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Bond Report: Treasurys down ahead of massive auctionsNEW YORK (MarketWatch) -- Treasurys fell Monday, pushing yields to the highest in more than two months, before the government floods the market with its biggest quarterly refunding package on record.Source: MarketWatch.com - Top Stories | 9 Feb 2009 | 2:08 pm FSA to set up system to regulate bank bonusesThe Financial Services Authority (FSA) is working on a new system for bank bonuses that will change the way all financial institutions reward their staff, not just those bailed out by the taxpayer, the head of the City watchdog said today.Source: Latest Business News from Times Online | 9 Feb 2009 | 2:05 pm Rohm & Haas fourth-quarter profit falls 82%NEW YORK (MarketWatch) -- Rohm & Haas Co. said Monday its fourth-quarter earnings plunged more than 80% as demand for its specialty materials for the construction, electronics and consumer product markets foundered.Source: MarketWatch.com - Top Stories | 9 Feb 2009 | 2:05 pm Sell Apple? Very bad callSource: Business and financial news - CNNMoney.com | 9 Feb 2009 | 2:03 pm Wikinvest: Your Anonymous Stock Advisor
The New York Times reports on Wikinvest, a wiki designed to give individuals trading advice it hopes will eventually be on par with professionally-trained humans: Following the model of Wikipedia, the online encyclopedia that anyone can edit, Wikinvest is building a database of user-generated investment information on popular stocks. A senior at Yale writes about the energy industry, for example, while a former stockbroker covers technology and a mother in Arizona tracks children’s retail chains. Wikinvest, which recently licensed some content to the Web sites of USA Today and Forbes, seeks to be an alternative to Web portals that are little more than “a data dump” of income statements and government filings, said Parker Conrad, a co-founder. Users annotate stock charts with notes explaining peaks and valleys, edit company profiles and opine about whether to buy or sell. The site is creating a wire service with articles from finance blogs and building a cheat sheet to guide readers through financial filings by defining terms and comparing a company’s performance to competitors’. One risk of the Wikinvest model is the manipulation of stock information. Wikinvest insures against that by requiring posters to cite sources, removing those who don’t, and ranking frequent, accurate contributors more highly. It also only covers trades associated with corporations valued at $100 million or more. Wikinvest looks promising. For now, it’s a good supplemental resource, but I can only imagine it getting bigger as its legitimacy grows. Source: Business Pundit | 9 Feb 2009 | 2:03 pm Oil rises on OPEC supply cut pledgeRead full story for latest details.Source: Business and financial news - CNNMoney.com | 9 Feb 2009 | 2:01 pm NewsWatch: U.S. stock futures point lower after Friday's rallyTraders took gains off the table on Monday, with U.S. stock futures pointing lower as stimulus and bank aid plans were pushed back a day.Source: MarketWatch.com - Top Stories | 9 Feb 2009 | 2:00 pm Whirlpool profits plungeWhirlpool the world's largest home appliance maker, said that its fourth quarter profits plunged 76 per cent as consumer retrenchedSource: Financial Times - US homepage | 9 Feb 2009 | 1:58 pm NYSE Euronext swings to $1.3 billion loss on write-downsNYSE Euronext on Monday reported that it swung to a fourth-quarter loss of $1.34 billion after writing down the value of the Euronext exchanges it bought at the height of exchange consolidation.Source: MarketWatch.com - Top Stories | 9 Feb 2009 | 1:54 pm Bank rescue delay to weigh on stocksNEW YORK (Reuters) - Stocks headed for a lower open on Monday as a delay in the announcement of the Obama administration's bank rescue plan disappointed investors and another wave of poor earnings showed more economic upheaval.Source: Reuters: Business News | 9 Feb 2009 | 1:53 pm Bank rescue delay to weigh on stocks (Reuters)
Source: Yahoo! News: Stock Markets News | 9 Feb 2009 | 1:53 pm Bank rescue delay to weigh on stocks (Reuters)
Source: Yahoo! News: Business | 9 Feb 2009 | 1:53 pm Wall Street heads for lower opening (AP)
Source: Yahoo! News: Stock Markets News | 9 Feb 2009 | 1:53 pm Wall Street heads lower after bank plan delayWall Street stocks were set on Monday morning to give back some of last week's strong gains amid fresh uncertainty over the Obama administration's stimulus package and bank rescue plan.Source: Financial Times - US homepage | 9 Feb 2009 | 1:53 pm Dollar hurt by stimulus delayThe dollar fell back Monday after two key elements of President Obama's economic revival plan faced slight delays.Source: Business and financial news - CNNMoney.com | 9 Feb 2009 | 1:53 pm FSA gloomy over economic outlookThe UK's recession may be longer and deeper than expected, the Financial Services Authority warns.Source: BBC News | Business | World Edition | 9 Feb 2009 | 1:51 pm Whirlpool profit drops 76%Read full story for latest details.Source: Business and financial news - CNNMoney.com | 9 Feb 2009 | 1:44 pm Barclays Initiates Solar Power Stocks (YGE, SOLF, CSUN, LDK, SOL, TSL)
Yingli Green Energy (YGE) was started as Overweight in the Barclays Capital note. Solarfun Power (SOLF) was started as Underweight. China Sunergy (CSUN), LDK Solar (LDK), ReneSola (SOL), and Trina Solar (TSL) were all started as Equal Weight. Jon C. Ogg February 9, 2009 Tagged: Alternative Energy, CSUN, LDK, SOL, solar power, solar stocks, SOLF, TSL, YGE      Source: 247 Wall Street | 9 Feb 2009 | 1:42 pm Wall Street set to start lowerU.S. stocks were poised to open lower Monday, at the start of a week that will see major developments in the Obama administration's stimulus and bank bailout plans.Source: Business and financial news - CNNMoney.com | 9 Feb 2009 | 1:41 pm Barclays profit beats forecasts, bonuses halvedLONDON (Reuters) - British bank Barclays Plc said bonus payments across the bank would almost halve for 2008 as it reported a 14 percent drop in annual profit and said it faces a tough year ahead.Source: Reuters: Business News | 9 Feb 2009 | 1:41 pm Before the Bell: Stimulus plan, General Motors, NYSE Euronext in focusU.S. stock market futures pointed lower Monday as investors continued to wait for the latest plans to stimulate the economy and support banks.Source: MarketWatch.com - Top Stories | 9 Feb 2009 | 1:40 pm Nissan forecasts annual loss, to cut 20,000 jobsTOKYO (Reuters) - Nissan Motor Co said it would cut 20,000 jobs and joined a growing list of automakers warning of red ink this year in what would mark its first loss since Chief Executive Carlos Ghosn took the reins a decade ago.Source: Reuters: Business News | 9 Feb 2009 | 1:39 pm Indications: U.S. stock futures point lower after Friday's rallyTraders took gains off the table on Monday, with U.S. stock futures pointing lower as stimulus and bank aid plans were pushed back a day.Source: MarketWatch.com - Top Stories | 9 Feb 2009 | 1:35 pm Bond prices little changedGovernment debt prices were little changed Monday at the start of a week of very heavy supply coming to market, and as investors wait for further clarity on the economic stimulus plan.Source: Business and financial news - CNNMoney.com | 9 Feb 2009 | 1:31 pm Oil climbs towards $41 after OPEC supply pledgeLONDON (Reuters) - Oil rose toward $41 a barrel on Monday after OPEC said it was willing to cut oil output further if needed to stabilize oil prices.Source: Reuters: Business News | 9 Feb 2009 | 1:31 pm Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.Source: MarketWatch.com - Top Stories | 9 Feb 2009 | 1:31 pm Jessica the readers' Good SamaritanMany readers complain that the financial institutions that are keen to take their money are less willing to answer legitimate questions. Sometimes the power of the press in the shape of Jessica our financial troubleshooter can help.Source: Telegraph Finance | 9 Feb 2009 | 1:30 pm New Star winds up Africa fundInvestors stand to lose more than half of their money.Source: Telegraph Finance | 9 Feb 2009 | 1:25 pm MarketWatch First Take: Blame it on RioRio Tinto shareholders who might have been questioned whether the mining giant would give up too much control of its assets in return for a needed cash infusion from China have gotten their answer: Keep worrying.Source: MarketWatch.com - Top Stories | 9 Feb 2009 | 1:24 pm Rohm and Haas earnings tumbleNEW YORK (Reuters) - Chemical maker Rohm and Haas Co , which is locked in a merger dispute with suitor Dow Chemical Co , said on Monday its fourth-quarter profit fell as the global economic slowdown hurt demand for its paints, coatings and electronic materials.Source: Reuters: Business News | 9 Feb 2009 | 1:21 pm NYSE Euronext profit down 20 percent, shares drop (Reuters)Reuters - Fourth-quarter net profit at NYSE Euronext dropped 20 percent as rivals forced the transatlantic exchange operator to cut prices and the strengthening euro further dented its business.Source: Yahoo! News: Stock Markets News | 9 Feb 2009 | 1:21 pm Failed Banks Would Be Preferable to One ‘Bad Bank’John Tamny RealClearMarkets In the past week alone, readers of the business press have been treated to a variety of disturbing headlines concerning the federal government’s role in the banking system. Subscribers to the Financial Times were greeted with “Treasury pushes Citi to cancel jet order.” From the Wall Street Journal readers found out that “On Street, New Reality on Pay Sets In.” With regard to pay, Sen. Claire McCaskill is introducing legislation “that would limit the salary, bonuses and stock options of executives at financial companies getting federal bailout aid to no more than what the president earns.” President Obama has since lent his voice to McCaskill’s echo chamber with a plan to impose a $500,000 salary cap on executives with firms that accepted bailout money.       Source: 247 Wall Street | 9 Feb 2009 | 1:08 pm Chinalco chief steps down as Rio deal nearsThe president of Chinalco, the state-owned Chinese aluminium giant, is to step down before an expected multi-billion dollar deal with Rio Tinto, the Anglo-Australian mining giant.Source: Latest Business News from Times Online | 9 Feb 2009 | 1:07 pm Outside the Box: In Tuesday election, Israeli voters plan an economic statementIsrael's frequently stormy elections have seldom been about economics. Even the 1984 election, which took place against the backdrop of 400% inflation, was more about foreign affairs than about economics. Now the mess is as big as the entire global economy, and the candidates are talking business ad nauseam. While the Palestinian attacks on southern Israel and the recent fighting in Gaza remain on all minds, the economy this time is a major issue.Source: MarketWatch.com - Top Stories | 9 Feb 2009 | 1:04 pm Treasury delays bank bailout announcement (Reuters)
Source: Yahoo! News: Business | 9 Feb 2009 | 12:58 pm Treasury delays bank bailout announcementWASHINGTON (Reuters) - The Obama administration pushed back the announcement of a keenly awaited bank rescue plan until Tuesday as it pressed lawmakers to settle their differences over a huge economic stimulus package.Source: Reuters: Business News | 9 Feb 2009 | 12:58 pm Top Pre-Market Analyst Upgrades (ADBE, ALXN, BIG, NSR, PFE, WYE)These are some of the top pre-market analyst upgrades and positive calls we have seen this Monday morning: Jon C. Ogg       Source: 247 Wall Street | 9 Feb 2009 | 12:57 pm European stocks sag over US stimulus plan (AFP)
Source: Yahoo! News: Stock Markets News | 9 Feb 2009 | 12:55 pm Britain's BG Group bids for Aussie energy group PureBritain's BG Group said Monday it had made a counter-offer of 796 million Australian dollars (416 million euros, 536 million dollars) to buy gas producer Pure Energy of Australia. BG...Source: RSS feed - channel BNewsBusiness | 9 Feb 2009 | 12:51 pm Loews reports steep lossNEW YORK (Reuters) - Conglomerate Loews Corp on Monday reported a large loss in the fourth quarter, on higher investment losses caused by dislocation in the debt and equity markets.Source: Reuters: Business News | 9 Feb 2009 | 12:51 pm MarketWatch First Take: Barclays can't be accused of following the leaderIf there’s one thing that Barclays cannot be accused of, it’s following the leader. For proof, just read the fine print and commentary that go with the U.K. lender's latest financial results.Source: MarketWatch.com - Top Stories | 9 Feb 2009 | 12:51 pm Top Pre-Market Analyst Downgrades (BIIB, HIBB, KIM, LEN, NWS, NS, OSG, PGI, RMD, TK)These are the top pre-market analyst downgrades and negative research calls from Wall Street this Monday morning: Jon C. Ogg       Source: 247 Wall Street | 9 Feb 2009 | 12:48 pm President seeks grass-roots support for stimulusPresident Barack Obama faces a barrage of questions on his plans to reinvigorate the economy with a massive stimulus bill and additional billions in bailout money for the financial markets.Source: RSS feed - channel BNewsBusiness | 9 Feb 2009 | 12:45 pm Brown 'very angry' about bonusesGordon Brown's spokesman says he believes bankers should consider waiving their right to bonuses.Source: BBC News | Business | World Edition | 9 Feb 2009 | 12:44 pm Opening Bell: 02.09.09Wells Fargo Advertisement Tells Huddled Masses To Get Bent (Reuters)
Goldman Chief Calls For Stricter Accounting Controls (FT) In an article for Monday's Financial Times, as the Obama administration prepares to rewrite the rule book governing the US banking industry, Mr Blankfein outlines seven areas of misdemeanour - ranging from "complexity [getting] the better of us" to the "outsourcing of risk management" to ratings agencies." The Treasury Pushes Announcement (Reuters) Government Looking At Ways To Circumvent Contract, Collect Money Ahead Of Private Enterprises (Bloomberg) "General Motors Corp. and Chrysler LLC may have to be forced into bankruptcy by the U.S. government to assure repayment of $17.4 billion in federal bailout loans, a course of action the automakers claim would destroy them. U.S. taxpayers currently take a backseat to prior creditors, including Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc., according to loan agreements posted on the U.S. Treasury's Web site. The government has hired a law firm to help establish its place at the front of the line for repayment, two people involved in the work said last week. If federal officials fail to get a consensual agreement to change their place in line for repayment, they have the option to force the companies into bankruptcy as a condition of more bailout aid. The government would finance the bankruptcy with a so-called "debtor in possession" or DIP loan, a lender status that gives the U.S. priority over other creditors, said Don Workman, a partner at Baker & Hostetler LLP." Barclays Beats Forecasts, Cuts Bonuses (Reuters) Its profit beat expectations, however, and the bank's shares jumped over 7 percent in early trading on Monday." 
Source: Dealbreaker | 9 Feb 2009 | 12:43 pm Hammerson announces £584.2m rights issueHammerson the UK property developer has announced a £584.2m rights issue over fears that it could breach banking covenants.Source: Telegraph Finance | 9 Feb 2009 | 12:43 pm Whirlpool profit falls 76 percentATLANTA (Reuters) - Whirlpool Corp , the world's biggest appliance maker, reported lower quarterly profit on Monday as sales fell worldwide, and it posted an operating loss in North America, its biggest market.Source: Reuters: Business News | 9 Feb 2009 | 12:39 pm Nissan to cut 20,000 jobs worldwideNissan Motor posted a big quarterly loss and warned it would lose money this year, marking its first fall into the red since chief executive Carlos Ghosn took the reins a decade agoSource: Financial Times - US homepage | 9 Feb 2009 | 12:38 pm Crisis leaves single European banking system 'untenable' FSA saysThe system whch enabled foreign banks such as those from Iceland to offer British customers savings accounts is "not tenable" FSA says.Source: Telegraph Finance | 9 Feb 2009 | 12:37 pm Stimulus: What's nextIn the coming days, a compromise version of the economic recovery plan is likely to pass the Senate with a handful of Republican votes.Source: Business and financial news - CNNMoney.com | 9 Feb 2009 | 12:37 pm Identity theft hits 10 million AmericansRead full story for latest details.Source: Business and financial news - CNNMoney.com | 9 Feb 2009 | 12:32 pm NYSE Euronext post $1.34 billion 4Q lossTrans-Atlantic stock exchange operator NYSE Euronext said Monday it recorded a $1.34 billion loss during the fourth quarter as it was forced to take a charge related to its 2007 acquisitionSource: RSS feed - channel BNewsBusiness | 9 Feb 2009 | 12:29 pm NYSE Euronext post $1.34 billion 4Q loss (AP)AP - Trans-Atlantic stock exchange operator NYSE Euronext said Monday it recorded a $1.34 billion loss during the fourth quarter as it was forced to take a charge related to its 2007 acquisition of European exchange Euronext.Source: Yahoo! News: Stock Markets News | 9 Feb 2009 | 12:29 pm Mastercard's Rugby World Cup dealMastercard is appointed a main sponsor of the 2011 rugby union world cup, the tournament's organisers announce.Source: BBC News | Business | World Edition | 9 Feb 2009 | 12:28 pm Senators say stimulus plan must go through _ nowTwo senators who played a leading role in shaping the $827 billion bill now before lawmakers say it's the best that could be achieved under difficult circumstances and must be passed. ...Source: RSS feed - channel BNewsBusiness | 9 Feb 2009 | 12:23 pm Beazer Homes USA fiscal 1st-quarter loss narrowsBeazer Homes says its fiscal first-quarter loss narrowed even as revenue plunged as it offered fewer sales incentives than in the same period last year. The Atlanta-based homebuilder...Source: RSS feed - channel BNewsBusiness | 9 Feb 2009 | 12:11 pm The jobs problem you don't know aboutJanuary was one of the worst months for layoffs ever, with nearly a quarter-million job-cut announcements grabbing headlines.Source: Business and financial news - CNNMoney.com | 9 Feb 2009 | 12:09 pm Fannie, Freddie to ease mortgage payments?Read full story for latest details.Source: Business and financial news - CNNMoney.com | 9 Feb 2009 | 12:09 pm Barclays profit beats forecasts, bonuses halved (Reuters)
Source: Yahoo! News: Business | 9 Feb 2009 | 12:08 pm NYSE Euronext falls to 4Q net loss on writedown (AP)AP - NYSE Euronext, the trans-Atlantic stock exchange operator, said Monday it made a massive loss in the fourth quarter as collapsing equity markets forced it to slash value off its 2007 merger of NYSE and Euronext.Source: Yahoo! News: Stock Markets News | 9 Feb 2009 | 12:06 pm NYSE Euronext falls to 4Q net loss on writedownNYSE Euronext, the trans-Atlantic stock exchange operator, said Monday it made a massive loss in the fourth quarter as collapsing equity markets forced it to slash value off its 2007 mergerSource: RSS feed - channel BNewsBusiness | 9 Feb 2009 | 12:06 pm Whirlpool 4Q profit falls on restructuring chargeHome appliance maker Whirlpool says fourth-quarter profit tumbled 77 percent, partly hurt by a higher restructuring charge, a recall expense and the stronger dollar. The Benton Harbor,...Source: RSS feed - channel BNewsBusiness | 9 Feb 2009 | 12:06 pm World markets fall as US stimulus rally fadesWorld stock markets mostly fell Monday as a recent rally over the $827 billion U.S. economic stimulus plan and a new bank bailout began to fade. By noon in mainland Europe, Britain's...Source: RSS feed - channel BNewsBusiness | 9 Feb 2009 | 12:00 pm World markets fall as US stimulus rally fades (AP)
Source: Yahoo! News: Stock Markets News | 9 Feb 2009 | 12:00 pm Wall Street heads for lower openingWall Street appeared ready to give back some of last week's big gains on Monday, as some of the euphoria over the government's expected stimulus bill faded amid more grim corporate news.Source: RSS feed - channel BNewsBusiness | 9 Feb 2009 | 11:57 am Online fraud warning for Lloyds and Halifax customersCustomers of Lloyds TSB Halifax and Bank of Scotland who bank online may be targeted by fraudsters in a new series of "phishing" scams as a result of the banks' merger.Source: Telegraph Finance | 9 Feb 2009 | 11:56 am Hasbro 4Q profit slips partly on stronger dollarToy maker Hasbro says its fourth-quarter profit fell an unexpectedly sharp 30 percent on a stronger U.S. dollar and the economic slowdown. Consumers have tightened discretionary spendingSource: RSS feed - channel BNewsBusiness | 9 Feb 2009 | 11:53 am Bonuses halve at BarclaysThe UK bank said it expected 2009 to be 'another challenging year' with credit market losses set to shrink but bad debt charges likely to rise as recession takes its toll on the economy.Source: Financial Times - US homepage | 9 Feb 2009 | 11:47 am Corus boss rules out move to RioJim Leng, chairman of UK steelmaker Corus, has quit as chairman-designate of Rio Tinto following a split with chief executive Tom Albanese over how to tackle the mining group's financial problemsSource: Financial Times - US homepage | 9 Feb 2009 | 11:46 am Germany gets new economy ministerKarl-Theodor zu Guttenberg is to become Germany's new economy minister, following the surprise resignation of his predecessor.Source: BBC News | Business | World Edition | 9 Feb 2009 | 11:42 am Indian discount retail giant hit by lootingIndia's largest discount retailer has been hit by a fierce wave of looting across several cities after it ran out of cash to pay security guards.Source: Latest Business News from Times Online | 9 Feb 2009 | 11:39 am Barclays (BCS): A Ray Of Sunshine
Barclays did get a little help because it cut bonuses for many of its employees by 50%. If it can repeat that every year, it may stay in the black for a long time. Barclays (BCS) proved that not all earnings at global money center banks have to be a disaster. The company beat forecasts and posted a profit for the second half of last year. Barclays did get a little help because it cut bonuses for many of its employees by 50%. If it can repeat that every year, it may stay in the black for a long time. According toReuters, 2009 is shaping up well. Barclays had a good start to the year with the performance of its Barclays Capital investment bank arm “extremely strong.” The success of Barclays should offer some hope to Congress and the Treasury. Once the British bank got passed some of the losses from toxic assets, the remainder of its busnesses have started to post at least reasonable performances. They are hardly robust by the standard of two years ago, but they are probably not anemic enough to push the bank back to the point where it requires additional bailout money. Barclays is the first evidence that, if the US government can use its own capital combined with private equity to buy the worst paper from American banks and allow them to jettison the boat anchor of quarterly losses which may extend on for the rest of the year, that they can become viable. That viability may never be what it was before the mortgage backed securities debacle, but fear of bank collapses may begin to fade into the past. Douglas A. McIntyre       Source: 247 Wall Street | 9 Feb 2009 | 11:37 am Vodafone and 3 merger may pave way for UK dealThe prospect of a tie-up between Vodafone and 3 UK, the Hong Kong-owned mobile operator, moved closer after the two companies unveiled a merger of their Australian businesses.Source: Latest Business News from Times Online | 9 Feb 2009 | 11:27 am Extra room keeps fares up boeing 747Scheduled air fares will stay the same or rise during the beginning of the Jumbo eraSource: Latest Business News from Times Online | 9 Feb 2009 | 11:27 am London date for 747 boeing 747The jumbo jet will make its first proving flight into Heathrow on january 12Source: Latest Business News from Times Online | 9 Feb 2009 | 11:20 am Nissan: The Global Car Recession Takes Another Victim
What is more stunning than the $2.9 billion loss for the car company’s fiscal year is that it represents the first operating loss Nissan has had in 14 years, according to Reuters. Nissan hit the car industry with news that was worse than expected. It will not only post a very large loss for the year, it will cut 20,000 jobs. What is more stunning than the $2.9 billion loss for the car company’s fiscal year is that it represents the first operating loss Nissan has had in 14 years, according to Reuters. At this point, none of the large global car companies have been able to avoid red ink. While the numbers may be worse as GM (GM), Ford (F), and Chrysler. the viability of more stable firms with better balance sheets could be threatened if the depression in car sales stretches to the end of this year. The plans for government to bail out car companies may quickly move beyond some US and UK and could even happen in Japan. Toyota (TM )and Honda (HMC) probably have the balance sheets to last through a two- or three-year downturn. It is not clear that Nissan does. If Japan starts to put money into some of its weaker auto companies and the US only gives The Big Three modest financing, Japanese car firms may actually be in a position to gain market share in America by being able to financially “outlast” the domestic car companies. Any funds the Congress agrees to provide to GM and Chrysler need to take that into account. Which car companies do well in the US over the next year may well be based on which can get the most government funding to keep production capacity online. Douglas A. McIntyre Tagged: F, GM, HMC, TM      Source: 247 Wall Street | 9 Feb 2009 | 11:15 am Boeing 747 turns back on test boeing 747 airlinerWorld's biggest commercial airliner cut short its maiden flight after the pilot experienced 'a bump'Source: Latest Business News from Times Online | 9 Feb 2009 | 11:14 am Nissan to cut 20,000 global jobsNissan is to cut 20,000 jobs worldwide as the Japanese carmaker says the global auto industry is in "turmoil".Source: BBC News | Business | World Edition | 9 Feb 2009 | 11:08 am Nigerian oil workers go on strikeOil company workers hold a walkout in Nigeria over lack of security in the oil-producing delta region.Source: BBC News | Business | World Edition | 9 Feb 2009 | 11:07 am Gulf states to see fall in growthGulf Arab states are set to see growth plummet this year as lower oil exports and falling oil prices take their toll, the IMF says.Source: BBC News | Business | World Edition | 9 Feb 2009 | 11:03 am Nissan forecasts annual loss, to cut 20,000 jobs (Reuters)
Source: Yahoo! News: Business | 9 Feb 2009 | 10:59 am GM in talks to take back part of Delphi: report(Reuters) - General Motors Corp is in talks to take back large portions of Delphi Corp, the parts supplier spun off by the auto maker a decade ago, the Wall Street Journal said, citing people involved in the negotiations.Source: Reuters: Business News | 9 Feb 2009 | 10:54 am A Treasury With Too Much To Do
None of those things get to one of the core problems, which is that the top people atTreasury are new.
The Treasury has too much to do. It will delay talking about its new overhaul for banks until Tuesday while it works with Congress to help finalize a new stimulus package which may have a $800 billion price tag. It also has to prepare plans for how it will work with the Fed and FDIC to pull the financial system back together. None of those things get to one of the core problems, which is that the top people at the Treasury are new. The failure of the federal government to act quickly enough to arrest the decline in the economy before the end of this year now appears to depend not so much on whether the funds are approved as the extent to which Congress and some parts of the Administration can put them into law and manage them as ongoing programs. The Treasury not only wants to spend the TARP in ways that Paulson did not. It wants to create independent oversight to make sure that all decisions about the money are reviewed promptly. That puts yet another wheel on the wagon. While Congress may support the Treasury’s desire to have a blended bailout of the banks which includes government and private money, coordinating how those investments will go into financial firms and how it will be determined which piece of the pie private equity will get may be beyond the capacity of the personnel that the department has in place. Congress has a similar problem. Leadership from the Speaker to committee chairmen are running from one problem to another, hoping to put out fires before new ones flare up. By stretching the capacity of people to do more than a hundred things at one time, the system risks doing none of them well. In addition to getting private equity involved, some of the money from the remaining TARP capital may go to mortgage relief. According toMarketWatch, “The Treasury Department also is expected to use between $50 billion and $100 billion of the bank bailout program to fund a mortgage-mitigation proposal to help troubled homeowners avoid foreclosure. ” How does that series of programs get administered? No one knows. The Congress and Treasury may save the US banking system and rescue mortgages which would normally go into default and move toward foreclosure. The programs may all look perfect on paper. In reality, it has become clear that when the issue of who will actually make the programs work comes up, there are not enough qualified people to go around. Douglas A. McIntyre       Source: 247 Wall Street | 9 Feb 2009 | 10:43 am Barclays does the near impossible but questions remainBarclays confirmed today it has done the near impossible and posted healthy pretax profits of £6.1bn for 2008.Source: Telegraph Finance | 9 Feb 2009 | 10:42 am Gordon Brown says banks will not 'reward failure'Gordon Brown insisted today that there must be “no rewards for failure” in Britain’s banks.Source: Latest Business News from Times Online | 9 Feb 2009 | 10:26 am Sirius got, and rebuffed, Ergen bid: report(Reuters) - Satellite mogul Charles Ergen made an unsolicited offer late last year to take control of Sirius XM Radio Inc, and was rebuffed, the Wall Street Journal said, citing people familiar with the situation.Source: Reuters: Business News | 9 Feb 2009 | 10:18 am Nissan Layoffs: 20,000 Jobs Bite the Dust
The New York Times reports on the latest layoffs to hit the global marketplace, courtesy of Nissan: The announcement reflected a growing urgency among Japanese manufacturers as it becomes clear that the downturn and the strength of the yen is hitting Japan more severely than thought. “In every planning scenario we built, our worst assumptions on the state of the global economy have been met or exceeded, with the continuing grip on credit and declining consumer confidence being the most damaging factors,” Nissan’s chief executive, Carlos Ghosn, said in a statement. “Looking forward, our priority remains on protecting our free cash flow and taking swift, adequate and impactful actions to improve our business performance.” I have to hand it to Ghosn–that was one of the most straightforward layoff announcements yet, uncouched in gassy optimism. Who’s next? Source: Business Pundit | 9 Feb 2009 | 10:15 am Brent Cross owner in rights issueProperty firm Hammerson says it hopes to raise £584.2m from investors in order to compensate for the slump in the UK commercial property market.Source: BBC News | Business | World Edition | 9 Feb 2009 | 10:12 am BG sparks bid battle for Australia's Pure EnergyBG Group has sparked a bid battle in Australia by making a A$796 million ($£360 million) all-cash offer for Pure Energy, a coal seam gas producer with interests in Queensland and Tasmania.Source: Latest Business News from Times Online | 9 Feb 2009 | 10:11 am Blue from American Express Cashes in on Looks
The type of credit card you use says a lot about you. Aside from generica gold and platinum cards, credit card companies offer a variety of cards that allow consumers valuable opportunities for self-expression. Like the Hello Kitty card below–or Blue from American Express.
The American Express Blue card represents an interesting combination of brand strength, perks, and uppity appearance. The American Express name still invokes a certain level of prestige, despite recents complaints about the company. The Blue Card’s transparent appearance invokes ideals of class, of contemporariness, even if the user herself boasts neither. But the card itself is easy to get, unlike its suave counterparts (like the Visa Black). It also doesn’t act like a regular American Express, which you have to pay off monthly. Instead, you pay off a monthly minimum. Overall, Blue from American Express is a well-branded, decent credit card whose looks imply elitism–even if its offerings don’t. Here some of highlighted perks for using a Blue from American Express: -Earn one American Express membership point per dollar; two points per dollar when you spend at some retailers, like Apple. There’s no annual fee for the card. If you use the card a lot, and spend decently, you get rewarded. If you’re interested in theater, fashion shows, gourmet dining, and events, you may be able to get discounts from American Express. If you travel, you can use its services. In other words, the card benefits you most if you adhere to a certain lifestyle. If you don’t, you won’t get much out of it. But you’ll look mighty cool–and that could be the Blue’s main selling point. Source: Business Pundit | 9 Feb 2009 | 10:03 am Stocks slump hits NYSE EuronextNYSE Euronext reports a $1.34bn quarterly loss after weakened global share markets forces it to write down its assets.Source: BBC News | Business | World Edition | 9 Feb 2009 | 10:01 am Japan corporate bankruptcies soarCorporate bankruptcies in Japan rise steeply in January to hit a six-year monthly high, new figures show.Source: BBC News | Business | World Edition | 9 Feb 2009 | 9:53 am Barclays shares jump on £6.1bn profitsHigh street bank Barclays reported a £6.1bn profit in 2008 and is reviewing how it pays bonuses in light of the ongoing financial crisis.Source: Telegraph Finance | 9 Feb 2009 | 9:16 am Media Digest: 2/9/2008: Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters reports that the Treasury has delayed it bank bailout announcement. Reuters writes that Fannie Mae (FNM) and Freddie Mac (FRE) will channel new money for modified mortgages. Reuters reports that Barclays (BCS) forecast beat expectations. Reuters writes that GM (GM) is in talks to take back part of Delphi. Reuters writes that the Treasury is approving TARP money for insurance companies. Reuters reports that Microsoft (MSFT) will open a store for cellphone software. The Wall Street Journal reports that Sirius (SIRI) got a buyout proposal from Charles Ergen last year and rejected it. The Wall Street Journal reports that Disney (DIS) has reached a partnership with Dreamworks. The Wall Street Journal reports that people in rural India are rapidly buying mobile phones. The Wall Street Journal reports tat the renewable energy grid will be costly. The Wall Street Journal reports that results from Coke (KO) and Pepsi (PEP) could point to signs of consumer demand habits. The Wall Street Journal reports that profits at big US companies dropped 32% last year, making a stock market rebound unlikely. The Wall Street Journal reports that US stockpile of oil are moving up, hurting OPEC. The Wall Street Journal reports that Big Pharma companies are becoming addicted to debt. The Wall Street Journal reports that big firms are trying to get control of inventory. The Wall Street Journal reports that Starbucks (SBUX) will sell a discount breakfast. The New York Times reports that the bank bailout will seek private funds. The New York Times reports that analysts are keeping “buy” ratings on stocks. The New York Times reports that The New York Times Company (NYT) may be well positioned for the recession. The New York Times report that Live Nation and Ticketmaster are about to announce a merger. The New York Times reports that Comcast (CMCSA) will offer more local sports. The New York Times writes that former Portfolio.com editors have started a website about the recession. The FT reports that Obama is raising pressure to get the stimulus bill passed. The FT reports that the head of Goldman Sachs (GS) wants more strict accounting for the industry. The FT reports that long-term home loan rates are moving back up. The FT reports that sales of PCs will probably fall for the first time in eight years during 2009. Bloomberg reports that GM (GM) and Chrysler may be put into bankruptcy to protect US loans. Douglas A. McIntyre Tagged: BCS, CMCSA, DIS, FNM, FRE, GM, GS, KO, MSFT, NYT, PEP, SBUX, SIRI      Source: 247 Wall Street | 9 Feb 2009 | 9:03 am Asia Markets And Europe Open
The Nikkei fell 1.3% to 7,970. The Hang Seng was up .9% to 13,781. The Shanghai composite rose 2% to 2,225. At the open in Europe, the Dax was down .8% to 4,607. The FTSE was down .5% to 4,267. The CAC 40 dropped .6% to 3,103. Data from Reuters. Douglas A. McIntyre       Source: 247 Wall Street | 9 Feb 2009 | 8:26 am Women drive movie ticket salesFemale viewers put 'Not That Into You' at No. 1. 'Coraline' also is a big draw. This time, the women rode to Hollywood's...Source: RSS feed - channel BNPaperBusiness | 9 Feb 2009 | 8:00 am Opposing forces tug on banksCustomers get the squeeze as lenders that took federal money try to balance pressure to be more cautious and make more loans. ...Source: RSS feed - channel BNPaperBusiness | 9 Feb 2009 | 8:00 am Valero strikes tentative pact with steelworkersValero Energy Corp., the largest U.S. oil refiner, said it reached a tentative labor pact with the steelworkers union at its facility in Port Arthur, Texas, the company's biggest.Source: RSS feed - channel BNPaperBusiness | 9 Feb 2009 | 8:00 am Job losses at small companies could reach 2 million by 2010On an upbeat note, California decides to pay small companies on time despite the state's cash crunch. As the recession...Source: RSS feed - channel BNPaperBusiness | 9 Feb 2009 | 8:00 am CalPERS to seek improved corporate governance, stricter Wall Street rulesThe huge state pension fund also plans a thorough review of its investments in May. The nation's biggest public...Source: RSS feed - channel BNPaperBusiness | 9 Feb 2009 | 8:00 am Wall Street to take its cues from WashingtonThis week on Wall Street will be largely shaped by events in Washington, with investors anticipating the passage of an economic stimulus bill while awaiting more details on how the Obama administration...Source: RSS feed - channel BNPaperBusiness | 9 Feb 2009 | 8:00 am Stay connected to customers during the recessionDear Karen: What are my odds of staying in business when so many firms are consolidating or going under?Source: RSS feed - channel BNPaperBusiness | 9 Feb 2009 | 8:00 am Opening a port of entryTaylor's Marketing & Management helps agencies such as the L.A. harbor find contractors and advises firms how to get work ...Source: RSS feed - channel BNPaperBusiness | 9 Feb 2009 | 8:00 am Weighing the Employee Free Choice ActFor big business, democracy in the workplace is generally compared to a horrific disease, like herpes or socialism.Source: RSS feed - channel BNPaperBusiness | 9 Feb 2009 | 8:00 am Taking a bite out of GoogleWhile idolizing the Internet giant in 'What Would Google Do?' Jeff Jarvis concedes that management examples -- such as tilting the playing field to a firm's own advantage -- are better taken from Appl...Source: RSS feed - channel BNPaperBusiness | 9 Feb 2009 | 8:00 am Nissan axes 20000 jobs as car crisis deepensNissan underlined the scale of the crisis facing the car industry after warning of its first loss in almost a decade.Source: Telegraph Finance | 9 Feb 2009 | 7:57 am Barclays halts directors' bonuses as profits fallBarclays, Britain's third-largest lender, said that it would waive bonuses for its executive directors as it reported a 14 per cent fall in full-year pre-tax profits, announced £8.1 billion of writedowns and scrapped its dividend.Source: Latest Business News from Times Online | 9 Feb 2009 | 7:49 am Barclays sees profits fall to £6.1bnHigh street bank Barclays reported profits of just over £6bn for 2008 and said it's reviewing how it pays staff.Source: Telegraph Finance | 9 Feb 2009 | 7:37 am GM in talks to take back part of Delphi: report (Reuters)
Source: Yahoo! News: Business | 9 Feb 2009 | 7:12 am Australian stocks: Market closes just over 1pc higherMELBOURNE - The Australian share market closed just over one per cent higher following strong gains from the resources sector after commodity prices rose from Friday's levels. At the 1615 AEDT close, the benchmark S&P/ASX200 index...Source: New Zealand Herald - Business | 9 Feb 2009 | 7:00 am Rio Tinto's chairmanelect Jim Leng quits after less than a monthRio Tinto the world's third largest mining company said Chairmanelect Jim Leng quit less than a month after he was named to replace Paul Skinner.Source: Telegraph Finance | 9 Feb 2009 | 6:41 am Deadly bushfires kill 131 in AustraliaDeadliest bushfire has killed at least 131 people, some as they fled in cars or as they huddled in houses when the inferno engulfed rural towns in the country's south eastSource: Financial Times - US homepage | 9 Feb 2009 | 6:18 am NZ stocks: Market gives up early gainsThe New Zealand share market opened firmly after the Waitangi Day long weekend but could not maintain momentum when leading stock Telecom gave up gains. The benchmark NZSX-50 index closed down 6.935 points, or 0.25 per cent, at...Source: New Zealand Herald - Business | 9 Feb 2009 | 6:06 am Currency: Dollar retreats from recent highsThe New Zealand dollar came under selling pressure in afternoon trading after surging higher during the weekend. The NZ dollar raced up nearly 2-1/2 United States cents overnight on Friday after bleak US jobs data spurred hopes...Source: New Zealand Herald - Business | 9 Feb 2009 | 5:36 am Another search for oil off TaranakiSydney-based Australian Worldwide Exploration Ltd, the operator of the Tui oil field, is advancing plans to drill four exploration wells offshore. AWE has secured the services of the semi-submersible drilling rig Kan Tan IV to...Source: New Zealand Herald - Business | 9 Feb 2009 | 2:50 am Bank 'gouging' costing country dearly - action groupAn entrepreneurial think-tank is calling for hasty action on the number of banks still charging high interest rates on their fixed mortgages - for the country's sake. The Productive Economy Council today said the government needs...Source: New Zealand Herald - Business | 9 Feb 2009 | 2:30 am Vodafone and 3G merge in AustraliaSYDNEY - A significant merger between two Australian telcos today has reshaped the mobile marketplace there. Mobile phone operators Vodafone Australia Ltd and Hutchison 3G have agreed to merge their businesses across the Tasman. Each...Source: New Zealand Herald - Business | 9 Feb 2009 | 1:00 am Utilities facing tough timesThe forecast remains gloomy for the country's power, gas and water companies. Several factors will harm the credit quality of New Zealand's power and utility sector this year, ratings agency Fitch said today. The factors include...Source: New Zealand Herald - Business | 9 Feb 2009 | 12:00 am US plan to curb mortgage rates faltersThe US Federal Reserve's efforts to drive mortgage rates lower by purchasing home loans have faltered and rates have risen over the past month.Source: Financial Times - US homepage | 8 Feb 2009 | 11:35 pm UBS arm seeks to lure US brokers from rivalsThe brokerage arm of UBS has launched an aggressive hiring spree in the US, offering financial advisers large pay packages to lure them away from rivals such as Merrill Lynch, Morgan Stanley and CitigroupSource: Financial Times - US homepage | 8 Feb 2009 | 11:34 pm Lion Nathan gives up on Coke bidAustralasian brewer Lion Nathan said today it has abandoned its A$7.3 billion ($9.4 billion) bid for soft drinks maker Coca-Cola Amatil Ltd, Reuters news agency reported. The decision came after talks between major shareholders...Source: New Zealand Herald - Business | 8 Feb 2009 | 11:10 pm Bank rescue plan could extend gains (Reuters)
Source: Yahoo! News: Stock Markets News | 8 Feb 2009 | 11:06 pm Bank rescue plan could extend gains (Reuters)
Source: Yahoo! News: Business | 8 Feb 2009 | 11:06 pm NZ stocks: Telecom gain gives market solid startThe New Zealand sharemarket opened firmly after the Waitangi Day long weekend, helped by a good start to the new week from leading stock Telecom. Around 10.15am the benchmark NZSX-50 index was up 22.15 points, or 0.8 per cent,...Source: New Zealand Herald - Business | 8 Feb 2009 | 11:00 pm Dow Chemical (DOW) Dissembles About Rohm And Haas Deal
Dow Chemical (DOW) continues to dodge the issue of why it will not close the transaction to buy Rohm and Haas. (ROH). Most analysts think that when a joint venture with Kuwait fell though Dow lost about $7 billion in payments that would have been part of the Middle East transaction. Dow would have used that money for the ROH deal. Dow has made the claim that because the chemicals industry has fallen apart, finishing the acquisition of Rohm faces huge financial hurdles. Dow also claims that it does not have access to the credit necessary to close. Rohm and Haas has begun the process of settling the dispute with Dow in the court system, and it would seem to have an unusually solid case. In a letter from the Rohm and Haas board sent to Dow yesterday after a series of meetings between the two companies, it said “At none of those meetings, despite our repeated requests, did Dow’s representatives provide ours with meaningful details of what Dow is doing to secure financing for the merger.” Dow has not come public with a specific description of exactly why it cannot obtain the money. It won’t make that disclosure because it has access to the capital. It does not want to admit that the price of that cash is more than it wants to pay, not more than it is able to pay. Douglas A. McIntyre Tagged: DOW, ROH      Source: 247 Wall Street | 8 Feb 2009 | 10:19 pm Obama raises pressure over stimulus billBarack Obama's administration has stepped up pressure on US lawmakers, threatening to force them to work through their one-week recess starting on Friday, in order to get the $800bn economic stimulus package enacted as soon as possible.Source: Financial Times - US homepage | 8 Feb 2009 | 10:10 pm Fletcher to kick off key round of resultsOne of the most anxiously awaited reporting seasons in years gets into full swing on Thursday, with Fletcher Building expected to announce a big slide in half-year profits. Over the next two weeks many of the country's biggest...Source: New Zealand Herald - Business | 8 Feb 2009 | 10:00 pm Sales of PCs to fall for first time in eight yearsProblems in the personal computer business have increased the likelihood that 2009 will bring the first decline in PC sales since 2001, according to industry analysts, who say trouble is appearing even in emerging marketsSource: Financial Times - US homepage | 8 Feb 2009 | 9:03 pm Wall Street anxious for passage of stimulus (AP)
Source: Yahoo! News: Stock Markets News | 8 Feb 2009 | 8:40 pm Fannie, Freddie to channel mortgage rescue: sources (Reuters)
Source: Yahoo! News: Business | 8 Feb 2009 | 6:50 pm Dubai fund not in talks to sell Barneys (Reuters)
Source: Yahoo! News: Business | 8 Feb 2009 | 3:06 pm
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Barclays Capital Started several stocks in the solar energy sector this morning. Most of these are cautious or not aggressive, although there was at least one positive call in the solar sector.
Barclays (BCS) proved that not all earnings at global money center banks have to be a disaster. The company beat forecasts and posted a profit for the second half of last year.
Nissan hit the car industry with news that was worse than expected. It will not only post a very large loss for the year, it will cut 20,000 jobs.
The Treasury has too much to do. It will delay talking about its new overhaul for banks until Tuesday while it works with Congress to help finalize a new stimulus package which may have a $800 billion price tag. It also has to prepare plans for how it will work with the Fed and FDIC to pull the financial system back together.
According to Reuters, Nissan forecast an annual loss.
Markets in Asia were mixed.
Dow Chemical (DOW) continues to dodge the issue of why it will not close the transaction to buy Rohm and Haas. (ROH). Most analysts think that when a joint venture with Kuwait fell though Dow lost about $7 billion in payments that would have been part of the Middle East transaction.
