|
|
|
|
Obama's choicesThe tough economic challenges facing the new presidentSource: BBC News | Business | World Edition | 18 Jan 2009 | 6:00 pm Oil boat and crew kidnapped in Nigeria, 1 deadOne person was killed when assailants kidnapped the crew of an oil-industry vessel in Nigeria's restive southern oil region, a security official said Sunday. Militants, meanwhile,...Source: RSS feed - channel BNewsBusiness | 18 Jan 2009 | 5:50 pm Fire rages at fuel depot in Indonesian capitalFirefighters battled a blaze at a major fuel storage depot in northern Jakarta Sunday that sent clouds of billowing black smoke into the sky, officials said. No one was believed to have...Source: RSS feed - channel BNewsBusiness | 18 Jan 2009 | 5:49 pm Britain to back $298B in debtRead full story for latest details.Source: Business and financial news - CNNMoney.com | 18 Jan 2009 | 5:47 pm Electric cars: Crucial but expensiveElectric cars have a big role to play in reducing the world's greenhouse gas emissions, but it's going to cost a lot, according to a new report. It could even push automakers into further trouble.Source: Business and financial news - CNNMoney.com | 18 Jan 2009 | 5:44 pm NewsWatch: Obama will face battered tech industry in 2009Barack Obama plans to name the nation's first-ever "chief technology officer," but the incoming president's devotion to tech issues might not help the industry weather a dismal climate in 2009.Source: MarketWatch.com - Top Stories | 18 Jan 2009 | 5:00 pm Where the jobs are - stillFriends, let's not sugarcoat it: This is an exceptionally lousy time to be looking for a job. We've all heard by now (repeatedly) that about 2 million of them vanished in 2008, more than 250,000 in the financial sector alone, and that hiring at most companies has slowed to a crawl or stopped altogether.Source: Business and financial news - CNNMoney.com | 18 Jan 2009 | 4:56 pm Brown to announce bank bail-outThe prime minister says he will announce a new banks rescue plan on Monday to encourage more lending.Source: BBC News | Business | World Edition | 18 Jan 2009 | 4:54 pm Taming inflated home appraisalsWashington policy makers have taken aim at one of the main contributing causes to the housing crisis: inflated appraisals.Source: Business and financial news - CNNMoney.com | 18 Jan 2009 | 4:53 pm Explosion at fuel depot in Indonesian capitalFirefighters were battling a blaze at a major fuel storage depot in northern Jakarta Sunday, officials said. No one is believed to have been hurt. It was unclear what started the fire,...Source: RSS feed - channel BNewsBusiness | 18 Jan 2009 | 4:45 pm Fireproof your jobWhen you read the latest blog postings about layoffs in your industry or hear about another colleague losing his job, do waves of anxiety wash over you? Well, you don't really need us to confirm that you've got good reason. The unemployment rate among college-educated workers has jumped 41% over the past year, with layoffs only expected to accelerate over the next few months.Source: Business and financial news - CNNMoney.com | 18 Jan 2009 | 4:45 pm Matalan sees Christmas sales riseDiscount fashion retailer Matalan defies the economic gloom by reporting a rise in its holiday season sales.Source: BBC News | Business | World Edition | 18 Jan 2009 | 4:42 pm Media: Brown to announce bank bailout plan MondayPrime Minister Gordon Brown said he will announce new measures Monday to help Britain's ailing banks weather the global financial storm, British media reported. Britain's Press...Source: RSS feed - channel BNewsBusiness | 18 Jan 2009 | 4:11 pm Ukraine, Russia reportedly reach deal on natural gasRussia and Ukraine say they’ve reached a deal to resume the distribution of natural gas to Europe, ending a dispute that has disrupted the gas flow for about two weeks, hampering economic activity and leaving some people unable to heat their homes.Source: MarketWatch.com - Top Stories | 18 Jan 2009 | 4:08 pm Oil price fall tipped to shrink inflationTumbling oil prices are expected to deliver a sharp fall in the inflation rate when the December consumers price index is released tomorrow. The median forecast among economists polled by Reuters last week was for a 0.4 per cent...Source: New Zealand Herald - Business | 18 Jan 2009 | 4:00 pm Brakes on A1GP corporate hospitalityThe New Zealand leg of the A1 Grand Prix is the latest sporting event to be hit by tough economic times as corporate hospitality numbers are expected to be 25 per cent down on last year. A1GP New Zealand chief executive Gary Dawson...Source: New Zealand Herald - Business | 18 Jan 2009 | 4:00 pm Retail stores close as job worries rein in spendingInsolvency experts expect more blood on the retail floor in the coming months as job security fears curb the consumer urge to splurge. The downturn in retail spending has already claimed the scalps of a number of retailers, with...Source: New Zealand Herald - Business | 18 Jan 2009 | 4:00 pm Car-lovers shrug off economic chillDETROIT - Thousands of people braved frigid temperatures and snow in downtown Detroit yesterday for the public opening of the North American International Auto Show, even though its glamour has dimmed in the shadow of a deepening...Source: New Zealand Herald - Business | 18 Jan 2009 | 4:00 pm Mike Moore: Momentum and confidence is criticalRemember the drama of the G20, the Top 20 industrialised nations, and their summit in Washington, DC, to address the need for concerted global action to address the economic crisis? Presidents and prime ministers triumphantly agreed...Source: New Zealand Herald - Business | 18 Jan 2009 | 4:00 pm Farm workers reaping healthier pay increasesFarm worker pay beats the national average, according to a study by Federated Farmers. The Federated Farmers Rabobank Farm Employee Remuneration Report said farm workers earned an average income of $41,914 in the year to August,...Source: New Zealand Herald - Business | 18 Jan 2009 | 4:00 pm Owen Hembry: Feds dragging chain over electronic tagsAfter more than four years' work a proposed electronic tracking system for farm animals is on the verge of becoming a reality but opposition is still emanating from arguably the most important player - Federated Farmers. The National...Source: New Zealand Herald - Business | 18 Jan 2009 | 4:00 pm Dubai Bank CEO Salaam Al Shaksy Wins Best Banker of the Year AwardDUBAI, January 18 /PRNewswire/ -- The Islamic Business & Finance Award 2008 awarded the CEO of Dubai Bank, Mr. Salaam Al Shaksy with the Banker of the Year award 2008Source: RSS feed - channel BNewsBusiness | 18 Jan 2009 | 3:53 pm UK readies fresh bank bail-out planBritish government officials are putting the finishing touches to a new bank bail-out plan designed to end uncertainty about future losses and stimulate the flow of credit to consumers and companiesSource: Financial Times - US homepage | 18 Jan 2009 | 3:49 pm Israel calls cease-fire, Palestinians set to respondIsrael declares a unilateral cease-fire, with the Palestinian side reportedly set to match it despite some fighting following the Israeli announcement.Source: MarketWatch.com - Top Stories | 18 Jan 2009 | 3:46 pm Sky: Brown to announce bank bailout plan MondayNew measures to help Britain's ailing banks weather the global financial storm will be announced Monday, British Prime Minister Gordon Brown was quoted as saying Sunday. Sky News did notSource: RSS feed - channel BNewsBusiness | 18 Jan 2009 | 3:44 pm U.S. urges "immediate" start to Russian gas flowsKIEV, Jan 18 (Reuters) - The United States has urged Russia to "immediately" restart natural gas supplies after it reached an initial agreement with Ukraine over prices, the U.S. embassy in Kiev said on...Source: RSS feed - channel BNewsBusiness | 18 Jan 2009 | 3:43 pm Obama, earnings to call stocks' tune (Reuters)
Source: Yahoo! News: Stock Markets News | 18 Jan 2009 | 3:40 pm Obama, earnings to call stocks' tuneNEW YORK (Reuters) - Wall Street will greet a new president this week with high hopes for a fresh start, but a deluge of corporate earnings reports pointing to a deepening recession could spoil the welcome party.Source: Reuters: Business News | 18 Jan 2009 | 3:40 pm Obama, earnings to call stocks' tune (Reuters)
Source: Yahoo! News: Business | 18 Jan 2009 | 3:40 pm Obama, earnings to call stocks' tuneNEW YORK (Reuters) - Wall Street will greet a new president this week with high hopes for a fresh start, but a deluge of corporate earnings reports pointing to a deepening recession could...Source: RSS feed - channel BNewsBusiness | 18 Jan 2009 | 3:40 pm Equity rally; pausing or stalling? (Reuters)Reuters - World equities are still well above the rock bottom levels they hit at the end of last year, but half way through January the bounce has lost its spring.Source: Yahoo! News: Business | 18 Jan 2009 | 3:28 pm Equity rally; pausing or stalling?LONDON (Reuters) - World equities are still well above the rock bottom levels they hit at the end of last year, but half way through January the bounce has lost its spring.Source: RSS feed - channel BNewsBusiness | 18 Jan 2009 | 3:28 pm Equity rally; pausing or stalling?LONDON (Reuters) - World equities are still well above the rock bottom levels they hit at the end of last year, but half way through January the bounce has lost its spring.Source: Reuters: Business News | 18 Jan 2009 | 3:28 pm EU says no sign when Russia gas will resumeThe European Union said Sunday that only a real resumption of Russian natural gas to Europe was acceptable to the bloc despite a new accord between Russia and Ukraine. Moscow and Kiev...Source: RSS feed - channel BNewsBusiness | 18 Jan 2009 | 3:26 pm Bank bailout: Change is comingIt's back to square one.Source: Business and financial news - CNNMoney.com | 18 Jan 2009 | 3:21 pm Deripaska returns as Rusal chief executiveRussia's Rusal, the world's largest aluminium producer, said it had appointed billionaire Oleg Deripaska as its new chief executiveSource: Financial Times - US homepage | 18 Jan 2009 | 3:16 pm Hamas announces one-week ceasefireThe militant group Hamas, which controls the Gaza Strip, has announced an immediate ceasefire, giving Israel a week to pull its troops out of the territorySource: Financial Times - US homepage | 18 Jan 2009 | 3:02 pm Deal to end European gas crisisRead full story for latest details.Source: Business and financial news - CNNMoney.com | 18 Jan 2009 | 2:18 pm NewsWatch: Stocks brace for new president amid earnings delugeThe inauguration of President-elect Barack Obama might be the only boost for Wall Street next week, as a deluge of what are expected to be mostly bad corporate results and fresh reports on the state of the housing market starts pouring in.Source: MarketWatch.com - Top Stories | 18 Jan 2009 | 2:00 pm Times, Mexican billionaire in talksRead full story for latest details.Source: Business and financial news - CNNMoney.com | 18 Jan 2009 | 1:55 pm N.Y. Times, Mexican telecom exec Slim talk investment: JournalNew York Times Co. is in talks under which the Mexican telecommunications investor Carlos Slim would invest in the publisher, possibly through an issue of preferred stock, people familiar with the matter told The Wall Street Journal.Source: MarketWatch.com - Top Stories | 18 Jan 2009 | 1:31 pm Sites get Obama's word outThe Web helped elect Barack Obama as president of the United States. Now many of the social media sites that spread his message of change during the campaign are heading to Washington, only this time they are focused on community service and conversations about social policy.Source: Business and financial news - CNNMoney.com | 18 Jan 2009 | 1:26 pm Madoff does MinneapolisTucked into the rolling hills of Hopkins, a suburb west of Minneapolis, the recently refurbished Oak Ridge Country Club looks much like a middle school: beige paneling, a limestone base, and energy-efficient windows. Along the main road to the club is a modest apartment complex with four signs advertising units for rent. Beyond Oak Ridge's modest doors, however, is a well-appointed interior that provides a gathering place for some of the wealthier families in the Twin Cities.Source: Business and financial news - CNNMoney.com | 18 Jan 2009 | 1:18 pm US Airways jet's recorders recovered; inquiry into crash underwayU.S. transportation officials have recovered the cockpit voice recorder and the flight-data recorder from the U.S. Airways jet that on Friday stalled after hitting a flock of birds and was wrestled by its pilot into a safe landing on the Hudson River, media reports said.Source: MarketWatch.com - Top Stories | 18 Jan 2009 | 12:12 pm Economic Preview: Housing starts head for record low; Geithner to be grilledThe incoming administration pledges to rebuild America, and housing data this week will shed light on how much work is needed.Source: MarketWatch.com - Top Stories | 18 Jan 2009 | 12:00 pm Satyam's top executives ordered into police custodyMUMBAI (Reuters) - An Indian metropolitan court in the southern city of Hyderabad has ordered the former chairman, managing director and chief financial officer of embattled Satyam Computer Services be taken into police custody for four days from Sunday.Source: Reuters: Business News | 18 Jan 2009 | 11:35 am Russia and Ukraine reach gas dealThe prime ministers of Ukraine and Russia said they had reached an outline deal to restore gas supplies to European consumers after marathon talks which dragged on into the small hours of the morningSource: Financial Times - US homepage | 18 Jan 2009 | 10:24 am U.S. 4th-quarter VC funding fell 30% to lowest total in 3 yearsVenture-capital investment in U.S. companies fell 30% in the fourth quarter, with the total marking the lowest quarterly VC investment in three years and information technology in particular recording the lowest investment since 1998, Dow Jones Venture Source reported.Source: MarketWatch.com - Top Stories | 18 Jan 2009 | 9:01 am A rosy, cozy showplaceReady for family, and friends, in Pasadena's Prospect Historic District Visitors to the Rose Bowl who take the...Source: RSS feed - channel BNPaperBusiness | 18 Jan 2009 | 8:00 am Unplug appliances and electronics for even more energy savingsEven when they're switched to "off," most of the appliances and electronics in your home will continue drawing a little bit of power as long as they remain plugged into the wall.Source: RSS feed - channel BNPaperBusiness | 18 Jan 2009 | 8:00 am Broken tax code snagged Obama's Treasury pickThe Geithner episode highlights the lunacy of a federal tax code that now runs more than 60,000 pages. Add yet...Source: RSS feed - channel BNPaperBusiness | 18 Jan 2009 | 8:00 am Matching the right person to the jobThe gregarious executive search specialist, a veteran of public service, sees her job as helping organizations and people be more productive. ...Source: RSS feed - channel BNPaperBusiness | 18 Jan 2009 | 8:00 am Are costly energy bills draining your wallet? Win the power struggleWith a few cheap and easy changes, you can save big on fuel costs. You can go broke going green.Source: RSS feed - channel BNPaperBusiness | 18 Jan 2009 | 8:00 am FTC takes on foreclosure fix-it scamsSettlement of a Florida case serves notice that companies promising help for distressed homeowners must deliver. ...Source: RSS feed - channel BNPaperBusiness | 18 Jan 2009 | 8:00 am Apply now for best shot at college financial aidUnderstanding the process is key for obtaining student grants and loans. If you have a child in college -- or...Source: RSS feed - channel BNPaperBusiness | 18 Jan 2009 | 8:00 am Europe had "catastrophic" 4th quarter: EU VerheugenBERLIN (Reuters) - The European economy is sliding deeper into recession and the fourth quarter of last year was "catastrophic," European Union Industry Commissioner Guenter Verheugen said on Sunday.Source: Reuters: Business News | 18 Jan 2009 | 7:19 am Mexico's Slim may invest in New York Times: sourceNEW YORK (Reuters) - The New York Times Co is in talks to raise hundreds of millions of dollars from Mexican billionaire Carlos Slim, a source told Reuters on Saturday, a move that would give the ailing newspaper publisher a critical cash infusion to pay its debt.Source: Reuters: Business News | 18 Jan 2009 | 6:13 am Obama will face battered tech industry in 2009Barack Obama plans to name the nation's first-ever "chief technology officer," but the incoming president's devotion to tech issues might not help the industry weather a dismal climate in 2009.Source: MarketWatch.com - Top Stories | 18 Jan 2009 | 5:01 am Job applicant numbers rise by a third - studyA new study of online job applications shows the New Zealand employment market is continuing to deteriorate, the head of one job website says. The study of 61,000 vacancies on Trade Me Jobs during the second half of 2008 showed...Source: New Zealand Herald - Business | 18 Jan 2009 | 1:00 am TV giveaway to fund high-speed internetTHE government’s money-spinning auction of Britain’s television airwaves may be scrapped under plans being considered by the communications minister Lord Carter.Source: Latest Business News from Times Online | 18 Jan 2009 | 12:00 am Pensions hit by Nortel collapseTHE collapse of the Canadian telecoms giant Nortel has triggered one of Britain’s biggest pension-fund blow-ups.Source: Latest Business News from Times Online | 18 Jan 2009 | 12:00 am JJB chief’s deal on the sideTHE chief executive of JJB Sports, Chris Ronnie, risks further investor anger because he is attempting to float a business on the Plus Market while battling to save the troubled retailer.Source: Latest Business News from Times Online | 18 Jan 2009 | 12:00 am Retail crisis hits ‘mini Baugur’A STRING of boutique UK retailers including fashion designer Cruise face an uncertain future this weekend as their troubled Icelandic parent tries to stave off collapse.Source: Latest Business News from Times Online | 18 Jan 2009 | 12:00 am Treasury’s £100bn lifelineTHE Treasury will tomorrow drastically revise the terms of last October’s bank bailout and say it will guarantee at least £100 billion of new lending.Source: Latest Business News from Times Online | 18 Jan 2009 | 12:00 am Economy in biggest peacetime slide since 1931BRITAIN faces its biggest peacetime economic decline this year since 1931, according to a forecast to be published this week by the Ernst & Young Item Club.Source: Latest Business News from Times Online | 18 Jan 2009 | 12:00 am Banking nightmare II: The Fear ReturnsAlistair Darling once confessed that he found the routine of being a minister wearing and that he yearned for the normality of home life in Edinburgh. He was first on the shuttle up to Scotland on Friday and found the Monday return to London “a wrench”.Source: Latest Business News from Times Online | 18 Jan 2009 | 12:00 am C4’s merger talks with BT revealedCHANNEL 4 held merger talks with telecoms group BT as part of the television company’s efforts to secure its future.Source: Latest Business News from Times Online | 18 Jan 2009 | 12:00 am Wolseley in rescue cash callTHE building-materials giant Wolseley is in detailed talks with investors and private-equity groups to raise between £200m and £400m in a rescue fundraising.Source: Latest Business News from Times Online | 18 Jan 2009 | 12:00 am Morrisons’ Christmas cracker leaves rivals trailingWM MORRISON will emerge as the best-performing supermarket chain over the festive period when it unveils a bumper 7%-8% rise for Christmas sales in a trading update this week.Source: Latest Business News from Times Online | 18 Jan 2009 | 12:00 am Obama team seeks fresh approach to bank crisisNEW YORK (Reuters) - U.S. President-elect Barack Obama is seeking new ways to end a credit crisis that is roiling world economies and he warned on Saturday of the vast challenges a worsening economy poses for Americans.Source: Reuters: Business News | 17 Jan 2009 | 11:28 pm Obama team seeks fresh approach to bank crisis (Reuters)
Source: Yahoo! News: Business | 17 Jan 2009 | 11:28 pm Nippon sees recovery in 2 years, Toyota deal delaySEOUL (Reuters) - Japan's Nippon Steel believes the global steel industry may need two to three years to recover from the current downturn, its chairman said.Source: Reuters: Business News | 17 Jan 2009 | 11:02 pm Search deal on table again as Microsoft's Ballmer meets with Yahoo's BostockSource: RSS feed - channel BNPaperBusiness | 17 Jan 2009 | 10:08 pm NewsWatch: Stocks brace for new president amid earnings delugeThe inauguration of President-elect Barack Obama might be the only boost for Wall Street next week, as a deluge of what are expected to be mostly bad corporate results and fresh reports on the state of the housing market starts pouring in.Source: MarketWatch.com - Top Stories | 17 Jan 2009 | 10:00 pm Obama begins historic train journey to WashingtonBarack Obama warned that America faces 'a time of great challenge' as he launched pre-inauguration festivities with a special train trip to Washington, where in three days he will become president of the United StatesSource: Financial Times - US homepage | 17 Jan 2009 | 5:06 pm Creditors Obstruct GM Rescue: Detroit Becomes Too Big To Fail
The UAW has been dragging its feet, assuming that a Democrat-controlled federal government will not eat its own by abandoning labor. GM's creditors are making sure that the restructuring of the auto companies will fail. They are doing so by ignoring the mandate from Congress to take less than $1 for $1 on the debt obligations of The Big Three. According to the FT, "General Motors has signaled it might be unable to meet a key condition of the $13.4bn lifeline extended by the US Treasury requiring a two-thirds reduction in the carmaker’s unsecured debt." The intransigence of the UAW and GM bond-holders could put both the company and the new administration in a position to make good on their threat of throwing the corporations into bankruptcy court by violating their agreement to have cost cuts in place by the end of March. But,that won't happen. Yesterday, Circuit City, Pfizer, Wellpoint, Hertz, AMD, and Pfizer fired a total of 40,000 people. The media reported that GE may restructure its financial arm which would including firing up to 11,000 employees. These numbers do not include all of the layoffs that are happening at small and medium sized companies, layoffs which don't get mentioned in the morning paper. The economy is floundering at a rate that will make monthly job losses of 500,000 or more commonplace. This is at the same time when the new government is promising a stimulus package to increase employment by over three million jobs. The hole that has been created by the recession will make fulfilling that promise nearly impossible. This brings the subject of joblessness back around to Detroit. Several Wall St firms and car company consultants project over one million layoffs at The Big Three and their suppliers if both GM and Chrysler go into bankruptcy. The picture becomes one of greater than 10% unemployment by the second half of this year when the growing catastrophe of unemployment in the rest of the economy is added. These unemployment levels will rapidly compound trouble in the real estate markets and increase consumer credit write-offs at banks, making the government's rescue of the financial industry all the more difficult. The administration and Congress will not let Detroit fail. The UAW and creditors are counting on that. They have made a safe bet and the broader job market has insured that they will be successful. Douglas A. McIntyre Source: 24/7 Wall St. | 17 Jan 2009 | 4:26 pm
|
