Market Snapshot: U.S. stocks steeply lower on gloomy global data

U.S. stocks are sharply lower, kicking off December by shaving off some of the strong gains from last week, as economic reports from around the world fueled concerns about a global recession.

Source: MarketWatch.com - Top Stories | 1 Dec 2008 | 3:41 pm

Manufacturing index at 26-year low

A closely watched index of the nation's manufacturing activity fell further in November, to a 26-year low, and remained at a level indicating overall economic contraction for the second straight month, according to a survey of purchasing managers released Monday. he .
Source: Business and financial news - CNNMoney.com | 1 Dec 2008 | 3:38 pm

October construction spending drops 1.2%

WASHINGTON -- Construction spending fell by a larger-than-expected amount in October, another indication the problems facing builders in the form of a sinking economy and severe credit crisis are deepening and likely to persist.

Source: L.A. Times - Business | 1 Dec 2008 | 3:36 pm

Airline Stocks: Gloabl air traffic continues its monthly decline

Airline stocks see a steep decline in early activity, in step with the plunge in the wider market, and following new data that showed further decline in monthly global air traffic.

Source: MarketWatch.com - Top Stories | 1 Dec 2008 | 3:35 pm

Manufacturing index falls to 36.2 in November: ISM

NEW YORK (Reuters) - Factory activity fell in November to its weakest since 1982, according to an industry report released on Monday.
Source: Reuters: Business News | 1 Dec 2008 | 3:32 pm

Prudential Raised to `Buy' at Citigroup on Undervalued Shares

Source: Bloomberg - All Podcasts | 1 Dec 2008 | 3:31 pm

Don't judge an adviser by his title

When you are fearful about the safety of your money, you tend to be more vulnerable to unscrupulous salespeople posing as trustworthy advisers. So a recent crackdown on dubious retirement credentials couldn't have come at a better time.
Source: Business and financial news - CNNMoney.com | 1 Dec 2008 | 3:29 pm

Bond Report: Treasurys rally, yields slide, on gloomy economy outlook

Treasurys rally, sending benchmark yields to their lowest levels in more than 30 years, as economic data further fueled concerns over a global recession, lifting demand for the safe-haven of fixed-income assets.

Source: MarketWatch.com - Top Stories | 1 Dec 2008 | 3:29 pm

Cyber Monday starts online shopping season

The online holiday shopping season unofficially began Monday, with analysts expecting a flat performance versus last year in the face of the weak U.S. economy.
Source: Business and financial news - CNNMoney.com | 1 Dec 2008 | 3:28 pm

Oil prices drop

Oil prices fell more than $3 a barrel Monday after OPEC said it would wait until its next scheduled meeting in mid-December to take action against falling prices.
Source: Business and financial news - CNNMoney.com | 1 Dec 2008 | 3:28 pm

The Manufacturing Recession Gets Worse

Source: 24/7 Wall St. | 1 Dec 2008 | 3:28 pm

Ryanair attempts new bid for Aer Lingus

Ryanair Holdings on Monday makes a fresh attempt to buy Aer Lingus for half the price that its Irish rival rejected two years ago.

Source: MarketWatch.com - Top Stories | 1 Dec 2008 | 3:26 pm

HSBC confirms 500 UK jobs to go

Banking group HSBC confirms it is cutting 500 jobs across the UK, following a review of the business and the current economic conditions.
Source: BBC News | Business | World Edition | 1 Dec 2008 | 3:24 pm

Stocks fall sharply after dour economic data

NEW YORK -- Wall Street is down sharply in early trading, but so far showing little reaction to a pair of downbeat economic reports.

Source: L.A. Times - Business | 1 Dec 2008 | 3:23 pm

Economic Report: November manufacturing activity falls, prices plummet

With the financial crisis taking its toll, manufacturing activity continued to dwindle in November for the fourth consecutive month of contractions, as prices hit an all-time low, according to a survey from the Institute for Supply Management.

Source: MarketWatch.com - Top Stories | 1 Dec 2008 | 3:22 pm

Huffington Post secures $25m funding$

The Huffington Post, the American news and opinion website, has secured $25 million of funding from a venture capital firm.$
Source: Latest Business News from Times Online | 1 Dec 2008 | 3:19 pm

Oil falls under $51 after OPEC defers output cut

LONDON (Reuters) - Oil fell more than $3 to below $51 a barrel on Monday after OPEC decided to wait until mid-December to make a further cut in output to try to defend sagging prices.
Source: Reuters: Business News | 1 Dec 2008 | 3:18 pm

Financial Stocks: Financial stocks in broad retreat as December opens

Shares of U.S. financial stocks fell sharply on Monday as investors sold of shares after last week's stellar run.

Source: MarketWatch.com - Top Stories | 1 Dec 2008 | 3:18 pm

Now hiring in Silicon Valley

Nature abhors a vacuum, but apparently not in Silicon Valley, where it may not be easy to fill some very prominent vacancies. Right now you've got Jerry Yang abdicating at Yahoo, and Microsoft is looking for someone to run its online division. And there are persistent rumors that another huge job might be opening up at Google.
Source: Business and financial news - CNNMoney.com | 1 Dec 2008 | 3:17 pm

Energy Stocks: Sector pulls broad market lower on OPEC, sliding oil prices

Energy shares underperform a sliding broad market as oil prices, OPEC and China woes weigh heavily on the sector.

Source: MarketWatch.com - Top Stories | 1 Dec 2008 | 3:17 pm

Detroit's auto bubble pain

Automakers are counting on a rebound in demand by 2010. But that could turn out to be unrealistic because of an "auto bubble" the Big Three helped to create during the past few years.
Source: Business and financial news - CNNMoney.com | 1 Dec 2008 | 3:16 pm

Retail stocks fall on holiday shopping worries

NEW YORK (Reuters) - Key retail stocks fell on Monday as investors feared that deep discounts offered by stores during the year's first holiday shopping weekend could sap profits and would not save a bleak season.
Source: Reuters: Business News | 1 Dec 2008 | 3:16 pm

Retail stocks fall on holiday shopping worries (Reuters)

Reuters - Key retail stocks fell on Monday as investors feared that deep discounts offered by stores during the year's first holiday shopping weekend could sap profits and would not save a bleak season.

Source: Yahoo! News: Business | 1 Dec 2008 | 3:16 pm

Tech Stocks: Tech sector stumbles early as chip sales fall

Technology stocks tumbled at the opening bell on Monday as the broader market retreated on gloomy economic data.

Source: MarketWatch.com - Top Stories | 1 Dec 2008 | 3:16 pm

Manufacturing index falls to 36.2 in November: ISM (Reuters)

Reuters - Factory activity fell in November to its weakest since 1982, according to an industry report released on Monday.
Source: Yahoo! News: Business | 1 Dec 2008 | 3:15 pm

CEO Of The Year Nominees: 1) Robert Iger of Disney (DIS)

Source: 24/7 Wall St. | 1 Dec 2008 | 3:13 pm

Movers & Shakers: Monday's biggest gaining and declining stocks

Stocks moving significantly in trading on Monday include the retailers as well as Citi, GM, Mentor, Microsoft, Midway Games, Qimonda, Trump Entertainment and Yahoo.

Source: MarketWatch.com - Top Stories | 1 Dec 2008 | 3:13 pm

Retail Stocks: Retail shares turn south as holiday worries linger

Retail shares headed lower on Monday after a stronger-than-expected start to Black Friday weekend failed to erase concerns about retailers’ crucial holiday season.

Source: MarketWatch.com - Top Stories | 1 Dec 2008 | 3:13 pm

Wall Street falls 4 percent after factory data (Reuters)

Reuters - Stocks extended losses on Monday as a report showing further contraction in a gauge of manufacturing activity added to worries about the deepening world economic slump.

Source: Yahoo! News: Business | 1 Dec 2008 | 3:11 pm

Wall Street falls 4 percent after factory data

NEW YORK (Reuters) - Stocks extended losses on Monday as a report showing further contraction in a gauge of manufacturing activity added to worries about the deepening world economic slump.
Source: Reuters: Business News | 1 Dec 2008 | 3:11 pm

Titan Worldwide Shores Up Philadelphia and Southern New Jersey Market with Port Authority Transit Corporation Win

Out-of-Home Media Leader Now Reaches 20 Million More Philadelphia and New Jersey Commuters Each Year NEW YORK, Dec. 1 /PRNewswire/ -- Titan Worldwide has signed...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Dec 2008 | 3:09 pm

Ford weighs selling Volvo amid industry downturn

DEARBORN, Mich. -- Ford Motor Co. says it is considering selling Volvo Car Corp. as the struggling U.S. automaker seeks to raise cash and weather the industry crisis.

Source: L.A. Times - Business | 1 Dec 2008 | 3:07 pm

Chesapeake Wants To Print Money (CHK, BP, STO, PXP)

Source: 24/7 Wall St. | 1 Dec 2008 | 3:06 pm

Stocks open lower ahead of economic data

NEW YORK -- Worries about the holiday shopping season sent stocks sharply lower today while investors also awaited new readings on manufacturing and construction spending. The Dow Jones industrial average...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Dec 2008 | 3:02 pm

BlackRock Realty Engages Riverstone Residential to Manage Residential Real Estate Property Portfolio

DALLAS, Dec. 1 /PRNewswire/ -- A landmark outsourcing agreement for the management of a 62-property portfolio has brought two industry leaders together in a unique...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Dec 2008 | 3:00 pm

Hedging Programs Save Insurers $40 Billion During Economic Crisis

The hedges protecting variable annuities with guarantees are 93% effective during crisis SEATTLE, Dec. 1 /PRNewswire/ -- Milliman, Inc., one of the premier global...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Dec 2008 | 3:00 pm

Artificial Turf Infill Alternative: EPDM Granules

Target Technologies offers clean, heat-resistant product for synthetic fields VANCOUVER, British Columbia, Dec. 1 /PRNewswire/ -- Today's highly sophisticated...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Dec 2008 | 3:00 pm

WECOSIGN(TM) Develops Housing Plan to Assist Troops Returning from Iraq, Without Government Funding

WECOSIGN(TM) & AFFILIATE PARTNERS ACROSS THE U.S. LAUNCH PLANS TO ASSIST TROOPS OBTAIN RENTAL HOUSING, IN SPITE OF POOR CREDIT SCORES SANTA ANA, Calif., Dec. 1...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Dec 2008 | 3:00 pm

Facebook group creator detained by Croatian police

Send good karma, post a photo, criticize the prime minister _ all things you can do with the click of a mouse at Facebook, right? In Croatia, the last one might be a click too far. A man
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Dec 2008 | 2:57 pm

Citigroup Says General Electric (GE) Could Lower Guidance At Tomorrow's Event

Citigroup commented on General Electric Co. (NYSE: GE) ahead of tomorrow's GE Capital webcast. The firm said the webcast could be a forum to lower its 2009 outlook.

The analysts noted that in prior years, when street estimates were too high, GE held late November/Early December meetings and used them as a forum to lower expectations so the CEO could focus more on strategy, etc as the late-December meeting. The firm said the likelihood of this being the case this year appears reasonably high given the short notice on the webcast (announced on 11/25) and the unprecedented macro and financial upheaval.

Read more...

Source: 24/7 Wall St. | 1 Dec 2008 | 2:57 pm

How Do We Start Growing Again?

By John Tamny, RealClearMarkets

Amid the tumult in the U.S. banking and manufacturing sectors, there's been lots of apocalyptic talk about how the failure of certain banks or companies could drive the economy into a permanent ditch. According to certain politicians, economists and pundits, if the government fails to use money taken from the private sector in order to shore up the health of that same private sector, the U.S. economy will simply stop growing.

Read more....

Source: 24/7 Wall St. | 1 Dec 2008 | 2:55 pm

Wall Street drubbed at open

Stocks tumbled to start the first day of trading in December as investors retreated after last week's big rally amid concerns about the economy.
Source: Business and financial news - CNNMoney.com | 1 Dec 2008 | 2:53 pm

Ford weighs selling Volvo amid industry downturn

Ford Motor Co. says it is considering selling Volvo Car Corp. as the struggling U.S. automaker seeks to raise cash and weather the industry crisis. Ford said Monday it expects its...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Dec 2008 | 2:53 pm

Morgan Stanley Adds Riverfront Investment Group to the Access Program

RICHMOND, Va., Dec. 1 /PRNewswire/ -- Riverfront Investment Group, LLC, a Richmond Virginia-based registered investment advisor, has been added to another major US...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Dec 2008 | 2:49 pm

UK says it's not thinking about adopting euro

The British government is not considering adopting the euro currency, despite a statement by the head of the European Commission, Prime Minister Gordon Brown's spokesman said Monday. ...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Dec 2008 | 2:48 pm

Cantor's Pope Says U.S. Automakers Will Get Economic Bailout

Source: Bloomberg - All Podcasts | 1 Dec 2008 | 2:46 pm

Oil falls below $51 as OPEC doesn't cut output

By midday in Europe, light, sweet crude for January delivery was down $3.62 to $50.81 a barrel in electronic trading on the New York Mercantile Exchange. The contract had settled down a...
Source: Infocious RSS raw feed - channel BNewsBusiness | 1 Dec 2008 | 2:46 pm

No 10 denies shift in euro policy

British politicians are actively considering joining the eurozone, says European Commission president Jose Manuel Barroso.
Source: BBC News | Business | World Edition | 1 Dec 2008 | 2:42 pm

The Gates go back to school

When Bill Gates gets worked up about something, his body language changes. He suspends his habit of rocking forward and back in his chair and sits a little straighter. His voice rises in pitch. Today the subject is America's schools.
Source: Business and financial news - CNNMoney.com | 1 Dec 2008 | 2:38 pm

TNK-BP's under-fire boss resigns

BP's Russian joint venture, TNK-BP, confirms that its under-fire chief executive Robert Dudley has resigned with immediate effect.
Source: BBC News | Business | World Edition | 1 Dec 2008 | 2:34 pm

A Cracked Tudor

Paul Tudor Jones tripled his money by predicting the stock market crash of 1987. The crash of 2008 hasn't treated him quite so well.

Just as troubled banks have floated proposals to split into two, with a good bank/bad bank structure, Jones' Tudor Investment Corp. is splitting off the bad investments made by its $10 billion Tudor BVI Global Fund into a separate fund. The Legacy Fund will have lower fees and illiquid assets such as corporate credit from emerging markets in Eastern Europe, Latin America, and Asia. The remaining BVI Global Fund will continue to invest in international stocks, bonds, and other securities.

Jones also told investors that that redemptions from the fund would be temporarily suspended, with the expectation they could resume by the end of next March. The fund had received requests for $1.4 billion, or about 14 percent of net assets, which would have left remaining assets holding too much of the illiquid assets.

This news is yet another blow to the embattled hedge fund industry. Jones has long been known as one of the industry's top traders, with his Tudor BVI Global fund returning 22 percent on average annually since it launched in 1986.

"I recognize that a restructuring is an unwelcome, but I believe necessary, step against the backdrop of Tudor BVI's 22-year history of unbroken profitable years," Jones wrote in a letter to investors. "I believe it is but a brief step, however, on the road to important long-term changes for the benefit of all investors."

The news is also troubling because the fund was forced to take these steps despite the fact that it is far outperforming its peers. The Tudor Global Fund is down just 5 percent year-to-date, while the composite index of global funds tracked by Hedge Fund Research is down 22 percent year-to-date.

If investors are that eager to withdraw their money from one of the better performing funds out there, there's no telling how ugly it has become for the less fortunate managers.


Related Links
The Pirate Pose
When a Publicly-Listed Hedge Fund Blows Up
Sign of a Bottom?


Source: Portfolio.com: Top 5 | 1 Dec 2008 | 2:30 pm

Drastic Plastic

The Federal Reserve is trying to get consumer finance flowing again. The Fed announced a program last week that would provide as much as $200 billion in loans for securities backed by credit cards, auto loans, student loans, and loans guaranteed by the Small Business Administration.

At the same time, however, financial institutions are scrambling to turn off the taps. Meredith Whitney, the banking analyst with Oppenheimer & Co., estimates that more than $2 trillion of credit-card lines will be pulled over the next 18 months.

Such a retrenchment would be devastating to consumer spending, as credit cards are second only to jobs in their importance to consumer liquidity.

"We are now beginning to see evidence of broad-based declines in overall consumer liquidity," she wrote, estimating a decline of 45 percent, according to Reuters.

The credit-card market is lagging the mortgage market by 18 months and will begin to shrink by mid-2010, Whitney said.

Many big lenders have been trying to cut their exposure to credit cards, closing accounts, lowering limits, and instituting higher rates or stricter terms.

Some $21 billion in bad credit-card debt was written off in the first half of 2008 and tens of billions of dollars more in losses are expected.

Capital One, the largest independent card issuer, said in its earnings call in October that it had begun to reduce credit lines.

The chill in the air is consumer spending being frozen solid.


Related Links
Baby Steps
The Lending Net
Fed Fright


Source: Portfolio.com: Top 5 | 1 Dec 2008 | 2:30 pm

Another Set Of Numbers Shows Failing Global Economy

The UN's report on World Economic Situation and Prospects 2009 contains almost no good news.

According to Reuters, "World economic growth will slow to 1 percent in 2009 from 2.5 percent this year as the financial crisis bites and the global economy may even contract if stimulus packages prove too little too late."

With emerging markets like China and India still showing GDP improvements, that means numbers in the US, EU, and Japan are bound to get a good deal worse.

Douglas A. McIntyre

Source: 24/7 Wall St. | 1 Dec 2008 | 2:28 pm

Ryanair makes new, half-price bid for Aer Lingus

DUBLIN (Reuters) - Ryanair revived its tense courtship of Irish rival Aer Lingus on Monday, bidding 750 million euros ($970 million) or just half of what it offered two years ago in an approach thwarted by European regulators.
Source: Reuters: Business News | 1 Dec 2008 | 2:22 pm

J&J to buy breast implant firm Mentor for $1.1 billion

NEW YORK (Reuters) - Johnson & Johnson said on Monday it would acquire breast implant maker Mentor Corp for $1.07 billion as the giant diversified healthcare company pushes into the market for aesthetic medical products.
Source: Reuters: Business News | 1 Dec 2008 | 2:16 pm

J&J to buy breast implant firm Mentor for $1.1 billion (Reuters)

Reuters - Johnson & Johnson said on Monday it would acquire breast implant maker Mentor Corp for $1.07 billion as the giant diversified healthcare company pushes into the market for aesthetic medical products.
Source: Yahoo! News: Business | 1 Dec 2008 | 2:16 pm

Ryanair launches fresh bid for Aer Lingus

Europe's largest low-cost airline issued a new all-cash offer to buy Irish rival Aer Lingus, offering €1.40 for each share of the former state airline
Source: Financial Times - US homepage | 1 Dec 2008 | 2:11 pm

UnitedHealth raises low end of 2009 revenue view

NEW YORK (Reuters) - UnitedHealth Group Inc raised the lower end of its 2009 revenue forecast on Monday, although it maintained its profit outlook for next year.
Source: Reuters: Business News | 1 Dec 2008 | 2:03 pm

Oil sinks after Opec fails to cut output

Oil prices fell sharply on Monday, approaching the $50 a barrel level, after Opec delayed a production cut until mid-December after a meeting over the weekend in Cairo
Source: Financial Times - US homepage | 1 Dec 2008 | 2:02 pm

Slump hits world industry

LONDON/BEIJING (Reuters) - European and Chinese industry activity slumped in November, Japanese officials said their economy was slowing rapidly and euro zone finance ministers gathered on Monday to discuss plans to curb recession.
Source: Reuters: Business News | 1 Dec 2008 | 2:02 pm

Wall Street starts week in pessimistic mood

US stocks were set to snap a five session winning streak on Monday as pessimism ahead of key economic data outweighed relatively upbeat news from the retail sector
Source: Financial Times - US homepage | 1 Dec 2008 | 1:54 pm

KKR in talks with Chinese dairy producer

Kohlberg Kravis Roberts, the US private equity fund, is in advanced talks to acquire a stake in a Chinese dairy producer, in a move that could herald a wave of fresh foreign investment in the tainted sector
Source: Financial Times - US homepage | 1 Dec 2008 | 1:38 pm

Moss Bros warns of falling sales

The menswear chain Moss Bros warns sales are falling with the key Christmas trading period still to come.
Source: BBC News | Business | World Edition | 1 Dec 2008 | 1:33 pm

Jump-Starting a Bailout

The only thing that is certain is that Detroit cannot do much worse in Washington than it did before.

Tomorrow is the deadline when General Motors, Ford Motor, and Chrysler must tell Congress how they intend to overhaul their companies and how they would use $25 billion in federal loans. There will be hearings on Thursday and Friday, and Congress could reconvene to vote on aid next week.

Winning aid would be a huge turnaround from last month. Then, in two days of congressional hearings, the executives of the Big Three appeared utterly clueless. They had trouble articulating the health of their companies or explaining how they would use federal aid. The executives were mocked by lawmakers for flying to Washington in private jets.

In its overhaul plan, G.M. is expected to unveil a significant downsizing. Bill Vlasic of the New York Times says that will include shutting more factories and winnowing brands. Christine Tierney and David Shepardson of the Detroit News say it could mean that as many as four of G.M.'s eight brands get the ax. Saturn and Pontiac are among the most likely candidates for elimination.

Chrysler's salvation may rest only in a merger, if not with G.M. then perhaps with a foreign automaker. Ford Motor is in the best position to survive over the next few months.

That's not the case for either G.M. or Chrysler if there is no federal support. Both are burning cash at alarming rates.

John Stoll of the Wall Street Journal says the G.M. board is considering all alternatives, including a filing for Chapter 11 bankruptcy protection, even though the company's chief executive, Rick Wagoner, has said publicly that bankruptcy is not an option. It is widely believed that consumers would shun an automaker in bankruptcy out of concern that warranties would be meaningless and parts would be more difficult to obtain.

G.M. and Ford are also turning to another place for government help: Sweden. John Reed of the Financial Times says that both automakers have approached the Swedish government about aid for their Saab and Volvo units.

The plight of Detroit will also be underscored on Tuesday, when automakers report U.S. sales for the month. November sales are expected to come in at a 25-year low.



Related Links
Detroit Needs a Miracle
AMI Chief Asks Employees to Back Auto Bailout
The Drive to Save Detroit


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

Global chip sales slip 2.4%

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 1 Dec 2008 | 1:25 pm

J&J: Now Master Over Mentor (MNT, JNJ)

Source: 24/7 Wall St. | 1 Dec 2008 | 1:21 pm

Bank of Japan plans special meeting

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 1 Dec 2008 | 12:43 pm

AIG sells Swiss private bank to Abu Dhabi group

AIG Group has sold its Swiss-based private bank to an investor group from Abu Dhabi, its first significant disposal since it was taken over by the US government in a massive bail-out
Source: Financial Times - US homepage | 1 Dec 2008 | 12:42 pm

Holiday season off to a modest start (AP)

AP - The Thanksgiving shopping weekend doesn't appear to have been the disaster some had feared, but tempered buying and unprecedented deep discounts likely resulted in soft sales. Now, online retailers are ramping up heavy-duty deals to turn skittish shoppers into "Cyber Monday" spenders.

Source: Yahoo! News: Business | 1 Dec 2008 | 12:34 pm

Merkel defies calls for tax cuts

German chancellor Angela Merkel rules out further tax cuts before elections in September next year saying she has doubts over their impact.
Source: BBC News | Business | World Edition | 1 Dec 2008 | 12:32 pm

Car sales slide shows auto crisis worsening

PARIS (Reuters) - The global automotive industry faced a fresh wave of bad news Monday, as data showed drops in Swedish, Japanese and South Korean November car sales, with figures for France, Spain and Italy due out later in the day. Automakers are cutting production as well as seeking help from governments to survive as they battle against the effects of the financial crisis and worsening economic climate on consumer confidence.
Source: Reuters: Business News | 1 Dec 2008 | 12:21 pm

Top Pre-Market Analyst Upgrades & Downgrades (ACN, ACL, BHP, PGI, ASML, IPAR, ITRN, STM)

Source: 24/7 Wall St. | 1 Dec 2008 | 12:20 pm

General Growth Properties gets loan reprieve (AP)

AP - General Growth Properties Inc. has received a two-week extension on mortgage loans totaling $900 million, as the troubled shopping mall owner works to stave off bankruptcy and negotiate longer-term extensions with lenders.
Source: Yahoo! News: Business | 1 Dec 2008 | 12:19 pm

Oil prices fall after Opec stalls

Oil prices drop more than $2 after producers' group Opec declined to cut output at its weekend meeting.
Source: BBC News | Business | World Edition | 1 Dec 2008 | 12:09 pm

Japan set to tackle lending costs

The Bank of Japan will hold an emergency meeting on Tuesday to tackle rising corporate borrowing costs amid Japan's deepening economic crisis.
Source: BBC News | Business | World Edition | 1 Dec 2008 | 11:56 am

Tudor Jones suspends withdrawals from flagship fund

Paul Tudor Jones, who shot to fame and made a fortune when he predicted the 1987 stock market crash, suspended withdrawals from his $10bn flagship hedge fund and plans to split out toxic assets into a new fund with lower fees
Source: Financial Times - US homepage | 1 Dec 2008 | 11:40 am

Credit card industry may cut $2 trillion of lines: analyst

(Reuters) - The U.S. credit card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said.
Source: Reuters: Business News | 1 Dec 2008 | 11:31 am

The Holiday Spending Head Fake

Management of companies in the retail sector are waking up to sunny skies today.

Evidence is that Black Friday sales moved up 3% over last year.

But sales are not profits, and that is one piece of the puzzle which seems to have been lost.

An increase in sales actually means an increase in losses at some large retailers. Discounts on some items are running as much as 70%. That may bring feet through the door, but is also may mean that each dollar a customer spends could drive a loss of several pennies.

The retail industry is known for its pathetic margins, even when times are good.

According to The New York Times, "The bargains that drove shoppers to stores were so stunning, analysts said that retailers — already suffering from double-digit sales declines the last two months — would probably see their profits erode even further."

Investors may look at the earliest figures from the weekend and believe that retail stocks are attractive, especially at their present depressed levels. Fourth quarter earnings will almost certainly show that the assumption is not true.

Detroit created the idea that selling in volume is a good idea even if each sale creates a loss. Now retailers have decided to adopt that approach as well.

Douglas A. McIntyre

Source: 24/7 Wall St. | 1 Dec 2008 | 11:31 am

Manufacturing slumps in Britain and Eurozone

British manufacturing fell to a record low last month and activity in the eurozone shrank for the sixth month running.
Source: Latest Business News from Times Online | 1 Dec 2008 | 11:23 am

No More Credit Cards: GDP Bleeds Out

There is something to be said for giving nearly everyone a lot of access to credit when the economy and real estate values are improving. If consumers don't have a ready way to find cash to pay down card balances because their wages are not improving, they can always tap into the value of their homes.

Banks made good money off the interest rates they charge and GDP expansion kept default rates down to a dull roar.

The period in which the average citizen has no access to credit at all may be upon us. According to Reuters, "The U.S. credit card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said." Whitney is known for her remarkable pessimism. She is also known for being right.

At this point, most economists see a 2% or 3% GDP contraction in the first quarter of next year, followed by a slow recovery in the second half. If the consumer's ability to work his way further into debt is cut by hundreds of billions of dollars in each quarter, those GDP estimates can probably be fed through the shredder.

Because the consumer was the engine of the economic expansion of the last five years, he is certainly the only culprit for pushing GDP down. If he has lost access to every line of borrowing available to him and unemployment is hitting with a extraordinarily hard vengeance, the large industries that make up the US economy--autos, transportation, retail, tech, and hospitality--are about to be pole-axed. And, there is no recovery waiting in the second half of 2009. A good 2010 may be a pipe dream.

Banks became their own worst enemies through astonishingly poor management of their balance sheets. Now they are becoming the enemy of the broader economy as well.

Douglas A. McIntyre

Source: 24/7 Wall St. | 1 Dec 2008 | 11:18 am

World markets retreat after last week's rally (AP)

AP - Asian and European markets fell Monday as investors paused after last week's rally and digested signs that the U.S. holiday shopping season got off to a modest start over the Thanksgiving weekend.

Source: Yahoo! News: Business | 1 Dec 2008 | 11:00 am

Car sales slide shows auto crisis worsening (Reuters)

Reuters - The global automotive industry faced a fresh wave of bad news Monday, as data showed drops in Swedish, Japanese and South Korean November car sales, with figures for France, Spain and Italy due out later in the day. Automakers are cutting production as well as seeking help from governments to survive as they battle against the effects of the financial crisis and worsening economic climate on consumer confidence.

Source: Yahoo! News: Business | 1 Dec 2008 | 10:37 am

Poland launches stimulus package

Poland's governments adopts a development plan worth 91.3 zlotys ($31.4bn; $20.6bn) to kick-start the economy amid the global slowdown.
Source: BBC News | Business | World Edition | 1 Dec 2008 | 10:33 am

China factory output down sharply

China's manufacturing output fell sharply in November, figures show, just the latest sign that the global economic slowdown is impacting on its economy.
Source: BBC News | Business | World Edition | 1 Dec 2008 | 10:14 am

Record decline in manufacturing

British manufacturing shrank in November at the fastest rate since the series began in 1992, new figures show.
Source: BBC News | Business | World Edition | 1 Dec 2008 | 9:59 am

Ministers offer to quit over Mumbai attacks

Asif Ali Zardari, Pakistan's president, made an urgent appeal to India not to punish his country for the terror unleashed on Mumbai, warning that militants had the power to precipitate a war in the region
Source: Financial Times - US homepage | 1 Dec 2008 | 9:50 am

London Scottish Bank collapses

London Scottish Bank, the lender which specialises in customers with poor credit histories, plunged into administration this morning after regulators stopped the group from accepting customer deposits.
Source: Latest Business News from Times Online | 1 Dec 2008 | 8:53 am

UN team warns of hard landing for dollar

The current strength of the dollar is temporary and the US currency risks a hard landing in 2009, according to a team of United Nations economists who foresaw a year ago that a US downturn would bring the global economy to a near standstill
Source: Financial Times - US homepage | 1 Dec 2008 | 8:48 am

RBS to give struggling homeowners more time to pay (AP)

AP - Royal Bank of Scotland Group PLC said Monday it would give homeowners who miss mortgage payments at least six months before starting repossession action — double the three months it used to give.
Source: Yahoo! News: Business | 1 Dec 2008 | 8:37 am

Ryanair launches fresh Aer attack

Ryanair, the budget airline, announced a new takeover bid for its Irish rival Aer Lingus this morning.
Source: Latest Business News from Times Online | 1 Dec 2008 | 8:08 am

New tax rules add to anxiety for small businesses

Changes for 2008 and uncertainty about '09 have firms on edge and experts altering their usual year-end advice.

Small-business owners are having a tough time trying to figure out the best year-end tax strategies for 2008 as the global financial meltdown turns conventional planning wisdom on its head.

Source: L.A. Times - Business | 1 Dec 2008 | 8:00 am

Black Friday sales gain seen as a one-time gift

More shoppers visit stores and websites than last year, but experts doubt it's a turnaround for beleaguered retailers.

Bargain-hungry consumers gave the nation's retailers a much-needed early holiday boost with surprisingly healthy sales on Black Friday that tapered off Saturday and Sunday.

Source: L.A. Times - Business | 1 Dec 2008 | 8:00 am

Government coffers feel drop in auto sales

Purchases are a huge part of sales taxes collected by city, county and state governments.

When Heritage Lincoln Mercury closed in August, the city of Tustin felt the pain.

Source: L.A. Times - Business | 1 Dec 2008 | 8:00 am

Restoring the flow of credit to entrepreneurs

A Treasury Department program aims to make it easier for lenders to find buyers for the loans they make.

The credit crunch looks like an espresso machine.

Source: L.A. Times - Business | 1 Dec 2008 | 8:00 am

A wealth of ideas for Obama's stimulus program

The next president has yet to offer details of his plan. Its size and scope, and how he'll address housing and the auto industry, are up for debate.

In three news conferences last week, President-elect Barack Obama began to outline an economic stimulus and recovery program involving public works, tax breaks and new federal funding for energy research.

Source: L.A. Times - Business | 1 Dec 2008 | 8:00 am

'Four Christmases' adds up to No. 1 at the box office

The Warner Bros. film starring Vince Vaughn and Reese Witherspoon is the Thanksgiving weekend's biggest surprise.

Consumers opened their wallets this weekend not only for Black Friday retail sales but also for the movie industry, which recorded its second-highest Thanksgiving weekend box office ever.

Source: L.A. Times - Business | 1 Dec 2008 | 8:00 am

With vintage satellites still in orbit, sales are grounded

Their longevity surprises manufacturers but is bad for business. Upon retirement, they join the mass of space junk.

If only cars could last so long.

Source: L.A. Times - Business | 1 Dec 2008 | 8:00 am

New tax rules add to anxiety for small businesses

Changes for 2008 and uncertainty about '09 have firms on edge and experts altering their usual year-end advice. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Dec 2008 | 8:00 am

Black Friday sales gain seen as a one-time gift

More shoppers visit stores and websites than last year, but experts doubt it's a turnaround for beleaguered retailers. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Dec 2008 | 8:00 am

'Four Christmases' propels Thanksgiving weekend movie theater sales

Family fare once again trumps other genres at the start of the holiday season. Apparently, it was a great time...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Dec 2008 | 8:00 am

L.A. Times readers give own takes on auto bailout request

Readers from Los Angeles to New York, from Canada to Australia, were irate, chagrined, understanding and perplexed by the efforts of Detroit's three big automakers to obtain federal funds to shore up their...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Dec 2008 | 8:00 am

'Four Christmases' adds up to No. 1 at the box office

The Warner Bros. film starring Vince Vaughn and Reese Witherspoon is the Thanksgiving weekend's biggest surprise. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Dec 2008 | 8:00 am

First AME pastor apologizes to congregation for alleged misspending

At Sunday services, John J. Hunter says he regrets any embarrassment caused by the public airing of an audit's finding that he used church credit cards for personal purchases. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Dec 2008 | 8:00 am

Restoring the flow of credit to entrepreneurs

A Treasury Department program aims to make it easier for lenders to find buyers for the loans they make. The credit...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Dec 2008 | 8:00 am

Tips for getting your books published

Dear Karen: I've written a series of children's books. How can I get them illustrated and published?
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Dec 2008 | 8:00 am

A wealth of ideas for Obama's stimulus program

The next president has yet to offer details of his plan. Its size and scope, and how he'll address housing and the auto industry, are up for debate. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 1 Dec 2008 | 8:00 am

Banks poised to control troubled New Star

Four of Britain's largest banks are poised to seize control of New Star Asset Management, John Duffield's troubled fund manager which this morning requested a suspension of trading in its shares.
Source: Latest Business News from Times Online | 1 Dec 2008 | 7:39 am

Australian stocks: Market weaker

MELBOURNE - The Australian share market weaker on subdued trading despite a rally on Wall Street and expectations the Reserve Bank of Australia will cut interest rates this week. Weaker resource and banking stocks weighed heavily...
Source: New Zealand Herald - Business | 1 Dec 2008 | 7:17 am

NZ stocks: Market weaker in thin trading

It must be Monday. The New Zealand sharemarket eased on low volume. Brokers said there wasn't much corporate news around and it was time to take profits from a run higher. Telecom gave up almost all of last week's gains to close...
Source: New Zealand Herald - Business | 1 Dec 2008 | 6:11 am

Currency: Dollar struggles on OCR predictions

The kiwi dollar had its wings clipped today amid expectations a dovish Reserve Bank will cut interest rates by 1.5 percentage points later this week. Shortly after 8am today, the kiwi was buying US54.88c and over the day generally...
Source: New Zealand Herald - Business | 1 Dec 2008 | 5:29 am

Aussie home buyers 'snapping up bargains'

MELBOURNE - The global financial crisis is turning into the great financial opportunity for canny house buyers who are finding bargains after properties fail to sell at auction. According to chief executive of the Real Estate Institute...
Source: New Zealand Herald - Business | 1 Dec 2008 | 3:30 am

Science and research merger

The Government is endorsing the merger of two of the country's largest science and research institutes. Crop and Food Research and HortResearch have joined forces and will be known as the New Zealand Institute for Plant and Food...
Source: New Zealand Herald - Business | 1 Dec 2008 | 12:30 am

Volvo and Saab ask Sweden for aid

General Motors and Ford want to bolster the two marques' finances in anticipation of selling them as the Detroit carmakers grapple with a cash crunch
Source: Financial Times - US homepage | 1 Dec 2008 | 12:24 am

Scramble to cut emissions to avoid shaming

Some of Britain's biggest companies are scrambling to try to reduce their carbon emissions before being named and shamed by the Government and being hit with a hefty bill.
Source: Latest Business News from Times Online | 1 Dec 2008 | 12:00 am

Opec indecision paves way for oil price falls

Oil traders were bracing themselves for a further sharp drop in the price of crude today after Opec deferred a decision on fresh production curbs amid rifts among its members over adherence to existing agreed cuts in output.
Source: Latest Business News from Times Online | 1 Dec 2008 | 12:00 am

London Stock Exchange loses trade to rivals

The London Stock Exchange has already lost a quarter of its near-monopoly in London business in equities to rival exchanges, figures seen by The Times show.
Source: Latest Business News from Times Online | 1 Dec 2008 | 12:00 am

Factories need state aid in days to avert failure, employers say

Manufacturing businesses across Britain need state support “within days or weeks” to prevent a wave of company failures and collapses as the recession deepens, a leading industry organisation warns ministers today.
Source: Latest Business News from Times Online | 1 Dec 2008 | 12:00 am

Shoppers click on to online shopping

Retailers may be feeling panicky in the run-up to Christmas this year, with one-off sales and store closures dominating the headlines, but online traders are threatening to buck the trend and enjoy an improved Christmas in 2008.
Source: Latest Business News from Times Online | 1 Dec 2008 | 12:00 am

Dorchester Pacific in $35m loss

Dorchester Pacific has plunged to a half year net loss of $35 million, as it wrote down its investment in St Laurence and increased provisioning. The result for the six months to the end of September compared with a $3.1m net profit...
Source: New Zealand Herald - Business | 1 Dec 2008 | 12:00 am

Financial crisis hurting Chinese economy

Chinese President Hu Jintao warned that China has started to lose its competitive edge in trade amid the global financial crisis, as he told Communist Party leaders the challenge posed a test to the government's ability to rule, state...
Source: New Zealand Herald - Business | 30 Nov 2008 | 11:50 pm

Shell deaths higher than other western groups

Royal Dutch Shell last year suffered more workforce deaths than any other large western oil company, with a rate of fatalities twice as high as BP's
Source: Financial Times - US homepage | 30 Nov 2008 | 11:37 pm

Administrator confident about wine company's prospects

The receiver for an Auckland-based wine retailer is confident the company will be able to trade its way out of debt. The Fine Wine Delivery Company owes creditors $2.7 million and has opted to go into voluntary administration....
Source: New Zealand Herald - Business | 30 Nov 2008 | 11:30 pm

NZ stocks: Sharemarket starts week looking up

The New Zealand sharemarket enjoyed a positive start to what will be a busy week for economists and market watchers. The benchmark NZSX-50 index started at 2710.96 and rose 10.617 points, or 0.39 per cent, in the opening minutes...
Source: New Zealand Herald - Business | 30 Nov 2008 | 10:45 pm

More Yahoo-ey

Related Links
Yahoo for Sale: Ballmer Says No
Ballmer: Microsoft "Done" With Yahoo Buyout Talks
Google Extends Web Search Lead


Source: Portfolio.com: Top 5 | 30 Nov 2008 | 10:30 pm

St Laurence posts half year loss

Property investor St Laurence Property & Finance (SLPF) posted a half year net loss of $34.8 million, hit by a fall in property valuations, and increased loan provisions and write-offs. The result for the six months to the end...
Source: New Zealand Herald - Business | 30 Nov 2008 | 10:30 pm