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Bush throws lifeline to automakersWASHINGTON (Reuters) - President George W. Bush bailed out automakers on Friday with $17.4 billion in emergency loans as he sought to stave off a collapse that would have cost hundreds of thousands of jobs.Source: Reuters: Business News | 20 Dec 2008 | 3:09 pm Japan stumps up more cash, Belgian govt fallsLONDON (Reuters) - Japan approved extra funding and Germany pledged new measures on Saturday to confront a financial crisis that has toppled banks, wrecked world growth and now played a part in the demise of Belgium's government.Source: Reuters: Business News | 20 Dec 2008 | 2:38 pm Gas prices edge lowerGasoline prices dropped Saturday after four straight days of increases, according to a daily survey of gas station credit card swipes.Source: Business and financial news - CNNMoney.com | 20 Dec 2008 | 2:09 pm Japan stumps up more cash, Belgian govt falls (Reuters)
Source: Yahoo! News: Business | 20 Dec 2008 | 2:05 pm NewsWatch: Detroit gets its wish -- $17 billion in U.S. loansEnding months of roller-coaster negotiations, President Bush moves to extend up to $17.4 billion in loans to troubled U.S. auto makers.Source: MarketWatch.com - Top Stories | 20 Dec 2008 | 2:00 pm China to help Taiwan amid global crisisChina will come to Taiwan's aid if the impact of the global economic crisis worsens, a top Chinese official was quoted saying on Saturday in the latest gesture of goodwill between the two...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Dec 2008 | 1:59 pm Lifeline for Jaguar Land Rover may be imminent: reportThe British government could arrange loans to help luxury carmaker Jaguar Land Rover within days, the Financial Times said on Saturday, as a top Labour peer said he was confident of a deal...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Dec 2008 | 1:45 pm German property lender to slash workforce by halfTroubled German property lender Hypo Real Estate is to slash its work force by almost half in three years, it announced on Saturday. "The number of employees will go from...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Dec 2008 | 1:31 pm Merkel: 2009 a year of challengesChancellor Angela Merkel is telling Germans to expect "a year full of challenges" in 2009 and says her government will weigh carefully further economic stimulus measures. Officials have...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Dec 2008 | 1:05 pm Personal Finance Daily: The week's 10 best Personal Finance stories: Dec. 15-19In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Dec. 15-19:Source: MarketWatch.com - Top Stories | 20 Dec 2008 | 1:01 pm Barney Frank To Paulson: Do It My Way (C)(BAC)
Instead of buying toxic junk off bank balance sheets, he gave a number of banks "loans" to help improve their balance sheets. It now appears that some of the $350 billion will go to Detroit. Paulson appears to want the next and last installment of the money, another $350 billion. He has not said why. Perhaps over the holidays another big bank will get into trouble and he will have to engineer another quick bailout. Barney Frank, Congress's, "TARP czar", says he might agree to encourage the release of the money, if Paulson will spend it the way Frank thinks it should be. According to Bloomberg, "Lawmakers will agree to release the funds in exchange for Treasury Secretary Henry Paulson and Obama agreeing to programs that cut interest rates and forgive a portion of a mortgage’s principal." It really does not matter to Paulson. In less than a month, he will be heading off to live in his mansion and serve on corporate boards. At some point he may even run for the Senate like another former Goldman Sachs (GS) CEO, John Corzine. It should matter a great deal to the new administration. A lack of flexibility in using TARP funds could cause a lot of trouble down the road, especially if firms like Citigroup (C) and Bank of America (BAC) get into more hot water. Given the fourth quarter write-offs that are beginning to show up at financial firms and the recent S&P downgrade of eleven banks, there may well be more trying times ahead of American financial firms. The other issue with using the TARP for mortgages is that it will be nearly impossible to review hundreds of thousand of troubled mortgages to see which homeowners needs help and which do not.The government can set standards, but who will impose them and who will track whether they are working? Bailing out troubled mortgages one at a time could take months. Amnesty can be a complicated process. Douglas A. McIntyre Source: 24/7 Wall St. | 20 Dec 2008 | 12:48 pm China offers Taiwan economic aidA senior Chinese official says China will consider any request for help from Taiwan during the global financial downturn.Source: BBC News | Business | World Edition | 20 Dec 2008 | 12:41 pm Hundreds protest car tariffs in Russia's far eastAbout 500 angry motorists have rallied in Russia's far east to protest the government's decision to raise car import tariffs. There is growing public irritation with authorities because...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Dec 2008 | 12:39 pm 3 foreign workers fall victim to Nigeria attacksA private security official says a Filipino ship captain was killed and two Russians were kidnapped in attacks in Nigeria's troubled oil-producing region. The two Russians were seized bySource: Infocious RSS raw feed - channel BNewsBusiness | 20 Dec 2008 | 12:32 pm Stating The Obvious: No Credit, No Car Sales
Jackson stated the obvious yesterday, but it is an obvious which cannot be stated enough. According to The Wall Street Journal, Jackson said, In the current situation where loans are hard to get, "it's like trying to run an airline without jet fuel," he said. "In the auto business, consumer credit is the jet fuel." That fact makes the current plan to save Detroit a quart low. The program approved by the Bush Administration focuses on cutting costs by twisting the arms of the UAW, creditors, and suppliers. The idea is to bring the cost of running The Big Three way down. There is nothing wrong with the idea, but if vehicle sales in the US keep dropping though 2009 and into 2010, the large cut in expenses won't make enough of a difference to offset plunging revenue. If the government really wants to do something for the industry, it will expand the number of people who quality for low-interest car loans. Consumer access to credit is locked up. Financial institutions do not want to lend money to people who will buy an asset which is likely to lose a great deal of its value the minute it leaves a dealership. An auto-loan assistance program with the government backing the difference between a vehicle's value and value of the loan taken out to pay for it would get financial institutions back into the car lending business overnight. And, dealerships would stop looking like ghost towns. Douglas A. McIntyre Source: 24/7 Wall St. | 20 Dec 2008 | 12:21 pm Romanian aluminum plant plans 1,200 layoffsA Dutch-owned aluminum plant in southern Romania plans to lay off up to 1,200 people _ more than a third of its work force _ as the economic crisis grips Romania. Union leaders said the...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Dec 2008 | 12:07 pm Japan backs further aid packageThe Japanese cabinet approves a $54bn (£36bn) package of spending, to try to ease the recession.Source: BBC News | Business | World Edition | 20 Dec 2008 | 11:22 am Auto Review: 2009 Chevrolet Cobalt SS: Incognito on street, not under hoodHundreds of people saw the bright red Cobalt go by and no one turned a head. No one smiled, and in fact, no one paid it any attention at all. Other than a rear mounted spoiler, and discretely placed SS tags on the body, there is nothing to differentiate this Cobalt from all the others.Source: MarketWatch.com - Top Stories | 20 Dec 2008 | 11:01 am Germany's Hypo Real Estate to cut 1,000 jobsTroubled German lender Hypo Real Estate Holding AG on Saturday announced plans to cut about 1,000 jobs, more than half its current work force, by 2013 as it cuts costs following a...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Dec 2008 | 10:22 am Japan proposes record budget to bolster economyJapan unveiled a budget proposal Saturday that, if approved, will push spending to record levels as the government scrambles to battle an ever-deepening recession. The Finance Ministry'sSource: Infocious RSS raw feed - channel BNewsBusiness | 20 Dec 2008 | 9:49 am Japan unveils record budget to bolster economyJapan's budget will balloon to a record high next year as the government embarks on a spending spree to battle an ever-deepening recession. In a draft budget released Saturday, the...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Dec 2008 | 9:23 am Recording industry stops suing song swappersThe RIAA shifts its anti-piracy efforts to working with Internet service providers to cut abusers' access. The...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Dec 2008 | 8:00 am California posts 8.4% jobless rate, third highest in U.S.The state lost a net 41,700 jobs in November. The rate is at its highest level since 1994 and puts the state behind only Michigan and Rhode Island. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Dec 2008 | 8:00 am Bush approves $17.4 billion in aid to automakersThe emergency loans come with conditions the next administration may modify. Reporting from Los Angeles and Washington...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Dec 2008 | 8:00 am Stocks wobble after early rally on auto bailoutNEW YORK -- Stock prices fluctuated today, as investors initially cheered the government's pledge to lend as much as $17.4 billion to U.S. automakers, but remained wary about whether the money will make...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Dec 2008 | 8:00 am Stocks end bumpy session mostly higherThe Dow falls 25.88 points, but the S&P; 500 and Nasdaq post modest advances after the government pledges to lend as much as $17.4 billion to U.S. automakers. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Dec 2008 | 8:00 am Greeting cards are pushing the envelopeAs hard times change holiday habits, the industry is adapting. Some card makers play up the economic slump. This...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Dec 2008 | 8:00 am Electronic Arts to cut 1,000 jobs, close facilitiesThe video game giant, facing a weakening economy and disappointing sales in North America and Europe, is expanding cutbacks announced two months ago. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Dec 2008 | 8:00 am U.S. battery makers form business allianceFourteen companies join to promote domestic production of lithium ion batteries for autos. They will seek federal funding to build at least one prototype development center. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Dec 2008 | 8:00 am Betrayal of trust a Wall St. traditionThe Madoff allegations should surprise no one. Your mind can go numb recalling the many major episodes of financial fraud at individual investors' expense just in the last decade. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Dec 2008 | 8:00 am Jobs go begging at Northrop GrummanThe defense contractor is offering cash and free dinner inducements to applicants to fill hundreds of positions. There's a catch: Many jobs require highly specialized skills and a security clearance. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Dec 2008 | 8:00 am Carmakers 'must reform' - ObamaThe US president-elect welcomes a multi-billion dollar aid package for US carmakers, but says they must make some "hard decisions".Source: BBC News | Business | World Edition | 20 Dec 2008 | 6:15 am Retailers hope for crowds in final holiday pushSAN FRANCISCO (Reuters) - Retailers prepared to open their doors early on Saturday in a final, frenzied push to save holiday sales, with the added disruption of a winter storm hitting the country's Midwest and Northeast.Source: Reuters: Business News | 20 Dec 2008 | 5:21 am Retailers hope for crowds in final holiday push (Reuters)
Source: Yahoo! News: Business | 20 Dec 2008 | 5:21 am NY gov: Goldman's move on bonuses cost state $178M (AP)
Source: Yahoo! News: Stock Markets News | 20 Dec 2008 | 5:12 am Hedge funds gain access to $200bn Fed aidHedge funds will be allowed to borrow from the Federal Reserve for the first time under a landmark $200bn programme intended to support consumer creditSource: Financial Times - US homepage | 20 Dec 2008 | 5:01 am Market Snapshot: With D.C. on holiday, U.S. stocks may get new dose of bah, humbugStock investors looking for a little year-end cheer may instead find themselves finishing the holidays with another dose of bah, humbugSource: MarketWatch.com - Top Stories | 20 Dec 2008 | 5:01 am Johnson Discusses NRA's Attempts to Overturn Handgun BanSource: Bloomberg - All Podcasts | 20 Dec 2008 | 4:29 am Bloomberg's Woolner Says Friends Among Madoff's Biggest VictimsSource: Bloomberg - All Podcasts | 20 Dec 2008 | 4:27 am MacEwen Says Staffing Cuts at Law Firms a Matter of the EconomySource: Bloomberg - All Podcasts | 20 Dec 2008 | 4:17 am Wallace Discusses Supreme Court Ruling on Tobacco MarketingSource: Bloomberg - All Podcasts | 20 Dec 2008 | 4:00 am PNC's Hoffman Sees Economy Starting to Turn Up in Mid-2009Source: Bloomberg - All Podcasts | 20 Dec 2008 | 3:30 am Analyst Nerad Says Used-Car Market Depressed by EconomySource: Bloomberg - All Podcasts | 20 Dec 2008 | 2:27 am Author Moore Says U.S. Needs Tax Cuts to Fight CrisisSource: Bloomberg - All Podcasts | 20 Dec 2008 | 2:25 am Harvard pays top fund managers $22.4 million in '08BOSTON (Reuters) - Harvard University, the world's richest, paid its six top money managers $22.4 million to invest its endowment in fiscal 2008, marking a modest increase from the previous year.Source: Reuters: Business News | 20 Dec 2008 | 2:22 am Minerd Likes Opportunities in Financial ETFsSource: Bloomberg - All Podcasts | 20 Dec 2008 | 1:49 am Gartman Says U.S. May Now Be Used to Consuming Less GasolineSource: Bloomberg - All Podcasts | 20 Dec 2008 | 1:47 am Maryann Keller Says Bailout Won't Save AutomakersSource: Bloomberg - All Podcasts | 20 Dec 2008 | 1:46 am Stocks hope Santa can brighten dark yearNEW YORK (Reuters) - Investors could do their holiday shopping on Wall Street next week as bargain-basement prices for stocks and optimism over efforts to fight the year-long recession may prompt a year-end rally.Source: Reuters: Business News | 20 Dec 2008 | 1:40 am Stocks hope Santa can brighten dark year (Reuters)
Source: Yahoo! News: Stock Markets News | 20 Dec 2008 | 1:40 am Stocks hope Santa can brighten dark year (Reuters)
Source: Yahoo! News: Business | 20 Dec 2008 | 1:40 am Bush throws lifeline to automakers (Reuters)
Source: Yahoo! News: Business | 20 Dec 2008 | 1:05 am Latin American Markets: Equities unable to gain ground after U.S. reaches carmaker dealKey Latin American stock markets finish lower, unable to log gains after U.S. automakers won an emergency-loan package from the government after months of volatile negotiations.Source: MarketWatch.com - Top Stories | 20 Dec 2008 | 12:51 am 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 with 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 break-even 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 $1.60, 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 $.35 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. Rite Aid recently announced poor quarterly numbers and cut forecasts. 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 $.32 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. The retailer's latest earnings showed a widening loss and the company said it could be delisted. 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. | 20 Dec 2008 | 12:47 am Tough Economy Sends Workers Back To School To Get New SkillsThe U.S. has been shifting from a manufacturing-based to a knowledge-based economy. Along with the recession, that benefits for-profit schools.Source: Investor's Business Daily: BUSINESS | 20 Dec 2008 | 12:27 am Trends & Innovations - FridayCough remedy may fight cancerSource: Investor's Business Daily: BUSINESS | 20 Dec 2008 | 12:27 am In Brief - FridayFederal-Mogul (FDML), a supplier for automakers, said it will cut about 4,600 additional positions, or about 10% of its global work force.Source: Investor's Business Daily: BUSINESS | 20 Dec 2008 | 12:27 am Trucking Firms Shift GearsIf highways are the veins and arteries of the U.S. economy, then trucks are its lifeblood.Source: Investor's Business Daily: BUSINESS | 20 Dec 2008 | 12:27 am Business Briefs - FridayA group of Japanese lawyers and professors has asked the Web search site to stop providing detailed street-level images of Japanese cities...Source: Investor's Business Daily: BUSINESS | 20 Dec 2008 | 12:27 am Bush unveils $17.4bn carmaker rescueGeorge W. Bush handed the fate of US carmakers to president-elect Barack Obama as he announced plans to lend General Motors and Chrysler $17.4bn to survive the next three monthsSource: Financial Times - US homepage | 20 Dec 2008 | 12:12 am UBS seeks to deny duty over Madoff fundsUBS sought to absolve itself from any duty to safeguard investor assets in a $1.4bn fund that channelled money into Bernard Madoff's alleged $50bn Ponzi schemeSource: Financial Times - US homepage | 20 Dec 2008 | 12:04 am Charities fight for survival as donations dry up because of economic crisisVital services to help the most vulnerable children are being closed as charities face big cuts in donations as a result of the economic crisis.Source: Latest Business News from Times Online | 20 Dec 2008 | 12:00 am Electronic Arts cuts 1,000 jobs as sales of games stallElectronic Arts, the underpressure computer games maker, said that it would cut a tenth of its workforce as it struggles with weak sales.Source: Latest Business News from Times Online | 20 Dec 2008 | 12:00 am Japan's interest rate goes back near zeroIn the face of Japan's sharpest and most destructive recessionary plunge in living memory, its central bank has cut interest rates back down to nearly zero and unleashed a salvo of measures to fix its broken credit markets.Source: Latest Business News from Times Online | 20 Dec 2008 | 12:00 am A ‘lifeline' to carmakers is nothing but a bungIt's not uncommon for political commentary to start with a sagacious chuckle about how history never, ho, ho, ho, repeats itself. Hang the sagacity because history may be about to. On the letters page of The Times Business News for February 2, 1980, appeared a short contribution from a young Tory MP: the first he'd ever published in a national newspaper. It was headlined “A common industrial policy - the answer for BL”...Source: Latest Business News from Times Online | 20 Dec 2008 | 12:00 am Anglo Irish Bank bosses quit after hiding loans of €87mThe two most senior executives in Anglo Irish Bank have resigned over a controversial scheme to hide loans of €87 million (£81.2million) from shareholders, further deepening the Irish banking crisis.Source: Latest Business News from Times Online | 20 Dec 2008 | 12:00 am Putin pledges $5bn to bail out Russia's struggling carmakers$Russia pledged to prop up its crumbling car industry yesterday, with Vladimir Putin promising more than $5 billion ($£3.4 billion) to support the industry.Source: Latest Business News from Times Online | 20 Dec 2008 | 12:00 am Gordon Brown ignores CBI's call for help for British car manufacturersGordon Brown ignored renewed calls from business leaders to save the car industry yesterday, just as America’s ailing automotive giants were offered a $17.4 billion ($£11.6 billion) bailout.Source: Latest Business News from Times Online | 20 Dec 2008 | 12:00 am GLG buys UK asset management arm of Société GénéraleGLG, the hedge fund manager, has snapped up the UK asset management arm of Société Générale, the French bank, for a bargain basement price, understood to be less than $100 million ($£67 million).Source: Latest Business News from Times Online | 20 Dec 2008 | 12:00 am Oil prices swing as traders fear that Opec will tighten tap of productionOil prices were rocked in a price roller-coaster yesterday, initially promising cheaper fuel for motorists only to snatch away the prize as conviction grew among traders that Opec will carry out its promise to slash production.Source: Latest Business News from Times Online | 20 Dec 2008 | 12:00 am Lenders turn wary of house-price predictionsHow far could the housing market fall next year? Will the decrease exceed this year’s average of 15 per cent? Don’t bother to ask Halifax or the Nationwide, those formerly voluble commentators, because they have become rather coy on the subject.Source: Latest Business News from Times Online | 20 Dec 2008 | 12:00 am US looks at local link to Somaliland bombingUS authorities are targeting the country's Somali community following the discovery of a US link in a recent suicide bombing in Somaliland and the unexplained disappearance of young Somali-American men from the USSource: Financial Times - US homepage | 19 Dec 2008 | 11:45 pm Record low mortgage rates toss housing a lifelineNEW YORK (Reuters) - With the $500 of monthly savings Jim Hennessy of San Diego gained by cutting the rate on his $417,000 mortgage, he plans to rebuild his beaten-up retirement account and maybe even take a cruise.Source: Reuters: Business News | 19 Dec 2008 | 11:44 pm Record low mortgage rates toss housing a lifeline (Reuters)
Source: Yahoo! News: Business | 19 Dec 2008 | 11:44 pm Judge tightens restrictions on Madoff (Reuters)
Source: Yahoo! News: Business | 19 Dec 2008 | 11:42 pm Judge tightens restrictions on MadoffNEW YORK (Reuters) - Bernard Madoff, the Wall Street fund manager who authorities say confessed to running a $50 billion fraud, was put under 24-hour detention in his Manhattan apartment on Friday "to prevent harm or flight".Source: Reuters: Business News | 19 Dec 2008 | 11:42 pm Harvard's top money managers paid $26.9mHarvard, the world's wealthiest university, said it paid six senior investment officers a combined $26.9m (£17.5m) this year to manage its endowmentSource: Financial Times - US homepage | 19 Dec 2008 | 11:34 pm Special Report: Detroit's downfallSource: Business and financial news - CNNMoney.com | 19 Dec 2008 | 11:28 pm Stocks end bumpy session mostly higher (AP)
Source: Yahoo! News: Stock Markets News | 19 Dec 2008 | 11:27 pm Rocky week on Wall StreetStocks capped a rocky week on a mixed note Friday, as investors weighed the pros and cons of the Bush Administration's plan to bail out the auto industry.Source: Business and financial news - CNNMoney.com | 19 Dec 2008 | 11:27 pm Will the auto bailout work?General Motors and Chrysler LLC are finally getting the money they need to avoid an imminent collapse. But will the bailout actually get them back on the road to profits?Source: Business and financial news - CNNMoney.com | 19 Dec 2008 | 11:23 pm Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trade in Monday’s session are Walgreen, Tibco Software and Red Hat.Source: MarketWatch.com - Top Stories | 19 Dec 2008 | 11:23 pm Bond Report: Treasurys end euphoric week on down note; yields tip upTreasurys are flattened by a bout of optimism on the U.S. economy after the White House unveils a rescue package for Detroit’s automakers and ahead of record auctions next week.Source: MarketWatch.com - Top Stories | 19 Dec 2008 | 11:17 pm Detroit gets its wish -- $17 billion in U.S. loansEnding months of roller-coaster negotiations, President Bush moves to extend up to $17.4 billion in loans to troubled U.S. auto makers.Source: MarketWatch.com - Top Stories | 19 Dec 2008 | 11:15 pm Hear: Bailout Mystery Revealed!
Who was that masked man? Getty ImagesCall it a mystery solved. We've been promising to figure out who slipped language into the $700 billion bailout that allows the federal government to buy stock in banks. Now, we deliver. Today on Planet Money: -- David Kestenbaum reveals all, in conversations that include lawmakers Spencer Bachus, Barney Frank and Jim Moran. It all happened on the floor of the House of Representatives. Hear the 70 seconds that may have changed the course of a nation. -- Bonus: Why did U.S. Treasury Secretary Henry Paulson need all those M&Ms?
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Dec 2008 | 11:08 pm Canadian Markets: Benchmark gains on financials; RIM jumpsCanadian equities end higher, buoyed by gains in financial shares as well as Research In Motion, which continued to climb in the wake of the BlackBerry maker’s stronger-than-anticipated forecast.Source: MarketWatch.com - Top Stories | 19 Dec 2008 | 10:53 pm Obama backs the workers and free tradeBarack Obama on Friday promised to promote free trade as president but warned that future trade deals must benefit all Americans – not just big corporationsSource: Financial Times - US homepage | 19 Dec 2008 | 10:48 pm European markets trim losses on Wall Street rally (AP)
Source: Yahoo! News: Stock Markets News | 19 Dec 2008 | 10:40 pm Crude hits $33 despite prospect of Opec cutsCrude oil prices remained under pressure amid mounting doubts that Opec members would fully comply with Wednesday's announcement of the largest supply cut in the cartel's historySource: Financial Times - US homepage | 19 Dec 2008 | 10:39 pm This Week’s LinksThe Economist’s Swimming Naked awards detail whose bottoms were showing when the tide went out this year. Consumerist has a Top 10 list of business debacles for 2008. Time Magazine on recession chic. Go black! US News’ Best Careers blog is fun to read. Check out the recent post on librarians. Slate on Bernie Madoff and the decline of Jewish crooks. Source: Business Pundit | 19 Dec 2008 | 10:39 pm After Hours: GM gives back portion of 23% dayside gains; XL downgradedGeneral Motors fell late, pulling back from a more than 20% dayside jump after the White House offered to extend billions of dollars in emergency loans to U.S. automakers.Source: MarketWatch.com - Top Stories | 19 Dec 2008 | 10:36 pm Helpful tax moves to prepare for 2009Many of us are looking for helpful tax hints to make up for a dismal year. Tess Vigeland talks to Wall Street Journal tax columnist Tom Herman, who gives us some tips on moves we may want to make to prepare for the next tax day.Source: Marketplace Money | 19 Dec 2008 | 10:35 pm S&P and Nasdaq gain, but energy hits Dow (Reuters)
Source: Yahoo! News: Stock Markets News | 19 Dec 2008 | 10:29 pm What's on the line for the UAWPresident Bush's bailout plan contains some "targets" the government wants the automakers and the United Auto Workers union to achieve before agreeing to a bailout loan.Source: Business and financial news - CNNMoney.com | 19 Dec 2008 | 10:18 pm Bush unveils $17.4bn car bail-outThe US government will provide $17.4bn (£11.6bn) in loans to troubled US carmakers General Motors and Chrysler.Source: BBC News | Business | World Edition | 19 Dec 2008 | 10:14 pm Keeping a retirement income fundThese days, you have to keep the money coming even through retirement. That's the thinking behind starting a retirement income fund. Tess Vigeland talks to Kiplinger's Bob Frick about how the fund works.Source: Marketplace Money | 19 Dec 2008 | 10:09 pm General Growth to sell retail centers in 3 cities (AP)AP - A troubled mall operator is putting prominent retail centers in Boston, New York and Baltimore up for sale in a desperate attempt to shore up its finances.Source: Yahoo! News: Business | 19 Dec 2008 | 10:08 pm Furniture chain MFI closes downAdministrators at UK furniture retailer MFI say the firm has now ceased trading, with the loss of 1,400 jobs.Source: BBC News | Business | World Edition | 19 Dec 2008 | 10:07 pm Straight Story: Nearing zeroThe Federal Reserve has cut interest rates to a legendary new low. Is this good? Economics editor Chris Farrell tells Tess Vigeland the good that can come out of having a Federal interest rate at near-zero.Source: Marketplace Money | 19 Dec 2008 | 9:58 pm Blagojevich denies wrongdoingIllinois Gov. Rod Blagojevich said he has done nothing wrong and will not resign in the wake of charges he tried to sell the U.S. Senate seat vacated by President-elect Barack Obama.Source: Financial Times - US homepage | 19 Dec 2008 | 9:56 pm November jobless rates up in 37 statesUnemployment rates rose in 37 states and the District of Columbia in November as the recession hammered nearly every job sector, according to a government report released Friday.Source: Business and financial news - CNNMoney.com | 19 Dec 2008 | 9:51 pm A guide to new credit card reformsThis week, federal regulators rolled out the biggest overhaul the credit card industry has seen in decades. What does this mean for the average consumer? Ashley Milne-Tyte reports what will be changing -- and when.Source: Marketplace Money | 19 Dec 2008 | 9:46 pm Day in the Work Life: UPS driverSanta's job gets a lot easier when he enlists the help of a few tireless folks in brown polyester uniforms. UPS driver Fred Gourley says he has between 100 and 110 stops on an average work day.Source: Marketplace Money | 19 Dec 2008 | 9:37 pm Fitting bonuses for executives this yearKudos to Credit Suisse. Drowning in red ink, the Swiss bank announced it would pay bonuses to senior investment bankers not with cash but with mortgage-backed securities, high-yield bonds, and other forms of the untradeable junk now clogging the world's banking system.Source: Business and financial news - CNNMoney.com | 19 Dec 2008 | 9:34 pm How to spend $350 billion in 77 daysPresident Bush has grudgingly allowed General Motors and Chrysler to drive away with the last few billion bucks in Treasury's TARP till, which boasted $350 billion a mere 77 days ago.Source: Business and financial news - CNNMoney.com | 19 Dec 2008 | 9:30 pm Steve Jobs, tech's last celebrity CEOWhere have all the high-flying tech CEOs gone?Source: Business and financial news - CNNMoney.com | 19 Dec 2008 | 9:24 pm Belgian PM proposes resignationBelgium's PM Yves Leterme proposes his government's resignation amid a row over the break-up of stricken Fortis bank.Source: BBC News | Business | World Edition | 19 Dec 2008 | 9:22 pm Fed updates $200B consumer loan program (AP)AP - The Federal Reserve on Friday said a new program aimed at bolstering the availability of consumer loans will require companies to put up collateral to participate, but will offer longer terms on loans that are approved.Source: Yahoo! News: Business | 19 Dec 2008 | 9:13 pm Valuable gifts that don't cost a thingAt the height of your economic frustration, you may have entertained the thought of avoiding debt altogether by not buying any holiday gifts. Some families are making that a reality in very positive ways. Jenee Darden reports.Source: Marketplace Money | 19 Dec 2008 | 9:06 pm Obama makes the nativity sceneWhat do President-elect Obama, Italy's Silvio Berlusconi and France's Carla Bruni have in common? Marketplace's Megan Williams traveled to an outdoor market in Naples, Italy, to get the answer.Source: Marketplace | 19 Dec 2008 | 9:04 pm China deals with the pain of downturnThe frail global economy has been hitting China hard. Marketplace's Shanghai correspondent Scott Tong discusses with Tess Vigeland how tougher times are raising questions about social unrest in an authoritarian country.Source: Marketplace | 19 Dec 2008 | 9:04 pm Weekly Wrap: Bailout, cut and schemeUsually at the holidays the news slows down. But not this week. Katie Benner of Fortune Magazine, The New York Times's David Leonhardt and Tess Vigeland discuss the events that grabbed the headlines.Source: Marketplace | 19 Dec 2008 | 9:03 pm New packaging may end 'wrap rage'So-called "clamshell" packaging has helped deter store theft for years. But the plastic casing is notoriously hard to open. Now, relief is in sight. Sarah Gardner reports.Source: Marketplace | 19 Dec 2008 | 9:03 pm Retailers are looking beyond ChristmasThis is supposed to be the biggest shopping weekend of the year. But many retailers have started advertising big after-Christmas sales. Jeremy Hobson reports.Source: Marketplace | 19 Dec 2008 | 9:03 pm Bush leaves bailout decisions to ObamaThe $17.4 billion that President Bush made available to General Motors and Chrysler today is being seen by auto industry analysts as only a temporary lifeline. Big decisions await the next administration. Nancy Marshall Genzer reports.Source: Marketplace | 19 Dec 2008 | 9:03 pm Grid to GoThe electric grid may be able to handle more wind and solar power — way more — than previously thought, according to a new preliminary study.The commonly accepted wisdom in the energy industry is that the grid could only draw something like 20 percent of its power from wind and solar resources before encountering major reliability problems. But the new power flow simulation (.pdf), presented for the first time this week at the American Geophysical Union meeting, shows that, at least in California, the power grid might be able to handle three times that much renewable energy without encountering major trouble pushing electrons around the state. "This work has shown that at least 70 percent of the total projected California generation on a summer day in 2016 could be provided by renewable sources ... with relatively minimal upgrades to the transmission infrastructure," wrote Elaine Hart, a Stanford doctoral student, in her presentation. "This study demonstrates the grid-feasibility of a renewable portfolio that far exceeds the target set by the the governor of California." While these findings are preliminary and only cover a single state, they could help overturn long-held ideas about the plausibility of a world powered by solar and wind plants. The electric grid has remained basically the same since it was built out over the first half of the century. Many people have called for its modernization, by which they mean the addition of new sensors, two-way communication and switches to allow for more sophisticated power routing. Grid upgrades to support more renewable resources are very costly and a major stumbling block to the increased adoption of wind and solar power. If minor upgrades could allow for far more renewable sources to be added to the grid, it could drop the cost Hart readily admits that her work is far from complete. The research she presented here at AGU is just the initial findings of a multiyear research project with her Stanford adviser, civil and environmental engineer Mark Jacobson. One thing that needs work is the set of assumptions about the ease with which natural gas plants could be switched on and off to accommodate variable power from renewable sources. She'd also like to expand the simulations to work over months and years, not just single days. Related LinksRunning on Empty Clean Tech's Financial Aid Google CEO Touts Green Energy Shock Doctrine Source: Portfolio.com: Top 5 | 19 Dec 2008 | 9:00 pm RIAA revises illegal-download fightFor years the Recording Industry Association of America has been suing netizens, accusing them of illegally sharing music files. But that era now seems to have met the fate of 8-tracks and cassettes. Rico Gagliano reports.Source: Marketplace | 19 Dec 2008 | 8:59 pm Oil falls over 6 percent on demand outlookNEW YORK (Reuters) - Oil fell over 6 percent on Friday, as fears of economic slowdown weighed heavier than proposed production cuts by the world's major oil exporters.Source: Reuters: Business News | 19 Dec 2008 | 8:33 pm Getting PersonalEconomics editor Chris Farrell and Tess Vigeland tackle listener questions.Source: Marketplace Money | 19 Dec 2008 | 8:26 pm For media, the year that wasn'tIt's the back half of December and that can only mean one thing: the annual cavalcade of "top 10" lists for the year. But what is especially intriguing this year is to review what wasn't: all the much-hyped trends that did not go exactly as planned remind us that the colliding worlds of entertainment, media and technology remain wildly unpredictable and easily oversold. Here are just a few of the top non-developments of 2008:Source: Business and financial news - CNNMoney.com | 19 Dec 2008 | 8:13 pm Holding In OhioAaron sends State Jobless Rate Unchanged in November. He writes: This is the closest thing to good employment news I've heard in a while. This is Ohio only, but it beats a sharp stick in the eye. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Dec 2008 | 8:08 pm Indian hawks call for strike on PakistanIndia's government is coming under growing pressure from foreign-policy hawks to take military action against Pakistan and the terrorist network based there.Source: Financial Times - US homepage | 19 Dec 2008 | 8:07 pm 52-Week Low Club (ARTC, CORL, GEOY, HPGP, HLND, HRC, PDLI, SNN, TTWO)
Here are some brief explanations on each stock:
Jon C. Ogg Source: 24/7 Wall St. | 19 Dec 2008 | 8:01 pm Shopping freeze hits US Main StreetAn outbreak of wintry weather is threatening to deliver a further blow to US retailers, as they wind up one of the toughest holiday shopping seasons in memorySource: Financial Times - US homepage | 19 Dec 2008 | 7:40 pm Fed's Yellen: Clarity key when rates near zeroCHICAGO (Reuters) - "Clear and strong commitments" about the future stance of policy are important when official interest rates approach zero and deflation is a fear, Janet Yellen, President of the San Francisco Federal Reserve Bank, said in a report issued on Friday.Source: Reuters: Business News | 19 Dec 2008 | 7:37 pm Madoff agrees to extension of asset freeze (Reuters)
Source: Yahoo! News: Stock Markets News | 19 Dec 2008 | 7:30 pm Cartoon Dissects DeflationIn his other life, NPR's esteemed science correspondent Robert Krulwich explains everything about everything for ABC News. This week Krulwich took on deflation, in an animated cartoon that we'd put right here on the blog if they'd let us. Instead, just for you and totally free, a link. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 19 Dec 2008 | 7:23 pm Listener Asks: What's The Deal?Twitter listener @lvaughn asks: I can't find the interest rate on any of the auto bailout loans. Has that been announced? We'll give you that, as well as other fun facts, after the break. If you want to try parsing the term sheets yourself, they're available here. But If you're just tuning in to the story, Ford didn't request any government money, while GM and Chrysler have said that such funding is essential to their continued survival. Ford and GM are publicly traded companies, and their stocks received a healthy boost this morning. As a private company, Chrysler has not been required to provide a full public disclosure of its earnings and balances -- however, today's deal mandates complete access for the Treasury's Inspector General.
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Dec 2008 | 7:19 pm Severed cable disrupts web accessUndersea internet and phone cables from Europe to the Middle East are severed, raising fears of major economic repercussions.Source: BBC News | Business | World Edition | 19 Dec 2008 | 6:52 pm A changing job market for new MBAsWith careers in investment banking becoming scarce, where should a fresh MBA graduate turn? Sally Herships looked into how the next graduating class is handling an increasingly squeezed job market.Source: Marketplace Money | 19 Dec 2008 | 6:48 pm How to steer clear of Ponzi schemesWith so many smart people duped by a seemingly sound investment operation, how can we detect a Ponzi scheme in the future? Marketplace's Mitchell Hartman talks to Tess Vigeland about how to identify a sketchy deal.Source: Marketplace Money | 19 Dec 2008 | 6:40 pm Cash Pipeline is Flowing, But Rates are Up (ETP, KMP)
The ten-year note Energy Transfer issued in May had a coupon of 6.7%, compared with 9.7% for the new ten-year note. That's a pretty big jump. Another pipeline partnership, Kinder Morgan Energy Partners L.P. (NYSE:KMP), today revealed that it has issued $500 million in ten-year senior debt at 9%. Kinder Morgan also issued 3.9 million additional common units to raise another $177 million. The company also raised another $194 million by reversing fixed to floating interest rate swaps. Kinder Morgan didn't say what it was planning to do with the nearly $900 million in cash. Energy Transfer's total debt-to-market-cap ratio is nearly 1; Kinder Morgan's is less than 0.7. Energy Transfer's share price is up about 1% this morning; Kinder Morgan's is down about 1%.
Paul Ausick Source: 24/7 Wall St. | 19 Dec 2008 | 6:01 pm The Market Wises Up About GM (GM)
What the market realizes just three hours after President Bush said he would shove money at GM (GM) and Chrysler is that very little has changed. The UAW put out a snide press release about how it was being treated badly. "While we appreciate that President Bush has taken the emergency action needed to help America's auto companies weather the current financial crisis, we are disappointed that he has added unfair conditions singling out workers" the UAW chief was quoted as saying. In other words, we have no intention of playing ball when it is time to make cuts. We will take that up with Obama. No one is going to play ball, at least not for now. There is an assumption, which may not be reasonable, that Barack Obama and his group will be softer on the car companies. They are worried about the ripple effects of job losses. They are less likely to sacrifice the industry to Chapter 11. Fitch does not believe the sunny side of the picture of Detroit's future. According to MarketWatch, "Fitch said that GM's and Chrysler's default is imminent. The ratings agency cut GM's and Chrysler's issuer default ratings to C from CCC, and said that the threat of bankruptcy still remains for both automakers." GM and Chrysler may not have anyone to negotiate with. The stock price is indicating that there is little incentive for the union, suppliers, and creditors to come to the table. They want to see the next administration's hand. They have the money they need to survive for the first quarter. All of this will go right up until the end, and there will be another crisis with the companies running low on money again at the beginning of spring. Douglas A. McIntyre Source: 24/7 Wall St. | 19 Dec 2008 | 5:46 pm NRG Lectures the Feds (NRG, EXC)NRG Energy, Inc. (NYSE:NRG) responded to yesterday's announcement by hostile suitor Exelon Corporation (NYSE:EXC) that Exelon had filed for Hart-Scott-Rodino approval of its proposed merger with NRG. The response is nothing more than a big whine. NRG says there is no transaction to approve, and that the filing is an "unnecessary distraction for regulators" and that "processing the filing would result in an inefficient use of government resources." NRG could be right, but presumably the Department of Justice, the Federal Trade Commission, and the Federal Energy Regulatory Commission know what they're supposed to do and when they're supposed to do it. The federal agencies probably don't need NRG to give them a lecture on how to do their jobs. NRG's share price hit an intra-day peak of $22.55 at about 1 p.m. yesterday. The company's tepid response to Exelon was issued at about 3 p.m. NRG shares closed at $21.12. This is probably not the response the company hoped for, but it's certainly what they deserved.
Paul Ausick Source: 24/7 Wall St. | 19 Dec 2008 | 5:44 pm Now In Irony Quotes: 'Bonus'While Goldman Sachs, Morgan Stanley and Merrill Lynch, among others, have eliminated their CEOs' bonuses and cut the cash paid out to their senior-most executives, Credit Suisse has come up with an interesting third option on the bonus-or-no-bonus question: it created a pool of its worst-performing loans, the Partner Asset Facility, from which it will pay its top two ranks of managers. Employees will own shares in the pool and receive a portion of whatever income can be generated if the bondholders beat market expectations and manage to pay off their debts. Otherwise, they can look forward to joining Lloyd Blankfein, John Thain and other Wall Street executives in the no-bonus club. Analysts applauded the move as a "monstrously clever" way to make sure executives suffer the full consequences of their decision. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Dec 2008 | 5:27 pm Item of the Season -- Space Shuttle, Slightly Used
Cleans up nicely. Getty Images'Tis the season to be buying. Retailers are slashing prices in the hopes that consumers will open their wallets, and analysts are saying now is the time to snap up stocks that have been unfairly hurt by investors' fears of the overall equity markets. For the museum that has everything, the item of the year might be a space shuttle. Endeavor, Atlantis and Discovery are scheduled to be decommissioned by 2010, and NASA is looking to send them into the comfortable retirement that the prototype shuttle Enterprise currently enjoys. (Thanks Fast Company!) » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Dec 2008 | 5:26 pm Economic Scene at the North PoleBetter order another drink. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Dec 2008 | 5:21 pm London stocks finish down (AFP)
Source: Yahoo! News: Stock Markets News | 19 Dec 2008 | 5:11 pm FTSE 100 down 42.69 at 4,287.97 (AP)AP - Share prices on the London Stock Exchange closed lower Friday.Source: Yahoo! News: Business | 19 Dec 2008 | 5:02 pm FTSE 100 down 42.69 at 4,287.97 (AP)AP - Share prices on the London Stock Exchange closed lower Friday.Source: Yahoo! News: Stock Markets News | 19 Dec 2008 | 5:02 pm This Week’s Weird Jobs
Have you noticed that there are an awful lot of get-rich-quick schemes and odd jobs populating most work classifieds lately? That’s because the credit crunch has bankrupted the nation. But no worries, weird jobs, like soap scum in your shower, always survive. Check out this week’s gems: 1. Maine: Ex-Car Guy……… It’s called my pension, and I took it while I still could, suckaz! Up scale salon is looking for a responsible, out going tanning consultant to add to our team! Salon experience or experience in sales is preferred. Great work ethics is a must! Hours are flexible, Free tanning, as well as base pay + Commission. Amazingly enough, selling tans in San Diego isn’t like selling iceboxes to Eskimos. Key ingredient: Year-round vanity. 3. Virginia: Need actor for maximum security prison shoot Looking for an actor to play a prisoner locked in a maximum security prison who receives a desperate letter from his father, pleading for help. This is a short film being shot on 35mm. The prison is abandoned. Age range is 40-50. Looking for someone who can play a tough, hardened criminal who can display a soft spot as well. 4. Maryland: REDUCED RENT for management duties REDUCED RENT for management duties. Owner looking for a couple to manage repairs, do minor cleaning of common areas and generally attend to tenant needs on site. Usually $1375, your rent will be only $995/month plus partial gas and electric costs for your unit. Water and partial gas paid by landlord. We are proud to present you with this featured raw deal for property managers, who usually get to live in the property they manage for free… 5. Austin: Sushi Rollers Needed Duties include: You are the chronic underling to the sushi chef. If you are patient, however, he will take you out back and teach you the way of the samurai. Job will include filing, simple mailings, and general office work. This position requires an individual that is well spoken, friendly, and has computer skills. Honesty and reliability is required. Self-starter takes direction and able to multi-task. Be willing to be that anonymous person that everybody curses when they open their mailboxes. Naturally moist tongue an additional asset. 7. Atlanta: Female Foot Models Needed for Catalogue Seeking 4-6 female models for our bridal catalogue. We will only be photographing from the knees down so cute feet are a MUST! REQUIREMENTS: Please submit image(s) of your feet/legs from the knees down via email. If you’re a petite man with cute feet, you can apply, too. We won’t tell. 8. Georgia: Social Entrepreneur for Web Research & Organization Development Looking to start a non-profit organization to help sick persons and others in need and want a person to help uncover what other organizations are already doing similar work/services, learn from them, and develop a plan to create and launch the new organization. Other tasks will involve assisting with publication of an ongoing newsletter in the health field and serving as a personal assistant for the publisher. * Compensation: $14 an hour Happy Friday! Source: Business Pundit | 19 Dec 2008 | 4:38 pm After the fallUnited States investment guru Warren Buffett might have been putting national interest ahead of common sense when he advocated buying in to equity markets in October. At the time the financial world was still on the brink of something...Source: New Zealand Herald - Business | 19 Dec 2008 | 4:00 pm Retailers awaiting Christmas spendupThe shoppers are out, the malls are buzzing, and the cash registers are singing. Salvation, it seems, is finally here. The malaise plaguing retailers over much of the year seems to have finally been broken by the traditional...Source: New Zealand Herald - Business | 19 Dec 2008 | 4:00 pm Christmas sales come earlyBargain hunters prepared to brave the hordes of last-minute Christmas shoppers could score some fantastic deals next week, as shops look to move stock in anticipation of an even tougher year ahead. Panicky retailers already hammered...Source: New Zealand Herald - Business | 19 Dec 2008 | 4:00 pm Asians lead decline in NZ tourismA major drop in the number of Asian tourists has driven visitor numbers down by 4 per cent last month, compared with the same time last year. Statistics New Zealand figures show 11,300 fewer Asians visited last month, dropping...Source: New Zealand Herald - Business | 19 Dec 2008 | 4:00 pm Tips for this year none too flash but longer term tells different storyIt will come as no surprise to anyone that the results for Broker Picks 2008 weren't too flash. Stock markets around the world have had a terrible year as the credit crunch turned to an equities crunch and eventually a commodity crunch....Source: New Zealand Herald - Business | 19 Dec 2008 | 4:00 pm Paulson Pressures Congress To Hand Over TARP Balance, He May Need It (C)(BAC)(WFC)
His logic seems to be that something terrible could happen in the next thirty days and that he needs the dry powder just in case. Since most of Congress has not liked the way Paulson spent the first round of money, there may be some disagreement about him picking up the remainder. According to The Wall Street Journal, "It is clear that Congress will need to release the remainder of the TARP to support financial market stability," Mr. Paulson said Paulson has not been using the money for its original purpose, which was to buy toxic assets from financial firms. He no longer needs to help The Big Three. He does not have enough time to use the capital to buy home mortgages or help homeowners refinance. The head of the Treasury does have one very compelling argument for getting his hands on the cash. There could be another failure in confidence in one or more of the US banks. Just this morning S&P made ratings cuts on eleven banks, among them some of the largest financial firms in the world including Citigroup (C), Bank of America (BAC), and Well Fargo (WFC). The news pushed Citi down as low as $7, after closing yesterday at $7.43. Paulson's reasoning may be that the trouble that hit Citi two months ago and the problems which Bear Stearns, Lehman, Wachovia, and Washington Mutual experienced all happened in a matter of days. It is not likely, but another American bank could need a large slug of cash sometime in the next few weeks. Douglas A. McIntyre Source: 24/7 Wall St. | 19 Dec 2008 | 3:49 pm NASDAQ Offers Life To Hundreds of Stocks (NDAQ, CHTR, FNSR, LVLT, OPWV, PEIX, PWAV, PWAV, RFMD, SANM, SIRI, SPSN)
We ran a screen for NASDAQ stocks with active trading volume, share prices under $1.00, and those which have traded over $1.00 in the last 52-weeks. Some of the most usual suspects here are as follows: Name Symbol Price Mkt Cap Avg Vol 52-wk Range If you think about this, there is also a financial incentive. If hundreds of stocks magically get sent to the minor leagues of the OTC-BB or the Pink Sheets, then NASDAQ would lose a substantial amount of revenue. It would also lose a significant amount of daily exchange volume.
Jon C. Ogg Source: 24/7 Wall St. | 19 Dec 2008 | 3:26 pm Richard C. Perry Continues To Dump His Sears Holdings (SHLD) SharesSears Holdings (Nasdaq: SHLD) Director, Richard C. Perry, continues to sell his holdings of Sears Holdings. Earlier in the week, Richard Perry sold over 1.2 million shares leaving him with 1.39 million shares. However, hedge fund manager, Richard Perry sold another 397,952 shares of Sears during the past two days at prices between $38.88-$41.19, leaving him with a total of 1 million shares. Source: 24/7 Wall St. | 19 Dec 2008 | 2:23 pm Morning NoteThe big news happened moments ago. President Bush announced that the government will loan automakers $17.4 billion. "The time to make hard decisions to become viable is now, or the only option will be bankruptcy," he said. The loans have strings attached, and the companies have to come up with the restructuring plan by March 31. Note that $17.4 billion is about all that's left of the $350 billion Treasury has been authorized to spend. Time to go back for the rest of that $700 billion. Remember we promised you we'd find out how the stock injection idea got into big bailout bill? (Adam got a mysterious late night phone call at the time telling him it was in there.) Well, we'll have the answer for you on the podcast today. Most of the Planet Money folks are in meetings, but we'll be talking to you soon. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Dec 2008 | 2:20 pm Anglo Irish bosses forced to quitThe chief executive and chairman of Anglo Irish Bank resign after a multi-million pound loan controversy at the lender.Source: BBC News | Business | World Edition | 19 Dec 2008 | 2:19 pm Central banks to offer dollar liquidity but see demand waningLONDON (Reuters) - Central banks around the world announced their latest effort to pump cash into the financial system on Friday but noted overall demand for U.S. dollars has declined, in a sign the global credit crunch may be easing.Source: Reuters: Business News | 19 Dec 2008 | 2:08 pm Automakers jump after TARP made available (Reuters)Reuters - Shares of General Motors Corp and Ford Motor Co rose before the opening bell on Friday after a senior U.S. official said the White House would make available loans from the Troubled Asset Relief Program to ailing auto manufacturers.Source: Yahoo! News: Stock Markets News | 19 Dec 2008 | 2:03 pm
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