Wall St looks for detail on anti-foreclosure plan

US stocks could struggle for momentum at the open on Friday as investors seek further details on possible plans from the Obama administration to subsidise mortgage payments for overstretched homeowners.
Source: Financial Times - US homepage | 13 Feb 2009 | 1:49 pm

Death toll in Buffalo crash rises to 50

A commuter aircraft crashed as it was preparing to land in Buffalo, N.Y., late Thursday night, killing 50, according to reports.

Source: MarketWatch.com - Top Stories | 13 Feb 2009 | 1:47 pm

Rescue efforts, protectionist worries to dominate G7 talks

Efforts to stabilize the world’s crippled financial sector while tamping down rising “protectionist” sentiment will top the agenda for finance ministers and central bankers from the Group of Seven wealthy nations gathering in Rome Friday night and Saturday, observers said.

Source: MarketWatch.com - Top Stories | 13 Feb 2009 | 1:47 pm

Bond Report: Treasurys inch up, with eyes on stimulus, mortgage plan

Treasurys rise slightly as traders watched Congress’ progress toward passage of the $789 billion stimulus package.

Source: MarketWatch.com - Top Stories | 13 Feb 2009 | 1:47 pm

Eurozone shrinks sharply

BRUSSELS (Reuters) - The euro zone suffered its deepest contraction on record in the last quarter of 2008 with its main constituents -- Germany, France and Italy -- all faring badly,...
Source: RSS feed - channel BNewsBusiness | 13 Feb 2009 | 1:45 pm

Recession fallout: No honeymoon, cheaper dress

Source: Business and financial news - CNNMoney.com | 13 Feb 2009 | 1:45 pm

50 ways to save cash: Investment

In hard times it's more important than ever to ensure that you pay no more than necessary for the essentials of life. In our list of 50 ways to get the most from your money here are two tips on investing.
Source: Telegraph Finance | 13 Feb 2009 | 1:43 pm

Stocks ready to drop

U.S. stocks were set to open lower Friday, with investors waiting to see progress on housing plans and stimulus from the Obama administration.
Source: Business and financial news - CNNMoney.com | 13 Feb 2009 | 1:42 pm

Before the Bell: PepsiCo, Abercrombie & Fitch, and Pinnacle in spotlight

U.S. stock futures traded slightly weaker Friday morning, continuing a see-saw path since the panned bank rescue plan announced by the U.S. government earlier in the week.

Source: MarketWatch.com - Top Stories | 13 Feb 2009 | 1:40 pm

50 ways to save cash: Shopping

In hard times it's more important than ever to ensure that you pay no more than necessary for the essentials of life. In our list of 50 ways to get the most from your money here are two tips on shopping.
Source: Telegraph Finance | 13 Feb 2009 | 1:37 pm

Oil price falls on Opec warning

Oil prices dip below $34 a barrel as producer group Opec says demand for oil will contract this year.
Source: BBC News | Business | World Edition | 13 Feb 2009 | 1:31 pm

50 ways to save cash: Pensions and benefits

In hard times it's more important than ever to ensure that you pay no more than necessary for the essentials of life. In our list of 50 ways to get the most from your money here are two tips on pensions and benefits.
Source: Telegraph Finance | 13 Feb 2009 | 1:30 pm

Stocks point to higher open ahead of G-7 meeting (AP)

AP - Investors are far from shrugging off their anxieties about the economy, but are growing confident that more details will emerge soon about government efforts to revive it.

Source: Yahoo! News: Stock Markets News | 13 Feb 2009 | 1:30 pm

UN lobbies for share of bank rescue funds

The United Nations (UN) and World Bank are lobbying for a portion of the billions of dollars allocated to bailing out the West's banking systems to be diverted to prevent 400 million people sinking into poverty across Asia in the wake of the global economic crisis.
Source: Latest Business News from Times Online | 13 Feb 2009 | 1:30 pm

Bladex Reports Full Year Net Income of $55.1 Million; $1.51 Per Share.

ACCOUNTING CLASSIFICATION OF CERTAIN SECURITIES FINANCING (REPOS) AS SALES RESULTS IN FOURTH QUARTER LOSS OF $4.3 MILLION; ACCOUNTING TREATMENT DOES NOT DECREASE CAPITAL, NOR IMPACT
Source: RSS feed - channel BNewsBusiness | 13 Feb 2009 | 1:30 pm

National Retail Properties, Inc. Declares Dividend for Its Series C Preferred Stock

ORLANDO, Fla., Feb. 13 /PRNewswire-FirstCall/ -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a...
Source: RSS feed - channel BNewsBusiness | 13 Feb 2009 | 1:30 pm

The Mint Leasing, Inc. Enters Into Agreement With ATG Capital Solutions, Inc. to Increase Presence in the Public Market

HOUSTON, Feb. 13 /PRNewswire-FirstCall/ -- The Mint Leasing, Inc. (OTC Bulletin Board: MLES), a provider of innovative vehicle leasing solutions, today announced that the Company
Source: RSS feed - channel BNewsBusiness | 13 Feb 2009 | 1:30 pm

Vanquish Capital Group Expands Bank Restructuring Platform Utilizing SecurExchange(TM) Technology

DELRAY BEACH, Fla., Feb. 13 /PRNewswire/ -- Vanquish Capital Group, LLC (VCG), is pleased to announce expansion of the program it commenced in the summer of 2008 to...
Source: RSS feed - channel BNewsBusiness | 13 Feb 2009 | 1:30 pm

Eni to cut refining, marketing capex in 2009-2012

MILAN, Feb 13 (Reuters) - Italy's oil and gas major Eni will cut capital spending on refining and marketing by 30 percent to 2.8 billion euros ($3.62 billion) under 2009-2012 business plan as it aims...
Source: RSS feed - channel BNewsBusiness | 13 Feb 2009 | 1:29 pm

Abercrombie & Fitch 4Q profit declines 68 percent (AP)

AP - Teen retailer Abercrombie & Fitch Co. said Friday its fourth-quarter profit slid 68 percent, weighed down by hefty asset impairment and tax costs and slumping sales.
Source: Yahoo! News: Business | 13 Feb 2009 | 1:28 pm

Stimulus: How it may affect your wallet

There's still no official legislative text yet, but key lawmakers in the Senate and House have said they've reached a compromise on a final economic recovery package.
Source: Business and financial news - CNNMoney.com | 13 Feb 2009 | 1:25 pm

MFA Financial, Inc. Announces Fourth Quarter 2008 Financial Results

NEW YORK, Feb. 13 /PRNewswire-FirstCall/ -- MFA Financial, Inc. (NYSE: MFA) today reported net income of $44.6 million, or $0.21 per share of common stock, for the fourth quarter
Source: RSS feed - channel BNewsBusiness | 13 Feb 2009 | 1:23 pm

The problem with paying back TARP $

Banks may need money - they just claim that they don't want it from the U.S. government anymore.
Source: Business and financial news - CNNMoney.com | 13 Feb 2009 | 1:22 pm

50 ways to save cash: Insurance

In hard times it's more important than ever to ensure that you pay no more than necessary for the essentials of life. In our list of 50 ways to get the most from your money here are eight tips on insurance.
Source: Telegraph Finance | 13 Feb 2009 | 1:22 pm

CenterPoint's Texas gas compressor damaged by fire

NEW YORK, Feb 13 (Reuters) - CenterPoint Energy said late Thursday its Champlin natural gas compressor station in Texas sustained "heavy damage" in a fire at DCP Midstream's gas processing plant and hub...
Source: RSS feed - channel BNewsBusiness | 13 Feb 2009 | 1:20 pm

China surges on effects of stimulus package

China’s main stock index extended recent gains, closing up 3.23 per cent today at a five-month high amid optimism that a stimulus package was taking effect and could be expanded to the property sector.
Source: Latest Business News from Times Online | 13 Feb 2009 | 1:18 pm

Razor(R) Sparks New Trends at 2009 American International Toy Fair

Toy Industry Innovator Launches Hot Rides and Exclusive Girls' Collection NEW YORK, Feb. 13 /PRNewswire/ -- Year after year, Razor(R) delivers innovative,...
Source: RSS feed - channel BNewsBusiness | 13 Feb 2009 | 1:15 pm

50 ways to save cash: Household bills

In hard times it's more important than ever to ensure that you pay no more than necessary for the essentials of life. In our list of 50 ways to get the most from your money here are seven tips on household bills.
Source: Telegraph Finance | 13 Feb 2009 | 1:13 pm

Dr. Bob Houle Lowers Price of Blueprint for Weathering Tough Economic Times

COSTA MESA, Calif., Feb. 13 /PRNewswire/ -- Money is tight for most people right now. Recognizing that, Dr. Bob Houle, author of How to Solve Any Problem Any Time You Want...
Source: RSS feed - channel BNewsBusiness | 13 Feb 2009 | 1:10 pm

Europe's leaders need to wake up to their own recession

French and German leaders have repeatedly called for an overhaul of the global financial system.
Source: Telegraph Finance | 13 Feb 2009 | 1:08 pm

What's Holding Back Mortgage Modification? (BusinessWeek Online)

BusinessWeek Online - One supposed obstacle to sorting out the millions of mortgages that have gone bad is that the home loans have been bought by investment banks, bundled together into bonds, and sold to investors. This widespread process of "securitizing" loans makes it difficult to go back and modify the terms of individual mortgages so that strapped borrowers might be able to continue to make payments, according to mortgage industry experts. ...
Source: Yahoo! News: Business | 13 Feb 2009 | 1:08 pm

Private Equity Going Cheap (BusinessWeek Online)

BusinessWeek Online - Speculation grew this week that Royal Bank of Scotland and Lloyds Banking Group will try to dump their private equity portfolios. The two British banks would join other financial companies, endowments, and pension plans forced to sell off positions in private partnerships because of financial pressures. With so many sellers, investors can buy into such funds for as little as 50% of asset value. "You can smell blood in the water," says Dan Deighan of Deighan Financial Advisors. ...
Source: Yahoo! News: Business | 13 Feb 2009 | 1:08 pm

Europe hit by economic slowdown

European economies contracted in the fourth quarter of 2008, with some countries registering the worst figures in decades.
Source: BBC News | Business | World Edition | 13 Feb 2009 | 1:06 pm

Wall Street set to bounce on stimulus and mortgage plan

NEW YORK (Reuters) - Stock index futures signaled Wall Street was likely to rise at the open on Friday, with sentiment buoyed by expectations of the passage of a $789 billion stimulus package to jolt the economy out of recession.
Source: Reuters: Business News | 13 Feb 2009 | 1:06 pm

Wall Street set to bounce on stimulus and mortgage plan (Reuters)

Reuters - Stock index futures signaled Wall Street was likely to rise at the open on Friday, with sentiment buoyed by expectations of the passage of a $789 billion stimulus package to jolt the economy out of recession.

Source: Yahoo! News: Stock Markets News | 13 Feb 2009 | 1:06 pm

Wall Street set to bounce on stimulus and mortgage plan (Reuters)

Reuters - Stock index futures signaled Wall Street was likely to rise at the open on Friday, with sentiment buoyed by expectations of the passage of a $789 billion stimulus package to jolt the economy out of recession.

Source: Yahoo! News: Business | 13 Feb 2009 | 1:06 pm

Toyota trims production, salaries

Toyota Motor Corp. is taking additional steps to scale back production at its North American plants, the automaker said Thursday, in anticipation of worsening auto sales.
Source: Business and financial news - CNNMoney.com | 13 Feb 2009 | 1:06 pm

PepsiCo's fourth-quarter profit falls 43%

PepsiCo reported a 43% drop in fourth-quarter profit Friday, hurt in part by restructuring charges, though the snack and beverage giant met analysts’ expectations.

Source: MarketWatch.com - Top Stories | 13 Feb 2009 | 1:06 pm

Gold continues to ease as base metals recover

Gold prices eased on Friday while oil prices were mixed and base metals staged a recovery. Gold traded at $936.40 a troy ounce, moving in a range between a low of $934.75 and a high of $946.65, after ending...
Source: RSS feed - channel BNPaperBusiness | 13 Feb 2009 | 1:04 pm

Stimulus: Uncle Sam goes green

The economic stimulus bill aims to create millions of jobs around "shovel-ready" projects.
Source: Business and financial news - CNNMoney.com | 13 Feb 2009 | 1:03 pm

Top Pre-Market Analyst Downgrades (BWA, CAKE, ENI, LNCR, EDU, NICE, NOVA, RIMM, VAL, XNPT)

These are some of the top pre-market analyst downgrades and negative research calls we have seen from Wall Street this Friday morning…. Friday the 13th: BorgWarner (BWA) Cut to Underperform at...

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Source: 247 Wall Street | 13 Feb 2009 | 1:02 pm

Abercrombie & Fitch profit tumbles as sales drop

Abercrombie & Fitch Co. said Friday that its fourth-quarter tumbled 68%, hurt by lower sales and costs to write down assets.

Source: MarketWatch.com - Top Stories | 13 Feb 2009 | 1:02 pm

50 ways to save cash: Savings

In hard times it's more important than ever to ensure that you pay no more than necessary for the essentials of life. In our list of 50 ways to get the most from your money here are six tips on savings.
Source: Telegraph Finance | 13 Feb 2009 | 1:00 pm

Microsoft to open retail stores

Source: Business and financial news - CNNMoney.com | 13 Feb 2009 | 1:00 pm

Opening Bell: 02.13.09

Congress Set To Pass Stimulus Plan (Reuters)
"The U.S. Congress on Friday is expected to pass a $789 billion economic stimulus package that is aimed at unleashing large spending and tax cuts to help dig the economy out of a 14-month recession.

The Democratic-controlled House of Representatives and Senate are expected to approve the emergency package, giving President Barack Obama a political victory but falling short of his goal of broad Republican backing."

France Calls For Hedge Fund Crackdown (FT)
France, in its infinite wisdom, is essentially calling for the United States and Britain to do a better job of regulating hedge funds, because, well, that's where the majority of them are. No one in France has taken notice though that the lack of fund activity in their country could be attributed to the fact that they often don't have a clue what they're talking about.

Starbucks To Sell Instant Coffee (NYT)
It's really too bad this didn't hit the street about six years ago: I can see hordes of analysts picking up twelve packs of this crap and mixing it at double/triple strength to pull 20 hour shifts.

Merkel Looks To Nationalize Hypo (Bloomberg)
It looks like talks with J.C. Flowers are going south: they're looking for €10/share where as the German Government wasn't willing to explore anything much over market value. The shareholders have obtained council but it doesn't look like ze Germans are going to be willing to budge much on this one: they've all ready put $131B into the company and socialism isn't a word they overly fear.

Geithner Will Be Under Pressure At G7 (NYT)
With banks and investment institutions of vary degrees being nationalized around the world to shore their solvency, Geithner and the American policy (thus far) of private enterprise is facing its critics. He's going to have a shit show on his hands, such that if American banks continue to fail there's going to be downward pressure on the whole system which now includes many foreign governments.

Morgan Stanley Suspends Global Head Of Real Estate For Bribery (FT)
"Morgan Stanley has suspended its global head of real estate investing after revealing that actions by an employee believed to be the former China property head "appear to have violated" the foreign corrupt practices act, a US law that prohibits corporate bribery.

People close to Morgan Stanley said the bank had put Sonny Kalsi, a high-profile banker who leads its big real estate division, on administrative leave effective immediately."

Source: Dealbreaker | 13 Feb 2009 | 12:59 pm

Shanghai rises, adds to year-leader status

Chinese stocks rose Friday, lifting the benchmark index to a five-and-a-half-month closing high, adding to the luster of Shanghai as the world's best performing market this year.

Source: MarketWatch.com - Top Stories | 13 Feb 2009 | 12:58 pm

Europe set for deep recession economists warn

Europe' faces deep recession recession economists warned today after figures showed that the region's economy contracted in the final three months of 2008. .
Source: Telegraph Finance | 13 Feb 2009 | 12:56 pm

LSE names ex-Lehman banker Rolet as new CEO

LONDON (Reuters) - The London Stock Exchange named former Lehman Brothers banker Xavier Rolet as its new chief executive, tasking him with tackling the twin challenges of rising competition and weak financial markets.
Source: Reuters: Business News | 13 Feb 2009 | 12:55 pm

Price of petrol creeps up in 2009

Petrol prices have been rising since January, despite the price of oil falling, figures have shown.
Source: BBC News | Business | World Edition | 13 Feb 2009 | 12:54 pm

London Markets: HSBC Holdings, BP lead London higher

London’s top share index climbs as investors buy up banks and oil producers such as HSBC Holdings and BP.

Source: MarketWatch.com - Top Stories | 13 Feb 2009 | 12:52 pm

Bank chiefs 'should be qualified'

The government is urged to ensure bank chief executives have a "recognised banking qualification".
Source: BBC News | Business | World Edition | 13 Feb 2009 | 12:47 pm

Europe Markets: Shares in Europe up for first time in four sessions

European shares rise for the first time in four sessions, as banks advanced and an uptick in crude-oil futures helped oil producers to climb.

Source: MarketWatch.com - Top Stories | 13 Feb 2009 | 12:46 pm

Top Pre-Market Analyst Upgrades (ASML, ATMI, WFR, PALM, PFCB, PRAA, RAH, TXN, WOOF, XEL)

These are some of the top pre-market analyst calls we have seen this Friday morning…. Friday the 13th: ASML (ASML) Raised to Buy at Deutsche Bank. ATMI (ATMI) Raised to Buy at UBS. MEMC...

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Source: 247 Wall Street | 13 Feb 2009 | 12:45 pm

50 ways to save cash: Current accounts

In hard times it's more important than ever to ensure that you pay no more than necessary for the essentials of life. In our list of 50 ways to get the most from your money here are five tips on current accounts.
Source: Telegraph Finance | 13 Feb 2009 | 12:44 pm

Northern Rock shareholders lose battle in High Court

Former shareholders set to appeal after the High Court rejected the argument that their human rights had been breached.
Source: Telegraph Finance | 13 Feb 2009 | 12:43 pm

Indications: U.S. stock futures continue range-bound path

U.S. stock futures point to range-bound trade for Wall Street, a path charted since the poorly-received bank rescue plan was announced earlier this week.

Source: MarketWatch.com - Top Stories | 13 Feb 2009 | 12:42 pm

PepsiCo profit falls, but matches Street view (Reuters)

Reuters - PepsiCo Inc reported lower quarterly earnings on Friday, hurt by restructuring and impairment charges and lower volume in its North American beverage business, but results met Wall Street estimates.

Source: Yahoo! News: Business | 13 Feb 2009 | 12:38 pm

PepsiCo profit falls, but matches Street view

NEW YORK (Reuters) - PepsiCo Inc reported lower quarterly earnings on Friday, hurt by restructuring and impairment charges and lower volume in its North American beverage business, but results met Wall Street estimates.
Source: Reuters: Business News | 13 Feb 2009 | 12:38 pm

IMF Chief Gets Unpleasant

Instead of keeping his opinions to himself, the head of the IMF decided to pass along depressing news as Europe released several pieces of downbeat data including poor results for EU Q4...

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Source: 247 Wall Street | 13 Feb 2009 | 12:35 pm

Europe: The ever-shrinking economies

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 13 Feb 2009 | 12:33 pm

Sirius XM still in talks with Liberty: source

NEW YORK (Reuters) - With only days to go until a critical deadline, Sirius XM Radio Inc is still in talks with potential investor Liberty Media Corp , a person familiar with the matter said on Thursday.
Source: Reuters: Business News | 13 Feb 2009 | 12:28 pm

Europe Is Not A Way Out For GM (GM) And Ford (F)

GM (GM) and Ford (F) each used to have remarkably profitable European operations. A large part of their annual net income came from the region. Now, it looks like auto sales in the EU are getting as...

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Source: 247 Wall Street | 13 Feb 2009 | 12:25 pm

Balancing taxpayers and Wall Street

Watching the Obama administration deal with Wall Street is like watching the New York Yankees deal with their star third baseman, Alex Rodriguez, who recently admitted to having used steroids.
Source: Business and financial news - CNNMoney.com | 13 Feb 2009 | 12:21 pm

Boss sackings add to Chelsea loss

Chelsea Football Club lost £66m in the year to the end of June - including compensation for Jose Mourinho and Avram Grant.
Source: BBC News | Business | World Edition | 13 Feb 2009 | 12:16 pm

Bad Movie About A Very Bad Bank

I took a little break from the super-serious job of analyzing the troubled efforts to bring relief to troubled assets. I went to a movie. The International, starring Clive Owen and Naomi Watts, opens today. It's a thriller about an evil bank that controls the world.

It's crap.

It's well shot and paced and the acting's good. But the story truly makes no sense at all. I had a piece on Morning Edition this morning about it.

I got upset--absurdly, ridiculously--because a big Hollywood blockbuster has a faulty business model for banking.

Then I got REALLY upset.

I learned about the true story that the movie is based on. BCCI was a truly evil bank and a fascinating story about real world banking. Why'd they have to turn it into a cliche-ridden generic thriller?

I interviewed the actual guy who investigated the BCCI case--he's the inspiration for the Naomi Watts character, though he says he's not as pretty. John Moscow's story is truly movie-worthy. Amazing. I only had time to hint at that in the Morning Edition piece, but we'll have an extended talk with him on the podcast.

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Source: NPR Blogs: Planet Money | 13 Feb 2009 | 12:06 pm

World markets rise after Wall Street bounceback (AP)

AP - World stock markets rose Friday, boosted by a late turnaround on Wall Street and renewed hopes about government economic stimulus plans as Group of Seven finance ministers gathered in Rome.

Source: Yahoo! News: Stock Markets News | 13 Feb 2009 | 12:02 pm

Argentina offers new deal for international investors

Argentina's hopes of buying more time to service its debt and assuage fears of default could receive another boost in the coming days.International holders of so-called Guaranteed Loans issued in 2001...
Source: RSS feed - channel BNPaperBusiness | 13 Feb 2009 | 11:53 am

FTSE rises on hopes for US mortgage clean-up

London equities made gains on Friday, with financial stocks leading the way on reports US authorities were considering subsidising the mortgage payments at the root of much of the credit crisis. The policy...
Source: RSS feed - channel BNPaperBusiness | 13 Feb 2009 | 11:35 am

Eurozone economy plunges by record 1.5%

Gross domestic product across the eurozone plunged by 1.5 per cent in the last three months of last year, the steepest fall since the single currency was created in 1999.
Source: Latest Business News from Times Online | 13 Feb 2009 | 11:34 am

Internet Sales Market Gets Worse As Ads For BiPolar Disorder Spread

It makes some perverse sense. The New York Times (NYT) business section is running ads for “Signs of bipolar disorder” placed there through its text marketing relationship with Google...

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Source: 247 Wall Street | 13 Feb 2009 | 11:32 am

Eurozone contracts at record rate

Eurozone growth contracted at its fastest ever rate at the end of last year, with an unexpectedly-bad German performance deepening the recession more than had been feared
Source: Financial Times - US homepage | 13 Feb 2009 | 11:18 am

Microsoft (MSFT) Launches Retail Stores To Save Windows

To cut down on the numbers of stores without Windows in the US, Microsoft (MSFT) is launching its own retail outlets. Given the size of its customer base, it would seem to be like going after an...

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Source: 247 Wall Street | 13 Feb 2009 | 11:11 am

Congress set to pass stimulus plan, send to Obama

WASHINGTON (Reuters) - The U.S. Congress on Friday is expected to pass a $789 billion economic stimulus package that is aimed at unleashing large spending and tax cuts to help dig the economy out of a 14-month recession.
Source: Reuters: Business News | 13 Feb 2009 | 11:10 am

Congress set to pass stimulus plan, send to Obama (Reuters)

Reuters - The U.S. Congress on Friday is expected to pass a $789 billion economic stimulus package that is aimed at unleashing large spending and tax cuts to help dig the economy out of a 14-month recession.

Source: Yahoo! News: Business | 13 Feb 2009 | 11:10 am

Toyota to cut hours, offers buyouts to U.S. workers

TOKYO (Reuters) - Toyota Motor Corp offered buyouts to some 18,000 U.S. workers and said it would cut pay for executives and blue-collar workers in North America, and an analyst warned it may soon cut working hours in Japan.
Source: Reuters: Business News | 13 Feb 2009 | 11:05 am

World Bank gives China $710m loan

The World Bank is giving China $710m to help rebuild areas hit by last year's Wenchuan earthquake.
Source: BBC News | Business | World Edition | 13 Feb 2009 | 10:57 am

Starbucks (SBUX) Defiles Itself With Instant

It the race to give shareholders good returns and keep profits high, companies are often faced with whether or not to change the marketing and pricing of valuable brands. It creates a risk. Mercedes...

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Source: 247 Wall Street | 13 Feb 2009 | 10:56 am

Living it up in retirement

There's retirement living, and then there's living it up in retirement. The latter is part of the draw of one of the fastest-growing retirement options - the continuing-care retirement community. These CCRCs, as they're called, often look a lot more like four-star resorts than old folks' homes.
Source: Business and financial news - CNNMoney.com | 13 Feb 2009 | 10:49 am

European indices helped by banks

European shares rallied on Friday as banks gained on US plans to subsidise mortgage payments for those at risk of default, an issue at the core of the current financial crisis.Financial shares, as usual,...
Source: RSS feed - channel BNPaperBusiness | 13 Feb 2009 | 10:43 am

Prospect of mortgage plan hits dollar and yen

The dollar and the yen came under broad pressure on Friday as talk of a US government plan to subsidise mortgage payments boosted risk appetite and traders awaited this weekend's G7 meeting of finance...
Source: RSS feed - channel BNPaperBusiness | 13 Feb 2009 | 10:31 am

Saving The Real Estate Market By Paying The Neighbor’s Mortgage

The quickest way to help the auto industry would be to make sure that no one in the US defaults on a car loan. Certainly the government could make sure that people who are employed and do not have a...

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Source: 247 Wall Street | 13 Feb 2009 | 10:30 am

Price will be king at the 2009 New York Toy Fair

NEW YORK (Reuters) - Don't expect to see $180 toy puppies or a $300 animated dinosaur when toy makers unveil their latest products next week, as a recession has squelched the buying power of even the most indulgent parents.
Source: Reuters: Business News | 13 Feb 2009 | 10:29 am

HBOS whistleblower queries KPMG independence

Paul Moore, the HBOS whistleblower, has spectacularly reignited the row over his sacking by Sir James Crosby, the bank’s former chief executive.
Source: Latest Business News from Times Online | 13 Feb 2009 | 10:27 am

The Trouble With Better Retail Sales

Retail sales for January were better than expected, up 1%. Surprising news often leaves people addled. They look for some reason that the facts are different than were expected and often head off in...

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Source: 247 Wall Street | 13 Feb 2009 | 10:24 am

Plane crashes into house in Buffalo, NY

Forty nine people were killed when a passenger plane crashed into a house close to Buffalo, New York, airport and burst into a ball of flames, officials said
Source: Financial Times - US homepage | 13 Feb 2009 | 10:21 am

Snow pulls John Lewis sales down 17.1%

John Lewis has reported a 17.1 per cent drop in sales last week, providing the first indication of the hit to Britain’s retailers of recent heavy snowfall.
Source: Latest Business News from Times Online | 13 Feb 2009 | 9:56 am

Asian shares rise on bailout confidence

Shanghai shares outshone their Asia-Pacific peers once more this week amid growing investor confidence in the mainland Chinese market on hopes that the country's stimulus measures were taking effect.The...
Source: RSS feed - channel BNPaperBusiness | 13 Feb 2009 | 9:55 am

Wine and spirits firm bucks trend

Drinks maker Pernod Ricard reports a rise in half-year profits as consumers continue to buy wine and spirits.
Source: BBC News | Business | World Edition | 13 Feb 2009 | 9:51 am

Panasonic orders staff to buy £1,000 in products

Its electronic gadgetry is gathering dust on the shelves of high street stores, nobody is buying new fridges and the mountain of unsold plasma televisions is growing by the day.
Source: Latest Business News from Times Online | 13 Feb 2009 | 9:40 am

London stocks rebound sharply (AFP)

AFP - London stocks rebounded sharply on Friday, after finishing slightly lower the day before, after the exchange announced a new chief executive.

Source: Yahoo! News: Stock Markets News | 13 Feb 2009 | 9:34 am

Long distance

The fight for water in North America
Source: BBC News | Business | World Edition | 13 Feb 2009 | 9:26 am

Off the rails?

Deutsche Bahn is accused of spying on its own staff
Source: BBC News | Business | World Edition | 13 Feb 2009 | 9:19 am

Media Digest 2/13/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, Obama is working on a program to help some homeowners pay their mortgages. Reuters reports that Wall St’s appetite to slim down perks will begin to face tests. Reuters...

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Source: 247 Wall Street | 13 Feb 2009 | 8:54 am

Barratts Shoes collapse puts 5,450 jobs at risk

Up to 5,450 British jobs are in jeopardy at Barratts and Priceless Shoes after creditors rejected a restructuring plan for the owner of the failed footwear retailers.
Source: Latest Business News from Times Online | 13 Feb 2009 | 8:43 am

Toyota to cut hours, offers buyouts to U.S. workers (Reuters)

Reuters - Toyota Motor Corp (7203.T) offered buyouts to some 18,000 U.S. workers and said it would cut pay for executives and blue-collar workers in North America, and an analyst warned it may soon cut working hours in Japan.

Source: Yahoo! News: Business | 13 Feb 2009 | 8:27 am

Experian to stop selling FICO scores to consumers

The credit bureau will provide the data only to commercial customers such as lenders, potentially putting home buyers at a disadvantage. Scores will still be available from TransUnion and Equifax. ...
Source: RSS feed - channel BNPaperBusiness | 13 Feb 2009 | 8:00 am

Obama bank rescue plan takes 2 tracks

One program would focus on banks deemed too big to fail, giving them greater scrutiny and a funding lifeline. The other would bolster smaller, already strong banks to encourage lending. ...
Source: RSS feed - channel BNPaperBusiness | 13 Feb 2009 | 8:00 am

Wall Street optimists think stocks may be near bottom

They note that the major indexes have mostly moved sideways since hitting their lows in late 2008. As bad as the...
Source: RSS feed - channel BNPaperBusiness | 13 Feb 2009 | 8:00 am

U.S. 4th-quarter housing prices fall 12% from 2007

Home values fell in almost 9 of 10 cities. Riverside is down 41%; San Diego, 36%. Home prices nationally dropped...
Source: RSS feed - channel BNPaperBusiness | 13 Feb 2009 | 8:00 am

JJB pays for third stay of execution from banks

JJB Sports, the struggling sportswear retailer, has won an eleventh-hour reprieve from its banks as it seeks to offload its fitness clubs division.
Source: Latest Business News from Times Online | 13 Feb 2009 | 7:56 am

Rolet replacing Furse as LSE boss

The London Stock Exchange names Frenchman Xavier Rolet to replace its chief executive Dame Clara Furse.
Source: BBC News | Business | World Edition | 13 Feb 2009 | 7:47 am

Ailing U.S. banks may require more aid to stay solvent: report

(Reuters) - Some large U.S. banks, may require more aid to stay solvent, the New York Times reported on Friday, citing economists and other finance experts.
Source: Reuters: Business News | 13 Feb 2009 | 7:39 am

Ailing U.S. banks may require more aid to stay solvent: report (Reuters)

Reuters - Some large U.S. banks, may require more aid to stay solvent, the New York Times reported on Friday, citing economists and other finance experts.
Source: Yahoo! News: Business | 13 Feb 2009 | 7:09 am

Wall Street appetite to slim down perks faces test

NEW YORK (Reuters) - Wall Street bank executives squirmed this week when the U.S. Congress scolded them for spending slices of the $176 billion in bailout money on perks such as private jets.
Source: Reuters: Business News | 13 Feb 2009 | 6:36 am

NZ stocks: Telecom shares down

Shares in market heavyweight Telecom fell a few cents after initially holding up when the company reported a 59 per cent fall in first-half net profit to $162 million. The result was due to tougher competition and asset write-downs,...
Source: New Zealand Herald - Business | 13 Feb 2009 | 6:19 am

Currency: Dollar settles after slide against US

The New Zealand dollar spent most of the day consolidating after sliding against the greenback as the United States currency attracted safe-haven buyers. The NZ dollar was US52.45c at 5pm from US52.58c at the same time yesterday....
Source: New Zealand Herald - Business | 13 Feb 2009 | 5:52 am

House sales at lowest since 1992, says REINZ

The housing slump continues to deepen with the Real Estate Institute (REINZ) reporting that the number of residential property sales in January reached their lowest monthly level since 1992. The national median last month of $325,000...
Source: New Zealand Herald - Business | 13 Feb 2009 | 3:00 am

Reserve Bank confident funds are there for NZ banks

New Zealand banks about to foray back into world markets to raise money they need to continue lending here should be able to source the funds they need, says the Reserve Bank (RBNZ). About 40 per cent of the money loaned by New...
Source: New Zealand Herald - Business | 13 Feb 2009 | 2:30 am

Telecom profits fall nearly 60pc

Telecom has reported a 59 per cent fall in its first half net profit to $162 million, while chief executive Paul Reynolds said good progress had been made in a slowing economy. The company reported today adjusted earnings before...
Source: New Zealand Herald - Business | 13 Feb 2009 | 2:00 am

Chrysler braces for long auto sales slump

CHICAGO (Reuters) - Chrysler's U.S. government-required viability plan would have the automaker viable even if U.S. auto sales stay at current depressed levels for four years, a top executive said on Thursday.
Source: Reuters: Business News | 13 Feb 2009 | 1:47 am

Retail sales take largest fall in nearly 12 years

Consumer spending slowed late last year amid an economic recession, with the value of December quarter seasonally adjusted retail sales posting the largest decline in nearly 12 years. December quarter sales fell 1.1 per cent, the...
Source: New Zealand Herald - Business | 13 Feb 2009 | 1:30 am

Treasury close to agreeing housing plan

Bank stocks rallied after reports suggested the administration was homing in on a plan that would involve subsidising a reduction in monthly payments for overstretched borrowers
Source: Financial Times - US homepage | 13 Feb 2009 | 12:55 am

Microsoft to open chain of retail stores

The US software group hires a former Wal-Mart executive to open a chain of retail stores, establishing a new front with Apple in the battle for consumers
Source: Financial Times - US homepage | 13 Feb 2009 | 12:37 am

Trends & Innovations - Thursday

Smokers quit if there's a payoff

Source: Investor's Business Daily: BUSINESS | 13 Feb 2009 | 12:32 am

Business Briefs - Thursday

Alexion tops on rising Soliris sales. The biotech swung to a Q4 profit of 23 cents a share ex items, besting views by 15 cents. Revenue surged...

Source: Investor's Business Daily: BUSINESS | 13 Feb 2009 | 12:32 am

Deciding To Rent Out Is Tough, But Spare Homes Pay Their Way

Own a spare home? Many who do cash in by renting them out. Whether that's personally worth it depends on circumstances, objectives, and changing...

Source: Investor's Business Daily: BUSINESS | 13 Feb 2009 | 12:32 am

After The Close - Thursday

CEPHALON (CEPH), a drugmaker, said its Q4 EPS rose 76% to $1.46 ex items, beating views by a dime. Revenue rose 20% to $540 mil, above views. It...

Source: Investor's Business Daily: BUSINESS | 13 Feb 2009 | 12:32 am

Asphalt Maker Licks Chops Over Obama Stimulus Bill

Astec Industries (ASTE), based in Chattanooga, Tenn., is a maker of road-building equipment.

Source: Investor's Business Daily: BUSINESS | 13 Feb 2009 | 12:32 am

In Brief - Thursday

Progress Energy (PGN), a N.C. utility, said its Q4 EPS rose 17.5% to 47 cents, beating views by a penny. Revenue fell slightly to $2.16 bil, below...

Source: Investor's Business Daily: BUSINESS | 13 Feb 2009 | 12:32 am

City trader Terry Freeman arrested over £40 million 'Ponzi' fraud

A City trader has been arrested by police investigating a £40 million investment fraud believed to be Britain's first major credit-crunch case.
Source: Latest Business News from Times Online | 13 Feb 2009 | 12:00 am

Cash buyers scent rich pickings in property

Cash-rich homebuyers are returning to the fray because they suspect that prices could be close to their lowest point, although weakness could persist for years.
Source: Latest Business News from Times Online | 13 Feb 2009 | 12:00 am

US retail sales unexpectedly rise in Jan

NEW YORK (AP) - Americans bought a sweater or two, ate out a little more, purchased some gadgets and turned to the internet in search of bargains in January. These small indulgences nevertheless provided some relief to suffering stores,...
Source: New Zealand Herald - Business | 13 Feb 2009 | 12:00 am

Blow to Obama as fourth pick withdraws

Barack Obama suffered the fourth high-profile withdrawal of a key administration nominee when Judd Gregg, the former and now future Republican senator for New Hampshire, took his name out of consideration for the post, citing "irresolvable conflicts" over policy
Source: Financial Times - US homepage | 12 Feb 2009 | 11:59 pm

France to call for hedge fund crackdown

France will press for tighter controls on hedge funds, urging other industrialised nations to strengthen regulation of the industry and compel banks that lend them money to hold more capital
Source: Financial Times - US homepage | 12 Feb 2009 | 11:46 pm

Shoppers still keeping wallets closed

Shoppers eased off spending in December as expected, with seasonally adjusted retail sales falling 1 per cent for the month, Statistics New Zealand said today. The median forecast in a Reuters poll of economists was a decline of...
Source: New Zealand Herald - Business | 12 Feb 2009 | 11:30 pm

Chrysler faced with equity carve-up

Chrysler's restructuring plan could see the combined equity of owners Cerberus and Daimler shrink to less than 10 per cent, with the rest of the company divided between the US government, the United Auto Workers' union, bank lenders and Italian carmaker Fiat, according to people close to the US carmaker
Source: Financial Times - US homepage | 12 Feb 2009 | 11:26 pm

Write-Offs: 02.12.09

$$$ Defending Tim Geithner, by Jim Cramer [NYM]

$$$ Wells Fargo Adds Impairment [WSJ]

$$$ Critical, if improving. [The Deal]

$$$ "When one's trust fund implodes, there's no better place to run than a gathering of the still-rich in Monte Carlo." [Slate]

Source: Dealbreaker | 12 Feb 2009 | 11:25 pm

Rio Tinto fights back over Chinalco deal

Criticism of the proposed capital injection intensifies from UK shareholders
Source: Financial Times - US homepage | 12 Feb 2009 | 11:23 pm

How the major market indexes fared Thursday (AP)

AP - The stock market made a late-day comeback Thursday, on hope that homeowners will get more help with their mortgages.

Source: Yahoo! News: Stock Markets News | 12 Feb 2009 | 11:04 pm

After 98 years in NZ, Shell eyes selling up

Shell is considering selling much of its New Zealand operation after nearly a century here as it moves to concentrate on global oil exploration and retailing in high-growth markets. Rival fuel companies already here, other global...
Source: New Zealand Herald - Business | 12 Feb 2009 | 11:00 pm

Media Ruins Bank of Amerillwide's Good Time

I don't know about you, but I fucking hate the god damn press. All they ever do is ruin my good time. I'm just trying to kick back, forget my trubs, maybe nail a hooker or two during a coke fueled bender of a weekend at the Bellagio with my colleagues before finishing up on some really critical pitchbooks with my red pen and bitching out an associate on the airphone, knowwhatimsayin? And who cares if my company is on the brink of insolvency?* WHO CARES?

From: [redacted @ BAC]

Sent: Wednesday, February 04, 2009 5:05 PM

Subject: Event Guidelines

Importance: High

Given the ongoing negative press, the Marketing transition team has issued the following guidelines regarding event and conference activity:

Guidelines

1. No resorts

Source: Dealbreaker | 12 Feb 2009 | 10:55 pm

Your Asses: Definitely Capped Again

Oh, you thought the evil $400,000 cap was history, right? You thought it was going to be limited in scope, and only in the amount of $500,000 this time right? You thought stock wasn't going to be included, right? Wrong.

SEC. 6012. LIMIT ON EXECUTIVE COMPENSATION.

(a) IN GENERAL.--Notwithstanding any other provision of law or agreement to the contrary, no person who is an officer, director, executive, or other employee of a financial institution or other entity that receives or has received funds under the Troubled Asset Relief Program (or ''TARP''), established under section 101 of the Emergency Economic Stabilization Act of 2008, may receive annual compensation in excess of the amount of compensation paid to the President of the United States.

[...]

SEC. 6014. COMPENSATION.
As used in this subtitle, the term ''compensation'' includes wages, salary, deferred compensation, retirement contributions, options, bonuses, property, and any other form of compensation or bonus that the Secretary of the Treasury determines is appropriate.

[...]

SEC. 6006. REVIEW OF PRIOR PAYMENTS TO EXECUTIVES.

(a) IN GENERAL.--The Secretary shall review bonuses, retention awards, and other compensation paid to employees of each entity receiving TARP assistance before the date of enactment of this Act to determine whether any such payments were excessive, inconsistent with the purposes of this Act or the TARP, or otherwise contrary to the public interest.

(b) NEGOTIATIONS FOR REIMBURSEMENT.--If the Secretary makes a determination described in subsection (a), the Secretary shall seek to negotiate with the TARP recipient and the subject employee for appropriate reimbursements to the Federal Government with respect to compensation or bonuses.

[...]

(c) DEFINITIONS.--As used in this section, the following definitions shall apply:

EXCESSIVE BONUS.--

(A) IN GENERAL.--The term ''excessive bonus'' means the portion of the applicable bonus payments made to a covered individual in excess of $100,000.

Cliff notes: You won't get over $400,000. Period. If you were paid a bonus over $100,000 you might be giving it back to the Treasury. Interestingly, I can't find a provision that defines how far back they can look.

That's ok, however. You can probably apply to Obama for mortgage assistance.

Update: Be aware, this is the Senate Bill's draft text, not the text of the bill that will weigh down the President's desk. What comes out of further negotiations is anyone's guess.

Senate Draft Bill.pdf

Source: Dealbreaker | 12 Feb 2009 | 10:53 pm

Telecom bosses opt for pay freeze

Telecom executives have taken a leaf out of the book of Members of Parliament and decided to forgo a pay rise this year as the company cuts costs amid a slowing economy. Telecom, which saw first half-profit slide 59 per cent, was...
Source: New Zealand Herald - Business | 12 Feb 2009 | 10:35 pm

Pfizer Raised to ``Outperform'' by Leerink Swann

Source: Bloomberg - All Podcasts | 12 Feb 2009 | 10:30 pm

Rowland Says ETFs Can Fail From Lack of Public Exposure

Source: Bloomberg - All Podcasts | 12 Feb 2009 | 10:21 pm

Getting By In Atlanta

On my 100 Days trip, I'm finding the recession harder and harder to keep up with. While eating at a the Stone Soup Kitchen, a hip coffee shop in south Atlanta, I ran into Jelani Cobb, a U.S. history professor at Spelman College. He talked to me about belt-tightening at the historically black college for women, and about students dropping out for lack of tuition. But knock on wood, he said, his campus had so far been spared actual job cuts.

No sooner did I leave Atlanta Tuesday afternoon than news comes on my car radio that Spelman was cutting jobs -- 35 jobs, the department of education and more.

I spoke to Cobb at the Stone Soup Kitchen, where a lot of college students wait tables. Owner Jason MacDonald is trying to convince his wife, Catherine Dyer, to join them. She was just laid off as coordinator of literary events at the Margaret Mitchell House in Atlanta.

Catherine is a part-time actress, and thinks she has other options before turning to waiting tables and slinging hash. But she's not closing the door on the idea. And the couple say they feel like they've always been immune to tough economic times -- but no longer.

Finally, practical needs can lead to enlightening conversation. After being on the road for three weeks, I had to do some laundry. The hotel service was obscenely expensive, so I ended up at Michael Bhatia's dry cleaning shop, in a downtown Atlanta office building. He was grateful for the business -- here's why:

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Source: NPR Blogs: Planet Money | 12 Feb 2009 | 9:49 pm

We Thought It Was Absurd Too, But It Turns Out That Obama Really IS Going To Pay Your Mortgage

You thought she was kidding at the time, didn't you? Shows what we know about the absurd. (Nothing).

The Obama administration is hammering out a program to subsidize mortgages in a new front to fight the credit crisis, sources familiar with the plan told Reuters on Thursday, firing financial markets.

In a major break from existing aid programs, the plan under consideration would seek to help homeowners before they fall into arrears on their loans. Current programs only assist borrowers that are already delinquent.

Speechless. (No word on gas yet though- stay tuned).

Related video, after the jump.

Source: Dealbreaker | 12 Feb 2009 | 9:49 pm

It's All Fun And Games, Until It's Not

Of course, we poke fun and satire at white collar crime here on Dealbreaker, that's our purpose- a bit of commentary stirred up with a dose of mocking escapism. It is, however, effectively impossible (and shady) to even attempt to satirize this sort of thing:

The son of William Foxton, 65, said his father was so distraught after losing his family's entire savings in the alleged [Madoff] Ponzi scheme that he shot himself in a park in Southampton on Tuesday with a handgun.

[...]

"I spoke with my father recently and he confided in me that he was in 'an absolute s***fight' with his banks', as his life savings had been invested in two hedge funds; the Herald USA Fund and Herald Luxembourg Fund," Mr Foxton said.

"He had found out that the offices of these funds had closed and that the money had in fact been invested in the Madoff Hedge funds.

It is the cruel irony of such scams, given that they are perpetrated by the least honorable among us, that they seem to impact the most honorable the most severely. Foxton served with the French Foreign Legion and joined the British Army were, despite losing an arm in combat, he eventually rose to Major. Foxton was named Member of the Most Excellent Order of the British Empire (MBE) in 1986 and Officer of the Most Excellent Order of the British Empire (OBE) in 1999 for his work with the disabled and in former Yugoslavia respectively.

Bernard Madoff has 'blood on his hands' over William Foxton suicide [Times Online]

Source: Dealbreaker | 12 Feb 2009 | 9:35 pm

Presented By:

Source: Dealbreaker | 12 Feb 2009 | 9:35 pm

McPherson Says Lincoln Was Self-Confident, Able Man

Source: Bloomberg - All Podcasts | 12 Feb 2009 | 9:31 pm

Morgan Stanley suspends top official

Morgan Stanley has suspended its global head of real estate investing after revealing that actions by an employee believed to be the former China property head 'appear to have violated' the foreign corrupt practices act, a US law that prohibits corporate bribery
Source: Financial Times - US homepage | 12 Feb 2009 | 9:08 pm

Charlie Gasparino's Big Endorsement

By his own admission on Power Lunch earlier today, Charlie Gasparino thought yesterday's hearing on Capitol Hill sucked, so much so that he "fell asleep" (passed out?) three times. But it was not all for naught. Chaz walked away from the Congressional bitch sesh with a crush and maybe-- please God, please-- co-host for the hotly anticipated Chazparino Variety Hour. Sayeth CG:

Source: Dealbreaker | 12 Feb 2009 | 8:48 pm

Merk Says Fed Making Treasuries `Unattractive' to China

Source: Bloomberg - All Podcasts | 12 Feb 2009 | 7:56 pm

CDS Death Bill Introduced In The House

H.R. 977 (The Derivatives Markets Transparency and Accountability Act of 2009), from the brilliant mind of Rep. Collin Peterson (D-MN), puts restrictions on OTC contracts and would "deny the Federal Reserve the authority to establish regulations or rules with regard to clearing OTC transactions."

Instead, OTC contracts must either be cleared centrally or reported to the CFTC. Ouch. This would pretty much end the custom options and swap business, making it very difficult to tailor specific instruments for specific risk.

The bill also gives "the CFTC the authority to suspend credit default swap trading, with the concurrence of the president."

Uh oh.

House bill calls for OTC trading restrictions [Pensions & Investments Online]

Source: Dealbreaker | 12 Feb 2009 | 7:49 pm

The Penny Will Save Us

How fitting that the United States would choose this particular time to rework the penny and include a retrospective of its chief spokesman, the man who suspended habeas corpus, incarcerated nearly 20,000 people indefinitely without trial, and happily made and spent appropriations before Congress had even considered them. Of course that was Abe Lincoln. (Well, ok, it is his bicentennial, but the timing is still funny).

The first of four new pennies chronicling Abraham Lincoln's rise from a small Kentucky cabin will be put into circulation Thursday to honor the 16th president's 200th birthday.

The coin's front is unchanged, but the reverse depicts a tiny log cabin, representing the one-room dwelling where Lincoln was born near Hodgenville, Kentucky.

The new one-cent piece is being unveiled by the U.S. Mint as part of Lincoln's bicentennial celebration, being held Thursday morning near his birthplace.

The remaining coins, set for release later this year, show other phases of Honest Abe's life: a young man reading while sitting on a log during his formative years in Indiana; Lincoln the state legislator speaking in front of the Illinois capitol; and the unfinished dome of the U.S. Capitol.

New Penny Chronicles Lincoln's Early Life [Wall Street Journal/AP]

Source: Dealbreaker | 12 Feb 2009 | 7:36 pm

Marriage broker deals in assorted rings

Vietnam is a popular destination for Korean men on "matrimonial holidays" arranged by marriage brokers. Kelly McEvers introduces us to a broker who says she's just helping couples find happy endings. But it's not always so simple.
Source: Marketplace | 12 Feb 2009 | 6:47 pm

Golub Says Rules of Investing `Broken Down'

Source: Bloomberg - All Podcasts | 12 Feb 2009 | 6:41 pm

New Orleans residents love its charm

After Hurricane Katrina ripped through New Orleans, many residents were quick to rush back. Dan Baum covered New Orleans in the aftermath of Hurricane Katrina and talks to Kai Ryssdal about why the Crescent City is so appealing.
Source: Marketplace | 12 Feb 2009 | 6:29 pm

No natural selection in business

Charles Darwin fathered the theory of evolution. His work is so far-reaching, even the business world has adopted his "survival of the fittest" theory of natural selection. But commentator Natasha Loder says economic selection is anything but natural.
Source: Marketplace | 12 Feb 2009 | 6:29 pm

Art imitates life in new movies

The movies "Confessions of a Shopaholic" and "The International" open this weekend. But will viewers be entertained by a movie about our pre-recession consumption or one about our current banking crisis? Stacey Vanek-Smith reports.
Source: Marketplace | 12 Feb 2009 | 6:29 pm

How foreclosures affect housing prices

Foreclosure filings continue to increase as home prices drop. How much are foreclosures affecting housing prices? Ashley Milne-Tyte reports.
Source: Marketplace | 12 Feb 2009 | 6:29 pm

Measuring the success of the stimulus

President Obama says the stimulus package will create or preserve 3.5 million jobs and get the economy on track. But will the package actually stimulate the economy? And how will we measure its success? Nancy Marshall Genzer reports.
Source: Marketplace | 12 Feb 2009 | 6:29 pm

What Electronic Bank Run?

Rep. Paul Kanjorski has been all over the YouTubes this week talking about an electronic bank run during mid-September's near meltdown. Kanjorski says the Federal Reserve alerted lawmakers to it. His star turn prompted several of you to write with varying versions of:

Is this true?

Portfolio blogger (and Planet Money friend) Felix Salmon has an answer. On the short:

This is all, frankly, fiction, and it's not clear where most of it came from, although maybe Kanjorski's "friends" on Wall Street are the same people as Michael Gray's sources at the New York Post. Thinking back to that crazy week it's easy to get details wrong, especially when you're speaking off the cuff on a call-in show. But let's stop treating it as though there's any substance to it. Please.

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Source: NPR Blogs: Planet Money | 12 Feb 2009 | 6:24 pm

Foundations Take A Hit

Earlier this month, the Council on Foundations released a report detailing the impact of the financial crisis on independent philanthropies. Overall asset values declined by 28 percent.

Another chart, about shifting targets, after the jump.

At least 60 percent of foundations noted that their target allocations have not changed since June 30, 2008, yet a quarter reduced their target allocations for equities (think stocks) and increased it for fixed-income securities and cash:

Representatives of foundations' endowments serve as the "general partners" of investment funds, overseeing investment strategies and managers' performance. The losses mean that there will be less capital available for big-ticket projects, such as real estate developments and leveraged buyouts.

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Source: NPR Blogs: Planet Money | 12 Feb 2009 | 6:17 pm

Popper Sees Welfare Programs Camouflaged as Fiscal Stimulus

Source: Bloomberg - All Podcasts | 12 Feb 2009 | 6:09 pm

5 Big Businesses Behind Valentine’s Day

The National Retail Association estimates that people will spend an average of $102.50 on gifts for Valentine’s Day this year. Men generally spend twice as much as women. If you’re gaping, take solace in the fact that it’s 16% less than last year.

Nonetheless, the five Valentine’s Day supply companies listed below will be cashing in from your romantic V-Day gestures. Find out whose wallets are fattening off classics like candy hearts, chocolates, Valentines, sparkly jewelry, and roses.

1. NECCO

Formally dubbed “Sweethearts Conversation Hearts,” these crunchy treats have been around since the Civil War. Nowadays, NECCO sells 8 billion hearts–100,000 pounds of candy–every year. If you buy 1.7 million for yourself, you can have them printed with your own custom saying.

In case you were wondering what flavors the colored hearts are supposed to taste like:

Pink—Cherry
Yellow—Banana
Orange—Orange
Green—Lemon
Purple—Grape
White—Wintergreen
Brown—Chocolate

2. Hallmark

Valentine’s Day greeting cards were first discovered, so to speak, by 19-year-old Esther Howland in 1847. When this resourceful artrepreneur received a British Valentine, she decided to make and sell her own versions of the holiday cards.

Joyce C. Hall followed Howland’s example–whether intentionally or not–and founded the card business Hallmark in 1910. The company is now the biggest card manufacturer in the United States, with 2007 sales of $4.4 billion, a television channel, and 43,000 nationwide retail outlets. If you buy one of an estimated 1 billion worldwide Valentines this year, it’ll probably originate from the Kansas City-based greeting card giant.

3. Hershey Foods Corporation

Founded in 1894 by Milton S. Hershey, the Hershey Food Corporation is now the biggest chocolate producer in the country. Hershey created the Hershey’s Kiss in 1907. 100 years later, the product was still so successful that the United States Post Office depicted it on its Love stamp.

Hershey’s itself, after years of acquisitions, practically owns the supermarket candy section. Almond Joy, Cadbury’s, the Heath Bar, Kit Kat, Milk Duds, Skor, Reese’s peanut butter products, Whoppers, York Peppermint Patties, Jolly Ranchers, PayDay, Good & Plenty, Bubble Yum, Twizzlers, Mauna Loa products are just a few of the dentist’s delights you’ll find in the candy aisle.

4. De Beers

With more than 20,000 employees around the world, the famous De Beers company is the biggest diamond mining company in the world. Founded in 1867, the company had a monopoly on all of South Africa’s diamond mining operations by 1888. In the 20th century, through award-winning marketing tactics—a la “A Diamond is Forever”—and a penchant for manipulating supply, De Beers practically had a world diamond monopoly. Bad PR (remember conflict diamonds?) and unfavorable market conditions led De Beers to re-evaluate its business model in the late 1990s. Today, the company sells a mere 40% of the world’s diamonds.

5. The Organization Formerly Known as Dole Flowers

The rose is the United States’ national flower. More importantly, however, red roses beget happy females on Valentine’s Day, a fact not lost on the companies involved in flower distribution. Even beleagured AIG bought a large equity interest in Latin American-based flower supplier Falcon Farms in 2007 (whether or not we’re bailing out flowers suppliers via AIG remains to be seen).

Florists do 40% of their annual business on Valentine’s Day. Until this year, they mainlined their flower supplies through Dole Fresh Flowers, the Miami-based division of the fruit giant. Dole imported flowers from growers based mostly in South America, especially Colombia. However, the company just sold off its flowers branch late last month to pay off existing debt. Reports won’t mention who they sold the company to.

Valentines flowers are coming from somewhere, but its name is no longer Dole.

Source: Business Pundit | 12 Feb 2009 | 6:04 pm

Douglas Smith Says Retail Gains `Might Not Have Legs'

Source: Bloomberg - All Podcasts | 12 Feb 2009 | 5:20 pm

Davidowitz Says U.S. Consumers in `Complete Collapse'

Source: Bloomberg - All Podcasts | 12 Feb 2009 | 4:56 pm

Hatheway Says U.S. Stimulus Plan `Too Little, Too Late'

Source: Bloomberg - All Podcasts | 12 Feb 2009 | 4:54 pm

Stamenkovic Sees Treasury Yields Rising Later This Year

Source: Bloomberg - All Podcasts | 12 Feb 2009 | 4:50 pm

Where's the Money? Hard to Say.

There's a lot of complaining about how the banks have gotten billions of dollars in taxpayer aid, but lending is still sluggish. People want to know what exactly the banks are doing with all that money.

It's a fair question. But it's legitimately hard to answer.

Say my parents give my wife and me a $50 check for our anniversary. Inevitably I sit down to write a thank-you note and want to explain how I spent it. And I never really know. I threw it in the checking account. So maybe it went to fix the muffler on the car. Maybe I used it when we went out to dinner the other week. Maybe it paid part of the rent, or maybe I'll use it to pay our taxes.

Occasionally I do know how we spent the money. Because we'll want to do something, but think it's too expensive, and I'll remember "Oh! But we got that check from mom and dad!" And then we'll go do it.

But this is the bind the banks are in. It's a hard question to answer definitively.

The problem comes up in economics all the time though. People say the stimulus plan will create two or three million new jobs. But no one really knows how many jobs there would be without the stimulus.

The bank CEO's defended themselves yesterday. Listen here, analysis here.

Here's what Citigroup says it's done with the TARP money.

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Source: NPR Blogs: Planet Money | 12 Feb 2009 | 3:33 pm

Quote Of The Day

The Right Rev. Richard Chartres, Bishop of London, on why layoffs can be good for us:

"Sometimes, people seem to be relieved to get off the treadmill and to be given an opportunity to reconsider what they really want out of life. One of the great implications of this turbulence for us is to re-boot our sense of what a truly flourishing human life consists of. The 'CrackBerry' culture is dangerously addictive and switching off from it is notoriously difficult."

For me, layoffs have always involved a least a measure of despair/panic. Maybe it's different in places where people don't have to worry so much about health insurance.

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Source: NPR Blogs: Planet Money | 12 Feb 2009 | 3:29 pm

New Penny is a Waste of Money and Resources

Today is Abraham Lincoln’s 200th birthday, as well as the 100th birthday of the Lincoln penny. To honor the occasions, the US Mint has released a new penny featuring four different designs. The Detroit Free Press reports on this needless diversion of government resources:

The U.S. Mint will issue four new 1-cent coins. The first will go into circulation today. The rest will be released in each calendar quarter throughout the year. The heads side will bear Lincoln’s likeness. The tails side will have one of four designs depicting aspects of his life.

The penny should have been eliminated a long time ago, but with the help of vocal lobbyists like manufacturer Jarden Zinc Products–whom the penny is basically bailing out–the niggling denomination remains. The Philadelphia Inquirer estimates that the new pennies are worth $50 million, but cost $70 million to produce.

Too bad it’s illegal to melt them for scrap.

Source: Business Pundit | 12 Feb 2009 | 3:25 pm

Stimulus Watch: Web Watchdog for the Stimulus Package

StimulusWatch is a new wiki that uses online feedback to hold the government accountable for its elephantine stimulus package. From the website:

StimulusWatch.org was built to help the new administration keep its pledge to invest stimulus money smartly, and to hold public officials to account for the taxpayer money they spend. We do this by allowing you, citizens around the country with local knowledge about the proposed “shovel-ready” projects in your city, to find, discuss and rate those projects. These projects are not part of the stimulus bill. They are candidates for funding by federal grant programs once the bill passes.

Democracy 2.0 is truly making itself known. There’s a lot of stuff to sift through if you read all the comments, but at its core, StimulusWatch is incredibly useful. I hope the government pays attention.

Source: Business Pundit | 12 Feb 2009 | 3:04 pm

Good-ish News

Two bits: First, retail sales stopped their months-long slide and went -- brace yourself -- UP, by one percent. Second, the number of new claims for unemployment benefits dropped a bit, but remained near 26-year high.

Ian Shepherdson of High Frequency Economics sobers everyone up this morning, starting with retail:

The underlying trend in core is still clearly downwards -- the January core gain has to be set against five straight declines averaging 1.1% -- and there is no reason to expect any recovery soon. The headline relief today is welcome but it is unlikely to last.

Shepherdon's take on unemployment, after the jump.

He writes:

Jobless claims fell 8K to 623K, above the consensus 610K. Last week's claims were revised up by 5K to 631K, a new cycle high.

The 40K leap in claims last week looked unsustainably rapid but we had hoped for more than an 8K correction this week. The new data therefore reinforce the impression that the underlying pace of layoffs is continuing to rise rapidly, setting the scene for even bigger declines in payrolls.

Shepherdson adds that his team has no confidence we're reaching a peak in jobless claims, and that the highs of the mid-1970s and early '80s would now require claims of more than 1 million a week.

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Source: NPR Blogs: Planet Money | 12 Feb 2009 | 2:59 pm

Pioneer Layoffs: 10,000 Jobs Slashed

MarketWatch reports that Pioneer will be laying off 10,000 workers:

Pioneer Corp. said Thursday it is closing its television-making operations and plans to slash 10,000 jobs from its global workforce, as the economic slowdown batters the consumer electronics industry.

The job cuts cover 6,000 staff positions — about 16% of the total — and 4,000 temporary positions.

The withdrawal from the television business ends more than 25 years of TV manufacturing at
Pioneer, which shifted its focus from cathode-ray tube sets to developing plasma-screen models in 1991, according to a Bloomberg News report.

The announcement came as the Japanese electronics firm posted a fiscal third-quarter 26.15 billion yen ($291 million) loss, down from a 1.69 billion profit in the year-earlier quarter.

In a good economy, you can create a losing technology like plasma screen TVs and still scrape by until you innovate another successful product. In this economy, you risk being shuttered.

Source: Business Pundit | 12 Feb 2009 | 1:17 pm

Thumbs Up? Down?

If you're eager for financial dramas, you got two options right now.

1) The film "The International" (Clive Owen, Naomi Watts, and a preposterous plot.) Our own Adam Davidson went and got an economist to review it for us, which we'll have for you shortly.

2) Tonight CNBC will run a two-hour special called "Collapse" described as "the definitive report on the defining story of our time."

Send us your reviews.

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Source: NPR Blogs: Planet Money | 12 Feb 2009 | 12:54 pm

European stocks slide amid mixed earnings (AFP)

AFP - Europe's main stock markets slid on Thursday after heavy losses across Asia, as investors digested mixed earnings from majors and fretted over Washington's stepped-up rescue plan for ailing banks.

Source: Yahoo! News: Stock Markets News | 12 Feb 2009 | 12:08 pm