Misbehaving mediators

What happens when your mediator's behaviour causes more problems than it solves? Mediation has become the standard first step in the process for resolving employment disputes. Most parties agree to mediation, and if they do not,...
Source: New Zealand Herald - Business | 5 Nov 2008 | 3:00 pm

Bond insurers Ambac, MBIA report wider quarterly losses

A pair of bond insurers before Wednesday’s opening bell reported wider quarterly losses as the companies continued to get buffeted by their exposure to complex credit derivatives linked to the sagging housing market.

Source: MarketWatch.com - Top Stories | 5 Nov 2008 | 2:54 pm

United Tech CFO: May be near low end of profit view

BOSTON (Reuters) - Diversified manufacturer United Technologies Corp stands by its 2008 profit forecast, though the strengthening dollar may put results near the low end of its forecast, a top executive said on Wednesday.

Source: Reuters: Business News | 5 Nov 2008 | 2:50 pm

Time Warner 3rd-quarter net slips 2% on flat revenue

Time Warner Inc. reported on Wednesday that third-quarter profit slipped 1.7% on flat revenue, and the New York media giant cut its estimate of full-year earnings from continuing operations.

Source: MarketWatch.com - Top Stories | 5 Nov 2008 | 2:50 pm

Metals Stocks: Gold futures pull back after two-session win

Gold futures pull back Wednesday after gaining more than $39 an ounce over the past two sessions as traders digest the outcome of the U.S. presidential election.

Source: MarketWatch.com - Top Stories | 5 Nov 2008 | 2:50 pm

Obama completes historic journey to presidency

Promising change in a climate of unprecedented voter discontent, Sen. Barack Obama rode massive voter turnout to a sweeping victory in Tuesday’s presidential contest over Sen. John McCain, becoming the first African-American elected as the nation’s chief executive.

Source: MarketWatch.com - Top Stories | 5 Nov 2008 | 2:46 pm

Jobs take a beating

October was another awful month for jobs. Two key employment reports released Wednesday showed the largest number of planned job cuts in nearly five years, and private sector jobs fell by the largest amount in nearly seven years.

Source: Business and financial news - CNNMoney.com | 5 Nov 2008 | 2:45 pm

Stocks open lower as economic worries weigh (Reuters)

Reuters - Wall Street opened lower on Wednesday a day after Barack Obama won the presidency as investors turned their focus back to concerns on the weakening global economy.

Source: Yahoo! News: Business | 5 Nov 2008 | 2:43 pm

Stocks open lower as economic worries weigh

NEW YORK (Reuters) - Wall Street opened lower on Wednesday a day after Barack Obama won the presidency as investors turned their focus back to concerns on the weakening global economy.

Source: Reuters: Business News | 5 Nov 2008 | 2:43 pm

GMAC: An Explosion In The Boiler Room For Cerberus

Cerberus is a private firm in the venture capital industry. It has invested billions of dollars into the US auto industry. Its most well-known deals were its purchase of 80% of Chrysler. That investment is probably worth nothing. It other highly-visible deal was to buy 51% of GM's (GM) financial arm, GMAC.

News on earning from GMAC indicate that it may be worthless as well.

According to Reuters, "Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by the housing slump and vehicle lease writedowns, and said its mortgage unit, one of the nation's largest home loan providers, may not survive." What happens to ResCap, the mortgage operation? No one knows.

GM reports GMAC earnings at part of its own quarterly filings. Whether it has liability for ResCap's liabilities is not clear. Nor is the extent to which Cerberus is one the hook.

A lot of private equity and venture firms are in very deep trouble. Cerberus may be one of them.

Douglas A. McIntyre

Source: 24/7 Wall St. | 5 Nov 2008 | 2:43 pm

Stocks tumble as investors shift focus to economy

NEW YORK -- Stocks are down in early trading, as Wall Street focuses on the troubled economy following Barack Obama's election to the White House.

Source: L.A. Times - Business | 5 Nov 2008 | 2:42 pm

Dollar mixed after election

The U.S. dollar was mixed against major currencies Wednesday one day after Democrat Barack Obama was named president-elect of the United States.

Source: Business and financial news - CNNMoney.com | 5 Nov 2008 | 2:38 pm

General Growth reports loss; still mulling strategic alternatives

Troubled real estate investment trust General Growth Properties Inc. reports a wider quarterly loss and says it’s still exploring ways to raise capital.

Source: MarketWatch.com - Top Stories | 5 Nov 2008 | 2:38 pm

Obama urged to shape new economic order

LONDON (Reuters) - Political leaders urged U.S. President-elect Barack Obama on Wednesday to help forge a new economic order to lead the world out of its worst financial crisis since the 1930s.

Source: Reuters: Business News | 5 Nov 2008 | 2:36 pm

Glaxo cutting 1,000 jobs in U.S. sales force

LONDON (Reuters) - GlaxoSmithKline , the world's second biggest drugmaker, is cutting approximately 1,000 jobs in its U.S. sales force by the end of 2008 as it reorganizes the operation, a spokesman said on Wednesday.

Source: Reuters: Business News | 5 Nov 2008 | 2:36 pm

Transocean's net income rises 13%, beating target

Transocean posts a better-than-expected third-quarter profit on Wednesday, as the offshore specialist manages to increase day rates on its drilling fleet.

Source: MarketWatch.com - Top Stories | 5 Nov 2008 | 2:36 pm

Obama promises 'new dawn' after historic win

Barack Obama promised a 'new dawn of American leadership' after he was elected the first African-American president of the US amid international acclaim and record turnout. As Congressional Democrats increased their majorities, John McCain, the crushed Republican candidate, praised his rival's achievement
Source: FT.com - US homepage | 5 Nov 2008 | 2:32 pm

XTO profit rises 26% on higher production

NEW YORK (MarketWatch) - XTO Energy on Wednesday said third-quarter net income rose by 26% thanks to higher production, revenue and cash flow at the domestic natural gas giant, which said it expects to grow its 2009 cash flow by at least 25%.

Source: MarketWatch.com - Top Stories | 5 Nov 2008 | 2:32 pm

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.

Source: MarketWatch.com - Top Stories | 5 Nov 2008 | 2:31 pm

Oil falls 3 percent ahead of inventory report

LONDON (Reuters) - Oil fell 3 percent to below $69 a barrel Wednesday, reversing some of the previous day's surge, ahead of the release of a U.S. inventory report expected to show rising stockpiles.

Source: Reuters: Business News | 5 Nov 2008 | 2:30 pm

Textron lowers 2009 Citation jet delivery outlook

Cessna, Textron Inc.’s business jet maker, lowers its 2009 delivery forecast for Citations jets because of a softening global economy.

Source: MarketWatch.com - Top Stories | 5 Nov 2008 | 2:30 pm

American job cuts rise to a six-year high

Companies in the US cut an estimated 157,000 jobs in October, well above expectations and the highest level in six years, according to new data from ADP Employer Services.
Source: Latest Business News from Times Online | 5 Nov 2008 | 2:27 pm

IBM risks lending backlash

Debt has always been a four-letter word, but has become an especially dirty one during this credit crunch. These days, folks with plenty of cash and no debt are cast as paragons of fiscal virtue, while those that ran up credit card bills are not.

Source: Business and financial news - CNNMoney.com | 5 Nov 2008 | 2:27 pm

Treasury to resurrect 3-year note

WASHINGTON (Reuters) - The Treasury said on Wednesday it will resurrect the 3-year note and conduct more frequent auctions of 10-year notes and 30-year bonds to cope with staggering borrowing needs that some market participants say could reach $2 trillion in the current year.

Source: Reuters: Business News | 5 Nov 2008 | 2:21 pm

Oil giant Total's profits up 35%

French oil group Total reports a 35% rise in third-quarter profits despite a recent 5% fall in production.
Source: BBC News | Business | World Edition | 5 Nov 2008 | 2:14 pm

Molson Coors profit up on market share gains

NEW YORK (Reuters) - Molson Coors Brewing Co reported a higher quarterly profit on Wednesday that met Wall Street expectations, helped by market share gains in Canada and Britain.
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Nov 2008 | 2:10 pm

Will Level 3 Be Able To Raise Its Shelf Cash? (LVLT)

Source: 24/7 Wall St. | 5 Nov 2008 | 2:06 pm

Polo maintains full-year profit view as quarterly net jumps 40%

Polo Ralph Lauren Corp. says its fiscal second-quarter profit jumps a better-than-expected 40%, after gains in Europe and its discount outlets help to make up for lower U.S. department store demand.

Source: MarketWatch.com - Top Stories | 5 Nov 2008 | 2:06 pm

UPDATE 1-India's Reliance says has not shut polyester units

, India's largest private sector firm, on Wednesday
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Nov 2008 | 2:04 pm

GMAC has $2.52 billion loss; ResCap survival at risk

NEW YORK (Reuters) - Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by the housing slump and vehicle lease writedowns, and said its mortgage unit, one of the nation's largest home loan providers, may not survive.

Source: Reuters: Business News | 5 Nov 2008 | 2:03 pm

GMAC has $2.52 billion loss; ResCap survival at risk (Reuters)

Reuters - Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by the housing slump and vehicle lease writedowns, and said its mortgage unit, one of the nation's largest home loan providers, may not survive.

Source: Yahoo! News: Business | 5 Nov 2008 | 2:03 pm

GMAC has $2.52 billion loss; ResCap survival at risk (Reuters)

Reuters - Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by the housing slump and vehicle lease writedowns, and said its mortgage unit, one of the nation's largest home loan providers, may not survive.

Source: Yahoo! News: Business | 5 Nov 2008 | 2:03 pm

Time Warner profit beats, but cuts outlook (Reuters)

Reuters - Time Warner Inc posted a higher-than-expected third-quarter profit, helped by strong advertising sales at its cable networks including CNN, and the summer blockbuster movie "The Dark Knight."
Source: Yahoo! News: Business | 5 Nov 2008 | 1:57 pm

Time Warner profit beats, but cuts outlook

NEW YORK (Reuters) - Time Warner Inc posted a higher-than-expected third-quarter profit, helped by strong advertising sales at its cable networks including CNN, and the summer blockbuster movie "The Dark Knight."

Source: Reuters: Business News | 5 Nov 2008 | 1:57 pm

UPDATE 2-Time Warner profit beats, but cuts outlook

NEW YORK, Nov 5 (Reuters) - Time Warner Inc posted
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Nov 2008 | 1:56 pm

Eurozone retail sales slip 'less than expected' (AFP)

AFP - Retailers in the 15 countries using the euro saw demand slip less than expected in September despite the worst financial crisis for generations, official EU data showed on Wednesday.

Source: Yahoo! News: Business | 5 Nov 2008 | 1:49 pm

Lay-Offs Spread Beyond Autos And Retail (NT)(HPQ)(DELL)(WHR)

For awhile, analysts had hoped that the heaviest lay-offs in the economy would be restricted to already troubled industries including retail, automotive, and airlines. At least companies in those sectors were losing money.

But, news out of places like Nortel (NT), Whirlpool (WHR), and Hewlett-Packard (HPQ) indicate the prophylactic job cuts are being made in almost every industry.

Even Dell (DELL), which made over $700 million last quarter and has $8 million of cash on hand is taking about sharply lowering expenses.

According to Reuters, "Planned layoffs at U.S. firms surged to their highest in nearly five years during October, with cuts in the financial and auto sectors leading the charge as the economic outlook worsened, a report by outplacement firm Challenger, Gray & Christmas said".

That means that the pace of job cuts could be rising at a rate faster than the 200,000 or so people who were put out of work last month. Instead of moving to 6.6% or 6.7% by year-end, unemployment could move higher that 7%.

The news also means that the vicious cycle of lay-offs leading to more lay-offs is accelerating. As those who are unemployed move out of the pool of consumers, GDP is undercut and companies have to chop costs further to stay ahead of falling sales.

Douglas A. McIntyre

Source: 24/7 Wall St. | 5 Nov 2008 | 1:47 pm

Do stock markets perform better under Democratic or Republican presidents?

History suggests that stock markets will prosper under new US president Barack Obama.
Source: BBC News | Business | World Edition | 5 Nov 2008 | 1:45 pm

Irish jobless rate at decade high

Ireland's unemployment rate reaches a decade high of 6.7%, according to official figures.
Source: BBC News | Business | World Edition | 5 Nov 2008 | 1:44 pm

RPT-UPDATE 1-Hospira quarterly net rises 38 percent

* Hospira posts third-quarter net of 51 cents per share
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Nov 2008 | 1:44 pm

Calif. Elk Hills natgas unit shut

NEW YORK, Nov 5 (Reuters) - Elk Hills Power LLC's 525-megawatt Elk
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Nov 2008 | 1:41 pm

UPDATE 1-Becton Dickinson net up as sales climb 11 percent

CHICAGO, Nov 5 (Reuters) - Becton Dickinson and Co ,
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Nov 2008 | 1:39 pm

Banking crisis wipes 56% off BNP Paribas profits

BNP Paribas, France's largest bank, said today that profits fell by more than half in the third quarter, following the collapse of Lehman Brothers and the worsening financial crisis.
Source: Latest Business News from Times Online | 5 Nov 2008 | 1:36 pm

Obama urged to shape new economic order (Reuters)

Reuters - Political leaders urged U.S. President-elect Barack Obama on Wednesday to help forge a new economic order to lead the world out of its worst financial crisis since the 1930s.

Source: Yahoo! News: Business | 5 Nov 2008 | 1:35 pm

UPDATE 1-Transocean earnings miss forecast, shares slip

NEW YORK, Nov 5 (Reuters) - Transocean Inc , the
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Nov 2008 | 1:34 pm

Almost Family Raising Cash (AFAM)

Source: 24/7 Wall St. | 5 Nov 2008 | 1:34 pm

Why clean energy is still a good bet

Some people are saying that the clean energy revolution is over, before it has even begun. "Alternative energy suddenly faces headwinds," declared The New York Times. "Winds shift for renewable energy as oil price sinks, money gets tight," reports The Wall Street Journal. "Will the Economic Crash Take Down Our Hopes for Clean Energy?" asks Alternet.

Source: Business and financial news - CNNMoney.com | 5 Nov 2008 | 1:30 pm

The Joker in Time Warner's Pack

Media companies are being battered by a growing slowdown in advertising and by a wrenching transition to the digital age.

Either crisis would be more than enough for a company. Both happening at the same time could be the most difficult challenge big media has ever faced.

Thanks to some movie and television hits, Time Warner has weathered the storm fairly well, but its sinking stock price, like those of other media companies, indicates that few believe it can continue to do so for long. Today, the largest media conglomerate lowered its earnings outlook for the full year, citing restructuring charges and "the challenging economic environment."

The company is taking an additional $100 million to $125 million in restructuring charges, mainly at the magazine unit Time Inc., as it cuts about 6 percent of the workforce. It has already announced $182 million in charges as the Warner Bros. unit absorbs New Line Cinema. The total bill for layoffs and restructuring could easily top $300 million.

As a result, Time Warner says adjusted operating profit will increase 5 percent, compared with an earlier forecast of 7 to 9 percent.

Time Inc. faces "some serious cyclical headwinds," and a reorganization to focus on internet publishing should eventually pay off, Chris Marangi, an analyst at Gabelli & Co., told Bloomberg News.

For the third quarter, Time Warner reported earnings of $1.07 billion, or 30 cents per share, compared with $1.09 billion, or 29 cents per share, in the quarter a year earlier. Revenue was essentially flat, at $11.7 billion.

Cable and television production (HBO, Turner) continued to be very strong businesses. Magazines and AOL were the problem children.
 
Movies were just so-so, despite the box office success of The Dark Knight and the home-video release of Sex and the City: The Movie. Revenue declined 9 percent and earnings rose just 2.6 percent. The quarter a year ago featured Harry Potter and the Order of the Phoenix, Rush Hour 3, Hairspray, and the video release of 300.

There was no news on what will be done with AOL, despite some signs earlier this fall of a possible merger with Yahoo. The online business continues to bleed: Revenue fell 17 percent, profit slumped 9 percent, and the number of subscribers fell 26 percent for the quarter.

Related Links
Jeffrey Bewkes
And What About AOL?
Big Media. Bad Idea


Source: Portfolio.com: Top 5 | 5 Nov 2008 | 1:30 pm

GMAC has $2.52 billion loss; ResCap survival at risk

NEW YORK (Reuters) - Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by the housing slump and vehicle lease writedowns, and said its mortgage unit, one of the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Nov 2008 | 1:25 pm

Greenhill Files To Sell Shares (GHL)

Source: 24/7 Wall St. | 5 Nov 2008 | 1:24 pm

Solar stocks for a rainy day

No one loves Arnold Schwarzenegger more than the solar industry. Kicking off the nation's largest gathering devoted to all things sunny, the California governor won thunderous applause and two standing ovations from the crowd of 20,000 at the San Diego Convention Center. "What's green for the environment can also be green for the economy," he said. "Solar is the future; it's now; it can't be stopped."

Source: Business and financial news - CNNMoney.com | 5 Nov 2008 | 1:21 pm

UPDATE 1-Devon Energy profit rises

NEW YORK, Nov 5 (Reuters) - Devon Energy Corp
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Nov 2008 | 1:18 pm

UPDATE 3-Medco profit rises 38 percent on generics

posted a 38 percent increase in quarterly profit on
Source: Infocious RSS raw feed - channel BNewsBusiness | 5 Nov 2008 | 1:16 pm

Bond insurers post big losses

NEW YORK (Reuters) - Bond insurers MBIA Inc and Ambac Financial Group reported large third-quarter losses on Wednesday, hurt by further writedowns and limited new business.

Source: Reuters: Business News | 5 Nov 2008 | 1:13 pm

Bond insurers post big losses (Reuters)

Reuters - Bond insurers MBIA Inc and Ambac Financial Group reported large third-quarter losses on Wednesday, hurt by further writedowns and limited new business.

Source: Yahoo! News: Business | 5 Nov 2008 | 1:13 pm

Top Pre-Market Analyst Upgrades (CMA, FITB, IRM, RF, SPSS, AMTD, THO, TDG)

These are some of the top pre-market analyst upgrades we are seeing this Wednesday morning:

• Comerica (CMA) Raised to Outperform at Bernstein.
• Fifth Third Bancorp (FITB) Raised to Outperform at Bernstein.
• Iron Mountain (IRM) Raised to Outperform at Credit Suisse.
• Regions Financial (RF) Raised to Outperform at Bernstein.
• SPSS Inc. (SPSS) Raised to Buy at Jefferies.
• TD Ameritrade (AMTD) Raised to Outperform at Raymond James.
• Thor Industries (THO) Raised to Neutral at Baird.
• Transdigm Group (TDG) Raised to Buy at UBS.

Jon C. Ogg
November 5, 2008

Source: 24/7 Wall St. | 5 Nov 2008 | 1:08 pm

Bonds fall after Obama's election

U.S. Treasury prices fell Wednesday after voters elected Barack Obama president, even as stock futures edged lower.

Source: Business and financial news - CNNMoney.com | 5 Nov 2008 | 12:45 pm

Top Pre-Market Analyst Downgrades (AHII, NILE, FOSL, HNT, HSNI, IPCS, LPX, MCHP, PALM, PPCO, RJF, PCU)

These are some of the top pre-market analyst downgrades we are seeing this Wednesday morning with more than two hours until the market opens:

• Animal Health (AHII) Cut to Neutral at Piper Jaffray.
• Blue Nile (NILE) Cut to Underweight at JPMorgan.
• Fossil (FOSL) Cut to Underweight at JPMorgan.
• Health Net (HNT) Cut to Hold at Deutsche Bank.
• HSN (HSNI) Started as Underweight at JPMorgan.
• IPCS (IPCS) Cut to Hold at Jefferies.
• Louisiana-Pacific (LPX) Cut to Neutral at Banc of America.
• Microchip Technology (MCHP) Cut to Sell at Goldman Sachs.
• Palm (PALM) Cut to Market Perform at Morgan Keegan.
• Penwest Pharmaceuticals (PPCO) Cut to Neutral at Baird.
• Raymond James Financial (RJF) Cut to Underperform at Wachovia.
• Southern Copper (PCU) Cut to Sell at Deutsche Bank.

Jon C. Ogg
November 5, 2008

Source: 24/7 Wall St. | 5 Nov 2008 | 12:40 pm

Planned layoffs jump to near five-year high

NEW YORK (Reuters) - Planned layoffs at U.S. firms surged to their highest in nearly five years during October, with cuts in the financial and auto sectors leading the charge as the economic outlook worsened, a report by outplacement firm Challenger, Gray & Christmas said on Wednesday.

Source: Reuters: Business News | 5 Nov 2008 | 12:32 pm

Farm borrowing at record levels

Farmers are borrowing money at record levels as higher food prices encourage them to buy land and new machinery.
Source: BBC News | Business | World Edition | 5 Nov 2008 | 12:26 pm

Time Warner earnings up, but outlook cut

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 5 Nov 2008 | 12:19 pm

Asia cheers Obama, Europe down

Global stock markets were mixed Wednesday, after Democrat Barack Obama claimed a historic victory in the U.S. presidential election, as economic concerns overshadowed relief that the long campaign was finally over.

Source: Business and financial news - CNNMoney.com | 5 Nov 2008 | 11:53 am

Time Warner (TWX) Cuts Forecasts, And, It Could Get Worse

Source: 24/7 Wall St. | 5 Nov 2008 | 11:50 am

ITV predicts 'challenging' 2009

Broadcaster ITV predicts that the current economic slowdown will hit TV and online advertising in 2009.
Source: BBC News | Business | World Edition | 5 Nov 2008 | 11:42 am

Downturn points to cut in rates

Gloomy figures on the UK's manufacturing and services sector underscore calls for an aggressive cut in interest rates.
Source: BBC News | Business | World Edition | 5 Nov 2008 | 11:37 am

The Death Of The "China Miracle" Hits Car Sales (GM)(F)(WMT)(GE)(MCD)(HPQ)

US car sales have been awful, running off as much as 30% recently. But, there is always China. It is big for McDonald's (WMT), Wal-Mart (WMT), GE (GE), and Hewlett-Packard (HPQ). Everyone wins in China. So, why not GM (GM) and Ford (F)?

Too bad that car sales in China have turned rotten.

In the first part of 2008, vehicle sales in the world's most populated country surged 20% compared with the year before. For the balance of the year they may be no better than flat. JD Power says that 2009 could be even worse.

Now that US car companies are threatened with extinction they had to hope they could sell investors on one last frontier of potentially huge growth. It looked like that would be in emerging countries, but the assumption is dying quickly.

The car market in China has not only flattened out. It has been such an attractive target the every major auto company in the world has poured in resources. And, the Chinese are putting together their own local operations to compete with all of those outsiders. The competition for the local consumer gets tougher by the year.

The "China miracle" is not something US car companies can brag about anymore.

Douglas A. McIntyre

Source: 24/7 Wall St. | 5 Nov 2008 | 11:32 am

Fall in eurozone retail sales

Retail spending in September and service sector activity in October decline across the eurozone, official figures show.
Source: BBC News | Business | World Edition | 5 Nov 2008 | 11:29 am

Robert Peston

Obama will start his new job shackled by America's debt
Source: BBC News | Business | World Edition | 5 Nov 2008 | 11:17 am

Arcelor plans 30% cut in output

The world's largest steelmaker, ArcelorMittal, says it will double planned output cuts in the fourth quarter to 30%.
Source: BBC News | Business | World Edition | 5 Nov 2008 | 11:16 am

Michael Dell Has Problems With The Truth

Michael Dell is confused. He must wander the streets of Austin with his mind in a haze.

Only recently Dell said his company is doing super in the Middle East. He said that China was the "engine" for the PC firm's expansion. His world has gotten so good, it is hard to believe that there is anything wrong with the economy

Dell either changed his mind in a few short weeks or Dell's business (DELL) went to hell in a hurry. He means to take the troubles out on his employees.

According to The Wall Street Journal, "The company is imposing a hiring freeze, offering employees voluntary buyouts and asking workers to take one to five days off without pay."

The PC company has $8 billion in the bank and made over $700 million last quarter.

The time off without pay is an especially nice touch. There is a veiled threat in there somewhere. If you won't go away and save us money, we might just have to fire you. Dell did not say that, but the math of the typical big company P&Ls lets everyone know it is true. The expense cuts have to come from somewhere

Michael Dell, who is by most counts a billionaire, and had total compensation in excess of $2 million is not taking a pay cut. Why should he? It's his company.

Douglas A. McIntyre

Source: 24/7 Wall St. | 5 Nov 2008 | 11:13 am

Asian stocks up on Obama victory

Shares in Asia see strong gains following the election of Democrat Barack Obama as the next US president.
Source: BBC News | Business | World Edition | 5 Nov 2008 | 11:13 am

Carlsberg calls time on Leeds brewery

Carlsberg, the Danish brewer that recently bought part of Scottish & Newcastle (S&N), confirmed this morning that it plans to close the Tetley's brewery in Leeds in 2011, putting 170 jobs at risk.
Source: Latest Business News from Times Online | 5 Nov 2008 | 11:09 am

European stocks drop, Asians rise on Obama's US vote triumph (AFP)

AFP - European stock markets endured heavy falls in early trading on Wednesday while Asian shares closed sharply higher after Democrat Barack Obama was elected US president.

Source: Yahoo! News: Business | 5 Nov 2008 | 10:59 am

HSBC risks trustee clash over pension changes

HSBC will decide within the next six weeks whether to press ahead with controversial changes to its pension arrangements in what could trigger a damaging clash with unions, thought to be poised to reject the bank's plans.
Source: Latest Business News from Times Online | 5 Nov 2008 | 10:53 am

Oil lower amid economy fears

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 5 Nov 2008 | 10:07 am

UK services plummet to new low

Britain's service companies, which make up 60 per cent of the UK economy, were battered in October as consumers reined in their spending amid the looming recession.
Source: Latest Business News from Times Online | 5 Nov 2008 | 10:03 am

AIB scraps dividend to shore up balance sheet

Allied Irish Bank (AIB) today announced that it will scrap its dividend in a bid to support its balance sheet, sending the lender's shares down by 9 per cent.
Source: Latest Business News from Times Online | 5 Nov 2008 | 9:52 am

Wall Street Rally Buoys Asian Markets but Europe Slips

European stocks tumbled in early trading Wednesday, following a rally in Asia, as investors studied the implications of Barack Obamas election as president.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Nov 2008 | 9:40 am

Cheaper gadgets in vogue this holiday

Even when money is tight, gadgets are high on holiday wish lists. But instead of rushing to grab the latest gizmo, many folks are eyeing refurbished TVs and stripped-down purse-sized laptops under $600.

Source: Business and financial news - CNNMoney.com | 5 Nov 2008 | 8:47 am

ITV warns Christmas advertising will fall 9%

ITV gave warning this morning that its advertising revenues would tumble by 9 per cent in the crucial Christmas quarter, reflecting the impact of a weak economy on the broadcaster of Coronation Street.
Source: Latest Business News from Times Online | 5 Nov 2008 | 8:08 am

Currency: Dollar mixed against election backdrop

The New Zealand dollar was mixed, reflecting shifts in the US dollar in thin trading as investors awaited the outcome of the US presidential election. The NZ dollar climbed strongly overnight to a two-week high against the greenback,...
Source: New Zealand Herald - Business | 5 Nov 2008 | 8:07 am

Budget-minded shoppers rediscover layaway plans

In tough times, buying on the installment plan is making a comeback.

Qiana Zimmerle got an early start on her Christmas shopping last week, heading to a Kmart in Burbank where she loaded up a cart with toys, clothes and a High School Musical game.

Source: L.A. Times - Business | 5 Nov 2008 | 8:00 am

Government's mortgage relief program gets few takers

The Hope for Homeowners plan's limitations damp interest among both borrowers and lenders. The federal government's...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Nov 2008 | 8:00 am

Budget-minded shoppers rediscover layaway plans

In tough times, buying on the installment plan is making a comeback. Qiana Zimmerle got an early start on her...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Nov 2008 | 8:00 am

FCC votes to turn empty TV spectrum into wireless Internet access

The plan allows high-tech firms such as Google and Microsoft to develop a new generation of devices that will use the 'white spaces' between channels to go online. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Nov 2008 | 8:00 am

Credit card debt forgiveness for some benefits all

In these extraordinary times, card issuers' plan to erase up to 40% of some customers' debt would also be good for those who pay their bills on time. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Nov 2008 | 8:00 am

California attorney general charges 8 people in alleged mortgage scam

The 39-count complaint includes felony charges of grand theft, money laundering and conspiracy.

After falling behind on their house payments, Eleuteria and Arthur Washington of Redlands responded to a flier they got in the mail promising to help them renegotiate their mortgage.

Source: L.A. Times - Business | 5 Nov 2008 | 8:00 am

California attorney general charges 8 people in alleged mortgage scam

The 39-count complaint includes felony charges of grand theft, money laundering and conspiracy. After falling...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Nov 2008 | 8:00 am

FCC OKs Verizon-Alltel, Sprint-Clearwire deals

ACQUISITIONS FCC OKs Verizon-Alltel, Sprint-Clearwire deals
Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Nov 2008 | 8:00 am

FCC investigates cable TV pricing policies

Customers are getting less and paying more, the agency's chairman says. The Federal Communications Commission...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Nov 2008 | 8:00 am

Factory orders fall 2.5% in September

Factory orders in September dropped far more than analysts expected as the U.S. manufacturing sector continues to suffer from the economic slump.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Nov 2008 | 8:00 am

AT & T to try limiting subscribers' data use

The company, which says half of its total bandwidth is used by 5% of customers, began testing the new policy in Reno this month. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 5 Nov 2008 | 8:00 am

FCC votes to turn empty TV spectrum into wireless Internet access

The plan allows high-tech firms such as Google and Microsoft to develop a new generation of devices that will use the 'white spaces' between channels to go online.

Federal regulators on Tuesday approved the largest ever expansion of wireless Internet access, unanimously backing a controversial plan to allow a new generation of devices to use the empty airwaves between television channels to go online.

Source: L.A. Times - Business | 5 Nov 2008 | 8:00 am

Credit card debt forgiveness for some benefits all

In these extraordinary times, card issuers' plan to erase up to 40% of some customers' debt would also be good for those who pay their bills on time.

When I heard last week that banks want to forgive up to 40% of some customers' credit card debt, my first question was, "What's the catch?"

Source: L.A. Times - Business | 5 Nov 2008 | 8:00 am

Government's mortgage relief program gets few takers

The Hope for Homeowners plan's limitations damp interest among both borrowers and lenders.

The federal government's Hope for Homeowners program launched Oct. 1 was initially projected to help as many as 400,000 struggling borrowers avert foreclosure over the next three years.

Source: L.A. Times - Business | 5 Nov 2008 | 8:00 am

NZ stocks: Market rises in thin trade

The New Zealand sharemarket rose today along with offshore markets but trading volume remained thin ahead of the local election this weekend. As the market closed Barack Obama was elected president of the United States in a clear...
Source: New Zealand Herald - Business | 5 Nov 2008 | 7:40 am

'Change has come' - Barack Obama wins US presidential election

Videos: Obama speech - full | Tale of the night | Rise of Obama
Source: Latest Business News from Times Online | 5 Nov 2008 | 6:06 am

Obama on Science

The other day, a friend told me how his 13-year-old son had told him about a program on Barack Obama's website that could be downloaded into an iPhone. The software automatically flagged people living in swing states in the phone's address book.

"That way you can ask them to vote for Obama," said the 13-year-old.

Obama's internet savvy was critical to his victory in yesterday's presidential election, netting him untold millions in campaign contributions, and mobilizing armies of supporters—including those who are too young to vote.

It also demonstrates an ease with and a refreshingly creative embrace of technology and science that is strikingly dissimilar to the policies and actions of President Bush.

Bush's neglect of—and, at times, hostility toward—science and technology has been hugely destructive on issues ranging from restrictions on funding for stem cell research to failing to rein in green house gases.

Basic infrastructure in transportation, energy, and many other areas that depend on proper funding and keeping up with new technologies have also suffered from neglect and meager budgets.

Far worse has been the administration's systematic disregard for facts when they did not agree with policies and beliefs.

These include claims that humans do not cause global warming, a stance that the presidents has only recently amended—and attempts to alter scientific studies and expert opinions that ran counter to his ideology. At one point, federal agency websites included a spurious claim that abortions can cause breast cancer.

In contrast, Obama has plans for aggressively moving forward with science and technology as an engine for growth in America. To him it is a means to put people to work, improve and repair the nation's battered infrastructure, and fund ideas that might trigger more breakthroughs like those that have been a central part of American culture for over a century.

For a civilization based on science and technology, it may be the only way out of crucial dilemmas such as global warming, declining oil supplies, and the continuing scourge of disease.

"We need a war on cancer and against global warming, not a war on science," said Tom Kalil, a former science and technology advisor to President Bill Clinton who was Hilary Clinton's science adviser during the primary campaign.

During the campaign, Obama talked about launching an initiative to create renewable sources of energy akin to the Apollo space program in the 1960s that put men on the moon.

Among other things, he said he wants to double the budgets of the National Institutes of Health, the National Cancer Institute, and other federal research and development agencies in the next 10 years.

The president elect wants to and boost science education and to restore U.S. leadership in science and technology in the world,

Obama wants to fund reforms at the Food and Drug Administration, and to better integrate the F.D.A. with the Centers for Disease Control, the Centers for Medicare and Medicaid Services, and other key health and regulatory agencies.

Other key promises:

• The new Administration will increase federal investment in the clean energy research, development and deployment to $150 billion over 10 years.


• The U.S. government will commit to reducing greenhouse gas emissions to 20 percent of 1990 levels by 2050.


• President Obama will lift the federal restrictions on embryonic stem cell research imposed by President Bush.

In the days leading up to the election, 76 Nobel laureates endorsed for Obama, representing a scientific establishment that has felt underappreciated, to say the least, for the last eight years.

The excitement with the new president's promises among scientists and technophiles is palpable, though there is a huge potential brake looming with the financial crisis and a national debt in the trillions of dollars.

It will take extraordinary leadership and political skill to find the resources to fulfill even a modest version of these promises.

Whether this comparative newcomer to national politics is up to it remains a huge question—though I know one person who is sure he will get it right.

That's my own 13-year-old son, who wants to be a scientist—and can't wait to vote in the presidential election of 2016.Related Links
Over 70 Nobel Science Laureates Endorse Obama
Global Warming Takes Center Stage
Bush Makes Progress at G8


Source: Portfolio.com: Top 5 | 5 Nov 2008 | 5:00 am

Insurer Health Net shifts management after weak profit report

COO James Woys takes on responsibility for all operational matters, and CEO Jay Gellert is removed from daily operations to focus on strategy.

Woodland Hills-based insurer Health Net Inc. announced a management realignment Tuesday amid weak profit and a downward revision of its earnings projections for 2008 that sent shares sliding.

Source: L.A. Times - Business | 5 Nov 2008 | 4:48 am

US Election: how the dramatic night unfolded

11.00 Missouri and North Carolina are the only states still counting – both are expected soon. Indiana finally succumbed to the Democratic tide and handed its 11 electoral votes to President-elect Obama. The first time the state has turned blue since 1964.
Source: Latest Business News from Times Online | 5 Nov 2008 | 2:39 am

Trends & Innovations - Tuesday

Coating boosts light absorption

Source: Investor's Business Daily: BUSINESS | 5 Nov 2008 | 12:39 am

Software Maker Helps Hospitals Stay On Top Of Stingy Insurers

Pity the poor hospital, the one in four that loses money. A lot of the others just get by.

Source: Investor's Business Daily: BUSINESS | 5 Nov 2008 | 12:39 am

After The Close - Tuesday

WEIGHT WATCHERS (WTW), a provider of diet programs, said Q3 EPS rose 11% to 69 cents ex items, topping views by 2 cents. Sales jumped 4% to $353...

Source: Investor's Business Daily: BUSINESS | 5 Nov 2008 | 12:39 am

Business Briefs - Tuesday

Marvel tops, but guides '09 low. The comic-book publishing and licensing company said Q3 EPS gained 42% to 64 cents, smashing views by 19 cents....

Source: Investor's Business Daily: BUSINESS | 5 Nov 2008 | 12:39 am

In Brief - Tuesday

AK Steel (AKS) cut its Q4 shipment forecast to 1.2 mil tons, down from 1.4 mil, citing weaker-than-expected economic conditions. It rose 3% to 13.94.

Source: Investor's Business Daily: BUSINESS | 5 Nov 2008 | 12:39 am

Analysis: Barack Obama's victory is head-spinning stuff

The American people yesterday demonstrated once again their unique capacity for self-renewal by electing the first black man as head of state, not much more than a generation after the country’s African-Americans were accorded full civil rights.
Source: Latest Business News from Times Online | 5 Nov 2008 | 12:00 am

Mortgage rates falling but risks in fixing - ASB

Mortgage rates are coming down, say ASB economists, making it risky to fix an interest rate for too long. In its Home Loan Rate Report, the bank lays out the pros and cons of taking out mortgages for varying terms. "Mortgage...
Source: New Zealand Herald - Business | 5 Nov 2008 | 12:00 am

An Obama rally on Wall Street, and beyond?

Source: L.A. Times - Business | 4 Nov 2008 | 11:28 pm

NZ Shares: Solid start for local market

The New Zealand sharemarket had a solid start to trading, following a strong performance by United States' equities as US voters choose a new president. Leading stock Telecom rose 2c early to $2.39, after a 7c fall yesterday, while...
Source: New Zealand Herald - Business | 4 Nov 2008 | 10:37 pm

AMP launches $A500m share placement

SYDNEY- Wealth manager AMP has launched a A$500 million ($582.7 million) institutional share placement and retail offering to "strengthen its balance sheet and increase flexibility for business growth". AMP said it was...
Source: New Zealand Herald - Business | 4 Nov 2008 | 10:30 pm

Fonterra looks for ways to repay debt and preserve its cash

New Zealand's largest exporter and its largest non-bank foreign borrower, Fonterra, has revealed the scale of its debt problem by announcing a major strategic turnaround that will anger contract milk suppliers, but could provide NZ$300...
Source: New Zealand Herald - Business | 4 Nov 2008 | 10:30 pm

Barclays's Pond Likes TIPS over Nominal Treasuries

Source: Bloomberg - All Podcasts | 4 Nov 2008 | 10:18 pm

VIX Index of U.S. Stock Option Prices Retreats 11.1% to 47.73

Source: Bloomberg - All Podcasts | 4 Nov 2008 | 10:16 pm

Jim Rogers Favors ETFs, Says Market Will Continue to Fall

Source: Bloomberg - All Podcasts | 4 Nov 2008 | 10:15 pm

Princeton's McPherson Calls Lincoln `Greatest' President

Source: Bloomberg - All Podcasts | 4 Nov 2008 | 10:02 pm

Investors in Strategic likely to be repaid

Strategic Finance investors should get all of their principal back in a moratorium arrangement being drafted by management the company's chief executive, Kerry Finnigan, said yesterday. Strategic froze repayments to 15,000 investors...
Source: New Zealand Herald - Business | 4 Nov 2008 | 10:00 pm

Wall St rallies on election day

The prospect of a clear winner helped lift the market as investors looked forward to strong political leadership to deal with the financial and economic crisis, ending months of uncertainty
Source: FT.com - US homepage | 4 Nov 2008 | 9:55 pm

Retailers hope Christmas will erase a wretched year

The Christmas sales period could save retailers from a terrible year as household costs fall, but salvation is far from certain. Hallenstein Glasson and Briscoe Group yesterday posted drops in quarterly sales, as shops continued...
Source: New Zealand Herald - Business | 4 Nov 2008 | 9:30 pm

US stocks: Election day elation reflects on Wall St

Wall Street enjoyed an Election Day rally this morning, surging as investors brushed off weak economic data and looked forward to putting the uncertainty of the presidential voting behind them. The Dow Jones industrial average...
Source: New Zealand Herald - Business | 4 Nov 2008 | 9:30 pm

U.S. makes 'I-bonds' more attractive

Source: L.A. Times - Business | 4 Nov 2008 | 8:34 pm

ISI's Gallagher Sees Democratic Gains in Bush Territory

Source: Bloomberg - All Podcasts | 4 Nov 2008 | 8:32 pm

When you can't afford pills you need

Even Big Pharma is feeling a pinch. For one thing, people are skipping their medicine because they can't afford it any more. Ashley Milne-Tyte has more on the economic blows to health care.
Source: Marketplace | 4 Nov 2008 | 7:10 pm

Letters: Tinkerbell and a modern pirate

This week our listeners wrote in about auto-worker benefits, the Great Depression and the darker side of Tinkerbell. Also, abut a pirate who's no Capt. Hook. Kai Ryssdal picks out a few.
Source: Marketplace | 4 Nov 2008 | 7:10 pm

Financial wisdom of a Biblical kind

Our "What I'm Doing" series turns to Don Vandoski, a lay leader at a church in Indiana, who says faith and scripture inform his decisions during these difficult times. He's started a ministry called "Financial Peace."
Source: Marketplace | 4 Nov 2008 | 7:10 pm

America needs modern industries

In the most recent issue of Harper's, Eric Janszen, founder of iTulip.com, calls for a broad re-industrialization of the American economy. Kai Ryssdal talks with him about putting strength back into the country.
Source: Marketplace | 4 Nov 2008 | 7:09 pm

Let paid employees staff polling places

Commentator Carlos Concepcion says businesses that recruit employees to work at polling places with pay are being more than patriotic. Having skilled workers at the polls is vital to the democratic process.
Source: Marketplace | 4 Nov 2008 | 7:09 pm

Campaign was boom time for TV

This was one long campaign, and TV stations are just fine with that. Estimates put the amount spent on TV ads at $2.5 billion. Then there's the ratings boosts -- and not just from Tina Fey. Stacey Vanek-Smith has more.
Source: Marketplace | 4 Nov 2008 | 7:09 pm

Paulson wants wider bailout

The Treasury wants to extend the bailout beyond banks, because it's a way of injecting capital into the economy quickly. But Washington Bureau Chief John Dimsdale reports that not everyone likes the idea.
Source: Marketplace | 4 Nov 2008 | 7:09 pm

Did the election help credit markets?

The credit markets are starting to thaw, and that means confidence is returning to the banking system. Why now? Jeremy Hobson looks into whether the election had any effect on the country's financial mood.
Source: Marketplace | 4 Nov 2008 | 7:09 pm

Blog: Credit thaw quickens; key short-term rates hit 4-year lows

Source: L.A. Times - Business | 4 Nov 2008 | 7:03 pm

Encima's Malpass Says Tax Changes Possible Under Obama

Source: Bloomberg - All Podcasts | 4 Nov 2008 | 6:30 pm

Gallup's Newport Says Virginia `Can Go Either Way'

Source: Bloomberg - All Podcasts | 4 Nov 2008 | 6:19 pm

Brookings's Thomas Mann Sees `Comfortable Victory' for Obama

Source: Bloomberg - All Podcasts | 4 Nov 2008 | 6:15 pm

EU calls for tighter financial controls

EU finance ministers approved a set of proposals in advance of a global summit of advanced industrial and emerging countries in Washington this month on strengthening the world's financial system
Source: FT.com - US homepage | 4 Nov 2008 | 6:05 pm

Vote, Baby, Vote

Well, it's finally here. The longest and loudest presidential campaign in history concludes today, as millions of Americans head to the polls (unless of course, we see a repeat of 2000, which no one wants).

When it's all over and we're adjusting to the reality of a President Obama or a President McCain, what will we have learned from the election of 2008?

1. MARKETS LOVE CHANGE: After weeks of being battered, the markets are ready for a fresh start. Look at today. U.S. stocks jumped in early trading, despite the news of a worse-than-expected drop in factory orders.
   
   The optimism is being shared elsewhere, as European markets moved higher and Asian markets stayed steady. The markets aren't responding to the specifics of how an Obama or a McCain administration will handle the economy. They're ticking positive because, finally, the policies of the past are ending.



2. ECONOMY TRUMPS ALL: Here's a lesson for any future presidential candidate. If the economy is in the toilet and you're representing the party in power, don't go measuring the drapes in the White House.
   
   This election had so many big issues on the table: America's prolonged involvement in Iraq and Afghanistan; a debate over where the nation will get its energy resources; a moral and legal fight over same-sex marriage.
   
   But nothing besides the economy mattered. On this, Obama came out ahead because of his calm manner and his clear target on relief for the middle class. McCain's suggestion that Obama was practicing socialism because he wanted to tax the wealthy more barely moved the needle.



3. THE DEATH OF PUBLIC FINANCING: Obama became the first party nominee in modern elections to reject public funding for his campaign. Instead, he kept on raising money throughout the general election campaign. This allowed him to avoid the spending limits imposed on candidates who accept the funds.
   
   McCain will be seen as the last candidate to accept public money and the limits that go with them. His cries that Obama was buying the election had no resonance with voters. And his decision to stay within the campaign-finance system may have been in keeping with his good government character, but it failed him on the campaign trail.



4. NOTHING BEATS A GOOD CATCHPHRASE: By now everyone knows that the Republican mantra this year was "Drill, Baby, Drill." Rudy Giuliani used it to great effect during the Republican National Convention in Saint Paul.
   
   But you might not know that its first use was here on Portfolio.com, as a headline on a blog post the day Sarah Palin was tapped to be McCain's running mate.
   
   On the stump, Palin loved to repeat the line, despite the fact its original intent was to describe a woman who saw no problem in tearing through America's natural resources. It wasn't written as a positive, yet Republicans managed to turn it into one for them.
   
   Even the Democrats appropriated it when it fit. During rallies for Obama's veep choice Joe Biden, his wife was met with chants of "Jill, Baby, Jill."



5. THE NATION IS ANGRIER THAN EVER: This election had such promise. It should have been one where two reasonable, noble, and gracious Senate colleagues had an honest debate about the challenges we face.
   
   Instead, we got an election in which any attempt to discuss a candidate's policies was seen as an automatic negative. We got an election where long-past associations were held up as proof of something evil. We got accusations that if you didn't hold certain beliefs you were anti-American. And we got racism and sexism and ageism.

So what happens now? Whoever wins today has much work to do, not only to fix the many concrete ills facing the nation, but also to calm the vitriol and find a common ground. He'll need all the luck he can get on that front. Related Links
Hear the One About McCain?
The Biden-Palin Panderfest
Idle Chatter: Debate Ratings; 'Star-Ledger' Saved


Source: Portfolio.com: Top 5 | 4 Nov 2008 | 5:00 pm

US factory orders continue sharp decline

Overall US factory orders dropped 2.5 per cent in September to a seasonally adjusted $432bn – much steeper than the 0.8 per cent decline that Wall Street economists had forecast
Source: FT.com - US homepage | 4 Nov 2008 | 3:56 pm

Global Insight's Bethune Sees U.S. Economy Improving Late 2009

Source: Bloomberg - All Podcasts | 4 Nov 2008 | 3:02 pm

Markets Rise as Voting Begins

Stocks rallied broadly at the open as Americans across the country lined up to vote.

The Dow Jones industrial average shot up nearly 200 points, to 9,523, a gain of about 2.2 percent. All but one of the 30 stocks in the Dow were higher; the lone exception was Hewlett-Packard.

Similar gains were seen on the Standard & Poor's 500 stock index, which was up more than 2 percent, and the Nasdaq Composite Index, up about 1.4 percent.

In Europe, the FTSE 100 index in Britain, the CAC 40 in France, and the DAX in Germany all were up more than 2 percent. In Japan, the Nikkei 225 index soared more than 6 percent earlier today.

Long lines were reported at polling stations across the country as voters settled the question of whether Barack Obama or John McCain will succeed President Bush in January. It is a dubious prize: Whichever candidate succeeds, he will face a brutal economy. Unemployment is rising, output is falling, credit is tight, profits are shrinking, and consumers are as tightfisted as they have been in several generations.

Related Links
Carly Fiorina
Sell for Obama, Buy for McCain
Fashion Week Party Circuit: Diller, Google Guy, Serena Williams...


Source: Portfolio.com: Top 5 | 4 Nov 2008 | 2:30 pm