Casualties mount after Israel attacks Gaza

Israel's air force fired about 30 missiles at targets in the Gaza Strip, destroying several Hamas police compounds and killing more than 120 people
Source: Financial Times - US homepage | 27 Dec 2008 | 11:22 am

Auto Review: 2009 Mazda 6: Bigger and better

When I last tested a Mazda 6 I found much to praise, but wondered in the end if the car wasn’t in need of an update.

Source: MarketWatch.com - Top Stories | 27 Dec 2008 | 11:01 am

UrbanBaby.com, a cautionary tale

Internet startup UrbanBaby.com was very successful in its infancy. That was until it tried to change its website and got spanked by its users. The brilliant...
Source: RSS feed - channel BNewsBusiness | 27 Dec 2008 | 8:20 am

Car production could fall 35 percent in Thailand

Vehicle production in Thailand could fall as much as 35 percent next year if the global economy continues to worsen, a leading auto institute said Saturday. Thailand is a major...
Source: RSS feed - channel BNewsBusiness | 27 Dec 2008 | 8:02 am

Stocks rise despite dreary holiday sales

The bailout of GM's finance arm gives the market a boost. The Dow gains 47 points. Stocks advanced moderately...
Source: RSS feed - channel BNPaperBusiness | 27 Dec 2008 | 8:00 am

GM sues bankrupt supplier Cadence Innovation to get Camaro parts

General Motors Corp. is suing a bankrupt automotive supplier for immediate access to specialized parts and equipment, contending that a delay would hamper the launch of its new Chevrolet Camaro, disrupt...
Source: RSS feed - channel BNPaperBusiness | 27 Dec 2008 | 8:00 am

With aid from the state, Californians warm to rooftop solar power

Rebates and new financing models spur adoption despite the recession. At a time when many investors are sticking...
Source: RSS feed - channel BNPaperBusiness | 27 Dec 2008 | 8:00 am

Student loans turn into crushing burden for unwary borrowers

Some who think they are getting a federal loan find out later that they hold a private loan. The difference can be costly. ...
Source: RSS feed - channel BNPaperBusiness | 27 Dec 2008 | 8:00 am

Better Place's Shai Agassi touts business model for electric-only cars

The Palo Alto company's founder discusses the plight of the Big Three Detroit automakers and his hopes for his company, which wants to install recharging stations in major cities. ...
Source: RSS feed - channel BNPaperBusiness | 27 Dec 2008 | 8:00 am

Dune Capital Management reportedly buying IndyMac Bank

The private equity firm led by former Goldman Sachs executives is the winner of the bidding for the Pasadena thrift, according to a report on the Mortgage Lender Implode-O-Meter website. ...
Source: RSS feed - channel BNPaperBusiness | 27 Dec 2008 | 8:00 am

SEC's Christopher Cox defends his restrained approach

The financial regulator says he wasn't responsible for the agency's failure to detect the alleged fraud by Bernard Madoff and that he had responded properly to the broader financial crisis. ...
Source: RSS feed - channel BNPaperBusiness | 27 Dec 2008 | 8:00 am

Retailers see weak sales after Christmas

Pre-holiday sales tumbled, a report says. And the day after appears no better despite deep discounts. Call it...
Source: RSS feed - channel BNPaperBusiness | 27 Dec 2008 | 8:00 am

Lawsuit blames Cigna's liver transplant refusal for teen's death

The family of a 17-year-old leukemia patient has sued health insurance giant Cigna Corp. for her death last year after the company initially refused to pay for a liver transplant.
Source: RSS feed - channel BNPaperBusiness | 27 Dec 2008 | 8:00 am

Charging ahead to push electric cars

Better Place envisions installing thousands of plug-in and battery replacement stations to serve drivers. A Palo...
Source: RSS feed - channel BNPaperBusiness | 27 Dec 2008 | 8:00 am

Market Snapshot: U.S. stocks turn to final week of 2008

The final week of the 2008 is unlikely to be as tumultuous for stocks as the year has been to this point.

Source: MarketWatch.com - Top Stories | 27 Dec 2008 | 5:01 am

Malaysia Petronas Gas to call bids for new plant-report

KUALA LUMPUR, Dec 27 (Reuters) - Malaysian industrial gas provider Petronas Gas is expected to call bids for a 900 million ringgit ($258.8 million) power plant project in Sabah on Borneo early next year,...
Source: RSS feed - channel BNewsBusiness | 27 Dec 2008 | 4:43 am

China to offer incentives to scrap old cars: state media

China plans to offer incentives for car owners to scrap their old models in favour of new ones, in a bid to lift the auto industry as it enters a period of crisis, according to state media.
Source: RSS feed - channel BNewsBusiness | 27 Dec 2008 | 2:45 am

Woolworths store closures begin

A quarter of Woolworths' 800 stores will shut later, signalling the chain's final days nearly 100 years after its first shop opened.
Source: BBC News | Business | World Edition | 27 Dec 2008 | 2:28 am

US retail sales data deepens year-end gloom (AFP)

AFP - Christmas retail sales have plunged in the United States, according to a poll, as Japan reported record cuts in production and more signs emerged that Spain has entered a recession.

Source: Yahoo! News: Business | 27 Dec 2008 | 2:28 am

GM shares up, GMAC may be eyeing $6 billion loans

DETROIT/NEW YORK (Reuters) - Shares of General Motors Corp jumped on Friday after its auto finance affiliate GMAC won access to government lending programs, while analysts estimated GMAC might be seeking loans of more than $6 billion.
Source: Reuters: Business News | 27 Dec 2008 | 2:23 am

Retailers' holiday sales plummet 4 percent

NEW YORK (Reuters) - Retailers' sales fell as much as 4 percent during the holiday season, as the weak economy and bad weather created one of the worst holiday shopping climates in modern times, according to data released on Thursday by SpendingPulse.
Source: Reuters: Business News | 27 Dec 2008 | 2:18 am

GMAC may be seeking $6 billion in aid

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 27 Dec 2008 | 2:18 am

Retailers' holiday sales plummet 4 percent (Reuters)

Reuters - Retailers' sales fell as much as 4 percent during the holiday season, as the weak economy and bad weather created one of the worst holiday shopping climates in modern times, according to data released on Thursday by SpendingPulse.

Source: Yahoo! News: Business | 27 Dec 2008 | 2:17 am

GM shares up, GMAC may be eyeing $6 billion loans

DETROIT/NEW YORK (Reuters) - Shares of General Motors Corp jumped on Friday after its auto finance affiliate GMAC won access to government lending programs, while analysts estimated GMAC...
Source: RSS feed - channel BNewsBusiness | 27 Dec 2008 | 1:37 am

No holiday cheer at the malls

The 2008 holiday sales season is one of the worst for retailers in decades, as consumers' concerns about the economy and job losses crushed the typical year-end shopping exuberance.
Source: Business and financial news - CNNMoney.com | 27 Dec 2008 | 12:45 am

French Madoff investor lost his, family's funds

Rene-Thierry Magon de la Villehuchet saw his fortune and his loved ones' money disappear along with his clients' when he lost $1.4 billion he had invested with Bernard Madoff, the French...
Source: RSS feed - channel BNewsBusiness | 27 Dec 2008 | 12:41 am

Top Ten: The Top 10 MarketWatch stories of 2008

March is commonly said to come in like a lamb and go out like a lion, or vice-versa, but when the month of March sees one of the financial system's most venerable and even revered names -- in this case, Bear Stearns (a lion of Wall Street, one might say) -- go down in flames, all the cutesy aphorisms and simple summations go out the window. March was that sort of month. 2008 was that sort of year.

Source: MarketWatch.com - Top Stories | 27 Dec 2008 | 12:35 am

Trends & Innovations - Friday

Interest in private colleges waning
Source: Investor's Business Daily: BUSINESS | 27 Dec 2008 | 12:27 am

In Brief - Friday

Toyota (TM) is recalling 121,930 cars in China to fix a problem that could result in loss of steering control. Shares rose 4.2% to 63.65.
Source: Investor's Business Daily: BUSINESS | 27 Dec 2008 | 12:27 am

Are Biotechs Vaccinated Against Recession?

To understand the pivotal difference between the budding biomedical industry and its much-larger cousin, pharmaceuticals, consider Swiss drug...
Source: Investor's Business Daily: BUSINESS | 27 Dec 2008 | 12:27 am

Business Briefs - Friday

Allergan eyelash drug gets OK. The cosmetic drugmaker's eyelash treatment Latisse has received the FDA's OK for use in increasing the thickness...
Source: Investor's Business Daily: BUSINESS | 27 Dec 2008 | 12:27 am

Pasta Maker's New Leadership Cooks Up Profit Growth After Scandal

Past management spoiled American Italian Pasta Co.'s books, reputation and stock. But the new team says the firm is re-emerging from the abyss to...
Source: Investor's Business Daily: BUSINESS | 27 Dec 2008 | 12:27 am

Brazil to sell bonds to finance sovereign fund

Brazil will sell treasury bonds to finance its new sovereign wealth fund, circumventing a legislative hurdle that had limited its cash supply, a treasury official said Friday. The bond...
Source: RSS feed - channel BNewsBusiness | 27 Dec 2008 | 12:10 am

Support for families suffering fuel poverty fails to reach the needy

Only one in eight households in fuel poverty receives discounted gas and electricity bills, despite a multimillion-pound commitment by the main energy companies to help vulnerable people to endure the winter.
Source: Latest Business News from Times Online | 27 Dec 2008 | 12:00 am

Blow for BAA as Virgin and easyJet look out of the running for Gatwick

The bidding for Gatwick airport is expected to be a two-horse race as rival consortiums have struggled to raise financing.
Source: Latest Business News from Times Online | 27 Dec 2008 | 12:00 am

Economy 'on knife-edge' as Japan faces deflation fear

Japan’s economy — the second-largest in the world and a barometer of global consumer demand — was described yesterday as being “on a knife-edge” amid fears that it might plum- met into deflation within months.
Source: Latest Business News from Times Online | 27 Dec 2008 | 12:00 am

Mortgage supply is key to continuing house price decline

To date, the property market downturn has been the most palpable effect of the recession for the majority of households. There will be no respite in the new year, with rising unemployment causing more homeowners to fall into arrears. The numbers behind with their repayments may rise from 210,000 to 500,000, according to the Council of Mortgage Lenders.
Source: Latest Business News from Times Online | 27 Dec 2008 | 12:00 am

After a hard landing, investors who can take a risk are getting back in the saddle

This year will go down as one of the toughest on record for UK investors. The FTSE 100 index of leading shares has fallen by 33 per cent and the picture is no brighter for those putting their money overseas. American stocks have dropped by 33 per cent, while shares in Europe and Japan have fallen by 44 per cent.
Source: Latest Business News from Times Online | 27 Dec 2008 | 12:00 am

After a hard landing, investors who can take a risk are getting back in the saddle

This year will go down as one of the toughest on record for UK investors. The FTSE 100 index of leading shares has fallen by 33 per cent and the picture is no brighter for those putting their money overseas. American stocks have dropped by 33 per cent, while shares in Europe and Japan have fallen by 44 per cent.
Source: Latest Business News from Times Online | 27 Dec 2008 | 12:00 am

Need to know: 2008

Economics
Source: Latest Business News from Times Online | 27 Dec 2008 | 12:00 am

Lola races off its usual line in a dash for diversification

Lola, one of the most highly regarded names in motor racing, will this year for the first time have made more revenue off the racetrack and outside the automotive industry as it echoes other manufacturing companies trying to protect themselves against downturns in their own sectors and to catch growth in others.
Source: Latest Business News from Times Online | 27 Dec 2008 | 12:00 am

Doubts increase over Barack Obama's ambitious spending promises

Barack Obama is expected to spend so much propping up the world’s biggest economy in 2009 that the national debt will balloon by an astonishing $2 trillion ($£1.36 billion). It is $2 trillion that the US Government will try to fund by selling Treasury bonds.$
Source: Latest Business News from Times Online | 27 Dec 2008 | 12:00 am

As I was just saying to my ice crystals . . .

The original plan for this, my final business column of 2008, was to compile a list of the top five most idiotic moments of the year. Business 2.0 magazine used to publish an entertaining annual round-up under the headline “101 dumbest moments in business”, and, frankly, I was hoping to plagiarise the idea.
Source: Latest Business News from Times Online | 27 Dec 2008 | 12:00 am

NYU's Altman Says Chrysler Won't Exist in Six Months

Source: Bloomberg - All Podcasts | 26 Dec 2008 | 11:53 pm

JEHT Foundation's Crane Says Madoff Scandal Forcing Its Closure

Source: Bloomberg - All Podcasts | 26 Dec 2008 | 11:45 pm

Bailout blow-out car deals

There is one bright spot in the spiraling auto industry's malaise: deals.The auto-pricing experts at CarsDirect.com helped us identify some of the best.
Source: Business and financial news - CNNMoney.com | 26 Dec 2008 | 11:38 pm

Pakistan moves troops to Indian border

Pakistan military officials say troops are being withdrawn from along the Afghan border amid media reports of a widescale redeployment of forces close to the Indian border in an apparent escalation of tensions with its neighbour
Source: Financial Times - US homepage | 26 Dec 2008 | 11:35 pm

Stocks' wild ride: 8 days to remember

Stocks were on a roller coaster in 2008 as investors tried to keep up with bailouts, bankruptcies, a credit crisis and a long recession.
Source: Business and financial news - CNNMoney.com | 26 Dec 2008 | 11:22 pm

Market Snapshot: U.S. stocks end higher with holiday sales in play

U.S. stocks move mostly higher, led by energy shares as crude prices advance, while retailers are in focus as post-Christmas sales kick off.

Source: MarketWatch.com - Top Stories | 26 Dec 2008 | 11:21 pm

Deutsche Bank rejects church charge

Deutsche Bank reacted angrily after Germany's senior Protestant bishop accused Josef Ackermann, its chief executive, of turning money-making into a form of 'idolatry'
Source: Financial Times - US homepage | 26 Dec 2008 | 11:16 pm

Three suspected insurgents escape Iraqi jail

Three suspected insurgents fled a jail in the western city of Ramadi after overpowering guards, Iraqi officials said. The jailbreak led to a gunfight in which six policemen and seven suspected insurgents were killed, authorities said
Source: Financial Times - US homepage | 26 Dec 2008 | 11:13 pm

GMAC Could Be Almost As Large A Bailout As Big Banks

There has been a great deal of debate about whether a car company lending arm should qualify for federal bailout funds. GMAC is no longer owned exclusively by GM (GM) because hedge fund Cerberus has the majority share.

GMAC does have a large mortgage portfolio, but the company is still on the edge of being an institution which the government should cover in its nearly universal financial firm salvation program. Now that GMAC has been designated a "bank", it may end up with bailout money from more than once source.

According to Reuters, CreditSights points out that aside from $6.3 billion in TARP money the firm might have applied for, "GMAC may also be eligible to sell up to $17.5 billion in bonds backed by the Federal Deposit Insurance Corp if approved to sell debt under the government's Temporary Liquidity Guarantee Program (TLGP)."

It remains to be seen whether GMAC will attempt to sell this type of bond. The company does need the capital. Like troubled firms with access to federal programs GMAC will grab as much as it can.

It will also be interesting to see what other "non bank" financial institutions will attempt to qualify as "banks" to get into the bailout programs and how much the government will be willing to increase the size of the pot as the number of credit markets emergencies goes up.

Douglas A. McIntyre

Source: 24/7 Wall St. | 26 Dec 2008 | 11:11 pm

Stocks up after GMAC lifeline, retail sales dip (AP)

AP - Wall Street put together a moderate advance in light post-Christmas trading Friday after the government threw a lifeline to General Motors' financing arm, but gains were limited by dreary holiday shopping readings that dimmed the chance of a big year-end rally.

Source: Yahoo! News: Stock Markets News | 26 Dec 2008 | 11:10 pm

GMAC needs to clear final hurdle for bailout funds

GRAND BLANC, Mich. The financing arm of General Motor's Corp. has until midnight Friday to clear a final hurdle in its quest to become a bank holding company, even though it already...
Source: RSS feed - channel BNewsBusiness | 26 Dec 2008 | 11:09 pm

Irish banking woes stall 150-story tower in Chicago

Anglo Irish Bank Corp. is headquartered in Dublin, trades in London, and looks, at least for now, to have cost Chicago’s skyline a 150-story trophy.

Source: MarketWatch.com - Top Stories | 26 Dec 2008 | 11:08 pm

Business Highlights

As stores offered rock-bottom prices and extended return policies, shoppers returned to the malls the day after Christmas. But many were on the hunt for big bargains on specific items or...
Source: RSS feed - channel BNewsBusiness | 26 Dec 2008 | 11:06 pm

Wall Street edges up on GMAC (Reuters)

Reuters - Stocks inched higher in thin volume on Friday as energy shares rose alongside oil and General Motors climbed after its financing arm qualified for government funds, helping it stave off potential bankruptcy.

Source: Yahoo! News: Stock Markets News | 26 Dec 2008 | 11:04 pm

Wall Street edges up on GMAC (Reuters)

Reuters - Stocks inched higher in thin volume on Friday as energy shares rose alongside oil and General Motors climbed after its financing arm qualified for government funds, helping it stave off potential bankruptcy.

Source: Yahoo! News: Business | 26 Dec 2008 | 11:04 pm

Wall Street edges up on GMAC

NEW YORK (Reuters) - Stocks inched higher in thin volume on Friday as energy shares rose alongside oil and General Motors climbed after its financing arm qualified for government funds, helping it stave off potential bankruptcy.
Source: Reuters: Business News | 26 Dec 2008 | 11:04 pm

Wall Street ends higher

Stocks closed higher Friday, for the second session in a row, in a sparsely traded, post-holiday session.
Source: Business and financial news - CNNMoney.com | 26 Dec 2008 | 11:00 pm

After Hours: First Solar, F5 on move in low-volume late session

First Solar and F5 Networks are among the most active stocks in Friday’s after-hours session, as most investors appear to have extended the Christmas holiday.

Source: MarketWatch.com - Top Stories | 26 Dec 2008 | 10:32 pm

VIX Index of U.S. Stock Option Prices Retreats 3% to 43.38

Source: Bloomberg - All Podcasts | 26 Dec 2008 | 10:27 pm

D.A. Davidson's Dickson Recommends ETFs in Cautious Market

Source: Bloomberg - All Podcasts | 26 Dec 2008 | 10:22 pm

Some doubt GMAC move will help car buyers

Daniel Alpert, managing director at investment bank Westwood Capital, said so many consumers already are struggling with existing debt that he doubts the Fed's action will cause them to...
Source: RSS feed - channel BNewsBusiness | 26 Dec 2008 | 10:19 pm

NewsWatch: U.S. stocks end higher with holiday sales in play

U.S. stocks move mostly higher, led by gains in energy shares as crude oil prices advance, while retailers are in focus as post-Christmas sales kick off in earnest.

Source: MarketWatch.com - Top Stories | 26 Dec 2008 | 10:00 pm

Energy Stocks: Petroleum shares post modest gains; end lower for the week

NEW YORK (MarketWatch) – Oil and gas stocks close Friday with a set of gains built on a 7% advance in crude-oil prices. But the sector fails to fully recapture losses suffered at the start of the holiday-shortened week.

Source: MarketWatch.com - Top Stories | 26 Dec 2008 | 9:57 pm

2009 in Review, Recession Hits Toyota, Housing Report Previewed

Source: Bloomberg - All Podcasts | 26 Dec 2008 | 9:42 pm

Oil bounces back

Oil prices rose back above $37 a barrel Friday after OPEC member United Arab Emirates detailed how it would cut production as part of the trade group's pledge to reduce output by 2.2 million barrels a day in January.
Source: Business and financial news - CNNMoney.com | 26 Dec 2008 | 9:42 pm

Bonds up, dollar steady

With few investors trading and fewer indicators to base trades on, the dollar and government bonds held tight Friday.
Source: Business and financial news - CNNMoney.com | 26 Dec 2008 | 9:41 pm

Mexico suspends purchase of U.S. meat

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 26 Dec 2008 | 9:41 pm

Where there's no post-Christmas slump

Source: Business and financial news - CNNMoney.com | 26 Dec 2008 | 9:35 pm

Stocks to Watch: Stocks in focus for Monday

SAN FRANCISCO (MarketWatch) -- Among the companies whose shares are expected to see active trade in Monday's session are Cal-Maine Foods Inc., U.S. meat processors, and Wal-Mart Stores Inc.

Source: MarketWatch.com - Top Stories | 26 Dec 2008 | 9:34 pm

Retail Stocks: Sector turns flat after early gains; Amazon steals thunder

Retail shares turn flat after early gains as yet another bleak report on holiday shopping counters Amazon's boast of its "best ever" seasonal results.

Source: MarketWatch.com - Top Stories | 26 Dec 2008 | 9:26 pm

Allergan eyelash thickener gets OK

Allergan Inc., the maker of Botox, said on Friday that the U.S. Food and Drug Administration has approved its eyelash-thickening drug, Latisse.
Source: Business and financial news - CNNMoney.com | 26 Dec 2008 | 9:26 pm

Mutual funds show heavy losses for 2008 (AP)

AP - There was one safe bet that mutual fund investors could make in 2008 — that the stock market was a place to lose a lot of money.
Source: Yahoo! News: Stock Markets News | 26 Dec 2008 | 9:12 pm

FTN's Low Says Half of Houses Sold in U.S. Are Foreclosed

Source: Bloomberg - All Podcasts | 26 Dec 2008 | 8:51 pm

Oil above $37 on UAE supply cut and thin trade

NEW YORK (Reuters) - Oil climbed in thin post-holiday trade on Friday after the United Arab Emirates said they will deepen supply cuts in line with OPEC's biggest-ever output cut announced last week and the dollar weakened against the euro.
Source: Reuters: Business News | 26 Dec 2008 | 8:41 pm

Schmieding Says U.S. Recession to End Around Mid-Year

Source: Bloomberg - All Podcasts | 26 Dec 2008 | 8:26 pm

US retailers in battle at dawn

Retailers, smarting after a weak Christmas selling season, step up efforts to lure bargain-hunters, with large stores opening at dawn across the US and shoppers being promised extra discounts if they spent money before lunchtime
Source: Financial Times - US homepage | 26 Dec 2008 | 8:06 pm

Russia braced for unrest

Russia is bracing for further unrest as the rouble slid to a new low against the euro after several currency devaluations by Moscow in a week
Source: Financial Times - US homepage | 26 Dec 2008 | 7:53 pm

Oil profits help Houston boom

As a center for oil profits, Houston continues to see substantial job growth. But the numbers of the hungry increase in parallel to the city's prosperity. Kate Archer Kent reports.
Source: Marketplace Money | 26 Dec 2008 | 7:42 pm

China's baby milk scandal reaches courts

China's courts began proceedings on Friday over the tainted milk scandal that killed several infants and shattered confidence in the country's food industry, but the legal proceedings are only increasing fears among victims that they could be left without compensation
Source: Financial Times - US homepage | 26 Dec 2008 | 7:37 pm

Learning to believe in banks

Earlier this year, Tess Vigeland spoke with author Margaret Atwood about the importance of trust in keeping the banking system working properly. In this extended interview, she explores whether we will learn from our past credit mistakes.
Source: Marketplace Money | 26 Dec 2008 | 7:28 pm

Amid retail slump, Amazon's flying high

The top online retailer says it's had its best holiday shopping season. How was Amazon able to buck the trend of one of the worst holiday retail periods ever? Steve Henn reports.
Source: Marketplace | 26 Dec 2008 | 7:25 pm

Wall Street 2008: Dead or humbled?

Marketplace's New York Bureau Chief Amy Scott takes a look back with Kai Ryssdal at Wall Street's rough year in 2008 and the changes it may bring about.
Source: Marketplace | 26 Dec 2008 | 7:25 pm

It's time to ask what Pigou would do

Much of the financial crisis talk has included references to economist John Maynard Keynes, who called for government intervention to boost troubled economies. But commentator Todd Buchholz says Keynes' teacher might be the one with the answers.
Source: Marketplace | 26 Dec 2008 | 7:25 pm

Weekly Wrap: What's ahead in 2009?

When it comes to the economy in 2009, there's more we can't anticipate than we can. Kai Ryssdal tries a bit of looking into the future with Michael Mandel of Business Week and political scientist Dan Drezner of Tufts University.
Source: Marketplace | 26 Dec 2008 | 7:25 pm

Small bank gets in on the bailout

Among the more than 200 banks taking federal bailout money is Saigon National Bank in Orange County, Calif. It got a relatively paltry $1.2 million. But why? Rob Schmitz reports.
Source: Marketplace | 26 Dec 2008 | 7:25 pm

Prices fall, if inventory has to move

Retailers across the nation are cutting prices to drive sales and make up for their run of bad luck this holiday season -- if they've got to get their current inventory out of their stores. Jeremy Hobson reports.
Source: Marketplace | 26 Dec 2008 | 7:25 pm

Lessons learned from the crisis

Instead of lashing out at the causes of the financial crisis, why not learn from them? Tess Vigeland and Marketplace's Senior Business Correspondent Bob Moon try to garner wisdom from the pains of the past year.
Source: Marketplace Money | 26 Dec 2008 | 7:19 pm

Gift-giving is irrational, but important

Sitting in a pile of holiday gifts you don't necessarily want? Why do we spend so much money on presents anyway? Commentator Dan Ariely explains that giving gifts is a waste of money, but crucial as a social lubricant.
Source: Marketplace Money | 26 Dec 2008 | 7:16 pm

Shoppers hit post-Christmas sales

Thousands of bargain hunters across the UK flock to post-Christmas sales
Source: BBC News | Business | World Edition | 26 Dec 2008 | 7:07 pm

Retail stocks suffer but some defy dismal sales data

NEW YORK (Reuters) - Retail shares traded lower on Friday following data showing the first decline in holiday sales in at least 40 years, though a handful of stores defied the trend.
Source: Reuters: Business News | 26 Dec 2008 | 7:06 pm

Retail stocks suffer but some defy dismal sales data (Reuters)

Reuters - Retail shares traded lower on Friday following data showing the first decline in holiday sales in at least 40 years, though a handful of stores defied the trend.

Source: Yahoo! News: Stock Markets News | 26 Dec 2008 | 7:06 pm

Retail stocks suffer but some defy dismal sales data (Reuters)

Reuters - Retail shares traded lower on Friday following data showing the first decline in holiday sales in at least 40 years, though a handful of stores defied the trend.

Source: Yahoo! News: Business | 26 Dec 2008 | 7:06 pm

Parpart Sees Asia M&As as Takeovers Rather Than Voluntary

Source: Bloomberg - All Podcasts | 26 Dec 2008 | 7:02 pm

Musicals' new tune: The villain banker

The Brits have a year-end tradition of musical shows called pantomimes, or pantos for short. They feature heroes and villains. This year there's a more contemporary scoundrel -- the financial miscreant. Stephen Beard reports.
Source: Marketplace | 26 Dec 2008 | 7:01 pm

Mintz Sees Need to Understand How Madoff Was Undetected

Source: Bloomberg - All Podcasts | 26 Dec 2008 | 6:58 pm

An oil check to keep Alaskans warm

Every year, Alaska residents receive a check from the dividends of oil drilling. Emily Schwing asked some of them where their oil money goes.
Source: Marketplace Money | 26 Dec 2008 | 6:53 pm

Marc Faber Says 2009 Will Be `Catastrophe' for Global Economy

Source: Bloomberg - All Podcasts | 26 Dec 2008 | 6:51 pm

Straight Story: Goals met in 2008

The year is just about over. How did Tess Vigeland and economics editor Chris Farrell do on the New Year's resolutions they made in January? They check in and grade themselves on financial accomplishments.
Source: Marketplace Money | 26 Dec 2008 | 6:48 pm

GMAC may have asked for $6 billion in aid: CreditSights (Reuters)

Reuters - GMAC LLC may have applied for up to $6 billion in funds from the government's financial bailout program, and could potentially sell $17.5 billion in government-backed debt to shore up its capital position, CreditSights said.
Source: Yahoo! News: Business | 26 Dec 2008 | 6:46 pm

GMAC may have asked for $6 billion in aid: CreditSights

NEW YORK (Reuters) - GMAC LLC may have applied for up to $6 billion in funds from the government's financial bailout program, and could potentially sell $17.5 billion in government-backed debt to shore up its capital position, CreditSights said.
Source: Reuters: Business News | 26 Dec 2008 | 6:46 pm

Getting Personal

This week, Tess Vigeland and economics editor Chris Farrell answer questions about what happens to an IRA when the bank it's with fails, and whether it's a good idea to buy shares in Freddie Mac and Fannie Mae right now.
Source: Marketplace Money | 26 Dec 2008 | 6:43 pm

Day in the Work Life: Projectionist

Let's face it: It's been a terrible year. Why not forget your financial troubles for awhile and go see a movie? This week, we go to a film archive in Montreal, Canada to find out what it takes to be a good projectionist.
Source: Marketplace Money | 26 Dec 2008 | 6:42 pm

China's state sector urged to boost economy

Government officials have publicly called on China's state-owned sector to increase its dominance in the economy in response to rapidly cooling growth and plummeting profits
Source: Financial Times - US homepage | 26 Dec 2008 | 6:37 pm

Amana stays ahead of faith-based funds

In a dire year for mutual funds, the Amana Trust Income Fund, the main Muslim investment fund, has trumped those from all other faiths in the US by losing only 25.8 per cent of its value for the year – half the average 44 per cent loss for US stock funds
Source: Financial Times - US homepage | 26 Dec 2008 | 6:34 pm

Disney helps Japan escape recession blues

Sony and Toyota are struggling. Job cuts dominate the headlines. But one brand name is thriving in Japan amid the economic slowdown - Mickey Mouse. According to the company that runs Tokyo Disneyland, Japan's busiest theme park...
Source: New Zealand Herald - Business | 26 Dec 2008 | 6:30 pm

'Generation zero' steers growth

In the past generation, China's car market has leapt from almost nothing to the second largest in the world
Source: Financial Times - US homepage | 26 Dec 2008 | 6:13 pm

GM sues bankrupt supplier Cadence over parts

NEW YORK (Reuters) - General Motors Corp has filed a lawsuit against a bankrupt auto-parts supplier, saying it is holding necessary equipment "hostage" which could potentially interrupt the launch of its new Chevrolet Camaro car.
Source: Reuters: Business News | 26 Dec 2008 | 5:49 pm

Finance pioneer faces possible charges

Bruce Bent, inventor of the money-market mutual fund, and his New York company may be charged by United States federal regulators with violating securities laws in the collapse of its US$63 billion ($109.6 billion) Reserve Primary...
Source: New Zealand Herald - Business | 26 Dec 2008 | 5:30 pm

Anadarko Sells Mid-Stream Assets to Itself (APC, WES)

Western Gas Partners, LP (NYSE:WES) has completed the purchase of gas processing plants and gathering systems from Anadarko Petroleum Corporation (NYSE:APC). Western Gas was formed by Anadarko earlier this year to off-load Anadarko's mid-stream assets to a separate master limited partnership. Anadarko owns about 63% of Western's common and subordinated units and the 2% general partnership interest in Western.

The purchase price was approximately $210 million, which Western financed with a new $175 million note to Anadarko, and more than 2.5 million new common units at an implied price of $13.69/unit. Western's share price is up slightly this morning, to $12.53/unit. Anadarko shares are up a penny, to $35.62.

Paul Ausick
December 26, 2008

Source: 24/7 Wall St. | 26 Dec 2008 | 5:18 pm

Amazon claims record holiday orders in '08 season

NEW YORK (Reuters) - Online retailer Amazon.com Inc on Friday reported its best holiday sales season yet, even as sales and traffic at U.S. store chains were the weakest in decades, sending its shares up nearly 4 percent.
Source: Reuters: Business News | 26 Dec 2008 | 5:15 pm

Small-cap Oil Company Shrinks (TXCO)

Small-cap oil producer TXCO Resources Inc. (NASDAQ:TXCO) announced a few days before the holiday that it would reduce staff by 20%, slow its fourth-quarter drilling operations, and shut-in five wells and two steam generators in response to the "unstable financial and commodity environment we currently face." The company also expects to announce lower 2009 capital expenditures in January and to seek buyers for some assets and partners in joint-ventures "to further enhance liquidity levels."

This is, by now, a familiar story. TXCO shares are trading this morning at $1.37, just a penny above the 52-week low and more than 90% off the 52-week high.

Paul Ausick
December 26, 200

Source: 24/7 Wall St. | 26 Dec 2008 | 5:13 pm

World's wealthiest woman caught in Madoff's net

Liliane Bettencourt, the world's wealthiest woman, entrusted part of her US$22.9 billion ($39.9 billion) fortune to Bernard Madoff through a fund manager found dead in New York, two people familiar with the matter said. The 86-year-old...
Source: New Zealand Herald - Business | 26 Dec 2008 | 4:30 pm

Wal-Mart to start selling iPhones on Sunday (Reuters)

Reuters - Wal-Mart Stores Inc said on Friday it will start selling Apple Inc's iPhone on Sunday, but the popular cell phones that can surf the web will not be priced as low as some anticipated.

Source: Yahoo! News: Business | 26 Dec 2008 | 4:25 pm

Wal-Mart to start selling iPhones on Sunday

CHICAGO (Reuters) - Wal-Mart Stores Inc said on Friday it will start selling Apple Inc's iPhone on Sunday, but the popular cell phones that can surf the web will not be priced as low as some anticipated.
Source: Reuters: Business News | 26 Dec 2008 | 4:25 pm

Jones Apparel reduces lines of credit, shares surge

CHICAGO (Reuters) - Jones Apparel Group Inc said on Friday it reduced its $1.25 billion lines of credit to a single line of credit of $600 million in return for more flexibility, sending shares up as much as 41 percent.
Source: Reuters: Business News | 26 Dec 2008 | 4:06 pm

Brian Gaynor: GDP continues on its downward slide

Two major statistics released this week, gross domestic product and the current account, or balance of payments, give us a good indication of the state of the New Zealand economy. GDP figures show whether the economy is growing,...
Source: New Zealand Herald - Business | 26 Dec 2008 | 4:00 pm

Madoff scandal feeds anti-Semitism

Of all the words used to describe the Bernard Madoff scandal, the most emotionally charged may be "Jewish". The disgraced investment guru is accused of orchestrating a US$50 billion ($89 billion) Ponzi scheme that preyed heavily...
Source: New Zealand Herald - Business | 26 Dec 2008 | 4:00 pm

The toast of Wall Street ends up sliced

It was the afternoon of September 9, and tensions were rising in the 31st floor office of Lehman Brothers Holdings' chief executive officer Richard Fuld. That morning news broke that the Korea Development Bank had pulled out of...
Source: New Zealand Herald - Business | 26 Dec 2008 | 4:00 pm

Pair in melamine scandal go before the court

Two Chinese went on trial yesterday accused of making and selling the chemical at the centre of a tainted milk scandal blamed for killing six children and making nearly 300,000 others sick. Police say Zhang Yujun and Zhang Yanzhang...
Source: New Zealand Herald - Business | 26 Dec 2008 | 4:00 pm

Liam Dann: Keep calm, all things must pass

Well, 2008 turned out to be a bit of a bumpy one. That may be a small understatement. But if you're reading this on the beach, relaxing with a cold drink and really hanging out to read one more of those doom-and-gloom-laden opinion...
Source: New Zealand Herald - Business | 26 Dec 2008 | 4:00 pm

Sticking to solid foundations

John Dakin is the chief executive of Goodman Property Trust, one of the country's biggest landlords. The trust has a $1.6 billion portfolio and 90ha of floorspace. It specialises in industrial real estate. How has the credit...
Source: New Zealand Herald - Business | 26 Dec 2008 | 4:00 pm

John Roughan: Good reasons for optimism

One thing I don't understand in all this talk of an unhappy new year: why is the promise of Keynesianism not working? The world has known for 75 years what to do when markets crash. Grandparents assured us that if Hoover had done...
Source: New Zealand Herald - Business | 26 Dec 2008 | 4:00 pm

Woes in the Oil Patch (RDS.A, XOM, COP, CVX)

Source: 24/7 Wall St. | 26 Dec 2008 | 3:29 pm

Projecting The 2009 Dogs of the Dow (AA, T, BAC, C, DD, GE, JPM, MRK, PFE, VZ)

Source: 24/7 Wall St. | 26 Dec 2008 | 2:27 pm

Wal-Mart (WMT) Confirms Sale of Apple (AAPL) iPhone Starting December 28th

Wal-Mart (NYSE: WMT) confirms it will sell Apple's (Nasdaq: AAPL) iPhone starting December 28th.

Wal-Mart will offer the black 8 GB iPhone 3G model with the every day price of $197 and the 16 GB black or white model for $297, with a new two-year service agreement from AT&T or qualified upgrade. As America's price leader, Walmart’s price match policy also allows stores to match the price of any local competitor’s advertised store price on the same item within the same promotional period.

Read more...

Source: 24/7 Wall St. | 26 Dec 2008 | 2:02 pm

When Bond Funds Change Investment Objectives (PHK)

Source: 24/7 Wall St. | 26 Dec 2008 | 2:00 pm

Holiday Success At Amazon (AMZN) Runs Against The Grain

Jeff Bezos, the founder and CEO of Amazon (AMZN) is the Internet's great escape artist. His company has been in trouble countless times only to emerge better off. He was beaten on by the stock market for low margins and high shipping costs. He bought profits up to show that he could, if he wanted to, produce better earnings.

When investors were concerned that all he had was on online book retailer, he increased his product offerings to include a range of items from consumer electronics to jewelry.

Bezos has been endlessly inventive. He brought the Kindle electronic book reader out earlier this year. It has been, by almost every measure, a success. Even Oprah likes it.

Bezos figured that he had excess computing and e-commerce capacity, so he allows other companies to pay to use a part of his IT infrastructure.

This holiday season has turned out to be like the wreck of the ore ship the Edmund Fitzgerald. One moment it was there, and the next moment it had sunk all the way to the bottom. Every retailer has been taken down, with the possible exception of Wal-Mart (WMT).

To the amazement of Wall St., Amazon today said it had "its best holiday ever".

In the firm's statement it said, "Amazon announced the 2008 holiday season finished as its best ever, with over 6.3 million items ordered worldwide on the peak day, Dec. 15, which is a record-breaking 72.9 items per second."

The company cataloged the reasons for it success. It posted impressive sales for software, GPS devices, coffee, watches, and CDs.

In the final analysis, Amazon probably did so well because new products such as the Kindle build upon the consumers' impression that the online store firm is endlessly inventive. Amazon has done what many of its Web 1.0 rivals have not been able to do. It has set the bar so high that no one else can clear it.

Douglas A. McIntyre

Source: 24/7 Wall St. | 26 Dec 2008 | 1:56 pm

Asian markets mixed in quiet holiday trade (AP)

AP - Asian markets were mixed in quiet holiday trade Friday amid new evidence that companies and consumers alike were struggling as the global economy slumps.

Source: Yahoo! News: Stock Markets News | 26 Dec 2008 | 11:57 am

Mr. Darwin Goes To Washington

The new Congress and administration will probably set up programs using $800 billion to create jobs. The total number of people they hope to put back to work could be three million or more. The cash will be spent primarily on infrastructure such as roads, schools, alternative energy facilities, and broadband.

The only trouble with the economic aid program is that it may not be enough to cover all of the capital needed by scores of industries. Among those which will need funds are obviously the auto and financial companies. Airlines and retail could be on the list early in 2009. Municipalities may seek cash as well.

The next issue the government is going to face, and it will have to face it within a month or two, is which entities will be saved and which will be left to perish. The portion of the decision-making process involving compassion may be trumped by the strategic need to keep some parts of the economy going.

What has not been articulated anywhere is which needy programs or industries will make the grade and on what basis that will be decided. So far, the process has been ad hoc. That can't go on forever because it will start of process of random salvation which is made based on immediate need and not strategic economic value.

The whole system of bailing out may never have a guiding principle. That will add to the chaos.

Douglas A. McIntyre

Source: 24/7 Wall St. | 26 Dec 2008 | 11:41 am

Being California Gets More Expensive

Institutions that are not likely to pay their bills have to offer higher interest rates for capital. Old rule. Usually works. Credit agencies issue ratings which allow investors to decide how much risk they can stomach. That part of the system turned to dust during the credit crisis.

Now that evaluating debt has regained some of its equilibrium, one of the focuses on potential default levels has turned to states and municipalities.

According to Bloomberg, "California’s fiscal crisis pushed yields on tax-backed debt to a four-year high as the state struggles with a $42 billion budget deficit." Michigan, Florida, and Rhode Island are facing similar problems and those troubles are about to spread to other large states such as New York.

High interest rates always tag the entities that cannot afford to pay them out. Whatever assistance states are going to need from the federal government is going to get more acute as they look at the price they will have to pay for capital.

Bailing out a dozen or two dozen states with huge deficits may be beyond what Congress and the administration can stomach.

The only solution may be to offer states low interest loan guarantees. That may work. It would cost the federal government less money than a massive state bailout program. But, it may not be enough, which means the problem will be sent down the road to be revisited like almost all the other financial troubles which have popped up over the last year.

Douglas A. McIntyre

Source: 24/7 Wall St. | 26 Dec 2008 | 11:27 am