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What exactly will be changing when Barack Obama takes office?The accursed power which stands on PrivilegeSource: Latest Business News from Times Online | 27 Nov 2008 | 6:26 pm Barack Obama forced to deny abandoning 'change' amid insider appointmentsBarack Obama defended his decision to pack his new Cabinet with veteran Washington insiders and former Clinton officials yesterday after a campaign in which he promised change.Source: Latest Business News from Times Online | 27 Nov 2008 | 6:23 pm Barack Obama forced to deny abandoning 'change' amid insider appointmentsBarack Obama defended his decision to pack his new Cabinet with veteran Washington insiders and former Clinton officials yesterday after a campaign in which he promised change.Source: Latest Business News from Times Online | 27 Nov 2008 | 6:23 pm Mowbray up slightlyMowbray Collectables reported a $69,594 net profit after tax in the six months to September 30, slightly up on last year's $67,718. The company owns philatelist J.R. Mowbray and a range of auction businesses. Directors did...Source: New Zealand Herald - Business | 27 Nov 2008 | 4:30 pm Telegraph to shed 10% of editorial staffTelegraph Media Group (TMG) has confirmed that it will cut 50 jobs from its editorial staff.Source: Latest Business News from Times Online | 27 Nov 2008 | 4:20 pm Woolworths desperate for buyer amid retail turmoil (AP)AP - Just a year shy of celebrating its centenary, retailer Woolworths Group PLC was on the verge of collapse Thursday as financial administrators appointed to the company raced to find a buyer for its 800-strong chain of outmoded stores.Source: Yahoo! News: Business | 27 Nov 2008 | 4:15 pm China's economic downturn deepensLONDON/SINGAPORE (Reuters) - China warned on Thursday its economic downturn could threaten stability and pressure grew on the European Central Bank to make a big cut in interest rates to help contain the global financial crisis.Source: Reuters: Business News | 27 Nov 2008 | 4:07 pm NZ firms see hard times aheadBusinesses' views of their own prospects lurched lower last month and have been weaker only once in the 25 years of the National Bank's survey. That was in April 1988. "It's abundantly clear from the survey that the coming 12...Source: New Zealand Herald - Business | 27 Nov 2008 | 4:00 pm Formica deal slammed as 'bloody scandal'More concerns have been raised about the wisdom of one of New Zealand's biggest listed-company deals in the past two years. Graham Mackenzie, former managing director of Formica's New Zealand operation, said staff at Fletcher Building...Source: New Zealand Herald - Business | 27 Nov 2008 | 4:00 pm Little Brother happy to get helping handA difficult retailing environment has forced boutique menswear brand Little Brother to give up its direct retail presence. It is shutting its two high street retail outlets, and the label will instead be sold through menswear chain...Source: New Zealand Herald - Business | 27 Nov 2008 | 4:00 pm Stock takes : Tables turnedIt's usually liquidators who are chasing others over missed deadlines but this week the tables were turned on Corporate Finance. The Auckland-based liquidator got a behind-the-scenes telling off from the NZX for failing to notify...Source: New Zealand Herald - Business | 27 Nov 2008 | 4:00 pm Media : Copy that - McCarthy keeps her jobRadio New Zealand chief executive Peter Cavanagh and networks manager John Howson have put themselves in the firing line for their softly-softly approach to plagiarism by radio host Noelle McCarthy. Yesterday, the public radio...Source: New Zealand Herald - Business | 27 Nov 2008 | 4:00 pm Gould move leaves Vestar refugees adriftA group of about 700 former Vestar clients have been left without financial advice on their failed investments because the new owner, Gould Wealth Management, can't afford to take them on. The investors were members of Vestar's...Source: New Zealand Herald - Business | 27 Nov 2008 | 4:00 pm Trade gap widens to $5.22 billion as imports hit recordThe annual trade deficit widened in October as higher oil shipments pushed imports to a record, outpacing a gain in exports. The gap widened to $5.22 billion in the 12 months ended October 31 from $5.05 billion in the year through...Source: New Zealand Herald - Business | 27 Nov 2008 | 4:00 pm Obama expected at G20 talks planned for London in AprilLeaders of 20 of the world's industrialised and emerging economies will meet in London in April to check their progress on tackling the global financial crisis, British Prime Minister Gordon Brown said yesterday. Brown told the...Source: New Zealand Herald - Business | 27 Nov 2008 | 4:00 pm C+M receiver sees potential in legal actionThe first receiver of Capital+Merchant believes there will be "blatant" opportunities for debenture holders to take legal action against the former directors of the failed finance company. Grant Thornton receiver Tim Downes expects...Source: New Zealand Herald - Business | 27 Nov 2008 | 4:00 pm Israel Stocks: Market higher; UBS affirms ICL and Elbit Systems buyTEL AVIV (MarketWatch) -- Israel stocks rose on Thursday, led by strength in Israel Chemicals and real-estate stocks and lacking any late-trading impetus from Wall Street, which is closed for Thanksgiving.Source: MarketWatch.com - Top Stories | 27 Nov 2008 | 3:51 pm TUI Travel cuts capacity by 16 per centTUI Travel, Europe's biggest tour operator, said today it was cutting UK capacity by 16 per cent next summer to counter weaker early bookings, but insisted that the majority of customers continued to regard their main holiday as an essential rather than a luxury.Source: Latest Business News from Times Online | 27 Nov 2008 | 3:35 pm John Lewis trading remains under pressureJohn Lewis, the department store and bellwether of the UK high street, today said that sales since Sunday were in line with the past two weeks when trading fell by as much as 14 per cent.Source: Latest Business News from Times Online | 27 Nov 2008 | 3:29 pm Stocks to Watch: Stocks in focus for FridayStocks expected to move significantly in trading on Friday include the auto makers and home builders as well as AIG, ArcelorMittal, Bank of America, Fannie Mae, Panasonic, Pilgrim’s Pride, and Yahoo. U.S. markets are closed Thursday for Thanksgiving. Wall Street’s Friday session will close early, at 1 p.m. U.S. Eastern.Source: MarketWatch.com - Top Stories | 27 Nov 2008 | 3:25 pm Nokia to cease sales in JapanTOKYO (Reuters) - Nokia, the world's biggest mobile phone maker, said on Thursday it will stop selling mobile phones in Japan except for its luxury Vertu brand after struggling to expand its presence.Source: Reuters: Business News | 27 Nov 2008 | 3:09 pm Mumbai attacks: Economy will surviveRead full story for latest details.Source: Business and financial news - CNNMoney.com | 27 Nov 2008 | 3:06 pm Staying alive on Main StreetThese small retailers face a make-or-break holiday season as they try to attract buyers worried about their wallets.Source: Business and financial news - CNNMoney.com | 27 Nov 2008 | 3:04 pm UPDATE 1-Shell warns on gas supplies to Nigeria LNGLAGOS, Nov 27 (Reuters) - Royal Dutch Shell declared force majeure on gas supplies to Nigeria Liquefied Natural Gas Ltd (NLNG) on Thursday after shutting down its Soku gas plant to repair pipelines damaged...Source: Infocious RSS raw feed - channel BNewsBusiness | 27 Nov 2008 | 3:03 pm Petrobras takes big loan; gov't says no problemBrazil's state-run oil company Petrobras took out a loan worth $860 million from a state bank last month, officials have revealed. The loan was given by the Caixa Economica Federal to...Source: Infocious RSS raw feed - channel BNewsBusiness | 27 Nov 2008 | 2:58 pm ArcelorMittal to cut up to 9,000 jobs (Reuters)
Source: Yahoo! News: Business | 27 Nov 2008 | 2:57 pm ArcelorMittal to cut up to 9,000 jobsBRUSSELS (Reuters) - ArcelorMittal , the world's largest steelmaker, unveiled plans on Thursday to slash up to 9,000 more jobs, saving $1 billion a year in response to a global economic downturn.Source: Reuters: Business News | 27 Nov 2008 | 2:57 pm Car market yet to hit bottom - Pirelli Tyre ownerMILAN, Nov 27 (Reuters) - The car market has yet to hit bottom, with demand plummeting in the wake of the global financial crisis, the owner of Pirelli Tyre, Italy's premium tyre maker, said on Thursday...Source: Infocious RSS raw feed - channel BNewsBusiness | 27 Nov 2008 | 2:56 pm Swiss bank UBS: Some tax fraud by US clients foundSwiss bank UBS AG said Thursday it has uncovered cases of tax fraud by some of its U.S. clients. A limited number of cases would be regarded as tax fraud under both Swiss and U.S. law,...Source: Infocious RSS raw feed - channel BNewsBusiness | 27 Nov 2008 | 2:52 pm UPDATE 1-Russia Novatek cuts 2008 gas output growth targetMOSCOW, Nov 27 (Reuters) - Russia's second-largest gas producer, Novatek , said on Thursday it has cut its gas production growth forecast for this year to 8.5 percent from 10 percent, citing lower demand...Source: Infocious RSS raw feed - channel BNewsBusiness | 27 Nov 2008 | 2:52 pm UPDATE 2-Aegis CEO Lerwill to stand down, shares soarLONDON, Nov 27 (Reuters) - British marketing group Aegis said on Thursday its Chief Executive Robert Lerwill would stand down at the end of the month, but added its operating results should be in line...Source: Infocious RSS raw feed - channel BNewsBusiness | 27 Nov 2008 | 2:51 pm Judge urges Bank of NY, Russia to settle lawsuit (Reuters)Reuters - The judge hearing the Russian government's $22.5 billion lawsuit against the Bank of New York Mellon said on Thursday that the case should be settled out of court.Source: Yahoo! News: Business | 27 Nov 2008 | 2:50 pm Judge urges Bank of NY, Russia to settle lawsuitMOSCOW (Reuters) - The judge hearing the Russian government's $22.5 billion lawsuit against the Bank of New York Mellon said on Thursday that the case should be settled out of court.Source: Reuters: Business News | 27 Nov 2008 | 2:50 pm Judge urges Bank of NY, Russia to settle lawsuitMOSCOW (Reuters) - The judge hearing the Russian government's $22.5 billion lawsuit against the Bank of New York Mellon said on Thursday that the case should be settled out of court.Source: Infocious RSS raw feed - channel BNewsBusiness | 27 Nov 2008 | 2:50 pm Analysts: India economy will be OK despite attacksThe terror attacks that rocked India's financial capital may depress stocks, dampen tourism and slow new investment, but are unlikely to inflict long-term damage on the nation's economy,...Source: Infocious RSS raw feed - channel BNewsBusiness | 27 Nov 2008 | 2:44 pm Indian markets shut after attacksFinancial markets in India have been closed after the attacks in Mumbai, India's business capital.Source: BBC News | Business | World Edition | 27 Nov 2008 | 2:44 pm Jennifer Openshaw: Five strategies to recession-proof your money over the holidaysThe holidays are around the corner, but if you’ve looked at your savings or 401(k) lately, the last thing you want to do is buy gifts.Source: MarketWatch.com - Top Stories | 27 Nov 2008 | 2:42 pm Consumers embrace 'home for the holidays'"Home for the holidays" will take on greater meaning as more Americans come to terms with their own financial plight as well as the overall economy.Source: MarketWatch.com - Top Stories | 27 Nov 2008 | 2:40 pm Police battle to free Mumbai hostagesPolice were battling to free hostages in two of Mumbai's main business hotels and to flush out gunmen who had taken hostages at Chabad House, a Jewish centre, after terrorists launched one of the worst attacks in India's historySource: Financial Times - US homepage | 27 Nov 2008 | 2:39 pm Brazil stocks seesaw, currency gains in thin tradeSAO PAULO, Nov 27 (Reuters) - Brazil's stocks crept higher on Thursday in a volatile session, while the local currency marched to a fourth straight day of gains in thin trading.Source: Infocious RSS raw feed - channel BNewsBusiness | 27 Nov 2008 | 2:39 pm Ten ways to entertain well at home without going overboardA nasty economy has a way of putting a damper on spending but it doesn’t have to completely squash the spirit of holiday entertaining.Source: MarketWatch.com - Top Stories | 27 Nov 2008 | 2:39 pm SAS wants to increase stake in Estonian AirScandinavian airline operator SAS AB wants to increase its ownership in Estonian Air by buying the Estonian government's 34 percent stake in the troubled airline, a SAS spokesman said...Source: Infocious RSS raw feed - channel BNewsBusiness | 27 Nov 2008 | 2:36 pm NewsWatch: Former UBS executives give back bonuses as bank agrees to probeTroubled Swiss banking group UBS on Thursday reveals that former executives have repaid around 70 million Swiss francs ($59 million) of bonuses and says it will allow an independent investigation to examine whether any lawsuits should be filed against individuals.Source: MarketWatch.com - Top Stories | 27 Nov 2008 | 2:00 pm Brown pledges Woolworths supportThe government is working to ensure that Woolworths stores stay open over Christmas, the PM says.Source: BBC News | Business | World Edition | 27 Nov 2008 | 1:54 pm UBS says finds some U.S. tax fraud casesLUCERNE, Switzerland (Reuters) - UBS said on Thursday it has discovered a few cases of tax fraud as part of a U.S. inquiry into whether it helped wealthy Americans dodge taxes through accounts in Switzerland.Source: Reuters: Business News | 27 Nov 2008 | 1:54 pm Equitable Life halts £7bn sale on market turmoilEquitable Life, the mutual life insurer, has halted the sale of its £7 billion with-profits fund after failing to a buyer for the business due to the "current financial and economic climate".Source: Latest Business News from Times Online | 27 Nov 2008 | 1:53 pm ArcelorMittal looks to cut jobsSteel giant ArcelorMittal is to offer voluntary redundancy to up to 9,000 employees, around 3% of its total workforce.Source: BBC News | Business | World Edition | 27 Nov 2008 | 1:41 pm Panasonic slashes profit forecastTOKYO (Reuters) - Japan's Panasonic Corp cut its annual net profit forecast by 90 percent and announced plans to restructure as the global financial crisis dampens sales of TVs and other electronics.Source: Reuters: Business News | 27 Nov 2008 | 1:40 pm UBS says finds some U.S. tax fraud cases (Reuters)
Source: Yahoo! News: Business | 27 Nov 2008 | 1:36 pm Mumbai attacks may hurt ruling party; market impact seen delayedEven for a city like Mumbai, which has suffered several acts of terrorism over the years, the deadly attacks that struck the Indian financial capital Wednesday night were likely to leave a lasting impression.Source: MarketWatch.com - Top Stories | 27 Nov 2008 | 1:35 pm Currencies: Euro gains ground as equities riseThe European single currency rises slightly versus the U.S. dollar Thursday, buoyed by a firmer tone in Asian and European equity markets and after shrugging off a steep plunge in economic sentiment across the 15-nation euro zone.Source: MarketWatch.com - Top Stories | 27 Nov 2008 | 1:32 pm Saks (SKS): A Poison Pill For A Dying Company
According to The Wall Street Journal, "Just days after Mexican billionaire Carlos Slim Helu raised his stake in Saks Inc. to nearly 18%, the beleaguered luxury retailer has adopted a shareholder rights plan intended to thwart a potential takeover." The board at Saks should let him have the company. Saks now trades at $4.33, down from a 52-week high of $22.19. The quarter that the firm closed was remarkably poor. Saks recorded a net loss of $42.8 million, or $.31 per share, for the third quarter ended November 1, 2008. Last year Saks had net income of $21.6 million, or $.14 per share. Revenue fell from $796 million last year to $698 in the most recent period. Each month of the period, things got worse. Comparable store sales declined 5.9%, 10.9%, and 16.6% in August, September, and October, respectively, culminating in an 11.5% decline for the quarter. Saks said that the fourth quarter would be hard and that gross margins would face pressure. Saks has long-term debt of $480 million. It prospects are dim. If Slim will buyout public shareholders for $7 or $8 they should sell with glee. Douglas A. McIntyre Source: 24/7 Wall St. | 27 Nov 2008 | 1:18 pm Black Friday: It has to be big, and boldMerchants know it's all or nothing when the clock strikes 12.01 a.m. Friday.Source: Business and financial news - CNNMoney.com | 27 Nov 2008 | 12:55 pm World stocks hit 2-week highs (Reuters)
Source: Yahoo! News: Business | 27 Nov 2008 | 12:51 pm World stocks hit 2-week highsLONDON (Reuters) - Global stocks hit two-week highs on Thursday with European equities playing catch up to strong gains overseas, but more grim economic reports briefly sent government bond yields in Europe to a fresh three-year low.Source: Reuters: Business News | 27 Nov 2008 | 12:51 pm Former UBS executives give back bonuses as bank agrees to probeTroubled Swiss banking group UBS on Thursday reveals that former executives have repaid around 70 million Swiss francs ($59 million) of bonuses and says it will allow an independent investigation to examine whether any lawsuits should be filed against individuals.Source: MarketWatch.com - Top Stories | 27 Nov 2008 | 12:47 pm London Markets: Oil producers, banks pace gains for London-listed sharesBanks and insurance firms help the top London share index to climb on Thursday, a day when U.S. markets are closed for a holiday.Source: MarketWatch.com - Top Stories | 27 Nov 2008 | 12:38 pm Nokia to end phone sales in JapanFinish mobile phone giant Nokia says it will stop selling handsets in Japan after struggling to grow its market share there.Source: BBC News | Business | World Edition | 27 Nov 2008 | 12:29 pm More former UBS execs to repay bonusRead full story for latest details.Source: Business and financial news - CNNMoney.com | 27 Nov 2008 | 12:25 pm Oil retreats on economic concernsRead full story for latest details.Source: Business and financial news - CNNMoney.com | 27 Nov 2008 | 12:06 pm Thai economy braces for fresh blowRead full story for latest details.Source: Business and financial news - CNNMoney.com | 27 Nov 2008 | 11:58 am Media Digest 11/27/2008 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters reports that the downturn in the Chinese economy deepened. Reuters reports that BHP Billiton (BHP) was gloomy about its prospects and defended it bid for Rio Tinto (RTP) Reuters reports that Panasonic slashed its earnings forecast. Reuters writes that GM (GM) may fold its Pontiac division as part of a restructuring. Reuters reports that Chrysler may not be viable without loans. The Wall Street Journal reports that the Fed approved Bank of America's (BAC) buyout of Merrill Lynch (MER). The Wall Street Journal writes that Daimler's attempt to sell the rest of Chrysler to Cerberus has broken down. The Wall Street Journal reports that durables and spending showed more economic slowing. The Wall Street Journal reports that mortgage rates fell after the Paulson expanded his bailout. The Wall Street Journal writes that BCE buyout is in trouble due to its financial picture. The Wall Street Journal reports that the Perot fund closed due to bad investments. The Wall Street Journal reports that economic trends show that deflation is setting in. The Wall Street Journal reports that online shopping is flat with last year. The Wall Street Journal reports that UAL (UAUA) shares moved up on lower oil. The Wall Street Journal reports that revenue at Warner Music (WMG) fell. The New York Times reports that food prices will keep going up because of the costs of packaging and shipping. The New York Times reports that falling oil prices are increasing tension among OPEC members. The New York Times reports tha Tiffany (TIF) lowered its full year outlook. The FT reports that AIG (AIG) will pay out retention bonuses. The FT reports that Lehman has risk in the billions of dollars across Asia. The FT reports that Carlos Slim took a large position in Citigroup. The FT reports that the yield on 10 year Treasuries dropped below 3% for the first time in 50 year. Douglas A. McIntyre Source: 24/7 Wall St. | 27 Nov 2008 | 11:26 am Terrorist attacks close Bombay Stock ExchangeThe Bombay Stock Exchange (BSE) closed today after a series of co-ordinated Islamic terrorist attacks rocked the city last night.Source: Latest Business News from Times Online | 27 Nov 2008 | 11:24 am Firms check safety of employees in MumbaiMultinationals ranging from technology giants to consumer makers scrambled to verify the safety of their employees in Mumbai after a series of blasts and gun attacks ripped through India's financial capital Wednesday.Source: Business and financial news - CNNMoney.com | 27 Nov 2008 | 11:22 am TUI Travel reports jump in profitEurope's biggest travel firm says its full year pre-tax profit rose 43% as a result of cost cuts.Source: BBC News | Business | World Edition | 27 Nov 2008 | 11:19 am Kingfisher to shut stores as sales waneKingfisher, the do-it-yourself retailing group, said it would shut down its Trade Depot stores and use the resources to boost its B&Q chain in a weakening high street environment.Source: Latest Business News from Times Online | 27 Nov 2008 | 11:16 am France to offer credit insuranceThe French government is set to provide state-backed insurance to companies who offer credit to the businesses they trade with.Source: BBC News | Business | World Edition | 27 Nov 2008 | 11:13 am Eurozone sentiment at 15-year lowConfidence among consumers and businesses in the eurozone has fallen to a 15-year low in November, figures indicate.Source: BBC News | Business | World Edition | 27 Nov 2008 | 11:02 am Kroner crunchWill downturn push Danes to swap these for euros?Source: BBC News | Business | World Edition | 27 Nov 2008 | 10:21 am Banks pull plug on WoolworthsThe beleaguered retailer's board, led by Richard North, chairman, was planning to take the formal decision to appoint Deloitte as administrator after prolonged talks with creditors failed to produce a dealSource: Financial Times - US homepage | 27 Nov 2008 | 8:51 am South Korea LG Elec says no plan to acquire GE unitSEOUL (Reuters) - South Korean handset and electronics maker LG Electronics said that it had no plan to acquire GE's home appliance unit, ending months of speculation it could be one of the main suitors for the business.Source: Reuters: Business News | 27 Nov 2008 | 8:49 am BHP gloomy on short term, defends Rio decisionMELBOURNE (Reuters) - Global miner BHP Billiton painted a gloomy near-term outlook for metals demand on Thursday as it defended its decision to drop a $66 billion bid for rival Rio Tinto.Source: Reuters: Business News | 27 Nov 2008 | 8:46 am Panasonic slashes profit forecastJapanese electronics goods maker Panasonic cuts its annual profit forecast by 90% because of the global economic downturn.Source: BBC News | Business | World Edition | 27 Nov 2008 | 8:18 am Potential buyers emerge to save Woolworths staffThe new management of Woolworths today revealed it has already received several expressions of interests from parties about buying parts of the business which collapsed last night after 99-years of trading.Source: Latest Business News from Times Online | 27 Nov 2008 | 8:07 am Gas price bust is a boon, but will it stick?Gasoline prices have dropped 48% since Labor Day, easing the burden on the consumer.Those dreaded trips to service stations this summer to get gas at more than $4.50 a gallon were repeated body blows to consumer confidence, but the dramatic collapse of prices may help resurrect buying habits and salve the sagging economy. Source: L.A. Times - Business | 27 Nov 2008 | 8:00 am China rate cut highlights concern over slowdown, jobsThe central bank cuts the cost of interest amid growing unemployment and civil unrestChina's biggest interest-rate cut in 11 years highlights government concerns that the country risks spiraling unemployment, social unrest and the deepest economic slowdown in almost two decades. Source: L.A. Times - Business | 27 Nov 2008 | 8:00 am FDIC, failing to find buyer for IndyMac, lets nonbanks bidShould you have to be a bank to bid for Pasadena mortgage lender IndyMac Federal Bank or any other failed financial institution?Source: Infocious RSS raw feed - channel BNPaperBusiness | 27 Nov 2008 | 8:00 am Gas price bust is a boon, but will it stick?Gasoline prices have dropped 48% since Labor Day, easing the burden on the consumer. Those dreaded trips to service...Source: Infocious RSS raw feed - channel BNPaperBusiness | 27 Nov 2008 | 8:00 am Henry Nicholas unfit as co-trustee, ex-wife saysStacey Nicholas says in a probate court filing that the former Broadcom CEO squandered their joint assets.Henry T. Nicholas III's former wife accused the Broadcom Corp. billionaire Wednesday of squandering $60 million from their fortune on personal indulgences, including a $3.1-million limousine bill, and making misguided investments that have left her so cash-poor she can't pay her tax bill. Source: L.A. Times - Business | 27 Nov 2008 | 8:00 am Retailers hope Black Friday isn't dark day for salesStores plan big promotions and discounts for the day after Thanksgiving, but consumers' willingness to open their wallets remains in question.One of the biggest shopping days of the year could be more bleak than black. ¶ Every year on the day after Thanksgiving, known in the retail trade as Black Friday, stores extend their hours and offer "door-buster" red-tag specials on a wide selection of merchandise. And this Friday, bargains are going to be even more plentiful and seductive. ¶ But amid a continued economic crisis -- and after weeks of heavy markdowns and promotions designed to drive sales -- more consumers might opt to sleep in rather than wait in line to shop. ¶ A disappointing Black Friday would be a major blow to retailers that are counting on holiday sales to pull them out of a months-long sales slump. Analysts are predicting a spate of retail bankruptcy filings in January. ¶ "Black Friday is everything to retailers," said Britt Beemer, chairman of consumer behavior firm America's Research Group. This year, "the entire future's on the line." ¶ Some experts said falling fuel prices and pent-up demand could result in a high shopper turnout. But even a successful day after Thanksgiving would probably not be enough to save what is expected to be the worst holiday shopping season in years. Source: L.A. Times - Business | 27 Nov 2008 | 8:00 am Henry Nicholas unfit as co-trustee, ex-wife saysStacey Nicholas says in a probate court filing that the former Broadcom CEO squandered their joint assets. Henry...Source: Infocious RSS raw feed - channel BNPaperBusiness | 27 Nov 2008 | 8:00 am Mortgage rates fall, but many borrowers will have trouble qualifyingLow seasonal demand and high borrowing standards make a rush of new loans unlikely. The biggest savings for shoppers...Source: Infocious RSS raw feed - channel BNPaperBusiness | 27 Nov 2008 | 8:00 am Dow, S & P 500 clinch 4th straight winning sessionThe stock market indexes post their first four-day advance since May, thanks to an incipient wave of confidence in the federal government's attempts to spur the economy.Investors have reason to be thankful for the first time in a while. Source: L.A. Times - Business | 27 Nov 2008 | 8:00 am Investor group to unload 33 Southern California office buildingsThe owners, who were reportedly having trouble paying their debt on the properties, will convey title to Texas developer Hines. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 27 Nov 2008 | 8:00 am Mortgage rates fall, but many borrowers will have trouble qualifyingLow seasonal demand and high borrowing standards make a rush of new loans unlikely.The biggest savings for shoppers this holiday season may be in home mortgages, thanks to a decline in interest rates spurred at least in part by the latest federal financial rescue effort. Source: L.A. Times - Business | 27 Nov 2008 | 8:00 am Redstone may sell movie theatersThe media mogul could use the cash to pay down his holding company's debts of $1.6 billion.Media mogul Sumner Redstone has proposed selling part of his family holding company's movie theater circuit to pare down its debt, according to people close to the situation. Source: L.A. Times - Business | 27 Nov 2008 | 8:00 am Retailers hope Black Friday isn't dark day for salesStores plan big promotions and discounts for the day after Thanksgiving, but consumers' willingness to open their wallets remains in question. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 27 Nov 2008 | 8:00 am Dow, S & P 500 clinch 4th straight winning sessionThe stock market indexes post their first four-day advance since May, thanks to an incipient wave of confidence in the federal government's attempts to spur the economy. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 27 Nov 2008 | 8:00 am Redstone may sell movie theatersThe media mogul could use the cash to pay down his holding company's debts of $1.6 billion. Media mogul Sumner...Source: Infocious RSS raw feed - channel BNPaperBusiness | 27 Nov 2008 | 8:00 am Paul Volcker is latest to join Obama's economic teamAs more dire financial news arrives, the president-elect adds the former Fed chairman to his fast-developing roster of advisors. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 27 Nov 2008 | 8:00 am FDIC, failing to find buyer for IndyMac, lets nonbanks bidShould you have to be a bank to bid for Pasadena mortgage lender IndyMac Federal Bank or any other failed financial institution?Source: L.A. Times - Business | 27 Nov 2008 | 8:00 am Paul Volcker is latest to join Obama's economic teamAs more dire financial news arrives, the president-elect adds the former Fed chairman to his fast-developing roster of advisors.Amid fresh signs of financial troubles, President-elect Barack Obama announced Wednesday that he was tapping a seasoned figure from past economic struggles to head a new advisory panel dedicated to creating jobs and stabilizing the markets. Source: L.A. Times - Business | 27 Nov 2008 | 8:00 am Tiffany's third-quarter profit tumblesTiffany & Co. on Wednesday reported third-quarter earnings that topped Wall Street expectations, but the luxury goods retailer warned of job cuts and lowered its 2008 outlook as consumers scale back...Source: Infocious RSS raw feed - channel BNPaperBusiness | 27 Nov 2008 | 8:00 am China tycoon's arrest confirmedPolice say Chinese billionaire Huang Guangyu is in custody while they investigate him for alleged economic crimes.Source: BBC News | Business | World Edition | 27 Nov 2008 | 7:32 am BHP gloomy on short term, defends Rio decision (Reuters)
Source: Yahoo! News: Business | 27 Nov 2008 | 5:25 am Thai PM rejects military's call to resignSomchai Wongsawat, Thailand's prime minister, has rejected his army chief's call to quit in the face of anti-government protests which threaten to spiral out of controlSource: Financial Times - US homepage | 27 Nov 2008 | 5:08 am Wall Street jumps on tech rebound, GM and energy (Reuters)
Source: Yahoo! News: Business | 27 Nov 2008 | 3:25 am Doctors Take A Fancy To Ultrasound Device That Looks Inside ArteriesFor companies that have spent years developing medical products, the pot of gold at the end of a very long rainbow is Medicare reimbursement.Source: Investor's Business Daily: BUSINESS | 27 Nov 2008 | 12:09 am Senior Housing Ranks Best Of REIT TypesRealtors trying to sell a choice block of riverfront land in Portland, Ore.'s new South Waterfront District think it would make a perfect spot for...Source: Investor's Business Daily: BUSINESS | 27 Nov 2008 | 12:09 am Business Briefs - WednesdayApple to offer deeper discounts? The computer maker said on its Web site that it will hold a 1-day sale Fri. at its online store on "dozens...Source: Investor's Business Daily: BUSINESS | 27 Nov 2008 | 12:09 am Trends & Innovations - WednesdayCancer rate falls, first time everSource: Investor's Business Daily: BUSINESS | 27 Nov 2008 | 12:09 am Lehman's Asia risk is revealedLiquidators of the Hong Kong subsidiaries of the collapsed bank have disclosed its property exposure of $1bn in Thailand and other investments in the regionSource: Financial Times - US homepage | 26 Nov 2008 | 11:48 pm AIG to pay retention bonuses to executivesOne day after announcing limits on salaries and bonuses for its top executives, AIG revealed some of those executives will receive millions in "retention bonuses" next yearSource: Financial Times - US homepage | 26 Nov 2008 | 11:41 pm Vodafone chief makes performance vowVittorio Colao, chief executive of Vodafone, wants to raise the mobile phone operator's performance, promising that it will become more aggressive and faster during the downturnSource: Financial Times - US homepage | 26 Nov 2008 | 11:35 pm Slim's bank buys up to $150m in Citi sharesInbursa, the bank owned by Carlos Slim, the Mexican billionaire, has bought up to $150m in Citigroup shares over the past week as the US financial group's stock plunged in valueSource: Financial Times - US homepage | 26 Nov 2008 | 11:27 pm Merkel criticises US over crisis'German chancellor turns the tables on her international critics by hitting out at use of 'cheap money'Source: Financial Times - US homepage | 26 Nov 2008 | 11:11 pm Mortgage rates fall for 2nd day; won't help all (AP)AP - Mortgage rates fell for the second day in a row Wednesday, and could be heading toward levels home buyers and owners haven't seen this year.Source: Yahoo! News: Business | 26 Nov 2008 | 11:08 pm Panetta Says Deficit May Force Obama to `Limit Promises'Source: Bloomberg - All Podcasts | 26 Nov 2008 | 11:04 pm The Black Friday Ten: Retailers Who May Not See 2009 (BONT)(DDS)(TLB)(PIR)(CPWM)(WSM)(CHS)(SKS)(EBHI)(RAD)
The most astonishing fact about the retail industry now is that the environment has gotten much worse than it was when each of these businesses began to fail. Sales at stores across the country will be down this holiday season. Some analysts believe that the numbers will be as bad as for any fourth quarter in thirty-five years. Adding to the problem of slow consumer spending brought on by the recession is an unprecedented liquidity crisis. Retailers who need access to capital for inventory, rent, and personnel costs are finding that it is nearly impossible to get access to funds without a pristine balance sheet and a history of substantial positive cash flow. These troubles point to a number of other retail chains going out of business between now and early next year. Sales on Black Friday, the day after Thanksgiving, which is considered the bellwether of holiday sales, will determine the fate of several companies which are now viewed as the weakest operators in the industry. Here is a list of ten companies which may well not make it if their sales drop by double digits this holiday season compared to last: 1. Bon-Ton Stores (BONT) trades at $1.13, down from a 52-week high of $15.06. That probably says all that needs to be said, but there is more. Over its last three fiscal quarters BONT has lost $82 million. In the latest quarter, same-store sales were off over 8% and total revenue was down 7% to $725 million. The company has interest expense of $25 million. BONT says that its revolving credit facility will get it through any cash crunch. Maybe. With long-term debt of $2.5 billion and $374 million in accounts payable, there is not much margin for error. The company needs an outstanding holiday season. 2. Dillard's (DDS) is a retail operator that really is in trouble. It has 318 stores, which makes it a relatively small operation in a world dominated by outfits like Sears (SHLD) which has more than 3000 locations. Dillard's stock is at $3.75, down from a 52-week high of $23.11. S&P dropped the company's credit rating recently and said, "The rating change reflects our belief that the company will be more challenged than previously expected by the current weak economic environment in the U.S., and that credit metrics will deteriorate more than we had originally projected." In October, the firm's sales dropped more than 9% to $406 million. Dillard's points to its revolving credit facility with JP Morgan as its lifeline. In the last quarter, the company lost $38 million. It made $45 million in debt services payments and has long-term debt of $807 million. In other words, no dry powder. It recently cut staff.
4. Pier 1's (PIR) shares are on sale for $.50. A little less than a year ago they would have cost $8.25, making this a remarkable write-down. PIR said its Q3 same-store sales would be down as much as 18%. The firm says it has a $325 million credit facility, but the stock market clearly thinks that is inadequate. The company's guidance for the quarter sent shareholders running for the exits. In the last quarter, revenue fell 7% and the company lost $30 million. Pier 1 pulled its guidance because it believes it cannot predict how much the retail market will deteriorate. With $183 million in debt, it won't take much to tip Pier 1 into insolvency. UBS recently cut its price target on the shares. 5. Cost Plus (CPWM) recently released earnings, and they looked grim. Among other things, the chain said same-store sales could drop 6% in the current quarter. The 296-store retailer predicted poor revenue of as little as $356 million for the period. In the quarter just past, revenue was flat at $213 million and Cost Plus lost $26 million. The firm has $146 million in long-term debt and obligations. Cost Plus pointed out that its credit line borrowings peaked at $125 million in November, well under the limit of the $200 million credit facility. But, that does not leave much room for the company to miss its numbers. The stock trades at $1, down from a 52-week high of $6.22. 6. Williams-Sonoma (WSM) operates 600 stores. The company is doing badly enough that Barclays Capital recently said that it may violate financial covenants on its $300 million credit facility. The retailer made a sharp downward revision in its forecasts. It said it would lose as much as $.12 a share in the third quarter against its previous projection of as much as a $.04 profit. It took its revenue forecast down as low as $732 million. The earlier projection had sales as high as $820 million. WSM also made extremely sharp cuts in its projections for the fourth quarter. Lenders take loan covenants more seriously in a recession than during other periods. WSM has to beat its numbers or face a chance of its lenders pushing for remedies. The CEO recently forced to sell over 60% of shares due to financial obligations.
8. Fitch recently cut its ratings on Saks (SKS) to "B" from "B+", hardly investment grade. The retailer has debt of $649 million. In the last quarter, Saks same-store sales were off almost 12% and got progressively worse as each month in the period went by. Like other weak retailers, Saks is in a race to improve sales and earnings before its debt catches up to it. The firm's stock has dropped to $3.56 from a 52-week high of $22.19. In the last quarter, Saks lost $43 million. In its statement about its financial situation, the company said it believes it has ample flexibility under its existing debt facilities. If Saks' drop-off in revenue continues from last quarter's rate of 12% or gets considerably worse over the holidays, the chain could have a very difficult time keeping all of its stores open. 9. Eddie Bauer's (EBHI) shares trade for $.97, down from a 52-week high of $8.72. The company recently reported an operating loss of $17 million. Revenue dropped slightly to $207 million. The firm has almost 400 stores and outlets. The worst bit of news is that, as of the end of the last quarter, EBHI had only $3 million in cash. It has a $192 million senior term note and $27 million in short term borrowing. It would be nearly impossible to convince investors that EBHI will make it well into next year if sales are poor this holiday season
Merry Christmas Source: 24/7 Wall St. | 26 Nov 2008 | 10:57 pm Dow's winning streak rises to 4Stocks surged Wednesday, with the Dow industrials and S&P 500 rallying for the fourth session in a row, as investors scooped up stocks hit in the recent selloff, ahead of the Thanksgiving holiday.Source: Business and financial news - CNNMoney.com | 26 Nov 2008 | 10:48 pm Auto stocks surge, as bailout hopes growShares of major U.S. auto makers surged Wednesday as investors wait for news on an industry bailout.Source: Business and financial news - CNNMoney.com | 26 Nov 2008 | 10:31 pm Mortgage rates dip for fourth straight week (AP)
Source: Yahoo! News: Business | 26 Nov 2008 | 10:31 pm 1st time ever: 10-year yield dips below 3%Demand for U.S. Treasury bonds surged Wednesday, lowering the yield on the benchmark note to an all-time low, as investors responded to grim economic data and falling mortgage rates.Source: Business and financial news - CNNMoney.com | 26 Nov 2008 | 10:23 pm VIX Index of U.S. Stock Option Prices Retreats 9.8% to 54.92Source: Bloomberg - All Podcasts | 26 Nov 2008 | 10:09 pm Petroleum Development Corporation Files To Raise Cash (PETD)
The filing will allow the company to sell up to $500 million in securities. No terms nor any underwriters were mentioned in this filing. Shares closed up 14.8% at $18.74 in fairly light trading volume. Its 52-week trading range is $11.50 to $79.09 and its current market cap is listed as $278.5 million. After a big pop like we saw today, it is of little surprise that shares are down almost 5% at $17.82 in after-hours trading after this filing.
Jon C. Ogg Source: 24/7 Wall St. | 26 Nov 2008 | 9:51 pm Youbet.com Files To Raise Cash (UBET)
The filing says that it can sell up to $29.85 million in securities. The use of funds is for general corporate purposes, which may include additions to working capital, repayment or redemption of existing indebtedness and financing of capital expenditures and acquisitions. But the company also noted in the use of funds section:
No terms nor any underwriters were mentioned in this filing. Shares closed up 6% at $0.88 in very light volume today. Its 52-week trading range is $0.65 to $2.09 and its current market cap is listed as $36.5 million. As of November 25, 2008, YouBet.com had 41,519,024 shares of common stock outstanding, of which 35,954,677 shares were held by non-affiliates.
Jon C. Ogg Source: 24/7 Wall St. | 26 Nov 2008 | 9:39 pm Unisys Corporation Files To Raise Cash (UIS)
The company listed the use of funds from the net proceeds as for general corporate purposes, to reduce or refinance indebtedness and to make acquisitions or engage in other business opportunities. Where this gets interesting is that Unisys has a market cap of $224 million. Shares are also down at $0.61 and its 52-week trading range is $0.38 to $5.24. We have listed Unisys a while back as a turnaround which had not turned, and the economy has not helped out at all. Will a financing package or some large acquisition and/or the thought of a reverse merger improve the company's fortunes? The company is still well under the 30-day $1.00 rule at NYSE as today looks to mark the fourteenth day. But the company is at risk of getting that dreaded NYSE listing requirements if its share price does not pick up.
Jon C. Ogg Source: 24/7 Wall St. | 26 Nov 2008 | 8:57 pm Consumers cut spendingNEW YORK (Reuters) - Housing, consumer spending and business investment all weakened sharply last month as the dizzying downward spiral of the world's largest economy gathered speed, data showed on Wednesday.Source: Reuters: Business News | 26 Nov 2008 | 8:54 pm India ETF's & Funds Hold Up After Terror Attacks in Mumbai (PIN, EPI, IIF, IFN, INP)
We also added in an after-report list to the ADR's and active stocks we track that trade in the U.S. to show a broad interest as well. Jon C. Ogg Source: 24/7 Wall St. | 26 Nov 2008 | 8:26 pm GM (GM) And Ford (F): What Bailout?
Ford (F) and GM (GM) are both up about 30% today. The reason is astonishingly thin. In a research note, Deutsche Bank said that financiers and politicians are worried that if they do nothing to help Detroit, its fall will hurl the economy further into a hole. According to Reuters, the analyst wrote, "The proximity of these bailout hearings to the Citigroup (NYSE:C - News) bailout may have also tipped the scales somewhat." There is very little logic here. A car company is not a bank and that goes beyond the most obvious surface differences. The failure of the global banking structure is systemic. It runs from Zurich to Tokyo to New York. There is at least some reasonable argument that if the largest bank in the US fails that the damage to depositors, shareholders, and customers would be terrific along the confidence it would destroy across the entire industry. The mortgage-related financial instruments which plagued one large bank plague all of them. The troubles with the US car industry are American to their core. Toyota (TM) and VW may be having sales and earnings problems because of tough conditions in their domestic markets and many overseas. But, they do not have Detroit's legacy problems of poor product quality, too many fuel-inefficient vehicles and decades of legacy labor costs. No one has come up with a reasonable argument about what role the government could play in saving the US auto companies. Throwing money at them does very little. A Chapter 11 may be the only way to strip out labor and debt costs. If the Treasury plans to help file a bankruptcy petition, then it may have some role to play. GM and Ford may be trading up today, but the potential causes are thin. Douglas A. McIntyre Source: 24/7 Wall St. | 26 Nov 2008 | 8:23 pm Indian ADR's Unphased By Terror Attacks (INFY, IBN, REDF, SAY, SLT, TTM, WIT)
We also added in an after-report list to the ETF's and closed-end funds we track to show a broad interest as well. Jon C. Ogg Source: 24/7 Wall St. | 26 Nov 2008 | 8:17 pm Raise a toast to the craft beerKai Ryssdal goes into a bar to find out about the growing world of craft beers with Brian Yaeger, author of "Red, White and Brew."Source: Marketplace | 26 Nov 2008 | 7:21 pm Credit card arbitraton rules challengedBeware the fine print of credit cards. It might say you have to take your complaint to an arbitrator instead of joining class-action lawsuits. Nancy Marshall Genzer reports.Source: Marketplace | 26 Nov 2008 | 7:21 pm Don't force green cars on automakersWhile automakers were on Capitol Hill begging for financial relief, a key supporter in the House lost his clout. Commentator David Frum says the new leadership should avoid micro-managing the industry.Source: Marketplace | 26 Nov 2008 | 7:21 pm Has Detroit's auto show lost its glow?There's going to be a little less new car smell at Detroit's big auto show in January. Nissan's not coming. Kai Ryssdal asks Bloomberg's Doron Levin about the state of the auto exhibition.Source: Marketplace | 26 Nov 2008 | 7:20 pm Belt tightening with actual beltsBelt tightening, belt tightening, belt tightening. With all the talk about belt tightening as a way to save money, Sean Cole wondered what effect the economy is having on real belts, like leather ones.Source: Marketplace | 26 Nov 2008 | 7:20 pm Some good news in the housing marketThe Fed's plan to put $600 billion in mortgage-related debt is good news for the housing market, but will it boost the economy? Jeremy Hobson reports.Source: Marketplace | 26 Nov 2008 | 7:20 pm Food stamp use could reach record highThe Agriculture Department is expected to report that as many as 30 million Americans are getting food stamps -- that's 30 million and rising. Ashley Milne-Tyte reports.Source: Marketplace | 26 Nov 2008 | 7:20 pm Volcker to head economic rescue teamPresident-elect Barack Obama has created an Economic Advisory Board to be led by former Fed Chairman Paul Volcker. Washington Bureau Chief John Dimsdale reports.Source: Marketplace | 26 Nov 2008 | 7:20 pm Oppenheimer's McEvoy Sees `Way Too Many' Banks in the IndustrySource: Bloomberg - All Podcasts | 26 Nov 2008 | 6:46 pm Yield on 10-year Treasury debt below 3%Fall to level not seen in 50 years comes in response to unconventional policy measures taken by the US Federal ReserveSource: Financial Times - US homepage | 26 Nov 2008 | 6:41 pm Obama appoints ex-Fed chief to new panelBarack Obama, in his third press conference on the economy in three days, said he was appointing Paul Volcker, veteran former chairman of the Federal Reserve, to head an Economic Recovery Advisory Board.Source: Financial Times - US homepage | 26 Nov 2008 | 6:26 pm No Merry Christmas For Banks
U.S. banks will incur about $44 billion in write-downs and loss provisions in the fourth quarter, and much of the U.S. Treasury capital will be diverted to plug holes on their balance sheets, prominent banking analyst Meredith Whitney said. Douglas A. McIntyre Source: 24/7 Wall St. | 26 Nov 2008 | 5:33 pm Robert Stovall Sees `Disbelief, Fear' in U.S. Stock MarketSource: Bloomberg - All Podcasts | 26 Nov 2008 | 5:29 pm Former FDIC Chair Isaac Says Smaller Banks `Furious' at BailoutSource: Bloomberg - All Podcasts | 26 Nov 2008 | 5:27 pm Macroeconomic Advisers' Sack Sees Half-Point Fed Rate CutSource: Bloomberg - All Podcasts | 26 Nov 2008 | 5:23 pm Jersey Says Fed Balance Sheet May Expand to $4 TrillionSource: Bloomberg - All Podcasts | 26 Nov 2008 | 5:18 pm Obama's Cold WarInvestors are showing they have at least one thing to be thankful for during this holiday week: press conferences by President-elect Barack Obama.Obama held his third press conference in three days Wednesday morning, this time with the announcement that Paul Volcker has been tapped to chair a new advisory board on the economy. To be called the President's Economic Recovery Advisory Board, the panel will also include longtime Obama aide Austan Goolsbee as its staff director and chief economist. While Obama spoke, the Dow climbed out of negative territory. The market rose for the past three consecutive trading days, something it hasn't done in months. The board is modeled after the Foreign Intelligence Advisory Board established by President Dwight Eisenhower in 1956 to deal with threats of the Cold War. The panel's objective will be to offer economic advice to the president without the sometimes tainted views that come from policymakers inside the Washington bureaucracy. Obama said the other board members will also come from outside government, such as from business, labor, academia, and other areas. "The reality is that sometimes policymaking in Washington can become too insular. The walls of the echo chamber can sometimes keep out fresh voices and new ways of thinking—and those who serve in Washington don't always have a ground-level sense of which programs and policies are working for people, and which aren't," Obama said. "This board will provide that perspective to me and my administration, with an infusion of ideas from across the country and from all sectors of our economy—input that will be informed by members' firsthand observations of how our efforts are impacting the daily lives of our families." Volcker, who is 81, has been a close adviser to Obama since he started his campaign. The former Federal Reserve chairman has worked under both Democrats and Republicans and is credited with helping slow inflation during the 1980s. Goolsbee is an economics professor at the University of Chicago. He has been an economic adviser to the Congressional Budget Office and a research associate for the National Bureau of Economic Research. Related Links Will Obama Really Raise Taxes? Obama's Real Economic Team What Business Can Expect From Obama Source: Portfolio.com: Top 5 | 26 Nov 2008 | 4:30 pm Blackstone Group Cut to `Equal Weight' by Morgan StanleySource: Bloomberg - All Podcasts | 26 Nov 2008 | 3:35 pm New home sales fall to slowest pace since 1991WASHINGTON -- Sales of new homes fell in October to the lowest point in nearly 18 years while the median price of a new home dropped to the lowest level since 2004.Source: L.A. Times - Business | 26 Nov 2008 | 3:27 pm Nenner Says Stocks to Rise in Early 2009, Dow to Reach 10,000Source: Bloomberg - All Podcasts | 26 Nov 2008 | 2:44 pm Vontobel's Nigg Says U.S. Housing Is `Core' of Credit ProblemSource: Bloomberg - All Podcasts | 26 Nov 2008 | 2:40 pm
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