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Wall Street stocks could gain on turnaround hopesWall Street stocks were set for higher start as investors hoped for any signs of improvement in the economic outlook ahead of a fresh round of data from the service, industrial and housing sectorsSource: Financial Times - US homepage | 6 Jan 2009 | 1:54 pm Before the Bell: Dow Chemical, oil, IntercontinentalExchange in focusU.S. stock futures advanced Tuesday after a one-day hiatus, as traders hunted for signs that the deterioration in the world economy will abate.Source: MarketWatch.com - Top Stories | 6 Jan 2009 | 1:51 pm Toyota orders 11-day output halt as sales slump (Reuters)
Source: Yahoo! News: Business | 6 Jan 2009 | 1:39 pm LDK & More Solar Peer Pressure (LDK, FSLR, CSIQ, JASO, ESLR, SOLF)
The solar wafer maker lowered its Q4 revenue expectations by some 23% as its customers have delayed shipments. The company also cut its gross profit margin expectations and lowered its 2009 sales projections. The blame here is on the recession and tight credit markets, but the company also had delays in boosting production at one of its polysilicon plants. Another plant is expected to begin production in the coming second quarter. Yet another disappointment for its Q4 may resolve around the new formal timing of its earnings announcement: late-February to early-March. The new revenue guidance is a range of $425 to $435 million, down from a prior range of $555 to $565 million. It now sees wafer shipments of 245 to 255 megawatts and a range of gross margins of 10% to 13%, down from prior respective ranges of 260 to 270 megawatts and 18% to 21% margins. 2009 revenue is now expected to be $2.3 to $2.5 billion down from a prior range of $2.9 to $3.1 billion. We would note that the gross margin expectations for 2009 looks like they expect a back-end recovery because the company expects 22% to 27% gross margins. The fall-out is hitting most other solar stocks, although not as much as the news is hitting LDK itself. Shares of First Solar Inc. (NASDAQ: FSLR) are down 0.6% pre-market at $156.85. Canadian Solar Inc. (NASDAQ: CSIQ) is down almost 2% at $6.91. JA Solar Holdings Co. (NASDAQ: JASO) shares are down almost 3% at $4.95. Evergreen Solar Inc. (NASDAQ: ESLR) is down only about 1% at $3.55. Solarfun Power Holdings (NASDAQ: SOLF) is down almost 3% at $5.95. Despite this LDK news being yet another disappointment, there are many who may believe that the valuations are becoming fair at LDK with a new market cap of under $1.6 billion after this mornings near-$2.00 drop. It listed a cash position of more than $380 million and unused credit facilities in excess of $850 million. Shares are back down around $13.00 and its 52-week trading range is $9.45 to $52.40.
Jon C. Ogg Source: 24/7 Wall St. | 6 Jan 2009 | 1:39 pm Marks and Spencer cuts 1,000 jobsMarks and Spencer will announce on Wednesday that it is cutting 1,000 jobs from its workforce of 70,000, the BBC confirms.Source: BBC News | Business | World Edition | 6 Jan 2009 | 1:37 pm CBS and Time Warner reach fresh broadcast dealNEW YORK (Reuters) - Time Warner Cable extended a deal to carry CBS Corp's television stations, CBS said on Tuesday, avoiding what could have been another heated industry dispute.Source: Reuters: Business News | 6 Jan 2009 | 1:37 pm Stock futures point to higher Wall Street open (Reuters)
Source: Yahoo! News: Business | 6 Jan 2009 | 1:35 pm Stock futures point to higher Wall Street open(Reuters) - Stock futures pointed to a firmer Wall Street start on Tuesday, with futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 up 0.4 to 0.5 percent at 5:20 a.m. EST.Source: Reuters: Business News | 6 Jan 2009 | 1:35 pm Stock futures point to higher Wall Street open (Reuters)
Source: Yahoo! News: Stock Markets News | 6 Jan 2009 | 1:35 pm Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.Source: MarketWatch.com - Top Stories | 6 Jan 2009 | 1:31 pm Madoff scandal, SEC role under scrutiny (AP)
Source: Yahoo! News: Business | 6 Jan 2009 | 1:30 pm Madoff scandal, SEC role under scrutiny (AP)
Source: Yahoo! News: Stock Markets News | 6 Jan 2009 | 1:30 pm Save your 401(k): 3 resolutionsQuestion: I've lost money in my 401(k) and I'm not interested in losing any more. So I'm thinking of moving my money into more secure investments. I know I can always change my allocations later, but what's the best way to keep my 401(k) stable until this roller coaster ride is over? --Michelle, Moravian Falls, North CarolinaSource: Business and financial news - CNNMoney.com | 6 Jan 2009 | 1:24 pm Jaguar: A Cautionary Tale for Future GM/Chrysler BuyersBy John Tamny RealClearMarkets With England's economy gasping in the mid 1970s due to a combination of nosebleed rates of taxation and a currency in freefall, the fortunes of many of its flagship companies similarly reflected the ailing health of a country in decline. High tax rates and inflation bat 1.000 when it comes to the disappearance of investors, and with Coventry-based carmaker Jaguar in major financial trouble, its executives went to the government for help. Jaguar was effectively nationalized by the British government in 1975 thanks to skeptical credit markets, and it remained that way until Prime Minister Margaret Thatcher's privatization program freed it from government control nine years later. Jaguar's story as a ward of the state looms large as a cautionary tale for future GM and Chrysler buyers, two formerly great U.S. automakers who've recently asked for and received government help. Source: 24/7 Wall St. | 6 Jan 2009 | 1:17 pm European gas supplies hit as Russia-Ukraine dispute escalatesCountries in Eastern and Central Europe report sharp decreases in natural-gas imports, an offshoot of Russian energy giant OAO Gazprom’s move to cut supplies to Ukraine in a price dispute.Source: MarketWatch.com - Top Stories | 6 Jan 2009 | 1:17 pm U.K. retailers Debenhams, Next rally after updatesLONDON (MarketWatch) -- While the U.K. recession may be in its early stages, the stock-price downturn for the country's retailers may not be.Source: MarketWatch.com - Top Stories | 6 Jan 2009 | 1:15 pm Stock futures regain momentum ahead of data (AP)
Source: Yahoo! News: Stock Markets News | 6 Jan 2009 | 1:14 pm Dow Chemical to pursue legal action against KuwaitMUMBAI (Reuters) - Dow Chemical Co said on Tuesday that it would pursue legal and other options to fulfill rights under its agreement with Petrochemical Industries Co of Kuwait.Source: Reuters: Business News | 6 Jan 2009 | 1:12 pm European gas supplies disruptedSeveral EU countries report major disruption to their gas supplies from Russia as Moscow accuses Ukraine of shutting pipelines.Source: BBC News | Business | World Edition | 6 Jan 2009 | 1:10 pm Big Apple real estate defies gravity - so farHome prices in Manhattan held up remarkably well in the fourth quarter, despite the economic crisis.Source: Business and financial news - CNNMoney.com | 6 Jan 2009 | 1:09 pm US STOCKS-Futures point to higher open as oil, dollar surge* Futures rise: S&P up 8.4 points; Dow 72, Nasdaq 10.75Source: RSS feed - channel BNewsBusiness | 6 Jan 2009 | 1:09 pm UPDATE 1-Slovenia says Russian gas import down 90 pctLJUBLJANA, Jan 6 (Reuters) - Slovenian main gas supplier Geoplin said on Tuesday supply of Russian gas was reduced by 90 percent from 0300 GMT and added the situation "partly improved" after 0900 GMT.Source: RSS feed - channel BNewsBusiness | 6 Jan 2009 | 1:08 pm Volkswagen shares gain as Porsche gets majorityFRANKFURT (Reuters) - Shares in Volkswagen traded higher on Tuesday, pacing European auto stocks, following news late on Monday that Porsche SE raised its voting stake in the world's third-largest carmaker to a majority.Source: Reuters: Business News | 6 Jan 2009 | 1:08 pm The $8 trillion bailoutSitting down? It's time to tally up the federal government's bailout tab.Source: Business and financial news - CNNMoney.com | 6 Jan 2009 | 1:05 pm UPDATE 1-Poland's PGNiG to ask industry to curb gas usage* Deliveries via Ukraine fall by another 7 mln cubic metresSource: RSS feed - channel BNewsBusiness | 6 Jan 2009 | 1:05 pm Movers & Shakers: Tuesday's biggest gaining and declining stocksAmong the companies whose shares are expected to see active trade in Tuesday's session are Amedisys, Cigna, Dow Chemical, Indevus Pharmaceuticals, LDK Solar and Wells Fargo.Source: MarketWatch.com - Top Stories | 6 Jan 2009 | 1:01 pm Poland approves gas supply cut to industrial clientsWARSAW, Jan 6 (Reuters) - Poland has approved a request by its gas pipeline operator to cut deliveries to industrial clients after gas supplies suffered from the ongoing Moscow-Kiev row, a deputy prime...Source: RSS feed - channel BNewsBusiness | 6 Jan 2009 | 1:00 pm Gas row spreads as supplies to Europe fallRussian gas exports to Europe fell sharply after Gazprom cut supplies to transit pipelines crossing Ukraine, in a sharp escalation of the dispute between the two countriesSource: Financial Times - US homepage | 6 Jan 2009 | 12:59 pm Dow considers legal action against KuwaitThe largest chemicals group in the US said it was considering legal action after the Gulf emirate last month cancelled a planned $17.4bn petrochemicals joint ventureSource: Financial Times - US homepage | 6 Jan 2009 | 12:58 pm Bernstein Dumps Insurers (ACE, ALL, CB, CNA, TRV, XL, AIG)
Perhaps the best call in timing (yes, that is facetious) comes in American International Group (NYSE: AIG), where its shares were downgraded to Market Perform from Outperform. Great timing there. Most of these are so far off of highs that you would wonder why these were even rated as "Outperform" in the first place.
Jon C. Ogg Source: 24/7 Wall St. | 6 Jan 2009 | 12:56 pm London Markets: Next, Debenhams shine in upbeat London; FTSE 100 gainsShares of retailer Debenhams and Next help set the pace for a broad-based move higher for equities in London.Source: MarketWatch.com - Top Stories | 6 Jan 2009 | 12:53 pm Dow Chemical to pursue legal options for failed Kuwait dealDow Chemical Co. says it will seek legal, operational and financial recourse to enforce its rights under a failed joint-venture deal with Kuwait's Petrochemical Industries Inc.Source: MarketWatch.com - Top Stories | 6 Jan 2009 | 12:53 pm Logitech scraps fiscal 2009 guidance, to cut jobsLogitech International SA, the world’s largest maker of computer mice, withdrew its financial targets for the year, citing the deepening global recession, and announced plans to slash its salaried work force by 15%.Source: MarketWatch.com - Top Stories | 6 Jan 2009 | 12:53 pm Toyota orders 11-day factory haltRead full story for latest details.Source: Business and financial news - CNNMoney.com | 6 Jan 2009 | 12:49 pm FTSE-100 up 48.30 points at 4,627.94Share prices on the London Stock Exchange were up at midday Tuesday. At midday, the FTSE-100 share index was up 48.30 points at 4,627.94.Source: RSS feed - channel BNewsBusiness | 6 Jan 2009 | 12:49 pm FTSE-100 up 48.30 points at 4,627.94 (AP)AP - Share prices on the London Stock Exchange were up at midday Tuesday.Source: Yahoo! News: Stock Markets News | 6 Jan 2009 | 12:49 pm Interbank rates ease ahead of likely rate cutsThe cost of three-month loans between banks fell further Tuesday ahead of expected interest rate reductions from the European Central Bank and the Bank of England. The interbank lending...Source: RSS feed - channel BNewsBusiness | 6 Jan 2009 | 12:49 pm Slovenia says Russian gas import down 90 pctLJUBLJANA, Jan 6 (Reuters) - Slovenian main gas supplier Geoplin said on Tuesday supply of Russian gas was reduced by 90 percent from 0300 GMT and added the situation "partly improved" after 0900 GMT.Source: RSS feed - channel BNewsBusiness | 6 Jan 2009 | 12:47 pm UPDATE 1-India's ONGC unit raises $1 bln via CPs-sourcesMUMBAI, Jan 6 (Reuters) - ONGC Videsh Ltd (OVL), a unit of state-run oil exploration company Oil & Natural Gas Corp , on Tuesday raised 50 billion rupees ($1.03 billion) through a one-year commercial...Source: RSS feed - channel BNewsBusiness | 6 Jan 2009 | 12:47 pm Global stocks hold gains amid oil price jittersGlobal stock markets held onto New Year optimism Tuesday even as the euro suffered fresh losses amid signs of Europe's deepening recession and a looming energy standoff with Russia drove upSource: RSS feed - channel BNewsBusiness | 6 Jan 2009 | 12:46 pm Global stocks hold gains amid oil price jitters (AFP)
Source: Yahoo! News: Stock Markets News | 6 Jan 2009 | 12:46 pm Japan stocks hope for best in ill-fated "Ox" year (Reuters)Reuters - If you thought things couldn't get worse for Japanese stocks after their poorest performance ever in 2008, a tongue-in-cheek research report forecast this year to be grim as well because of its Chinese zodiac animal.Source: Yahoo! News: Stock Markets News | 6 Jan 2009 | 12:44 pm Ukraine gas official: Talks to resumeThe head of Ukraine's gas company Naftogaz says talks on resolving the gas dispute with Russia will resume Thursday. Oleh Dubina announced Tuesday that he will travel to Moscow. ThereSource: RSS feed - channel BNewsBusiness | 6 Jan 2009 | 12:44 pm Dow Chemical (DOW): Sue Kuwait
According to MarketWatch: Dow Chemical Co. (DOW) said Tuesday it would seek legal, operational and financial actions to enforce its rights under a failed joint-venture deal with Kuwait's Petrochemical Inc. "Pursuing legal options is not a decision we take lightly, especially because of the longstanding partnerships we have established in Kuwait over the past decade, but PIC is in breach of contract, and we must take action to protect the interests of our company and our shareholders," Dow Chief Executive Andrew Liveris said in a statement. Douglas A. McIntyre Source: 24/7 Wall St. | 6 Jan 2009 | 12:39 pm Dow Chemical to pursue legal action against Kuwait (Reuters)
Source: Yahoo! News: Business | 6 Jan 2009 | 12:36 pm Wall Street braces for reportsU.S. stocks were set to open higher Tuesday ahead of new reports on services, home sales and manufacturing, and following announcements of job cuts.Source: Business and financial news - CNNMoney.com | 6 Jan 2009 | 12:26 pm Indications: U.S. stock futures return to rising pathU.S. stock futures advanced Tuesday after a one-day hiatus, as traders hunted for signs that the deterioration in the world economy will abate.Source: MarketWatch.com - Top Stories | 6 Jan 2009 | 12:22 pm Retail sales seen falling despite deep discounts (Reuters)
Source: Yahoo! News: Business | 6 Jan 2009 | 12:13 pm Oil up to over $50 on Russia gas, MideastLONDON (Reuters) - Oil hit a one-month high above $50 a barrel on Tuesday as Israel's incursion into Gaza and a dispute between Russia and Ukraine over natural gas heightened concern about supply disruptions.Source: Reuters: Business News | 6 Jan 2009 | 12:10 pm No end in sight for Russia gas disputeRead full story for latest details.Source: Business and financial news - CNNMoney.com | 6 Jan 2009 | 12:09 pm Economic Report: December euro-zone inflation falls below ECB targetConsumer-price inflation continued to slow across the 15-nation euro zone last month, sending the annual CPI below the European Central Bank’s target rate of near but just below 2% for the first time since August 2007, according to a preliminary estimate by the statistics agency Eurostat.Source: MarketWatch.com - Top Stories | 6 Jan 2009 | 12:09 pm Tech companies will stick to safe deals in '09SAN FRANCISCO (Reuters) - Technology companies may have wooed rivals with alluring, pricey buyout offers in 2008, but this year, nothing says sexy like safe deal-making.Source: Reuters: Business News | 6 Jan 2009 | 12:04 pm Air India sacks nine overweight hostessesIndia's state-run carrier Air India dismisses nine hostesses who had earlier been grounded for being overweight.Source: BBC News | Business | World Edition | 6 Jan 2009 | 12:02 pm European stocks lifted by retailers, automakers (AP)
Source: Yahoo! News: Stock Markets News | 6 Jan 2009 | 12:00 pm The Powerful Case For $1 Gas
The widely held impression that gas is tied to the price of oil is not entirely true. The cost of refining and shipping gas varies from region to region. Some refiners make more money on diesel fuel and devote more of their capacity to that and to oil by-products used by industry and heating. In these areas, supply of gasoline suffers. It is fair to say that the prices of gas and oil do come relatively close to tracking one another. Oil at $130 does not yield gas prices at $1.75. The cost of a gallon of gas is 40% of what it was this summer. Oil is down much more, trading at about 30% of its mid-year peak. Oil has been moving up over the last week because of the trouble in Gaza. Some analysts think that the military conflict there coupled with trouble in Nigeria and more tightening by OPEC could take crude back toward $70. The case that oil is going to $20 is nearly as compelling. It has been clear for two or three weeks that the recession will be much worse than many people wanted to believe and that it will span the globe. Fast-growing economies such as those in China and India are not being spared as their economies contract.. Factory output in the world's most populous country is down and exports are falling. China could enter a recession and have negative quarterly growth in the first or second quarter of this year. Data out of Russia and India show that those big emerging economies are no better off than the EU or US. It would be a mistake to underestimate how much the demand for crude could fall, and fall quickly, if the need for fuel drops sharply in Europe, Asia, and America simultaneously. If the plunge in demand is spread across most industries and the use of gasoline, diesel, fuel oil and industrial by-products all collapse at the same time, OPEC many find it hard to chop supply fast enough. Since OPEC only represents 40% of the world's oil production, there is no guarantee that it can completely control pricing. Recent data from Gallup indicates that people are not driving much more with gas at $1.70 than they were when it was at $4. Most families with a car or two have already realized that the economy is getting much worse. People are worried about jobs. Work and paying the mortgage trump going for a drive unless they are driving to work. Car pooling is increasing even though the American love of independence on the road alone in a car has been part of our national character since Henry Ford gave us this tool. If problems in the Middle East are resolved fairly peacefully and other regions which produce oil can avoid significant turmoil, oil should dive back toward $30. Oil prices are up 25% over the last two weeks. This rise in oil prices has encouraged some analysts to forecast that gas prices could go up 20 or 30 cents in the near future.. The case for lower gas prices is a simple case. The recession could move unemployment in the US to 11% or more. It could cut corporate earnings for several quarters. Air traffic could drop and with it jet fuel demand. Many companies could cut back on trucking. Gas will move to $1 because things will get so bad that it can't stay higher, for better or for worse. Douglas A. McIntyre Source: 24/7 Wall St. | 6 Jan 2009 | 12:00 pm Buying their dream homes - even nowFrom California to D.C., falling home prices and cheaper mortgage rates are making dream homes possible.Source: Business and financial news - CNNMoney.com | 6 Jan 2009 | 11:49 am Early Bird Technology Analyst Upgrades & Downgrades (AAPL, GOOG, ELX, ISIL, ITRI, GRMN)
Jon C. Ogg Source: 24/7 Wall St. | 6 Jan 2009 | 11:47 am Logitech to slash jobs, withdraws targetsZURICH (Reuters) - Logitech International SA , the world's largest computer mouse maker, said it plans to cut 15 percent of its salaried workforce and withdrew its fiscal 2009 financial targets, citing deepening global recession.Source: Reuters: Business News | 6 Jan 2009 | 11:38 am Logitech to slash jobs, withdraws targets (Reuters)
Source: Yahoo! News: Business | 6 Jan 2009 | 11:38 am Pressure risingRussia ups ante in bitter gas dispute with UkraineSource: BBC News | Business | World Edition | 6 Jan 2009 | 11:36 am Eurozone inflation tumblesEurozone inflation dropped to its lowest level in more than two years as economic activity crumbled at the end of last yearSource: Financial Times - US homepage | 6 Jan 2009 | 11:32 am Euro weakens on rate cut evidenceThe euro weakens against the pound and the US dollar as data suggests that a eurozone interest rate cut next week is likely.Source: BBC News | Business | World Edition | 6 Jan 2009 | 11:30 am Auto sales plunge again in DecemberFord Motor and Toyota Motor both reported December sales declines of more than 30% Monday, capping the industry's worst year since 1992.Source: Business and financial news - CNNMoney.com | 6 Jan 2009 | 11:29 am How volatility breeds opportunityYou'll have to forgive Jeffrey Saut if he savors 2008 a little longer than the rest of us.Source: Business and financial news - CNNMoney.com | 6 Jan 2009 | 11:29 am Cigna to cut 1,100 jobsRead full story for latest details.Source: Business and financial news - CNNMoney.com | 6 Jan 2009 | 11:24 am Services sector raises fears over UK employmentBritain's services sector, which accounts for about two thirds of the economy, recorded its worst-ever performance over 2008 as activity continued to slow and companies forecast the steepest fall in employment in nearly 13 years.Source: Latest Business News from Times Online | 6 Jan 2009 | 11:21 am Does Saving Money Kill The Economy?
According to The Wall Street Journal, in a recession, increased saving -- or its flip side, decreased spending -- can exacerbate the economy's woes. It's what economists call the "paradox of thrift." The flaw of looking at savings as undercutting spending and deepening a recession is that it looks at the beginning of the down cycle and not what helps bring about the end. As prices of everything from cars to housing fall, the money which has been taken out of wages and put into savings to reduce credit balances is available for purchases. Items get so inexpensive that consumers are drawn back into the market. But, drawing them in depends on their ability to capitalize on weak demand and falling prices. A tax cut and stimulus package will increase that ability geometrically. The trend toward savings may be bad this year, but it may be a salvation in 2010. Douglas A. McIntyre Source: 24/7 Wall St. | 6 Jan 2009 | 11:19 am E*TRADE Files To Raise Cash (ETFC)
The classification of this filing is a "Large Accelerated Filer" status. Again, no size was mentioned but the company noted that its authorized capital stock consists of 1,200,000,000 shares of common stock and 1,000,000 shares of preferred stock with its current outstanding shares as 563,523,086 common shares. The company listed its use of proceeds as for working capital and general corporate purposes, including funding operations and financing capital expenditures. No underwriters are mentioned in the filing, although that is normal for automatic shelf registrations. Shares closed at $1.31 yesterday, and its 52-week trading range is $0.79 to $5.48.
Jon C. Ogg Source: 24/7 Wall St. | 6 Jan 2009 | 11:18 am 7% Unemployment Expected Friday... 8.5% By June?This week will reveal the economy's tolerance for pain. Investors will find out the official unemployment rate finished for 2008. The consensus estimates from both Dow Jones and Bloomberg show a 7.0% unemployment rate and a loss of roughly 500,000 jobs. Unfortunately, this may just be a speed-bump on the way to 8.5%. Last month's reports showed a loss of 533,000 in non-farm payrolls in November with an unemployment rate of 6.7%. Before you get too excited that the 500,000 expected for this month would be a slower loss, keep in mind that most companies that were firing or laying off workers did their cuts before December. That means that the real drop will come next month after the retail and temporary year-end workers are sent packing. Maybe that will mark the end or maybe not. We have to get through one more round of monthly data before assigning any more guesses for a month out, and we'll also start to get all of the post-earnings announcements during the next two to three weeks. So our guess is that you will see an increase in the jobs losses. If we see too many more months of 500,000 jobs destroyed then it is not going to take too long to reach 8.5% unemployment. Our hope for this to not occur would be that corporations begin to slow down on their layoffs with at least a wait-and-see attitude. The Obama administration is not yet in office and no stimulus packages have been enacted besides the financial bailouts. But if you read the corporate outlook reports, it might be a blessing if we only see 8%. Much of this data is also going to be dependent upon Thursday's weekly jobless claims. That number is expected to come in at roughly 540,000 for the month. It will also start to give an indication for the coming January data more than Friday's data for December. Regardless of what the data reads, get ready for more media headlines calling multi-year highs in unemployment.
Jon C. Ogg Source: 24/7 Wall St. | 6 Jan 2009 | 11:11 am Euro inflation hits two-year lowInflation in the eurozone falls more than expected to 1.6% in December, which is the lowest level for 26 months.Source: BBC News | Business | World Edition | 6 Jan 2009 | 11:03 am A Recession Hallmark: Dumping CEOs At A Breathtaking Pace (AB)(TSN)(BGP)
Over the course of the last 24-hours, the heads of Borders Group (BGP) and Tyson Foods (TSN) were sacked. Two weeks ago, the CEO of AllianceBernstein (AB) was one in a long line of financial company chiefs to be pushed out. Is there any real value to firing most of these people? Many executives brought in to replace a CEO the board has dumped probably need three to six months to find out how the company runs and which managers are competent. Some of the new chief executives are the wrong choices. That leaves many companies with one CEO gone and another who is a boob. In the meantime, the recession may have beat the firm up more, and the time to fix the problems which have to be fixed to save the place may have passed. Most of the CEO-during-a-recession issue rest with boards. Bad performance means someone is at fault. The top guy is a good target. But, moving in someone new is not always a solution. Borders Group sells books, mostly though retail outlets. People don't go to bookstore much anymore. They get their books online or spend their time playing video games and don't read at all. The head of AllianceBerstein had been at the company for 40 years. He was replaced by an executive from Merrill Lynch who was probably about to be fired. If a company has problems driven by the markets and not management, replacing a CEO just digs a deeper hole. Douglas A. McIntyre Source: 24/7 Wall St. | 6 Jan 2009 | 11:03 am Sales fall at Next and DebenhamsNext and Debenhams see sales fall over the Christmas period, as a survey puts UK consumer confidence at a new low.Source: BBC News | Business | World Edition | 6 Jan 2009 | 10:46 am Venezuela suspends US fuel aidVenezuela's US-based oil subsidiary is halting a programme to provide cheap heating oil to low-income communities in the US.Source: BBC News | Business | World Edition | 6 Jan 2009 | 10:43 am Toyota orders 11-day output halt as sales slumpTOKYO (Reuters) - Toyota Motor Corp is to halt production at its Japanese plants for 11 days in February and March as a sharp slide in U.S. sales has left dealers' lots full of unsold cars.Source: Reuters: Business News | 6 Jan 2009 | 10:43 am Hong Kong's key stock index falls 0.4 percent (AP)AP - Hong Kong shares fell modestly Tuesday, as investors sold Chinese telecom companies that had gained recently after Beijing approved next-generation mobile licenses.Source: Yahoo! News: Business | 6 Jan 2009 | 10:37 am Hong Kong's key stock index falls 0.4 percent (AP)AP - Hong Kong shares fell modestly Tuesday, as investors sold Chinese telecom companies that had gained recently after Beijing approved next-generation mobile licenses.Source: Yahoo! News: Stock Markets News | 6 Jan 2009 | 10:37 am Hyundai offers US buy back schemeSouth Korea's biggest carmaker, is offering an unprecedented incentive in the US market by offering to buy back vehicles from US customers who have recently lost jobsSource: Financial Times - US homepage | 6 Jan 2009 | 10:36 am Best Buy offers used iPhones at lower priceATLANTA (Reuters) - Retailer Best Buy Co, seeking new ways to appeal to cost-conscious shoppers, said on Tuesday it is selling refurbished versions of Apple Inc's iPhone 3G at its stores that are priced about $50 less than new iPhones.Source: Reuters: Business News | 6 Jan 2009 | 10:29 am British house prices fell by record amount in 2008 (AP)AP - British house prices fell by their biggest annual amount in at least 56 years during 2008 as credit seized up and incentives to enter the market evaporated amid sliding home values, a leading mortgage lender said Tuesday.Source: Yahoo! News: Business | 6 Jan 2009 | 10:19 am Areva wins Niger uranium licenceFrench nuclear energy group Areva is awarded a licence to build and operate a uranium mine in Niger.Source: BBC News | Business | World Edition | 6 Jan 2009 | 10:13 am Israeli troops killed by 'friendly fire'Israeli troops fighting in the Hamas-controlled Gaza Strip suffered their first setback, when three soldiers were killed and 20 more wounded by 'friendly fire' from an Israeli tankSource: Financial Times - US homepage | 6 Jan 2009 | 9:44 am London shares rise (AFP)
Source: Yahoo! News: Stock Markets News | 6 Jan 2009 | 9:35 am Aer Lingus cool on Ryanair offerShareholders in Irish flag carrier Aer Lingus show little appetite for a Ryanair takeover.Source: BBC News | Business | World Edition | 6 Jan 2009 | 9:20 am Japan stocks rise on weaker yen, US stimulus plan (AP)AP - Japanese stocks rose Tuesday as investors turned upbeat on President-elect Barack Obama's proposed economic stimulus package, and exporters got a boost from a weaker yen.Source: Yahoo! News: Stock Markets News | 6 Jan 2009 | 8:26 am Retailers surge as profits survive sales plungeShares in Debenhams and Next soared this morning as both retailers gave upbeat forecasts on profits despite reporting a decline in sales in the crucial Christmas shopping season.Source: Latest Business News from Times Online | 6 Jan 2009 | 8:11 am Logitech to cut 15% of workforceZURICH, January 6 Logitech, the world's largest computer mouse maker, said it planned to cut 15 per cent of its workforce and withdrew its fiscal 2009 financial targets, citing deepening global recession...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2009 | 8:06 am Next offers some cheer to battered retail sectorNext brought some cheer to the retail sector on Tuesday as the fashion retailer said Christmas trading had been within its expectations and reaffirmed its profit forecasts for its financial year, which...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2009 | 8:00 am Gasoline prices riseThe U.S. average climbs for the first time since Sept. 15. California sees its third straight weekly increase. ...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2009 | 8:00 am Regulators 'failed miserably' in Madoff case, lawmakers chargeProsecutors complain the former money manager violated terms of his bail by giving expensive items away. Lawmakers...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2009 | 8:00 am Don Corsini takes KTLA postHe spent 12 years as general manager of KCBS, including 61/2 years also leading KCAL, before stepping down when his contract expired last week. ...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2009 | 8:00 am Stocks pull back after last week's rallyThe Dow falls 0.9% to 8,952.89, the Standard & Poor's 500 index declines 0.5% to 927.45 and the Nasdaq drops 0.3% to 1,628.03. ...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2009 | 8:00 am Televisa-Univision court clash could alter landscape of Spanish-language TVDominant telenovela producer Televisa wants out of its contract with powerful Univision. A real-life soap opera...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2009 | 8:00 am The prognosis for Apple's Steve Jobs: continuing conjectureThe cancer survivor tells worried fans and investors that a hormone imbalance has caused his weight loss. Apple...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2009 | 8:00 am CDR, at root of Richardson probe, is no stranger to suitsThe Beverly Hills financial advisory firm is facing several claims of receiving kickbacks. The Beverly Hills financial...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2009 | 8:00 am Lionsgate to acquire TV Guide Network and TVGuide.comThe studio will pay $255 million in a surprise move that derails a previously announced deal. In a surprise move,...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2009 | 8:00 am House prices fell by record 15.9% in 2008House prices plunged by 15.9 per cent during 2008, the biggest annual drop on record, and are set to fall even further over the coming 12 months.Source: Latest Business News from Times Online | 6 Jan 2009 | 7:30 am Australian stocks: Market closes in the blackPERTH - The Australian sharemarket closed firmly in the black with gains across all sectors, except for healthcare. The benchmark S&P/ASX200 index was up 55.7 points, or 1.51 per cent, at 3,742.7 while the broader All Ordinaries...Source: New Zealand Herald - Business | 6 Jan 2009 | 6:59 am Toyota factories face days of closureToyota, the Japanese car giant, has been forced into suspending production at a number of factories in the face of chilling economic data, the strong yen and rapidly collapsing global car markets.Source: Latest Business News from Times Online | 6 Jan 2009 | 6:38 am NZ stocks: Market up 1.4pc in light tradeFor a third trading day the New Zealand sharemarket gained more than 1 per cent, suggesting that at least some investors see reason to hope the new year will be better than 2008. With markets in Japan and Australia also showing...Source: New Zealand Herald - Business | 6 Jan 2009 | 6:09 am Currency: Dollar climbs against greenbackThe New Zealand dollar remained in a tight range close to an 18-day high against the greenback, with firmer stock markets and commodities supporting the currency. By 5pm the kiwi was buying US58.79c, having ranged between about...Source: New Zealand Herald - Business | 6 Jan 2009 | 5:26 am Toyota to shut car plants for 11 daysJapan's largest carmaker said it would halt production at most of its domestic plants over an additional 11 days in February and March, highlighting the impact of the relentless decline in global demandSource: Financial Times - US homepage | 6 Jan 2009 | 2:42 am Goodman Property renews $900m funding facilityGoodman Property Trust says it has completed a refinancing programme with the renewal of more than $900 million of debt funding facilities. All the main debt facility had been renewed, the NZX-listed industrial and business property...Source: New Zealand Herald - Business | 6 Jan 2009 | 2:30 am Prosecutors seek to jail MadoffNEW YORK/WASHINGTON (Reuters) - U.S. prosecutors asked a judge to jail accused swindler Bernard Madoff on Monday, saying he sent jewelry and other items worth more than $1 million to family and friends in violation of his bail.Source: Reuters: Business News | 6 Jan 2009 | 2:13 am Business Briefs - MondayNetflix, best known for its online DVD rental service, has teamed up with LG Electronics to embed its streaming video service directly in TV sets...Source: Investor's Business Daily: BUSINESS | 6 Jan 2009 | 1:24 am After The Close - MondayENDO PHARMACEUTICALS (ENDP), a drug developer, will pay $370 mil, or $4.50 a share, for Indevus Pharmaceuticals (IDEV). The deal also could...Source: Investor's Business Daily: BUSINESS | 6 Jan 2009 | 1:24 am Biotech Firm Sticks To Its Work While Drug Giant Roche CirclesLast summer, Genentech rejected Swiss drug maker Roche Holding's $43.7 billion offer to buy the company. The $89-a-share bid was too low, the...Source: Investor's Business Daily: BUSINESS | 6 Jan 2009 | 1:24 am In Brief - MondayPepco Holdings (POM), an electric and gas provider, signed a 5-year contract worth up to $5 bil with the Energy Dept. It rose 1% to 18.42.Source: Investor's Business Daily: BUSINESS | 6 Jan 2009 | 1:24 am Trends & Innovations - MondayBudget-conscious cut out gadgetsSource: Investor's Business Daily: BUSINESS | 6 Jan 2009 | 1:24 am Investors deserted NZX in 2008The total value of trading on the New Zealand sharemarket in 2008 was 18 per cent down on 2007 to $28 billion, figures from operator NZX show. As markets around the globe were confronted with the worst financial turmoil in decades,...Source: New Zealand Herald - Business | 6 Jan 2009 | 1:00 am Prosecutors seek to jail Madoff (Reuters)
Source: Yahoo! News: Business | 6 Jan 2009 | 12:55 am Judge urged to put Madoff in jailUS prosecutors asked a federal judge to jail Bernard Madoff pending his trial, saying he violated a court order by transferring more than $1m of valuables from his Manhattan apartmentSource: Financial Times - US homepage | 6 Jan 2009 | 12:39 am Christmas sales nothing to cheer about at WarehouseSales at The Warehouse Group for the period covering Christmas were down 2.5 per cent from the same time last year, as customers showed caution in a faltering economy. Same store sales for the 10 weeks ended January 4 were 1.9...Source: New Zealand Herald - Business | 6 Jan 2009 | 12:30 am Veteran McCann quits Merrill LynchThe head of the Merrill Lynch's 'thundering herd' of 16,000 financial advisers has worked at the group since 1982Source: Financial Times - US homepage | 6 Jan 2009 | 12:28 am Barack Obama gets to work on 'very sick' US economyBarack Obama began work in earnest yesterday, twisting arms and stroking egos in Congress to garner support for a planned $775 billion ($£525 billion) recovery plan for an economy that he described as “very sick”.Source: Latest Business News from Times Online | 6 Jan 2009 | 12:00 am Hard times spark falling-out of partners in leading law firmsOnce regarded as secure for life, partners in Britain's leading law firms are now being presented with a stark choice: prove your worth or leave. Almost 2,000 of them could go.Source: Latest Business News from Times Online | 6 Jan 2009 | 12:00 am FSA calls end to ban on short-selling of financial stockThe ban on the short-selling of shares that was introduced to protect Britain's banks is to be lifted.Source: Latest Business News from Times Online | 6 Jan 2009 | 12:00 am Gordon Brown and David Cameron clash over who has best lifeline for saversHelp for savers was on the way last night after a Conservative pledge to scrap tax for investors on modest incomes was followed by hints of government measures to come in the Budget.Source: Latest Business News from Times Online | 6 Jan 2009 | 12:00 am Sketch: Blitz of Angry Dave heralds start of a long year in politicsNew year, new Dave. The man was bursting with a frantic and almost hysterical energy yesterday as he marked the beginning of 2009 with what can only be called a Dave blitz.Source: Latest Business News from Times Online | 6 Jan 2009 | 12:00 am EU fears supply cuts as Russian gas row heats upEuropean gas supplies are set to suffer further disruption after the payment dispute between Russia and Ukraine worsened yesterday when Vladimir Putin ordered further cuts to punish Kiev.Source: Latest Business News from Times Online | 6 Jan 2009 | 12:00 am Dow Jones man to head up Lonely PlanetTravel guide publisher Lonely Planet has a new CEO. Matthew Goldberg joins Lonely Planet from Dow Jones, where he was Senior Vice President, Digital Strategy and Operations. In that role, he led business operations at the Wall...Source: New Zealand Herald - Business | 6 Jan 2009 | 12:00 am Waterford Wedgwood calls in receiversIreland's Waterford Wedgwood, whose luxury tableware was once a mainstay of wedding gift lists worldwide, has called in the receivers. The heavily indebted maker of Waterford crystal, one of Ireland's most famous brands, also asked...Source: New Zealand Herald - Business | 5 Jan 2009 | 11:30 pm Auto sales hit fresh lows in DecemberGeneral Motors, Toyota, Ford and Honda all reported declines of more than 30 per cent in the US while car sales in Japan dropped 22 per cent to the lowest December level on recordSource: Financial Times - US homepage | 5 Jan 2009 | 11:10 pm Sad end to once-mighty WoolworthsBritish shoppers are picking at the remains of Woolworths, formerly one of the UK's most successful retailers. However, over the past 12 months, the High St retailer has fallen victim to the global financial crisis. Shoppers...Source: New Zealand Herald - Business | 5 Jan 2009 | 11:00 pm NZ stocks: Small early gains for sharemarketThe New Zealand sharemarket made small gains in early trading, despite weakness on Wall Street. An early 7c rise in Fletcher Building stocks to 588, on top of a 7c gain yesterday, help lift the local market, along with a 20c rise...Source: New Zealand Herald - Business | 5 Jan 2009 | 10:35 pm Volatility Index Falls 0.3% to Close at 39.08Source: Bloomberg - All Podcasts | 5 Jan 2009 | 10:22 pm Moody's Lonski Says U.S. Unemployment Rate Will Peak at 8.5%Source: Bloomberg - All Podcasts | 5 Jan 2009 | 10:18 pm Hear: If FDR Had Done NothingToday on Planet Money: With the incoming Obama administration planning a $700 billion economic stimulus, the question now is whether a wave of government spending will revive the economy. For answers, we turn to the example of President Franklin Delano Roosevelt. If you're like me, you first encountered FDR in history class as the hero of the Great Depression. Lately, though, some people have renewed debate over whether FDR and the New Deal saved America or made matters worse. We'll start with historian Eric Rauchway, who considers a world in which FDR had done nothing. Bonus: Rauchway's got a blog and a new book, The Great Depression and the New Deal: A Very Short Introduction. Download the podcast; or subscribe. Intro music: Paramore's "I Caught Myself." Find us: Twitter/ Facebook/ Flickr. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Jan 2009 | 9:48 pm Frankel Says Currency Crisis `Second Fiddle' to Economic CrisisSource: Bloomberg - All Podcasts | 5 Jan 2009 | 9:43 pm Invest in Green Tech, Get a Free Hybrid!
Need a great excuse to invest in green energy? Need a new Lexus hybrid? Solutions 4 Solar Finance (S4SF) has got you covered! In addition to and ROI of 8%-13%, for a limited time they’re sweetening the deal with a free loaded Lexus 400h AWD Luxury Hybrid SUV worth over $50K! Sign me up! Oh wait… here’s the fine print:
Approximately. Give or take. S4SF’s Jeff Donahue says they “needed to offer a huge incentive to increase awareness of our fantastic investment opportunity.” And that they are “offering the most outrageous incentive that we can.” Not really. But what they are doing is getting the story about their investment opportunity out there in an outrageous manner. What journalist can resist the lure of the free hybrid hook? So let’s play along, shall we? The Solar Leasing Biz Leasing provides an affordable option for residential and small business clients to install solar energy technology. Investors become lessors on residential and/or commercial solar electric (photovoltaic) systems, which are ’sold’ as operating leases - providing tax shelter under the 30% Federal Investment Tax Credit and accelerated depreciation. Win-win. Jeff Donahue describes the investment:
Free, when you spend a million bucks. Nice. Gotta love good marketing. Source: Business Pundit | 5 Jan 2009 | 8:56 pm MF Global's Kilduff Says Gaza Fighting Will Affect Oil PricingSource: Bloomberg - All Podcasts | 5 Jan 2009 | 8:54 pm You've Got MailleBen Hatke, an illustrator, sent this over today. He first posted it back in October, with the idea that fashion might become a silver lining. Me, I'm holding out for a Great Recession t-shirt. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Jan 2009 | 8:52 pm 'Not A Tax Cut!'Economist Russell Roberts battled his way through our Friday podcast, arguing against a federal stimulus package to revive the economy. Now Roberts is back, on his own blog, where he tees off on President-elect Barack Obama's proposed tax cuts. Roberts writes: "[A]n increase in spending coupled with lower tax collections is an INCREASE in taxes. AN INCREASE in taxes. NOT A TAX CUT. If I spend more money and collect less, the government is promising to collect more taxes in the future. It is not a tax cut. Not a tax cut. Not a tax cut. And when you don't cut rates but rather give people a lump sum of $500, there are no incentive effects other than to increase the probability that the US Treasury will be unable to honor its obligations in the future." » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 5 Jan 2009 | 8:34 pm Quantity Is Job 1Ford Motor Co. reported December sales were off more than 32 percent, year over year, a decline on par with drops at General Motors Corp., Toyota Motor Corp. and Honda Motor Co.Ford said in a news release that December individual vehicle sales fell 27 percent, and fleet sales were down 42 percent, across Ford, Lincoln and Mercury brands. For the full year, sales decreased 20 percent overall. Nonetheless, the automaker saw its market share increase by 0.7 percent over the month, to an estimated 14.6 percent, driven by strong sales for its new F-150 pickup truck. Ford estimated its full-year market share at 15 percent. Toyota, which bases its motor engineering and manufacturing operation in Erlanger, saw an even bigger drop in December. Toyota’s sales fell 37 percent during the month, according to MSNBC.com, and 16 percent for 2008. Honda saw its December sales plummet by 35 percent, and registered an 8 percent decline for the year. Honda of America Manufacturing Inc., in Marysville, Ohio, runs five production and assembly plants in Ohio and recently opened an assembly plant in Indiana. General Motors’ December sales were down 31.4 percent, according to MSNBC.com. G.M. and other automakers are expected to report full-year sales later Monday.Related Links Ugh, What a Feeling, Toyota Then There Were None The Drive to Save Detroit Source: Portfolio.com: Top 5 | 5 Jan 2009 | 8:30 pm As Goes Real Estate . . .The smart folks at Calculated Risk take a look this week at the connection between unemployment and sales of new homes. Typically, new home sales bottom out during a recession and then start growing at least three months before the worst is over. Unemployment, on the other hand, can peak as late as a year after the recession ends. That makes sense, because companies start hiring once they feel confident that business will keep growing. So far, so good, right? Calculated Risk says this is not your typical recession. Right now, we've still got falling home sales and rising unemployment. What we'll have next, they write, could be anyone's guess. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Jan 2009 | 8:08 pm The problems with a fiscal stimulusAs Congressional leaders meet to discuss Obama's new stimulus package, many people are questioning what should be included. But commentator Tyler Cowen questions whether a fiscal stimulus is the best way out of a bad economy.Source: Marketplace | 5 Jan 2009 | 7:05 pm Cooking For The RecessionI've got the recession on my mind today -- and so, apparently, do any number of you. Twitter pal @olevia sends this bit about the ways in which recessions tend to make us healthier. Meanwhile, Claire in Northern California reports that her husband's talking about a possible pay cut. She says the same thing we always say at my house -- break out the rice and beans. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Jan 2009 | 6:59 pm Madoff, and How He Can Benefit American Culture
From the Financial Times: Large Wall Street firms privately harboured suspicions about Bernard Madoff’s investment business, in some cases steering clients away from dealing with him, but were reluctant to share their concerns with regulators, according to US bankers. Banks were sceptical that Mr Madoff could deliver the consistently high returns that he reported, and they were also put off by a lack of transparency at his investment firm. For these reasons, big Wall Street firms are notably absent from the long list of victims of Mr Madoff’s alleged Ponzi scheme. Two years ago, an internal Merrill report drawn up in connection with Merrill’s European fund of funds group, concluded the group should not deal with Mr Madoff, the financial adviser said. “We had a red light on doing business with him. There was no transparency.” However, a fear of alienating clients who had invested with Mr Madoff prevented many Merrill executives from voicing their concerns too loudly. “You sell your product but you don’t bad-mouth others. You don’t say bad things about Bernie Madoff. That is where you cross the line,” one former Merrill staffer recalled being told by a senior executive. You’d think that Merrill exec was a button man for John Gotti. Nothing of the sort…he was merely perpetuating the hush-hush culture that played no small role in Wall Street’s sinking ship. Think about what that one statement–You sell your product but you don’t bad-mouth others. You don’t say bad things about Bernie Madoff. That is where you cross the line–means to different people: The staffer: If I don’t do what the boss says, I lose my own shirt. If investments are a bubble, then the tight-lipped behavior mentioned above makes up the bubble’s walls. There is a truth at the core of the bubble–emptiness, or temporariness–and an enticing, attractive, or otherwise deceptive story around the truth. That story allows the bubble to expand. The people willing to perpetuate the story might not be the guilty ones, but they sure keep the bubble afloat. In that sense, everyone was complicit: Investors, financial-world functionaries, executives, the media. People have become far more cynical, and with good reason. Indeed, while that cynicism flies in the face of the optimism Americans have practically branded as their own, I believe it is also part of a healthy adjustment. The ideal outcome? Our faith in institutions won’t be as blind. Our faith in the benefit of own powers of discernment, whether they emerge through social networking, media, or personal commitment, will be solidified. The system will strike a balance. I would like to say that only time will tell, but I’m fed up with the passive approach. Instead, I will say: I have a new approach to business and government. It is one in which my eyes and ears are open. Source: Business Pundit | 5 Jan 2009 | 6:45 pm Eating green saves workplace greenHaving a salad instead of a cheeseburger for lunch is a choice some companies want their employees to make. To promote healthy living and save money, companies are subsidizing the costs of more nutritious meals. Shia Levitt reports.Source: Marketplace | 5 Jan 2009 | 6:05 pm When people cheat on Wall StreetDoes endlessly hearing about the likes of Bernie Madoff affect everyone else's sense of right and wrong? Kai Ryssdal speaks with behavioral economist Dan Ariely, who's been doing some research into that topic.Source: Marketplace | 5 Jan 2009 | 6:05 pm Panel questions how SEC missed MadoffThe Securities and Exchange Commission came under scrutiny today at a hearing of a House committee exploring how Bernard Madoff got away with his Ponzi scheme, even after the SEC had been warned about him. Nancy Marshall Genzer reports.Source: Marketplace | 5 Jan 2009 | 6:05 pm Laws do little to curtail sex slaveryOf all the slaves in the world, about 4% are sex slaves. Yet, they account for an estimated 40% of all slave-trade profits. Kai Ryssdal takes a look at the problem with Siddarth Kara, who has written a book about the business of sex trafficking.Source: Marketplace | 5 Jan 2009 | 6:05 pm Slumping automakers spend less on adsAutomakers facing continued slow sales are expected to spend less on advertising in 2009. That's going to cause problems for the ad industry, which relies on car companies as its biggest customers. Ashley Milne-Tyte reports.Source: Marketplace | 5 Jan 2009 | 6:05 pm Property taxes on the riseHome values may be falling, but property taxes are up. As Jeremy Hobson reports, the rise in taxes has some angry homeowners calling for a cap.Source: Marketplace | 5 Jan 2009 | 6:04 pm Obama's stimulus plan seeks tax cutsPresident-elect Barack Obama made the rounds on Capitol Hill today to drum up support for his $750 billion stimulus package. The plan contains a big change from earlier proposals -- a call for $300 billion in tax cuts. John Dimsdale reports.Source: Marketplace | 5 Jan 2009 | 6:04 pm Woo Says Obama's Stimulus Plan Will Boost Economy, Not DollarSource: Bloomberg - All Podcasts | 5 Jan 2009 | 5:42 pm Former SEC Head Levitt Says Agency Needs `Major Overhaul'Source: Bloomberg - All Podcasts | 5 Jan 2009 | 5:41 pm Aquamarine's Spier Sees `Incredible Bargains' in EquitiesSource: Bloomberg - All Podcasts | 5 Jan 2009 | 4:45 pm Randolph Sees Oil Prices Dipping Below $30 a Barrel in 2009Source: Bloomberg - All Podcasts | 5 Jan 2009 | 4:44 pm Alpine Mutual's Hunt Says Lower Oil Prices Will Spur DemandSource: Bloomberg - All Podcasts | 5 Jan 2009 | 4:42 pm Milligan Says Obama's Tax Cut Plan Is Step in Right DirectionSource: Bloomberg - All Podcasts | 5 Jan 2009 | 4:40 pm Recession AttirePam Olson sends this "3 Suits for the Price of 1!" ad from Centerville, Ohio. Pam says: Look what came in the mail last weekend! Thought you might want to add this to your list of indicators. If you had a job, a job where you needed to wear a suit, these deflationary times have got you covered! (See the ad after the jump.) 
A suit for these times. Pam OlsonSource: NPR Blogs: Planet Money | 5 Jan 2009 | 4:25 pm The Layoff GuaranteeWith economists expecting really, really bad numbers on job losses this week, Hyundai's offering a deal: Buy or lease a car, and if you lose your income, the dealership will take the car back. Among the asterisks: The offer's good for up to $7,500 of what you owe. (Thanks, Shannon and Aimee.) » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Jan 2009 | 4:19 pm Chinese Store Offers Discount for Throwing Shoe at BushFrom Ananova: A Chinese shop is giving discounts to customers who hit an image of George Bush by throwing shoes. Customers hitting zones A-D can receive a discount from 20% to 50% off at the store in Wenzhou. The activity, with a slogan “Hitting for world fame and good fortune”, was so popular among shoppers that the store had to call police to maintain order. During the first 30 minutes of the special promotion they sold 64 pairs of shoes and earned more £1,000. Several hundred pairs of shoes were sold on the second day. Now there’s an idea that could take off. Source: Business Pundit | 5 Jan 2009 | 3:21 pm Open Thread: New World Now?Michael Lewis and David Einhorn have fired up a major op-ed in the New York Times: "The End of the Financial World as We Know It." It's long. Pour yourself a cup of coffee and dig in -- I want to know what you think of it. Here's the opening: Americans enter the New Year in a strange new role: financial lunatics. We've been viewed by the wider world with mistrust and suspicion on other matters, but on the subject of money even our harshest critics have been inclined to believe that we knew what we were doing. They watched our investment bankers and emulated them: for a long time now half the planet's college graduates seemed to want nothing more out of life than a job on Wall Street. This is one reason the collapse of our financial system has inspired not merely a national but a global crisis of confidence. Good God, the world seems to be saying, if they don't know what they are doing with money, who does? » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Jan 2009 | 2:25 pm Sticky WindowsMicrosoft in 2009 will grapple with much of the same economic uncertainty as other companies in the Seattle region and around the world—with billions of dollars and thousands of jobs potentially hanging in the balance. The big question is how much the global financial turmoil will affect sales of Microsoft’s flagship PC and computer-server software, as other companies pull back on their technology spending to weather the storm. That, in turn, will determine how much Microsoft Corp. needs to cut its own budget. Microsoft said in October that it would reduce planned spending by as much as $500 million in the current fiscal year, ending June 30. Some Wall Street analysts have since cut their earnings projections for the company. The full near-term impact may not be known until Microsoft announces quarterly earnings January 22. But the economy is far from the only challenge facing the Redmond company. These are some of the key issues worth watching at Microsoft in the coming year. JOB CUTS? Microsoft CEO Steve Ballmer said in November that employment growth would be much slower this fiscal year and probably next, but the company has declined to comment on the possibility of reducing its work force. If they were to occur, substantial layoffs would be unprecedented for the company. Microsoft continued to grow through the dot-com bust, albeit at a slower rate. Microsoft has ramped up its hiring significantly in recent years, now employing more than 94,000 people globally, including more than 40,000 in the Seattle area. Those numbers don’t include thousands of contract workers who work for the company under temporary employment agreements. Those contract positions could be among the most vulnerable if the company decides to cut back. INTERNET SEARCH: Microsoft has left the door open to the possibility of an internet search deal or partnership with Yahoo, following its unsuccessful attempt to acquire all of the Sunnyvale, Calif., company last year. Combining the Yahoo and Microsoft Live Search units would quickly give Microsoft nearly 30 percent of the U.S. internet search market, putting it in a stronger position to challenge Google. The question is whether the companies can come to terms. Microsoft has separately been exploring the possibility of a new brand for its search engine, and that could provide an alternative if a Yahoo deal doesn’t come through. In the broader online business, all eyes will be on Qi Lu, the former Yahoo executive who is taking over as the new president of Microsoft’s Online Services Business. How much of an impact can he make on the business, and how quickly? WINDOWS 7: The next version of Microsoft’s flagship PC operating system will give the company a chance to redeem itself following Windows Vista’s stumbles. Technical reviewers and others in the industry have responded favorably to Microsoft’s early previews of Windows 7, Windows Vista’s successor. Microsoft hasn’t given a date for Windows 7’s official debut, but there are signs that the company is aiming to release the new operating system in time for the 2009 holiday season. More details could come as soon as Jan. 7 at the Consumer Electronics Show in Las Vegas, where Ballmer will speak. Whenever it happens, the transition from Windows Vista to Windows 7 promises to be smoother than the one from XP to Vista, because the changes aren’t as radical. WINDOWS MOBILE: Microsoft’s operating system for mobile phones is facing an increasing challenge from the iPhone. Apple’s device gained traction in the past year as the company shifted to third-generation wireless technology and won fans by offering third-party software through the Apple App Store. The question in the coming year is how Microsoft will react. The company has said it will bring its Zune software to Windows Mobile devices, creating a stronger connection between the mobile operating system and its music initiatives. But taking on the iPhone — in addition to BlackBerry and Nokia devices—may require a more significant overhaul in Microsoft’s strategy in this area. WINDOWS AZURE: Microsoft last year unveiled plans for this new cloud-computing platform, which will let other companies and developers use Microsoft’s worldwide network of data centers to offer their own online services. Microsoft is competing heavily in this area with such companies as Google, Amazon.com and Salesforce.com, and one question in the coming year is whether any will emerge as the clear leader. Developers also will be looking to Microsoft for a more definitive rollout schedule and plans for the Azure platform. SERVER & TOOLS: This Microsoft division will provide an important gauge of the economy’s effect on the company. Such programs as Windows Server and the SQL Server database management software have made this unit a quiet financial stalwart, consistently posting steady growth in quarterly revenue and profits. But any cutbacks in corporate technology spending could be more noticeable in this division than in others that rely more heavily on consumer spending. VIDEO GAMES: Microsoft’s Xbox 360 game console appeared to benefit from earlier price cuts during the recent holiday season, strengthening its position against Sony’s higher-priced PlayStation 3 console. But the Nintendo Wii continues to dominate. For Microsoft’s video-game unit, the key challenges in the next year will be holding off Sony, chipping away at Nintendo’s lead, broadening the market for the Xbox 360, and boosting profits for the Entertainment & Devices Division. Nintendo is Trouncing Its Competitors Is Apple About to Have an Enterprise Moment? Microsoft Getting Tetchy About Vista Bashing Source: Portfolio.com: Top 5 | 5 Jan 2009 | 1:30 pm
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