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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 | 20 Jan 2009 | 3:01 pm Obama to be sworn in as 44th president on historic dayCapping a history-making run for the White House, President-elect Barack Obama will take the oath of office at noon on Tuesday and become the first African-American president of the United States before a massive crowd in the nation’s capital.Source: MarketWatch.com - Top Stories | 20 Jan 2009 | 2:59 pm Is There Anything Else To Add?C's core problem is that it simply doesn't make money in any of its businesses except Smith Barney, which it is in the processof selling. Meredith Whitney On Citi's 4Q08 Earnings [PDF] 
Source: Dealbreaker | 20 Jan 2009 | 2:58 pm Rohm and Haas plans to cut 900 jobsNEW YORK (Reuters) - Rohm and Haas Co said on Tuesday it plans to cut 900 jobs, or 5.5 percent of its workforce, in a bid to tackle the slump in demand and widespread market weakness.Source: Reuters: Business News | 20 Jan 2009 | 2:57 pm Movers & Shakers: Tuesday's biggest gaining and declining stocksBig movers in U.S. trade include Citi, Noble Energy and State Street.Source: MarketWatch.com - Top Stories | 20 Jan 2009 | 2:56 pm Spotlight on Apple's hidden revenue streamSource: Business and financial news - CNNMoney.com | 20 Jan 2009 | 2:55 pm Bond Report: Treasurys dip as supply concerns weighNEW YORK (MarketWatch) -- Treasurys fell in early trade Tuesday, sending yields higher, with some taking profit from last week's gains and amid ongoing government plans to boost borrowing to shore up banks and the economy.Source: MarketWatch.com - Top Stories | 20 Jan 2009 | 2:54 pm UPDATE 1-Lee Enterprises Q1 profit falls; cuts jobs by 10 pctJan 20 (Reuters) - Lee Enterprises Inc , which publishes 49 daily newspapers including the St. Louis Post-Dispatch, said its quarterly profit on a preliminary basis fell 69 percent and cut its staffing...Source: RSS feed - channel BNewsBusiness | 20 Jan 2009 | 2:53 pm Contradicting Economists, OPEC Sees Oil At $75
Either OPEC expects to cut its supply by another 3 million barrels a day or it expects the global recession to end driving up the demand for crude. The recession is not ending, but, according to Reuters, "OPEC is fully enforcing its deepest ever oil supply curbs, which should be enough to boost prices that have slumped below $40 a barrel," the group's president said. The cartel does not meet again until March, but, in the offing, there must be pressure from member states to double the price of crude to keep their economies from running multi-year deficits, compromising their social and infrastructure programs and eroding their global influence. OPEC is going to cut again in March and the cut will be historic. Douglas A. McIntyre Source: 24/7 Wall St. | 20 Jan 2009 | 2:50 pm Oil reverses losses, climbs above $37LONDON (Reuters) - Oil reversed earlier losses and climbed above $37 a barrel Tuesday in volatile trade.Source: Reuters: Business News | 20 Jan 2009 | 2:50 pm Wall Street falls amid further banking worries (AP)
Source: Yahoo! News: Stock Markets News | 20 Jan 2009 | 2:50 pm Sick leave staff win holiday caseEmployees on long-term sick leave are entitled to take all holiday accrued when they return to work, European judges say.Source: BBC News | Business | World Edition | 20 Jan 2009 | 2:48 pm Metals Stocks: Gold rises 2% on worries recession will deepenGold futures rise for a second session as speculation that global economic recession will deepen raised the metal’s appeal as a safe haven.Source: MarketWatch.com - Top Stories | 20 Jan 2009 | 2:46 pm Fiat and Chrysler to form global allianceMILAN (Reuters) - Italy's Fiat will take a 35 percent stake in U.S. car maker Chrysler LLC -- valued at zero by its part-owner -- in a deal aimed at helping the pair survive the worst crisis to hit their industry in decades.Source: Reuters: Business News | 20 Jan 2009 | 2:44 pm Saudi Prince & $8 Billion in Losses (C, PCLN, PEP, MOT, HPQ, EBAY, AAPL, EK)
After looking at the Kingdom.com site showing the current investments, you can start to see how so many losses came on paper. Some other listed investments are MovenPick, SAMBA, Fairmont Hotels, Priceline.com Inc. (NASDAQ: PCLN) , Pepsico (NYSE: PEP), Motorola (NYSE: MOT), Hewlett-Packard (NYSE: HPQ), eBay (NASDAQ: EBAY), Apple Inc. (NASDAQ: AAPL), Eastman Kodak (NYSE: EK) and more. Bloomberg gave the figure of 31 billion riyals as the figure released by Kingdom Holding Co. While Kingdom Holding Co. has major position ownership in Four Seasons, Citi may be the core of the losses here. The prince said he was going to raise his position to roughly 5% at the end of last year. Unfortunately Citi is down some 85% over the last year. Just like the old lady real estate agent said in the movie Wall Street, "Even the rich are bitchin'."
Jon C. Ogg Source: 24/7 Wall St. | 20 Jan 2009 | 2:44 pm Oil rebounds from 10% plungeCrude oil prices recovered after falling to their lowest price in more than a month Tuesday, as the dollar soared against the pound and euro on continued European economic turbulence.Source: Business and financial news - CNNMoney.com | 20 Jan 2009 | 2:40 pm Futures Movers: Oil slumps 6% on economic worries, contract expirationCrude-oil futures slump 6% to below $35 a barrel on continued worries that the economic recession will dampen energy demand and as traders sold the front-month contract before it expires later today.Source: MarketWatch.com - Top Stories | 20 Jan 2009 | 2:39 pm 'When Will We See Real Change?'Welcome to Inauguration Day, kids. Come help us unpack the stimulus bill, will ya? Here's the press release, the full report, and the economic analysis. Let's start with a cris de couer, courtesy of Brandon M: For energy, there has been talk of using wind power to pump water back into a dam when there is excess power and using the stored water in the dam to provide power when the wind isn't blowing. Much has been said of how much our power grid needs to be upgraded. Our internet standard trails behind foreign countries because we have an oligopoly of data providers (phone, cable, and satellite) where others place the data infrastructure under the government control and allow lots of competitors to offer there services over those lines. We've seen presentations of a shared electric car system, similar to the zip cars, to handle the charging/parking issue. When will we see real change? » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Jan 2009 | 2:38 pm How to ace your first 100 days at a new jobDear Annie: I was just hired to run a very troubled division of a major bank. They picked me for the job because I've done turnarounds before - although not in circumstances as dire as these - and I know I can handle the technical aspects of getting the business back on track. It's the "people" issues I'm worried about. Everybody under me is overworked, depressed, and pessimistic; and some of them seem to be lining up behind a guy who has worked here a long time and was one of the contenders for my job. Any suggestions on how to get off to a strong start with the team here? -Texas Turnaround GuySource: Business and financial news - CNNMoney.com | 20 Jan 2009 | 2:36 pm U.S. bank shares fall amid growing fears of lossesNEW YORK (Reuters) - U.S. bank shares fell on Tuesday after a U.S. regional bank recorded a huge loss, the Royal Bank of Scotland posted the biggest loss in UK corporate history, and the British government launched a second bank rescue package.Source: Reuters: Business News | 20 Jan 2009 | 2:35 pm The Obama factorWhich shares will win or lose under Barack Obama?Source: BBC News | Business | World Edition | 20 Jan 2009 | 2:30 pm Palm eyes a comebackBefore the iPhone or the BlackBerry Storm, there was the Treo, the original smartphone. When device maker Palm released the Treo 650 in 2004, early adopters gushed over it in much the way they now salivate over Apple's iPhone. But ask gadget heads what they think of Palm today, and the answer is likely to be, "I don't."Source: Business and financial news - CNNMoney.com | 20 Jan 2009 | 2:30 pm Icelandic lawmakers return to work amid protestsDemonstrators angry about Iceland's economic crisis gathered outside parliament Tuesday, banging pots and honking horns as lawmakers reconvened after their winter break. About 2,000...Source: RSS feed - channel BNewsBusiness | 20 Jan 2009 | 2:29 pm UPDATE 2-Forest Labs results beat views, shares riseNEW YORK, Jan 20 (Reuters) - Drugmaker Forest Laboratories Inc posted lower quarterly profit on Tuesday on charges for licensing new medicines, but operating results far exceeded analyst targets on lower-than-expected...Source: RSS feed - channel BNewsBusiness | 20 Jan 2009 | 2:28 pm U.S. bank shares fall amid growing fears of losses (Reuters)
Source: Yahoo! News: Business | 20 Jan 2009 | 2:28 pm Russia opens gas taps to EuropeRussian starts pumping gas to Ukraine and on to Europe, raising hopes of an end to weeks of shortages.Source: BBC News | Business | World Edition | 20 Jan 2009 | 2:27 pm First 100 days: Obama's burdenThe scope and intensity of problems facing incoming President Obama are similar only to those that Franklin D. Roosevelt faced in 1933.Source: Business and financial news - CNNMoney.com | 20 Jan 2009 | 2:26 pm Mexico's Slim to invest in NY TimesNEW YORK (Reuters) - The New York Times Co. said it will get a $250 million investment from one of the world's richest men, Mexican billionaire Carlos Slim, a move that will give the company much-needed time to clear financial hurdles.Source: Reuters: Business News | 20 Jan 2009 | 2:25 pm NY Times gets $250M loanThe New York Times company said Monday it was getting $250 million in financing from companies controlled by Mexican billionaire Carlos Slim Helu, with the money to be used to refinance existing debt.Source: Business and financial news - CNNMoney.com | 20 Jan 2009 | 2:25 pm State Street dives after updates risk factors, sees flat 2009BOSTON (MarketWatch) -- Shares of State Street Corp. were down nearly 40% in premarket trading Tuesday after the financial-services firm reported sharply lower fourth-quarter earnings and updated its risk factor disclosures in a regulatory filing.Source: MarketWatch.com - Top Stories | 20 Jan 2009 | 2:25 pm Air France-KLM predicts quarterly lossFranco-Dutch carrier Air France-KLM said Tuesday it expected to record a loss for the last three months of 2008 as the world economic slowdown hit Europe's biggest airline. "The...Source: RSS feed - channel BNewsBusiness | 20 Jan 2009 | 2:22 pm Bonus Watch '09: JPMCompensation breakdown for JPMorgan IB is out. In a note sent late last Friday, co-heads Bill Winters and Steve Black apparently informed employees that the cash portion of bonuses will be capped at $1 million. Anyone making over 100k will get at least 20 percent in stock, with a lower cash to stock ratio as salary increases.
Source: Dealbreaker | 20 Jan 2009 | 2:22 pm Beacon Equity Issues Technical Trade Alerts on Newsworthy Market Movers: GETG, NYT, Q, SLW, HL, BBYDALLAS, Jan. 20 /PRNewswire/ -- BeaconEquity.com announces the availability of Trade Alerts on stocks making news today. Investors can view all of the daily...Source: RSS feed - channel BNewsBusiness | 20 Jan 2009 | 2:20 pm State Street reports rising unrealized losses, shares tumbleBOSTON (Reuters) - State Street Corp , a leading institutional money manager, said quarterly earnings fell 71 percent and unrealized losses rose in its commercial paper program and investment portfolio, sending its shares down 37 percent in premarket trading.Source: Reuters: Business News | 20 Jan 2009 | 2:19 pm Bank woes push pound below $1.40Continued fears about the health of the UK banking sector cause sterling to hit its lowest level against the dollar since 2001.Source: BBC News | Business | World Edition | 20 Jan 2009 | 2:15 pm Financial Stocks: Bloody start to earnings season batters banksNEW YORK (MarketWatch) - For investors who might have thought the worst was over after the nation's big three banks aired their dirty laundry last week, Tuesday provided clear evidence that the horror show continues, as State Street fell more than 30% in the U.S., and banks across the U.K. tumbled as well.Source: MarketWatch.com - Top Stories | 20 Jan 2009 | 2:14 pm Rio Tinto Alcan curtails production and cuts costs in response to global economic conditionsMONTREAL, Jan. 20 /PRNewswire/ - Key measures - A further six per cent reduction in aluminium production, bringing the total reduction to...Source: RSS feed - channel BNewsBusiness | 20 Jan 2009 | 2:13 pm John R. Orem Joins Miller BuckfireVeteran Advisor to Gaming Industry Will Lead New Business Initiatives NEW YORK, Jan. 20 /PRNewswire/ -- Miller Buckfire & Co., LLC, a leading independent...Source: RSS feed - channel BNewsBusiness | 20 Jan 2009 | 2:12 pm Three-day Weekend Mutes Sound of Oil Falling (COP)Nothing like a holiday weekend to soften the blow of bad news. Add in another day for a presidential inauguration, and it's hard to see how ConocoPhillips Corporation (NYSE:COP) could have planned better to release its sorry interim update last Friday. The biggest bombshell in the report was Conoco's expectation that it would cut 4% of its workforce (about 1,300 jobs) and take a $100 million hit to its fourth quarter 2008 results to pay for the firings. The company also plans to reduce its contract workforce. The 2009 capital budget totals $12.5 billion, over $10 billion of which will go to E&P. A year ago, Conoco announced a capital budget for 2008 of $15.3 billion, and according to the company's third quarter results, Conoco has spent about $10.5 billion on capex thru October 2008. The company also announced that it would take a non-cash $25.4 billion "after-tax impairment to goodwill related to our E&P segment." At the end of the third quarter, Conoco's balance sheet showed goodwill at $29.2 billion. Add in another $8.6 billion in impairments to Conoco's Lukoil investment and other investments, and the total impairment charge reaches $34 billion. That's not chump change, even for an oil company. What the company is doing is reducing the value of its reserves based on current and expected future pricing. At the end of the third quarter, Conoco's total assets amounted to $184.6 billion. The company just reduced the value of those assets by about 18%. Perhaps the worst news comes at the end of Conoco's update. The company expects its net reserves replacement ratio for 2008 to be 80%-85%. The company is producing more than it is replacing, and doing it for lower margins. The company's market cap at Friday's closing share price is about $73.6 billion. That number will go down today.
Paul Ausick Source: 24/7 Wall St. | 20 Jan 2009 | 2:11 pm RBC Capital Upgraded Research in Motion (RIMM) to OutperformToday, RBC Capital upgraded Research in Motion (NASDAQ: RIMM) from Sector Perform to Outperform from Sector and raised its price target form $45 to $75. The firm said it expects performance to exceed lowered expectations. In its upgrade, RBC cited improving margin visibility and recovering execution. The firm also sees a multiple recovery following a 69% decline in the stock since June of 2008, which compares to a drop of 28% for peers and a 38% drop in the NASDAQ. Source: 24/7 Wall St. | 20 Jan 2009 | 2:11 pm J&J profit rises, '09 profit view disappoints (Reuters)
Source: Yahoo! News: Business | 20 Jan 2009 | 2:11 pm J&J profit rises, '09 profit view disappointsNEW YORK (Reuters) - Johnson & Johnson reported higher quarterly earnings on Tuesday as cost cuts helped offset weak sales of its drugs, devices and consumer products, but J&J forecast 2009 earnings that fell short of Wall Street expectations.Source: Reuters: Business News | 20 Jan 2009 | 2:11 pm UPDATE 2-J&J profit rises, '09 profit view disappoints* Shares fell 1.6 percent in pre-market trading (Adds details on product sales, share decline, byline)Source: RSS feed - channel BNewsBusiness | 20 Jan 2009 | 2:10 pm Goldman Sachs Upgrades Motorola (MOT), Adds To Conviction Buy ListGoldman Sachs upgraded Motorola (NYSE: MOT) from Neutral to Buy and added the stock to its Conviction Buy List with a $7 price target, citing valuation. Goldman said the stock price implies a negative $5 billion value for the handset business which the firm said is overly negative, according to MarketWatch. Source: 24/7 Wall St. | 20 Jan 2009 | 2:09 pm Toyota taps founder's grandson as new presidentAkio Toyoda, the grandson of Toyota's founder, was named president of the Japanese automaker Tuesday as it struggles to ride out a slump in the global market that dragged annual sales lower for the first...Source: RSS feed - channel BNPaperBusiness | 20 Jan 2009 | 2:09 pm Wall Street to open lower on earnings fears and banksNEW YORK (Reuters) - Wall Street was poised for a lower open on Tuesday as investors fretted over grim earnings and the health of the banking sector, highlighting difficulties facing President-elect Barack Obama.Source: Reuters: Business News | 20 Jan 2009 | 2:08 pm Wall Street to open lower on earnings fears and banks (Reuters)
Source: Yahoo! News: Business | 20 Jan 2009 | 2:08 pm Wall Street to open lower on earnings fears and banks (Reuters)
Source: Yahoo! News: Stock Markets News | 20 Jan 2009 | 2:08 pm Fiat gets 35% stake in Chrysler for no cashItalian carmaker Fiat SpA strikes a deal to get an initial 35% stake in struggling U.S. carmaker Chrysler in exchange for its technological expertise, distribution network and management services.Source: MarketWatch.com - Top Stories | 20 Jan 2009 | 2:07 pm UPDATE 1-Abraxis BioScience to spin off unitJan 20 (Reuters) - Biotechnology company Abraxis BioScience Inc said its board approved a plan to spin off Abraxis Health Inc.Source: RSS feed - channel BNewsBusiness | 20 Jan 2009 | 2:06 pm Layoffs Hitting Harder In Private Equity (BX, ACAS)
Cerberus is majority owner of automaker Chrysler, a company it probably wishes that it could give back. The first reports put the company as cutting as much as 10% of its global workforce. If Fiat's deal with Chrysler takes a full hold, then Cerberus may finally be out of its majority stake there. Unfortunately, the Fiat deal involves no cash transfers for Chrysler yet. Other financial layoffs at private equity shops have come from The Blackstone Group (NYSE: BX), American Capital Limited (NASDAQ: ACAS), Carlyle, 3i, and others. After looking at past releases, the company has roughly 275 investment and operating professionals. But we do not have a fresh and current back office and support count yet.
Jon C. Ogg Source: 24/7 Wall St. | 20 Jan 2009 | 2:04 pm Earnings Outlook: Nokia's quarterly results to show weak demandNokia Corp., the world’s largest maker of mobile phones, is expected on Thursday to report further weakness in global demand for handsets as consumers in Western countries take longer to replace old phones and as potential buyers in emerging markets simply can’t afford them.Source: MarketWatch.com - Top Stories | 20 Jan 2009 | 2:04 pm Economic doldrums deepen, world waits on ObamaLONDON (Reuters) - Pressure on incoming U.S. President Barack Obama to act quickly on the global financial crisis was underlined on Tuesday by tumbling bank shares, a slump in Japanese consumer sentiment and a teetering car sector.Source: Reuters: Business News | 20 Jan 2009 | 2:03 pm Economic doldrums deepen, world waits on Obama (Reuters)
Source: Yahoo! News: Business | 20 Jan 2009 | 2:03 pm The Obama MomentumGlamour. Arthur Miller called it “that trans-human aura or power to attract imitation…a kind of vessel into which dreams are poured…the power to rearrange people’s emotions, which in effect, is the power to control one’s environment.”At noon today, when Barack Obama takes the oath of office as the 44th President of the United States, he assumes the mantle of Leader of the Free World, a double-sided distinction coined (sort of) by John F. Kennedy during the nascent days of the Cold War. But in this particular presidential ascent, “free” is but an option, as one could easily substitute another adjective to suit his or her particular fascination with this most intriguing man. In the United States, Obama is perceived variously as the leader of the informed world, the worldly world, the articulate world, the Internet-savvy world, the self-starter world, the upwardly mobile world, the two-parent home world, the one-parent home world, the no-excuses world, the yes-we-can world. Around the globe, Bush-weary allies consider him the guy to right the ship of a long-wayward friend. Put it all together, and that, by Miller’s definition, is one major trans-human aura, political glamour personified. (President and Mme. Sarkozy, take a step or two off to the right, if you will.) Perhaps never before in American history have more hope, excitement and expectation been invested in, or more lofty qualities projected onto, an incoming president. Barack Obama is the perfect package of promise: a platform of change and a battle cry of, “Yes, we can” swathed in great looks, an interracial identity and an erudite, debonair demeanor so captivating it would seem too perfect were it portrayed on celluloid. He takes to the podium, all impeccable posture and confident-not-cocky smile, and you feel comforted; when he opens his mouth to speak—well, he has you at “my fellow Americans.” For better or worse, style has always impacted the presidency, never more so than now, an age of instant, 24/7 media coverage. Each gesture, each inflection, each lean Hartmarx suit impart meaning. So, too, do kudos paid a former rival and talk of ideological cross-pollination, especially when realized in the makeup of the early administration. “What style means to the country is a window onto the personality of the president and his wife,” says Doris Kearns Goodwin, whose biography of Abraham Lincoln, Team of Rivals, has famously inspired the President-elect. “The way that [presidents] conduct themselves really does attract fascination, and it often reflects the mood in the country.” Surely, the widespread embrace of Obama—83 percent of Americans approve of his handling of the transition, according to a Gallup poll—is in part reaction to George W. Bush’s stunning unpopularity. But back when, the tongue-tied, regular-guy persona now widely perceived as a national embarrassment played quite differently. After a few too many rude Al Gore eye rolls during their first presidential debate, Bush’s hyper-folksiness had a certain charm. Many Americans didn’t appreciate watching the guy they’d like to have a beer with getting pooh-poohed by the smartest boy in the class. Eight years later, the drinking-buddy presidency having not worked out so well, Obama’s perceived sophistication and professorial demeanor bring communal relief. “There’s definitely a great sense of comfort in knowing that the President-elect is able to speak in a way that lifts your spirits,” says Goodwin, a condition she maintains goes beyond the gulf between Obama’s and Bush’s oratorical skills. “One of the big resources of the presidency, the ability to communicate, will be used well by this President, especially in contrast to the previous time, [and] not just the malapropisms of Bush. There was a real failure during the administration to take the American people into confidence in terms of explaining why we were going into Iraq in a way that made people understand; why we didn’t stay in Afghanistan; what happened in this economic crisis. Franklin Roosevelt always said that the American people will take anything on the chin as long as you explain it to them.” FDR is one part of a most impressive presidential triumvirate with whom countless Obama comparisons have been drawn, some by Goodwin, who also wrote No Ordinary Time: Franklin and Eleanor Roosevelt. In his case, the economic times, as well as the two men’s superior communication skills, advance the parallels. Then there are the comparisons to JFK (who doesn’t cotton to youth, vitality, a young, gorgeous family?) and the biggest kahuna of all, Lincoln himself. Wendy Schiller, a professor of political science and public policy at Brown, likens the Obama aura to that of Kennedy. She cites three presidential types: the Ronald Reagan model, garnering trust and admiration in a grandfatherly way, but difficult to relate to personally; the Bush 43/Bill Clinton type, “with weaknesses that make them very human,” and the third, into which Obama and Kennedy fall. “There’s not this, ‘You eat McDonald’s, so I identify with you,’” she explains. “Rather, it’s ‘You’re the epitome of everything that I want to be. You’re smart. You’re charismatic. You’re capable of leadership, and I want to follow you anywhere you go.’ It’s what we call the charismatic presidency.…It’s star power, essentially, and it has major implications for how successful a president is in leading the country.” Though it cannot be acquired, like any innate gift, mathematical genius, a songbird’s voice, a terrific way with tap shoes, star power can be cultivated and channeled deftly. Indications, whether Saturday’s all-aboard Amtrak Lincoln-esque arrival in D.C. or Michelle Obama’s latter-day penchant for Sixties-ish shifts, indicate that both the President-elect and his wife are plenty skilled at doing so. And if they’re sometimes less than discreet about it—yes, we can round up every entertainment luminary imaginable for an HBO-only concert—their enchanted electorate is too agog to notice. Yet star power is a means to more than getting elected. It has aided Obama in reaching across the aisle while invoking Ronald Reagan with a straight face; it may even make it possible for him to delay his rollback of the Bush tax cuts, a major campaign promise. In reference to less pressing matters, an aura of glamour can force discussion, direct attention and persuade via the star’s example and his admirers’ aspirations. Despite the plethora of domestic and international crises facing Obama, the possibilities for his presidency to impact a broader range of social matters are huge. This reporter has heard people express beliefs that Obama and his family will have a positive influence on everything from parenting to the wardrobe choices of tarty 20-somethings to schlock TV. Outlandish? Maybe not. “It’s about smarts. It’s about being urbane,” says Michael Kors. “What [the Obamas] represent is that you can be smart, you can be sophisticated, you can be well-read, you can be accomplished and you can be attractive at the same time.” In that department, Letitia Baldrige, who was social secretary and chief of staff to Jackie Kennedy, had been there and done that. “When they’re scenic-looking, the public warms up to them faster,” she says. While not even the most dashing president can impose nationwide urbanity by executive order, he can lead by example. Clinton radiated intellect, but not polish; George W. made folksiness cartoonish, and White House life under each reflected those realities. Yet the president is in a unique position to influence American culture not only by the programs he proposes, but by the way he and his family conduct their lives, or at the least the public portion of them, in the White House. “The mission of the presidency is also to inspire the public with good taste and good actions, kind hearts, good living,” says Baldrige. Case in point: Even at a time when funding for the arts is far down the priority list, presidential interest could affect public perception, as during the Kennedy years, when Jackie made it her mission to celebrate openly, in part by opening the White House to a wide range of artists and performers. “Obama is really gung-ho about the arts and arts in education,” notes André Bishop, artistic director of Lincoln Center Theater. “He had a platform about the arts when he started running for President. No one else ever has, to my knowledge. There is a big arts committee going down to Washington for the Inauguration, and I suspect that the Obamas will probably invite many more artists to the White House.” Bishop notes that Obama’s stimulus package allots $50 million for nonprofit arts organizations, with specific guidelines as to usage. “Now, $50 million out of however many billions is very small, but on the other hand, [it says] that somebody, and I don’t know who, values the arts.” In addition to pushing for funding when appropriate and welcoming American and foreign artists into the White House, Bishop notes another way a president can focus on the arts: by consuming them. He can “go to museums and plays and concerts with his family,” an essential point because the population tends to follows the president’s lead, particularly if he’s popular. At the same time, the president and the national mood he helps foster impact the kind of art produced. Recently, Bishop notes, a public yen for feel-good nostalgia has determined much of the kind of theater produced, but he anticipates a change, “because you have an administration who clearly is looking forward. That can’t help but impact all the sorts of music being composed, the sorts of plays being written, the sorts of novels being written and published.” And, according to Harvey Weinstein, the types of upcoming films and television shows. Though escapism in entertainment is always big during bad economic times, Weinstein foresees a push toward more challenging fare. “Obama has the magic wand to bring us all together under one roof and talk about what entertainment can do culturally and productively for the country,” he says. “Wouldn’t it be great if our kids grew up watching ‘A Tale of Two Cities’ instead of a tale of two bridezillas?” Ah, the youth factor. Barack Obama did something that not even the randy, sax-playing, MTV-loving Clinton could achieve: He brought out the youth vote in droves, not to mention unprecedented numbers of volunteers, while capturing the attention as well of the under-18 set, so much so that the proverbial “rock star” status hardly applies. As far as millions of kids are concerned, Obama is a deity, and educators, especially those working with urban, minority populations, are adopting a simple credo: Carpe diem. Father Christopher Devron, SJ, is president of Christ the King Jesuit College Prep School in Chicago, part of the Cristo Rey network of schools built upon a work-study model within which students earn tuition money by working five days a month. The school opened in September with 104 freshmen, 102 of whom are African-American (only eight are Catholic). Not surprisingly, the election process was integrated into the fall curriculum. “Every day, our students are going to see President Obama, an African-American president, in a shirt and tie,” Devron says, noting that the wardrobe is particularly symbolic for Christ the King students, who adhere to a professional dress code appropriate for the offices in which they work. “It’s a subtle teaching method—less explaining, more showing,” which highlights the relevance of the school/work day. As for whether the presidential example would resonate as well if Obama were 20 years older with a pot belly and a frumpy wife, Devron thinks probably not. “Of course our students respond to the charisma and to the style of Barack Obama,” he says. “He speaks to their generation—his desire to keep his BlackBerry. Inner-city kids are very tied to information and information technology. It’s a generational thing, and our kids are going to tap into it.” Though hardly impressionable adolescents, many fashion luminaries act plenty love struck when it comes to the President-elect and Michelle Obama. But then, they hail from a world more prone to hyperbolic indulgence than most multibillion-dollar industries. Had Obama lost the election, “I would be ready to cut my wrists, because everything that’s going on would be so depressing,” says Diane von Furstenberg. “Oh my God,” offers Isaac Mizrahi, “is there anything more glamorous than Michelle and Barack Obama? There’s nobody more glamorous than them. Totally, no.” And from Donna Karan: “When I look at them and I hear them and I see them, and their sense of style and grace and humbleness and clarity and strength, I think they really are iconic. I think people search their whole life to become what they emanate.” Once they’ve gotten a grip, major designers and fashion execs share the concerns and hopes of the general population regarding the economy and the wars, while copping to surface attraction. “There’s a sophistication level there, an education, a background and style, that I think all of us think of as glamorous,” notes major Hillary Clinton-ite Robert Duffy, president of Marc Jacobs. “When you’re inspired by someone’s speech and there seems to be some validity to it, that’s glamorous.” For the most part a worldly lot, fashion folk also understand and delight in the instant upgrade of the United States’ global image afforded by Obama’s election. “It’s like waiting for the savior of the world,” says Carolina Herrera. “[Especially in] Latin America, which has been a little bit abandoned, everyone is waiting for this man. It seems that he’s very determined to do good things, to make this country loved around the world again. You used to go to Europe and you’d say, ‘the United States,’ and they’d say, ‘Oh, my God, what a disaster.’” Expressing the view from afar, Karl Lagerfeld writes in a fax that the Obamas are “better than glamorous,” and have already accomplished some profitable p.r.: “Mr. Bush was never liked in Europe. Mr. Obama was loved in Europe when he did his big tour even before he was president.” Musing as only he would, Lagerfeld adds that had the election been open to Europeans, Obama “would have gotten SO! much more.” Stella McCartney concurs. “Obviously, being half American and having a lot of family there, I’m more interested than most people I guess,” she says. Still, she observes that overall European interest throughout Obama’s rise was and remains acute. Obama has buoyed the U.S. image “absolutely,” McCartney says, “beyond a shadow of a doubt. More so, I think, than anyone living in the States will ever know.” Obama’s international appeal is clearly a combination of ideology and style, inclusive of the fact that the man holds and uses a passport. But having left these shores is hardly the sole testament to his modernity. In one of fashion’s favorite motifs—ye olde “It’s not an age, it’s an attitude”—two of our quite different elder statesman note that, hey, in running his campaign, Obama went where no man has gone before: the 21st century. That he was a candidate virtually “without a résumé,” doesn’t matter, notes Nicole Miller president and chief executive officer Bud Konheim. “The phenomenon is, we have a whole generation of people that are not turned on by anything, it’s woe in the economy, whatever. He gets on the Internet and raises $150 million in September when supposedly nobody has any money,” Konheim explains with typical relish. “Let’s look at the donut. The donut is that there are people that are able to be motivated, because you give them a reason to be motivated, and Obama did that.…His thing was hope, change, optimism and he sold it.” Oscar de la Renta is on the same page. “You’re talking about a man who ran a brilliant campaign,” says de la Renta, like Duffy and Weinstein, a longtime Hillary Clinton supporter. “He didn’t make a single mistake, and he did this with a tremendous amount of grace. “Governments, not only in the United States, but governments all over the world, are run like we are in the 19th century,” de la Renta continues. “This is the first man who has used modern technology to reach people. There has never been the mass of young people believing in a man as for Obama. Why? Because he reached them through the media that they all understand, through new technologies, through the Internet.” Nor can we discount the pretty wallop packed by the young-family imagery, and not only among the multitasking mom-and-dad demographic. “They have such a beautiful family, they have young children,” says Rodarte’s Laura Mulleavy, who is in her mid-20s. “That brings forth a different level when people think about who their president is and the family who is coming into office now. It’s different for my generation, anyways.…I think it’s already a more hopeful image that you have in your mind.” And with the little ones ages 10 and seven, whatever limited press there is likely to be all good. “They have to hit the age of 14 or 15, when they’re dating, to be a possible negative factor,” notes Baldrige. So might all of this walking on water backfire? Not anytime soon, maintains Schiller, since “nobody is willing to burst the Barack Obama balloon,” a few early signs of discord notwithstanding. “If he maintains the same demeanor and the same cool composure”—style meeting substance—“then people believe he has a handle on things. If Congress gets in his way or the Republican party gets in his way or the Supreme Court gets in his way, voters will blame them. They’re not remotely willing to blame Barack Obama for anything in the near future.” And that, she argues, is not necessarily a good thing: “You don’t ever want a circumstance where the president says I want A, B and C, and everyone says OK. It’s not the way our government is supposed to work.” Goodwin, however, sees things differently. “The expectations are both a danger and a great possibility,” she says. “Right now, they give Barack Obama the chance to do something quite extraordinary, with the country behind him.”Related Links The Mystery of President Obama Markets Rise as Voting Begins The Next President, Revealed Source: Portfolio.com: Top 5 | 20 Jan 2009 | 2:00 pm Expert Group Announces FHA ApprovalMIAMI, Jan. 20 /PRNewswire-FirstCall/ -- Expert Group, Inc. (Pink Sheets: EXPU) is pleased to announce that the Company is now an FHA approved lender. FHA makes it easierSource: RSS feed - channel BNewsBusiness | 20 Jan 2009 | 2:00 pm European stocks helped by Obama inauguration (AP)
Source: Yahoo! News: Stock Markets News | 20 Jan 2009 | 1:59 pm Johnson & Johnson profit risesRead full story for latest details.Source: Business and financial news - CNNMoney.com | 20 Jan 2009 | 1:56 pm Economist Nouriel Roubini Says US Banking System Is Insolvent
Banks may have another reason to sell off. Famous economist Nouriel Roubini says that “I’ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers. If that’s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion. This is a systemic banking crisis," according to Bloomberg. Douglas A. McIntyre Source: 24/7 Wall St. | 20 Jan 2009 | 1:55 pm Fiat takes Chrysler stake as France readies aid (Reuters)
Source: Yahoo! News: Business | 20 Jan 2009 | 1:35 pm Fiat and Chrysler create allianceItalian carmaker Fiat signs a global strategic alliance with Chrysler, taking a 35% share in the troubled US giant.Source: BBC News | Business | World Edition | 20 Jan 2009 | 1:33 pm Comet profits hurt in high street discount frenzyKesa Electricals, the owner of the Comet electrical chain, today said that it expects its annual profit margin to shrink after this year's aggressive price cuts across the high street and warned that the "difficult economic environment" would continue.Source: Latest Business News from Times Online | 20 Jan 2009 | 1:31 pm Food firm Vion cutting 820 jobsThe food firm Vion is cutting 820 jobs at Haverhill in Suffolk, Malton in North Yorkshire and Cambuslang in Lanarkshire.Source: BBC News | Business | World Edition | 20 Jan 2009 | 1:30 pm Source: German retailer Metro to cut 15,000 jobs (AP)AP - Retailer Metro AG will cut around 15,000 jobs from its global work force amid the deepening economic downturn, company sources said Tuesday.Source: Yahoo! News: Business | 20 Jan 2009 | 1:22 pm Bond prices fall as Obama takes overGovernment debt prices fell Tuesday as the nation prepares for Barack Obama's entrance into the White House.Source: Business and financial news - CNNMoney.com | 20 Jan 2009 | 1:16 pm Get a low downpayment loanThe credit crunch has made it hard for anyone to get a loan these days - and borrowers who can only make a small down payment are facing even tougher odds.Source: Business and financial news - CNNMoney.com | 20 Jan 2009 | 1:01 pm New York Times set for investmentThe New York Times is set to get $250m investment from Mexican billionaire Carlos Slim to help the paper clear mounting debtsSource: BBC News | Business | World Edition | 20 Jan 2009 | 12:59 pm Top Pre-Market Analyst Upgrades (ARCC, BNI, MOT, PALM, RVBD, WEN)
Jon C. Ogg Source: 24/7 Wall St. | 20 Jan 2009 | 12:55 pm Top Pre-Market Analyst Downgrades (AINV, BHI, CNI, RDEN, KSU, PALM, RL, RRGB, SII, TER)These are some of the top pre-market analyst downgrades on Wall Street this Tuesday morning:
Jon C. Ogg Source: 24/7 Wall St. | 20 Jan 2009 | 12:51 pm How stimulus affects youSource: Business and financial news - CNNMoney.com | 20 Jan 2009 | 12:45 pm Opening Bell: 01.20.09Fund Fugitive's '05 Finagling (NYP) Hedge Funds Help Fund Obama Inauguration (FINAlternatives) The Presidential Inauguration Committee has raised more than $27 million, of which $7.1 million came from those involved in finance, according to the Centre for Responsive Politics. The Soros family alone gave $200,000. Other hedgies (or former hedgies) giving the max include Grosvenor Capital Management's Stephen Malkin and Michael Sacks (and Sacks' wife, Cari), Paloma Partners CEO Donald Sussman and Oaktree Capital Management Chairman Howard Marks." AIG's Neuger Stepping Down (WSJ) Irish Bank Set To Be Nationalized (BBC) Money, as it turns out, is so often easier earned back than freedom. The Bernie Madoff Letter (PacificGatePost)
Source: Dealbreaker | 20 Jan 2009 | 12:45 pm Big fall in UK inflation to 3.1%The cut in VAT helps to push UK inflation down in December to 3.1% from November's rate of 4.1%.Source: BBC News | Business | World Edition | 20 Jan 2009 | 12:43 pm Banks crisis haunts markets as Obama steps up (AFP)
Source: Yahoo! News: Stock Markets News | 20 Jan 2009 | 12:40 pm Lloyds dives as nationalisation fears shiftTaxpayers face a possible poisoned chalice | RBS chief slams short-selling | How Goodwin became ‘world’s worst banker’ | Q&A: the new bailout package | Downing Street closes door on former friend | RBS goes from toxic to radioactiveSource: Latest Business News from Times Online | 20 Jan 2009 | 12:32 pm G-tagWhat's with Google's tiny new logo?Source: BBC News | Business | World Edition | 20 Jan 2009 | 12:22 pm FTSE-100 index up 9.54 at 4,118.01 (AP)AP - Share prices on the London Stock Exchange were higher at midday Tuesday.Source: Yahoo! News: Stock Markets News | 20 Jan 2009 | 12:17 pm Sick workers entitled to full holiday pay, European court rulesWorkers on long-term sick leave are entitled to paid holidays, one of Europe’s highest courts ruled today.Source: Latest Business News from Times Online | 20 Jan 2009 | 11:55 am Promotion helps Wetherspoon salesPub operator JD Wetherspoon sees sales rise but cancels its dividend and reduces spending on opening new pubs.Source: BBC News | Business | World Edition | 20 Jan 2009 | 11:47 am What Happens To Gas Supply If Russia Goes Broke?
Russia faces a significant threat to its economy, one that is making the country progressively more poor with each passing day. With the price of oil falling, the value of the nation's most valuable export is evaporating. The Russian government is having to provide financial aid to large companies inside the country, but it is not clear how long that will last. The government's financial reserve are not endless. What happens when Russia is essentially broke? Its only international leverage is its exports of oil and gas. The international markets have plenty of options to buy crude. Europe has no realistic options to get gas from alternative sources. If Russia falls into a deep recession, the gas supply into Europe is going to bring a much higher price. Russia has shown it has the ability to cut it off and that gives it the ability to ask unreasonable compensation. Douglas A. McIntyre Source: 24/7 Wall St. | 20 Jan 2009 | 11:32 am Wolfson fined by FSA over disclosure failureWolfson Microelectronics, the chip designer, was this morning fined £140,000 by the Financial Services Authority (FSA) for failing to reveal price sensitive information to the market as soon as possible.Source: Latest Business News from Times Online | 20 Jan 2009 | 11:23 am Sterling plunges on public debt concernsSterling today fell below $1.40 to its lowest point in seven and a half years because of concerns about the depth of Britain's banking crisis and the Government's rising debt levels as it seeks to bail out the struggling sector.$Source: Latest Business News from Times Online | 20 Jan 2009 | 10:55 am Hong Kong stock index drops nearly 3 percent (AP)AP - Hong Kong' stock index dropped almost 3 percent Tuesday as HSBC Holdings PLC led declines in banking shares.Source: Yahoo! News: Stock Markets News | 20 Jan 2009 | 10:16 am Inflation hits 3.1% in sharpest fall since 1992Inflation fell by 3.1 per cent in December, its biggest fall since 1992 as the Government's VAT cut and sharp discounts drove down consumer prices.Source: Latest Business News from Times Online | 20 Jan 2009 | 9:51 am FTSE rises as banks attempt rallyAn attempted rally in London banking stocks helped steady the benchmark FTSE 100 index on Tuesday after the sector's dizzying sell-off over the previous session.Shares in Royal Bank of Scotland were 16...Source: RSS feed - channel BNPaperBusiness | 20 Jan 2009 | 8:46 am Tangerine growers tell beekeepers to buzz offCalifornia agriculture officials are caught between beekeepers who prize orange blossom honey and citrus growers who blame the bees for causing otherwise seedless mandarin oranges to develop pips. ...Source: RSS feed - channel BNPaperBusiness | 20 Jan 2009 | 8:00 am FCC Chairman Kevin Martin warns about excessive regulationExcessive regulatory intervention could delay the rollout of new broadband and wireless infrastructure in the U.S. as the economic crisis shakes telecommunication firms' investment plans, the outgoing...Source: RSS feed - channel BNPaperBusiness | 20 Jan 2009 | 8:00 am Superhero power ebbsA high-stakes battle for survival is underway in the comic book universe as the villain recession knocks down sales. ...Source: RSS feed - channel BNPaperBusiness | 20 Jan 2009 | 8:00 am New York Times gets loan from Mexican billionaireThe newspaper publisher reaches an agreement for $250 million in financing from companies controlled by Carlos Slim Helu that will help it meet debt payments. ...Source: RSS feed - channel BNPaperBusiness | 20 Jan 2009 | 8:00 am Price is not right for many shoppers at Circuit City closeout saleCustomers are angry that many items are being discounted only 10%. Liquidators say markdowns will increase in coming weeks. ...Source: RSS feed - channel BNPaperBusiness | 20 Jan 2009 | 8:00 am Swearing off work on Inauguration DayAt Paine PR in Los Angeles, it'll be waffles around the conference table as the ceremonies unfold on TV. In Irvine, 30 Minute Photos Etc. is throwing an all-day party. ...Source: RSS feed - channel BNPaperBusiness | 20 Jan 2009 | 8:00 am Leaner New Year in Asian countriesThe sluggish economy spurs consumers and companies to cut their spending on the Chinese holiday. Painter Wei Haibin...Source: RSS feed - channel BNPaperBusiness | 20 Jan 2009 | 8:00 am Intel cuts processor prices up to 48%The world's biggest maker of semiconductors is facing slumping demand and mounting competition from AMD, which has introduced lower-cost chips. ...Source: RSS feed - channel BNPaperBusiness | 20 Jan 2009 | 8:00 am Wetherspoon axes dividend on loan fearsJD Wetherspoon, the pubs group, has axed its dividend and called a halt to almost all corporate spending over fears it will not be able to re-arrange a loan of nearly £100 million that comes due in September.Source: Latest Business News from Times Online | 20 Jan 2009 | 7:46 am Australian stock index falls more than 3 percent (AP)AP - Australia's stock market fell more than 3 percent Tuesday as the global financial crisis brought further bad news in the form of declining commodity prices and bank losses in Europe.Source: Yahoo! News: Stock Markets News | 20 Jan 2009 | 7:30 am NZ stocks: NZ shares close down 1.4pcA 9 per cent plunge in Contact Energy shares after the company issued a profit downgrade helped push the sharemarket down more than 1 per cent. But the New Zealand market fared better than those around the region, which slumped...Source: New Zealand Herald - Business | 20 Jan 2009 | 6:14 am AIG's investment chief to step down: report(Reuters) - American International Group Inc Chief Investment Officer Win Neuger will step down from his post and focus on a narrower role at the company, the Wall Street Journal said, citing people familiar with the matter.Source: Reuters: Business News | 20 Jan 2009 | 5:59 am Currency: Weak inflation data pushes kiwi lowerA large fall in consumers price inflation, and growing expectations of a big interest rate cut next week, pushed the New Zealand dollar down a US cent today. The Consumers Price Index fell 0.5 per cent in the three months to December,...Source: New Zealand Herald - Business | 20 Jan 2009 | 5:40 am More passengers flying Jetstar, less on QantasMELBOURNE - More passengers are flying on Qantas' low-cost carrier Jetstar, but numbers on the group's other carriers have fallen, according to preliminary figures released by Qantas Airways Ltd on Tuesday. The group comprises...Source: New Zealand Herald - Business | 20 Jan 2009 | 5:00 am The Age of ObamaIt was a mess when George W. Bush was first sworn in. There was the wet rain; the protesters jeering him just 39 days after the Supreme Court ruled in Bush v. Gore that Florida was his. Bush promised an era of civility that echoed his Texas years where he was popular and known as bipartisan. Of course, it didn’t turn out that way. Bush’s years were marked by rancor and division, a Senate that flipped party control three times and a vice president who once cursed out a prominent senator with the counsel to “go f—k yourself.” The '80s idea of tax reform—fewer deductions, lower rates—had cache when Ronald Reagan teamed up with Democrats like Bill Bradley and Richard Gephardt to pass it. But now the tax code is an ever-expanding mess of deductions, and Obama is no exception to these tactics. Will Obama Really Raise Taxes? What Business Can Expect From Obama Obama's Real Economic Team Source: Portfolio.com: Top 5 | 20 Jan 2009 | 5:00 am IBM Lotus Symphony: A Good Alternative to MS Word
IBM Lotus Symphony is powerful, it’s free, and best of all, it’s a viable alternative to MS Word. Preston Galla from PC World reports: Once upon a time, in the deep, dark recesses of computer history past, Lotus Symphony battled Microsoft Office to become the dominant Office suite. Today, of course, Microsoft Office is dominant, while Lotus Symphony has become largely a forgotten footnote to history. And that’s too bad, because IBM Lotus Symphony (as it’s now called) is quite a powerful office suite–and amazingly enough, anyone can download and use it for free. You might be surprised at what you find when you install IBM Lotus Symphony: a slick, sophisticated suite with all the bells and whistles, including a very elegant interface. All documents open in their own tabs, which means you can have word processing documents, presentations, and spreadsheets all open in the same program at the same time in the same interface–just in different tabs. IBM Lotus Symphony creates and opens documents in the Open Document Format standard, as well as Microsoft Office file formats. It doesn’t use the newest Office formats, but few people do, so it most likely won’t be a problem for you. So if you’re looking for an excellent, free office suite, IBM Lotus Symphony a great bet. I grew frustrated with MS Word a few years back and opted for OpenOffice instead. Although the features were comparable, OpenOffice was so incompatible with everything else that I ultimately dropped it. IBM Lotus Symphony sounds like a big improvement. If you’re interested, you can download it here. Why would IBM offer a free office suite? Because Microsoft needs a viable competitor. If Lotus Symphony seeds well, it could be a viable alternative to MS Word. The timing is concurrent with widespread disappointment with Vista, and flat MS marketing efforts. It would be neat to see more competition in the office application space. Source: Business Pundit | 20 Jan 2009 | 12:40 am Need to know: M&S struggles in Asia ... BASF warning ... Diageo reviewView video and Need to Know interactive heatmapSource: Latest Business News from Times Online | 20 Jan 2009 | 12:00 am Irish bank shares tumble as renewed fears grip sectorShares in Ireland's banks lost half their value yesterday amid renewed fears for the sector after the nationalisation of Anglo Irish last week and the announcement that Bank of Ireland's chief executive was standing down.Source: Latest Business News from Times Online | 20 Jan 2009 | 12:00 am US education sales push Pearson into record profitsCash-strapped American students helped Pearson, the publisher, to produce record profits last year as spending on college textbooks increased and Wall Street's woes mounted.Source: Latest Business News from Times Online | 20 Jan 2009 | 12:00 am Poll shows EU resistance on Afghan warAny attempt by Barack Obama to get European Union members of Nato to send more troops to Afghanistan will be strongly rebuffed by EU voters, according to a new opinion poll for the Financial TimesSource: Financial Times - US homepage | 19 Jan 2009 | 11:51 pm FCC head warns of regulatory excessExcessive regulatory intervention could delay the roll-out of new broadband and wireless infrastructure in the US as the economic crisis shakes telecoms investment plans, the outgoing chairman of the US Federal Communications Commission has warnedSource: Financial Times - US homepage | 19 Jan 2009 | 11:51 pm BofA set for further jobs cutsBank of America is expected to make several thousand employees in its capital markets businesses redundant, starting this week, according to executives familiar with the matterSource: Financial Times - US homepage | 19 Jan 2009 | 11:44 pm IBM faces fresh antitrust probeIBM faces fresh scrutiny from European competition regulators as a new complaint is filed formally accusing the US company of abusing its monopoly power in Europe's computer mainframe marketSource: Financial Times - US homepage | 19 Jan 2009 | 11:32 pm Food prices up 9.1pc for yearAlong with this morning's low inflation number, Statistics NZ has released its Food Price Index, which shows a 9.1 per cent hike in food prices for the year to December 2008. All five "subgroups" that are studied were up during...Source: New Zealand Herald - Business | 19 Jan 2009 | 11:13 pm Big rate cut due as inflation drops to 3.4pcA big interest rate cut next week is now all but certain, as the latest Consumer Price Index confirms a big slump in inflation. Annual inflation fell to 3.4 per cent in the December quarter, from the 18-year high of 5.1 per cent...Source: New Zealand Herald - Business | 19 Jan 2009 | 11:00 pm Battle to avoid RBS nationalisationThe focus of the global banking crisis shifted to Europe on Monday, where shares in banks tumbled after the UK government announced a second industry-wide bail-out that sparked fears of nationalisationSource: Financial Times - US homepage | 19 Jan 2009 | 10:44 pm Contact shares down 10pc after earnings warningContact Energy, one of the biggest companies on the NZ stock exchange, says earnings this year may fall by more than 20 per cent this year. Its share price has fallen 9.8 per cent on the NZX, down 72 cents to $6.63 a share. The...Source: New Zealand Herald - Business | 19 Jan 2009 | 10:30 pm Fiat in talks with Chrysler: reportsAUBURN HILLS, Michigan - Fiat is holding discussions with Chrysler about taking a stake in the US car maker and creating a partnership that would allow the Italian auto maker to build and sell its small cars in the United States,...Source: New Zealand Herald - Business | 19 Jan 2009 | 10:00 pm Chrysler and Fiat in joint venture talksChrysler and Italy's Fiat are in talks over creating a joint venture that would give Chrysler the ability to build and sell Fiat cars in North America, according to people close to the matterSource: Financial Times - US homepage | 19 Jan 2009 | 9:54 pm Trade war fears as subsidies restoredEuropean export subsidies are stirring fears of a trade war with echoes of the 1930s protectionism that sparked the Great Depression. The European Union this week re-introduces so called "export refunds" for butter, cheese, whole...Source: New Zealand Herald - Business | 19 Jan 2009 | 9:30 pm Citigroup rebuffs reports of sell-offCitigroup said it is "committed" to its Japanese brokerage unit Nikko Cordial Securities, rebuffing reports that the division is up for sale as Citigroup splits in two to rebuild capital. Citigroup plans to keep Nikko Cordial,...Source: New Zealand Herald - Business | 19 Jan 2009 | 9:30 pm Cerberus to cut staff as it seeks assistanceThe private equity specialising in stripping costs out of struggling companies has been forced to axe 10 per cent of it staff, a move that underlines the problems it faces at some of its most recent investmentsSource: Financial Times - US homepage | 19 Jan 2009 | 9:01 pm Thinking big pays off for giant mallTrains arrive at Sylvia Park's station every 15 to 20 minutes at peak hour, delivering shoppers directly to the Mt Wellington mall's own platform. While shops in other centres close and retail spending shrinks, the owners of this...Source: New Zealand Herald - Business | 19 Jan 2009 | 9:00 pm Earnings season brings rising volatilityIn these troubled times, even accepted measures of market volatility have become impossibly volatileSource: Financial Times - US homepage | 19 Jan 2009 | 8:48 pm Finance chief goes in Seoul reshuffleSouth Korea's President Lee Myung-bak replaced members of his cabinet seeking fresh policies to deal with an economic downturn and an increasingly truculent North KoreaSource: Financial Times - US homepage | 19 Jan 2009 | 7:26 pm Norilsk eyes metal mega-mergerAn ambitious plan to create one of the world's biggest mining groups through the merger of up to five Russian companies has been proposed by two billionaire tycoonsSource: Financial Times - US homepage | 19 Jan 2009 | 7:04 pm Hear: The First 100 DaysToday on Planet Money: -- President-elect Barack Obama begins his first 100 days in office on Tuesday. Historian Eric Rauchway guides us through the first 100 days by which all other 100 days are measured -- the start of Franklin Delano Roosevelt's presidency. Rauchway is the author of The Great Depression and The New Deal: A Very Short Introduction. -- Listener Nathan Fiala says he's found a bright spot in the dismal U.S. economy. It's his hometown, Grand Forks, North Dakota. Download the podcast; or subscribe. Intro music: Anthony Hamilton's "Do You Feel Me." Find us: Twitter/ Facebook/ Flickr. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Jan 2009 | 6:30 pm Mixed results on business diversityAround the turn of the millennium there was a big push at corporations to increase diversity. How far have we come in bringing diversity to the workplace? Bob Moon speaks with diversity consultant Steve Robbins.Source: Marketplace | 19 Jan 2009 | 6:28 pm China cuts tax to rev up small car salesIn an effort to boost sagging sales, China is cutting the tax on little cars. The move has Detroit's Big 3 paying close attention because the Chinese buy brands from around the world. Scott Tong reports.Source: Marketplace | 19 Jan 2009 | 6:28 pm Obama must manage big expectationsMany people have high hopes that President-elect Obama will be able to fix our nation's biggest problems. Bob Moon speaks with behavioral economist Dan Ariely about how to manage those expectations.Source: Marketplace | 19 Jan 2009 | 6:28 pm Some Europeans doubtful about ObamaSince the presidential election, Europe has been caught up in Obama mania. Many Europeans hope he will be able to turn around the global financial crisis. But, there are doubters. Stephen Beard reports.Source: Marketplace | 19 Jan 2009 | 6:28 pm Solar incentive opens energy windowFinancing green projects can be expensive, so cities are rethinking the economic model to fund renewable energy. A pilot project in Berkeley, Calif., will use city bonds to pay for the costs of installing solar panels, with money being recouped later through a surcharge on property taxes. Sam Eaton reports.Source: Marketplace | 19 Jan 2009 | 6:28 pm Experiment to get best stimulus resultsLawmakers are still debating President-elect Obama's stimulus package and what will work best to boost our economy. Commentator Len Burman says "experimenting" by assigning different "treatments" to different states will help get the best results from the stimulus and maybe even help in the future.Source: Marketplace | 19 Jan 2009 | 6:28 pm Don't steal that presidential sealIt seems merchandise featuring President-elect Obama is being sold everywhere with the inauguration approaching. But shirts and buttons that feature the presidential seal are illegal under federal law. Nancy Marshall Genzer reports.Source: Marketplace | 19 Jan 2009 | 6:28 pm Slaughter of New York Says U.S. Needs to Get Finances in OrderSource: Bloomberg - All Podcasts | 19 Jan 2009 | 6:16 pm Primo Says Obama Putting Positive Face on `Daunting' ChallengesSource: Bloomberg - All Podcasts | 19 Jan 2009 | 6:15 pm Historian Remini Says President Jackson Wanted Bank ReformSource: Bloomberg - All Podcasts | 19 Jan 2009 | 6:14 pm Levitt Sees Slow, Inevitable Nationalization of U.S. BanksSource: Bloomberg - All Podcasts | 19 Jan 2009 | 6:13 pm Unemployed People Join United States Military En Masse
The New York Times covers a recent military enlistment boom, courtesy of the economy: As the number of jobs across the nation dwindles, more Americans are joining the military, lured by a steady paycheck, benefits and training. Recruiting offices are reporting a jump in the number of young men and women inquiring about joining the service in the past three months. The Army exceeded its targets each month for October, November and December — the first quarter of the new fiscal year — bringing in 21,443 new soldiers on active duty and in the reserves. As a rule, when unemployment rates climb so do military enlistments. (One sergeant) said he had been struck by the number of unemployed construction workers and older potential recruits — people in their 30s and beyond — who had contacted him to explore the possibility. The Army age limit is 42, which was raised from 35 in 2006 to draw more applicants. Another lure is the new G. I. Bill, which will significantly expand education benefits. Beginning this August, service members who spend at least three years on active duty can attend any public college at government expense or apply the payment toward tuition at a private university. No data exist yet, but there has traditionally been a strong link between increased education benefits and new enlistments. It’s ironic that the military, source of major budget bloat, is finding qualified candidates just in time for a president who intends to withdraw from Iraq and, presumably, cut spending on international war efforts. Obama needs to cull military recruits into civilian service. They will do more good at home. Source: Business Pundit | 19 Jan 2009 | 6:10 pm London stocks end in the red (AFP)
Source: Yahoo! News: Business | 19 Jan 2009 | 5:21 pm London stocks end in the red (AFP)
Source: Yahoo! News: Stock Markets News | 19 Jan 2009 | 5:21 pm 25 Martin Luther King Quotes to Remember
There’s a solid reason we celebrate Martin Luther King Day every year, and it doesn’t just have to do with getting the day off if you work for the government. These 25 MLK quotes will remind you why we hold the day in observance: 1. True peace is not merely the absence of tension: it is the presence of justice. 2. I submit to you that if a man has not discovered something that he will die for, he isn’t fit to live. 3. A riot is the language of the unheard. 4. Darkness cannot drive out darkness: only light can do that. Hate cannot drive out hate: only love can do that. 5. Many of the ugly pages of American history have been obscured and forgotten. A society is always eager to cover misdeeds with a cloak of forgetfulness, but no society can fully repress an ugly past when the ravages persist into the present. America owes a debt of justice which it has only begun to pay. If it loses the will to finish or slackens in its determination, history will recall its crimes and the country that would be great will lack the most element of greatness — justice. 6. Cowardice asks the question, “Is it safe?” Expediency asks the question, “Is it politic?” And Vanity comes along and asks the question, “Is it popular?” But Conscience asks the question “Is it right?” And there comes a time when one must take a position that is neither safe, nor politic, nor popular, but he must do it because Conscience tells him it is right. 7. I say to you that our goal is freedom, and I believe we are going to get there because however much she strays away from it, the goal of America is freedom. 8. I am not interested in power for power’s sake, but I’m interested in power that is moral, that is right and that is good. 9. If a city has a 30% Negro population, then it is logical to assume that Negroes should have at least 30% of the jobs in any particular company, and jobs in all categories rather than only in menial areas. 10. …Life at its best is a creative synthesis of opposites in fruitful harmony. 11. Science investigates; religion interprets. Science gives man knowledge which is power; religion gives man wisdom which is control. Science deals mainly with facts; religion deals mainly with values. The two are not rivals. They are complementary. 12. A nation or civilization that continues to produce softminded men purchases its own spiritual death on the installment plan. 13. Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity. 14. The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy. 15. Injustice anywhere is a threat to justice everywhere. 16. We know through painful experience that freedom is never voluntarily given by the oppressor; it must be demanded by the oppressed. 17. One has not only a legal, but a moral responsibility to obey just laws. Conversely, one has a moral responsibility to disobey unjust laws. 18. I have consistently preached that nonviolence demands that the means we use must be as pure as the ends we seek. I have tried to make clear that it is wrong to use immoral means to attain moral ends. But now I must affirm that it is just as wrong, or perhaps even more so, to use moral means to preserve immoral ends. 19. This is no time to engage in the luxury of cooling off or to take the tranquilizing drug of gradualism. Now is the time to make real the promises of democracy. Now is the time to rise from the dark and desolate valley of segregation to the sunlit path of racial justice. Now is the time to open the doors of opportunity to all of God’s children. Now is the time to lift our nation from the quicksands of racial injustice to the solid rock of brotherhood. 20. Again and again we must rise to the majestic heights of meeting physical force with soul force. 21. Nonviolence is the answer to the crucial political and moral questions of our time — the need for mankind to overcome oppression and violence without resorting to violence and oppression. 22. I refuse to accept the cynical notion that nation after nation must spiral down a militaristic stairway into the hell of thermonuclear destruction. I believe that unarmed truth and unconditional love will have the final word in reality. This is why right, temporarily defeated, is stronger than evil triumphant. 23. The time is always right to do what’s right. 24. In every age and every generation, men have envisioned a promised land. Some may have envisioned it with the wrong ideology, with the wrong philosophical presupposition. But men in every generation thought in terms of some promised land. 25. I have a dream that one day this nation will rise up and live out the true meaning of its creed: “We hold these truths to be self-evident: that all men are created equal.” I have a dream that one day on the red hills of Georgia the sons of former slaves and the sons of former slaveowners will be able to sit down together at a table of brotherhood. I have a dream that one day even the state of Mississippi, a state, sweltering with the heat of injustice, sweltering with the heat of oppression, will be transformed into an oasis of freedom and justice. I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character. I have a dream today. Source: Business Pundit | 19 Jan 2009 | 5:21 pm No Fatalities During the White Black Friday
Friday marked the first in a series of ‘Running of the Brides’ events to help brides find the perfect wedding gown at a bargain price. Bridezilla’s will descend upon Filene’s Basement in what they company calls ’shopping as a full-contact sport’.
What Filene’s describes as a quaint sounding ‘old-fashioned bazaar’ sounds to me like another recipe for disaster ala WalMart. Their language is very aggressive: ‘Running of the Brides’ connotes bulls and gore. ‘Full contact sport’ brings to mind linebackers and tackles. I’ve never been one to fight for my bargains, so I’m not speaking from experience here. But I think we’ve seen enough tragedy to move on. It seems to me that some of the old rules of society that kept these types of affairs quite civil has eroded. I wonder how long these types of sales will continue. People have died! You think brides won’t kill? Pre-nuptual women can be insane, literally. Do you think the time for these mob-mentality sales has passed? Source: Business Pundit | 19 Jan 2009 | 5:13 pm Always Check Your Child’s Homework Before it Gets Turned InA first grade girl handed in the drawing below for a homework assignment.
After it was graded and the child brought it home, she returned to school the next day with the following note: Dear Ms. Davis, I want to be very clear on my child’s illustration. It is NOT of me on a dance pole on a stage in a strip joint. I work at Home Depot and had commented to my daughter how much money we made in the recent snowstorm. This photo is of me selling a shovel. Mrs. Harrington Source: Business Pundit | 19 Jan 2009 | 5:06 pm What’s Open and Closed on Martin Luther King, Jr. Day?In case you’re wondering, here’s the lowdown on whether banks, the US Post Office, and other institutions are open on Martin Luther King Day (from the Star Tribune): POST OFFICES Most are closed. BANKS TCF and U.S. Bank traditional and in-store branches are open normal hours. Wells Fargo in-store branches are open normal hours. GROCERIES Major supermarkets are open. MALLS Major malls are open normal hours. MASS TRANSIT Mostly regular schedules. PARKING METERS May not be enforced. SCHOOLS Public schools and most universities are closed. PUBLIC AGENCIES Local, state and federal offices are closed. LIBRARIES Most are closed. RECREATION CENTERS Call for hours. Also: THE STOCK MARKET Closed. SKI SLOPES Extremely crowded. MARTIN LUTHER KING, JR. Happy 80th Birthday! Source: Business Pundit | 19 Jan 2009 | 5:03 pm Los Angeles Area Mayor Banned from Working Past 11pmFrom Ananova:
Councillors in California have passed a curfew on their own mayor because they don’t like her working late at night. Blanca Figueroa, the mayor of South El Monte, a suburb east of Los Angeles, must now vacate city hall by 11pm. Councillors said they had concerns about safety and liability regarding the work schedule of the mayor, who frequently worked until the early hours of the morning. But Ms Figueroa says the curfew is unfair as she needs to work late to catch up on paperwork because her days are filled with meetings. She also says her workload has increased over recent months due to the economic downturn worrying constituents. “My job is 24/7,” the mayor, who has been in office since 1997, told the Los Angeles Times. Can’t she override the motion to limit her hours? She is the mayor, after all. The law should allow for all levels of dedication. (Photo: Flickr’s Hildaforcongress) Source: Business Pundit | 19 Jan 2009 | 4:49 pm Shilling Says U.S. Consumers `Over Their Heads' in DebtSource: Bloomberg - All Podcasts | 19 Jan 2009 | 4:02 pm Darda Sees U.S. House Prices Bottoming Late 2010-Early 2011Source: Bloomberg - All Podcasts | 19 Jan 2009 | 3:13 pm Senator Conrad Says Stimulus Won't Create 3 Million U.S. JobsSource: Bloomberg - All Podcasts | 19 Jan 2009 | 2:53 pm Japan's Nikkei slightly up on yen, Obama (AP)AP - Japan's key stock index rose slightly Monday as investors welcomed a dip in the yen, lifting electronics companies, automakers and other exportersSource: Yahoo! News: Stock Markets News | 19 Jan 2009 | 1:53 pm Opening Bell: 01.19.09Programming Note: We're off 'til tomorrow. Enjoy the holiday, and see you Tuesday morning! Also, solicitation: if anyone is free on Friday and interested in covering Wharton's annual Private Equity & Venture Capital conference (which was taken over by protesters last year), get in touch! Citi Passes Torch To RBS (Bloomberg) UBS Buys AIG Commodities Index (DJNewswire) Blackstone To Launch S. Korean Unit (Reuters) Russia/Ukraine Saga To Come To A Temporary Close (WSJ) "Russian Prime Minister Vladimir Putin said Ukraine will pay 20% less than the European price for this year. This means a substantial increase for Ukraine in the first quarter but the price could fall significantly later in the year as gas prices are expected to drop. Ukraine's Prime Minister Yulia Tymoshenko said natural gas supplies would resume once the two countries' gas companies sign a contract. It wasn't clear how soon this would happen. Russia's Gazprom and Ukraine's Naftogaz, both state controlled, were told to prepare the documents."
Source: Dealbreaker | 19 Jan 2009 | 1:16 pm
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