US stores lure hard-up shoppers

US retailers open early and offer steep discounts to encourage consumers to part with their cash as the festive shopping season starts.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 4:22 pm

UBS slashes target on Bank of America by 48 percent

(Reuters) - UBS slashed its price target on Bank of America Corp by 48 percent, citing tighter credit conditions, uncertainty over near-term prospects of the Merrill Lynch & Co deal and risk of additional write-downs.

Source: Reuters: Business News | 28 Nov 2008 | 4:18 pm

UBS slashes target on Bank of America by 48 percent (Reuters)

Reflections are seen in the windows of a Bank of America branch in New York, October 8, 2008. (Lucas Jackson/Reuters)Reuters - UBS slashed its price target on Bank of America Corp by 48 percent, citing tighter credit conditions, uncertainty over near-term prospects of the Merrill Lynch & Co deal and risk of additional write-downs.



Source: Yahoo! News: Business | 28 Nov 2008 | 4:18 pm

Fannie Mae (FNM): Reverse Splits As The Last Refuge For The Weak

FanniemaeReverse spilts are the tools of companies which cannot keep their share prices up through good management and sound operation. Most firms that resort to them want to keep their stocks above $1 to keep NYSE or Nasdaq listing or to trade above $5 to meet the investment standards of certain institutional investors.

Fannie Mae (FNM) is considering a reverse split so that it can stay on the NYSE. It trades at $.97 now and has been as low as $.30. A ten-to-one program would move shares close to $10 and would cut the float by 90%. But, it would not do one iota of good for shareholders.

According to the AP, "Last week, Fannie Mae reported that it received notice from the NYSE that its stock failed to satisfy price-related requirements, and may lose its listing on the exchange." The exchange will play along. It will continue to get listing fees from the company. But, who will be fooled? Fannie Mae is in the process of a creeping nationaliztion. The stock will continue its slide.

Fannie's market cap is $1 billion on a good day. The government may as well buy-out those investors who are still in the shares and put them out of their misery.

Douglas A. McIntyre


Source: 24/7 Wall St. | 28 Nov 2008 | 4:16 pm

OPEC may defer third output cut, ministers say

CAIRO (Reuters) - OPEC ministers on Friday said they were likely to defer a decision on fresh output cuts until next month, despite an accelerating slump in fuel demand that has slashed the price of oil by two-thirds since July.

Source: Reuters: Business News | 28 Nov 2008 | 4:14 pm

World stocks mixed

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 4:08 pm

Realty Q&A: Fly-in locales offer best Mexico second-home choices

Do you feel that buying property in Mexico is wise?


Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 4:06 pm

Asian economies stumble and U.S. faces retail test (Reuters)

A trader works on a dealing room floor at CMC Markets in the City of London November 25, 2008. (Toby Melville/Reuters)Reuters - U.S. shoppers awoke early for post-Thanksgiving sales on Friday in a key test of the country's ability to lead an economic recovery as sharp production declines in Asia gave fresh evidence of the global crisis.



Source: Yahoo! News: Business | 28 Nov 2008 | 4:03 pm

Asian economies stumble and U.S. faces retail test

LONDON/NEW YORK (Reuters) - U.S. shoppers awoke early for post-Thanksgiving sales on Friday in a key test of the country's ability to lead an economic recovery as sharp production declines in Asia gave fresh evidence of the global crisis.

Source: Reuters: Business News | 28 Nov 2008 | 4:03 pm

Gas prices: Lowest since 2005

Gas prices fell to their lowest level since 2005, coming within 4 cents of $1.80 a gallon, according to a daily survey of gas station credit card swipes by motorist group AAA.
Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 4:01 pm

Stocks lower in choppy trade

Stocks fell at the opening of an abbreviated session Friday as investors focused on dim prospects for holiday sales amid severe economic weakness.
Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 4:00 pm

Formica acquisition loses its shine

Once upon a time we even made the stuff here. For more than half a century, thousands of New Zealanders worked at Formica's factory on its 5ha site at 30 Tironui Rd, Papakura. From 1959 to 2007, we turned out that distinctive product...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

Liam Dann : Time for Ling and Deane to grasp nettle

Hindsight is a wonderful thing. In hindsight there are plenty of major corporations that have made acquisitions in the past two years which now look expensive and problematic. But the story of Fletcher Building's $1 billion Formica...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

More, but smaller, Red Sheds on way

The Warehouse Group is planning a blitz of new smaller format stores as it looks to take advantage of depressed land and building prices, and a strong track record in difficult economic times. Now free from the distractions of...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

Appliance tycoon being held by police

Electrical appliance tycoon Wong Kwong-yu, one of China's wealthiest men, is under investigation for alleged involvement in economic crimes, police confirmed yesterday, ending several days of speculation regarding his whereabouts. "We...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

Brian Gaynor: Hanover's shameful slam-dunking

Hanover Finance is an absolute disgrace and a dreadful indictment of the country's capital markets. Investors in the company have been slam-dunked and a number of individuals, including shareholders Mark Hotchin and Eric Watson,...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

ANZ expects to lose business

ANZ chief executive Graham Hodges expects the decision to tighten its lending policy will mean it misses out on some new mortgage business but the bank remains in a strong position with close to historic liquidity levels. ANZ,...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

Factory behind benchmark of New Zealand-made quality falls silent

For 58 years Formica, technically high-pressure laminate, came out of the Papakura factory, 24 hours a day, seven days a week. It was regarded by many overseas as the most efficient of its type in the world, according to Graham...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

GM Europe wants to cut hours, pay but not jobs

General Motors Europe wants to cut labour costs by 10 per cent without eliminating jobs, according to a letter sent to GM employees. In the letter, obtained by the Associated Press, GM Europe chief Carl-Peter Forster said the company...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

Banker's backing puts Geneva on track again

The future of Geneva Finance has become more certain after its banker, BOS International, confirmed it would continue its support of the company through a $35 million loan. The retail finance company, which restructured itself...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

Brent Sheather : Active or passive, plan investment to beat markets

One of the key decisions to consider before anyone contemplates an investment plan is whether to use an active or passive investment strategy, or some combination of both. At the risk of grossly simplifying things, active management...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

Online retailers ramp up deals to capture dollars (AP)

AP - Online retailers are ramping up heavy-duty deals to turn skittish shoppers into buyers during the crucial Thanksgiving weekend and "Cyber Monday" — but even so, online sales are expected to be fairly flat after years of strong growth.
Source: Yahoo! News: Business | 28 Nov 2008 | 3:59 pm

Last call: 279,000 stimulus checks unclaimed

Never got that stimulus check in the mail? It might be as simple as a wrong address, and the IRS deadline to fix the error is today.
Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 3:57 pm

Ford's (F) Strange Rally

95129cFord (F) made another perverse move up today rising as much as 22% to $2.64.

At this juncture, even if the federal govenment does extend loans to the US car companies the firms will have to go through some form of bankruptcy, The only interests that may be served in that process will be those of labor and suppliers in a hope of minimizing the effects on the econonomy.

While some of the operating savings may come from pulling out some UAW benefits, the most probably target of breaking the car companies apart and putting them back together will be those financial institutions and individuals who hold the tens of billions of debt.

If debt is taking a haircut, the common shareholders are certainly going to zero. A bailout may be good for Detroit, but a rally in the stocks is simply an example of the greater fool theory at work.

Douglas A. McIntyre


Source: 24/7 Wall St. | 28 Nov 2008 | 3:52 pm

Market Snapshot: U.S. stocks nearly flat on Black Friday

Stocks trade little changed on Black Friday, the traditional start of the U.S. holiday shopping season, with subdued prospects for retailers apparently already factored in by investors.


Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 3:51 pm

Futures Movers: Crude falls on speculation OPEC may delay production cuts

Crude-oil futures fall on speculation that OPEC may wait until December to decide whether to cut oil production further.


Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 3:50 pm

FishWorks flounders with £5.5m losses

FishWorks, the AIM-listed fishmongers and restaurant group, has reported annual losses of £5.5 million.
Source: Latest Business News from Times Online | 28 Nov 2008 | 3:49 pm

Energy Stocks: Oil stocks clipped by weaker crude, end of month profit-taking

SAN FRANCISCO (MarketWatch) - Energy stocks were trading lower in Friday's abbreviated post-Thanksgiving Day session, pressured by weaker crude-oil prices and a bout of profit-taking that looked set to snap a four-day winning streak.


Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 3:48 pm

Black Friday brings out the crowds

Amid one of the gloomiest economies in recent memory, bargain hunters gathered early Friday in an effort to snag special deals from anxious merchants at the start of the critical holiday shopping period.
Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 3:45 pm

Cold shoppers seek hot toy deals

The hot pursuit of discounted toys and video games kept lots of shoppers waiting in the cold, dark night on Black Friday.
Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 3:40 pm

SolarWorld's Asbeck says Opel offer still stands

FREIBERG, Germany (Reuters) - SolarWorld is still "seriously interested" in acquiring the German unit of General Motors, Adam Opel, and has received favorable reactions from inside the firm
Source: Infocious RSS raw feed - channel BNewsBusiness | 28 Nov 2008 | 3:39 pm

SolarWorld's Asbeck says Opel offer still stands

FREIBERG, Germany (Reuters) - SolarWorld is still "seriously interested" in acquiring the German unit of General Motors, Adam Opel, and has received favorable reactions from inside the firm in Germany, SolarWorld's chief executive said.

Source: Reuters: Business News | 28 Nov 2008 | 3:39 pm

RBS bailout and Santander up pace of bank shake-up (Reuters)

Signage is seen outside a branch of the Royal Bank of Scotland in the City of London in this June 2, 2008 file photo. (Toby Melville/Reuters)Reuters - Britain's government bought a majority stake in one of the country's biggest banks and Germany's Commerzbank accelerated its takeover of a rival as the shake-up of European banks gathered pace with help from taxpayers and shareholders.



Source: Yahoo! News: Business | 28 Nov 2008 | 3:32 pm

RBS bailout and Santander up pace of bank shake-up

LONDON (Reuters) - Britain's government bought a majority stake in one of the country's biggest banks and Germany's Commerzbank accelerated its takeover of a rival as the shake-up of European banks gathered pace with help from taxpayers and shareholders.

Source: Reuters: Business News | 28 Nov 2008 | 3:32 pm

Remembering Sir John Templeton

If Sir John Templeton were alive today, he'd probably be snatching up stock. The billionaire investor made his biggest gains during the 20th century's bleakest moments. His credo: "The time of maximum pessimism is the best time to buy."
Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 3:24 pm

Nissan shifts gears, will attend Chicago Auto Show

Nissan Motor Corp. will have a presence at the 2009 Chicago Auto Show after all. In a swift reversal, the Japanese automaker said its local dealers would help staff the show in February.
Source: Infocious RSS raw feed - channel BNewsBusiness | 28 Nov 2008 | 3:22 pm

UPDATE 3-Premiere wins pay-TV rights for Bundesliga soccer

FRANKFURT/LONDON, Nov 28 (Reuters) - German soccer league DFL has awarded Premiere pay-TV and Web rights to show live Bundesliga soccer matches for the next four seasons, the league said on Friday, lifting...
Source: Infocious RSS raw feed - channel BNewsBusiness | 28 Nov 2008 | 3:20 pm

Europe Markets: Shares in Europe mixed, Allianz shares up

European shares edge higher on Friday morning, paced by drug stocks, as investors welcome news that Allianz’s sale of Dresdner Bank will conclude early.


Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 3:19 pm

BA keeps up flights to Bombay

British Airways has received a boost to business following the chaos in Bombay by maintaining its schedule to the Indian city throughout the terror attacks, The Times has learnt.
Source: Latest Business News from Times Online | 28 Nov 2008 | 3:18 pm

Turkmens, Azeris to help boost energy security

Azerbaijan and Turkmenistan say they will step up efforts to ensure energy supplies to world markets. Azerbaijan's President Ilham Aliyev and Turkmen President Gurbanguli Berdymukhamedov
Source: Infocious RSS raw feed - channel BNewsBusiness | 28 Nov 2008 | 3:18 pm

Tech Stocks: AMD leads gainers in mixed tech action

Shares of AMD, Texas Instruments, Yahoo and Cisco edge higher to lead technology stocks in a shortened trading day after the Thanksgiving holiday.


Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 3:18 pm

Somali pirates hijack 1 ship, release another

Somali pirates hijacked a chemical tanker with dozens of Indian crew members Friday and a helicopter rescued three security guards who had jumped into the sea, officials said. Greek...
Source: Infocious RSS raw feed - channel BNewsBusiness | 28 Nov 2008 | 3:15 pm

OPEC's divisions manifest as oil prices plummet

For the third time in as many months, OPEC's ability to stem plummeting crude prices amid a global economic meltdown will be tested during a meeting Saturday. But the outcome of the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 28 Nov 2008 | 3:15 pm

UPDATE 1-Belgium's Belgacom pays lower price for Scarlet

BRUSSELS, Nov 28 (Reuters) - Belgian telecom operator Belgacom said on Friday it had completed its takeover of "no-frills" broadband provider Scarlet for 175 million euros ($226.4 million), 10 million...
Source: Infocious RSS raw feed - channel BNewsBusiness | 28 Nov 2008 | 3:14 pm

CANADA STOCKS-TSX falls as oil price drops, Nexen down

* Cameco off 2.5 pct, suspends uranium hexafluoride output
Source: Infocious RSS raw feed - channel BNewsBusiness | 28 Nov 2008 | 3:14 pm

Spanish developer falls with €2.3bn debt

The crisis in the Spanish construction sector claimed another victim yesterday as the country’s fifth biggest property development company went into administration.
Source: Latest Business News from Times Online | 28 Nov 2008 | 3:14 pm

UPDATE 3-Lilly pulls FDA application for Cymbalta for pain

CHICAGO, Nov 28 (Reuters) - Eli Lilly and Co said on Friday it withdrew an application to market its anti-depressant Cymbalta for the management of chronic pain because U.S. health regulators raised questions...
Source: Infocious RSS raw feed - channel BNewsBusiness | 28 Nov 2008 | 3:14 pm

Wall Street slips on retail jitters, energy, tech (Reuters)

Specialists work on the floor of the New York Stock Exchange in New York on November 25, 2008. (Lucas Jackson/Reuters)Reuters - Stocks slipped in thin holiday trade on Friday after a streak of gains as investors nervously eyed post-Thanksgiving sales to gauge how retailers will fare this holiday season, while worries about global demand hurt technology and energy shares.



Source: Yahoo! News: Business | 28 Nov 2008 | 3:13 pm

Wall Street slips on retail jitters, energy, tech

NEW YORK (Reuters) - Stocks slipped in thin holiday trade on Friday after a streak of gains as investors nervously eyed post-Thanksgiving sales to gauge how retailers will fare this holiday season, while worries about global demand hurt technology and energy shares.

Source: Reuters: Business News | 28 Nov 2008 | 3:13 pm

Oil falls ahead of Opec meeting

Opec ministers will gather in Cairo on Saturday, as oil prices remained below $54 a barrel amid fears of weak global demand
Source: BBC News | Business | World Edition | 28 Nov 2008 | 3:13 pm

EU accuses drugmakers of blocking cheaper generics

BRUSSELS/LONDON (Reuters) - Major drug companies are delaying or blocking the entry of cheaper generic medicines, pushing up bills for taxpayers and reducing the incentive for innovation, the European Commission said on Friday.

Source: Reuters: Business News | 28 Nov 2008 | 3:13 pm

UPDATE 1-Chesapeake shares fall 21 pct after shelf filed

NEW YORK, Nov 28 (Reuters) - Shares of Chesapeake Energy Corp fell 21 percent on Friday, after the natural gas producer said it may issue up to 50 million shares of its common stock in connection with...
Source: Infocious RSS raw feed - channel BNewsBusiness | 28 Nov 2008 | 3:12 pm

London Markets: Drug stocks gain in choppy London session

London-listed shares move modestly higher on Friday, with gains from drug makers such as GlaxoSmithKline.


Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 3:12 pm

Airline Stocks: Shares mixed on a low-volume day

Airline stocks are volatile Friday, the first day after the Thanksgiving holiday and typically a low-volume day for the year.


Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 3:08 pm

Stores court careful shoppers on Black Friday

NEW YORK (Reuters) - Shoppers turned up early for holiday sales at stores on Friday, but the annual pilgrimage appeared thinner this year and many consumers vowed to keep spending down due to a shrinking economy.

Source: Reuters: Business News | 28 Nov 2008 | 3:07 pm

Retail Stocks: Down start for sector on 'Black Friday'

Retail stocks slide to the downside early on Black Friday, as a tough holiday season is expected.


Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 3:07 pm

Stores court careful shoppers on Black Friday (Reuters)

People reach for shopping carts during 'Black Friday' sales at the Best Buy store in Westbury, New York November 28, 2008. (Shannon Stapleton/Reuters)Reuters - Shoppers turned up early for holiday sales at stores on Friday, but the annual pilgrimage appeared thinner this year and many consumers vowed to keep spending down due to a shrinking economy.



Source: Yahoo! News: Business | 28 Nov 2008 | 3:06 pm

Metals Stocks: Gold rises; poised for biggest monthly gain since 1999

Gold futures rise slightly Friday in light trading following the Thanksgiving Day holiday, heading for a fourth straight week of gains and poised for their biggest monthly gain in nine years.


Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 3:04 pm

Jackson Browne Sues McCain for `Running On Empty' Ad


Source: Bloomberg - All Podcasts | 28 Nov 2008 | 3:01 pm

Oil slips below $53 ahead of OPEC meeting

LONDON (Reuters) - Oil slipped below $53 a barrel on Friday on a developing view that OPEC ministers gathered in Cairo this weekend may decide to delay any cut in supply until they meet again in December.

Source: Reuters: Business News | 28 Nov 2008 | 2:58 pm

Legal Boutiques Sue UBS, Citigroup as Others Beg Off


Source: Bloomberg - All Podcasts | 28 Nov 2008 | 2:56 pm

Wall Street focus moves to retail

US stocks opened the abbreviated trading session slightly lower, snapping a four day winning streak for the S&P 500, as investors predicted a muted start to the holiday shopping season
Source: Financial Times - US homepage | 28 Nov 2008 | 2:56 pm

Hopes rise for deep ECB rate cut

A steep fall in eurozone inflation and a rise in the jobless rate raises hopes that the ECB will cut rates sharply next week.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 2:51 pm

Bubble bursts

The market for Russian art has gone flat
Source: BBC News | Business | World Edition | 28 Nov 2008 | 2:49 pm

Detroit rebound? Wait 'til after next year


Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 2:48 pm

Russian rates up as rouble falls

Russia's central bank increases its key interest rate to 13% from 12% and the rouble weakens by about 1% against the dollar and the euro.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 2:46 pm

Historian Shifflett on Thanksgiving Significance of Jamestown


Source: Bloomberg - All Podcasts | 28 Nov 2008 | 2:43 pm

Billionaire Monster founder dies

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 2:32 pm

How high earners can grab a Roth IRA

Paul Heck owns EveryHome, A successful real estate brokerage in suburban Philadelphia. The 53-year-old never considered making a Roth IRA part of his retirement plan. While Heck understands the substantial tax advantages of a Roth, he makes too much money to qualify. Recently, however, he got a tip from his financial planner about an upcoming change in the tax law that will allow Heck - and many other business owners - to seize a back-door opportunity to open a Roth.
Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 2:26 pm

Deaths mount as India siege nears end

Indian commandos took control of Mumbai's Oberoi hotel and a siege at a Jewish centre was reported to be over, but battles continued with militants who were still holed up in another luxury hotel
Source: Financial Times - US homepage | 28 Nov 2008 | 2:06 pm

Retailers predict weak Christmas

Retailers are predicting little Christmas cheer, according to the latest survey from the employers' organisation, the CBI.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 1:53 pm

Regional Banks Refusing TARP Funds (BXS, CFR, FCF, HCBK, PRSP, WFD)

Money_stack_pic_2 Bailouts, handouts, subsidies, and free money be damned.  In times when most large financial institutions are lining up for their share of TARP funds, there are many regional banks out there which have decided to refuse the government's bailout TARP funds.  These banks say the are solid, and many of their share prices have held up much better than many of the troubled banks which are taking TARP monies.  Some of these regional banks are BancorpSouth, Inc. (NYSE: BXS), Cullen/Frost Bankers, Inc. (NYSE: CFR), First Commonwealth Financial Corporation (NYSE: FCF), Hudson City Bancorp, Inc. (Nasdaq: HCBK), Prosperity Bancshares, Inc. (Nasdaq: PRSP), and Westfield Financial, Inc. (NASDAQ: WFD).  These are the more actively traded stocks and what gets interesting is the explanation for refusing to accept TARP funds and the ratios of some of these banking institutions.

On November 14, BancorpSouth, Inc. (NYSE: BXS) announced that it would not apply for TARP funds as it is a well-capitalized and strong performing institution with high quality assets.  The company said its balance sheet was highlighted by total risk-based capital of 11.82% at September 30, 2008, far above minimum regulatory standards. BancorpSouth, Inc., is a financial holding company headquartered in Tupelo, Mississippi, with approximately $13.3 billion in assets which operates approximately 300 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas.

At the end of October, Cullen/Frost Bankers, Inc. (NYSE: CFR) in Texas announced it will not apply for funds available through the TARP ans that it will not seek federal CPP funds.  The bank said at the time that it is well capitalized "now and for the foreseeable future with sufficient capital to grow our business and take advantage of acquisition opportunities."

On November 14, First Commonwealth Financial Corporation (NYSE: FCF) announced that it would not apply for TARP funds since it recently raised over $100 million through a public offering of common stock. First Commonwealth Financial Corporation is a $6.2 billion bank holding company headquartered in Indiana, Pennsylvania with 113 retail branch offices.

On November 17, Hudson City Bancorp, Inc. (Nasdaq: HCBK) announced that it did not participate in the TARP as it has not been seriously affected by conditions in the marketplace. The company said that while it is not immune from economic conditions, its average loan-to-value ratio of 61% at time of origination has protected the bank from significant levels of loan losses.  It has also accepted more mortgage applications during the first nine months of 2008 than it did in all of 2007 and it originated $4.01 billion of mortgage loans.  It also purchased $2.55 billion of loans through September 30, 2008 as compared to $3.06 billion for the same period in 2007. It grew deposits by $2.14 billion during the first nine months of 2008 and it had an equity to assets ratio of 9.2% and a total risk based capital ratio of 21.9% at September 30, 2008.

On November 17, Prosperity Bancshares, Inc. (Nasdaq: PRSP) announced its decision not to apply for TARP funds.  Prosperity said it was considered well capitalized under regulatory guidelines and should be able to continue building its business and take advantage of opportunities.  Prosperity Bancshares is a $10.5 billion Houston, Texas based regional financial holding company with approximately 170 branches throughout Texas.

On November 17, Westfield Financial, Inc. (NASDAQ: WFD) announced that it decided not to seek TARP funds as its ratio of Tier 1 capital to risk weighted assets was 44.04% and the ratio of Tier 1 capital to total adjusted assets was 25.65%. Both of these ratios are above the minimums of 6.00% and 5.00%, respectively, to be considered well capitalized under prompt corrective action requirements.  Westfield Bank is headquartered in Westfield, Massachusetts and operates through 11 banking offices.

Jon C. Ogg
November 28, 2008


Source: 24/7 Wall St. | 28 Nov 2008 | 1:47 pm

Average house price has fallen 10% in a year

House prices fell by 1.5 per cent in October, wiping about £2,500 off the value of an average property, and resulting in a 10.1 per cent drop in a year, official figures show.
Source: Latest Business News from Times Online | 28 Nov 2008 | 1:33 pm

Home deliveries

How Zimbabwean exiles send vital supplies back home
Source: BBC News | Business | World Edition | 28 Nov 2008 | 1:16 pm

Community Banks Refusing TARP Funds (AUBN, HARL, UBCP, AMNB, KRNY)

Money_stack_pic In a time of trouble, crisis, and inability to raise capital, there are many banks out there which have decided to refuse the government's bailout TARP funds.  These banks appear to be more solid than many of the troubled banks, and interestingly enough their stocks have by and large held up better.  We compiled a list of smaller community banks which have refused to participate in TARP funds.  Some of these banks are Auburn National Bancorporation, Inc. (NASDAQ: AUBN), Harleysville Savings Financial Corp. (NASDAQ:HARL), United Bancorp, Inc. (Nasdaq: UBCP), American National Bankshares Inc. (Nasdaq: AMNB), and Kearny Financial Corp. (NASDAQ:KRNY).  Below are the ratios and explanations for each.

On November 21, Auburn National Bancorporation, Inc. (NASDAQ: AUBN) said that it did not apply for funds available through the TARP.  Auburn said it was well-capitalized, profitable, and continues to lend and grow in the markets its serves.  It even listed its Tier 1 Leverage ratio as 8.87%, Tier 1 Risk-Based Capital ratio was 14.54%, and Total Risk-Based Capital ratio was 15.50%, which it says are all well above current regulatory requirements.  Auburn National is the parent company of Alabama-based AuburnBank, with total assets of approximately $735 million.

On November 20, Harleysville Savings Financial Corp. (NASDAQ:HARL) opted not to apply for TARP funds. The company said that its Board believes that the costs of the preferred shares and the limitations they impose on future capital management are not in the best interest of shareholders.  Harleysville Savings has elected to participate in the Federal Deposit Insurance Corporation's Transaction Account Guarantee Program which provides a full guarantee on all non-interest bearing transaction accounts held by any depositor, regardless of dollar amount, through December 31, 2009.  Harleysville Savings Financial Corporation is the holding company for Harleysville Savings Bank in Pennsylvania.

On November 18, United Bancorp, Inc. (Nasdaq: UBCP) announced along with a stock buyback and dividend hike that it has declined participation for TARP funds.  United Bancorp, Inc. is based in Martins Ferry, Ohio and has total assets of approximately $453.0 million and total shareholder's equity of approximately $32.3 million as of September 30, 2008.

November 18, 2008, American National Bankshares Inc. (Nasdaq: AMNB) announced along with its dividend that it did not file an application for TARP funds as it was well-capitalized.  It listed a Tier I risk-based capital ratio of 16.67%, a total risk-based capital ratio of 17.92%, and a leverage ratio of 12.98%, as of September 30, 2008.  The company said its capital position, profitability, and risk-management practices give it sufficient capital to meet its growth plans. American National Bankshares Inc. is a bank holding company with assets of approximately $800 million and is based in Danville, Virginia.  It is the holding company of American National Bank and Trust Company serving Southern and Central Virginia and the northern portion of Central North Carolina with 20 branches. The Bank also manages approximately $450 million of additional assets in its Trust and Investment Services Division.

On November 14, Kearny Financial Corp. (NASDAQ:KRNY) announced that it would not apply for additional TARP capital, based in large part on the strength of its own capital base with its ratio of tangible equity to tangible assets at 18.1% and the Bank's Tier 1 risk-based capital ratio was 37.7%.  Both are deemed as far in excess of the 6.00% level required to be classified "well-capitalized" under regulatory guidelines.   At September 30, 2008, Kearny Financial Corp. had total assets, deposits and stockholders' equity of $2.06 billion, $1.35 billion and $474.6 million, respectively. Kearny Financial Corp. is the holding company for Kearny Federal Savings Bank, based in Fairfield, New Jersey with 27 retail branch offices located in Bergen, Hudson, Passaic, Morris, Middlesex, Essex, Union and Ocean Counties, New Jersey.

Jon C. Ogg
November 28, 2008


Source: 24/7 Wall St. | 28 Nov 2008 | 1:02 pm

Rising oil inventories worry Opec members

As the oil cartel prepares to meet in Cairo calls are growing for a surprise cut as evidence the slowdown is leading to rising inventories in consumer countries
Source: Financial Times - US homepage | 28 Nov 2008 | 12:52 pm

Are Gold Miners Getting Well? (ABX, GG, NEM, AU)

Gold_pic In the past month, gold mining stocks have hit new 52-week lows. On October 27th, Barrick Gold Corporation (NYSE:ABX) bottomed out at $17.27, Goldcorp (NYSE:GG) hit $13.84 on the same day, and Newmont Mining (NYSE:NEM) fell to $21.17. AngloGold Ashanti (NYSE:AU) waited a month to touch a low of $13.37 on November 20th.

Then, on November 21, every one of these companies rose at least 30%. Was it the announcement of Tim Geithner as President-elect Obama's choice as Treasury Secretary? That might be as good an explanation as any, but the reasons were probably a bit more involved.

While Geithner's appointment lifted spirits (and share prices) almost across the board, gold could be rising because there's still so much that is not known about the crummy assets that the federal government is trying to take of the balance sheets of the big banks. It seems that every time Henry Paulson announces a new liquidity program it raises new questions about where the bottom of the market really is.

In order to find that bottom, the US government is printing Treasury bills at a phenomenal rate. When (if) the bottom is discovered, can inflation be far behind? And if inflation and recession are just around the corner, what's better to hold onto than gold? 

That may not be what's causing gold stocks to rise, but it's a possible contributor. Another contributing factor is the relative scarcity of the physical gold right now. Australia's Perth Mint has suspended physical deliveries of gold until January. The Australian quotes a dealer who pointed out that "all around the world there has been a heavy run on physical gold and there is a shortage of supply."  The US mint has also interrupted gold mint coin sales.

It remains to be seen if the gold miners can meet the demand. Their extraction costs have been rising and production has fallen or stayed level at best. The sharp rise in share prices in the past few days could be just wishful thinking on the part of investors, unless the miners can get better at what they do.

Barrick (NYSE:ABX) is up roughly 8% since last Friday, Goldcorp (NYSE:GG) is up 10% from last Friday, Newmont (NYSE:NEM) is up almost 15% since last Friday, and AngloGold Ashanti (NYSE:AU) is up 7% since last Friday.

Paul Ausick
November 28, 2008


Source: 24/7 Wall St. | 28 Nov 2008 | 12:50 pm

Shares up as India market reopens

Indian shares rise as the market reopens, a day after Thursday's attacks in Mumbai, India's business capital.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 12:47 pm

Independent moves in with Daily Mail

The Independent is to move in with the Daily Mail in West London next year, in a scheme designed to help safeguard the future of the struggling upmarket title by saving it about £2 million a year.
Source: Latest Business News from Times Online | 28 Nov 2008 | 12:39 pm

UK government to own majority of RBS

The UK government is to own 58% of Royal Bank of Scotland after shareholders snubbed its £15bn share offer.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 12:10 pm

Sir Philip Green sells his stake in Moss Bros

Sir Philip Green said this morning that he has sold his entire 28 per cent stake in gents outfitter Moss Bros.
Source: Latest Business News from Times Online | 28 Nov 2008 | 11:59 am

EU says drug industry delay tactics cost us €3bn

Big drug companies have cost European consumers €3 billion (£2.5 billion) through deliberately hindering the production of cheaper generic versions of their medicines, the European Union said today.
Source: Latest Business News from Times Online | 28 Nov 2008 | 11:11 am

Commerzbank deal accelerated

Germany's Commerzbank agrees to accelerate its purchase of Dresdner Bank from insurer Allianz in a deal worth 9.8bn euros.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 11:07 am

Black Friday shoppers turn out in force

Hundreds hit the Citadel for deals on toys, cookware and more. More stores are scheduled to open at 5 a.m. today. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 28 Nov 2008 | 9:47 am

Black Friday shoppers turn out in force

Hundreds hit the Citadel for deals on toys, cookware and more. More stores are scheduled to open at 5 a.m. today.

Black Friday kicked off today with a wave of midnight madness events, and hundreds of early-bird shoppers turned out for specials on toys, games and apparel.


Source: L.A. Times - Business | 28 Nov 2008 | 9:47 am

Meltdown far from over, new mortgage crisis looms (AP)

The Vanity Fair Outlet stores opened at 12:01 a.m. EST for Black Friday sales has shoppers seeking bargins and discounts Nov. 28, 2008 in Reading, Pa. (AP Photos/Bradley C Bower)AP - Black Friday's retail shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market.



Source: Yahoo! News: Business | 28 Nov 2008 | 9:45 am

Media Digest 11/28/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

Accoring to Reuters, Japan's industrial output fell sharply in October.

Reuters reports that stores are courting careful customers this Black Friday.

Reuters report that Panasonic shares fell to a five year low based on its revised forecast.

Reuters reports that hits it profits goals will be a major task.

Reuters reports that ArcelorMittal will cut 9,000 jobs.

The Wall Street Journal reports that the Paulson bailout has been hurt by lack of staff.

The Wall Street Journal reports that OPEC is looking at a fresh round of cuts.

The Wall Street Journal reports that the turnaround at Dell (DELL) is in trouble dur to changes in the global "gadget" business.

The Wall Street Journal reports that cities and states are felling the credit sqeeze.

The Wall Street Journal reports that luxury car sales are in deep decline.

The Wall Street Journal reports that markets in Europe opened flat

The Wall Street Journal reports that a shipping slowdown has hit Nordic banks.

The Wall Street Journal reports that the U.S. Pension Benefit Guaranty said the use of pension funds by the Big Three to pay for restructuring threatens to drain the funds

The New York Times says RBS (RBS) says the the government will take a 58% stake.

The FT reports that GM is looking at selling European assets for 200 million euros.

The FT reports that OPEC is looking for members who cheat on quotas.

The FT reports that the downturn in the Chinese economy accelerated over the past month and could lead to high unemployment and social unrest.

Bloomberg says that Treasuries are heading for their best month since 1981.

Douglas A. McIntyre


Source: 24/7 Wall St. | 28 Nov 2008 | 9:34 am

Film distributor is victim of Woolworths collapse

The fallout from the collapse of Woolworths spread this morning as Metrodome, a UK-listed film and television distributor, warned it risked losing £320,000 it was owed by the fallen retailer.
Source: Latest Business News from Times Online | 28 Nov 2008 | 9:32 am

China shares retreat on profit-taking (AP)

AP - China's stocks retreated Friday on profit-taking but ended November with the biggest one-month gain in 15 months on optimism about a multibillion-dollar economic stimulus package.
Source: Yahoo! News: Business | 28 Nov 2008 | 8:49 am

News Corp may face heir 'deadlock'

New book reveals agreement giving equal economic rights ito all six of Murdoch's children – but voting control to the eldest four only – contains no provision for breaking tied votes
Source: Financial Times - US homepage | 28 Nov 2008 | 8:11 am

West Coast ports face struggle to maintain relevance

The global financial slowdown has already slashed traffic, and a major Panama Canal expansion will bring new competition.

The slowdown in international trade has left the docks at the nation's biggest seaport complex quieter than they've been in years.


Source: L.A. Times - Business | 28 Nov 2008 | 8:00 am

West Coast ports face struggle to maintain relevance

The global financial slowdown has already slashed traffic, and a major Panama Canal expansion will bring new competition. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 28 Nov 2008 | 8:00 am

CB Richard Ellis feels industry's pain

The world's largest commercial real estate services company has seen its profit and stock price drop as it suffers along with property owners and landlords. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 28 Nov 2008 | 8:00 am

Ford F-150 pickup is king of the mountain

The 2009 model is vastly better than anything else in its class.

As the redesigned 2009 Ford F-150 pickup starts rolling into dealerships, Ford marketing executives are eschewing those elaborate TV commercials in which trucks swing by their tow hooks in giant centrifuges, race through gantlets of flying steel pendulums or chatter their brakes to the edge of a precipice while trying to stop a 10,000-pound trailer.


Source: L.A. Times - Business | 28 Nov 2008 | 8:00 am

Ford F-150 SuperCrew Lariat at a glance

2009 Ford F-150 4x4 SuperCrew Lariat Base price: $37,990


Source: L.A. Times - Business | 28 Nov 2008 | 8:00 am

Holidays not as festive at the office

Companies are cutting back or eliminating holiday parties. For some, it's about perceptions amid layoffs. They're...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 28 Nov 2008 | 8:00 am

CB Richard Ellis feels industry's pain

The world's largest commercial real estate services company has seen its profit and stock price drop as it suffers along with property owners and landlords.

As an international economic crisis dumps widespread woe on the commercial real estate industry, Los Angeles-based giant CB Richard Ellis Inc. is bracing for trouble.


Source: L.A. Times - Business | 28 Nov 2008 | 8:00 am

Holidays not as festive at the office

Companies are cutting back or eliminating holiday parties. For some, it's about perceptions amid layoffs.

They're swapping caviar for barbecued chicken, the Four Seasons for the conference room and the deejay for an iTunes playlist.


Source: L.A. Times - Business | 28 Nov 2008 | 8:00 am

Ford F-150 pickup is king of the mountain

The 2009 model is vastly better than anything else in its class. As the redesigned 2009 Ford F-150 pickup starts...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 28 Nov 2008 | 8:00 am

Online retailers may feel a chill in holiday spending

The economy could hit e-commerce hard this season, forecasters say. But Web stores are counting on the downturn to drive shoppers to their computers.

For more than a decade, online retailers could count on big growth no matter the economic climate. But this holiday season, the e-commerce sector is at risk of its first slowdown since the Web was invented.


Source: L.A. Times - Business | 28 Nov 2008 | 8:00 am

Ford F-150 SuperCrew Lariat at a glance

2009 Ford F-150 4x4 SuperCrew Lariat Base price: $37,990
Source: Infocious RSS raw feed - channel BNPaperBusiness | 28 Nov 2008 | 8:00 am

Online retailers may feel a chill in holiday spending

The economy could hit e-commerce hard this season, forecasters say. But Web stores are counting on the downturn to drive shoppers to their computers. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 28 Nov 2008 | 8:00 am

RBS shareholders shun £15bn rights issue

The Government will be left with a 58 per cent stake in Royal Bank of Scotland (RBS) after investors snubbed the troubled bank’s £15 billion rights issue.
Source: Latest Business News from Times Online | 28 Nov 2008 | 7:53 am

Profits of Doom

Every cloud has a silver lining, and it seems that if there's a bull market lurking anywhere in this grim economy, it's in the "Going Out of Business" business.
 
Bankruptcy filings by businesses were up 41.6 percent through the first half of 2008 from the same period a year earlier, according to the U.S. courts, and a punishing consumer-spending environment has meant catastrophic results for retailers in particular.
 
More than 20 major merchants have already filed for bankruptcy this year, including The Sharper Image, Levitz, Boscov's, Mervyns, Steve & Barry's, Linens 'n Things, and Circuit City.
 
And, thanks to the frozen credit markets, many of those filers have been forced into Chapter 7 liquidation rather than mere Chapter 11 restructuring, with merchants scrambling to produce cash owed to their creditors.
 
That's where retail liquidators come into play. Specialty firms such as Hilco Merchant Services, Gordon Brothers Group, Hudson Capital, SB Capital, and Great American Group are some of the major players acting as clean-up crews, competing for the task of shutting down stores and liquidating assets on behalf of retailers (see a list of current liquidations).
 
Here's how it works: Once a company decides to close some or all of its stores, retail liquidators bid against each other for the job of appraising and selling off store inventory, real estate, fixtures, machinery, equipment…the works. The winning firm (or firms) then manages liquidation sales usually lasting six to 10 weeks—longer in the case of large chains.
 
According to Jim Schaye, C.E.O. of Hudson Capital Group, retail liquidations come in two varieties: equity deals and fee-based deals.
 
In equity deals, a liquidator such as Hudson Capital will use complex models to estimate how much money can be recovered by selling store inventory and assets, subtract what it will cost to run the stores for the duration of the liquidation sale, and offer the retailer a fixed dollar amount to take control of the stores and their inventory. Once Hudson liquidates the assets, it pockets whatever extra money remains.
 
In fee deals, the retail liquidator does not bid for control of the assets, but rather gets paid a fixed fee (usually with performance incentives and penalties) to sell off merchandise and assets on behalf of the store's creditors.
 
"We've never seen anything like this," says Schaye. "Business has increased tenfold in the past year, and we're involved in over $3 billion of liquidation at this point."
 
Sandy Feldman, a vice president at Great American Group, says that today's unusually large deals have given rise to more consortiums involving multiple liquidation firms in a single deal, simply to assemble the financial resources and manpower necessary to handle liquidations as large as Linens 'n Things and Steve & Barry's.
 
In the case of Linens 'n Things, Hilco, Gordon Brothers Group, Hudson Capital, SB Capital, Great American Group, and Tiger/Nassi Group are all cooperating to run the sales.
 
But while retail liquidation may seem at first blush like the perfect recession-proof business, today's economy is leaving the companies facing their own challenges.
 
Rick Kaye, a Hilco spokesman, points out that the lack of consumer demand that doomed merchants to begin with has also made it harder to attract buyers to close-out sales.
 
The current economy has also meant a shrinking demand at companies such as Gordon Brothers and Hilco for things such as retail consulting and M&A advisory.
 
Great American's Feldman also stresses that perhaps the biggest challenge created by the rapidly declining state of retail is in making liquidation returns difficult to model—being off by even a fraction of a percentage point on its bid can cost the liquidator its entire profit margin.
 
"We go by sales trends from previous years and previous months to determine our offer, and with things changing so rapidly, it has become more challenging to design models for how much inventory will go for," says Feldman.  "At this point, it's guesswork."
Related Links
Short-Circuited City
The Way the Cookie Crumbles
Bankruptcies: Still Rare


Source: Portfolio.com: Top 5 | 28 Nov 2008 | 5:00 am

Alcoa not seeking to raise Rio Tinto stake: exec

MELBOURNE (Reuters) - U.S. aluminum giant Alcoa Inc is not actively seeking to raise its stake in miner Rio Tinto Ltd despite plans by its ally, Chinalco, to up its Rio holding.

Source: Reuters: Business News | 28 Nov 2008 | 4:53 am

Alistair Darling faces call to admit 20 per cent VAT rate was considered

Alistair Darling came under more pressure last night to confirm that he considered raising VAT as high as 20 per cent as the row over the Pre-Budget Report grew.
Source: Latest Business News from Times Online | 28 Nov 2008 | 12:00 am

GM eyes €200m European asset sale

General Motors has asked Jones Lang LaSalle, real estate agent, for help in raising up to €200m from the sale and leaseback of some of its European offices and other assets
Source: Financial Times - US homepage | 27 Nov 2008 | 11:36 pm

Say bon voyage to spoilage of farm produce

New preservation techniques allow fresh foods to be moved by sea rather than by air -- in greater bulk, at lower cost and in more controlled conditions.

It's not easy to keep a banana yellow.


Source: L.A. Times - Business | 27 Nov 2008 | 11:36 pm

Say bon voyage to spoilage of farm produce

New preservation techniques allow fresh foods to be moved by sea rather than by air -- in greater bulk, at lower cost and in more controlled conditions. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 27 Nov 2008 | 11:36 pm

Scrimping parents gravitate to old favorites on toy aisle

With no 'must-have' toy this season, adults are reaching for what made them happy when they were young. Counting...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 27 Nov 2008 | 11:29 pm

Scrimping parents gravitate to old favorites on toy aisle

With no 'must-have' toy this season, adults are reaching for what made them happy when they were young.

Counting dollars this holiday season, Tom De Santes wants to avoid buying high-priced techno gadgets as gifts for his two sons.


Source: L.A. Times - Business | 27 Nov 2008 | 11:29 pm

At Goodwill stores, hidden freebies

Today only, about 200 items will be given away at each of 55 Southland shops from 8 a.m. to 9 p.m.

Customers at Goodwill stores in Southern California today might notice a difference in the normally inexpensive merchandise.


Source: L.A. Times - Business | 27 Nov 2008 | 11:20 pm

At Goodwill stores, hidden freebies

Today only, about 200 items will be given away at each of 55 Southland shops from 8 a.m. to 9 p.m. Customers at...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 27 Nov 2008 | 11:20 pm

Eurozone set for rate cut of at least 50 points

Eurozone official interest rates are almost certain to be slashed again next week by at least half a percentage point after a survey showed the region facing its worst downturn since the recession of the early 1990s
Source: Financial Times - US homepage | 27 Nov 2008 | 8:33 pm

Panasonic shaken by sales dip

Electronics group slashes operating profit forecast by 40%, only a month after saying that it was too soon to judge the effects of the economic slowdown
Source: Financial Times - US homepage | 27 Nov 2008 | 7:16 pm

Ex-UBS executives waive bonuses of SFr70m

Chairman tells shareholders at special meeting that the Swiss bank has received an extra SFr22m in bonus waivers or repayments since the initial disclosures of SFr45m revealed this month
Source: Financial Times - US homepage | 27 Nov 2008 | 6:40 pm

Helping the needy gets tougher

Demand for food assistance is rising and food banks are struggling to keep up. Senior Correspondent Bob Moon visits a mission to see what demand looks like first hand.
Source: Marketplace | 27 Nov 2008 | 6:06 pm

Iraqis approve pact for US pull-out

In a landmark vote, the Iraqi parliament approved a security pact that charts the way for the end of the US military presence in Iraq
Source: Financial Times - US homepage | 27 Nov 2008 | 5:47 pm

Stores lure shoppers online and off

Retailers are rolling out specials for what's typically one of the busiest holiday shopping weekends. Will the shoppers come? New York Bureau Chief Amy Scott reports.
Source: Marketplace | 27 Nov 2008 | 5:11 pm

Attacks already hurt Mumbai economy

India closed financial markets in the wake of terrorist attacks in Mumbai, and with grenades going off in the commercial district, most people stayed away. Is a return to normal possible? European Bureau Chief Stephen Beard reports.
Source: Marketplace | 27 Nov 2008 | 5:11 pm

Thailand declares emergency rule at airports

The prime minister has declared a state of emergency in the areas surrounding two airports in Bangkok, clearing the way for security forces to move in and eject thousands of anti-government protesters
Source: Financial Times - US homepage | 27 Nov 2008 | 5:07 pm

He's driven to make a difference

Robert Chambers could have easily retired after leaving car sales and owning several businesses. Instead, he has channeled his energy into helping low-income car buyers make smart purchases that will help them on the road to prosperity. Steve Tripoli reports.
Source: Marketplace | 27 Nov 2008 | 2:43 pm

Millionaire invests in changing attitudes

We've all heard money can't buy you love or happiness. But if you have enough of it, you might have a chance at changing people's hearts and minds. That's what software millionaire Tim Gill is trying to do. Jeremy Hobson reports.
Source: Marketplace | 27 Nov 2008 | 2:35 pm