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Wall Street sees quiet start to 2009 (AP)
Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 2:59 pm Europe Markets: European shares move higher to start 2009European shares move higher Friday in the first trading session of 2009, helped by gains for the mining sector and a solid start to the year from most banking stocks.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 2:56 pm Markets start year on upbeat noteShares rise worldwide on the first day of trading in 2009 after record falls last year, amid warnings the gains won't last.Source: BBC News | Business | World Edition | 2 Jan 2009 | 2:55 pm Oil trims early loss on year's first trading dayLONDON (Reuters) - The oil market kicked off 2009 feebly on Friday, falling nearly 8 percent before trimming back losses to around 1 percent once the U.S. market opened.Source: Reuters: Business News | 2 Jan 2009 | 2:52 pm Market Snapshot: U.S. stocks start new year with a tepid riseU.S. stocks began 2009 mildly higher with investors attempting to toss aside one of the worst years on record while awaiting a reading on manufacturing activity and watching the price of crude fall.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 2:48 pm Stocks up modestly as investors look to Obama plan (Reuters)
Source: Yahoo! News: Business | 2 Jan 2009 | 2:42 pm Stocks up modestly as investors look to Obama planNEW YORK (Reuters) - Stocks opened modestly higher on their first trading day of the new year on Friday, as investors looked for more details about President-elect Barack Obama's infrastructure stimulus proposal and awaited new economic data.Source: Reuters: Business News | 2 Jan 2009 | 2:42 pm Stocks up modestly as investors look to Obama plan (Reuters)
Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 2:42 pm JJB Sports drafts in new top managersSir David Jones, the entrepreneur who rescued and rebuilt Next in the early 1990s, was appointed executive chairman of JJB Sports this afternoon in a dramatic reshuffle at the troubled sportswear retailer.Source: Latest Business News from Times Online | 2 Jan 2009 | 2:35 pm Wall St. to start mixed in 2009U.S. stocks were set to start 2009 mixed on Friday, with investors awaiting a key manufacturing report.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 2:35 pm Ukraine accused of stealing gasRussian gas giant Gazprom accuses Ukraine of "stealing" gas meant for other European countries, amid growing tensions.Source: BBC News | Business | World Edition | 2 Jan 2009 | 2:31 pm Calyon's Bennett Says ECB May Consider 0% Rates in 2009Source: Bloomberg - All Podcasts | 2 Jan 2009 | 2:30 pm Emerging Markets Report: IMF will lend $2.5 billion to Belarus to restore stabilityNEW YORK (MarketWatch) -- The International Monetary Fund plans to lend about $2.5 billion to Belarus to help it weather the global financial crisis, which has battered the Eastern European country and drained its international reserves.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 2:22 pm Metals Stocks: Gold falls on stronger dollar, weaker oil pricesGold futures fall pacing losses in crude oil and paring last year’s gains, as a stronger U.S. dollar reduced the metal’s appeal as an alternative investment.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 2:19 pm House prices 'fall to 2004 level'The average UK house price falls to August 2004 levels after slumping a record 16.2% in 2008, the Halifax says.Source: BBC News | Business | World Edition | 2 Jan 2009 | 2:15 pm Currencies: Dollar up on first trading day of 2009NEW YORK (MarketWatch) -- The U.S. dollar started 2009 a little higher, rising early Friday after a report showed manufacturing in Europe slowed.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 2:15 pm World markets ease into 2009 with solid gains (AP)
Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 2:14 pm World markets ease into 2009 with solid gainsWorld stock markets kicked off the new trading year on a fairly upbeat tone Friday as European and Asian indexes rose, though trading volumes remained light with many traders not back at...Source: RSS feed - channel BNewsBusiness | 2 Jan 2009 | 2:14 pm Indications: Stock futures turn down ahead of first trading session of 2009U.S. stock market futures move up ahead of the first trading session of 2009 as investors eye a sharp drop in crude-oil prices and look ahead to a reading on manufacturing activity.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 2:09 pm Warren Buffett's Berkshire Hathaway (BRK.A) Hits The $224 Million Florida JackpotWarren Buffett’s Berkshire Hathaway (NYSE: BRK.A) won a $224 million bet that Florida would escape major damage from hurricanes this season. A few years ago, when hurricanes did hit the gulf coast, Berkshire's bets were not profitable that year. BRK, BRK.A Source: 24/7 Wall St. | 2 Jan 2009 | 2:09 pm A New Steel CurtainNext in the line to seek government intervention: America's steel industry. The nation's steel mills stand to benefit from the incoming Obama administration's stimulus package, especially if that package includes the promised infrastructure upgrades. Industry leaders told the New York Times they want a "buy America" clause in "every provision." In the more locally minded Wheeling, W.V., Intelligencer, the industry's request sounds more starkly protectionist. What they want is "American-made only," one United Steelworkers union official said. John Saunders told the paper that the fate of Wheeling businesses is at stake. "We can't put a stimulus package in that will create opportunity for imports," he said. "If we could get this language, it could be the biggest shot in the arm we've had in years for Wheeling Nisshin and Wheeling Corrugating." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Jan 2009 | 2:06 pm Latest Retail Theory: Wal-Mart (WMT) Will Pound Target (TGT)Almost every bit of news about the retail industry has been bad since the third quarter of last year. Some analysts believe that 72,000 stores could close in the US during the first half of 2009 and that several retail firms could go bankrupt. Wal-Mart (WMT) has been the exception to that talk. It same-store sales have been up most of the last six months. The company's stock was only one of two components of the DJIA which moved higher in 2008. Now analysts are trying to figure out whether the world's largest retail can repeat its performance in 2009. Wall St. thinks that Wal-Mart may continue its march up with Target (TGT) being the target of its market share gains. According to Bloomberg, "Wal-Mart will report sales growth for the next three quarters, while Target’s revenue will decline or remain little changed, according to analysts’ estimates." While Wal-Mart has size, buying power, and marketing prowess on its side, it would be a mistake to think that Target and other competitors will simply roll over to be killed. Over the last year, Target's shares have been down about 35%, very close to the performance of the Dow. Wal-Mart's shares were up about 20%. But, over a five year period, only a few percentage points separate the performance of the stocks, which means that Target shares were running higher than Wal-Mart's for most of that period. Analyst may also see Target's shares as a bargain, especially if its business picks up. It has a P/E of less than 11 while Wal-Mart's is over 16. Don't count the chickens before they are hatched. Douglas A. McIntyre Source: 24/7 Wall St. | 2 Jan 2009 | 2:03 pm NewsWatch: Friday's biggest gaining and declining stocksAmong the companies whose shares are expected to see active trade in Friday's session are Citigroup, General Motors, Gazprom, Janus and Microsoft.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 2:00 pm First Sound Bank Files Complaint for Declaratory Judgment in King County Superior CourtSEATTLE, Jan. 2 /PRNewswire-FirstCall/ -- First Sound Bank (OTC Bulletin Board: FSWA) today announced that on December 23, 2008 it filed a complaint for declaratory...Source: RSS feed - channel BNewsBusiness | 2 Jan 2009 | 2:00 pm PlainsCapital Corporation and First Southwest Holdings Complete MergerTransaction expected to enhance equity, funding and profitability for both companies. DALLAS, Jan. 2 /PRNewswire/ -- PlainsCapital Corporation, holding company of...Source: RSS feed - channel BNewsBusiness | 2 Jan 2009 | 2:00 pm Fannie Mae RedemptionWASHINGTON, Jan. 2 /PRNewswire-FirstCall/ -- Fannie Mae (NYSE: FNM) will redeem the principal amounts indicated for the following securities issues on the redemption...Source: RSS feed - channel BNewsBusiness | 2 Jan 2009 | 2:00 pm Wall St cautious as 2009 trading beginsUS stocks could struggle for momentum in the first session of 2009 as pressure in commodities temper hopes the new year would bring buyers back to the market following the worst annual sell-off since the Great DepressionSource: Financial Times - US homepage | 2 Jan 2009 | 1:58 pm Austria appoints supervisor to MediciAustria has appointed a supervisor to the board of the Vienna-based bank after it became embroiled in the Bernard Madoff scandal, the Austrian financial regulator confirmedSource: Financial Times - US homepage | 2 Jan 2009 | 1:55 pm The Hanover Insurance Group Completes the Sale of Its Remaining Run-Off Life Insurance BusinessTransaction Provides Additional Financial Flexibility, Focuses Company Exclusively on Property and Casualty Business WORCESTER, Mass., Jan. 2 /PRNewswire-FirstCall/ --...Source: RSS feed - channel BNewsBusiness | 2 Jan 2009 | 1:55 pm Brazil stocks up earlyBrazil's stocks are up early in light trading on solid domestic economic data. Jumps in Asia and Europe helped, too. Brazil's Ibovespa stock index was up 1.3 percent at 38,051 an hour...Source: RSS feed - channel BNewsBusiness | 2 Jan 2009 | 1:53 pm India announces new stimulus plan to boost economyThe Indian government announced plans Friday to lower key interest rates by one percentage point and boost spending in an effort to stimulate the economy in the face of global economic...Source: RSS feed - channel BNewsBusiness | 2 Jan 2009 | 1:51 pm Madoff-exposed Medici under state supervisionVIENNA (Reuters) - Austrian private bank Bank Medici was placed under state supervision on Friday amid bigger exposure to the Bernard Madoff scandal than previously disclosed.Source: Reuters: Business News | 2 Jan 2009 | 1:50 pm Futures Movers: Oil futures fall sharply on demand concernsNEW YORK (MarketWatch) -- Crude-oil futures drop, paring their 14% gains in the previous session, as worries returned that a recessionary economy will cut into energy demand.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 1:50 pm Before the Bell: Time Warner Cable, crude-oil, Citigroup in focusU.S. stock market futures point slightly lower Friday ahead of the first trading session of 2009, with a sharp drop in oil prices in focus and data on manufacturing activity due after the market opens.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 1:43 pm Visteon cutting worker hours, pay in MichiganAutomotive supplier Visteon Corp. said Friday it will shift more than 2,000 workers to a four-day week and cut their pay by 20 percent as tight credit and collapsing sales cause huge...Source: RSS feed - channel BNewsBusiness | 2 Jan 2009 | 1:42 pm Treasury, foreign-currency ETFs provided shelter in brutal 2008Most exchange-traded funds track stock indexes, so investing in them last year was like jumping in a stormy ocean with a thousand-pound anchor chained around your waist.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 1:42 pm US dollar mostly higher in European tradingThe U.S. dollar was mostly higher against other major currencies in European trading Friday morning. Gold rose. The euro traded at $1.3876, down from $1.3954 late Wednesday in New York....Source: RSS feed - channel BNewsBusiness | 2 Jan 2009 | 1:33 pm QKL Stores Inc. Announces Two New Store OpeningsDA QING, China, Jan. 2 /PRNewswire-Asia/ -- QKL Stores Inc. (the "Company") (OTC Bulletin Board: QKLS), a leading regional supermarket chain in Northeast China,Source: RSS feed - channel BNewsBusiness | 2 Jan 2009 | 1:30 pm London's FTSE 100 up 57.65 at 4,491.44 (AP)AP - Share prices on the London Stock Exchange were higher Friday in early trading.Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 1:26 pm Austria to run Madoff-hit bankAustria takes control of Bank Medici after the private bank was hit by the Bernard Madoff investment scandal.Source: BBC News | Business | World Edition | 2 Jan 2009 | 1:16 pm U.S. steel industry urges "buy America" recovery planWASHINGTON (Reuters) - The ailing U.S. steel industry is pressing President-elect Barack Obama for a public works plan that could be worth $1 trillion over two years to boost flagging demand for U.S.-made steel, the New York Times reported in Friday's editions.Source: Reuters: Business News | 2 Jan 2009 | 1:14 pm Estate Planning in a Down Market (BusinessWeek Online)BusinessWeek Online - When times are tough, people tend to hold on to what they have that much more tightly. But for those who can get beyond that psychological response, there's a silver lining in today's combination of depressed asset values and low interest rates: Transferring assets to the next generation has rarely been less costly.Source: Yahoo! News: Business | 2 Jan 2009 | 1:08 pm Oil retreats to start the new yearRead full story for latest details.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 1:03 pm Gaza assault boosts BarakIsrael's attacks on the Gaza Strip are likely to play a key role in the outcome of February's Israeli general election, with polls indicating growing support for Ehud BarakSource: Financial Times - US homepage | 2 Jan 2009 | 12:46 pm Global stocks rise on first trading day of year (Reuters)
Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 12:42 pm Chinese manufacturing on brink of recessionChina’s vast manufacturing sector, the driving force behind the country’s celebrated economic growth, is on the brink of technical recession as order books run dry and once-humming factories fall silent.Source: Latest Business News from Times Online | 2 Jan 2009 | 12:37 pm New year: Nowhere to go but upAs stocks put their worst year ever behind them, 2009 will be the start of a very slow and very painful recovery.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 12:32 pm 21 Dumbest Moments in BusinessWe don't know whether to laugh or cry. Fortune's annual list of the year's most laughable moves proves that, even in moments of crisis, stupidity lives on.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 12:30 pm Bonds in 2009: Waiting by the exitsTreasurys are coming off their best year since 1995, returning more than 13.7% to investors in 2008, but analysts say support for bonds could come to a crashing end in 2009.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 12:30 pm Factories slash output and jobs around world (Reuters)
Source: Yahoo! News: Business | 2 Jan 2009 | 12:27 pm Factories slash output and jobs around worldBEIJING (Reuters) - Factories in China and India joined much of Europe in slashing output and jobs at a record pace in December, another sign the biggest emerging markets were wilting under the recession gripping industrialized nations.Source: Reuters: Business News | 2 Jan 2009 | 12:27 pm In picturesCelebrating ten years since the birth of the euroSource: BBC News | Business | World Edition | 2 Jan 2009 | 12:16 pm Gas dispute may cost UK consumersA gas supply dispute between Russian and the Ukraine raises fears that UK energy firms may delay price cuts.Source: BBC News | Business | World Edition | 2 Jan 2009 | 12:01 pm 2009 Dogs Of The Dow, Mostly Dogs In 2008 (AA, T, BAC, C, DD, GE, JPM, MRK, PFE, VZ)It looks like we have our most likely candidates for the "Dogs of the Dow" for 2009. This is often misunderstood as an investment vehicle. These are the 10 highest dividend-yielding stocks out of the 30 DJIA components rather than the worst 10 of 30 DJIA performers from the prior year. When you go back and look, there are many of these which actually were among the worst performers. As of yesterday morning we had not seen any formal announcements as to which DJIA components were on this list, so do not be shocked if there are some changes. Also, another thing to consider is that the dividend "actuality" may change in many of these financial stocks as some announcements have already been made. DJIA Component (Ticker) YIELD We would also advise you that the next round of DJIA changes could be coming now that so many changes are in the works inside most large companies today. 2008 was a year of being "A Dog for the Dogs of the Dow" with many of these stocks down more than 50% from January 1, 2008. Just a week ago, there was a 5.00% dividend yield hurdle which is now lower because of some year end rallies. Again, don't be shocked if the actual Dogs are slightly different than this list. Jon C. Ogg Source: 24/7 Wall St. | 2 Jan 2009 | 12:01 pm Semiconductor Sales Trend Down In November
Douglas A. McIntyre Source: 24/7 Wall St. | 2 Jan 2009 | 11:55 am British house prices fell at record rate in 2008 (AP)AP - House prices in Britain fell in 2008 at their fastest rate for at least 25 years, the country's biggest mortgage lender said Friday, stoking market expectations that the Bank of England will cut borrowing costs further next week.Source: Yahoo! News: Business | 2 Jan 2009 | 11:48 am World stocks kick-start 2009 with rally (AFP)
Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 11:34 am Believe It Or Not, China Is In RecessionChina can't go into a recession. Its GDP has grown at close to 10% for half a decade. It is the largest supplier to the world. Its new middle class consumes products and services so voraciously that much of China's manufacturing capacity is taken up by the needs of hundreds of millions of its own people. But, the pace at which economic change can happen now has increased exponentially. A bank can go form being OK to failing in a week. A major industry such as the auto sector can go from being financially secure to being at the brink of bankruptcy in a matter of months. A century-old business like newspapers can begin to disappear in less than two years. China's manufacturing index, the CLSA PMI, dropped for the fifth consecutive month. According to Reuters, manufacturing is 43% of the economy in the world's most populous country. Things are bad enough that the foreign press is starting to run photos and video of Chinese middle class workers heading back to the rural areas where they used to live. Reuters says that "For Chinese policymakers worried about social stability the most alarming news may have been the employment sub-index, which showed factories shedding jobs at the fastest pace on record." The Chinese government has put together its own economic stimulus package which totals more than $600 billion. Like the plans of the US government, there is absolutely no assurance that the plan will work to increase production or consumption. As a matter of fact, there is a strong case against it. The US is still the richest country in the world measured by consumer spending. If the administration and Congress can get the average citizen back into the habit of buying goods and services, the economy is likely to recover. China depends much more heavily on selling the fruits of it production abroad. A long and deep global recession puts it in a position of being an economic supplicant. China is in a recession already. It may have been going on for a quarter or more. The effects on the country are certain to be an unsteady social system which is likely to delay any recovery. And, the longer the global recession lasts, the less likely it is that the Chinese central government can spend its way out of the problem. Douglas A. McIntyre Source: 24/7 Wall St. | 2 Jan 2009 | 11:19 am One retail star: secondhand shopsOn a Wednesday afternoon in late December, the average wait to sell clothing at Buffalo Exchange, a Manhattan consignment shop, was about 25 minutes. Beyond the front counter, where the consignors sought pocket cash and tax deductions, nearly a dozen shoppers squeezed themselves between overstuffed racks in the 450-square-foot space, seeking bargains amid used designer jeans and last season's cashmere sweaters.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 11:15 am Getting Ready For Bailing Out The States And CitiesExperts keep saying that there is only so much bailout money to go around. That going around is getting bigger as states and municipalities try to figure out what to do as their tax revenues fall apart and the credit markets get so tight that they have to pay exorbitant interest rates for bond issues. Several states including California, Florida, and Michigan have already hit the tipping point. It is likely that they will begin to cut essential services if they cannot come up with more cash. According to Reuters, "U.S. states and local governments are heading into dangerous territory as a strained municipal market forces them to delay deals while fund managers worry that a lasting recession may lead to defaults." States can't print money for their obligations like the US government can. That gets to the heart of the matter. The federal system can either take on critical programs for schools, infrastructure, and social assistance or it can loan states and municipalities money which they are unlikely to be able to pay back for years. That is very different from banks or car companies. A state in receivership is a state which may be unable to educate its population or support the jobless and the homeless. The amount of money Congress will need to salvage the local government system is likely to be in the tens of billions of dollars. And, its money at real risk, which is why no one wants to buy municipal bonds. Douglas A. McIntyre Source: 24/7 Wall St. | 2 Jan 2009 | 10:56 am HK stock index up 4.6 pct in first session of 2009 (AP)AP - Hong Kong stocks jumped 4.6 percent in their first session of 2009, led by Chinese telecom companies after the central government approved licenses for next generation mobile phone services.Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 10:53 am China dairies offer text apologyChinese dairy firms involved in the tainted milk scandal beg for forgiveness in a New Year text message sent to millions.Source: BBC News | Business | World Edition | 2 Jan 2009 | 10:53 am December Car Sales: The Achilles Heel Of The Auto Bailout (GM)(F)The mathematics of the US car company bailout are simple. At least the car companies say that they are. Expenses get cut. Labor costs go down to what they are for Japanese auto firms operating in the US. Creditor costs get chopped as debt is traded for equity. The failure of the GMAC debt swap program shows that not everyone will go along with that. Suppliers take a haircut. On the revenue side, things are even less complex. The US car companies assume that they will keep their market shares in an industry that will produce at least 12.5 million domestic vehicles sales a year. December car sales numbers show how flawed that logic really is. According to Edmunds, vehicles sales will fall below 13 million for 2008. That is down 17% from 2007. The rate of the drop-off is expected to be closer to 38% in December, which means the fall-off is accelerating. If last month's numbers are the standard for next year, total vehicles sales could drop below 10 million. While no one wants to believe that is true, no one wanted to believe that the current recession is the worst since WWII. The American car industry may be reshaping itself for a world based on wild optimism. If so, the government will be back into the bailout business for much more than the $37 billion the industry is seeking. If two million vehicle sales disappear next year, $50 billion in revenue could go out of the domestic market. US companies have about half of that. Chrysler's sales are expected to drop 46% for December. If that holds true for the first quarter of next year, the company is dead. GM (GM) and Ford (F) sales are expected to be off by between 30% and 40%. The new administration needs to put another $25 million or more in its auto industry rainy day fund. That is what Detroit will need after its spends the $37 million it has already asked for. Douglas A. McIntyre Source: 24/7 Wall St. | 2 Jan 2009 | 10:41 am Bank of America, Wells close mergers as banking transformsNEW YORK (Reuters) - Bank of America Corp completed its purchase of Merrill Lynch & Co and Wells Fargo & Co finished buying Wachovia Corp, the latest sea changes in a transformed banking industry facing dire economic times ahead.Source: Reuters: Business News | 2 Jan 2009 | 10:38 am House prices fell 2.2% in DecemberMore than £100 a day was wiped off the value of a typical British home last year by the housing slump, with the average house price ending the year down by £37,178, or 18.9 per cent, the Halifax reported today.Source: Latest Business News from Times Online | 2 Jan 2009 | 10:34 am World stock markets open 2009 on high noteWorld stock markets opened 2009 on a high note, with Hong Kong's index up more than 4 percent, as investors shrugged off more dreary economic news to focus on government moves to ease the global slump...Source: RSS feed - channel BNPaperBusiness | 2 Jan 2009 | 10:18 am Mortgage lending falls to new record lowThe home loans drought has deepened with mortgage borrowing activity dropping to another record low in November and banks further restricting access to loans over the past three months.Source: Latest Business News from Times Online | 2 Jan 2009 | 10:05 am Hong Kong leads broad rally on marketsHong Kong shares started the new year with their best day in three weeks, gaining 4.6 per cent to lead a broad rally among those Asia Pacific markets open for trading. Telecommunications and commodity-related...Source: RSS feed - channel BNPaperBusiness | 2 Jan 2009 | 10:01 am Mother (and father), can you spare a dime?I could not have bought my first house long ago without borrowing the down payment from Mom and Dad. Their loan got me started down the home-equity path, and it's paid dividends ever since.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 9:53 am City National subject of bailout review: report(Reuters) - The Treasury Department's inspector general is examining the decision to award bailout funds to City National Corp's City National Bank, the Los Angeles Times reported.Source: Reuters: Business News | 2 Jan 2009 | 9:39 am FTSE starts 2009 with trepidationLondon equities opened for business in 2009 with small gains, but with many dealing rooms thinly populated after the New Year break, trading was expected to be thin and volatile. The FTSE 100 rose 29 points...Source: RSS feed - channel BNPaperBusiness | 2 Jan 2009 | 9:38 am City National subject of bailout review: report (Reuters)
Source: Yahoo! News: Business | 2 Jan 2009 | 9:26 am Media Digest 1/2/2008 Reuters, WSJ, NYTimes, FT, BloombergAccording to Reuters, cities and states are facing shortfalls and potential defaults. Reuters reports that the US steel industry is starting a "buy America" campaign. Reuters reports that Fannie Mae (FNM) believes that IndyMac may owe it $1 billion. Reuters reports that China's factory output fell sharply in December The Wall Street Journal reports that Russia's Gazprom has cut supplies to the Ukraine. The Wall Street Journal reports that the FDIC may use some of the same tools that it did in the S&L crisis. The Wall Street Journal reports that drug approvals at the FDA increased last year. The Wall Street Journal reports that "Eli Lilly may soon receive a decision from regulators on blood-thinning drug prasugrel after heart doctors were asked to help review it." The Wall Street Journal reports that Microsoft (MSFT) applauded an anti-piracy ruling in China which involved its software. The Wall Street Journal writes that a clock problem caused the shutdown of Microsoft Zunes. The Wall Street Journal reports that "Alt-A" loans may still hurt credit markets this year. The Wall Street Journal reports that a Saudi investor cut his investment in HSBS (HBC). The Wall Street Journal reports that Washington will be the key to the stock market this year. The Wall Street Journal reports that McDonald's (MCD) and Wal-Mart (WMT) were the only gainers in the Dow last year. The New York Times reports that the steel industry will seek a stimulus package of nearly $1 trillion over the next two years. The New York Times reports that the downturn is causing a milk surplus. The FT writes that Paulson claims that a drop in yields on safe investments pushed investors into risky ones helping to cause the credit crisis. The FT reports that hybrid car sales are being hurt by high prices and the recession. The FT reports that mutual funds had $320 billion in outflows last year. The FT reports that Nokia (NOK) vowed that is would become the largest manufacturer of touchscreen phones. The FT reports that Republicans may try to hold up the stimulus package. Bloomberg reports that GM (GM) and Chrysler may lead the December drop in US car sales. Bloomberg reports that Berkshire Hathaway's (BRK) Buffett had nowhere to hide as his stock dropped the most in three decades. Douglas A. McIntyre Source: 24/7 Wall St. | 2 Jan 2009 | 9:22 am Waitrose sees festive sales soarSupermarket chain Waitrose reports a 41% surge in sales for Christmas week, despite the economic slowdown.Source: BBC News | Business | World Edition | 2 Jan 2009 | 8:44 am Oil falls by $3 after late surge on December 31$Crude oil prices fell more than $3 to below $42 today as traders bet a late-day rally that drove up prices by about 14 per cent on Wednesday was overdone.$Source: Latest Business News from Times Online | 2 Jan 2009 | 8:42 am Christmas rush boosts Waitrose takings by 41%A pre-Christmas rush sent takings at Waitrose soaring 41 per cent to £112 million in the week to December 27 but group sales at the John Lewis Partnership, its parent, were down 1.6 per cent over the past 22 weeks.Source: Latest Business News from Times Online | 2 Jan 2009 | 8:33 am Asia Markets And Europe Open 1/2/2009 (CHL)
The Hang Seng rose 4.1% to 14,977. China Mobile (CHL) rose sharply on news of a 3G build out in the nation. In Europe, the FTSE opened up .4% to 4,451. The Dax was up .7% to 4,844. The CAC 40 was up .8% to 3,243. Data from Reuters and MarketWatch. Douglas A. McIntyre Source: 24/7 Wall St. | 2 Jan 2009 | 8:19 am New safety rules for children's clothes have stores in a fitSome owners say the cost of testing for toxic lead and phthalates will shut their businesses. The law goes into effect Feb. 10. ...Source: RSS feed - channel BNPaperBusiness | 2 Jan 2009 | 8:00 am Passat CC easier on the eyes but too expensive for a VWVolkswagen blurs the semantic distinction between coupe and sedan, but at $42,650 (almost) fully equipped, we call it overpriced. ...Source: RSS feed - channel BNPaperBusiness | 2 Jan 2009 | 8:00 am 2008 was last year for many brandsBear Stearns, Mervyns were among the corporate casualties of the financial meltdown and dismal economy. This year also may be fatal to many. ...Source: RSS feed - channel BNPaperBusiness | 2 Jan 2009 | 8:00 am Recession is squeezing the life out of money-strapped hospitalsFacilities across the nation are closing or eliminating services as patient visits drop, insurers and patients pay slowly and credit remains tight. ...Source: RSS feed - channel BNPaperBusiness | 2 Jan 2009 | 8:00 am Hollywood starts '09 with little to celebrateThe economic downturn hit while audiences were already turning to the Web. Experts expect more layoffs for the local industry. ...Source: RSS feed - channel BNPaperBusiness | 2 Jan 2009 | 8:00 am Credit rating downgrade, real estate collapse crippled AIGAIG's Financial Products unit fell into a spiral it didn't foresee and couldn't escape. Third of three partsSource: RSS feed - channel BNPaperBusiness | 2 Jan 2009 | 8:00 am Foreclosures may hurt Wells Fargo after Wachovia mergerWells Fargo & Co.'s $12.7-billion acquisition of Wachovia Corp. faces immediate stress as economists predict home foreclosures will keep rising and some forecast unemployment this year to reach a 26-year...Source: RSS feed - channel BNPaperBusiness | 2 Jan 2009 | 8:00 am Nokia CEO to favor profit over sales targets: reportHELSINKI (Reuters) - Nokia will focus on profit development amid a falling cell phone market in which many competitors are cutting prices, Chief Executive Olli-Pekka Kallasvuo told the Financial Times.Source: Reuters: Business News | 2 Jan 2009 | 7:46 am Viacom and Time Warner reach deal to avoid blackoutNEW YORK (Reuters) - Viacom and Time Warner Cable reached an agreement in principle on Thursday that avoided a blackout that would have prevented more than 13 million U.S. subscribers from seeing popular TV shows like "Dora the Explorer" and "The Daily Show with Jon Stewart."Source: Reuters: Business News | 2 Jan 2009 | 7:38 am Woolworths closure delayed by dayThe final closure of the remaining Woolworths stores is to be delayed by one day, as some stock remains to be sold.Source: BBC News | Business | World Edition | 2 Jan 2009 | 6:45 am Fannie says IndyMac has $1 bln in mortgage obligations: report(Reuters) - Fannie Mae, the largest U.S. home funding company, believes that failed mortgage lender IndyMac has obligations to repurchase around $1 billion of home mortgages that failed to meet Fannie's standards, the Wall Street Journal said, citing people familiar with the situation.Source: Reuters: Business News | 2 Jan 2009 | 6:20 am Fannie says IndyMac has $1 bln in mortgage obligations: report (Reuters)
Source: Yahoo! News: Business | 2 Jan 2009 | 6:20 am U.S. steel industry urges "buy America" recovery plan (Reuters)
Source: Yahoo! News: Business | 2 Jan 2009 | 4:16 am Dollar starts 2009 slowlyRead full story for latest details.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 1:49 am Thousands of stores to disappear in '09The ugly sales year that was 2008 will haunt U.S. retailers in 2009, with industry experts warning that disastrous holiday sales will spark a domino effect of store closures and bankruptcy filings.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 1:34 am Life after a six-figure salaryHappy New Year and welcome to your new job. One that pays 30%, 50%, 70% less than your old one.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 1:09 am The Gasoline Tax And The Renaissance Of The Bicycle
Emerging nations are also pushing aside the bicycle in favor of the car. In late 2003, the communist government banned the use of bikes on major roads in Shanghai, although satellite spy photos of the city show that this regulation is routinely ignored. Bicycles were doomed by access to cheap fossil fuels. Gas is cheap again now after topping $4 this summer, but Americans think it is a sucker's bet to start driving again. 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." It's better to use the money for mortgage payments, credit card debt, or a rainy day fund in case the head of the family gets fired. For the time being OPEC has been castrated, and has lost its power to increase oil and gas prices in the face of a recession which is causing rapidly dropping global demand for crude. But, what the cartel cannot do, bureaucrats can. Congress put together an advisory group called The National Commission on Surface Transportation Infrastructure Financing. The purpose of this Commission is to determine if there will be enough tax money to keep American public roads in good condition. It determined that the deficit between revenue and expense was about $107 billion last year. All government panels say that the numbers they are analyzing will go up in the future. It makes their jobs seem more important. But, it is not hard to imagine that the number of potholes in American roads will increase as the recession worsens and tax income drops at all levels of government. The commission is going to recommend a gasoline tax increase to solve the problem. According to the AP, "In a report expected in late January, members of the infrastructure financing commission say they will urge Congress to raise the gas tax by 10 cents a gallon and the diesel fuel tax by 12 to 15 cents a gallon." A family with two working parents uses about twenty-five gallons of gas a week. That household would pay $130 a year to help repair roads. If OPEC can ever cut supply enough to help offset budget deficits among its member nations and Russia, the gas tax could be compounded as crude prices jump again. The most important question on the minds of analysts of the federal budget is where does the money for the $700 billion TARP, and the Obama $700 billion bailout, and the Federal Reserve mortgage-backed securities purchase programs come from? Why ask when everyone knows the answer? As long as the Chinese government keeps buying American debt, the financing of the US deficit will be fine. If American sovereign debt loses its appeal and the demand for Treasuries dries up, one day the financial world could witness the unimaginable. The US could default on a part of its debt obligation. Many economists assume that the deficit run up in 2008 and 2009 will be paid off during a new period of prosperity and rising tax income in the future. It is nifty logic but a fool's justification for spending money the government does not have. The National Commission on Surface Transportation Infrastructure Financing may be a grim crowd, but at least it would like to set up a system to pay for improvements in the transportation infrastructure today by raising the tax today. Whether Americans can afford it is another matter. People don't have to drive cars. Gallop says they are abandoning the practice. The bicycle is making a comeback. Douglas A. McIntyre Source: 24/7 Wall St. | 2 Jan 2009 | 12:31 am Need to know: Royal Mail... Shard of Glass... OpecView video and Need to Know interactive heatmapSource: Latest Business News from Times Online | 2 Jan 2009 | 12:27 am How to give a great presentationBe clear on the messageSource: Latest Business News from Times Online | 2 Jan 2009 | 12:00 am Channel 4 on knife-edge as Culture Secretary Andy Burnham ponders fundingThe schedulers could not have arranged it better. Andy Burnham, the Culture Secretary, will stand up in Oxford in three weeks' time to make a crucial speech on the future of broadcasting, weighing up, perhaps, whether to give Channel 4 money by raiding the BBC coffers.Source: Latest Business News from Times Online | 2 Jan 2009 | 12:00 am Investors bet on rally in Western share marketsStock markets are poised for a resurgence in 2009 after what is likely to be a shaky start to the new year following brutal losses in the past 12 months, leading institutions predict.Source: Latest Business News from Times Online | 2 Jan 2009 | 12:00 am Sharp fall in hybrid vehicles sales as US tightens beltAmericans' appetite for hybrid cars is evaporating as tumbling fuel prices and tighter household budgets trump environmental concernsSource: Financial Times - US homepage | 1 Jan 2009 | 11:31 pm Paulson says crisis sown by imbalanceGlobal economic imbalances helped to foster the credit crisis by pushing down global interest rates and driving investors towards riskier assets, outgoing US Treasury Secretary Hank Paulson told the Financial TimesSource: Financial Times - US homepage | 1 Jan 2009 | 11:31 pm Mutual funds suffer $320bn outflowInvestors pulled a net $320bn from mutual funds in 2008, a record in both dollar terms and as a percentage of assetsSource: Financial Times - US homepage | 1 Jan 2009 | 11:28 pm Nokia vows to exact revenge on rivalsFinnish group insists its belated roll-out of mobile phones using touchscreen technology will enable it to wreak "vengeance" on competitorsSource: Financial Times - US homepage | 1 Jan 2009 | 10:33 pm 2 big banking sector acquisitions completed (AP)AP - Two mega acquisitions in the banking sector have been completed following the biggest financial crisis to hit the United States since the 1930s, capping a year in which Wall Street stocks were hammered, home foreclosure rates soared and job losses mounted.Source: Yahoo! News: Business | 1 Jan 2009 | 8:21 pm 2 big banking sector acquisitions completed (AP)AP - Two mega acquisitions in the banking sector have been completed following the biggest financial crisis to hit the United States since the 1930s, capping a year in which Wall Street stocks were hammered, home foreclosure rates soared and job losses mounted.Source: Yahoo! News: Stock Markets News | 1 Jan 2009 | 8:21 pm FDA Approves the Latest Must Have Product
Not one, not two, but THREE press releases for this miracle of modern medicine. It must be very important. And it is. Especially for those of you with puny little eyelashes. (I myself am blessed with an abundance of long, leafy lashes. So there.) Isn’t It Called Mascara?
I didn’t know limpy lashes were such an issue. We’ve had another miracle product at our ready disposal for some time now. Mascara does wonders for even the lucky lashed likes of me! And, gosh, if you’re THAT bad off, there are always false eyelashes. They’re not that difficult to apply. However, just after Christmas The U.S. Food and Drug Administration (FDA) approved Allergan’s LATISSE™ as a treatment for hypotrichosis of the eyelashes. In English - that means having “inadequate” eyelashes, as measured by length, thickness and darkness. (Anything less than Zsa Zsa-esque is “inadequate” dahling!) LATISSE™ is applied directly to lashes and will be available in the United States by prescription only. It is subject to all U.S. guidelines applicable to dispensing a prescription medical product. Thank God!
The Plot Thickens Along With Your Lashes According to this news clip, the drug used to grow new and improved lashes was originally formulated to treat glaucoma, but when maker Allergen found out doctors were handing it out to lengthen lashes, and over the counter formulations were nearly chemically identical, they printed up new labels and sought the FDA’s blessing. And they got it. Your tax dollars at work! Image Credit: Roomic Cube, Flickr Source: Business Pundit | 1 Jan 2009 | 7:58 pm EU fears for supply as Russia halts gas to UkraineRussia cut off gas supplies to Ukraine after last-minute talks about a deal for this year broke down in MoscowSource: Financial Times - US homepage | 1 Jan 2009 | 7:15 pm Republicans threaten to delay stimulusMembers of Congress are poised to resume negotiations over Barack Obama's proposed fiscal stimulus, amid Republican warnings against hasty legislation laden with wasteful spendingSource: Financial Times - US homepage | 1 Jan 2009 | 7:00 pm A look at 2 standout mutual funds for 2008 (AP)AP - A look at two standout mutual funds from 2008:Source: Yahoo! News: Stock Markets News | 1 Jan 2009 | 6:42 pm US hands over control of Green ZoneThe United States handed the Iraqi government formal control of the Green Zone, the locus of power in the country and symbol of American influence for the past five yearsSource: Financial Times - US homepage | 1 Jan 2009 | 6:28 pm Sharing tales of money woes and winsHow much did you pay for that set of golf clubs you never used? Don't be ashamed, you're not alone. Eve Troeh reports that folks are coming out of the closet to tell tales of money wasted -- and to find help.Source: Marketplace | 1 Jan 2009 | 5:41 pm Downturn could lead to baby bustDemographers are watching to see if there will be decline in the U.S. birth rate in 2009, what with the recession and all. Rico Gagliano looked into it.Source: Marketplace | 1 Jan 2009 | 5:41 pm Update: Recovering from foreclosureTess Vigeland checks in with John and Vicki Glicken of Ohio, who talked with Marketplace in 2008 as they were struggling with an adjustable-rate mortgage that had led them into bankruptcy.Source: Marketplace | 1 Jan 2009 | 5:40 pm Looking back at 2008's housing crisisThe financial collapse in the past year began with the mortgage meltdown. Tess Vigeland talks with Nic Retsinas of Harvard's Joint Center for Housing Studies about the mess we've been through and where we go from here.Source: Marketplace | 1 Jan 2009 | 5:40 pm What's deflation all about?In this economy, it seems like everything is on sale -- homes, clothes, stocks, cars. What could be wrong with that, right? Lots of things. In this installment of the Marketplace Decoder, Stacey Vanek-Smith explains deflation.Source: Marketplace | 1 Jan 2009 | 5:40 pm Many workers see minimum-wage hikeMany of America's least-paid workers got a raise today as the minimum wage went up in about a dozen states. But some observers say the changes will hurt more than they will help. Jeff Tyler reports.Source: Marketplace | 1 Jan 2009 | 5:40 pm Euro's looking good on its 10th birthdayThe European single currency is 10 years old today. It's in pretty good shape, in spite of the global financial crisis. There are now more euros in circulation than U.S. dollars. But its beginnings were far from auspicious. Stephen Beard reports.Source: Marketplace | 1 Jan 2009 | 5:40 pm Rich pickings from your own cupboardBeing able to enjoy the finer things in life is what many people strive towards, but what about making money from them? Could that dusty bottle of Bordeaux stashed under the stairs or the original artwork bequeathed to you by a...Source: New Zealand Herald - Business | 1 Jan 2009 | 4:00 pm High-flyers turn to Kiwis for luxury lookFrom Texan firepits to chandeliers, the wish-list from clients wanting the outlandish on their private planes hasn't stopped growing in the face of the global economic slump. The big private jet makers may have experienced some...Source: New Zealand Herald - Business | 1 Jan 2009 | 4:00 pm Fonterra rejects confession reportsDairy giant Fonterra is rejecting reports that the former head of its Chinese partner company embroiled in the contaminated milk scandal has admitted charges punishable by death. China's state news agency Xinhua reported yesterday...Source: New Zealand Herald - Business | 1 Jan 2009 | 4:00 pm Euros ring in 2009To the sound of midnight fireworks and pealing church bells, Slovakia joined the eurozone, putting it under the shared currency's protective umbrella amid a world financial downpour - and underscoring the former Soviet bloc nation's...Source: New Zealand Herald - Business | 1 Jan 2009 | 4:00 pm US jobless total soars to 4.5mThe number of laid-off United States workers continuing to draw unemployment benefits bolted to 4.5 million late last month, and even more Americans are expected to join the ranks of the jobless this year. While first-time applications...Source: New Zealand Herald - Business | 1 Jan 2009 | 4:00 pm Harnessing mind power to create successThis is the third part of our series on how firms can improve their performance. It is common practice for top sports people to use performance psychology to enhance achievement and success. In New Zealand we have a strong sports...Source: New Zealand Herald - Business | 1 Jan 2009 | 4:00 pm Class action targets ANZ headsANZ Banking Group chairman Charles Goode and chief executive Mike Smith have been accused in court papers of making false statements about the Opes Prime saga to inflate the bank's share price. Florida-based securities litigation...Source: New Zealand Herald - Business | 1 Jan 2009 | 4:00 pm Bonus pool evaporates for Citigroup senior executivesCitigroup chief executive Vikram Pandit and chairman Win Bischoff will forgo 2008 bonuses after the bank lost three-quarters of its market value and got a US$45 billion ($78 billion) bailout, Pandit has said in a memo to employees. Robert...Source: New Zealand Herald - Business | 1 Jan 2009 | 4:00 pm
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