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Top Pre-Market Analyst Upgrades & Downgrades (COF, CELG, ROCK, MOD, SNN, AFL, AMX, SPSS, VQ, WMS)These are ten of the top pre-market analyst calls for upgrades and downgrades we have seen from Wall Street this Wednesday morning with more than two hours until the market opens: Capital One (COF)...[[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 18 Feb 2009 | 12:31 pm Wall Street poised for modestly higher opening (AP)
Source: Yahoo! News: Stock Markets News | 18 Feb 2009 | 12:19 pm U.S. charges Allen Stanford with "massive" fraudHOUSTON/ST JOHN'S, Antigua (Reuters) - Texas billionaire Allen Stanford and three of his companies were charged with "massive" fraud on Tuesday as federal agents swooped on his U.S. headquarters.Source: Reuters: Business News | 18 Feb 2009 | 12:16 pm GM, Chrysler seek nearly $22 billion more U.S. loansDETROIT (Reuters) - General Motors Corp and Chrysler LLC requested nearly $22 billion in additional U.S. government loans and said they had reached tentative deals with the United Auto Workers union to reduce labor costs.Source: Reuters: Business News | 18 Feb 2009 | 12:15 pm GE's Immelt says asked for no 2008 bonusBOSTON (Reuters) - General Electric Co Chief Executive Jeff Immelt recommended the board pay him no bonus in 2008 in light of the drop in the U.S. conglomerate's earnings and share price, he said in a statement posted to a company Web site on Wednesday.Source: Reuters: Business News | 18 Feb 2009 | 12:13 pm Movers & Shakers: Wednesday's biggest gaining and declining stocksAmong the companies whose shares are expected to see active trade in Wednesday's session are Agilent, CuraGen, GE, GM, Host Hotels, Jakks Pacific, Mesa Air and Suntech Power.Source: MarketWatch.com - Top Stories | 18 Feb 2009 | 12:10 pm World stocks down as Dow hovers round Nov. lows (AP)
Source: Yahoo! News: Stock Markets News | 18 Feb 2009 | 12:09 pm Watchdog issues pensions warningEmployers must not use the downturn as an excuse to cut pension contributions while still paying dividends to shareholders, says a watchdog.Source: BBC News | Business | World Edition | 18 Feb 2009 | 12:07 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 | 18 Feb 2009 | 12:01 pm Week-to-week mortgage applications up 45.7%, MBA saysMortgage applications filed last week rise a seasonally adjusted 45.7% compared with the week before, reflecting a spike in refinancings as interest rates fell, Mortgage Bankers Association data show.Source: MarketWatch.com - Top Stories | 18 Feb 2009 | 12:00 pm Markets Controlled by Technical Indicators: AAPL, FCX, IBM, MSFT, WMT, XOMWESTON, Fla., Feb. 18 /PRNewswire/ -- FlowTrades.com, href="http://www.FlowTrades.com">www.FlowTrades.com , an online subscription service that increases confidence...Source: RSS feed - channel BNewsBusiness | 18 Feb 2009 | 12:00 pm Deere Reports First-Quarter Earnings of $204 Million- Company remains solidly profitable despite global economic pressures. - Markets for agricultural equipment in U.S. and Canada continue to show strength. - Construction and...Source: RSS feed - channel BNewsBusiness | 18 Feb 2009 | 12:00 pm OfficeMax Reports Fourth Quarter and Full Year 2008 Financial Results Which Include Significant Non-Cash Impairment ChargesNAPERVILLE, Ill., Feb. 18 /PRNewswire-FirstCall/ -- OfficeMax(R) Incorporated (NYSE: OMX) today announced the results for its fourth quarter and fiscal year ended...Source: RSS feed - channel BNewsBusiness | 18 Feb 2009 | 12:00 pm Nokia Siemens Networks eyes U.S. market shareNokia Siemens Networks believes it can gain market share in the U.S. this year, Chief Operating Officer Mikka Vehviläinen told MarketWatch in an interview on the sidelines of Mobile World Congress in Barcelona Wednesday.Source: MarketWatch.com - Top Stories | 18 Feb 2009 | 11:58 am Higher start seen for stocksStocks were poised to open higher Wednesday after General Motors and Chrysler unveiled plans to seek billions in further government aid, and ahead of President Obama's announcement of a housing rescue plan.Source: Business and financial news - CNNMoney.com | 18 Feb 2009 | 11:55 am Four bidders in fray for AIG's Philippine assets: sourcesMANILA (Reuters) - U.S. insurer American International Group has shortlisted four potential buyers for its Philippine life insurance business, sources familiar with the negotiations said on Wednesday.Source: Reuters: Business News | 18 Feb 2009 | 11:55 am Obama's foreclosure fix on the wayObama administration officials are hammering out the details of a $50 billion foreclosure prevention program that the president is set to unveil Wednesday in Arizona, sources said.Source: Business and financial news - CNNMoney.com | 18 Feb 2009 | 11:50 am Indonesia Antam eyes two coal miners to meet energy needsJAKARTA, Feb 18 (Reuters) - Indonesian state-owned miner, PT Aneka Tambang Tbk , said on Wednesday that it is looking at two coal-mining firms as possible acquisitions to meet its rapidly rising energy...Source: RSS feed - channel BNewsBusiness | 18 Feb 2009 | 11:48 am EU acts as budget deficits bulgeThe European Commission takes disciplinary steps to tackle swelling budget deficits in six EU countries.Source: BBC News | Business | World Edition | 18 Feb 2009 | 11:48 am Did you get stimulated?Source: Business and financial news - CNNMoney.com | 18 Feb 2009 | 11:47 am Hummer out, Durango done, Saab dead?Source: Business and financial news - CNNMoney.com | 18 Feb 2009 | 11:46 am Delek in talks to sell U.S. insurance unit RepublicJERUSALEM, Feb 18 (Reuters) - Israeli conglomerate Delek Group said on Wednesday it was in talks to sell U.S. insurance unit Republic Companies Inc.Source: RSS feed - channel BNewsBusiness | 18 Feb 2009 | 11:46 am Bank of England seeks power to inject more money into economy to fight recessionBoE Monetary Policy Committee has voted unanimously to seek permission to increase the amount of money in the economy.Source: Telegraph Finance | 18 Feb 2009 | 11:45 am European equities slide further (AFP)
Source: Yahoo! News: Stock Markets News | 18 Feb 2009 | 11:42 am At GE (GE) Immelt Skips His BonusGE (GE) CEO Jeff Immelt voluntarily gave up a $12 million bonus. His salary was also frozen at $3.3 million. While the announcement may play well with shareholders, the question is whether...[[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 18 Feb 2009 | 11:37 am Germany drafts bank takeover lawThe German cabinet agrees on a draft law that will allow it to temporarily nationalise troubled banks.Source: BBC News | Business | World Edition | 18 Feb 2009 | 11:36 am GM, Chrysler seek nearly $22 billion more U.S. loans (Reuters)
Source: Yahoo! News: Business | 18 Feb 2009 | 11:36 am CNN.com: Facebook reverses policySource: Business and financial news - CNNMoney.com | 18 Feb 2009 | 11:35 am SNAPSHOT - Financial Crisis - 1130 GMT- Obama signs $787 billion stimulus, to unveil housing plansSource: RSS feed - channel BNewsBusiness | 18 Feb 2009 | 11:34 am Teva invests $10.5 mln in diabetes drug developerTEL AVIV, Feb 18 (Reuters) - Teva Pharmaceutical Industries , the world's biggest generic drug maker, has decided to exercise an option to invest $10.5 million in Andromeda Biotech, which is developing...Source: RSS feed - channel BNewsBusiness | 18 Feb 2009 | 11:32 am UPDATE 3-Russia launches LNG plant to supply Asian marketsPRIGORODNOYE, Russia, Feb 18 (Reuters) - Russia will supply about 50 cargoes of liquefied natural gas this year, mostly to Japan, from a new plant on the Pacific island of Sakhalin that will establish...Source: RSS feed - channel BNewsBusiness | 18 Feb 2009 | 11:28 am Thai auto sales drop nearly 30% in January: industryDomestic auto sales in Thailand plunged nearly 30 percent year-on-year in January, the eighth consecutive month of decline as the global financial crisis bites, an industry group said...Source: RSS feed - channel BNewsBusiness | 18 Feb 2009 | 11:28 am US car giants seek $21bn fundingTroubled US carmaking giants Chrysler and GM seek a further $21.6bn in government aid and unveil plans to cut 50,000 jobs.Source: BBC News | Business | World Edition | 18 Feb 2009 | 11:27 am Stocks have yet to hit bottom - German wealth mgrsFRANKFURT, Feb 18 (Reuters) - Over three quarters of German wealth managers questioned thought stock market falls have yet to bottom out, according to the findings of a survey by an industry association,...Source: RSS feed - channel BNewsBusiness | 18 Feb 2009 | 11:25 am China Pushes “Bad Bank” As Good PolicyNow that the economies of the West are near ruin, China likes to push its form of national financial management and monetary policy as a better road not taken by the champions of capitalism. The...[[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 18 Feb 2009 | 11:19 am Court fight over RBS 'insolvency'A former QC takes RBS to court claiming the bank concealed the state of its finances when he bought shares.Source: BBC News | Business | World Edition | 18 Feb 2009 | 11:16 am Four bidders in fray for AIG's Philippine assets: sources (Reuters)Reuters - U.S. insurer American International Group has shortlisted four potential buyers for its Philippine life insurance business, sources familiar with the negotiations said on Wednesday.Source: Yahoo! News: Business | 18 Feb 2009 | 11:14 am Indications: Stock futures hold around Tuesday's lowsU.S. stock futures were on Wednesday cautiously inching higher ahead of the opening of Wall Street trading later, after a brutal prior session for stocks with autos and bank expected to stay in focus.Source: MarketWatch.com - Top Stories | 18 Feb 2009 | 11:12 am Laura Ashley blames price cuts for profit warningLaura Ashley issued a profit warning yesterday as fierce price-cutting and the slump in the pound took their toll on margins.Source: Latest Business News from Times Online | 18 Feb 2009 | 11:09 am The Association of British Insurers to investigate socalled cash fundsThe insurers' trade body has launched an urgent investigation into the way investment funds are described following the "cash" funds debacle in which savers lost money in investments they thought were safe.Source: Telegraph Finance | 18 Feb 2009 | 11:05 am SEC accuses cricket magnate in $9.2 bln fraud (AFP)
Source: Yahoo! News: Stock Markets News | 18 Feb 2009 | 11:04 am McDonald’s (MCD) Storms ChinaMcDonald’s (MCD) is planning to open 500 new stores in China over the next three years. Why? Because it can. McDonald’s is one of a tiny handful of large American companies which can...[[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 18 Feb 2009 | 10:58 am Europe Markets: Shares Europe drop as banks, oil producers pressureEuropean shares declined on Wednesday for the third straight session, as banks couldn’t hold onto early gains and insurers and oil producers also fell.Source: MarketWatch.com - Top Stories | 18 Feb 2009 | 10:58 am Bank voted 8-1 to reduce UK ratesThe Bank of England's rate-setting body voted 8-1 to cut interest rates to 1% this month, minutes show.Source: BBC News | Business | World Edition | 18 Feb 2009 | 10:56 am ING, Commerzbank report losses as SocGen manages profitTwo of Europe’s largest banks, ING and Commerzbank, report losses on Wednesday while a third, Societe Generale, manages a small profit for a fourth quarter that saw the worst stock and bond markets in more than a half century.Source: MarketWatch.com - Top Stories | 18 Feb 2009 | 10:49 am GM (GM): Trading $16.6 Billion For 47,000 JobsGM (GM) says it needs more money from the federal government or it will run out of cash next month. It has made some progress with its creditors and the UAW, but neither of those negotiations is...[[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 18 Feb 2009 | 10:40 am Palm CEO says developing on the Pre will be a breezePalm believes it has made developing applications for its new Pre smart phone easy enough to attract a broad range of developers, Chief Executive Ed Colligan told MarketWatch in an interview on the sidelines of Mobile World Congress Wednesday.Source: MarketWatch.com - Top Stories | 18 Feb 2009 | 10:39 am Allen Stanford's own lawyer 'blew whistle on $9.2bn fraud'$One of Allen Stanford's own lawyers has emerged as the key figure who prompted regulators to start legal action over alleged $9.2 billion fraud against the flamboyant Texan billionaire who sponsored a $1 million-a-man cricket match.$Source: Latest Business News from Times Online | 18 Feb 2009 | 10:37 am GM, Chrysler ask for another $21.6BGeneral Motors and Chrysler LLC said Tuesday they could need an additional $21.6 billion in federal loans between them because of worsening demand for their cars and trucks.Source: Business and financial news - CNNMoney.com | 18 Feb 2009 | 10:37 am U.S. charges Allen Stanford with "massive" fraud (Reuters)
Source: Yahoo! News: Business | 18 Feb 2009 | 10:33 am Asian shares mostly lower; Hong Kong recoversMost Asian markets ended lower Wednesday as financials broadly declined after big overnight losses on Wall Street and on concern about European banks.Source: MarketWatch.com - Top Stories | 18 Feb 2009 | 10:28 am Western vendors salivate for China deals -- even at low marginsChinese telecoms-equipment deals are in many ways reminiscent of the country’s fortune cookies: tough to crack and of opaque meaning. Yet no one at the table likes to find themselves without one.Source: MarketWatch.com - Top Stories | 18 Feb 2009 | 10:28 am Yes, you can raise pricesThe signs in the window of Jay Kos, an upscale men's wear boutique on Park Avenue in Manhattan, seemed at best cheeky, at worst clueless. Surrounded by glaring economic-crisis headlines cut out of newspapers, they said, "Cashmere sweater: $2,500. Recession price: $2,500." "Lamb's fleece jacket: $11,000. Recession price: $11,000."Source: Business and financial news - CNNMoney.com | 18 Feb 2009 | 10:27 am March Madness makeoverSource: Business and financial news - CNNMoney.com | 18 Feb 2009 | 10:23 am Recession will be worst since 1930s: Greenspan (Reuters)
Source: Yahoo! News: Business | 18 Feb 2009 | 10:22 am Recession will be worst since 1930s: GreenspanNEW YORK (Reuters) - Former U.S. Federal Reserve Chairman Alan Greenspan said on Tuesday the current global recession will "surely be the longest and deepest" since the 1930s and more government rescue funds are needed to stabilize the U.S. financial system.Source: Reuters: Business News | 18 Feb 2009 | 10:22 am Saving The Housing Market By Speeding Up ForeclosuresThe federal government is most likely to create a safety net for the falling housing market with a plan that will allow people to stay in their homes by reducing their monthly payments. The FDIC and...[[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 18 Feb 2009 | 10:18 am Stock futures point to higher open for Wall Street (Reuters)
Source: Yahoo! News: Business | 18 Feb 2009 | 10:15 am Stock futures point to higher open for Wall Street(Reuters) - Stock index futures pointed to a higher open on Wednesday, a slight bounce from the three-month closing lows of Tuesday.Source: Reuters: Business News | 18 Feb 2009 | 10:15 am Stock futures point to higher open for Wall Street (Reuters)
Source: Yahoo! News: Stock Markets News | 18 Feb 2009 | 10:15 am Commerzbank makes quarterly lossGermany's Commerzbank makes a 809m-euro ($1bn, £716m) loss in the final three months of 2008 as the global downturn takes its toll.Source: BBC News | Business | World Edition | 18 Feb 2009 | 10:08 am Bank of England's David Blanchflower wanted a bigger cut in interest ratesBank of England's David Blanchflower wanted a bigger interest rate cut as the rest of the MPC voted to cut rates by half a point.Source: Telegraph Finance | 18 Feb 2009 | 9:52 am Bank will write to Darling to begin printing moneyConfused? Read Robert Cole's RecessionsaurusSource: Latest Business News from Times Online | 18 Feb 2009 | 9:48 am Tech bargain binIf you thought Nortel looked cheap in mid-December at 27 cents a share, you were right. At that price, Canada's largest networking equipment and services company, with estimated 2008 sales of $10.5 billion, had a market value of $131 million.Source: Business and financial news - CNNMoney.com | 18 Feb 2009 | 9:45 am Pensions Regulator says pensions must come before dividendsPensions Regulator warns companies cannot cut contributions to underfunded pension schemes if they plan to pay a dividend.Source: Telegraph Finance | 18 Feb 2009 | 9:43 am Furious Mandelson in four-letter attack on Starbucks bossLord Mandelson, the Business Secretary, has attacked the chairman and chief executive of Starbucks, the American coffee giant, in a foul-mouthed tirade for talking down the British economy.Source: Latest Business News from Times Online | 18 Feb 2009 | 9:38 am Stocks rise in London (AFP)
Source: Yahoo! News: Stock Markets News | 18 Feb 2009 | 9:19 am Heineken profits fall as S?N disappointsGlobal brewer Heineken has seen profits plunge and announced plans to cut spending as its acquisition of Scottish ? Newcastle disappointed.Source: Telegraph Finance | 18 Feb 2009 | 8:56 am Media Digest 2/18/2009 Reuters, WSJ, NYTimes, FT, BloombergAccording, to Reuters, GM (GM) and Chrysler have asked for another $22 billion. Reuters reports that the SEC has charged Alan Stamford with “massive fraud.” Reuters reports that...[[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 18 Feb 2009 | 8:54 am McDonald's eye 500 stores in China in 3 years: execSHANGHAI (Reuters) - McDonald's Corp , the world's largest fast-food chain, is optimistic about business prospects in China and plans to open about 500 stores in the country in three years, a senior executive said on Wednesday.Source: Reuters: Business News | 18 Feb 2009 | 8:48 am Saab may go bust in 10 days, warns GMSaab, the Swedish carmaker owned by America's General Motors (GM), could go bust within ten days without an immediate injection of state aid, the US company warned last night.Source: Latest Business News from Times Online | 18 Feb 2009 | 8:46 am ING reports second quarterly lossDutch financial services group ING posts a 3.7bn euro ($4.7bn, £3.3bn) fourth-quarter loss amid write-downs.Source: BBC News | Business | World Edition | 18 Feb 2009 | 8:35 am Segro and Brixton considering rights issuesCompanies consider asking shareholders for more cash as the recession deepens.Source: Telegraph Finance | 18 Feb 2009 | 8:29 am Asia Markets And Europe Open 2/18/2009Markets in Asia were mixed. The Nikkei fell 1.5% to 7,734. The Hang Seng was up .5% to 13,007. The Shanghai Composite fell 4.7% to 2,210. At the open in Europe, the FTSE was up .3%. Data from Reuters...[[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 18 Feb 2009 | 8:16 am Wal-Mart's fourth-quarter profit falls 7.4%Excluding the effect of a class-action labor settlement, however, the retailer's results exceed Wall Street expectations. Shares rise more than 3%. ...Source: RSS feed - channel BNPaperBusiness | 18 Feb 2009 | 8:00 am Expectations are low for CBS' earningsGiven that nearly 70% of the broadcaster s revenue comes from advertising, Wall Street isn t optimistic about quarterly results, which are due today. ...Source: RSS feed - channel BNPaperBusiness | 18 Feb 2009 | 8:00 am Billionaire R. Allen Stanford accused of $8-billion investment scamThe SEC charges Stanford and two other principals of his investment and banking empire in a complaint alleging massive fraud. ...Source: RSS feed - channel BNPaperBusiness | 18 Feb 2009 | 8:00 am Groups to sue cleaning product makers for ingredient disclosureEnvironmental and health activists want lists and research results from such firms as Procter & Gamble and Colgate-Palmolive. ...Source: RSS feed - channel BNPaperBusiness | 18 Feb 2009 | 8:00 am GM, Chrysler seek nearly $22 billion more from U.S.General Motors asks for up to $16.6 billion in loans, Chrysler $5 billion. In return, the automakers say, they'll slash jobs and vehicle lines. ...Source: RSS feed - channel BNPaperBusiness | 18 Feb 2009 | 8:00 am Orange County real estate lender is accused of bilking investorsA lawsuit alleges Dan Harkey exaggerated the value of the properties used as collateral by borrowers. He denies wrongdoing, blaming the downturn in the real estate and financial markets. ...Source: RSS feed - channel BNPaperBusiness | 18 Feb 2009 | 8:00 am Crude oil slides below key threshold of $35 a barrelAn avalanche of bad economic news continues to batter the commodity's value, analysts say. But gasoline prices edge higher in California and the rest of the nation. ...Source: RSS feed - channel BNPaperBusiness | 18 Feb 2009 | 8:00 am Southland economy may bottom out by summer, forecast saysBut economic news this year will be mostly bad, and when growth resumes it will be moderate at best, the Kyser Center for Economic Research predicts. ...Source: RSS feed - channel BNPaperBusiness | 18 Feb 2009 | 8:00 am SEC charges executives at BlackBerry maker Research in MotionThe co-chief executives and two other executives at BlackBerry maker Research in Motion Ltd. have been charged by the Securities and Exchange Commission with tampering with stock options to enrich themselves...Source: RSS feed - channel BNPaperBusiness | 18 Feb 2009 | 8:00 am Loophole lets credit card rates riseAfter reading my Sunday column on how banks are jacking up credit card rates, Santa Clarita resident Hank Lee wanted to know why usury laws weren't keeping interest rates at reasonable levels.Source: RSS feed - channel BNPaperBusiness | 18 Feb 2009 | 8:00 am Price cuts hit Thorntons profitsChocolate retailer Thorntons reports a 39% fall in half-year profits after it cut prices to boost sales at its stores.Source: BBC News | Business | World Edition | 18 Feb 2009 | 7:42 am SocGen cautious despite profitFrench bank Societe Generale reports a fourth-quarter profit but says conditions will remain challenging in 2009.Source: BBC News | Business | World Edition | 18 Feb 2009 | 7:38 am Wal-Mart slashing price on its prepaid MoneyCard (Reuters)
Source: Yahoo! News: Business | 18 Feb 2009 | 7:16 am Wal-Mart slashing price on its prepaid MoneyCardNEW YORK (Reuters) - A year and a half after introducing its MoneyCard, Wal-Mart Stores Inc is slashing the price of the reloadable, prepaid Visa debit card to $3 from almost $9, aiming to attract shoppers who may have grown wary of the pitfalls of credit card use.Source: Reuters: Business News | 18 Feb 2009 | 7:16 am Aust stocks close 1% lowerSYDNEY - The Australian share market closed more than one per cent lower following falls in the resources and financial sector after negative leads from overseas. At 1615 AEDT, the benchmark S&P/ASX200 was down 51.1 points,...Source: New Zealand Herald - Business | 18 Feb 2009 | 7:04 am Cover up before taking to the pisteThree hundred thousand people injure themselves skiing every year.Source: Telegraph Finance | 18 Feb 2009 | 7:00 am Britain's AAA credit rating threatened by scale of bank bailoutBritain could be stripped of its prized credit rating because of the latest bank bailout according to rating agency Standard ? Poor's.Source: Telegraph Finance | 18 Feb 2009 | 6:48 am BlackBerry maker settles case with SEC (AFP)
Source: Yahoo! News: Stock Markets News | 18 Feb 2009 | 6:41 am RBS struggles to find way to pay £8bn bill for toxic asset insurance schemeRoyal Bank of Scotland may face a bill of up to £8bn for its use of the Government's insurance scheme.Source: Telegraph Finance | 18 Feb 2009 | 6:31 am NZ sharemarket slides againThe New Zealand share market gave up more ground today as foreign markets fell and a mixed corporate reporting season geared up. The NZSX-50 fell 51.617 points, or 1.931 per cent, to 2621.005. There were 17 rises and 71 falls...Source: New Zealand Herald - Business | 18 Feb 2009 | 6:26 am GM plans almost 50000 job cuts as it seeks 16.6bnJobs around the world under threat as the car maker seeks more billiondollar loans from the US government.Source: Telegraph Finance | 18 Feb 2009 | 6:23 am NZ dollar drops below US51cThe New Zealand dollar settled into a new lower range today. The currency moved under the US51c mark and ended just under it at 5pm. It was US50.90c at 5pm from US51.24c at the same time yesterday and traded as low as US50.60c...Source: New Zealand Herald - Business | 18 Feb 2009 | 5:35 am No promise of F&P bailout: KeyPrime Minister John Key has told Parliament that struggling whiteware Fisher & Paykel has not been given any assurance it won't be allowed to fail. Key was asked by Opposition leader Phil Goff to outline what criteria might be...Source: New Zealand Herald - Business | 18 Feb 2009 | 4:31 am US carmakers to seek $21.6bn in fundsGeneral Motors and Chrysler present long-awaited plans to return to viability, but said they would need up to $21.6bn more in federal funds between them to carry them outSource: Financial Times - US homepage | 18 Feb 2009 | 4:02 am Air NZ vows to fight JetstarAir New Zealand, facing falling passenger numbers, says it will "compete vigorously" with low fares and a high level of service against its newest domestic main trunk competitor, budget airline Jetstar. Jetstar, a subsidiary of...Source: New Zealand Herald - Business | 18 Feb 2009 | 4:00 am Skellerup profits up, but outlook cautiousSkellerup Holdings, maker of red band gumboots, has reported a rise in half-year profit and is paying shareholders a 2.5c a share dividend. The diversified industrial company, which has restructured, said trading in the second...Source: New Zealand Herald - Business | 18 Feb 2009 | 3:30 am General Motors in desperate bid to surviveUS carmaker General Motors, presenting a dire outlook for the future, said today it may need US$30 billion in total government financing to weather the economic downturn and would cut 47,000 jobs worldwide and shut down five more...Source: New Zealand Herald - Business | 18 Feb 2009 | 3:00 am Holden will remain viable, says GMADELAIDE - Local car maker Holden will remain viable and make a positive contribution to the global recovery of auto giant General Motors, a plan put to the US government says. But Holden may not be saved from job cuts as local...Source: New Zealand Herald - Business | 18 Feb 2009 | 3:00 am English points to tough Budget round on May 28All Government departments will be asked to find savings when National delivers its first Budget on May 28, Finance Minister Bill English has warned. Mr English told the finance select committee that the Budget was being written...Source: New Zealand Herald - Business | 18 Feb 2009 | 2:30 am Winkelried retires from Goldman SachsThe voluntary retirement of Goldman Sachs co-chief operating officer Jon Winkelried leaves Gary Cohn, who is in charge of cost-cutting efforts, as the sole COO and presidentSource: Financial Times - US homepage | 18 Feb 2009 | 2:11 am Google wannabe files anti-trust suitSAN FRANCISCO - A would-be challenger to Google said it is suing the internet search leader for alleged abuses that include illegally rigging its prices to thwart potential competitive threats. In a 38-page page complaint,...Source: New Zealand Herald - Business | 18 Feb 2009 | 2:00 am See: 'Inside The Meltdown'The folks at Frontline sent over the first installment of their series on the economic crisis. This one, broken into six chapters for your viewing pleasure, is called Inside the Meltdown. Adam Davidson's in it. Let's roll the film, after the jump.
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 18 Feb 2009 | 2:00 am Berkshire portfolio down 25%Berkshire Hathaway Inc., the holding company run by legendary investor Warren Buffett, saw its overall investment portfolio shrink by 25% in the fourth quarter, according to regulatory forms filed Tuesday with the Securities and Exchange Commission.Source: Business and financial news - CNNMoney.com | 18 Feb 2009 | 1:42 am Winkelried Leaving GSAs you've likely heard, the GS co-prez is retiring. Thoughts on the matter, by Lloyd Blankfein: After a distinguished 26-year career at the firm, Jon Winkelried, president and co-chief operating officer, has decided to retire from the firm at the end of March. I am pleased that we will be able to continue to draw on his experience as a senior director of the firm. 
Source: Dealbreaker | 18 Feb 2009 | 1:27 am Obama acts to cut risk of foreclosuresBarack Obama will unveil measures to help struggling homeowners avoid foreclosure a day after signing into law the biggest US job creation programme since the Great DepressionSource: Financial Times - US homepage | 18 Feb 2009 | 1:22 am Trends & Innovations - TuesdaySites may offer virtual first datesSource: Investor's Business Daily: BUSINESS | 18 Feb 2009 | 1:07 am Obama beefs up troops in AfghanistanIn his first big military decision as commander-in-chief, the US president approves the deployment of 17,000 new troops to fight a resurgent insurgency by Taliban and al-Qaeda militantsSource: Financial Times - US homepage | 18 Feb 2009 | 1:00 am Business Briefs - TuesdayTeva tops, sees strong '09 EPS. The generic drug giant said its Q4 EPS rose 10% to 76 cents ex items, topping views by 3 cents. Sales rose 10.6%...Source: Investor's Business Daily: BUSINESS | 18 Feb 2009 | 12:50 am In Brief - TuesdayResearch In Motion's (RIMM) co-CEOs, Jim Balsillie and Mike Lazardis, and 2 ex-execs agreed to pay more than $1.4 mil in fines and relinquish...Source: Investor's Business Daily: BUSINESS | 18 Feb 2009 | 12:50 am Harsh Winters In East, Midwest Boost Demand For Highway SaltIt has been another nasty winter this year as storms have coated roads with ice and snow from the southern plains to the mid-Atlantic states.Source: Investor's Business Daily: BUSINESS | 18 Feb 2009 | 12:50 am After The Close - TuesdayJACK IN THE BOX (JACK), a fast-food chain, said its Q1 EPS fell 18% to 49 cents, missing views by 3 cents. Revenue dipped to $776.7 mil, below...Source: Investor's Business Daily: BUSINESS | 18 Feb 2009 | 12:50 am Asia's shoppers go online as Internet barriers fall (Reuters)Reuters - From dresses, to handbags, diamonds and music downloads, consumers in Asia are taking to Internet shopping like never before as the region becomes one of the world's fastest growing e-commerce markets.Source: Yahoo! News: Business | 18 Feb 2009 | 12:29 am Madoff victims emerge at SafraThe Financial Times believes that Banco Safra of São Paulo for several years marketed a fund called Zeus Partners Limited, one of many 'feeder' funds that channelled money to Bernard Madoff SecuritiesSource: Financial Times - US homepage | 18 Feb 2009 | 12:29 am Greenspan backs bank nationalisationThe US government may have to nationalise some banks on a temporary basis to fix the financial system and restore the flow of credit, former Federal Reserve chairman Alan Greenspan has told the Financial TimesSource: Financial Times - US homepage | 18 Feb 2009 | 12:06 am Barack Obama gambles billions to save homes and jobsPresident Obama will reveal a plan today to stem the flood of home repossessions afflicting millions of American families after signing his $787 billion economic stimulus package into law last night.$Source: Latest Business News from Times Online | 18 Feb 2009 | 12:00 am Alistair Darling's dilemma over bonuses for bankersJust when you think that the Government has completely lost it, it goes and surprises you. The decision on Royal Bank of Scotland bonuses and the spinning that surrounded it was vintage new Labour. In the past few days, Gordon Brown and Alistair Darling have come under intense pressure to ban RBS and Lloyds from paying big discretionary bonuses.Source: Latest Business News from Times Online | 18 Feb 2009 | 12:00 am Profile: Behind Allen Stanford's easy charm there is the glint of steelSource: Latest Business News from Times Online | 18 Feb 2009 | 12:00 am Windmills flap helplessly as coal remains kingSwitch on the light. Is the filament glowing because of a heavy gust of wind, or is it nuclear fission?Source: Latest Business News from Times Online | 18 Feb 2009 | 12:00 am Twitter: we all need to be in the loopIn December 20 last year, a Boeing 737 preparing for take-off in Colorado skidded off the runway, tumbled into a ravine and injured 38 people. Just moments after the accident, while his fellow passengers sat reflecting on their good fortune to be alive, Mike Wilson knew what to do. “Holy f-ing shit,” he messaged his electronic acquaintances on his iPhone. “I was just in a plane crash!”Source: Latest Business News from Times Online | 18 Feb 2009 | 12:00 am Berkshire sells J&J, P&GNEW YORK (Reuters) - Billionaire Warren Buffett's Berkshire Hathaway Inc reduced stakes in health-care company Johnson & Johnson and consumer products company Procter & Gamble Co as he found high-yielding investments elsewhere, and suffered big paper losses by holding onto investments in big U.S. financial companies.Source: Reuters: Business News | 17 Feb 2009 | 11:36 pm Immelt waives $12m GE bonusGE's Jeff Immelt has waived his right to collect bonus and performance-based pay that would have netted the chief executive more than $12m in cash, people familiar with the company's plans said.Source: Financial Times - US homepage | 17 Feb 2009 | 11:32 pm How the major market indexes fared Tuesday (AP)
Source: Yahoo! News: Business | 17 Feb 2009 | 11:17 pm How the major market indexes fared Tuesday (AP)
Source: Yahoo! News: Stock Markets News | 17 Feb 2009 | 11:17 pm Californian dream turns into nightmareBuffeted by a housing collapse and a slumping economy, Contra Costa County is struggling to cope with a sharp rise in the number of residents seeking welfare assistanceSource: Financial Times - US homepage | 17 Feb 2009 | 11:15 pm SEC charges Texas financier with 'massive' fraud (AP)
Source: Yahoo! News: Stock Markets News | 17 Feb 2009 | 11:09 pm Fears of deeper recession hits TSX (Reuters)Reuters - Toronto's main stock index sank on Tuesday to its lowest level in seven weeks as resource issues slumped on falling oil and base metal prices, and as concerns grew over the global financial crisis.Source: Yahoo! News: Stock Markets News | 17 Feb 2009 | 11:02 pm Goldman co-COO Winkelried to retireNEW YORK (Reuters) - Jon Winkelried, co-chief operating officer of Goldman Sachs Group Inc , is retiring next month for personal reasons, a spokesman for the firm said on Tuesday.Source: Reuters: Business News | 17 Feb 2009 | 10:58 pm Buffett & Berkshire Hathaway Disclose Holdings S to Z (BRK-A, SNY, STI, TMK, USB, USG, UNP, UPS, WBC, WMT, WPO, WFC, WLP, WSC)The final list of Warren Buffett’s year-end stock holdings from Berkshire Hathaway, Inc. (NYSE: BRK-A) are out and we broke them down alphabetically with this being the “S to Z”...[[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 17 Feb 2009 | 10:48 pm Buffett & Berkshire Hathaway Disclose Holdings H to R (HD, IR, IRM, JNJ, KFT, LOW, MTB, MCO, NLC, NKE, NSC, NRG, PG)The second group is out, and here are the year-end holdings of Warren Buffett and Berkshire Hathaway, Inc. (NYSE: BRK-A). This filing shows the holdings alphabetically as “H to R” for...[[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 17 Feb 2009 | 10:23 pm Write-Offs: 02.17.09$$$ Would you like to Smash-A-Madoff? [The Deal] $$$ Unemployed? Here's where to drink during the day. [Unemployment Party] $$$ Tycoon's beauty contest for his five mistresses ends in tragedy - when spurned woman drives him and four rivals off a cliff [Daily Mail] $$$ So THIS is Why the ABS Market is So Screwed [1-2]
Source: Dealbreaker | 17 Feb 2009 | 10:16 pm Rise In Home Sales Not `Bullish' Sign, Says MetroStudy's HunterSource: Bloomberg - All Podcasts | 17 Feb 2009 | 9:48 pm SEC charges Stanford with fraudThe US Securities and Exchange Commission has accused Sir Allen Stanford, the billionaire Texan businessmen, of a 'massive' fraud through his Antigua-based offshore bankSource: Financial Times - US homepage | 17 Feb 2009 | 9:42 pm Chinese Feeling Economic Pressure, Says Elizabeth EconomySource: Bloomberg - All Podcasts | 17 Feb 2009 | 9:27 pm Fears over eastern Europe trigger bond rushFears of banking turmoil in eastern Europe spurred a global rush by investors towards haven assets of the dollar and US bondsSource: Financial Times - US homepage | 17 Feb 2009 | 9:26 pm Hibernation Might Be A Good Option
Russian stocks fell the most in three months, triggering trading halts in the two largest bourses, as the country cut its economic forecast and oil prices declined. It wasn't twelve months ago when Russia's Putin was flying Bears into U.S. airspace, killing dissident journalists with everything from midnight assassination squads to bombs to Polonium-210 and generally scaring everyone again after 20 years. Now he looks like a Madoff sibling. Russian Stocks Tumble as Economic Outlook Worsens, Oil Declines [Bloomberg] Related: Commodities Crash Decimates Russian Billionaires [The New York Post]
Source: Dealbreaker | 17 Feb 2009 | 9:10 pm Japan's Finance Minister QuitsFrom AP: Japan's finance minister resigned in disgrace Tuesday after slurring his speech and nodding off during the G-7 summit in Rome last weekend in yet another political distraction as the world's No. 2 economy battles an ever-deepening recession. Finance Minister Shoichi Nakagawa denied he was drunk on the job and blamed his bizarre behavior at a press conference in Italy on cold medicine and jet lag, but friends and foes alike weren't buying his excuse. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Feb 2009 | 8:52 pm There Goes The Neighborhood
Obama signs $787 billion stimulus plan into law [CNN]
Source: Dealbreaker | 17 Feb 2009 | 8:37 pm Madha Says UAE Banks Must Demonstrate Ability to Re-CapitalizeSource: Bloomberg - All Podcasts | 17 Feb 2009 | 8:30 pm Presented Without Comment: 6 Months Of The Dow
Source: Dealbreaker | 17 Feb 2009 | 8:22 pm Homeowners' rallying cry: Produce the note (AP)
Source: Yahoo! News: Business | 17 Feb 2009 | 8:19 pm The Dow Of Getting Through
Save a buck in New York City. Shae Smith We don't watch the stock market all the time, but today it's worth noting: The Dow's approaching its lowest level in a decade. The New York Times report is a series of punches to the gut -- anxiety over the Treasury's plan to save the banks, plunging global trade, speculation that the IMF will have offer a new round of loans to Hungary and Ukraine. The only Dow stock on the plus side today is Wal-Mart. With so much bad news piling up, a lot of people are bouncing around worst-case scenarios: peak oil, peak soil, the end of the entire world and or at least the city. I spent the weekend bumming around New York City with my family, looking at sale signs (but not shopping much) and talking a lot about how to get through the recession. I dunno about you, but I'm telling myself that a city's not so bad for riding out a recession. Sure, we could use more space for growing food, but for that we've got the abandoned suburbs. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 17 Feb 2009 | 8:18 pm Greenhaus Says Stocks Reacting to Lack of Clarity in StimulusSource: Bloomberg - All Podcasts | 17 Feb 2009 | 8:15 pm `Chances High' U.S. Carmakers Will File Chapter 11, Says AlpertSource: Bloomberg - All Podcasts | 17 Feb 2009 | 8:12 pm 10-Tear Treasury Yield Heading Higher, Says RajadhyakshaSource: Bloomberg - All Podcasts | 17 Feb 2009 | 8:07 pm Caption Contest Tuesday: Sticky Wickets
Source: Dealbreaker | 17 Feb 2009 | 7:46 pm Because "Gone Fishing" Would've Sounded Too Madoff-y*Per CNBC, the sign currently on the sign of the front door of Stanford Financial: "We are temporarily closed. The company is still in operation but under the management of a receiver."
Source: Dealbreaker | 17 Feb 2009 | 7:22 pm Presented By:Source: Dealbreaker | 17 Feb 2009 | 6:48 pm Bové Shows Ladenburg Who's Boss
Bove, who joined Stamford, Connecticut-based Rochdale Securities LLC this week, was sued in July by BankAtlantic Bancorp, which said he defamed the company by saying it might fail in a report titled "Who is Next?" Bove in August urged a Florida judge to throw out the suit, saying companies shouldn't be able to muzzle independent analysts by threatening litigation. Earlier: BankAtlantic Sues Bové
Source: Dealbreaker | 17 Feb 2009 | 6:48 pm The Fairfield Greenwich Group Gold Standard
Source: Dealbreaker | 17 Feb 2009 | 6:29 pm Too Good To Be True?The Securities and Exchange Commission has filed a civil complaint against Robert Allen Stanford, head of the Standford Financial Group. The S.E.C. has accused Stanford International Bank Ltd. and its affiliates of "massive and ongoing fraud," alleging that it promised "improbable, if not impossible" returns on certificates of deposits. The New York Times reports: The S.E.C. accused the bank and its affiliates of falsely stating in marketing materials that client funds were placed in liquid financial instruments, when in fact they were invested in private equity funds and real estate. On Nov. 28, Stanford International Bank quoted a rate of 5.375 percent on a $100,000 three-year CD, compared with rates of less than 3.2 percent at American banks. The bank recently has offered rates of more than 10 percent on five-year CDs, the filing stated. The S.E.C. says the Stanford operation suffered an estimated $400,000 in losses from investments associated with Bernie Madoff, despite promising investors it had no "direct or indirect" exposure to the alleged Ponzi scheme. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Feb 2009 | 6:02 pm Hedge fund haven bit by recessionGreenwich, Conn., is one of the wealthiest towns in America. Known as hedge fund central, the recession is starting to take its toll on the Wall Street bankers who have settled there. Amy Scott reports.Source: Marketplace | 17 Feb 2009 | 5:53 pm Oscar presenters kept secret for ratingsThe 2008 Oscar telecast drew a record low 32 million viewers worldwide. To boost ratings for Sunday's ceremony, the Academy wants some presenters to stay off the red carpet. Will it work? Ashley Milne-Tyte reports.Source: Marketplace | 17 Feb 2009 | 5:53 pm Latest gadgets come in different sizesThe latest tech gadgets may come in a variety of sizes, but they can do some pretty neat things. Kai Ryssdal speaks with Kevin Pereira about the latest in cameras, projectors and kid computers.Source: Marketplace | 17 Feb 2009 | 5:53 pm Big 3 struggles filter down to auto partsThe struggles of Detroit's automakers are setting off a domino effect throughout the entire auto parts supply chain. Alisa Roth reports.Source: Marketplace | 17 Feb 2009 | 5:52 pm Budget impasse tarnishes Golden StateCalifornia's Gov. Schwarzenegger is halting public works projects and preparing to lay off thousands of workers as state lawmakers keep failing to approve a budget. As Sarah Gardner reports, this may be a great example of how not to steer a state toward financial recovery.Source: Marketplace | 17 Feb 2009 | 5:52 pm Will housing plan help everyone?President Obama is set to unveil his proposal to help homeowners fend off foreclosure and stabilize the housing market. But will all that be possible with one plan? Nancy Marshall Genzer reports.Source: Marketplace | 17 Feb 2009 | 5:52 pm Carmakers seek more aid, turn in plansStruggling automakers GM and Chrysler submitted restructuring plans to the government to show their viability. Kai Ryssdal speaks with John Dimsdale about what is included in the plans.Source: Marketplace | 17 Feb 2009 | 5:52 pm Tynan Says Only Smaller GM, Ford May SurviveSource: Bloomberg - All Podcasts | 17 Feb 2009 | 5:07 pm Is Sweden A Good Model?Have you been hearing this idea, from President Obama and others, that Sweden is the model to follow (not exactly what Obama said, but others have)? I just had a great conversation with Leif Pagrotsky. He's a Swedish politician who was in government when they had their banking crisis. He wrote a great note on how Sweden's experience is not that close to ours. Some highlights from the talk (which will come to you in the podcast soon): - The first big bank to collapse, Nordbanken, was already government owned--they had owned it for years. So when it failed it wasn't an issue of the government taking over a private company, it was a bank being rescued by its biggest shareholder, which happened to be the government. - Only one other bank was nationalized, a relatively small one. This is very much unlike the U.S. nationalizing several of the largest banks in the world. - Pagrotsky says Sweden's history of government-managed banking is mixed. Up until the early 1990s crisis, Sweden's government was pretty lousy at managing a bank. In fact, he says, the government's bad management CAUSED the crisis to begin with. But after the mid-1990s and right through today, the government, he says, has done a great job with Nordbanken's successor: Nordia. For what it's worth, Pagrotsky thinks the U.S. should nationalize several of the big U.S. banks. He just doesn't think Sweden is a perfect model for how to do this. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Feb 2009 | 5:05 pm Levitt Calls Muni Market Corrupted, National DisgraceSource: Bloomberg - All Podcasts | 17 Feb 2009 | 4:54 pm Dumas Says Japanese Finance Minister Resigned for Wrong ReasonSource: Bloomberg - All Podcasts | 17 Feb 2009 | 4:53 pm 10 Craziest Ways People Are Making MoneyIt can pay to think outside the box when it comes to making money. Especially when you find out there’s actually a niche for your crazy idea. Here are the ten craziest ways people are making money, Wall Street wizardry excluded: 1. The Hair Trader
Jacalyn Elise co-founded this online company that lets users post ads selling their hair to the highest bidder. Recently, a bidder paid more than $2,600 for someone’s luscious locks. 2. The Hound About Dog Stroller
Never underestimate people’s ability to fawn over their pets and look ridiculous while doing it. The fine folks that make the ‘Hound About’ sell pet strollers in two different colors and sizes, at a retail price of $199. Crucially, each stroller includes a cup holder for your $5 coffee. Everyone knows that dogs just don’t lie to walk, right?
Why should women have to endure the emotional and financial sacrifices that accompany the endless search for the “right” accessory for every event, wedding, and dinner party? They shouldn’t. Now, you can join over 250,000 others who don’t. Also known as the “Netflix for handbags,” Bag Borrow or Steal allows women to borrow luxury rather than forking out hard-earned funds to buy it. 4. Celeb 4 a Day
Tired of hearing George Clooney and other Hollywood superstars whine about jarring run-ins with the paparazzi? Well, now you can find out for yourself exactly what it feels like–and maybe have your servants buy you a few free drinks along the way. Celeb 4 A Day founder Tania Cowher thought it would be fun to provide the everyday person the experience of being famous. As a result of her efforts, you, too, can indulge in low-grade complaining while sipping chocotinis in your limousine.
Featured on Discovery Channel’s Dirty Jobs, these bastions of bubblegum are dedicated to eradicating the dirge that is Doublemint from cities throughout the United States. Gross? Yes. Necessary? If you’ve ever sat on a bench or rode the subway in New York, you know the answer. 6. Sarah’s Smash Shack
Remember the days when your mom would ground you for breaking a plate? Sarah Lavely realized that the sound and experience of throwing a plate at the wall not only tintillates the way only breaking a taboo can, but allows people to safely vent pent-up emotions. So, she opened Sarah’s Smash Shack in San Diego. Take a break and break something! 7. I Want to Cheer Up Limited (Rent a Relative)
Tokyo’s I Want to Cheer Up agency dispatches “relatives” for weddings and funerals when actual family members cannot attend. They also hire out “fathers” to help single women with their parenting duties and “husbands” to help women practice the routine of married life (except for sex). 8. Auld Sod Export Co.
Someone had to do it, right? Two Irishmen started selling dirt a few years ago and are now raking in millions. Their website opens with “Welcome to the Home of Official Irish Dirt.” This is so legitimate that the U.S. Department of Agriculture has given its seal of approval. 9. Mrs. Doe’s Pee Buck Lures
Who knew there was such a thing as Attractant Hunting Scents? Mrs. Doe’s Pee, voted the best buy in attractant hunting scents by Inside Archery magazine, boasts some of the best deer pee on the market. With scents like Fresh Buck in Rut Urine and Female in Estrus Urine, you can’t go wrong. (In case fresh is too gross for your tastes, they also have “High Powered Freeze Dried Scents” for sale.)
The restaurant business must really be hurting when shops start resorting to specialty gimmicks such as Casino Nights and Prix Fixe at Five. But this service “strips” away all of the artifice and lays ”bare” the essence of dining…in the nude. Check please! Source: Business Pundit | 17 Feb 2009 | 4:36 pm Pond Sees 10-Year Treasury Yield Above 4% by End of YearSource: Bloomberg - All Podcasts | 17 Feb 2009 | 4:33 pm Spending Spree
Twelve Rats from Ikea On Valentine's Day my wife and I embarked on what felt like a personal stimulus package. We used up some gift cards left over from our wedding three years ago. (OK, we also worried some of the companies might go bankrupt.) But of course it doesn't help the stores. They took the money on their FY 2005 balance sheets when the cards were bought. Now I'm just depleting their inventory. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Feb 2009 | 4:30 pm Don't Miss: 'Inside The Meltdown'Tonight, at 9 Eastern, Frontline kicks off its series on the economic crisis. We got a glimpse of the opening sequence from the first installment, Inside the Meltdown, in Frontline's editing room. It was, you know, terrifying. A minute or so in, producer Michael Kirk hit pause, looked up and said, "Have we got your attention yet?" He'd gotten it. I think Adam Davidson may even show up somewhere in this one. We'll be screening the movie on the blog tonight, too, in handy chapters. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Feb 2009 | 4:23 pm Their Mamas Will Be So ProudAdam Davidson and Alex Blumberg just won a George Polk Award for amazing amazingness in radio reporting. It's for the Giant Pool of Money, about the subprime mortgage crisis. The cool thing is that I'm watching them type out their next big special for This American Life, right this second. (Confidential to listeners: It sounds like they've just now hit the root of the doll house analogy.) » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Feb 2009 | 3:49 pm Man Gets Stopped in Security Line for Pigeons in Pants
Security staff at Düsseldorf airport in western Germany couldn’t believe their ears when a Libyan man asked them to pat him down gently because he had four pet pigeons in his trousers. “They thought he had made a bad joke but when they carefully lifted his trouser leg, four live little fantail pigeons appeared,” police at Düsseldorf airport said in a statement. “The man told the astonished police officers that the pigeons were his dearest pets and he had take them because he would be away for several days and wouldn’t be able to look after them,” police said. He protested when police freed the pigeons and handed them over to customs, who passed them on to an animal home. “The man promised to pick up his pets next week when he returns,” police said. Source: Business Pundit | 17 Feb 2009 | 3:46 pm Sell Your Tooth Gold HereMarcus from Sweden writes: I was recently wandering around one of the most expensive neighborhoods in all of Stockholm - Östermalmstorg. The area is populated by diplomats and foreign dignitaries. Young, new money. Little old ladies in fur coats with their old money. It is the place to be if you have money and want to live in the middle of town. It is quite the place on so many different levels. It wasn't the population that caught my attention though, but a temporary sign hanging in a jewelry shop: "Tanguld köpes." Translated it means "Tooth gold purchased." » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 17 Feb 2009 | 3:33 pm Intellectual Breakthrough?A senior official (that's how reporters were instructed to refer to the person) at Treasury last week described the public-private partnership idea for buying up the toxic assets as an "intellectual breakthrough." That view doesn't seem to be widely shared on Wall Street, especially since Treasury hasn't given any details. But I can see part of the appeal. The government does not want to set the price for these toxic assets. If it pays too much, for instance, the tax payers get ripped off. But if Wall Street types put their own money in, the best minds in finance will be helping get a good price on the government's behalf. This senior official, by the way, kept referring to "Tim" then correcting himself to say "I mean the Secretary." Clearly, we're in early days. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Feb 2009 | 2:02 pm Smithfield Foods: Even Pork Affected by DownturnBusinessWeek shares news about Milwaukee-based Smithfield Foods’ layoff: Shares of Smithfield Foods Inc. fell on Tuesday along with the broader market, after the nation’s largest pork producer said it would restructure its pork business by shuttering six factories and cutting 1,800 jobs. The Smithfield, Va.-based company’s shares shed 60 cents, or 6.3 percent, to $8.97 in morning trading. Before the market opened, the company said it plans to combine seven of its independent operating companies into three main units and focus more on its high-margin packaged meat business. Smithfield estimates it will save about $55 million in fiscal 2010 and $125 million by the following year, after expenses due to the cuts. Smithfield’s announcement comes as the industry is recovering from volatile energy and commodity costs that reached record highs over the summer. An oversupply of meat on the market has been keeping prices down, while tight credit markets have hurt the potential for exports, a key market for meat producers. Further, a drop in restaurant spending by consumers has lowered demand. It’s interesting to hear about how the commodity spike still has bearing on some business’ restructurings. The set of circumstances that Smithfield was operating in sound vicious. Guess there won’t be as much pork in the meat market anymore. Source: Business Pundit | 17 Feb 2009 | 1:01 pm Trump Bankruptcy: Third Time’s a Charm
The Wall Street Journal reports on the Trump bankruptcy, which will be Trump casinos’ third: Trump Entertainment Resorts Inc., Donald Trump’s casino group, is expected to file Tuesday morning for protection from its creditors under Chapter 11 of the Bankruptcy Code, said several people familiar with the matter. The company’s board authorized the filing late Monday night, said these people, after deciding that the Atlantic City, N.J., casino operator would otherwise be forced into bankruptcy involuntarily by creditors. Such a filing would mark the third appearance in bankruptcy court for Trump Entertainment, which most recently emerged from bankruptcy proceedings in 2005. Any filing would likely be in Camden, N.J., where the company, which had $960 million in sales last year, entered its previous petition. The planned board meeting follows months of negotiations between the real-estate mogul and his casino’s bondholders, who had given the company several waivers to delay an interest payment due late last year. Late last week, the bondholders told the company they would seek an involuntary bankruptcy proceeding to force the company into Chapter 11. Bondholders and their legal advisers had all of the paperwork ready for an involuntary filing. Source: Business Pundit | 17 Feb 2009 | 12:54 pm
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