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Israel rejects calls to halt attacks on GazaIsrael has rejected international calls for a halt to its attacks on the Hamas-controlled Gaza Strip, saying that a European Union proposal for a 48-hour truce offered no guarantee that the Islamist group would in turn end its rocket attacks on IsraelSource: Financial Times - US homepage | 31 Dec 2008 | 1:50 pm Before the Bell: Dell, American International Group, crude-oil in the spotlightStock market futures were mostly higher Wednesday ahead of the final trading session of 2008 as investors took stock of a terrible year for global markets.Source: MarketWatch.com - Top Stories | 31 Dec 2008 | 1:49 pm More Bad New On Jobless Claims
First-time applications for state unemployment benefits fell 94,000 to a seasonally adjusted 492,000 in the week ending Dec. 27, the Labor Department said Wednesday, according to MarketWatch. "Despite the decline, the level of claims is 45% higher than the same period in the prior year. The four-week average of new claims fell 5,750 to 552,250. Meanwhile, the number of people collecting benefits in the week ending Dec. 20 rose 140,000 to 4.51 million - the highest level since December 1982. The four-week average of continuing claims rose 103,750 to 4.42 million - also the highest level since December 1982." Douglas A. McIntyre Source: 24/7 Wall St. | 31 Dec 2008 | 1:44 pm Stocks edge higher after drop in jobless claims (AP)
Source: Yahoo! News: Stock Markets News | 31 Dec 2008 | 1:44 pm Movers & Shakers: Wednesday's biggest gaining and declining stocksAmong the companies whose shares are expected to see active trade in Wednesday’s session are VeriFone Holdings Inc., Fannie Mae and Freddie Mac.Source: MarketWatch.com - Top Stories | 31 Dec 2008 | 1:44 pm Jobless claims drop by much more than expectedWASHINGTON (Reuters) - The number of U.S. workers filing new claims for jobless benefits slumped 94,000 last week, government data on Wednesday showed, but seasonal factors were likely behind this unexpectedly large decline with the labor market remaining very soft.Source: Reuters: Business News | 31 Dec 2008 | 1:42 pm S&P 500: The lucky 22While Wall Street has taken monumental losses that far outnumber gains this year, one sector has managed to weather the storm better than others - consumer-related stocks that include big names like Wal-Mart and McDonald's.Source: Business and financial news - CNNMoney.com | 31 Dec 2008 | 1:41 pm Jobless claims down sharplyThe number of Americans filing for first-time unemployment benefits fell sharply last week, according to a government report released Thursday, as a year filled with layoffs and income cuts draws to a close.Source: Business and financial news - CNNMoney.com | 31 Dec 2008 | 1:35 pm More economic pain seen in 2009SINGAPORE (Reuters) - Many investors said good riddance on Wednesday to one of the worst years on record and prayed that government rescue plans will pull the global economy out of its fierce tailspin later in the new year.Source: Reuters: Business News | 31 Dec 2008 | 1:35 pm Dell president and marketing exec leave in revampNEW YORK (Reuters) - Dell Inc's president and chief marketing officer are leaving the company as part of a reorganization at the No. 2 PC maker, which is facing weak demand during the economic downturn.Source: Reuters: Business News | 31 Dec 2008 | 1:34 pm More economic pain seen in 2009 (Reuters)
Source: Yahoo! News: Business | 31 Dec 2008 | 1:34 pm Dell president and marketing exec leave in revamp (Reuters)
Source: Yahoo! News: Business | 31 Dec 2008 | 1:31 pm Madoff's alleged fraud claims some famous victims: reportsAmong those who have lost money in the alleged Ponzi scheme run by Bernard Madoff are some high-profile names, such as economist Henry Kaufman and actor Kevin Bacon, according to media reports. Key disclosures about investors losses are due later Wednesday.Source: MarketWatch.com - Top Stories | 31 Dec 2008 | 1:28 pm Sorry AIGWhen Martin Sullivan the former president and CEO of AIG appeared before Congress this year, he blamed a seemingly arcane accounting rule for contributing to his company's woes: The "mark-to-market" rule that require companies to value their assets at what they would sell for in the marketplace, even if they weren't planning to sell them for a while. Banks had also been complaining about mark-to-market, saying it made their balance sheets look worse than they were. But a new report by the Securities and Exchange Commission, now says the mark to market rules "did not appear to play a meaningful role in bank failures occurring during 2008." Congress ordered the Securities and Exchange Commission to review mark-to-market as part of the $700 billion bailout bill. The report recommends keeping the rule in place. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 31 Dec 2008 | 1:20 pm London Markets: U.K. shares close higher to end year as oil majors, Vodafone gainU.K. shares move higher to end a terrible year for the British market, with Aberdeen Asset Management surging after it agrees a deal to buy a fund management business from Credit Suisse.Source: MarketWatch.com - Top Stories | 31 Dec 2008 | 1:17 pm Dollar: First annual gain on euro in 3 years?Read full story for latest details.Source: Business and financial news - CNNMoney.com | 31 Dec 2008 | 1:12 pm GMAC Announces Consummation of Its Notes Exchange OffersNEW YORK, Dec. 31 /PRNewswire/ -- GMAC Financial Services today announced that it has consummated its separate private exchange offers and cash tender offers to purchase...Source: RSS feed - channel BNewsBusiness | 31 Dec 2008 | 1:11 pm Mortgages: What You Need to Know in 2009 (BusinessWeek Online)BusinessWeek Online - With all the doom and gloom over housing, you might be surprised to know that this is a fantastic time to get a mortgage. Not if you have poor credit, to be sure. But you can get a great deal on a 30-year, fixed-rate, conforming loan these days if you have a solid FICO score, a manageable debt burden, and proof positive of a reliable income.Source: Yahoo! News: Business | 31 Dec 2008 | 1:08 pm Index futures point to mixed open (Reuters)
Source: Yahoo! News: Stock Markets News | 31 Dec 2008 | 1:08 pm Index futures point to mixed openNEW YORK (Reuters) - Stock index futures pointed to a mixed open on Wednesday, which will bring to a close one of Wall Street's worst years, but not before what is expected to be more bleak data on the labor market.Source: Reuters: Business News | 31 Dec 2008 | 1:08 pm Index futures point to mixed open (Reuters)
Source: Yahoo! News: Business | 31 Dec 2008 | 1:08 pm FTSE 100 index has its worst yearThe financial brutality of 2008 is confirmed, as the FTSE 100 share index has its worst year since its inception in 1984.Source: BBC News | Business | World Edition | 31 Dec 2008 | 1:06 pm Online holiday sales fall 3 percentNEW YORK (Reuters) - Online sales for the holiday period up to December 23 fell 3 percent from the same period last year, marking the first decline in online spending since comScore Inc started tracking online sales in 2001.Source: Reuters: Business News | 31 Dec 2008 | 1:05 pm London's FTSE 100 up 30.66 at 4,423.34 (AP)AP - Share prices on the London Stock Exchange were higher Wednesday in a short session of pre-holiday trading.Source: Yahoo! News: Stock Markets News | 31 Dec 2008 | 1:02 pm BMO Capital Markets Chooses BancBridge for Automated Connectivity With Its Corporate Treasury Management ClientsTORONTO and CHICAGO, Dec. 31 /PRNewswire/ -- BancBridge today announced that BMO Capital Markets, the investment and corporate banking arm of BMO Financial Group, has implementedSource: RSS feed - channel BNewsBusiness | 31 Dec 2008 | 1:00 pm FTSE 100 closes down by 32% in worst yearThe FTSE 100 has closed the year down 32 per cent, its worst 12-month period since the index was created in 1984.Source: Latest Business News from Times Online | 31 Dec 2008 | 12:52 pm Record stock market falls in 2008Asian shares see record falls in 2008 as the financial turmoil and economic slowdown ends the stock market boom.Source: BBC News | Business | World Edition | 31 Dec 2008 | 12:51 pm Asset company in £40bn fund dealInvestment company Aberdeen Asset Management is to take on £40bn of Credit Suisse's fund management business.Source: BBC News | Business | World Edition | 31 Dec 2008 | 12:49 pm Mortgage applications unchanged at 5-year peakRead full story for latest details.Source: Business and financial news - CNNMoney.com | 31 Dec 2008 | 12:38 pm Commodity markets in worst annual fallOil and gold fell in the final trading hours of 2008 as investors reflected on the worst year for commodity markets since modern records beganSource: Financial Times - US homepage | 31 Dec 2008 | 12:33 pm Dell announces departure of two executivesNEW YORK (MarketWatch) -- Dell Inc. says two of its senior executives will be leaving the company.Source: MarketWatch.com - Top Stories | 31 Dec 2008 | 12:27 pm Indications: Futures edge broadly higher in final session of 2008Stock market futures edge higher ahead of the final trading session of 2008 as investors take stock of a terrible year for global markets.Source: MarketWatch.com - Top Stories | 31 Dec 2008 | 12:24 pm LyondellBasell mulls Chapter 11: reportNetherlands-based LyondellBasell Industries, the third-largest independent chemical company, may file for bankruptcy, the Wall Street Journal reported, citing people familiar with the matter.Source: MarketWatch.com - Top Stories | 31 Dec 2008 | 12:22 pm Ukraine 'threatens to seize gas'Russia's Gazprom claims Ukraine is threatening to seize Russian gas being transported to Europe in a row over gas supplies.Source: BBC News | Business | World Edition | 31 Dec 2008 | 12:18 pm Oil falls 60% in '08Read full story for latest details.Source: Business and financial news - CNNMoney.com | 31 Dec 2008 | 12:18 pm Oil falls to $37, down more than 60 percent in 2008LONDON (Reuters) - Oil slid below $37 a barrel on Wednesday, heading for a fall of more than 60 percent in 2008 as the global economic slowdown bit deep into energy demand.Source: Reuters: Business News | 31 Dec 2008 | 12:15 pm Blue Oar chairman to go as broker's takeover battle intensifiesThe chairman of Blue Oar resigned today in the latest twist to an increasingly fraught takeover battle for the embattled City brokerage.Source: Latest Business News from Times Online | 31 Dec 2008 | 12:13 pm Credit Suisse offloads asset management stake to British firmSwiss banking giant Credit Suisse said on Wednesday it had sold part of its Global Investors business to Aberdeen Asset Management in return for a 24.9 percent stake in the British fund...Source: RSS feed - channel BNewsBusiness | 31 Dec 2008 | 12:09 pm WRAPUP 2-Russia says Kiev blackmailing Europe over gasMOSCOW/KIEV, Dec 31 (Reuters) - Russia accused Ukraine of deliberately jeopardising gas supplies to Europe on Wednesday, in a sign prospects were receding of averting a threatened gas cut-off on Jan. 1...Source: RSS feed - channel BNewsBusiness | 31 Dec 2008 | 12:09 pm Shhh! Gadget racket threatens pulsar researchOf all the threats to scientific research Wesley Sizemore has stymied over the years, satellites and cell phone towers don't stick in his memory quite like the possessive old hound and its...Source: RSS feed - channel BNewsBusiness | 31 Dec 2008 | 12:05 pm Mortgage application volumes hold steady as rates drop: MBAThe volume of residential mortgage applications filed last week shows little change from the prior week, evan as the interest rates charged on mortgages fall further, data compiled by the Mortgage Bankers Association show.Source: MarketWatch.com - Top Stories | 31 Dec 2008 | 12:04 pm Stocks signal mixed open for year's final sessionWall Street prepared to end a dreadful year with moderate moves Wednesday. Stock futures signaled a mixed open as investors awaited a weekly government report on unemployment claims. ...Source: RSS feed - channel BNewsBusiness | 31 Dec 2008 | 11:58 am China to boost railway spending by 80 percentChina will raise its spending on railway construction by 80 percent in 2009 to $87.9 billion as part of a stimulus plan to boost domestic demand, state media said Wednesday. The officialSource: RSS feed - channel BNewsBusiness | 31 Dec 2008 | 11:56 am Dell says President Mike Cannon to retire(Reuters) - Dell Inc said on Wednesday that President Mike Cannon is retiring.Source: RSS feed - channel BNewsBusiness | 31 Dec 2008 | 11:55 am Fed aims to buy $500 billion in MBS by mid-yearWASHINGTON (Reuters) - The U.S. Federal Reserve on Tuesday moved forward aggressively with an effort to drive down mortgage costs, setting a goal of buying $500 billion in mortgage-backed securities by mid-2009.Source: Reuters: Business News | 31 Dec 2008 | 11:51 am Fed aims to buy $500 billion in MBS by mid-yearWASHINGTON (Reuters) - The U.S. Federal Reserve on Tuesday moved forward aggressively with an effort to drive down mortgage costs, setting a goal of buying $500 billion in mortgage-backed...Source: RSS feed - channel BNewsBusiness | 31 Dec 2008 | 11:51 am China's Canary In A Coal Mine: Shanghai Index Down 65%
One of the most popular adages on Wall St. is that stock markets trade based on what investors think will happen to the economy and corporate earnings looking out into the future by six months. If that is true, the movement in the Shanghai Composite is ominous. It has dropped 20% in the last 90 days. Over that period, the DJIA is down only 12%. There is still a significant debate about how bad the economy will get in China. Most of the signs are not encouraging. GDP, factory output, and exports are slowing. There is a school of thought that China is "too big to fail". It exports too many goods to nations around the world. Some of those countries will not do so badly in the downturn. China's middle class consumer a large portion of what the economy produces helping overall growth numbers. If GDP in the world's most populated country keeps moving up that middle class and its wages will keep rising. The other potential path for China's future is based on a simple premise which is that the global recession will become so deep that it will crush demand for almost all goods and services. China's exports will actually contract causing GDP to falter. Unemployment will move to levels which have not been seen in modern China. The middle class will begin to disappear. There are already anecdotes about workers getting on trains and bikes and moving back into rural areas where they can find work. If the Shanghai Composite is any indication, China is in for plague which the nation has never experienced. Douglas A. McIntyre Source: 24/7 Wall St. | 31 Dec 2008 | 11:50 am Oil falls below $38 in light New Year's Eve tradeResurgent economic jitters sent oil prices below $38 a barrel Wednesday, as investors focused on the global slowdown that has dragged crude markets down some 60 percent this year. ...Source: RSS feed - channel BNewsBusiness | 31 Dec 2008 | 11:43 am Oilexco subsidiary faces insolvencyShares in Oilexco fell by 62 per cent this morning after the troubled North Sea oil explorer said its subsidiary Oilexco North Sea intends to go into administration in the UK as early as next week.Source: Latest Business News from Times Online | 31 Dec 2008 | 11:21 am Madoff probe extends into offshore funds: report(Reuters) - Federal prosecutors investigating Bernard Madoff's $50 billion fraud are starting to look into the role played by offshore fund operations, the New York Times reported.Source: Reuters: Business News | 31 Dec 2008 | 11:21 am Who Will Lead The Charge When The Market Recovers
When a market recovers, there are always one or two sectors which are perceived as values. The buying begins with those and then spreads. According to The Wall Street Journal, "If the stock market makes a lasting recovery in 2009, the financial sector -- its worst performer in 2008 -- may lead the way." Probably not. Banks may have access to less expensive capital and they may have access to nearly unlimited borrowing from the Fed. But, they are also about to be hit by a number of new challenges that are likely to drive their earnings into a deepening hole. The first among these is the disaster with consumer credit. By some measures, default rates on credit cards and auto loans track unemployment. The jobless rate could easily move from 7% to 10% next year, driving billions of dollars in losses. The next pothole banks will hit is commercial real estate lending. The value of this kind of property is moving in the same direction homes have. As occupancy rates drop and rent income falls along with that, highly leveraged properties will move into the default column. Loans attached to leverage buyouts are also likely to encounter their worst year in decades. Some analysts expect 10% of corporations to default on loans. Many of the private equity deals done in 2006 and early 2007 will be up against large interest and principle payments just as the recession undermines their sales. The subprime mortgage mess is not the end of the home loan crisis. Hundreds of thousands of Americans took out pay-option adjustable-rate mortgages. These instruments allow homeowners to pay what they want to each with any "underpayment" going into the principal. Then the interest rates reset higher. The marriage of the two will destroy the ability of many people who took the loans to repay them Other than that, bank stocks should do well. Douglas A. McIntyre Source: 24/7 Wall St. | 31 Dec 2008 | 11:15 am 2009: Nowhere to go but upAs 2008 comes to a close and stocks mark their worst year ever, 2009 will be the start of a very slow and very painful recovery.Source: Business and financial news - CNNMoney.com | 31 Dec 2008 | 11:11 am Road to stimulus: Speed bumps aheadDemocratic lawmakers want to pass a far-reaching bill to save the economy by Inauguration Day on Jan. 20.Source: Business and financial news - CNNMoney.com | 31 Dec 2008 | 10:59 am AIG (AIG) Wants The 1,000th Change In Its Government Loan Rules
AIG has now come back to Fed saying that it cannot sell the assets it needs to dump to get cash to pay back its loans. Its proposed solution is to dispose of assets in exchange for stock and other non-cash assets. That might attract more buyers for the divisions it is hoping to sell. In a bad credit market, interested parties are having trouble coming up with cash. The idea may work, but it leaves the government, and by extension the taxpayer, with more paper which may have falling value as the financial crisis spreads. AIG can show that it is making progress by selling off operations, but in reality it is trading them for assets which have dubious futures. Better for AIG to hold those assets until it has cash buyers. The process may get spread out, but the Fed will not be stiffed. According to The Wall Street Journal, "Though AIG has several years to repay the loan, it is trying to complete the process to free itself from the interest payments associated with the credit and to avoid deterioration in the value of its assets." In other words, the firm wants to take junk in order to cut its financial obligations. Tough luck. Show us the money. Douglas A. McIntyre Source: 24/7 Wall St. | 31 Dec 2008 | 10:54 am Record numbers 'face insolvency'Accountants KPMG predict that the number of people facing insolvency in 2009 will reach record levels.Source: BBC News | Business | World Edition | 31 Dec 2008 | 10:53 am Pakistan shares fall another 2.9 pct (AFP)
Source: Yahoo! News: Stock Markets News | 31 Dec 2008 | 10:51 am World markets closing out 2008 with a whimper (AP)
Source: Yahoo! News: Stock Markets News | 31 Dec 2008 | 10:41 am The Nonsense Over "Fair Value" Accounting Goes On As Banks Beg For Forgiveness
The SEC weighed in against the banks. According to MarketWatch, In its 211-page report, the SEC shot down the claim that fair-value accounting was the driving force behind U.S. bank failures, arguing that the accounting rules "did not appear to play a meaningful role in the bank failures that occurred in 2008." The banks' argument is bogus. Analysts who follow the industry and recommend the purchase or sale of stocks in the sector understand the rules. If the losses of the financial firms were based on mistaken rules, the issue would have been a matter of raging debate a long time ago. Another factor in favor of the current accounting rules is that they apply equally to all banks. If a set of standards favored one company over another, there would be a reasonable case that relative values among banks were being distorted. The banking industry would like to change the way that its assets are valued so it can be forgiven by accountants and shareholders. It could claim that the losses and falling stock prices of the last year were all a bad dream, one created by bad people wearing green eye-shades. Douglas A. McIntyre Source: 24/7 Wall St. | 31 Dec 2008 | 10:39 am Outside the Box: Risk and the capitulation of capitalNEW YORK (MarketWatch) -- I was at yet another, sparser-than-usual reception of bankers in Manhattan the other day. Foregoing some sad looking canapés, I embarked on an informal survey. The mood? Decidedly resigned to the prospect of more failures to come.Source: MarketWatch.com - Top Stories | 31 Dec 2008 | 10:38 am China dairy boss tried over milk scandalThe chairwoman of the Chinese company at the heart of a tainted milk scandal that has killed at least six children and made thousands ill went on trial facing a maximum penalty of deathSource: Financial Times - US homepage | 31 Dec 2008 | 10:32 am The Fed Wises Up, Buys Mortgage-Backed Securities (BLK)(GS)
None of the Fed's plans have worked so far because the prices of houses are still falling rapidly. S&P Case-Shiller yesterday reported that home values dropped 18% in October. In other words, the government has done nothing to stop the destruction of the value of residences. According to Bloomberg, "The Fed’s program is intended to lower rates by reducing the supply of outstanding agency mortgage bonds, boosting their prices and thus lowering their yields." That should help drop mortgage rates, but it should also aid the balance sheets of banks which still hold tons of the bad mortgage-derivative paper. The agency plans to suck up $500 billion of MBS in the first half of 2009. A few lucky firms will manage the program and make obscene sums of money for their trouble. Those companies include BlackRock Inc (BLK)., Goldman Sachs Asset Management (GS), Pacific Investment Management Co. and Wellington Management Co. Douglas A. McIntyre Source: 24/7 Wall St. | 31 Dec 2008 | 10:22 am Retailer Morgan in administrationWomen's clothing store chain Morgan goes into administration, the latest retailer to be hit by the consumer slowdown.Source: BBC News | Business | World Edition | 31 Dec 2008 | 10:18 am Overseas markets higher in pre-holiday tradeMost Asian markets finished in positive territory Wednesday during limited trading in the final session of a dismal year.Source: Business and financial news - CNNMoney.com | 31 Dec 2008 | 10:09 am As Gas Prices Drop, Yankees Stay Home And Buy Fewer Cars (XOM)(F)(GM)
Intuition would say that people should drive more as the price at the pump plummets, but it is not working out that way. According to MarketWatch, "Even though prices at the pump are now about 45% lower than they were a year ago and significantly below $2 a gallon, 52% of Americans told Gallup that they have not gone back to their old gas-guzzling ways." Poor people are driving even less that rich ones. They are probably still concerned about their jobs and mortgage payments. The average citizen may realize that while gas is down now, it is going back up. Lower profits on cheap oil will keep companies such as Exxon Mobil (XOM) from spending more on exploration. That will keep the number of barrels of oil coming out of the ground relatively low. OPEC nations need higher crude prices to keep their economies running. Oil supply will almost certainly be cut again nearly next year. There is another reason, and perhaps a more important one, that drivers are sitting at home. The less mileage put on a car, the longer its lasts. That pushes the need to spend a lot of money on a new vehicle out several months. Good for the pocket book, but bad for car sales. Another reason Ford (F) and GM (GM) should be worried about 2009. Douglas A. McIntyre Source: 24/7 Wall St. | 31 Dec 2008 | 10:09 am John Paulson looking to buy distressed debt: report(Reuters) - John Paulson, who runs the $36 billion hedge fund firm Paulson & Co, is looking to buy distressed mortgages and distressed debt, despite being bearish on the overall economy, Bloomberg reported.Source: Reuters: Business News | 31 Dec 2008 | 10:03 am Barack Obama, car guyOne of the least explored personal sides to our new president is the amount of gasoline in his veins. We know all about his affection for the basketball court and his tendency every now and then to sneak out for a cigarette. But we've heard very little about what drove him to acquire one of the least politically-correct cars on the planet: a Chrysler 300C. With its high torque and horsepower, voracious appetite for fuel and gangsta car persona, it is hardly the kind of vehicle you'd expect a consensus-building politician to drive. But those are Obama's wheels.Source: Business and financial news - CNNMoney.com | 31 Dec 2008 | 10:00 am Milk scandal executives on trialFour milk firm executives go on trial in China over a contamination scandal that affected thousands of babies.Source: BBC News | Business | World Edition | 31 Dec 2008 | 9:58 am Dell's (DELL) Problems No Worse Than Apple's (AAPL)
The answer to most corporate strategy failures is to dump the people in charge. It gives the illusion that moving the chess pieces will make things better. According to The Wall Street Journal, "The moves are a sign that Mr. Dell -- who founded the company 24 years ago in his college dormitory -- is adjusting the strategy he implemented in 2007 to help restore growth at the company." The plan probably won't work, because nothing will. Dell is trapped by two forces and it has little control over either of them. It is not alone in facing a tough economy and the perception that a computer is no more than a tool which should be bought at the lowest reasonable price. Apple (AAPL) is up against similar issues. Mac sales fell in November. It is starting to dawn on consumers and businesses that letting the old PC sit on the desk another year is fine. If it has to be replaced, spend as little as possible. The share prices of Apple and Dell are both off about 60% over the last year. That might be a coincidence, but it probably is not. The two US companies face low-cost producers like Lenovo and Acer. These companies have large market shares in Asia and are moving aggressively into the US and Europe. Apple and Dell may also have made an error by selling so many of their machines at retail outlets. People assume that a computer for sale at Wal-Mart (WMT) is supposed to be a bargain. If it isn't, buyers may just walk. An expectation of low prices may drive away consumers who are disappointed when they don't get the deal they expected. The rate at which global PC sales are growing is slowing. It may actually drop next year. A few companies, especially HP (HPQ) have diversified into IT services and software. This gives the firm a few extra businesses to fall back on as computer sales falter. Apple and Dell are in the hardware business. It is a simple explanation about why they are troubled, but it is an accurate one. Douglas A. McIntyre Source: 24/7 Wall St. | 31 Dec 2008 | 9:56 am Paulson says US lacked tools to tackle crisisHenry Paulson, the outgoing US Treasury Secretary, said the US Government had to battle the financial crisis without the tools needed to do the job effectively.Source: Latest Business News from Times Online | 31 Dec 2008 | 9:19 am FTSE 100 gains on last day of 2008London's FTSE 100 extended its winning run to three-consecutive days as investors prepared to settle their books for 2008 and reflect on a year of pain when the benchmark index had its worst annual fall...Source: RSS feed - channel BNPaperBusiness | 31 Dec 2008 | 9:12 am Europe Markets: European shares gain in final session of dismal yearEuropean shares move higher at the end of a dismal year for global markets, led by heavyweight mining and oil stocks in a shortened trading session, while several continental markets remained closed.Source: MarketWatch.com - Top Stories | 31 Dec 2008 | 9:08 am Media Digest 12/31/2008 Reuters, WSJ, NYTimes, FT, Bloomberg (DELL)(CHTR)(F)(PEP)
Reuters reports that GMAC eased lending rules after the government provided it with $6 billion. Reuters reports that the Madoff probe now extends to offshore funds. Reuters writes that more economic pain is seen in 2009. Reuters reports that the SEC discovered a $29 million Ponzi scheme. Reuters reports that Paulson said the US lacks the necessary tools to cope with a financial crisis. Reuters reports that the Fed plans to buy $500 billion in mortgage-backed securities by the middle of next year. Reuters writes that Dell (DELL) will make a number of management changes. Reuters reports that chemical company LyondellBasell may filed for bankruptcy. Reuters writes that media analysts are focused on the next media companies that might fail, starting with Charter Communications (CHTR). The Wall Street Journal reports that real estate in New York and Boston has much further to fall. The Wall Street Journal writes that famous economist Henry Kaufman was hurt by Madoff investments. The Wall Street Journal reports that for REITs, 2009 will be a year of survival. The Wall Street Journal reports that discounts failed to save retailers. The Wall Street Journal reports that buyout firms are looked a firms distressed by the economy and debt. The Wall Street Journal reports that AIG (AIG) wants changes to the terms of its loans. The Wall Street Journal reports that Lehman is seeking more time to pay creditors. The Wall Street Journal writes that "Novartis is pulling out all the stops to avoid a potential nosedive in sales after the patent of its blood-pressure pill, Diovan, expires in four years." The Wall Street Journal reports that if markets recover next year, financial stocks may lead the way. The Wall Street Journal reports that the ability of judges to rewrite mortgages in increasing. The New York Times says that the 2009 economy will depend on unlocking credit. The New York Times reports that the new Ford (F) hybrid will focus on fuel economy. The FT reports that that S&P 500 had its worst run since The Great Depression. The FT reports that money is flowing out of hedge funds at a record rate. The FT reports that large marketers like Pepi (PEP) and Ford (F) are using Twitter to get out messages about products. Bloomberg reports that the dollar is headed toward the biggest drop against the yen since 1987. Douglas A. McIntyre Source: 24/7 Wall St. | 31 Dec 2008 | 8:59 am AIG seeks easing of rules on disposals: report(Reuters) - American International Group , is prepared to ask the U.S. Federal Reserve to relax rules on its $60 billion-plus disposals program to allow bidders to use a greater proportion of shares to pay for its assets, the Financial Times said.Source: Reuters: Business News | 31 Dec 2008 | 8:59 am Quiet end to dismal year for Asian marketsShanghai, which was the world's best performing stock market in 2007, dropped 0.7 per cent on Wednesday to end at 1,820.8 a loss of 65.4 per cent since last year in what has been an awful 12 months for...Source: RSS feed - channel BNPaperBusiness | 31 Dec 2008 | 8:30 am Asia Markets And Europe Open 12/31/2008
The Hang Seng rose 1.1% to 14,387. It was down 48% for the year. The Shanghai Composite was off .7% to 1,821 and was off 65% for the year. In Europe the FTSE was up .9% to 4,431. The CAC 40 moved higher by .7% to 3,241. Data from Reuters and MarketWatch. Douglas A. McIntyre Source: 24/7 Wall St. | 31 Dec 2008 | 8:19 am Viacom, Time Warner Cable face midnight deadlineA dispute over programming fees could leave millions of viewers with static where their favorite channels had been. ...Source: RSS feed - channel BNPaperBusiness | 31 Dec 2008 | 8:00 am Wall Street gains as GMAC gets financingThe automaker's financing unit says it will immediately begin making new loans and the Dow rises more than 184 points. ...Source: RSS feed - channel BNPaperBusiness | 31 Dec 2008 | 8:00 am Consumer confidence index drops to all-time low in DecemberThe Conference Board gauge falls to 38 from a revised 44.7 in November, another sign that consumer spending is unlikely to pull the U.S. out of recession any time soon. ...Source: RSS feed - channel BNPaperBusiness | 31 Dec 2008 | 8:00 am Dropping the (crystal) ball: This crisis duped executives and regulatorsStatements given as the financial meltdown unfolded indicate how much its severity was misread. "Nobody could...Source: RSS feed - channel BNPaperBusiness | 31 Dec 2008 | 8:00 am A Wii bright spot during slow sales seasonNintendo's game console, Amazon's electronic book reader Kindle and Ugg boots are the few hot sellers during the holidays. ...Source: RSS feed - channel BNPaperBusiness | 31 Dec 2008 | 8:00 am Appeals may delay payments in contaminated pet food caseFour people have filed objections to the settlement for owners of dogs and cats that were sickened or died after eating melamine-laced food. ...Source: RSS feed - channel BNPaperBusiness | 31 Dec 2008 | 8:00 am Bratz fans get a glimmer of hope in courtA federal judge says he's looking for a way to allow the copyright-infringing dolls to continue to be made and sold during the 2009 retail buying season. ...Source: RSS feed - channel BNPaperBusiness | 31 Dec 2008 | 8:00 am Crowd directs its attention to sign spinning contestAarrow Advertising says skillful twirlers can help it draw clients as marketing budgets shrink. Hollywood Boulevard...Source: RSS feed - channel BNPaperBusiness | 31 Dec 2008 | 8:00 am Madoff probe extends into offshore funds: report (Reuters)
Source: Yahoo! News: Business | 31 Dec 2008 | 7:54 am Eurozone virginSlovakia sees euro as a vital shield in times of turmoilSource: BBC News | Business | World Edition | 31 Dec 2008 | 5:39 am Genetically Tailored MedicineTwo roads diverged in a wood, and I, |
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