World Business News Headlines for November 24, 2008

Fibre deal for south

National grid operator Transpower has signed a $20 million-plus 10-year deal for enhanced fibre services in the South Island from TelstraClear's Next IP Network. TelstraClear completed its 950km South Island fibre ring in January....
Source: New Zealand Herald - Business | 24 Nov 2008 | 4:30 pm

Barclays sees £7bn plan approved

Barclays shareholders vote overwhelmingly in favour of a plan to raise £7bn, mainly from investors in the Middle East.
Source: BBC News | Business | World Edition | 24 Nov 2008 | 4:19 pm

Emerging Markets Report: Equities in Moscow rally; Micex stock index up 17%

Equities in Moscow rally, buoyed by rising oil prices and heightened risk appetite among investors following the U.S. government's rescue of Citigroup.

Source: MarketWatch.com - Top Stories | 24 Nov 2008 | 4:13 pm

Darling cuts VAT in pre-Budget

Chancellor Alistair Darling cuts VAT from 17.5% to 15% but increases top rate income tax in his pre-Budget report.
Source: BBC News | Business | World Edition | 24 Nov 2008 | 4:11 pm

U.S. bails out Citi with $20 billion capital, guarantees

NEW YORK (Reuters) - The U.S. government has bailed out Citigroup Inc, agreeing to shoulder most of the potential losses on $306 billion of high-risk assets and inject $20 billion of new capital in its biggest move yet to rescue a bank.

Source: Reuters: Business News | 24 Nov 2008 | 4:11 pm

UK, U.S. to set newest economic battle plans

NEW YORK/LONDON (Reuters) - Britain and the United States moved to unveil their newest strategies to battle the global economic crisis on Monday even as European fears of a long-lasting recession deepened.

Source: Reuters: Business News | 24 Nov 2008 | 4:08 pm

Energy Stocks: Drilling firms lead gains in sector

Energy stocks rose with the broad market in early action on Monday as investors in oil, natural gas and drilling firms took heart with the historic bailout of Citi.

Source: MarketWatch.com - Top Stories | 24 Nov 2008 | 4:01 pm

US Govt offers Citigroup $37b rescue

The United States Government has unveiled a bold plan to rescue troubled Citigroup, including taking a US$20 billion ($37.49 billion) stake in the firm, which was the biggest US bank by value until the credit crunch struck. Government...
Source: New Zealand Herald - Business | 24 Nov 2008 | 4:00 pm

Supply chain experience gives Muir top job at agritech firm

Finance company Hanover's departing chairman, Greg Muir, is to take the reins of agritech firm Tru-Test next year. Muir - the winner of this year's Shareholders Association Golden Glob for his role at Hanover - will become the...
Source: New Zealand Herald - Business | 24 Nov 2008 | 4:00 pm

Carmakers warned plan must be viable

WASHINGTON - Leading Democrats expect US automakers will show Congress next month that they are worth rescuing and are capable of returning to global pre-eminence. Sceptical Republicans said yesterday that Detroit's Big Three needed...
Source: New Zealand Herald - Business | 24 Nov 2008 | 4:00 pm

Coal story big enough to share with public

Solid Energy brought its upbeat message on the future of coal to Auckland yesterday in what could be the first of regular annual public meetings involving state-owned enterprises. New Energy Minister Gerry Brownlee said the company...
Source: New Zealand Herald - Business | 24 Nov 2008 | 4:00 pm

Pumpkin Patch surges after company reveals share-buyback plan

Shares in children's clothing retailer Pumpkin Patch surged yesterday on news the company was looking to buy back 5 per cent of its own stock. Its shares pushed off the bottom of an all-time low of 80c yesterday - surging 13c or...
Source: New Zealand Herald - Business | 24 Nov 2008 | 4:00 pm

Tamsyn Parker: Get money out now, ING investors told

Investors in another troubled ING fund are being told to get their money out now or face the potential of a freeze. Ratings company Morningstar has downgraded the ING Credit Opportunities fund from investment grade to "avoid" and...
Source: New Zealand Herald - Business | 24 Nov 2008 | 4:00 pm

Major drop in lamb count

Lamb numbers have dropped dramatically because of last summer's drought and the expansion of dairy farming, says Meat & Wool New Zealand. Lamb numbers for the season, which started on October 1, are down 15 per cent at 27.3 million. Meat...
Source: New Zealand Herald - Business | 24 Nov 2008 | 4:00 pm

Solid Energy faces rebels with a Claus

Santa-suited protesters who claim Solid Energy "is destroying the North Pole" were criticised as doing nothing to help their cause. Three members of the Save Happy Valley Coalition made it on stage early during chief executive...
Source: New Zealand Herald - Business | 24 Nov 2008 | 4:00 pm

Australia budget in $1.18b meltdown, says economist

CANBERRA - Australia's budget is already running a deficit of A$1 billion ($1.18 billion), a leading economic forecaster says. Access Economics has released its independent economic forecast, which suggests Treasury coffers are...
Source: New Zealand Herald - Business | 24 Nov 2008 | 4:00 pm

Alistair Darling announces £20 billion economic boost

Citigroup soars as U.S. agrees to a sweeping rescue package

Citigroup shares rocket higher after federal officials back a $326 billion rescue in a plan aimed at averting chaos in the financial system.

Source: MarketWatch.com - Top Stories | 24 Nov 2008 | 3:58 pm

Oil rises to above $53

LONDON (Reuters) - Oil rose by more than $3 a barrel on Monday as investors considered the prospect of a further OPEC supply cut and as stock markets rallied following the U.S. government rescue of U.S. bank Citigroup.

Source: Reuters: Business News | 24 Nov 2008 | 3:57 pm

Tech Stocks: Market surge gives tech stocks strong boost

Technology stocks get a boost on a broad market upswing that was sparked by the announcement of a massive plan to bail out financial services giant Citigroup.

Source: MarketWatch.com - Top Stories | 24 Nov 2008 | 3:56 pm

Telecom Stocks: Big and small telecoms rally sharply

WASHINGTON (MarketWatch) - The telecommunications sector advanced sharply along with the rest of the U.S. market after the federal government moved to shore up Citibank and President-Elect Barack Obama announced plans to stimulate the economy once he takes office.

Source: MarketWatch.com - Top Stories | 24 Nov 2008 | 3:55 pm

Bush: More rescues like Citigroup possible

President Bush said Monday that the first step toward economic recovery is to stabilize the financial system - and that the government may step in to help financial institutions again the way it did with Citigroup.
Source: Business and financial news - CNNMoney.com | 24 Nov 2008 | 3:53 pm

Housing market gets even weaker

Sales of existing homes fell in October, after a sharp increase in the previous month, as potential buyers remain sidelined by the weak economy.
Source: Business and financial news - CNNMoney.com | 24 Nov 2008 | 3:53 pm

Market Snapshot: U.S. stocks get big boost from Citi rescue

U.S. stock sharply higher higher, extending the prior session’s solid gains, with bank shares in particular bolstered by word of Citigroup’s 11th-hour rescue by the government.

Source: MarketWatch.com - Top Stories | 24 Nov 2008 | 3:52 pm

What Path Will Nortel Take? (NT)

Nortel Networks Corp. (NYSE: NT) is one of the telecom equipment and networking stocks which just has not been able to get its act together. It has also been unable to find any serious friends as times for the sector and the economy are going against it. So at a time when the economy is going against it and when the company was not even able to do well when times were good for its sector, what are the company's options?

There have been some light rumors and concerns that the company may be heading toward a protective status in Canadian and/or US courts, although this may be based more upon its stock prices than on the actual books. We caution on using the "B" word for any public writing because S&P just affirmed its "B-" long-term debt ratings and because it has ample operating liquidity on the surface.

We featured this over the weekend in our "Under $10 Stocks" newsletter and we have panned this since many times on that letter even before it was a sub-$10.00 stock that we thought would go back under $10.00. We opined that things were bad enough that its name could easily change to "No-Tel" based upon what we were seeing. Well, now this is under $1.00, and not even close after closing at $0.42 (US) on Friday.

The problem that management cannot shake is that they stunk when telecom equipment was great, and they stink now that telecom equipment stinks. Unless Canada created its own TARP-equivalent for Nortel, things won't be able to get that much better here no matter how much they try. This company (and any company) can only restructure and announce layoffs so many times before there is nothing of any substance left.

What is interesting here is that with the stock so low, even on bad news for the foreseeable future it is a wonder if things can get much worse in the immediate term for common stock holders. Because of its balance sheet the company can stay afloat.

But it will soon have NYSE listing issues because of the sub-$1.00 share price, which won't be on a moratorium forever and it can't just easily do another reverse stock split. That was a dismal failure the last time around.

For the time being, the sell-off we have seen looks very extreme considering the liquidity it still has. The debt issue is always present here, so you still can't really consider it "safe" by traditional metrics. Stay tuned.

Jon C. Ogg
November 24, 2008

Source: 24/7 Wall St. | 24 Nov 2008 | 3:51 pm

Wall Street soars as Citi rescue calms investors

NEW YORK (Reuters) - Stocks rose on Monday as investors breathed a sigh of relief after Washington agreed to pump $20 billion into Citigroup, averting a bank collapse that could have imperiled the global financial system.

Source: Reuters: Business News | 24 Nov 2008 | 3:48 pm

Wall Street soars as Citi rescue calms investors (Reuters)

Reuters - Stocks rose on Monday as investors breathed a sigh of relief after Washington agreed to pump $20 billion into Citigroup, averting a bank collapse that could have imperiled the global financial system.

Source: Yahoo! News: Business | 24 Nov 2008 | 3:48 pm

Is Oil's Down Escalator Finally Heading Up? (XOM, COP, CEO, PBR, REP, PTR)

Oil company share prices have been in near free fall for the past six months. Exxon Mobil (NYSE:XOM) is off about 20% from its 52-week highs and ConocoPhillips (NYSE: COP) is off about 50%, but both are doing better than a basket of emerging economy stocks. CNOOC Ltd (NYSE:CEO) is down 68% for the past 52-weeks, PetroBras (NYSE:PBR) is off 77%, Repsol YPF (NYSE:REP) is down 57%, and PetroChina (NYSE:PTR) is off 64%. The drop in crude prices, down more than 65% since the July peak, is the main culprit. But even as crude prices continue to slide, share prices for these companies are beginning to make a comeback.

Since posting 52-week lows about a month ago, Exxon has gained back 36%, Conoco 15%, CNOOC has retrieved 20%, PetroBras 23%, Repsol 20%, and PTR 30%. That's a start, but there's only one case where there seems to be any explanation for the gains.

Conoco and Repsol are getting some good news from Russia. Russian oil giant Lukoil is set to pick up about 30% of Repsol from a couple of desperate investors in the Spanish/Argentine oil giant. (Conoco owns a 20% stake in Lukoil.) Ten days ago there were rumors that Russia's Gazprom would buy a 20% stake in Repsol from Spanish construction company Sacyr.

The deal apparently won't cost Lukoil anything because two of Sacyr's creditors are putting up the money for the Russians if Lukoil agrees to a premium of of about 2 euros above the price Sacyr paid for its Repsol stake 2 years ago. Lukoil wants an additional 10% of Repsol, and apparently there are willing sellers among the company's shareholders.

Before everyone gets carried away though, the Spanish government vetoed a 10% sale of Repsol to Lukoil just two years ago, arguing that such a sale was not in the country's best interest. No such veto is likely this time, however, unless the government wants to bail out Sacyr.

Aside from that little wrinkle, there's no particular reason that the oil company stocks should be gaining. Except that the oil that they are not pumping now is becoming more valuable as each day passes.

Paul Ausick
November 24, 2008

Source: 24/7 Wall St. | 24 Nov 2008 | 3:47 pm

Economic Report: Sales of existing homes fall in October as buyers pull back

Existing-home sales retreated last month as the weak stock market and a poor U.S. economic backdrop caused buyers to pull back, according to National Association of Realtors data.

Source: MarketWatch.com - Top Stories | 24 Nov 2008 | 3:47 pm

Metals Stocks: Gold hits five-week high on weaker dollar, safe-haven buying

Gold futures score gains for a fourth straight session, surging to their highest in more than five weeks amid safe-haven buying and a declining dollar.

Source: MarketWatch.com - Top Stories | 24 Nov 2008 | 3:44 pm

US agrees bail-out for Citigroup

The US government is investing $20bn in struggling Citigroup and taking on most of the potential losses from $306bn in risky assets as part of a series of actions to help the beleaguered bank
Source: Financial Times - US homepage | 24 Nov 2008 | 3:43 pm

Bush: More decisions like Citigroup possible

WASHINGTON -- President Bush says there could be more decisions like the government's dramatic rescue of Citigroup if other institutions need help.

Source: L.A. Times - Business | 24 Nov 2008 | 3:43 pm

Bush: More decisions like Citigroup possible

President Bush says there could be more decisions like the government's dramatic rescue of Citigroup if other institutions need help. Bush also says he consulted with President-elect...
Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Nov 2008 | 3:40 pm

Stocks jump after government bailout of Citigroup

NEW YORK -- Wall Street showed its relief today over the government's plan to bail out Citigroup Inc. -- a move it hopes will help address some of the uncertainty hounding the financial sector. Stocks jumped about 3 percent, extending Friday's big rally.

Source: L.A. Times - Business | 24 Nov 2008 | 3:39 pm

Romania may go into recession in 2009 says Moody's

Romania will likely enter a recession in 2009, a senior analyst for Moody's Investor Service said Monday, even as the country's prime minister insisted the economy would grow. Romanian...
Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Nov 2008 | 3:36 pm

Whole Foods: Trouble & Value Both (WFMI, KR)

Whole Foods Market, Inc. (NASDAQ: WFMI) is in an interesting spot right now. The company's growth has peaked for now due to the economy and due to a curtailing of past expansion plans. It also has some issues with its already-completed Wild Oats merger. The company also sits in a spot of the economy where it could be vulnerable to margin pressures. But there are some merits as well now that the stock has come so far down.

The organic and high-end grocer lost a bid on Friday at the Circuit Court of Appeals for the District of Columbia to review an appeals court decision that threw into question the legality of its already completed merger with former rival Wild Oats. Let's forget about the ramifications here for a moment and let's just pretend that the merger gets broken up here. It was not really a fair merger for the consumer, but it was completed and if this merger gets broken up then there are many others that should be broken up as well.

The other issue is that economy is in shambles and a court ruling of this sort might arguably hurt the company too bad for a court to kill a deal this far after the fact. What if Friday's closing price of $8.19 and an intra-day low of $7.04 before the end of day rally was pricing in the worst case scenario?

We still argue that the market is currently unable or unwilling to price almost anything in, but share prices are back under the lows of March 2001 and are now flirting with 1999 lows. If the stock drops much more it will be back to 1995 to 1997 levels.

We have noted over and over in the past how Kroger (NYSE: KR) has managed to pull away customers from Whole Foods on the consumer side by offering many competing goods or exact goods at not so "whole paycheck" prices. This may keep price pressure on at Whole Foods and therefore affects its margins. That was a longer-term issue which may not see the same sort of leaps and bounds ahead. But what is amazing is that Whole Foods sales have not fallen off the proverbial cliff. We literally could make the case that sales there should be off 15% to 20% or more, but that has not happened.

And the value case here is a compelling one. If the company comes anywhere near its projections with essentially flat sales, then the stock trades well under 10-times forward earnings. And the growth story is different than at traditional grocery stores. As the economy eventually picks back up, Whole Foods should have a spring-loaded earnings benefit associated with it. That recent $425 million investment from Leonard Green & Partners, L.P. isn't exactly a bad endorsement either.

This was part our "Under $10 Stocks" newsletter which went out this weekend. We also saw later on that Barron's made a value case here with one fund manager saying that in normal times this stock sale would be beyond the bottom. At current prices for investors who can slowly build positions for the long-term and who are not trading for the next hour's move, we agree.

Jon C. Ogg
November 24, 2008

Source: 24/7 Wall St. | 24 Nov 2008 | 3:35 pm

Auto crisis: What's ahead for GM?

Nobody from Detroit got a particularly warm welcome in Washington last week, but the reception was coolest for General Motors, the largest and most vulnerable automaker.
Source: Business and financial news - CNNMoney.com | 24 Nov 2008 | 3:34 pm

Stocks jump after government bailout of Citigroup

Wall Street showed its relief Monday over the government's plan to bail out Citigroup Inc. _ a move it hopes will help address some of the uncertainty hounding the financial sector. Stocks...
Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Nov 2008 | 3:34 pm

Workers cautious about 401(k) investments: survey

NEW YORK (Reuters) - Workers are increasingly cautious about investing in corporate retirement funds, having shifted money out of stocks, reduced how much they contribute and, in some cases, stopped contributions altogether or withdrawn money, according to a study released on Monday.

Source: Reuters: Business News | 24 Nov 2008 | 3:29 pm

Citigroup shares jump on bail-out

Shares in Citigroup jump more than 50% as investors welcomed the US government's rescue plan for the bank.
Source: BBC News | Business | World Edition | 24 Nov 2008 | 3:28 pm

Auto industry planning carpool to Washington

DETROIT -- The head of an auto parts company says there is talk about forming a car caravan to take the CEOs of Detroit's three automakers on their return trip to Washington to seek federal loans.

Source: L.A. Times - Business | 24 Nov 2008 | 3:27 pm

Auto industry planning carpool to Washington

DETROIT -- The head of an auto parts company says there is talk about forming a car caravan to take the CEOs of Detroit's three automakers on their return trip to Washington to seek federal loans.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Nov 2008 | 3:27 pm

UK economy to shrink 1.5 pct, says think tank

Britain's economy will shrink by 1.5 percent next year and unemployment could reach 2.5 million in 2010, up from the current 1.8 million, a leading London think tank predicted Monday. ...
Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Nov 2008 | 3:26 pm

Oil price crawls back above $50

Oil prices rise slightly above $50 a barrel after hitting their lowest level in three and a half years at the end of last week.
Source: BBC News | Business | World Edition | 24 Nov 2008 | 3:26 pm

Bruce Ontario Bruce 3 reactor back in service

NEW YORK, Nov 24 (Reuters) - Bruce Power LP's 750-megawatt Unit 3 at the Bruce nuclear power station in Ontario returned to service on Nov. 21, the company said in a release.
Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Nov 2008 | 3:25 pm

Citi rescue helps lift US stocks

US stocks opened higher on Monday after the US government agreed shortly before midnight on Sunday to a rescue package for Citigroup
Source: Financial Times - US homepage | 24 Nov 2008 | 3:23 pm

Nero Visits US Housing Market

Existing-home sales for October resumed their falling trends and the median prices showed the largest drop on record. Existing home sales fell to 4.98 million annualized, and that is down from estimates of 5.0 to 5.13 million.

This is a 3.1% decrease from September's revised 5.14 million annualized numbers.

The National Association of Realtors said that most home buyers have withdrawn from the market. The drop in stock prices and the deteriorating economy are the primary blames. Inventories were lower by 0.9% to 4.23 million houses for sale, but that still represents a supply of 10-months. The association believes housing prices have to fall further for inventories to come back down.

The median home price in October was $183,300, down 11.3% from $206,700 in October 2007. The price was the lowest since March 2004 and the percentage drop was the largest on record since 1968.

Jon C. Ogg
November 24, 2008

Source: 24/7 Wall St. | 24 Nov 2008 | 3:22 pm

Ukraine, Russia to hold talks amid gas dispute

Ukrainian officials on Monday rushed to Moscow for talks aimed at resolving a natural gas debt dispute and setting a price for Russian gas supplies in 2009. Russia says it will not sign...
Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Nov 2008 | 3:21 pm

Retail Stocks: Holiday worries drive retail shares lower ahead of Black Friday

Retail shares reverse their earlier gains amid worries that the broader economic slowdown may lead to a further cutback by consumers heading into retailers’ crucial holiday season.

Source: MarketWatch.com - Top Stories | 24 Nov 2008 | 3:20 pm

Barclays suffers investor mauling over £6bn deal

Investors in Barclays today staged a dramatic rebellion against its £6 billion capital raising plan with almost a quarter of the bank's owners refusing to endorse the terms of the controversial deal.
Source: Latest Business News from Times Online | 24 Nov 2008 | 3:18 pm

US STOCKS-Wall St extends gains after home sales, Citi

NEW YORK, Nov 24 (Reuters) - U.S. stocks rose further on Monday after data showed U.S. existing-home sales fell in October about in line with expectations, adding to earlier gains on the government's $20...
Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Nov 2008 | 3:17 pm

Bill Gate's Investment Groups Boosts Stake in AutoNation (AN) to 10%

After the close Friday, Bill Gate's Cascade Investment and the Bill & Melinda Gates Foundation disclosed they raised their stake in AutoNation, Inc. (NYSE: AN) to 10%, or 17,757,788 shares. The Gates' groups held a 5.5% stake, 9,903,588 shares, as of July 17, 2008, according to the original 13G filing. A 13G indicates a passive investment of 5% or greater.

Eddie Lampert's ESL Partners also disclosed that he raised his stake in AutoNation to 45%, or 79,587,656 shares.

Deutsche Bank outlines plan for growth amid crisis

Deutsche Bank AG outlined a new plan for growth despite the economic downturn, and said Monday that lending to middle-sized businesses increased 11 percent over the last year. Chief...
Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Nov 2008 | 3:17 pm

October existing home sales fall by 3.1 percent

WASHINGTON -- A real estate trade group says sales of existing homes fell more than expected last month, as economic fears caused consumers to put their home purchases on hold.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Nov 2008 | 3:17 pm

German business climate poll plunges to 15-year low

A closely-watched gauge of German business sentiment plummeted to its lowest level in 15 years in November, the Ifo Institute reported Monday, possibly signaling further deterioration in the outlook for Europe’s biggest economy.

Source: MarketWatch.com - Top Stories | 24 Nov 2008 | 3:17 pm

Street looks past weak home sales report

NEW YORK -- Wall Street is shrugging off a larger-than-expected drop in sales of existing homes last month as investors instead focus on the government's plan to bail out Citigroup Inc.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Nov 2008 | 3:17 pm

October existing home sales fall by 3.1 percent

WASHINGTON -- A real estate trade group says sales of existing homes fell more than expected last month, as economic fears caused consumers to put their home purchases on hold.

Source: L.A. Times - Business | 24 Nov 2008 | 3:17 pm

Stock prices gain despite weak home sales report

Wall Street is shrugging off a larger-than-expected drop in sales of existing homes last month as investors instead focus on the government's plan to bail out Citigroup Inc. The National
Source: Infocious RSS raw feed - channel BNewsBusiness | 24 Nov 2008 | 3:14 pm

Campbell profit beats estimates (Reuters)

Reuters - Campbell Soup Co posted a higher-than-expected profit on robust domestic soup sales, but warned investors that a stronger U.S. dollar would hurt its full-year earnings.

Source: Yahoo! News: Business | 24 Nov 2008 | 3:13 pm

Campbell profit beats estimates

NEW YORK (Reuters) - Campbell Soup Co posted a higher-than-expected profit on robust domestic soup sales, but warned investors that a stronger U.S. dollar would hurt its full-year earnings.

Source: Reuters: Business News | 24 Nov 2008 | 3:13 pm

ABInbev launches delayed €6.4bn rights issue

Anheuser-Busch Inbev launched a delayed rights issue at a steep discount to part-fund the $52bn purchase of US Budweiser brewer Anheuser-Busch
Source: Financial Times - US homepage | 24 Nov 2008 | 3:13 pm

Standard Chartered plans £1.8bn rights issue

Standard Chartered is planning a $3bn rights issue to boost the emerging markets bank's capital reserves and ease investors' concerns about its ability to weather a severe economic downturn
Source: Financial Times - US homepage | 24 Nov 2008 | 3:13 pm

Street looks past weak home sales report

Obama's economic dream team

President-elect Barack Obama will hold a press conference Monday to announce key members of his administration's economic team.
Source: Business and financial news - CNNMoney.com | 24 Nov 2008 | 3:12 pm

Existing home sales drop 3.1 percent in October

WASHINGTON (Reuters) - The pace of sales of existing homes in the United States fell 3.1 percent in October to a 4.98 million-unit annual rate, while the median home price dropped to its lowest in more than four years, a National Association of Realtors report showed on Monday.

Source: Reuters: Business News | 24 Nov 2008 | 3:11 pm

Existing home sales drop 3.1 percent in October (Reuters)

Reuters - The pace of sales of existing homes in the United States fell 3.1 percent in October to a 4.98 million-unit annual rate, while the median home price dropped to its lowest in more than four years, a National Association of Realtors report showed on Monday.
Source: Yahoo! News: Business | 24 Nov 2008 | 3:07 pm

UBS clients seek deals with US taxman

American clients of UBS private bank are trying to cut a deal with US authorities to settle accusations that they hid assets in Switzerland in order to evade taxes, according to a report.
Source: Latest Business News from Times Online | 24 Nov 2008 | 3:02 pm

Turkey Roast: 2008's 5 worst deals

It's almost Thanksgiving, so what better time to discuss turkeys? Of the business variety, of course. Normally the problem is finding enough turkeys to list. Not this year.
Source: Business and financial news - CNNMoney.com | 24 Nov 2008 | 2:48 pm

6 top funds revisited

Last spring, with the market's rumblings growing louder, we found six asset-allocation funds that seemed like safe bets for jittery investors ("6 funds that let you sleep at night"). As it turned out, the jitters were more than justified. So how have our picks held up?
Source: Business and financial news - CNNMoney.com | 24 Nov 2008 | 2:47 pm

Xerox sees 2009 profit on par with street views

NEW YORK (Reuters) - Xerox Corp forecast 2009 profits generally in line with analyst expectations, saying that its steady stream of repeat customers and a recent round of cost cuts will help it weather the economic downturn.

Source: Reuters: Business News | 24 Nov 2008 | 2:45 pm

7 affordable gadgets for the holidays

With consumers pinching pennies, prices of Blu-ray players, GPS devices and other tech toys are falling.
Source: Business and financial news - CNNMoney.com | 24 Nov 2008 | 2:45 pm

U.S. bails out Citi with $20 billion capital, guarantees (Reuters)

Reuters - The U.S. government has bailed out Citigroup Inc, agreeing to shoulder most of the potential losses on $306 billion of high-risk assets and inject $20 billion of new capital in its biggest move yet to rescue a bank.

Source: Yahoo! News: Business | 24 Nov 2008 | 2:44 pm

Citi rescue boosts stocks

Stocks gained Monday morning as investors breathed a sigh of relief that the government stepped in over the weekend to rescue troubled Citigroup.
Source: Business and financial news - CNNMoney.com | 24 Nov 2008 | 2:41 pm

Woolworths investor touts alternative deal

Woolworths’ largest shareholder, Ardeshir Naghshineh, is in talks with the retailer’s banks about an alternative plan to a sale the company’s retail arm to Hilco for just £1.
Source: Latest Business News from Times Online | 24 Nov 2008 | 2:29 pm

King Pharma to acquire Alpharma for about $1.6 billion

BOSTON (Reuters) - King Pharmaceuticals Inc said on Monday it has agreed to acquire Alpharma Inc for about $1.6 billion to expand its pain drug business.

Source: Reuters: Business News | 24 Nov 2008 | 2:13 pm

Oil surges above $50 a barrel

The price of oil rose Monday as investors cheered the federal government's massive rescue package for banking giant Citigroup.
Source: Business and financial news - CNNMoney.com | 24 Nov 2008 | 2:04 pm

Bonds fall on big bank bailout

Treasurys fell Monday as investors' fears of a Citigroup collapse were allayed over the weekend, when the government agreed to rescue the embattled bank.
Source: Business and financial news - CNNMoney.com | 24 Nov 2008 | 2:04 pm

Shell Runs Into a Double Whammy (RDS.A/B)

Royal Dutch Shell (NYSE:RDS.A/B) has been hit with two issues at once. While neither is going to bust the company, multiple problems hitting at once is a bad omen. The oil and gas giant's Shell India subsidiary is having trouble selling a cargo of LNG. According to Platt's, Shell's storage facility in India is full and there are no takers for a cargo that has been on-board a ship for more than 30 days. To add fuel to the fire, one of the company's big bets in Alaska has so far been nothing more than a bust.

The culprit is fuel-switching. LNG is being offered for about $18/million BTUs, more than twice the price of naphtha (think Sterno), which is currently selling for about $8/million BTUs. Even natural gas liquids (NGLs) are selling for about $10/million BTUs. Shell has been counting on the inability of customers to switch to lower cost fuels. Shell was wrong.

The outlook is not much better. A division of India's Reliance Industries is expected to be supplying natural gas to from a local source early next year.

LNG suppliers could be in trouble all over the globe soon. As natural gas prices fall, and supplies increase, LNG just can't compete. The situation bears watching.

On another note, the company shelled out $2.1 billion for rights to drill off the northwest coast of Alaska in the Chukchi Sea, and right now, the company has nothing to show for it. The Ninth Circuit Court of Appeals on Friday halted Shell's exploration program with a ruling that the federal government had failed to consider properly environmental impacts from the drilling.

This will be widely seen as a setback for Shell, but it's unlikely that the company will fight too hard right away. With crude prices below $50/b, pumping crude out of one of the harshest environments in the world is a money-loser. It's true that by the time that Shell is actually producing crude in quantity (say six years or so), oil prices could be back to $150/b or more. And it's also true that federal agency estimates point to 26.6 billion barrels of oil and 132 trillion cubic feet of gas along Alaska's outer continental shelf. Still, Shell might be breathing a sigh of relief at being able to put the exploration on hold for a while and keeping its cash in its pocket.

Paul Ausick
November 24, 2008

Source: 24/7 Wall St. | 24 Nov 2008 | 2:02 pm

Pakistan awaits IMF loan ruling

The International Monetary Fund board is to meet to decide on a $7.6bn (£5.1bn) loan request from Pakistan.
Source: BBC News | Business | World Edition | 24 Nov 2008 | 2:01 pm

Not So Tweet

The hotness of Twitter, the microblogging site (140 characters or less), has been confirmed: The previous hot thing, Facebook, wants it.

Or at least wanted it. The oft-rumored mating dance between Facebook and Twitter ended three weeks ago, Kara Swisher reports on All Things Digital.

The negotiations ended over price, Swisher says. Facebook was offering $500 million of its private stock at the most disputed valuation of $15 billion.

But price wasn’t everything, Swisher says. There was also “a feeling among Twitter investors and execs that the start-up should still take a shot at building its revenues—there are none right now—as well as it had done at building its growth.” Twitter recently reshuffled its top management, with Evan Williams, a co-founder taking over from Jack Dorsey as chief executive

TechCrunch notes that “serial entrepreneur and angel investor” Marc Andreessen is both an early investor in Twitter and a member of Facebook’s board.

Facebook’s valuation was established by Microsoft’s $240 million investment in 2007, and it has arguably come down quite a bit. In a round of fundraising last summer, Twitter was valued at around $100 million.

A public valuation of Facebook might have been soon forthcoming had not the company has received an exception from the Securities and Exchange Commission from the requirement that a company with more than 500 stockholders must publicly disclose financial results, BusinessWeek reports. It was that requirement that contributed to Google’s decision to go public in 2004.

Related Links
Twitter Tops List of Fastest Growing Social Networks
First Bytes: Wink, Reunion, Kindle, Facebook, Circuit City, Tesla
Rumors of a Facebook Music Store

Source: Portfolio.com: Top 5 | 24 Nov 2008 | 2:00 pm

Is Berkshire Hathaway Finally A Cheap Stock? (BRK-A)

This weekend, Barron's wrote an article noting that shares of Berkshire Hathaway Inc. (NYSE: BRK-A) were finally cheap. After closing at $90,000 on Friday and seeing a low of $74,100 last week, the publication belives that the stock looks cheap. Keep in mind that over the last year or so shares have traded as high as $150,000...

Barron's does note the concerns over the valuations which have dogged the stock. Its public stocks were valued at roughly $76 billion as of September 30 (even less now) and it also had many put options on about $37 billion worth of equity indexes. Barron's estimated that the company has lost about $5 billion on a mark to market basis, but believes the stock has been over-punished for it. It also noted the company's Triple-A rating and $140 billion stock market value. It also noted that it trades at 2.3-times shareholder equity rather than ratios of 20-times at many other financial companies.

Barron's noted how it took heat a year ago saying the stock had peaked out, but it now believes it looks like the time to buy. We agree that the sell-off seems overdone, although the caveat of the day is that sell-offs are going beyond logic and the investor exodus from equities and corporate exposure is likely to continue even if we get some steep and sharp bear market rallies.

The projected value as of the publication put Berkshire Hathaway's book value at around $66,000, down about 14% from the September 30 level. This is hard to get an exact reading on because of the derivatives and because of the recent investments which Mr. Buffett has made changes to even since his September 30 filing date.

Shares have rallied more than 15% from the lows of Thursday to Friday's close. Rally or no rally in the stock market, that is very impressive and worth noting. We do not think that Berkshire will run up as high as many other more leveraged and high-beta stocks if the market makes any sharp moves to the upside. But we also do not see the company having as much risk to the downside for the time being. Its last earnings were dismal, but hurricane season is now behind the company until next summer.

Whether the real value is slightly lower or slightly higher, it seems that the verdict is now in that you can buy Berkshire Hathaway stock on days when major pullbacks occur.

You can join our open email distribution list to hear about other Warren Buffett developments, secondary offerings, IPO's, mergers, private equity, special situations, and more.

See the full stock holdings as of the last report for Berkshire Hathaway.

Jon C. Ogg
November 24, 2008

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

Venezuela opposition makes gains in state polls

Both Venezuela's President Hugo Chávez and his political opponents claimed victory in regional elections, which saw the government lose key states in some of the country's most populous areas
Source: Financial Times - US homepage | 24 Nov 2008 | 1:28 pm

Winning contracts

If you want a bite of World Cup 2010 go to Johannesburg
Source: BBC News | Business | World Edition | 24 Nov 2008 | 1:28 pm

FHA-Backed Loans: The New Subprime (BusinessWeek Online)

BusinessWeek Online - As if they haven't done enough damage. Thousands of subprime mortgage lenders and brokers -- many of them the very sorts of firms that helped create the current financial crisis -- are going strong. Their new strategy: taking advantage of a long-standing federal program designed to encourage homeownership by insuring mortgages for buyers of modest means.
Source: Yahoo! News: Business | 24 Nov 2008 | 1:08 pm

'Help' Can Be Costly (BusinessWeek Online)

BusinessWeek Online - The implosion of the subprime mortgage market has been a boon to loan-modification consultants who promise to help borrowers refinance and get back on the road to financial stability.
Source: Yahoo! News: Business | 24 Nov 2008 | 1:08 pm

Standard in £1.78bn rights issue

Standard Chartered announces plans to raise £1.78bn through a share issue, as it tries to strengthen its balance sheet.
Source: BBC News | Business | World Edition | 24 Nov 2008 | 12:24 pm

Does Bank Of America (BAC) Get The Next Bailout?

The Paulson/Bernanke bailout is now spreading across the financial system like a prairie fire in a stiff wind.

AIG (AIG) got one deal. A number of banks got a piece of another deal, the $700 billion Paulson "special needs of banks" program. Now, Citigroup is getting a back-stop of over $300 billion for its toxic assets and $27 billion or so in additional money from the government in preferred shares. If those sums are not adequate, it is a reasonable bet that the Treasury will be back.

The Fed, Treasury, and FDIC are using the Citi plan an a guinea pig, and it the test works, the program could spread.

In among the small print of all the news accounts about the Citi rescue, the FT found a bit of interesting detail: "Citi and the US government made it clear that the Citi arrangement would be extended to other banks that pose risk to financial system stability, if need be."

The "arrangement" is probably not meant to save the Fifth Third Bank Of Akron. Logic would say that it is in place in the event that another large financial firm begins to teeter the way that Lehman did before it failed, the way that Morgan Stanley (MS) did before its got a capital infusion from Mitsubishi UFJ, and the way that Citi did last week.

Which bank could be next? Bank of America (BAC), which took on billions of dollars of mortgages with its buyout of Countrywide, may not be a bad candidate. Neither is Morgan Stanly (MS), which analysts believe will lose $.80 a share in the current quarter.

None of the large financial institutions in the US are out of the woods. As long as housing prices continue to fall, consumers defaults on credit card, home, and auto loans increase, and commercial real estate and corporate loans fail at a rising rate, there is monstrous risk in the entire system. Is it any wonder that junk bond debt coupons have risen to 20% and credit default swaps are priced at record levels? The sense of more crippling losses is already being built into the system.

The Citi bailout may be the largest so far, but it is not the last.

Douglas A. McIntyre

Source: 24/7 Wall St. | 24 Nov 2008 | 12:22 pm

Top Early Bird Analyst Calls (JBT, XPRT, PTRY, SNY, ERIC, LLTC, MXIM, NSM, NFC, RTP, SAI)

These are some of the top pre-market analyst upgrades, downgrades, and initiations we are seeing early this Monday morning with more than two hours until the open:

John Bean Technologies (JBT) Started as Buy at Janney Montgomery.
LECG Corp. (XPRT) Raised to Buy at UBS.
Pantry Inc. (PTRY) Raised to Outperform at FBR.
Sanofi-Aventis (SNY) Raised to Overweight at Morgan Stanley.
Ericsson (ERIC) Cut to Underperform at Credit Suisse.
Linear Tech (LLTC) Cut to Underperform at FBR.
Maxim Integrated (MXIM) Cut to underperform at FBR.
National Semiconductor (NSM) Cut to Market Perform at FBR.
Nationwide Financial (NFC) Cut to Neutral at UBS.
Rio Tinto (RTP) Cut to Hold at Canaccord.
SAIC (SAI) Cut to Underweight at JPMorgan.

Jon C. Ogg
November 24, 2008

Source: 24/7 Wall St. | 24 Nov 2008 | 12:16 pm

Saving Citi

Is this is the last great escape in the financial crisis?

There will probably be other bailouts, but few will be able to top the government’s audacious rescue of Citigroup. And despite the desperate nature of the weekend deal, the stock market seems to like it.

The Treasury and the Federal Deposit Insurance Corp. will backstop some $306 billion in loans and securities, including mortgage-backed securities. Citi will absorb any losses up to $29 billion, but the U.S. government is on the hook for 90 percent of anything more than that. And that’s in addition to the government's portfolio of toxic debt from Bear Stearns, A.I.G., and Fannie and Freddie.

The asset guarantee will free up $16 billion in capital, Citi said.

The Treasury will also invest $20 billion into the company under the TARP. Citi had already received $25 billion from the TARP.

Citi will issue the government $27 billion in preferred stock that pays an 8 percent dividend and it will issue warrants equivalent to a 4.7 percent stake in the company. The warrants have a strike price of $10.61 (Citi closed on Friday at $3.77)

Under the terms of the deal, the government must approve any executive-compensation plan, and the bank is prohibited from paying a common stock dividend of more than a penny a share for the next three years without the government’s consent. But there will be no management changes.

Robert Reich, the former Labor secretary, is not impressed, saying:

"This is not a particularly good deal for American taxpayers, but it is a marvelous deal for Citi. In return for all the cash and guarantees they are giving away, taxpayers will get only $27 billion of preferred shares paying an 8 percent dividend. No other strings are attached. The senior executives of Citi, including those who have served at the highest levels in the US government, have done their jobs exceedingly well. The American public, including the media, have not the slightest clue what just happened."

The weekend intervention came after rumors increased about Citi and its stock price plunged 60 percent in just a few days.

In rescuing Citi, the government finally acknowledged the elephant that has been in the room ever since the frenzied weeks of September, when Lehman Brothers collapsed, American International Group was bailed out, Washington Mutual and Wachovia were sold, and Morgan Stanley and Goldman Sachs became bank holding companies. Citi was vulnerable because of huge amounts of toxic mortgage debt on its books, but it was not seen as being in danger because of its size. “Too big to fail” gave a false sense of safety.

The announcements this week that the bank was still trying to shrink—suggesting that like A.I.G., it could not find buyers for its assets—and that it would be buying back some $17 billion in investments from its structured-investment vehicles formed a powerful wake-up call: Citi could not keep stumbling day after day, quarter after quarter.

With the Citi bailout, the government may have finally settled on a template for financial rescues: one that involves the original design of TARP, providing protection for —if not outright purchase of—troubled securities as well as cash infusions.

Source: Portfolio.com: Top 5 | 24 Nov 2008 | 12:00 pm

Omrix Gets Acquired By J&J (OMRI, JNJ)

It looks as though not quite all the mergers are dead on the medical tech and biotechnology front. Johnson & Johnson (NYSE: JNJ) announced that it is acquiring Omrix Biopharmaceuticals, Inc. (NASDAQ: OMRI). The $438 million cash tender offer will pay $25.00 per share to Omrix holders.

Omrix is a fully integrated biopharmaceutical company that develops and markets biosurgical and immunotherapy products. It is expected to operate as a stand-alone entity reporting through J&J's ETHICON, Inc. unit, which is a provider of suture, mesh, hemostats and other products for a wide range of surgical procedures.

The boards of directors of Johnson & Johnson and Omrix have approved the transaction. In addition, Robert Taub, Omrix's Founder and Chief Executive Officer, and entities controlled by Robert Taub, have agreed to tender approximately 16% of Omrix's outstanding shares in the tender offer. J&J sees an after tax charge of roughly $120 million and expects this deal to close by the end of 2008.

Omrix closed at $21.16 on Friday, and its 52-week trading range is $8.99 to $38.18.

Jon C. Ogg
November 24, 2008

Source: 24/7 Wall St. | 24 Nov 2008 | 11:45 am

U.S. retail sales struggle in early November: MasterCard (Reuters)

Reuters - U.S. sales of apparel, shoes and appliances fell dramatically in the first two weeks of November, as consumers worried about a recession and job losses further cut spending, MasterCard Advisors said in a report.

Source: Yahoo! News: Business | 24 Nov 2008 | 11:27 am

Dubai shares hit despite promises

Dubai's stock market falls 5% to its lowest level in four years despite assuring investors it can meet its debt obligations.
Source: BBC News | Business | World Edition | 24 Nov 2008 | 11:26 am

UBS clients seek amnesty on U.S. taxes: report

(Reuters) - Some wealthy clients of UBS AG are coming forward to make amends with U.S. tax authorities after a former UBS private banker was indicted, a sign that U.S. efforts to battle offshore tax evasion are having the desired effect, the Wall Street Journal reported on its website.

Source: Reuters: Business News | 24 Nov 2008 | 11:11 am

Pound lifts and shares rally on Citigroup lifeline

Shares in London surged by over 180 points on Monday after details emerged of a plan by the US Government to secure the future of Citigroup, once America's largest bank.
Source: Latest Business News from Times Online | 24 Nov 2008 | 11:02 am

German business confidence dives

Business confidence in Germany falls in November to the lowest level since 1993, the key Ifo index shows.
Source: BBC News | Business | World Edition | 24 Nov 2008 | 10:19 am

Cobra Beer mulls sale or alliance

The founder of Cobra Beer, Lord Bilimoria, considers a sale or a 'strategic partnership' for the 'less gassy' lager.
Source: BBC News | Business | World Edition | 24 Nov 2008 | 9:29 am

Huang Guangyu, China's richest man, disappears amid corruption investigation

China’s richest man has disappeared. Chinese media say Huang Guangyu is under police investigation for alleged share trading violations. His company says they have not heard from the tycoon in days.
Source: Latest Business News from Times Online | 24 Nov 2008 | 9:17 am

Weekend box-office results

Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Nov 2008 | 8:00 am

Foreclosures, delinquencies skyrocketing among 'prime' borrowers

Nationwide, 3.07% of prime mortgages were in foreclosure or at least 60 days late in the second quarter of this year, easily topping the previous record of 1.97% set in 1985.

By this year, the bleeding housing market had drained the equity from Judy Jones' home in Murrieta, but her life still seemed secure. She had a government job, after all, and a 30-year fixed-rate mortgage at 5.875%, unlike the shaky, variable-rate loans of many of her Inland Empire neighbors.

Source: L.A. Times - Business | 24 Nov 2008 | 8:00 am

'Twilight' leaves its box-office mark

The vampire romance takes in $70.5 million domestically for a strong November opening weekend.

A wildly popular vampire love story took a big bite out of the box office, helping deliver a banner weekend for the industry as Hollywood brushed off one of the most tumultuous weeks ever on Wall Street.

Source: L.A. Times - Business | 24 Nov 2008 | 8:00 am

Signals suggest NBC's Ben Silverman isn't going anywhere

Signals suggest that entertainment co-chair Ben Silverman won't depart, despite mixed results and speculation. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Nov 2008 | 8:00 am

Painting way out of a corner

Owner of a wall mural firm is unsure where to focus her efforts and limited funds to grow. Painting a jungle...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Nov 2008 | 8:00 am

Focus Features hopes that audiences get 'Milk'

The studio that produced 'Brokeback Mountain' may find the story of Harvey Milk, the gay San Francisco city supervisor who was gunned down in 1978, to be an even tougher sell.

If you thought marketing a film about the forbidden love of two cowboys had some challenges, how about one about a gay political activist?

Source: L.A. Times - Business | 24 Nov 2008 | 8:00 am

'Twilight' leaves its box-office mark

The vampire romance takes in $70.5 million domestically for a strong November opening weekend. A wildly popular...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Nov 2008 | 8:00 am

Shopping malls are running on empty

Shopping center owners are struggling to fill an increasing number of vacancies.

Life Plaza Center in San Gabriel used to teem with diners heading to Green Village, a Chinese restaurant in the middle of the horseshoe-shaped mall on Valley Boulevard.

Source: L.A. Times - Business | 24 Nov 2008 | 8:00 am

U.S. rescues giant Citigroup

The plan involves a $20-billion infusion and guarantees on hundreds of billions in bad loans. The federal government...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Nov 2008 | 8:00 am

U.S. rescues giant Citigroup

The plan involves a $20-billion infusion and guarantees on hundreds of billions in bad loans.

The federal government rushed to the aid of faltering banking giant Citigroup Inc. late Sunday night, agreeing to invest $20 billion more and accept the lion's share of losses on more than $300 billion worth of the firm's troubled mortgage-backed assets.

Source: L.A. Times - Business | 24 Nov 2008 | 8:00 am

Small businesses debate, write policy agenda to pitch to Sacramento

Proposals to make it easier to do business in the state will be pitched to Sacramento. A "top 11" list doesn't...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Nov 2008 | 8:00 am

Weekend box-office results

Source: L.A. Times - Business | 24 Nov 2008 | 8:00 am

Foreclosures, delinquencies skyrocketing among 'prime' borrowers

Nationwide, 3.07% of prime mortgages were in foreclosure or at least 60 days late in the second quarter of this year, easily topping the previous record of 1.97% set in 1985. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 24 Nov 2008 | 8:00 am

Standard Chartered to tap investors for £1.8bn

Standard Chartered, a leading lender in emerging markets, is seeking to raise £1.78 billion through a rights issue in a bid to bolster its balance sheet as its core markets in Asia, Africa and the Middle East begin to feel the effects of the global downturn.
Source: Latest Business News from Times Online | 24 Nov 2008 | 7:54 am

Barroso sees improved competitiveness

Co-ordinated national stimulus programmes and accelerated spending of regional aid funds are to be unveiled as part of of a European Union economic recovery plan
Source: Financial Times - US homepage | 24 Nov 2008 | 7:45 am

Asian stocks lower despite US bailout plan for banking giant (AFP)

AFP - Asian stock markets were down Monday amid uncertainty for the world economy despite a US government rescue pledge for global banking giant Citigroup.

Source: Yahoo! News: Business | 24 Nov 2008 | 7:41 am

Christmas cheer fails to lift John Lewis sales

John Lewis, the UK department store chain, admitted late on Sunday night that it has suffered another big fall in weekly sales.
Source: Latest Business News from Times Online | 24 Nov 2008 | 7:37 am

UBS clients seek amnesty on U.S. taxes: report (Reuters)

Reuters - Some wealthy clients of UBS AG are coming forward to make amends with U.S. tax authorities after a former UBS private banker was indicted, a sign that U.S. efforts to battle offshore tax evasion are having the desired effect, the Wall Street Journal reported on its website.

Source: Yahoo! News: Business | 24 Nov 2008 | 7:17 am

Finding Momentum in a Rocky Market (Deal of the Day)

What some pros are looking for in stocks now.

Source: SmartMoney.com | 24 Nov 2008 | 5:00 am

Slideshow: 12 Toys on the Hot List (Deal of the Day)

Toy experts say these gifts will be all the rage. Here's where to get them.

Source: SmartMoney.com | 24 Nov 2008 | 5:00 am

Finally, Berkshire Looks Undervalued (Deal of the Day)

Ignore misplaced skepticism -- Buffett's baby is finally cheap again.

Source: SmartMoney.com | 24 Nov 2008 | 5:00 am

How to Make Money in a Sideways Market (Ticked Off)

Passively buying and holding won't work today, but these strategies might.

Source: SmartMoney.com | 24 Nov 2008 | 5:00 am

Inside the Hot-Toy Hype Machine (Deal of the Day)

Meet the cabal that decides which toys you'll be fighting over.

Source: SmartMoney.com | 24 Nov 2008 | 5:00 am

Retreat by credit insurers takes toll

UK insurance groups see a near 60 per cent jump in claims bills to £97m in the third quarter as more companies enter into administration and fail to pay suppliers
Source: Financial Times - US homepage | 24 Nov 2008 | 3:13 am

Internet fraudsters beat the crunch

Online fraud is becoming a 'recession-proof economy' with the sophistication of a legitimate business model, according to a report
Source: Financial Times - US homepage | 24 Nov 2008 | 2:19 am

Crisis of 'historic proportions' forces Barack Obama to name his economic team

Barack Obama will unveil his economic team formally today in response to mounting criticism that he can no longer wait until he takes office to confront the rapidly worsening financial crisis.
Source: Latest Business News from Times Online | 24 Nov 2008 | 12:00 am

You can print money, but not confidence

Irving Fisher (1867-1947) was probably the greatest economist the United States has produced. He developed, though he did not invent, the equation of exchange; he was, so far as I can trace, the first economist to describe the “tipping point”, when natural equilibrium turns to inevitable disequilibrium; he formulated in the early 1930s a policy for reflation that would now be called “Keynesian”; he developed the “debt-deflation” theory of the Great Depression, in which the repayment of outstanding debt causes further falls in asset values; he advised President Roosevelt that deflation could not cure the slump.
Source: Latest Business News from Times Online | 24 Nov 2008 | 12:00 am

Obama gives stimulus package priority

Democratic officials made clear that the cost of Barack Obama's economic rescue plan would run into hundreds of billions of dollars and hinted he was prepared to hold off introducing new taxes for his first two years as president.
Source: Financial Times - US homepage | 23 Nov 2008 | 11:43 pm

Asian property funds sitting on $10bn unspent capital

Hoarders guard cash as they wait for a sharper downturn in the region's real estate market
Source: Financial Times - US homepage | 23 Nov 2008 | 11:34 pm

Disclaimer | About

Blogs : Humor pages | Norkay's Blog | Kids Stories | Indian Recipes | Database Tech Blog

Sundries : World Video Clips | Songs Clips | Indian Video Clips |