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Mobile ambitionsCan Microsoft survive the mobile onslaught of rivals?Source: BBC News | Business | World Edition | 14 Dec 2008 | 3:11 pm Fed cuts to mark pre-Xmas trading (Reuters)Reuters - Investors head into what for many will be the last full trading week of the year expecting more stimulative U.S. interest rate cuts but rattled by emerging dissent over how governments should boost ailing economies.Source: Yahoo! News: Business | 14 Dec 2008 | 3:01 pm Fed cuts to mark pre-Xmas tradingLONDON (Reuters) - Investors head into what for many will be the last full trading week of the year expecting more stimulative U.S. interest rate cuts but rattled by emerging dissent over how governments should boost ailing economies.Source: Reuters: Business News | 14 Dec 2008 | 3:01 pm White House takes "available" time for autosWASHINGTON (Reuters) - The White House was studying on Saturday how best to rescue collapsing U.S. automakers, a day after picking up the pieces of a failed congressional bailout plan.Source: Reuters: Business News | 14 Dec 2008 | 2:55 pm Uh-oh. Gas prices on the rise againGas prices rose for the second consecutive day following eighty-six consecutive declines.Source: Business and financial news - CNNMoney.com | 14 Dec 2008 | 2:39 pm New hope for GMAC to raise capitalGMAC's hopes of being able to tap into much needed federal dollars got a lift after the financing company announced late Friday that it has reached an agreement in principal with the holders of a significant portion of its debt.Source: Business and financial news - CNNMoney.com | 14 Dec 2008 | 2:17 pm NewsWatch: Siemens to pay $800 mln to U.S., settle 2 bribery cases: JournalSiemens AG agreed to pay $800 million to settle a U.S. inquiry under the Foreign Corrupt Practices Act and it’s close to settling a parallel inquiry by German prosecutors, people familiar with the matter told The Wall Street Journal.Source: MarketWatch.com - Top Stories | 14 Dec 2008 | 2:00 pm Labor union seeks bailout for UK automakersA British labor union chief says Prime Minister Gordon Brown must agree a bailout plan to save jobs in the country's ailing auto making industry. General secretary of the Unite union...Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Dec 2008 | 1:48 pm Four musts on Obama's economic to-do listSource: Business and financial news - CNNMoney.com | 14 Dec 2008 | 1:38 pm Auto pain: Beyond DetroitThe Big Three automakers' troubles are wreaking havoc on state and local budgets far beyond the Rust Belt. And a collapse of even one of Detroit's car manufacturers would hit governments while they are down.Source: Business and financial news - CNNMoney.com | 14 Dec 2008 | 1:36 pm UK carmakers 'to be given help'UK carmakers are to be given government help as fears grow about thousands of job losses in the sector, a report says.Source: BBC News | Business | World Edition | 14 Dec 2008 | 1:33 pm Get ready for a busy weekInvestors return Monday for the last full trading week of what has been for many an unbelievable, and unbelievably difficult, year on Wall Street.Source: Business and financial news - CNNMoney.com | 14 Dec 2008 | 1:33 pm List of potential victims grows in NY fraud case (AP)
Source: Yahoo! News: Stock Markets News | 14 Dec 2008 | 1:32 pm Apple challenges Sony and NintendoSource: Business and financial news - CNNMoney.com | 14 Dec 2008 | 1:30 pm White House still working on auto bailoutThe Bush administration said Friday it might use taxpayer dollars set aside to bail out banks and Wall Street firms to keep troubled U.S. automakers out of bankruptcy.Source: Business and financial news - CNNMoney.com | 14 Dec 2008 | 1:28 pm Britain's Benn cast doubts on Heathrow expansionAn expansion of London's Heathrow airport shouldn't be authorized without proof major improvements can be made in cutting pollution, Environment Minister Hilary Benn was quoted as saying...Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Dec 2008 | 1:26 pm Global woes pose risks, also openings for USThe economic slump roaring across the world's geopolitical map poses weighty challenges, as well as some unexpected opportunities, for President-elect Barack Obama. Japan and major...Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Dec 2008 | 1:23 pm Blue ribbon companies: The best of the bestSource: Business and financial news - CNNMoney.com | 14 Dec 2008 | 1:22 pm Geneva banks lost more than $4 billion to Madoff: report (Reuters)
Source: Yahoo! News: Business | 14 Dec 2008 | 1:13 pm Geneva banks lost more than $4 billion to Madoff: reportZURICH (Reuters) - Geneva-based banks and investment funds have lost more than 5 billion Swiss francs ($4.22 billion) in the alleged $50 billion fraud by former Nasdaq chairman Bernard Madoff, Swiss newspaper Le Temps reported on Saturday.Source: Reuters: Business News | 14 Dec 2008 | 1:13 pm Orascom to launch 3G service in NKoreaEgypt's Orascom Telecom says it will launch 3G mobile telephone service in North Korea on Monday. Under the terms of the deal reached in January, Orascom will invest $400 million in...Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Dec 2008 | 1:05 pm Siemens to pay $800 mln to U.S., settle 2 bribery cases: JournalSiemens AG agreed to pay $800 million to settle a U.S. inquiry under the Foreign Corrupt Practices Act and it’s close to settling a parallel inquiry by German prosecutors, people familiar with the matter told The Wall Street Journal.Source: MarketWatch.com - Top Stories | 14 Dec 2008 | 12:02 pm Pound 'buying less than a Euro'The falling value of the pound means that it is buying less than a Euro at some airports and High Streets.Source: BBC News | Business | World Edition | 14 Dec 2008 | 11:35 am Oil-rich Angola launches direct flight to ChinaAngola has launched a flight linking it to China, which has sent thousands of citizens to work on the reconstruction of the continent's fastest growing economy following its 27-year civil...Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Dec 2008 | 11:31 am Iran proposes up to 2 million bpd OPEC cutThe Iranian Oil Ministry says Iran is proposing a cut in OPEC's production of up to 2 million barrels per day. The ministry's Web site quotes Iran's Oil Minister Gholam Hossein Nozari asSource: Infocious RSS raw feed - channel BNewsBusiness | 14 Dec 2008 | 11:25 am Elad, IDB seek to postpone Las Vegas loan repaymentTEL AVIV (Reuters) - Elad IDB Las Vegas LCC is seeking to change the conditions of a $625 million loan it took out to purchase the site for a multi-billion dollar Las Vegas Strip project, a member of the group said on Sunday.Source: Reuters: Business News | 14 Dec 2008 | 10:55 am Santander plans to cut 1,900, or 8%, of U.K. jobsBanco Santander of Spain plans to cut 1,900 jobs in 2009 as it absorbs two acquisitions made this year.Source: MarketWatch.com - Top Stories | 14 Dec 2008 | 10:19 am Report: Saudi's Prince Alwaleed lost $4B this yearA Dubai-based magazine is reporting that the high-profile billionaire Saudi prince investor in Citigroup lost $4 billion of his net worth over the past year. Even with the losses,...Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Dec 2008 | 10:11 am Iran calls for OPEC output cut of up to two mln bpdIran's oil minister said on Sunday that Tehran will call for an OPEC output cut of 1.5 million to two million barrels a day when the cartel meets next week, the ISNA news agency reported.Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Dec 2008 | 10:07 am Tehran Stock Exchange hits 5-year lowThe Tehran Stock Exchange's index has plummeted to its lowest level in five years. The official Web site of the market reports that the index fell to 8,974, dropping below the symbolic...Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Dec 2008 | 9:34 am Dentsu to make push in Russia ad market-sourceTOKYO, Dec 14 (Reuters) - Dentsu Inc , Japan's largest advertising company, will set up a subsidiary in Russia as it aims to expand out of its mature home market, a person familiar with the matter said...Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Dec 2008 | 9:11 am Phoenix Cos. to spin off asset manager to holdersPhoenix Cos. plans to spin off Virtus Investment Partners Inc. to its holders as an independent publicly traded asset manager.Source: MarketWatch.com - Top Stories | 14 Dec 2008 | 8:34 am Kongsberg Automotive to shut 2 U.S. plants and cut 205 workersKongsberg Automotive Holding ASA, the Kongsberg, Norway, provider of parts and systems for automotive and other applications, this summer will close two U.S. plants, move the production to Mexico, and cut 205 jobs.Source: MarketWatch.com - Top Stories | 14 Dec 2008 | 8:16 am Procrastinators, rejoice: Airlines are slashing holiday faresFlights to certain cities on certain days still have empty seats that are affordable. Just don't expect to find deals on the days when everyone wants to fly. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Dec 2008 | 8:00 am Robocallers must offer consumers an outNew federal rules apply to telemarketing calls not covered by the national Do Not Call registry. Business, charity robocallers must offer...Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Dec 2008 | 8:00 am Making sure your video game gifts are fun and appropriate for your kidsSeveral websites can help parents sort through the hundreds of titles on store shelves. For some parents, Christmas...Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Dec 2008 | 8:00 am Letters to the editorThe Chapman University report is quite optimistic to suggest that the deep morass we are facing will improve by 2010. (" No recovery until 2010, Chapman says ," Dec. 10.) There is little likelihood that...Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Dec 2008 | 8:00 am Obama names Shaun Donovan to head HUDThe president-elect praises his nominee, New York City's housing commissioner, for his record on expanding access to affordable housing. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Dec 2008 | 8:00 am Mahmoud Karim and Jimmy Johnson: A pair of acesTheir Irvine tennis academy offers aspiring players on-court training and a college-prep education. The gig: Co-founders and head coaches...Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Dec 2008 | 8:00 am How to unload your home through a short saleTo begin with, get experienced help. Here's a step-by-step guide to the process. More than a few financially strapped...Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Dec 2008 | 8:00 am It's OK to be a tightwad for the holidaysThis is no time to splurge with money you don't have. But there's a right way and a wrong way to cut back on spending. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Dec 2008 | 8:00 am Consumer movement at a crossroadsIt took Joan Claybrook to put air bags in cars. But she's leaving Public Citizen and the era of 'rock star' advocacy is over. It's up to consumers to revitalize grass-roots product-safety activism. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Dec 2008 | 8:00 am Economic Preview: This is what a really bad recession looks likeYou know the economy is in trouble when you have to go back to Herbert Hoover's administration for an historical comparison, or when the Federal Reserve cuts interest rates to 50-year lows, or when you run out of adjectives to describe how awful home building is.Source: MarketWatch.com - Top Stories | 14 Dec 2008 | 5:01 am Banks and consumers brace for new credit card rulesWASHINGTON (Reuters) - The U.S. credit card industry, harshly criticized for imposing surprise fees and interest rate hikes on consumers, may face a day of reckoning on Thursday..Source: Reuters: Business News | 14 Dec 2008 | 3:56 am Banks and consumers brace for new credit card rules (Reuters)
Source: Yahoo! News: Business | 14 Dec 2008 | 3:56 am Obama stimulus could reach $1 trillion: reportNEW YORK (Reuters) - President-elect Barack Obama's team is considering a plan to boost the recession-hit U.S. economy that could be far larger than previous estimates and might reach $1 trillion over two years, the Wall Street Journal reported on Saturday.Source: Reuters: Business News | 14 Dec 2008 | 3:06 am Facebook Is Dead
The whole idea of building a social network is a bit of a fraud. The sites actually "suggest" new friends for you, people like Jim Cramer and the recently deceased pin-up girl turned crazy old woman Betty Page. For a lot of the visitors who have no friends, it may actually be a useful service. Typical Facebook user posts pictures of themselves in their underwear, their kids, their pets--especially exotic birds. The site has become a rabbit warren of the perverse, the sociopaths, and the lonely--all people who would rather communicate in a semi-anonymous online world instead of face-to-face. The New York Times recently ran an article suggesting that social networks were not fertile ground for major marketers to advertise their products or services. It pointed out that big-time tech research firm IDC was asked to have a look at this marketing problem. The report described social advertising as “stillborn.” Barack Obama has a Facebook page, but so do most inmates in state prisons. Obama's page shows he has 3,412,179 supporters. By contrast, it is easy to imagine that there are millions of abandoned Facebook pages which people built once and never visited again. Anyone coming to Facebook and putting Obama's name in gets a list of sites, with his campaign's being at the top of the list. Off to the right is a text ad which is supposed to be appropriately placed to get maximum exposure. It reads "Barack Obama's IQ = 136, Can you Beat his Score? Take our 2 minute IQ test." In other words, there is nothing appropriate or relevant about the ad. It is a come on to sell a $9.99 subscription to a service called ":Amazing Facts", which sends information to the customer's cell phone. Any real national advertiser would look at the way the Obama search data is being used and take the Facebook ad salesman's phone number off of his speed dial. Procter & Gamble (PG) has been testing Facebook to see if it is a good medium for brand advertising. No one ever talks about results. The typical Facebook member either can't afford an expensive P&G Gillette razor or finds the ad so annoying that he will shoplift one the next time he is out to get back at P&G for disturbing his tranquility the last time he went online to visit one of his pathetic Facebook "friends." Looking at Facebook through its dark side shows how inappropriate the site is for any real advertising. Search for the homepage of former genocidal dictator Idi Amin Dadi and the adjacent ads include one of a Gifts.com holiday gift card. It can be used at Gap (GPS), Barnes & Noble (BKS), or H&M. That certainly burnishes the gifts.com image. The Google advertising model works because the user is "in on it". He visits Google and puts in a keyword because he wants access to highly organized and useful information. If there are a few relevant or irrelevant advertisements on the page, it is a part of doing the business of getting information. Since many of the messages are actually closely related to the search results, marketers get a solid return. The last time Facebook raised money, the valuation was $15 billion. Yahoo!'s is $18 billion and it has some assets in Asia that are probably worth $5 billion. The portal also has annual revenue of $7 billion and makes money. By most accounts Facebook had revenue of $150 million in 2007 and founder Mark Zuckerberg said that number would hit over $300 million this year. Between the recession and Facebook's general failure as a way for marketers to reach customers, that number is a mirage. Whatever Facebook was worth a year ago, it is worth a small fraction of that now. The dirty little secret is that social networks are the playgrounds of people who do not want to be disturbed as they wander a self-centered universe. For them, having someone put an advertisement on a page they visit is as bad as bringing atheist to a church. Douglas A. McIntyre Source: 24/7 Wall St. | 14 Dec 2008 | 12:04 am Wrong time to reach for the euro lifelineEver since Jose Manuel Barroso set the ball rolling earlier this month, it has been nagging away at me.Source: Latest Business News from Times Online | 14 Dec 2008 | 12:00 am House of Fraser wins monthly rent victoryHOUSE OF FRASER has struck a deal with some of Britain’s biggest property companies to pay rent on its department stores monthly rather than quarterly.Source: Latest Business News from Times Online | 14 Dec 2008 | 12:00 am Ross: What I did was all 'above board'DAVID ROSS, the Carphone Warehouse tycoon caught in a row over his business affairs, broke his silence this weekend to defend his name.Source: Latest Business News from Times Online | 14 Dec 2008 | 12:00 am Why UK carmakers need a financial jump startSay yes to an industrialist’s pleas for state assistance and you start down a slippery slope. If the government bails out widget makers, why not the producers of woggles?Source: Latest Business News from Times Online | 14 Dec 2008 | 12:00 am Alan Parker: Whitbread’s canny hotelierHere’s the thing, I tell Whitbread boss Alan Parker. I stayed in his Premier Inn in Nottingham last week - £55 for the room, spotlessly clean, windows that opened, nice bar downstairs, Costa coffee concession opposite, efficient women at the front desk ensuring everything worked. The hotel was full. You can see why Whitbread, which includes Premier, Costa Coffee and Beefeater among its key brands, is tipped to have a good recession.Source: Latest Business News from Times Online | 14 Dec 2008 | 12:00 am Tech giants limber up for smart meter contract battleSOME of the world’s biggest telecoms and technology companies have begun discussions to team up for a multi-billion-pound contract to run “smart meters” in Britain.Source: Latest Business News from Times Online | 14 Dec 2008 | 12:00 am Rates plan to boost lendingBRITAIN’s biggest banks could be handed a backdoor interest-rate cut as early as this week, in the latest government effort to kick-start lending to the real economy.Source: Latest Business News from Times Online | 14 Dec 2008 | 12:00 am Failed holiday firm ‘leaves £40m bill’THE Civil Aviation Authority is likely to face a multi-million-pound hit from the demise three months ago of XL Leisure, one of the country’s biggest holiday companies.Source: Latest Business News from Times Online | 14 Dec 2008 | 12:00 am Councils examine national bank planCOUNCILS in England and Wales are drawing up plans for a national bank to pool billions of pounds of cash they hold on deposit and to invest it in stalled infrastructure projects.Source: Latest Business News from Times Online | 14 Dec 2008 | 12:00 am Rescue package for UK car firmsMINISTERS are set to unveil a limited aid package for beleaguered carmakers this week as fears grow over tens of thousands of job losses in the industry.Source: Latest Business News from Times Online | 14 Dec 2008 | 12:00 am Obama: HUD pick central part of economic blueprint (AP)
Source: Yahoo! News: Business | 13 Dec 2008 | 10:29 pm NewsWatch: Auto bailout likely to steal limelight from FedEfforts to prop up the ailing U.S. auto industry, along with economic data that may provide fresh clues about the depth and duration of the recession, could outweigh investor interest next week in the Federal Reserve's interest-rate decision.Source: MarketWatch.com - Top Stories | 13 Dec 2008 | 10:00 pm North Asian leaders team up to fight crisisBEIJING/FUKUOKA, Japan (Reuters) - Asian powers Japan, China and South Korea put aside decades of animosity on Saturday and agreed to work together to tackle the global financial crisis battering their economies.Source: Reuters: Business News | 13 Dec 2008 | 9:37 pm Obama stimulus could reach $1 trillion: report (Reuters)
Source: Yahoo! News: Business | 13 Dec 2008 | 9:04 pm Citadel suspends redemptions from two hedge fundsCHICAGO (Reuters) - Citadel Investment Group LLC, a sizable U.S. hedge fund, said on Saturday it has halted redemptions from its two largest funds until at least March.Source: Reuters: Business News | 13 Dec 2008 | 8:07 pm White House takes "available" time for autos (Reuters)
Source: Yahoo! News: Business | 13 Dec 2008 | 8:00 pm Companies That Won’t Make It Through 2009 (HMC)(SIRI)(AIG)(FRE)(FNM)(RAD)(NYT)(NT)(PIR)(CHTR)(HOV)
24/7 Wall St. looked at some of the largest and most well-known companies, reviewed their SEC filings if they are public, analyst reports, and media observations about their businesses and picked ten that probably won’t be around at the end of next year. That does not mean that their brands will disappear, but these companies will have been dissolved as the world knows them now or working though the court system in the hopes of getting Chapter 11 protection and a chance at survival. 1) Chrysler already says it will be out of business by early next year. But, what does that mean. It is unlikely that its largest shareholder, hedge fund Cerberus, is going to throw good money after bad in an economy where US car sales are dropping 30% compared to 2007 figures. But, the Chrysler brand could be around. So could the brand of its Jeep division. Foreign car companies like VW and Honda (HMC) would love to get well-known operations without the baggage of debt, UAW contracts, and dealer networks. Chrysler still has some popular models including it 300 series cars and it created the minivan. Jeep is regarded as the grandfather of four-wheel drive. Watch Chrysler Motors LLC go away and some of its products move into other hands. 2) Sirius XM (SIRI) has traded under $.10 down from a 52-week high of $3.89. Reuters has reported that "Sirius XM faces some $1.1 billion in debt in 2009. Of that, about $300 million comes due in February." In the current credit environment, that probably won’t happen. There is a theory that falling car sales will undermine the sale of Sirius subscriptions. The company says that it does no better than breakeven in the first year it gets a new customer though GM. But, a shrinking subscriber based is not good news for the satellite radio company’s future. Sirius will be out of business, perhaps before mid-year. Who picks up the pieces? The logical choices are a healthy car company like Toyota or a satellite firm like DirecTV. 3) AIG (AIG) may be the biggest mess of all the financial firms that the federal government has bailed out. Uncle Sam has given AIG $153 billion in loans. The theory is that the money gets paid back by the huge insurance company selling assets. Investors don’t seem very sanguine about that. AIG shares trade at $1.73 down from a 52-week high of $60.04. Congress seems less and less enamored of having a lot of money sitting in troubled companies. Watch for the new administration to get frustrated quickly and appoint its own people to auction off AIG divisions. Better to get something back than keep writing AIG checks. 4) Fannie Mae (FNM) and Freddie Mac (FRE) is two for one. They are both penny stocks, reflecting the fact that the Treasury has essentially taken them over, putting them into a conservatorship and pledging up to $200 billion to back their assets. With mortgage defaults rising, and home prices falling, that is not the end of the amount of money that the government will have to sink into the firms. Within a few months, the value of the common shares in the firms will be gone. The new administration may even decide that it does not need both companies. They can be replaced with some of their role going to the FDIC and the rest to one consolidated entity controlled by The Treasury Department which is already funding them. 5) Rite Aid (RAD) trades at $.47 down from at 52-week high of $4.16. The pharmacy company has over 5,000 stores and Wall St. does not expect it to be profitable in the foreseeable future. The chain is a roll-up of the original company and Brooks and Eckerd stores which it acquired. With a debt load of over $6 billion, the firm is likely to falter. Competitors CVS Caremark (CVS) and Walgreen (WAG) would be happy to pick up the pieces. 6) The New York Times (NYT) has to repay $400 million in debt in the first half of 2009. It does not have the money. It plans to mortgage its headquarters, but it is uncertain what that will bring in an uncertain real estate market. The firm’s Boston Globe and regional newspaper operations lose money, so they will be hard to sell. NYT is controlled by the Sulzberger family which has super-majority voting shares. That won’t matter much when the company runs out of money. Another big media operation, perhaps News Corp (NWS) which owns The Wall Street Journal and The New York Post, will come in and auction off what it can and keep the flagship New York Times newspaper and NYTimes.com website. 7) Nortel (NT), the huge telecom equipment company, has already been mentioned as a firm which could file for bankruptcy. That may be a game to get creditors to cut down their demands. It could be that a huge contraction in the industry which is also undermining the fortunes of competitor Alcatel-Lucent (ALU) is pulling Nortel under. Nortel keeps losing money and has cut about as many people as it can and still stay in business. With the need for its products and services falling as the recession grows. Nortel has a pension obligation which may approach $3 billion. Selling divisions in a poor credit market will be hard. A bankruptcy filing would let a court run an auction. 8) Pier 1 (PIR) trades down at $.45 from a 52-week high of $8.25. This holiday season will determine its fate. UBS recently made the comment that "We are increasingly concerned that a weakening macro environment will continue to weigh significantly upon sales at Pier 1 Imports and further undermine turnaround efforts at the chain.” The retailer recently said that its same-store sales could fall as much as 18% during the current quarter. Long-term debt is $184 million. More losses mean debt service becomes a huge issue. No other retailer is likely to want the stores, so this is probably liquidation. 9) Charter Communications (CHTR) has over $20 billion in debt. The cable business usually drives reasonable cash flow, but Charter has to upgrade its system to better compete with telecom companies. It does not have that money. Debt service is overwhelming operating income. Billionaire Paul Allen controls that company. The stock is down to $.15. Eighteen month ago, it was close to $5. Allen will get out while he can and sell to one of the other large cable companies. Charter recently said it is "exploring financial alternatives." 10) Hovnanian (HOV) shares are down by 70% over the last year. Recently, the shares have been as low as $1.70, putting the company’s market cap at $171 million. The housing downturn may actually get worse as unemployment and foreclosures rise. The costs of credit default swaps on the homebuilder are way. JMP Securities recently commented that HOV is a ``bankruptcy risk” due to debt and exposure in the hardest hit real estate markets. A liquidation with Hovnanian would probably be an auction of land and unsold homes. Douglas A. McIntyre Source: 24/7 Wall St. | 13 Dec 2008 | 7:13 pm Swiss bank says it has $48M invested with Madoff (AP)AP - A private Swiss bank says it has 56 million Swiss francs ($47.5 million) of client assets invested under the management of U.S. financier Bernard L. Madoff, who has been accused of securities fraud.Source: Yahoo! News: Stock Markets News | 13 Dec 2008 | 6:24 pm Obama nominates N.Y.'s Donovan for HUDPresident-elect Barack Obama on Saturday named Shaun Donovan, currently a top housing official in New York City, as his nominee to lead the federal Department of Housing and Urban Development.Source: MarketWatch.com - Top Stories | 13 Dec 2008 | 6:07 pm President-elect Obama's radio addressThe following is the text of President-elect Barack Obama's radio address.Source: MarketWatch.com - Top Stories | 13 Dec 2008 | 5:36 pm President Bush's weekly radio addressThe following is the text of the president's weekly radio address.Source: MarketWatch.com - Top Stories | 13 Dec 2008 | 5:30 pm Global car crisis far from over, executives sayPARIS (Reuters) - Top European car makers warned of a bleak 2009 as signs grew the deep crisis in the auto sector went far beyond the U.S. industry's life-or-death struggle.Source: Reuters: Business News | 13 Dec 2008 | 5:19 pm Top investors 'hit by $50bn con'Some of the world's wealthiest investors are reported to be victims of an alleged $50bn fraud by US broker Bernard Madoff.Source: BBC News | Business | World Edition | 13 Dec 2008 | 5:15 pm How to get your dream home loanTough new loan rules requiring homebuyers to stump up 20 per cent of the cost of a house should not stop those who are serious about getting onto the property ladder. Although ANZ, National, ASB and Sovereign have officially limited...Source: New Zealand Herald - Business | 13 Dec 2008 | 4:00 pm 10 good reasons to buy property nowAshley Church, a veteran property investor with 30 years' experience, tells Andrea Milner why now is a good time to buy: 1: Buyers have a choice of stock and not much competition at present. 2: Building consent numbers have...Source: New Zealand Herald - Business | 13 Dec 2008 | 4:00 pm Bernard Hickey : Spiralling into a long, deep slumpThere is an eerie moment before a tsunami hits when the water retreats from the beach. The water is sucked out to sea, leaving the fish flapping and the seaweed exposed as the tsunami gathers itself before rushing in to destroy all...Source: New Zealand Herald - Business | 13 Dec 2008 | 4:00 pm Martin Hawes : Consumers' conflict of interestI have long been bemused by media coverage celebrating a decline in interest rates. A fall in interest rates certainly benefits some groups - mortgaged home owners and businesses especially - but a very large group is hurt...Source: New Zealand Herald - Business | 13 Dec 2008 | 4:00 pm Top tips : Managing change in a volatile environmentKatheren Leitner, director of TrainingPlus, gives tips on managing change in your business in today's volatile economic environment. With markets tightening and wallets closing, how can cost-cutting be done effectively? Reaching...Source: New Zealand Herald - Business | 13 Dec 2008 | 4:00 pm Rejig mortgages to saveWith interest rates falling rapidly, homeowners can save tens of thousands by restructuring or refinancing their mortgages - but they face a new headache in early repayment fees. Principal of Squirrel Financial Solutions John Bolton...Source: New Zealand Herald - Business | 13 Dec 2008 | 4:00 pm Obama picks NY official as HUD secretaryUS President-elect Barack Obama named the head of New York's urban housing agency to run the Washington department that attempts to make housing affordable for all Americans and end lingering racial discriminationSource: Financial Times - US homepage | 13 Dec 2008 | 2:57 pm 8 really, really scary predictionsSource: Business and financial news - CNNMoney.com | 13 Dec 2008 | 2:11 pm Is Consumer Spending Stabalizing? More Grand News For Wal-Mart (WMT) Apple (AAPL) And Amazon (AMZN), Bad News For Sears (SHLD)
The University of Michigan Consumer Sentiment Poll shows a little uptick last week. But, coming in the holidays, people's spirits many be brightening. Come the cold and Winter dark days of January and the pendulum may swing back toward despair. New research from consumer polling company ChangeWave contains a bit of good news, if it is not a mirage that will disappear by their next survey. The survey of 2,715 U.S. consumers was conducted from December 2nd to the 9th. Some of the findings: "Three-in-five (60%) U.S. respondents say they'll spend less money over the next 90 days, 1-pt worse than the previous survey in November 2008. Just 11% say they'll spend more money – 1-pt better than previously." "Three-in-five (60%) U.S. respondents say they'll spend less money over the next 90 days, 1-pt worse than the previous survey in November 2008. Just 11% say they'll spend more money – 1-pt better than previously." "For the seventh consecutive ChangeWave survey, Wal-Mart (WMT; Net Score = +6) and Costco (COST; +6) remain the retail leaders going forward. However, Wal-Mart shows the most momentum, gaining 1-pt for the second consecutive survey. Costco, on the other hand, has fallen 2-pts since November." "Once again, the greatest weakness going forward is among the traditional retailers – led by Sears (SHLD; -13), Bed, Bath & Beyond (BBBY; -12), Macy's (M; -10), JC Penney (JCP; -9) and Linens N Things (-8)." "Amazon (23%; up 2-pts) and Apple (11%; up 2-pts) are the clear momentum leaders in terms of home entertainment and networking shopping – while Circuit City (9%; down 5-pts) and Target (5%; down 3-pts) show the greatest weakness going forward." "Respondents were also asked about their current impressions of the economy, and two-thirds (66%) think the overall direction of the U.S. economy is going to worsen over the next 90 days – 9-pts worse than a month ago. Only 9% believe the economy will improve, which is 6-pts worse than a month ago. Moreover, two-thirds (64%) report they are dissatisfied with their personal finances, unchanged from November, while just 4% say they are Very Satisfied – also unchanged. " Douglas A. McIntyre Source: 24/7 Wall St. | 13 Dec 2008 | 2:00 pm How to save your 401(k)Whether you're three months - or three decades - away from retirement, our targeted 401(k) checkup will help you make all the right moves.Source: Business and financial news - CNNMoney.com | 13 Dec 2008 | 1:46 pm
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