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Unlocking The Apple (AAPL) iPhone
In theory, Apple should be fine no matter how many of its new 3G handsets are unlocked. It should be paid for each one of them. It may lose some money from AT&T, which pays it part of the subscriber revenue it brings in from the calling plans linked to iPhone sales. It probably makes up for that by all the additional sales it makes to people who want to unlock their handsets for less restricted use. According to The Wall Street Journal, "a group called the iPhone Dev Team released a free piece of software called "yellowsn0w" that unlocks the iPhone 3G. The software lets users reprogram the phones so they can work on any wireless network based on the same technical standard." Even with the unlocking software it won't work on a system like Sprint's (S) "direct connect" service, a network it got from buying NexTel. The unauthorized use of the iPhone based on the ability to unlock its new 3G handset is actually a good way for Apple to get money from consumers and cast the needs of its carrier partners aside. Apple can always claim that it is not responsible for the problem. It would be expensive to keep introducing new versions of the phone which cannot be unlocked, at least until the next group of geeks comes along. But, Apple won't make the investment to protect the integrity of its exclusive partnerships. One of the reasons investors like the company is that it is in business for the money and just the money. Taking care of partners is not in its DNA. Douglas A. McIntyre Source: 24/7 Wall St. | 3 Jan 2009 | 2:07 pm Polish gas supply via Ukraine falls 11 percentWARSAW, Jan 3 (Reuters) - Russian gas deliveries to Poland through Ukraine fell further on Saturday, dropping by 5 million cubic metres a day, but deliveries through Belarus made up for the shortfall,...Source: RSS feed - channel BNewsBusiness | 3 Jan 2009 | 1:23 pm Personal Finance Daily: The week's 10 best Personal Finance stories: Dec. 29-Jan. 2In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Dec. 29-Jan. 2:Source: MarketWatch.com - Top Stories | 3 Jan 2009 | 1:01 pm UPDATE 1-Russia awaits Ukraine response to talks offer-GazpromPRAGUE, Jan 3 (Reuters) - Negotiations over disputed gas contracts cannot resume because there has been no relevant response from the Ukrainian side, Gazprom's export head Alexander Medvedev said in Prague...Source: RSS feed - channel BNewsBusiness | 3 Jan 2009 | 11:59 am Gazprom says Ukraine won't negotiate gas dealThe Russian gas monopoly Gazprom says Ukraine has been boycotting negotiations on a contract dispute that has led to supply reductions in several European countries. Gazprom Deputy...Source: RSS feed - channel BNewsBusiness | 3 Jan 2009 | 11:40 am Kenyan president signs controversial media billKenya's president has signed into law a media bill that opponents say threatens the country's hard-fought reputation for having one of Africa's most vigorous press. Media watchdogs had...Source: RSS feed - channel BNewsBusiness | 3 Jan 2009 | 11:33 am Obama sketches out recovery planPresident-elect Barack Obama on Saturday offered the most detailed statement yet of his economic recovery plan, sketching out broad-based spending proposals and tax incentives aimed at reviving an economy mired in recession.Source: Business and financial news - CNNMoney.com | 3 Jan 2009 | 11:10 am Italy watchdog fines 9 power firms 1.275 mln eurosROME, Jan 3 (Reuters) - Italy's antitrust authority said on Saturday it had imposed fines totalling 1.275 million euros ($1.77 million) on nine gas and electricity companies for misleading consumers about...Source: RSS feed - channel BNewsBusiness | 3 Jan 2009 | 11:06 am Investors to buy IndyMac - $13.9BThe Federal Deposit Insurance Corp. announced Friday that it had struck a deal to sell failed mortgage lender IndyMac to a group of private investment firms for $13.9 billion.Source: Business and financial news - CNNMoney.com | 3 Jan 2009 | 10:59 am Russia-Ukraine talks unable to resume for now - GazpromPRAGUE, Jan 3 (Reuters) - Negotiations over disputed gas contracts are unable to resume because there has been no relevant response from the Ukraine side, Russian group Gazprom's export head Alexander...Source: RSS feed - channel BNewsBusiness | 3 Jan 2009 | 10:58 am Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trade in Monday's session are Mosaic, Apple, General Motors and Ford.Source: MarketWatch.com - Top Stories | 3 Jan 2009 | 10:45 am Market Snapshot: Stock rally to test its sticking power as traders return to workLike so many New Year’s revelers, the U.S. stock market may try to stick to its resolutions -- and fail miserably.Source: MarketWatch.com - Top Stories | 3 Jan 2009 | 10:41 am Government sends Chrysler $4 billion bridge loanChrysler LLC and the U.S. Treasury Department said Friday that the government had supplied the automaker with a $4 billion loan that was necessary to keep it operating. Chrysler Chief...Source: RSS feed - channel BNewsBusiness | 3 Jan 2009 | 10:37 am Romanian minister discussed drop in Russian gasRomania's economy minister has called a meeting with gas officials after supplies from Russia through a pipeline traversing Ukraine dropped by around a third. National news agency...Source: RSS feed - channel BNewsBusiness | 3 Jan 2009 | 9:57 am Foreign professionals in U.S. fret as layoffs mountThe loss of a job could mean an unscheduled trip home for those in the country on work visas or seeking green cards. ...Source: RSS feed - channel BNPaperBusiness | 3 Jan 2009 | 8:00 am Economic downturn could change tastes in housingOne expert foresees smaller homes built closer together. Trends point toward higher-quality materials and energy efficiency. ...Source: RSS feed - channel BNPaperBusiness | 3 Jan 2009 | 8:00 am Manufacturing index drops to 28-year lowThe Institute for Supply Management's gauge of activity falls more than expected in December, with indicators of new orders and price increases at the lowest levels since the 1940s. ...Source: RSS feed - channel BNPaperBusiness | 3 Jan 2009 | 8:00 am Can lasers help California farmers conserve water?Students are experimenting with laser devices to help in times of drought. Seventy-six years after the invention...Source: RSS feed - channel BNPaperBusiness | 3 Jan 2009 | 8:00 am New year cheer on Wall St.The Dow zooms 258 points to close above 9,000 amid a 'lot of cautious optimism.' Stocks rang in 2009 with gusto...Source: RSS feed - channel BNPaperBusiness | 3 Jan 2009 | 8:00 am Amid financial crunch, health clubs get in shape to keep membersDiscounts and increased marketing budgets are among the strategies to attract and retain customers beyond the new year's surge. ...Source: RSS feed - channel BNPaperBusiness | 3 Jan 2009 | 8:00 am L.A. County judges may face a steep cut in payA legal battle looms after a program hiking jurists' compensation in L.A. County is ruled unconstitutional. A...Source: RSS feed - channel BNPaperBusiness | 3 Jan 2009 | 8:00 am IndyMac Bank buyers keep tight-lipped on plan for reviving failed thriftPrivate investors agree to purchase the bank for $13.9 billion and promise to make the 33-branch thrift a 'healthy banking institution' again. How they'll do so remains unclear. ...Source: RSS feed - channel BNPaperBusiness | 3 Jan 2009 | 8:00 am Investing for hard times, not End TimesThis is not the way the financial Armageddonites wanted to start the year.Source: RSS feed - channel BNPaperBusiness | 3 Jan 2009 | 8:00 am Flat-screen TVs to face energy-efficiency rules in CaliforniaStarting in 2011, state regulators want retailers to sell only the most energy-efficient models of power hungry LCD and plasma sets. The industry opposes the new rules and warns of higher prices. ...Source: RSS feed - channel BNPaperBusiness | 3 Jan 2009 | 8:00 am Japan's jobless fill tent village in Tokyo parkA tent village set up in a Tokyo park for the country's growing number of jobless filled up so fast that it was moved Saturday to a government building to accommodate the overflow. The...Source: RSS feed - channel BNewsBusiness | 3 Jan 2009 | 6:21 am Chrysler gets $4 billion U.S. government loanNEW YORK (Reuters) - Chrysler LLC on Friday received an initial $4 billion emergency loan from the U.S. government, two days after the government completed a parallel payout to its larger rival General Motors Corp.Source: Reuters: Business News | 3 Jan 2009 | 6:11 am Chrysler gets $4 billion U.S. government loan (Reuters)
Source: Yahoo! News: Business | 3 Jan 2009 | 6:11 am Mitsubishi UFJ, Mizuho Financial in red in last quarter: reportJapanese megabanks Mitsubishi UFJ and Mizuho Financial appear to have experienced a group net loss in the three months to December due to a plunging stock market, a major daily reported...Source: RSS feed - channel BNewsBusiness | 3 Jan 2009 | 6:00 am Market rally faces first New Year tests (Reuters)
Source: Yahoo! News: Stock Markets News | 3 Jan 2009 | 5:51 am Madoff money chase offers long road and little rewardLOS ANGELES/NEW YORK (Reuters) - Everyone caught up in the scandal of accused Wall Street swindler Bernard Madoff wants to know where the money is.Source: Reuters: Business News | 3 Jan 2009 | 4:29 am Wall Street starts new year with strong rallyNEW YORK (Reuters) - U.S. stocks started the new year with a big jump on Friday as investors looked beyond yet another piece of grim economic data on hopes that a recovery is on the horizon after a disastrous 2008.Source: Reuters: Business News | 3 Jan 2009 | 3:13 am Chrysler gets $4bn emergency loanUS car manufacturer Chrysler receives a $4bn (£2.75bn) emergency government loan to help stave off collapse.Source: BBC News | Business | World Edition | 3 Jan 2009 | 3:06 am Starwood signs Zell pact, hotel shares riseNEW YORK (Reuters) - Starwood Hotels & Resorts Worldwide Inc signed a confidentiality agreement with property magnate Sam Zell's Equity Group Investments LLC, according to a regulatory filing, sending hotel shares higher as investors anticipated takeover deals in the sector.Source: Reuters: Business News | 3 Jan 2009 | 2:47 am Sudden haltRomania's runaway economy hits the buffersSource: BBC News | Business | World Edition | 3 Jan 2009 | 1:45 am Obama, Congress leaders to meet Monday on economyWASHINGTON (Reuters) - Both President-elect Barack Obama and Vice President-elect Joe Biden will huddle with Democratic and Republican congressional leaders on Monday to try to advance a huge economic stimulus bill that Obama hopes can be enacted quickly, despite Republican reservations.Source: Reuters: Business News | 3 Jan 2009 | 1:07 am Obama, Congress leaders to meet Monday on economy (Reuters)
Source: Yahoo! News: Business | 3 Jan 2009 | 1:07 am Business Briefs - FridayLeap year trips up Microsoft Zune. The software giant admitted that many of 30GB Zune digital media players froze up the last day of '08 due to a...Source: Investor's Business Daily: BUSINESS | 3 Jan 2009 | 12:59 am Trends & Innovations - FridayWork takes its toll on free timeSource: Investor's Business Daily: BUSINESS | 3 Jan 2009 | 12:59 am Regional Health Care Organization Expected To Survive Obama CutsAs the Obama administration and Congress go to work changing health care as we now know it, Medicare Advantage will be ripe for cutting.Source: Investor's Business Daily: BUSINESS | 3 Jan 2009 | 12:59 am In Brief - FridayBarnes & Noble (BKS) said Ron Burkle's equity firm has acquired an 8.3% stake. It rose 2.1% to 15.32.Source: Investor's Business Daily: BUSINESS | 3 Jan 2009 | 12:59 am Rinky-Drink: Old Systems Spur Water ShiftSouthern California firefighters stood helpless as a November blaze destroyed 18 of the 100 homes in the Hidden Hills Estates development in Yorba...Source: Investor's Business Daily: BUSINESS | 3 Jan 2009 | 12:59 am Private equity group buying IndyMac assets (Reuters)
Source: Yahoo! News: Business | 3 Jan 2009 | 12:47 am Private equity group buying IndyMac assetsWASHINGTON/NEW YORK (Reuters) - The assets of failed U.S. mortgage lender IndyMac are being bought by a group of private equity and hedge fund firms, including Dune Capital Management and J.C. Flowers & Co, which are putting up $1.3 billion in cash.Source: Reuters: Business News | 3 Jan 2009 | 12:47 am $30 Trillion Wipeout, GMAC No-Interest Loans, December JobsSource: Bloomberg - All Podcasts | 3 Jan 2009 | 12:42 am Chrysler gets $4 billion 'initial' government bailout loanChrysler LLC says it has received a $4 billion "initial" loan from the federal government to "help bridge the current financial crisis."Source: MarketWatch.com - Top Stories | 3 Jan 2009 | 12:36 am Top Ten: MarketWatch's top stories of the week, Dec. 29-Jan. 2Would that it were as simple as turning a page, laying aside with 2008's calendar all the year's tribulations and placing faith in our personal and collective prospects for a more prosperous new year.Source: MarketWatch.com - Top Stories | 3 Jan 2009 | 12:31 am Energy enigmaWhat's behind Russia's decision to cut gas to Ukraine?Source: BBC News | Business | World Edition | 3 Jan 2009 | 12:23 am Gazans vow revenge as raids go onThousands of Gazans marched on Friday alongside a coffin bearing the remains of Nizar Rayan, the Hamas official who was killed together with his four wives and 11 of his 12 childrenSource: Financial Times - US homepage | 3 Jan 2009 | 12:18 am Manufacturers suffer record declines in activityUS manufacturing activity contracted at its sharpest pace for almost 30 years in December, a closely watched survey suggested, underscoring the downward momentum in the economy at the turn of the yearSource: Financial Times - US homepage | 3 Jan 2009 | 12:08 am Burkle's Yucaipa buys Barnes & Noble sharesNEW YORK (Reuters) - Yucaipa Cos, a private equity firm controlled by billionaire Ron Burkle, said on Friday it had acquired an 8.3 percent stake in bookseller Barnes & Noble Inc , saying it believed the shares were undervalued.Source: Reuters: Business News | 3 Jan 2009 | 12:08 am HBOS trustees want to delay Lloyds TSB takeover over pension fearsPension trustees of HBOS yesterday formally launched an attack on the terms of the £33 billion all-share takeover by Lloyds TSB.Source: Latest Business News from Times Online | 3 Jan 2009 | 12:00 am US steel industry hopes Barack Obama will offer swift boost to economyThe US steel industry is banking on a $2,000 billion public infrastructure programme to save it from collapse.$Source: Latest Business News from Times Online | 3 Jan 2009 | 12:00 am Lifting of veto allows listed companies to raise capital fasterListed British companies will be able to raise billions of pounds of fresh capital much more quickly in future after institutional shareholders yesterday waived their right to veto all but the biggest rights issues.Source: Latest Business News from Times Online | 3 Jan 2009 | 12:00 am Race to rescue oligarch Len Blavatnik’s chemical business as debt deadline loomsThe business empire of Len Blavatnik, the Russian-born oligarch, was racing against time yesterday to save one of its industrial pillars, LyondellBasell, the chemical company, which is teetering on the edge of bankruptcy with $26 billion ($£18 billion) in debts.Source: Latest Business News from Times Online | 3 Jan 2009 | 12:00 am Woolworths staff secure extra day's pay to help close storesAbout 6,800 Woolworths staff will be receiving an extra day's pay after the administrators of the collapsed store chain decided to postpone the closure of its final 200 outlets by 24 hours next week.Source: Latest Business News from Times Online | 3 Jan 2009 | 12:00 am Shell among contenders to develop big Iraqi oilfieldsA giant oilfield lying beneath suburban Baghdad is among 11 being studied by Royal Dutch Shell and other Western oil companies, after the Iraqi Government opened them up to foreign companies this week.Source: Latest Business News from Times Online | 3 Jan 2009 | 12:00 am High time to speed up fundraising processThe business of raising capital by British listed companies is stuck in the age of the carrier pigeon.Source: Latest Business News from Times Online | 3 Jan 2009 | 12:00 am Takings soar at John Lewis stores as shoppers enjoy one last spreeA surge in Christmas spending has given one of Britain’s biggest stores a respite from the impact of the financial crisis, although experts warned yesterday that the high street faced a gloomy January.Source: Latest Business News from Times Online | 3 Jan 2009 | 12:00 am Chancellor Alistair Darling on brink of second bailout for banksAlistair Darling has been forced to consider a second bailout for banks as the lending drought worsens.Source: Latest Business News from Times Online | 3 Jan 2009 | 12:00 am Fire dies under China’s once booming manufacturing industryChina’s vast manufacturing sector, the driving force behind the country’s celebrated economic growth story, 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 | 3 Jan 2009 | 12:00 am Factories mired in worst slump in 28 yearsNEW YORK (Reuters) - U.S. factory activity fell to a 28-year low in December as the deepening year-old recession hammered the manufacturing sector, producing a bleak outlook at the start of 2009.Source: Reuters: Business News | 2 Jan 2009 | 11:43 pm Factories mired in worst slump in 28 years (Reuters)
Source: Yahoo! News: Business | 2 Jan 2009 | 11:43 pm US Treasury sets out rescue frameworkThe US Treasury set out for the first time a basic framework it uses to evaluate whether a troubled financial institution is systemically important enough to justify emergency aid.Source: Financial Times - US homepage | 2 Jan 2009 | 11:43 pm Moscow and Kiev seek allies in gas disputeA Ukrainian delegation embarked on a tour of Europe aimed at drumming up support after the Czech Republic, which holds the EU presidency, said it considered the row to be a bilateral issueSource: Financial Times - US homepage | 2 Jan 2009 | 11:35 pm Wall Street starts new year with strong rally (Reuters)
Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 11:30 pm Wall Street starts new year with strong rally (Reuters)
Source: Yahoo! News: Business | 2 Jan 2009 | 11:30 pm FDIC poised for IndyMac sell-offThe Federal Deposit Insurance Corp has signed a letter of intent to sell IndyMac Bancorp to a group of investors led by Steven Mnuchin of Dune Capital ManagementSource: Financial Times - US homepage | 2 Jan 2009 | 11:30 pm Starwood shares surge on takeover speculationSpeculation that Sam Zell, the Chicago property tycoon, may be positioning himself for a takeover bid for Starwood Hotels & Resorts – owner of the Sheraton, St Regis, Le Meridien, Westin and W hotel brands – pushed the company's shares up by more than 16 per cent in trading in New York on FridaySource: Financial Times - US homepage | 2 Jan 2009 | 11:27 pm Governors ask Uncle Sam for $1 trillionRead full story for latest details.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 11:15 pm Bonham Reviews Trial `Shopping' for Favorable Patent LitigationSource: Bloomberg - All Podcasts | 2 Jan 2009 | 11:14 pm VIX Index of U.S. Stock Option Prices Retreats 2% to 39.19Source: Bloomberg - All Podcasts | 2 Jan 2009 | 11:07 pm How much did Madoff scheme cost?The Bernard Madoff scandal will certainly end up as the most expensive Ponzi scheme in U.S. history, but the $50 billion price tag claimed by the disgraced financier may end up as fictitious as the returns that he had promised investors.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 11:04 pm Wall Street starts '09 with a bangStocks rallied Friday, with investors starting off a new year on the right foot, after an abysmal 2008, and the Dow closing above 9,000 for the first time since November.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 11:03 pm Wall Street enjoys upbeat start to 2009 (AP)
Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 10:57 pm After Hours: Synovus girds for loan losses, as Qimonda battles for listingSynovus shares tumble after the banking company says it plans to set aside more funds for loan losses, laying blame on the Atlanta housing market, while chip firm Qimonda details its efforts to maintain an NYSE listing.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 10:49 pm Economic Diary: BOE Rates, U.S. Jobs, European InflationSource: Bloomberg - All Podcasts | 2 Jan 2009 | 10:47 pm Buffett put $20 bln to work while others panicked in 2008While most investors panicked or were forced to sell, Berkshire Hathaway Chairman Warren Buffett put more than $20 billion to work in 2008, positioning his insurance-focused conglomerate to profit if the economy and markets recover in coming years.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 10:47 pm U.S. Weekly Retail Sales Fall Most in Almost 6 YearsSource: Bloomberg - All Podcasts | 2 Jan 2009 | 10:45 pm Beemer Says '09 Worse for Retail, More Bargains Than in DecadesSource: Bloomberg - All Podcasts | 2 Jan 2009 | 10:39 pm Wal-Mart Employee Settlements May Cost $640 MillionSource: Bloomberg - All Podcasts | 2 Jan 2009 | 10:35 pm `Houdini' Dreier, an Aggressive Litigator, Faces Fraud ChargesSource: Bloomberg - All Podcasts | 2 Jan 2009 | 10:32 pm Keene, Schneider Review 2008 Financial, Economic TurmoilSource: Bloomberg - All Podcasts | 2 Jan 2009 | 10:29 pm Bloomberg's Keene Reviews Financial, Economic Turmoil of 2008Source: Bloomberg - All Podcasts | 2 Jan 2009 | 10:26 pm World stocks cheer in new year after horrible 2008 (AFP)
Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 10:25 pm GMAC recasts finance agreement with GMGMAC says it has changed its basic financial-services agreement with General Motors, giving the struggling car company more flexibility in how it raises and structures cheap consumer loans. GM shares rally 14% on the move.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 10:25 pm Airline Stocks: Airlines make headway in 2009 opening rallyAirlines on Friday put behind them a horrific year of record-high oil prices and falling passenger demand, starting 2009 with solid gains as investors bet on brighter days ahead.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 10:17 pm Energy Stocks: Oil and gas stocks roar into 2009 on crude-fueled rallyEnergy stocks roar into 2009 at the front of the equities market, propelled by a rash of bullish price signals in commodities that sends crude-oil prices to a three-week high of $46 a barrel.Source: MarketWatch.com - Top Stories | 2 Jan 2009 | 10:17 pm Treasury to view Citi-style rescues case-by-caseWASHINGTON (Reuters) - The Treasury on Friday said financial institution rescues and asset guarantees similar to those for Citigroup will be considered on a case-by-case basis, clearing a broad legal pathway for future bailouts.Source: Reuters: Business News | 2 Jan 2009 | 9:46 pm Hear: Fight NightToday on Planet Money: Planet Money listeners have sometimes hopped all over us for using too many free-market economists. Now, David Kestenbaum sets one free-market thinker against an ideological opposite. These two forces have had only one proper fight -- the Great Depression. Both claimed victory. Now, in one corner, it's Russell Roberts, an economist at George Mason University, who believes the economy works best when government stays out of it. He likes the Austrian School of economic thought. In the other corner, it's Steven Fazzari, an economist at Washington University in St. Louis. He believes the government plays a key role in the economy, especially when it comes to recovering from recessions. He describes himself as a Keynesian. Which of these mighty warriors is right? Your future could depend on it. Download the podcast; or subscribe. Intro music: Survivor's "Eye of the Tiger." Find us: Twitter/ Facebook/ Flickr. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Jan 2009 | 9:33 pm Markets start year on upbeat noteShares rise worldwide on the first day of trading in 2009 following record falls last year, as markets experience a wave of optimism.Source: BBC News | Business | World Edition | 2 Jan 2009 | 9:19 pm New Economic Theory?I've had this question the last few weeks: will this crisis give birth to some new way of thinking about economics? The Great Depression begat Keynesianism, the crisis of the 1970s/1980s gave broader support to Friedmanism. So, will this crisis give birth to some new theory? Or are we just going to keep refining the big ideas we already have. I had a great talk with Daron Acemoglu, a big-shot young economist about this. He says that yes, certainly, there will likely be radical new ideas. He says that in the past few months we've learned that many of the fundamental models of economics are wrong. We've learned, for example, that it's impossible to think of a "firm" (one of the core actors in any economic model) as a unified thing. Bear Stearns and Lehman Brothers were firms. By economic theory that means they don't do things like, um, pursue short term profits that can destroy the firm. So, he says, we'll have to develop a more complex view, one that allows for a firm to be made up of lots of individual actors with their own--sometimes catastrophically contrary--incentives and goals. He also says the pure models of Keynes or Friedman or the Austrian School have proven insufficient to explain the current mess. Acemoglu says we have no idea what that new theory will be or if there will be many. But we can know, for sure, that dramatic changes are on the way. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Jan 2009 | 9:11 pm Day in the Work Life: Father TimeA lot happened in 2008, and one man oversaw it all. Meet Father Time, who is the father of time . . . for one year. Wonder what that pays anyway? (If we're talking the year that just past, probably not that much . . . )Source: Marketplace Money | 2 Jan 2009 | 8:54 pm The pros and cons of child briberyCash is usually a pretty motivating incentive when you want to get someone to listen to you. But does it work when parents try it on their kids? Kenny Malone explores whether this is a successful method of behavioral control.Source: Marketplace Money | 2 Jan 2009 | 8:49 pm FDIC says it will sell IndyMac (Reuters)
Source: Yahoo! News: Business | 2 Jan 2009 | 8:46 pm SEC: More Schemes From Mr. PonziThe Madoff disaster could not have been the only situation where a money management firm took advantage of suckers. The market has been too good over the last five years, and hedge funds have been too spectacular. The SEC, finally stirred into doing its job, is beginning to uncover more unsavory activity. According to Bloomberg, "Regulators may discover additional Ponzi arrangements as declining stock markets prompt investors to withdraw their cash and they question how their money is being managed." The SEC back on guard for democracy. Douglas A. McIntyre Source: 24/7 Wall St. | 2 Jan 2009 | 8:45 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 | 8:32 pm Which plastic gives you the real deal?With credit card companies charging out the nose in crisis time, it's hard to decide whether you're getting a deal. Tess Vigeland susses through the better options with Chris Fichera of Consumer Reports magazine.Source: Marketplace Money | 2 Jan 2009 | 8:30 pm Macy's reports overcharging customersSome Macy's stores overcharged holiday shoppers who used debit cards to make purchases on one of the busiest shopping days of the year.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 8:27 pm Best time to buy a car: NowThere's never been a better time to buy a car. On the other hand, there's never been a scarier or more confusing time, either.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 8:16 pm Pressure mounts over replacement for ClintonFacing one of the most nail-biting choices since the presidential election, David Paterson, the New York governor, has been told he would be guilty of "political malpractice" if he named anyone other than Caroline Kennedy as the state's new junior representative in the SenateSource: Financial Times - US homepage | 2 Jan 2009 | 7:45 pm Russia looks to re-route EU gasRussian gas giant Gazprom tells the BBC that it can no longer depend on Ukraine as a transit route to the EU.Source: BBC News | Business | World Edition | 2 Jan 2009 | 7:38 pm Ringing in the new trading yearAs the markets begin the new year, investors want to know: Is there any chance for redemption? Tess Vigeland turns to Vanguard founder Jack Bogle to gauge our chances of a positive trading year in 2009.Source: Marketplace Money | 2 Jan 2009 | 7:30 pm Ethanol you can brew at homeIf you're done drinking for a while, why not turn your extra libations into fuel? Rachel Dornhelm explores a machine that turns alcohol and sugar waste into food for your car, and whether it can save you money over the long haul.Source: Marketplace Money | 2 Jan 2009 | 7:27 pm Picking up loose change makes senseMoney might not grow on trees, but apparently it's all over the streets. Sally Herships reports on a New York family that's building a nest egg with small change they find just lying around.Source: Marketplace Money | 2 Jan 2009 | 7:14 pm Ford: No first-quarter sales recoveryRead full story for latest details.Source: Business and financial news - CNNMoney.com | 2 Jan 2009 | 7:14 pm Straight Story: Resolutions for 2009For the first Straight Story of 2009, Tess Vigeland and Chris Farrell explore their personal and financial goals for the new year. Among the top priorities: health and organization -- including Chris's office.Source: Marketplace Money | 2 Jan 2009 | 7:12 pm Getting PersonalTess Vigeland and Chris Farrell help a mom and her successful 8-year-old performer son invest his wealth, explain what a "stretch or legacy" annuity is, and decide the best place to put $30,000 in sweepstakes winnings.Source: Marketplace Money | 2 Jan 2009 | 7:10 pm Beijing moves to stifle reform callsThe Chinese government is moving to crush a group of prominent dissidents and intellectuals that has released a rallying call for democracy, human rights and rule of lawSource: Financial Times - US homepage | 2 Jan 2009 | 7:03 pm What I'm Doing: Ben Valore-CaplanIn the latest of our "Here's What I'm Doing" series, we hear from Ben Valore-Caplan, managing partner of an investment firm, who had a feeling that it was time to strike out on his own.Source: Marketplace Money | 2 Jan 2009 | 7:01 pm Plan B for retirees who counted on home equity (AP)AP - The safety net is almost gone, the nest egg is cracking.Source: Yahoo! News: Business | 2 Jan 2009 | 7:01 pm Austria takes control of Bank MediciBernard Madoff's alleged $50bn fraud on Friday claimed its biggest victim to date as the Austrian government was forced to take control of Bank Medici, which might have lost more than $3bn in the scandalSource: Financial Times - US homepage | 2 Jan 2009 | 6:45 pm Steel companies may gain if buyers restock inventoriesNEW YORK (Reuters) - Steelmakers, which are pressing President-elect Barack Obama for an aggressive stimulus plan to revive the sagging market, could soon see an increase in demand as buyers move to restock shrinking inventories.Source: Reuters: Business News | 2 Jan 2009 | 6:41 pm Google in push to gain e-mail market shareGoogle, the clear leader in internet search, has been zeroing in on user's inboxes in a push to win market share in e-mail, an area where its rivals Microsoft and Yahoo still dominateSource: Financial Times - US homepage | 2 Jan 2009 | 6:36 pm On The Way To The Unemployment Office
Self-described producer, director and editor Anthony Ferraro finds the silver lining inside a layoff. (Thanks to listener Ron Deutsch for the link.) » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 2 Jan 2009 | 6:29 pm Open Thread : Your ForecastsWe all have resolutions for the New Year, but here at Planet Money we want your predictions. Pick any "economic indicator" -- the price of milk, GDP, unemployment, the stock market, the store that closed on the corner, whatever -- and give us your forecast where it will stand one year from now. We'll follow up as 2010 dawns and build a podcast or radio story around it. Stick 'em in the comments section below. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Jan 2009 | 6:23 pm London's FTSE 100 up 127.62 at 4,561.79 (AP)AP - Share prices closed higher Friday on the London Stock Exchange.Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 6:05 pm The Chicken IndicatorTwitter pal @triciamckinney sends two signs of the recession, maybe: City dwellers are raising chickens, and rapper 50 Cent cut the price of a mansion he's selling by 21 percent. Meanwhile, @sunfire2109 sends word of strapped homeowners abandoning horses. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Jan 2009 | 5:58 pm 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 | 5:56 pm London FTSE off to a flier (AFP)
Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 5:50 pm Upgrading The US Energy Grid: A Trillion Dollar Problem?
The new administration also proposes to increase the amount of electricity that comes from renewable sources from 10% in 2012 to 25% by 2025. Another laudable goal. Looking at the second goal first, the US currently generates about 9% of its electricity from renewable sources. That's if you count hydroelectric as a renewable source. If you don't, renewable sources account for only about 2% of US power generation. Going from 2% to 10% in just four years does not seem likely. The other goal also demands a closer look. Investing $150 billion in clean energy is a great idea, but how much does that really improve the US energy picture? And where should the money go: wind, biofuel, solar? An argument could be made that more critical than any new source of generation is the development and upgrading of the country's electrical transmission and distribution grid. There are about 200,000 miles of power lines in the US. Much of the grid is nearing 50 years of use and is nowhere near where solar and wind power can be most efficiently generated. For example, the windiest places in the lower 48 states are the Dakotas. To build transmission lines from North and South Dakota to New York City would cost about $13 billion. The investment would eventually be recovered in cost savings, but the up-front money needs to come from somewhere. And that's just one project. Bringing solar- or wind-generated power to high population centers in the US will cost far more than $150 billion. Projections for new generation in the US exceed additions to the grid by more than four times. How much is all this going to cost? Just to patch the flaws in the grid that caused the 2003 blackouts would have cost $100 billion. In the same year, the International Energy Agency estimated that it would cost the European Union about $650 billion to upgrade Europe's grid. At current estimates of about $8 million/mile for overhead transmission lines in the US, something north of the EU's $650 billion is not out of the question. That is nearly the amount of money that Congress is considering for the entire two-year economic stimulus package. The Obama administration's plan to catalyze investment in alternative energy with $150 billion depends on additional investment in infrastructure. Without a significant upgrade to the power grid, clean generation won't have the impact everyone hopes for. The private sector cannot afford to come up with the several hundred billion dollars necessary. And, given other priorities, the federal government may be unwilling to. Paul Ausick Source: 24/7 Wall St. | 2 Jan 2009 | 5:45 pm Life inside a private equity firmJobs with private equity firms are highly coveted positions in finance. But getting inside their secretive world can be difficult for outsiders. Amy Scott takes us inside with a woman who claims to be a part of it.Source: Marketplace | 2 Jan 2009 | 5:44 pm Reconsidering regulationSeveral factors contributed to the 2008 financial meltdown, but one of the main culprits may have been regulation, or lack thereof. Kai Ryssdal speaks with Steve Henn about the deregulatory trend and the push for more regulation that is expected to come.Source: Marketplace | 2 Jan 2009 | 5:44 pm Weekly Wrap: Good things from crisis?Kai Ryssdal asks Andy Brooks of T. Rowe Price and Felix Salmon of Portfolio magazine whether there have been some good things from the 2008 financial crisis, and how long it might take to see some benefits from them.Source: Marketplace | 2 Jan 2009 | 5:44 pm Spelling out those financial acronymsEver notice that there are a lot of acronyms involved in finance and business? TARP. FDIC. LIBOR. Well, there's a good reason for them. Kai Ryssdal speaks with author and blogger Leslie Savan about the financial alphabet soup.Source: Marketplace | 2 Jan 2009 | 5:43 pm 'Buy American' could be in stimulusThe slumping U.S. steel industry is likely to be a major beneficiary of Barack Obama's stimulus plan, which focuses on improving infrastructure. Some in the industry even want a "buy American" clause in the bill. Jeremy Hobson reports.Source: Marketplace | 2 Jan 2009 | 5:43 pm GOP vows to stand up to stimulus planPresident-elect Barack Obama's stimulus plan could cost nearly $800 billion. Some Republicans worry that money could be wasted on pork barrel projects and say it's time to curb spending. But is their call for fiscal conservatism coming at the right time? Nancy Marshall Genzer reports.Source: Marketplace | 2 Jan 2009 | 5:43 pm World markets kick New Year off in style (AP)
Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 5:17 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 | 5:16 pm A Retail Stock Sucker Rally (M)(JWN)(SHLD)
The move up may be due to a sense of relief that an economic stimulus package could help the economy later this year. The idea that retail would benefit from this in the near future is far-fetched. Unemployment, which often lags consumer confidence and GDP, could still move to 10% later this year. Over the last five days, shares of Macy's (M) are up 20%. Nordstom's ((JWM) is up nearly as much. Sears (SHLD) stock is higher by 12% over the same period. There may be a number of ways to forecast retail sales, but employment has to be at the top of the list, and it is going to get much worse. Douglas A. McIntyre Source: 24/7 Wall St. | 2 Jan 2009 | 5:14 pm Bailout officials admit problems in tracking moneyUnited States Government officials overseeing a US$700 billion ($1.21 trillion) bailout have acknowledged difficulties tracking the money and assessing the plan's effectiveness. The information was contained in a document, released...Source: New Zealand Herald - Business | 2 Jan 2009 | 4:15 pm A Lesson From The 'Edukators'
Lifeguards on duty at the Madoff home. AP Photo/Town of Palm Beach Police DepartmentIt appears someone is trying to teach Bernie Madoff a lesson. The Palm Beach Post is reporting that thieves who took a $10,000 statue from Madoff's home have dropped off the item along with a note at the Palm Beach Country Club where Madoff was a member. The note attached to the statue of two lifeguards reads: Bernie the Swindler, Lesson: Return Stolen Property to rightful owners. Signed by - The Educators. The Palm Beach Post notes that in the Edukators, a 2004 German film, activists protest capitalism by breaking into the rich people's homes, moving around the furniture and leaving notes that warn, "The days of plenty are over." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Jan 2009 | 4:14 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 | 4:04 pm Banks prepare for a tough ride aheadThe credit crunch has put New Zealand's banks to their biggest test in decades. So far, they have weathered the storm - as have their Australian parents, despite a few bumps and bruises. However, while the extraordinary events...Source: New Zealand Herald - Business | 2 Jan 2009 | 4:00 pm Escaping the rat raceIs that you lying on a sun lounger at the bach, but unable to kick the stress? Summer is the time when most of us dream about quitting the nine-to-five existence. Escaping the rat race is a path well trodden, but one that doesn't...Source: New Zealand Herald - Business | 2 Jan 2009 | 4:00 pm Telecom ringing the changes in 2009Telecom has endured a year in which it was split in three, its share price collapsed and it shunned an approach to buy its troubled Australian operation AAPT. John Drinnan talks to chief executive Paul Reynolds about what lies ahead....Source: New Zealand Herald - Business | 2 Jan 2009 | 4:00 pm Meet Jonathan Ling, Fletcher Building CEOHow has the credit crunch changed your world? It's changed a lot. We are much more conservative with our balance sheet. We think financial strength is the most important thing these financial times and we have entered 2009 with...Source: New Zealand Herald - Business | 2 Jan 2009 | 4:00 pm Toyota 'developing solar-powered car'Toyota is secretly developing a vehicle that will be powered solely by solar energy in an effort to turn around its struggling business with a futuristic ecological car, a business daily reports. The Nikkei newspaper, however,...Source: New Zealand Herald - Business | 2 Jan 2009 | 4:00 pm Brian Gaynor: Commission avoiding the real questionSecurities Commission chairwoman Jane Diplock's letter in Tuesday's Herald showed once again that she blames everyone else for the huge appeal and subsequent collapse of the finance company sector. Diplock wrote that the finance...Source: New Zealand Herald - Business | 2 Jan 2009 | 4:00 pm Greg Cross: Follow the pain and watch for chance to gain advantageFocus, focus and focus are the three most important elements of any market entry or market development strategy. Understanding your target customers' pain points is the critical part of being able to establish your value proposition...Source: New Zealand Herald - Business | 2 Jan 2009 | 4:00 pm Fresh fall in US factory outputUS manufacturing activity fell in December to a fresh 28-year low, latest data suggests.Source: BBC News | Business | World Edition | 2 Jan 2009 | 3:27 pm ISM Says Manufacturing Drop Is AcceleratingFollowing weak manufacturing data from Russia, China, and India, the Institute for Supply Management announced that US manufacturing measured by its PMI dropped sharply in December to 32.4 from 36.2 in November. New orders dropped more sharply to 22.7, down 5.2 points. The weakest sectors included textiles, paper products, transportation equipment, computer products, and chemical. Only a few commodities rose in price--aluminum, copper, and steel. The organization's comments on employment were depressing. "ISM's Employment Index registered 29.9 percent in December, which is a decrease of 4.3 percentage points when compared to the 34.2 percent reported in November. This is the lowest reading for the Employment Index since November 1982 when the index registered 28.2 percent." Douglas A. McIntyre Source: 24/7 Wall St. | 2 Jan 2009 | 3:19 pm India unveils economic boost planIndian authorities unveil a fresh economic stimulus package, including another cut in the country's main interest rate.Source: BBC News | Business | World Edition | 2 Jan 2009 | 3:15 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 | 3:11 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. Its 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 retailer 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 fell 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. Analysts 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 Global stocks rise on first trading day of year (Reuters)
Source: Yahoo! News: Business | 2 Jan 2009 | 12:42 pm Global stocks rise on first trading day of year (Reuters)
Source: Yahoo! News: Stock Markets News | 2 Jan 2009 | 12:42 pm
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