expands housing rescue plan

JP Morgan Chase unveiled a bold new foreclosure prevention program Friday.

Source: Business and financial news - CNNMoney.com | 31 Oct 2008 | 9:00 pm

Oil prices up after record falls

Oil rises almost 3% on Friday - but falling demand pushes world crude prices to their biggest monthly drop in October.
Source: BBC News | Business | World Edition | 31 Oct 2008 | 8:57 pm

Oil rallies, but still posts record monthly loss

Oil prices staged a late-session rally Friday as credit markets loosened, but the gain only slightly tempered a month in which crude fell by the largest monthly percentage since the Nymex contracts began trading.

Source: Business and financial news - CNNMoney.com | 31 Oct 2008 | 8:54 pm

JPMorgan to freeze foreclosures

JPMorgan Chase has moved to ease the burden of struggling US homeowners and avoid taking over thousands of houses, revealing plans to renegotiate $70bn of mortgages and freeze foreclosures for up to three months
Source: FT.com - US homepage | 31 Oct 2008 | 8:51 pm

US stocks bouyant despite grim economic data

US stocks extended their dramatic weekly gains on Friday as investors once again overlooked a fresh glut of grim economic data and hunted for bargains. Personal spending dropped for the first time in 2 years. Chevron doubled third quarter profits
Source: FT.com - US homepage | 31 Oct 2008 | 8:44 pm

Bank Survey, Jobs Report, Automakers Adjust to Market Chill

Source: Bloomberg - All Podcasts | 31 Oct 2008 | 8:34 pm

Barclays's Kantor Sees `Below Trend' Global Growth

Source: Bloomberg - All Podcasts | 31 Oct 2008 | 8:27 pm

Chevron profits double to $7.9bn

Profits at Chevron more than doubled in the third quarter, as record oil prices and bigger margins pushed earnings at the US's second largest oil and gas company well beyond Wall Street's expectations
Source: FT.com - US homepage | 31 Oct 2008 | 8:16 pm

Defense Lawyers See Fee Increases From Lehman, Bear Collapses

Source: Bloomberg - All Podcasts | 31 Oct 2008 | 8:09 pm

Banks winning war for deposits

Source: L.A. Times - Business | 31 Oct 2008 | 8:07 pm

Carret's Gimbel Sees Dow at 12,000 by End of 2009

Source: Bloomberg - All Podcasts | 31 Oct 2008 | 8:04 pm

October: Sales and traffic may fall; discounts up (AP)

AP - The nation's retailers are set to report sales for established stores on Thursday that are expected to mark the weakest October performance since 1969, when the International Council of Shopping Centers index began. The figures are based on same-store sales, or sales at stores opened at least a year, which are considered a key indicator of a retailer's health.
Source: Yahoo! News: Business | 31 Oct 2008 | 8:04 pm

Alitalia gets last-minute rescue

An Italian investors' group says it will go ahead with a rescue offer for Alitalia, despite lack of agreement with some unions.
Source: BBC News | Business | World Edition | 31 Oct 2008 | 7:55 pm

Flowers exports to US set to resume

Exports of cut flowers to the United States are about to resume, just over a month after the discovery of a pest brought the trade to an abrupt halt. A total ban was imposed in September after the light brown apple moth was found...
Source: New Zealand Herald - Business | 31 Oct 2008 | 7:52 pm

The 52-Week Low Club (CTV)(EK)(PWAV)(BARE)

Commscope (CTV) Downgraded by Baird. Drops to $14.55 from 52-week high of $56.50.

Eastman Kodak (EK) Weak forecast. Sells down to $8.94 from 52-week high of $29.08.

Powerwave (PWAV) Poor earnings and downgrade. The daily double. Plunges to $.78 from 52-week high of $5.52.

Bare Escentuals (BARE) Downgraded after missing earnings estimates.

Douglas A. McIntyre

Source: 24/7 Wall St. | 31 Oct 2008 | 7:47 pm

Jolliffe to step down

Brian Jolliffe will step down as managing director of Pyne Gould Corporation (PGC) and its finance subsidiary Marac Finance on June 30 next year. Jolliffe is leaving for lifestyle reasons. PGC said in September it wanted to...
Source: New Zealand Herald - Business | 31 Oct 2008 | 7:30 pm

Bank of Japan prunes rates to 0.3%

The Bank of Japan cut interest rates for the first time in seven years, lowering its key rate to 0.3% from 0.5% amid concerns about the outlook for the Japanese economy
Source: FT.com - US homepage | 31 Oct 2008 | 7:11 pm

Obama poised to gain most from early vote

As the candidates head into the final weekend of the US's longest and most expensive presidential campaign, some 20m Americans have already cast their votes in the 30-plus states
Source: FT.com - US homepage | 31 Oct 2008 | 6:56 pm

Toyota to export vehicles from US

Toyota Motor is to export thousands of US-built sport utility vehicles and pickup trucks to the Middle East and Latin America to relieve a glut of unsold models at its North American dealerships
Source: FT.com - US homepage | 31 Oct 2008 | 6:33 pm

NPC considers options

Northland Port Corporation (NPC) is considering selling its 50 per cent interest in Northport, the operator of the port at Marsden Point in Northland. It is also considering whether it is worth staying listed on the stock market...
Source: New Zealand Herald - Business | 31 Oct 2008 | 6:30 pm

NYSE Euronext set to cut European workforce

NYSE Euronext, the transatlantic exchange group, said it would cut 15 per cent of its workforce in Europe next year due to increased competitive pressure amid the proliferation of alternative trading venues
Source: FT.com - US homepage | 31 Oct 2008 | 6:07 pm

Fire fear sparks battery recall

Laptop-makers including Hewlett-Packard and Toshiba are recalling 100,000 Sony batteries over fears they may catch fire.
Source: BBC News | Business | World Edition | 31 Oct 2008 | 6:02 pm

Barclays secures Middle East cash

British bank Barclays unveils a proposal to raise up to £7.3bn, most of which will come from Middle Eastern investors.
Source: BBC News | Business | World Edition | 31 Oct 2008 | 5:46 pm

On the Ball: Knicks' New Coach, New York Marathon, NFL, NBA

Source: Bloomberg - All Podcasts | 31 Oct 2008 | 5:46 pm

BT shares slump on profit warning

BT issues a profit warning, saying it would miss its earnings for the second quarter, sending its shares down 19%.
Source: BBC News | Business | World Edition | 31 Oct 2008 | 5:37 pm

Pike River ups budget

Pike River Coal increased its capital expenditure budget $23 million to a total of $246 million as it starts extracting hard coking coal from its West Coast mine after two years of tunnelling. The additional costs related largely...
Source: New Zealand Herald - Business | 31 Oct 2008 | 5:30 pm

World markets up on pension fund buying spree (AP)

AP - World markets rose Friday amid stock buying from pension funds balancing their portfolios at the month's end and a general sense that share prices may have hit a bottom. Asian shares had earlier closed mostly lower.

Source: Yahoo! News: Business | 31 Oct 2008 | 5:29 pm

Barclays raises $12 billion, sources say CoBa may tap state

LONDON/FRANKFURT (Reuters) - Barclays tapped Middle East investors for the bulk of its 7.3 billion pounds ($12.1 billion) cash injection, while sources familiar with the situation said Commerzbank is interested in German state funds.

Source: Reuters: Business News | 31 Oct 2008 | 5:19 pm

Lloyds TSB's HBOS deal is cleared

Business Secretary Lord Mandelson clears the planned Lloyds TSB-HBOS merger, ruling the deal is in the public interest.
Source: BBC News | Business | World Edition | 31 Oct 2008 | 5:00 pm

MBA seekers undeterred

Dreams of working on Wall Street bring a flood of students into Masters of Business Administration programs each year. But even with Wall Street suffering, applications to MBA programs are way up. Adriene Hill reports.
Source: Marketplace | 31 Oct 2008 | 4:30 pm

Financial crisis looks different in China

Besides food scandals, there are lots of issues for Marketplace's Shanghai Bureau Chief Scott Tong to take on. Kai Ryssdal talks to him about reporting on China's complex economy and how the nation is dealing with the global economic crisis.
Source: Marketplace | 31 Oct 2008 | 4:30 pm

Late stock swings and some credit melt

While there's been good news in the credit market, stocks are another story and that story is late-day volatility. To talk about both, Kai Ryssdal calls on Diana Henriques of the New York Times and trader Andy Brooks.
Source: Marketplace | 31 Oct 2008 | 4:30 pm

There's such a thing as a smart deficit

Whoever is elected president will not have an enviable job. The economy is in crisis and the defict is sky high. But commentator Thomas Frank says deficits can be good depending on how the money is spent.
Source: Marketplace | 31 Oct 2008 | 4:30 pm

Product liability case closely watched

The Supreme Court takes up a case next week that could affect consumers' ability to sue drugmakers over claims that a medicine caused injury or death. At issue is whether the FDA can pre-empt state juries. Janet Babin explains.
Source: Marketplace | 31 Oct 2008 | 4:30 pm

Net profit up for NZRC

The NZ Refining Co is anticipating a net profit for the year to December to be US$115 to US$125 million. Factors that can still affect the result were throughput and the NZ dollar's exchange rate against the greenback, the company...
Source: New Zealand Herald - Business | 31 Oct 2008 | 4:30 pm

Treasury already working on transition

Offices are set aside. Phones are hooked up. The Treasury is setting up for the new administration's economic team. But whether that team has any influence before inauguration day is another story. Steve Henn reports.
Source: Marketplace | 31 Oct 2008 | 4:29 pm

Lend, don't spend bailout, Frank insists

Rep. Barney Frank insists banks that receive any of the $700 billion in bailout money use it for lending, not for bonuses or to take over other banks. Washington Bureau Chief John Dimsdale looks into the rules.
Source: Marketplace | 31 Oct 2008 | 4:29 pm

Staying alive in downturn

The bad news doesn't stop coming. Business confidence has suffered its biggest drop in 20 years, and Labour and National are bidding to provide the best welfare package for the forecast tide of redundancies which could boost unemployment...
Source: New Zealand Herald - Business | 31 Oct 2008 | 4:00 pm

Reinvesting in business to overcome tough times

For Ponsonby florist shop owner Kerry Bradburn, a slow-down in sales in July was a sign to crank up the marketing drive on her 15 year-old business. She joined up with several other retail businesses to launch a sponsored email...
Source: New Zealand Herald - Business | 31 Oct 2008 | 4:00 pm

Liam Dann : In search of a shared goal

When it comes to shared goals for our nation, consensus is far stronger than the division across the mainstream political spectrum. Most New Zealanders are seeking a stable, prosperous society in which to raise children - or to...
Source: New Zealand Herald - Business | 31 Oct 2008 | 4:00 pm

SkyCity profits up for first quarter

SkyCity Entertainment Group has made a positive start to the financial year but is being cautious about making predictions for the year ahead. The casino and hotel operator reported a 1 per cent increase in revenue compared to...
Source: New Zealand Herald - Business | 31 Oct 2008 | 4:00 pm

Brian Gaynor : Fee lifters thumb noses at shareholders

Director fee increases have been the hottest issue at recent annual meetings. Individual shareholders have argued strongly that it is inappropriate to have large increases in a recessionary environment but most companies have adopted...
Source: New Zealand Herald - Business | 31 Oct 2008 | 4:00 pm

Google may scrap Yahoo deal: sources

WASHINGTON (Reuters) - Google Inc may decide to scrap its proposed partnership with Yahoo Inc rather than accept government-imposed antitrust restrictions on it, according to two sources familiar with the companies' discussions.

Source: Reuters: Business News | 31 Oct 2008 | 3:59 pm

Nomura's Newton Sees Swing Voters Deciding Close U.S. Election

Source: Bloomberg - All Podcasts | 31 Oct 2008 | 3:46 pm

Similar Results, Different Outcomes (MDU, MEE)

Source: 24/7 Wall St. | 31 Oct 2008 | 3:25 pm

Union election takes nasty turn

The race to be leader of the UK's largest trade union, Unite, turns into a bitter war of words.
Source: BBC News | Business | World Edition | 31 Oct 2008 | 2:54 pm

Recession fears grip US consumers

Consumer spending in the US fell in September by the biggest amount in four years, the Commerce Department says.
Source: BBC News | Business | World Edition | 31 Oct 2008 | 2:49 pm

BNP Paribas's Tchilinguirian Says Gasoline Prices to Fall More

Source: Bloomberg - All Podcasts | 31 Oct 2008 | 2:35 pm

The Burning Man Visits Ethanol (PEIX, AVR, VSE)

Source: 24/7 Wall St. | 31 Oct 2008 | 2:21 pm

Chevron profits more than double

US oil group Chevron sees its latest profits more than double, buoyed by this summer's record crude prices.
Source: BBC News | Business | World Edition | 31 Oct 2008 | 2:15 pm

Obama fear?

By John Tamny and Rob Arnott for FT Online

The Dow Jones Industrial Average fell 12.5 per cent on October 29, 1929. Many commentators at the time and later suggested that stocks had simply become overvalued; the subsequent crash a return to normalcy after an overdone equity rally.

Read more....

Source: 24/7 Wall St. | 31 Oct 2008 | 2:13 pm

Day Trader Alerts (RATE)(THOR)(PWAV)(GKK)

Source: 24/7 Wall St. | 31 Oct 2008 | 2:06 pm

Credit Suisse Dims Solar Expectations (JASO, SOL, STP)

Source: 24/7 Wall St. | 31 Oct 2008 | 1:29 pm

Out On the Street

Many on Wall Street have lost their jobs—more than 100,00 by some estimates—and some are coming to see Jeffrey Liddle.

The employment lawyer most feared by firms on the Street, Liddle says he has seen a noticeable increase in his already-busy caseload as the layoffs mount. Former bankers with Lehman Brothers have come calling, but even more are coming from Barclays, he says, since the British bank acquired the North American business of Lehman out of bankruptcy.

It's like a "reverse merger," says Liddle, "with Lehman bankers forcing out the Barclays people."

Still, Liddle gets no pleasure from the surge in new business.

"I've been doing this for many years, but it's still depressing when large numbers are thrown out of work," says Liddle, 59, a partner at Liddle & Robinson in New York.

The lawyer is known for a scorched-earth approach to employment disputes. "Jeff has reputation for being a pretty aggressive guy," says Ronald Green, a name partner at Epstein Becker & Green in New York who represents employers. "I've been trying cases against him for 20 years. In our own spheres, we're both regarded as pretty aggressive. The difference is that I defend those emblematic of industry; he attacks industry practices, policies, procedures, and often uses third-party witnesses from other houses."

Liddle's three biggest cases have garnered millions in damages. In a case against broker Waddell & Reed, Liddle represented a broker and won $25 million in punitive damages on top of $2.5 million in actual damages. And in a widely watched case, he represented 27 bankers from Robertson Stephens, the investment bank acquired by Fleet (which was subsequently bought by Bank of America), and secured a judgment of just under $23 million, including interest.

While many settle, Liddle, estimates that he has won 60 percent of the cases that have gone to arbitration or court.

But this Wall Street downturn may call for slightly different tactics.

Many of those laid off are reluctant to sue, Green, for one, contends.

"If you join in a publicized legal challenge, it can have consequences. So the banker at Wachovia who thought he might be losing his job might be taking a breath, because it's too unsettled a time for most of the bankers to commit themselves to an adversary proceeding. They have no choice but to wait until the dust settles."

So Liddle is, well, hedging. Within the last year, he says, his firm has made an effort to expand beyond his employment base and bolster the firm's work in corporate and securities matters—a return, he says, to the firm's roots.

"One year ago, before Bear Stearns crashed, we had an extensive meeting suggesting that we change our own direction away from employment arbitrations and tap into the vast alumni club of people who do other things. Already, 50 percent of our work does not involve employment arbitrations in the securities industry," although he claims, "we still have the largest collection and largest market share."

The broader focus is not new for Liddle & Robinson. "We always did some corporate work—it started when we did work for Drexel employees. They went other places, and some are running something else, and they've given me blanket waivers of conflict." But, he added, he doesn't expect any work from J.P. Morgan Chase, because "their in-house lawyers think I'm the worst thing that ever walked on the earth."

The expanded scope may make economic sense, since it is unclear how the displaced bankers and traders will fare in arbitrations, the most frequent venue for hearing employment disputes. Settlements, he said, are now "being driven by the perception that it's impossible to be made whole, because the first defense is that the whole industry almost went out of business. Many think they're better off trying to cut a deal now rather than wait and have it be reclaimed in bankruptcy as a preference."

And there's another factor this time around.

"This is a generally unsympathetic client group. Whether it's arbitrators, judges, or potential jurors, they're not differentiating their anger between Dick Fuld and the janitor," he says.



Related Links
The End of Lehman
Wall Street Huddles for Safety
Salvaging the Wreckage


Source: Portfolio.com: Top 5 | 31 Oct 2008 | 1:00 pm