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NewsWatch: Stocks at the mercy of bank nationalization debateU.S. stocks are likely to face choppy waters next week, as the debate about whether or not to nationalize banks intensifies along with growing investor demand to rid the financial system of its toxic assets.Source: MarketWatch.com - Top Stories | 21 Feb 2009 | 5:00 pm US, China to 'to help lead the world recovery'The US and China pledged to step up a high-level dialogue between the two countries which will address the global financial crisis, climate change and security issuesSource: Financial Times - US homepage | 21 Feb 2009 | 4:13 pm Obama tells US Treasury to begin cutting taxesBarack Obama pledged that his administration would do "all we can to get exploding deficits under control as our economy begins to recover" in his weekly address to the nationSource: Financial Times - US homepage | 21 Feb 2009 | 4:06 pm Still lapping up the creamLean and hungry economic days are upon us but there is no appetite in big business for New Zealand blue-chip company chief executives to swallow pay cuts as their colleague John Bongard has at Fisher&Paykel Appliances. The chief...Source: New Zealand Herald - Business | 21 Feb 2009 | 4:00 pm Sex at work blurring the linesSomeone at work has just gone too far - a smutty innuendo, a soft-porn video clip, a pat on the derriere, dear. Perhaps you can handle it; perhaps it's one of your workmates who's shifting in their seat wondering how much more they...Source: New Zealand Herald - Business | 21 Feb 2009 | 4:00 pm Property politics boil overA member of the Auckland Property Investors Association's board is calling for a vote of no confidence in the organisation's "autocratic" president, Sue Tierney, amid allegations it is on the brink of insolvency. Board member Ron...Source: New Zealand Herald - Business | 21 Feb 2009 | 4:00 pm Bernard Hickey : Home dreams end in listingLooking at the mortgagee sales listings on Trade Me.co.nz and realestate.co.nz is a sobering process. Every one of the 551 properties listed for sale on those sites at the beginning of this week represented the failure of some...Source: New Zealand Herald - Business | 21 Feb 2009 | 4:00 pm Martin Hawes : Bonds no longer to the rescueIn the olden days, when people retired they picked up their gold watch, cashed in their superannuation savings and invested the proceeds almost entirely in fixed-interest investments - i.e. bonds. As an investment strategy, investing...Source: New Zealand Herald - Business | 21 Feb 2009 | 4:00 pm Under the spotlightOne of the worst aspects of my job is meeting people who've been badly burned by a poor investment experience. You can tell the difference between advisers who can be trusted to look after your interests and those who are out for...Source: New Zealand Herald - Business | 21 Feb 2009 | 4:00 pm Top tips : On what makes a good leaderWhat are some basic rules of leadership, no matter the state of the market? There are certain rules you should apply to get the best from your team. One is to value other people's time as much as your own. Ask questions - even...Source: New Zealand Herald - Business | 21 Feb 2009 | 4:00 pm Silence as danger melamine testedFood safety officials stayed quiet about a fresh melamine scare as products containing the potentially fatal chemical found their way into New Zealand shops. The authority last night had political backing for its decision to stay...Source: New Zealand Herald - Business | 21 Feb 2009 | 4:00 pm Kerre Woodham: Extra day off, anyone?Even if we haven't been affected personally, I bet by now most of us have experienced the effects of the recession. Whether it's staff at your workplace who have left and haven't been replaced, redundancies, or a local store going...Source: New Zealand Herald - Business | 21 Feb 2009 | 4:00 pm Obama to Treasury: Start cutting taxesRead full story for latest details.Source: Business and financial news - CNNMoney.com | 21 Feb 2009 | 3:23 pm Expect a wave of bank failuresIf it's Friday, there must be a bank failing somewhere across the country.Source: Business and financial news - CNNMoney.com | 21 Feb 2009 | 3:22 pm Yahoo may reveal management revamp next week: reportCHICAGO (Reuters) - Yahoo Inc Chief Executive Carol Bartz could announce a major management reorganization as early as next week, most likely on Wednesday, according to the blog AllThingsD.Source: Reuters: Business News | 21 Feb 2009 | 3:17 pm Fannie, Freddie to fund part of planThe White House is using only $50 billion from the $700 billion financial industry bailout package to fund the foreclosure prevention program, a senior administration official clarified Friday.Source: Business and financial news - CNNMoney.com | 21 Feb 2009 | 2:59 pm NewsWatch: Russia goes from splash to crash as commodities tumbleThe reversal of Russia's fortunes is nothing short of a Chekhov drama. A seven-year economic boom fuelled by cheap credit and soaring commodity prices has come to an abrupt end, plunging the country into the worst financial crisis since its 1998 debt default.Source: MarketWatch.com - Top Stories | 21 Feb 2009 | 2:00 pm UBS client details sent to US despite court orderBanking details of eight American clients of Switzerland's largest bank have been sent to US authorities, despite a Swiss court order blocking the move, a newspaper said Saturday. The...Source: RSS feed - channel BNewsBusiness | 21 Feb 2009 | 1:50 pm $800 or $1,200 Gold, Panic Vs. Inflation, ETF’s (GLD, UGL, DZZ, DGP, DGZ, GDX)We have probably covered more gold stocks over the last couple of months than we care to recall, but we have been getting more and more inquiries on the ETF’s and on how to play the shiny yellow stuff directly. When we see the media covering any topic with this frenzy and traders getting more [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 21 Feb 2009 | 1:43 pm UPDATE 1-Satyam seeks nod to bring in investor, wins new work* Board seeks regulatory approval for plan to pick investorSource: RSS feed - channel BNewsBusiness | 21 Feb 2009 | 1:33 pm Banks: A No Promise Promise From The White House (BAC)(C)The White House said that the President is in favor of keeping the US banks private. That caused a mild rally in their shares yesterday after they had dropped like rocks though most of the session. But, the comment from the Administration does not mean a thing, especially in the way it was expressed. According to Reuters, the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 21 Feb 2009 | 1:32 pm India adds record 15.41 mobile million users in JanuaryIndia, the world's fastest-expanding mobile market, added 15.41 million wireless users last month -- the biggest monthly growth ever, according to government data Saturday. India's...Source: RSS feed - channel BNewsBusiness | 21 Feb 2009 | 1:20 pm Personal Finance Daily: The week's 10 best Personal Finance stories: Feb. 16-20In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Feb. 16-20:Source: MarketWatch.com - Top Stories | 21 Feb 2009 | 1:01 pm ING reviewing U.S. businesses, options: reportAMSTERDAM (Reuters) - ING Group is gauging the implications of the U.S. bank rescue aid plan announced earlier this month for its activities there, the Dutch banking and insurance group's next Chief Executive said in a newspaper interview on Saturday.Source: Reuters: Business News | 21 Feb 2009 | 11:40 am ING reviewing U.S. businesses, options: reportAMSTERDAM (Reuters) - ING Group is gauging the implications of the U.S. bank rescue aid plan announced earlier this month for its activities there, the Dutch banking and insurance group's...Source: RSS feed - channel BNewsBusiness | 21 Feb 2009 | 11:40 am Stanford surrenders passport, Antigua units seizedFREDERICKSBURG, Virginia/ST.JOHN'S, Antigua, Feb 20 (Reuters) - Regulators seized Texas billionaire Allen Stanford's banks and companies in Antigua and Barbuda, the Caribbean state at the center of fraud charges against him, as the financier surrendered his passport to U.S. authorities.Source: Reuters: Business News | 21 Feb 2009 | 11:38 am Auto Review: 2010 Lexus RX350 & 450h: Two crossovers that are juicedIn the words of a short-order cook, “How many batteries ya want with that Lexus?”Source: MarketWatch.com - Top Stories | 21 Feb 2009 | 11:01 am White House says supports private banking systemWASHINGTON (Reuters) - The White House said on Friday it strongly believed in a privately held bank system, after rumors that the U.S. government could nationalize banks caused shares in Bank of America and Citigroup plummet.Source: Reuters: Business News | 21 Feb 2009 | 8:30 am White House says supports private banking system (Reuters)
Source: Yahoo! News: Business | 21 Feb 2009 | 8:19 am Gold fever sweeps suburbiaAs prices soar and personal finances sour, Californians are selling off their old jewelry to generate extra cash. ...Source: RSS feed - channel BNPaperBusiness | 21 Feb 2009 | 8:00 am Investors' search for safety yields hazardsUntil last year, many Americans may have figured they had a good idea of what constituted a truly risky investment or financial strategy.Source: RSS feed - channel BNPaperBusiness | 21 Feb 2009 | 8:00 am BofA CEO Ken Lewis subpoenaed on bonusesWALL STREETSource: RSS feed - channel BNPaperBusiness | 21 Feb 2009 | 8:00 am Parent group issues warning for Grand Theft Auto: The Lost and DamnedThe video game contains full-frontal nudity and graphic violence, says Common Sense Media. A parents group is...Source: RSS feed - channel BNPaperBusiness | 21 Feb 2009 | 8:00 am Lebanon central bank chief got it rightRiad Toufic Salame bucked pressure in 2005 and kept Lebanese banks from investing in mortgage-backed securities. Now the sector is prospering amid the global downturn. ...Source: RSS feed - channel BNPaperBusiness | 21 Feb 2009 | 8:00 am Clients of Bernard Madoff air grievancesA trustee gets an earful from investors, many of modest means. Several hundred of Bernard Madoff's investors packed...Source: RSS feed - channel BNPaperBusiness | 21 Feb 2009 | 8:00 am Dow sinks to 7,365 -- the lowest point of the current bear marketThe blue-chip index falls 100 points amid vagueness about financial rescue plans and uncertainty over whether some banks will be nationalized. ...Source: RSS feed - channel BNPaperBusiness | 21 Feb 2009 | 8:00 am Car dealers fear state tax increases will put the brake on salesThe levies, imposed to help close a $42-billion projected state budget deficit, will add almost $400 to the price of the average new car. ...Source: RSS feed - channel BNPaperBusiness | 21 Feb 2009 | 8:00 am Carl Icahn continues to increase stake in Lions GateIcahn now owns 13% of the big independent movie and TV studio. Analysts say he may be picking up cheap shares or hoping to capitalize on the eventual sale of the company. ...Source: RSS feed - channel BNPaperBusiness | 21 Feb 2009 | 8:00 am GM unit Saab files for protection from creditorsParent company GM is trying to get the Swedish automaker in shape to be spun off or sold, but the ailing brand is still in danger of collapse. ...Source: RSS feed - channel BNPaperBusiness | 21 Feb 2009 | 8:00 am Stanford surrenders passport, Antigua units seized (Reuters)
Source: Yahoo! News: Business | 21 Feb 2009 | 6:32 am CORRECTED - CORRECTED-Satyam buyer may face 3-year lock-in -report(Corrects to say Satyam is NYSE-listed and not Nasdaq-listed)Source: RSS feed - channel BNewsBusiness | 21 Feb 2009 | 6:19 am UPDATE 3-GM, Chrysler ask for up to C$10 bln aid from CanadaTORONTO, Feb 20 (Reuters) - The Canadian units of General Motors Corp and Chrysler [CBS.UL] are seeking as much as C$10 billion ($8 billion) in aid from the Canadian and Ontario governments as they fight...Source: RSS feed - channel BNewsBusiness | 21 Feb 2009 | 6:08 am Japan's Sharp to make LCD panels in China: reportJapan's Sharp Corp. plans to produce liquid crystal display (LCD) panels in China through a partnership with a major Chinese electronics manufacturer, according to the Nikkei daily. ...Source: RSS feed - channel BNewsBusiness | 21 Feb 2009 | 6:01 am Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trade in Monday's session are Campbell Soup, Nordstrom and Hertz.Source: MarketWatch.com - Top Stories | 21 Feb 2009 | 5:01 am Market Snapshot: Stocks at the mercy of bank nationalization debateU.S. stocks are likely to face choppy waters next week, as the debate about whether or not to nationalize banks intensifies along with growing investor demand to rid the financial system of its toxic assets.Source: MarketWatch.com - Top Stories | 21 Feb 2009 | 5:01 am Call for new £20bn economy boostA prominent group of Labour Party members urges the government to spend an extra £20bn to stimulate the economy.Source: BBC News | Business | World Edition | 21 Feb 2009 | 4:20 am BankAtlantic halts dividend, defers debt paymentNEW YORK (Reuters) - BankAtlantic Bancorp Inc , which last year sued a prominent banking analyst over a report that referred to its financial condition, said it is halting its common stock...Source: RSS feed - channel BNewsBusiness | 21 Feb 2009 | 3:54 am BankAtlantic halts dividend, defers debt paymentNEW YORK (Reuters) - BankAtlantic Bancorp Inc , which last year sued a prominent banking analyst over a report that referred to its financial condition, said it is halting its common stock dividend and share repurchases, and will defer interest payments on $294.2 million of debt.Source: Reuters: Business News | 21 Feb 2009 | 3:54 am China oil firms could get FX to invest abroad-reportBEIJING, Feb 21 (Reuters) - China could use its $2 trillion in foreign exchange reserves to support foreign mergers and acquisitions by Chinese oil and gas companies, the China Daily said on Saturday.Source: RSS feed - channel BNewsBusiness | 21 Feb 2009 | 3:51 am Ryanair to remove airport check-in counters: O'LearyIrish low-cost airline Ryanair is to remove all check-in desks and staff from airports by the end of the year to cut costs, chief executive Michael O'Leary told the Daily Telegraph...Source: RSS feed - channel BNewsBusiness | 21 Feb 2009 | 3:04 am Dealbreaker Afterdark: Not Zo Vast Joo Brash und Lazy AmericansThis may explain Timmeh's absence. He was twisting some Swiss tribunal arms to prevent tax evasion data from flowing back to the United States. In retrospect, it was so obvious! A Swiss tribunal has barred financial regulators from handing banking information of UBS bank clients to US authorities investigating tax fraud, ATS news agency reported. Swiss court blocks bank data sharing with US: report [Breitbart] 
Source: Dealbreaker | 21 Feb 2009 | 2:44 am Oregon's Silver Falls Bank seized by FDIC, state regulatorsSilver Falls Bank, of Silverton, Ore., is shut down by state regulators and the Federal Deposit Insurance Corporation.Source: MarketWatch.com - Top Stories | 21 Feb 2009 | 2:35 am Soros sees no bottom for world financial "collapse"NEW YORK (Reuters) - Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.Source: Reuters: Business News | 21 Feb 2009 | 2:26 am Soros sees no bottom for world financial "collapse" (Reuters)
Source: Yahoo! News: Business | 21 Feb 2009 | 1:58 am Madoff made no investments for clients in 13 years - trusteeNEW YORK - Bernard Madoff, the Wall Street grandee whose confession of a US$50bn pyramid scheme prompted a new crackdown on fraud in the US, had not made a single investment on behalf of his clients in at least 13 years, it was revealed...Source: New Zealand Herald - Business | 21 Feb 2009 | 1:52 am Morgan Stanley offers $3 billion broker bonuses, Wells noneNEW YORK (Reuters) - Morgan Stanley's brokerage joint venture with Citigroup Inc will pay brokers as much as $3 billion to stay on, while Wells Fargo & Co will not offer retention payouts to brokers from the former Wachovia Corp.Source: Reuters: Business News | 21 Feb 2009 | 1:49 am Thain to investigators: Lewis knew of bonusesRead full story for latest details.Source: Business and financial news - CNNMoney.com | 21 Feb 2009 | 1:46 am Bank rescue details key to stave off bearsNEW YORK (Reuters) - Bears could have the upper hand again next week if Wall Street fails to get assurance that major banks can be rescued without being seized by the U.S. government.Source: Reuters: Business News | 21 Feb 2009 | 1:29 am Nationalization fears hit Citi, BofANEW YORK (Reuters) - Bank of America Corp shares sank below $3 and Citigroup Inc tumbled below $2 on Friday, hammered by growing fears that the U.S. government could nationalize the banks, wiping out shareholders.Source: Reuters: Business News | 21 Feb 2009 | 1:23 am Nationalization fears hit Citi, BofA (Reuters)
Source: Yahoo! News: Business | 21 Feb 2009 | 1:23 am Thousands of jobs reportedly set to go at RBSLONDON (Reuters) - Royal Bank of Scotland Plc is set to unveil up to 20,000 job losses next week as part of tough cost-cutting targets, the Financial Times reported on Saturday.Source: Reuters: Business News | 21 Feb 2009 | 1:00 am Bank rescue details key to stave off bears (Reuters)
Source: Yahoo! News: Stock Markets News | 21 Feb 2009 | 12:49 am Bank rescue details key to stave off bears (Reuters)
Source: Yahoo! News: Business | 21 Feb 2009 | 12:49 am Business Briefs - FridayCV Therapeutics rejects buyout.Source: Investor's Business Daily: BUSINESS | 21 Feb 2009 | 12:46 am Trends & Innovations - FridayYoung adult strokes overlookedSource: Investor's Business Daily: BUSINESS | 21 Feb 2009 | 12:46 am In Brief - FridayWal-Mart (WMT) said after hours it will pay $17.5 mil to settle a lawsuit claiming that it discriminated against black truck drivers in its...Source: Investor's Business Daily: BUSINESS | 21 Feb 2009 | 12:46 am Despite Harsh Recession, Brink's Hangs On To Its Loyal SubscribersLast fall, Brink's Home Security began trading as an independent, publicly owned company. The spinoff from armored-car parent Brink's Co. was...Source: Investor's Business Daily: BUSINESS | 21 Feb 2009 | 12:46 am There's No Place Like HomeFor years, Democrats have promised to expand health insurance coverage. And for years, health care spending has been rising to budget-busting levels.Source: Investor's Business Daily: BUSINESS | 21 Feb 2009 | 12:46 am Taxing Times: First came the tax breaks, then the tax hikesOut here in California, we learned Friday that, thanks to our budget crisis, lawmakers are hiking our state sales and income tax rates, despite the fact that we already pay some of the highest such rates in the nation. In San Francisco, come April we will be paying 9.5 cents in sales tax for every dollar spent on certain items. See this site for states' income tax rates.Source: MarketWatch.com - Top Stories | 21 Feb 2009 | 12:45 am Stanford bank in Antigua seizedCaribbean regulators intervene to seize an Antiguan bank owned by the Stanford group, which is involved in a fraud case.Source: BBC News | Business | World Edition | 21 Feb 2009 | 12:42 am Fears for BofA and Citi rattle marketsFears that Citigroup and Bank of America would be nationalised shook global markets, sending shares in the financial sector tumblingSource: Financial Times - US homepage | 21 Feb 2009 | 12:35 am Major indexes fall more than 6 percent for week (AP)
Source: Yahoo! News: Stock Markets News | 21 Feb 2009 | 12:32 am Latin American Markets: Mexico's rate cut falls short of expectations; Vale shares dropInvestors drive Mexico’s equity market and its currency down after the central bank’s interest-rate cut wasn’t as deep as had been anticipated.Source: MarketWatch.com - Top Stories | 21 Feb 2009 | 12:19 am After Hours: Banking stocks climb after day-session declinesBanking stocks gain ground following a dismal day session during which investors were haunted by fear that the U.S. government would undertake nationalization efforts in the sector.Source: MarketWatch.com - Top Stories | 21 Feb 2009 | 12:17 am Wall Street skids on bank fears (Reuters)
Source: Yahoo! News: Stock Markets News | 21 Feb 2009 | 12:13 am Saab buys time from creditors as it looks for ways to keep afloatSaab, the struggling Swedish carmaker that is being cut loose from General Motors, yesterday won bankruptcy protection from its creditors as it tries to mount a survival plan. The loss-making division has until early April to devise a plan and creditors must approve any scheme before it goes ahead.Source: Latest Business News from Times Online | 21 Feb 2009 | 12:00 am RBS gets around promise to end cash bonusesRoyal Bank of Scotland is offering immediate payments to staff who are owed bonuses despite promising the Government that it would not give them cash payouts.Source: Latest Business News from Times Online | 21 Feb 2009 | 12:00 am Cometh the hour, cometh the jam sandwichAm I missing something about Marks & Spencer's new strawberry jam sandwich? Not about the concept of the sandwich (bread, butter, strawberry jam), which I am fairly confident that I get - indeed, totally do get. Rather, it's the way that every time you mention this boldly nostalgic and keenly priced addition to the M&S takeaway range (and it's been the first thing I've mentioned to anyone I've spoken to this week), people honk with derision at the very idea.Source: Latest Business News from Times Online | 21 Feb 2009 | 12:00 am Need to know: Morrisons appointment ... Kirin deal ... BASF's Ciba bidView video and Need to Know interactive heatmapSource: Latest Business News from Times Online | 21 Feb 2009 | 12:00 am Shell puts cost of crude oil theft in Nigeria as high as £1.1bn a yearAs many as 100,000 barrels of crude oil are being stolen or smuggled from Nigeria every day, representing 5 per cent of national production, according to estimates from Shell.Source: Latest Business News from Times Online | 21 Feb 2009 | 12:00 am RBS agrees broad terms of deal that will allow it entry to toxic debt insurance schemeRoyal Bank of Scotland (RBS) was last night engaged in intricate negotiations with ministers over the details of the bank’s entry into the Government’s toxic debt insurance scheme, having agreed the preliminary terms of a deal to be announced on Thursday that will result in the bank remoulding itself as a UK-focused lender.Source: Latest Business News from Times Online | 21 Feb 2009 | 12:00 am Personal bankruptcies on increase and borrowers walk away from homesRepossessions soared by more than half last year and the number of people seeking bankruptcy surged to a record high as the deepening economic gloom took its toll.Source: Latest Business News from Times Online | 21 Feb 2009 | 12:00 am Unity a distant dream for squabbling neighboursThe pressure on the European Central Bank to cut interest rates next month intensified yesterday with the release of worse than expected services and manufacturing data that highlighted how the deepening recession is gripping the Continent.Source: Latest Business News from Times Online | 21 Feb 2009 | 12:00 am Prudential shares soar after insurer reveals £1.1 billion boost to capital reservesPrudential allayed fears over its financial health yesterday as it used future income from its with-profits fund and the release of capital from an asset sale in Taiwan to boost its reserves by £1.1 billion.Source: Latest Business News from Times Online | 21 Feb 2009 | 12:00 am US prices rise despite disappearing inflationAmerica's annual inflation rate all but disappeared last month for the first time in more than 50 years, but consumer prices rose, keeping the United States from deflation. The consumer prices index (CPI) was up 0.3 per cent in January — its first monthly rise since last July and slightly above expectations of a 0.2 per cent increase.Source: Latest Business News from Times Online | 21 Feb 2009 | 12:00 am Evidence suggests Madoff bought no securitiesRecords recovered from the investment firm run by Bernard Madoff, who is accused of carrying out a $50bn fraud, suggest that no securities were purchased on behalf of customers for at least 13 yearsSource: Financial Times - US homepage | 20 Feb 2009 | 11:50 pm Web Only: Inside Obama's housing planPresident Barack Obama's $275 billion plan to help the housing market is projected to help almost 9 million homeowners. But what exactly is in the plan? Host Tess Vigeland discusses it with Nicolas Retsinas of Harvard's Joint Center for Housing Studies.Source: Marketplace Money | 20 Feb 2009 | 11:42 pm M Stanley joint venture acts to retain brokersFinancial advisers have been offered up to $3bn over nine years provided they stay with the business as rivals attempt to lure advisers awaySource: Financial Times - US homepage | 20 Feb 2009 | 11:36 pm How the major market indexes fared Friday (AP)
Source: Yahoo! News: Stock Markets News | 20 Feb 2009 | 11:13 pm Treasury prices rise as stock market declines (AP)AP - Treasury prices rose Friday as stocks tumbled and investors worried about the health of the banking industry.Source: Yahoo! News: Stock Markets News | 20 Feb 2009 | 10:57 pm Dow closes at 6-year lowThe Dow industrials ended at a fresh six-year low Friday, as worries about the outlook for the banking sector exacerbated fears of a prolonged recession.Source: Business and financial news - CNNMoney.com | 20 Feb 2009 | 10:51 pm Painting a Bleak Picture of EmploymentAs companies continue to cut back their payroll as a result of the mortgage crisis and the subsequently slow market condition, we take a step back and look at the bigger picture. Last year held the largest job loss numbers of any year since 1945, even when taking into consideration the proportionally larger job market. Over 2.5 Million jobs were lost in 2008 alone, with the unemployment number rising to 7.2% in December. Many experts claim that even these numbers are understated; with the inclusion of individuals who have stopped looking for a job, the rate is estimated to be closer to 12%. A few major corporations were responsible for a large percentage of these job losses; here is a look at the companies with the largest number of layoffs in 2008.
Source: Business Pundit | 20 Feb 2009 | 10:46 pm Swiss court halts turnover of UBS fraud dataA Swiss court Friday blocked Switzerland's largest bank from turning over account information to the U.S. government under an agreement reached earlier this week in which the bank, UBS, admitted it had helped U.S. taxpayers hide money from U.S. tax authorities.Source: Business and financial news - CNNMoney.com | 20 Feb 2009 | 10:43 pm Sinclair Says Gold Price Driven By Fear of InflationSource: Bloomberg - All Podcasts | 20 Feb 2009 | 10:32 pm Buffett's Berkshire Hathaway falls to 5-1/2-yr low (Reuters)
Source: Yahoo! News: Stock Markets News | 20 Feb 2009 | 10:13 pm Write-Offs: 02.20.09$$$ The Hamptons Half-Price Sale [WSJ] $$$ Personal Ponzi schemes [NYT] $$$ Wall Streeters' Lifestyle Modified, Slightly [Cityfile]
Source: Dealbreaker | 20 Feb 2009 | 10:13 pm California on the edgeSource: Business and financial news - CNNMoney.com | 20 Feb 2009 | 10:04 pm Court papers lift lid on Stanford's lifestyleDetails of the lifestyle of the Texas billionaire charged by US regulators with "massive" investment fraud arose that included a $100m fleet of private jetsSource: Financial Times - US homepage | 20 Feb 2009 | 9:56 pm Markets around the world tumbleFTSE 100 falls 3.2pc and Dow Jones touches 12year low while Gold price breaks through 1000 barrier.Source: Telegraph Finance | 20 Feb 2009 | 9:35 pm The 52-Week Low Club (WFC)(C)(BAC)(GE)(GM)Citigroup (C) Worries about bank nationalization take shares to $1.61 from 52-week high of $27.35. Bank of American (BAC) Ditto. Down to $2.53 from 52-week high of $43.50. Wells Fargo (WFC) More of the same. Plunges to $8.81 from 52-week high of $44.75. GE (GE) Worries about writedowns at financial services wing. Drops to $8.98 from 52-week high [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 20 Feb 2009 | 9:29 pm Lowe's 4Q profit falls along with housing market (AP)
Source: Yahoo! News: Business | 20 Feb 2009 | 9:29 pm Anglo American to cut 9,000 jobsMining giant Anglo American is to cut 9,000 jobs, on top of the 10,000 losses already announced at its Anglo Platinum unit.Source: BBC News | Business | World Edition | 20 Feb 2009 | 9:27 pm Hear: The Obama PlanOn today's Planet Money, a look at President Barack Obama's plan to prevent foreclosures. -- The president's $275 billion proposal may not be big enough, but it's a necessary part of America's social compact, says economist Robert Shiller of the Case-Shiller Index. -- The proposal is big enough to make a difference, says Amir Sufi of the University of Chicago Booth School of Business. But it may not be tough enough to make banks or homeowners play. -- Twitter Questions! Amir Sufi sticks around to answer your 140-character queries about the foreclosure plan. Bonus: After the jump, the full Twitter Questions session. Thanks to all our Twitter pals for sending questions and to Amir Sufi for taking them: Download the podcast; or subscribe. Intro music: Linkin Park's "Numb." Find us: Twitter/ Facebook/ Flickr » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Feb 2009 | 9:13 pm Anglo American plunges on dividend freezeMiner to cut 19000 jobs as operating profits at its base metals business slumped by 42pc in 2008.Source: Telegraph Finance | 20 Feb 2009 | 9:03 pm The Ghost Of Put Options Past
As we've mentioned before, the options are European style (i.e. cannot be exercised before the expiration date) and Berkshire is apparently not required to put up collateral based on the price of the options or their underlying, but rather only in the event the firm itself suffers some sort of impairment. (There aren't a lot of details here, but we suspect this means a credit downgrade or a significant cash crisis). In a way, this has made Berkshire stock a proxy for global index expectations. Insofar as Charlie and Warren don't care about stock price, this probably doesn't mean much- except that now might be a good time to buy back some stock. Buffett's Berkshire Drops to Lowest in Five Years [Bloomberg]
Source: Dealbreaker | 20 Feb 2009 | 8:59 pm Lewis: I Reiterate, Nothing Is Fucked
To my teammates:
Source: Dealbreaker | 20 Feb 2009 | 8:59 pm SO ZIP THE LIPSteve Liesman reports that the Treasury, too, has heard the nationalization rumors and wants you to know that they "should not [be] regarded as an indication of administration's policy" and to please remember that T. Geith has previously stated that "we will preserve a financial system that is owned and managed by the private sector."
Source: Dealbreaker | 20 Feb 2009 | 8:55 pm FBI believes Stanford was running massive Ponzi schemeThe Federal Bureau of Investigation believes that Sir Allen Stanford was running a giant "Ponzi" scheme which may have encompassed other parts of his empire in addition to the 8bn £5.6bn of investors' funds that are now the subject of civil fraud charges.Source: Telegraph Finance | 20 Feb 2009 | 8:51 pm Saab seeks to break free of GMSAAB the Swedish car maker has stepped up its fight for survival by winning protection from creditors and seeking to break away from its troubled owner General Motors.Source: Telegraph Finance | 20 Feb 2009 | 8:43 pm Oil prices fall on economic concerns (Reuters)
Source: Yahoo! News: Stock Markets News | 20 Feb 2009 | 8:41 pm What Was The Subtext of Gibbs' Statement, Re: The White House Being Fans of A Private Banking System?As you've likely heard, White House Press Secretary Robert Gibbs said earlier that the administration believes a "privately held US banking system is the correct way to go." There's been a lot of speculation as to what he really meant when he said that. A lot people, who are not down with nationalization are all, high-five! Others, are more like, he's the Press Secretary, not T. Geith, this means jack. So:
Source: Dealbreaker | 20 Feb 2009 | 8:39 pm Totally Unfounded Rumor Of The Day: JC Flowers To Inject BAC With Capital?But, but... we thought liquidity wasn't a problem?
Source: Dealbreaker | 20 Feb 2009 | 8:34 pm Nationalizing In Antigua
Bank of Antigua, 02.18.09 Adres Leighton/AP Photo AP reports from Antigua: The Eastern Caribbean Central Bank said on Friday it was assuming control of the Bank of Antigua, a commercial bank in the Caribbean nation of Antigua and Barbuda controlled by Texas billionaire Allen Stanford. The central bank took the action following "an unusual and substantial withdrawal of funds," the bank said in a written statement. You'll remember who Allen Stanford is. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Feb 2009 | 8:31 pm Can The United States Nationalize Many More Banks Even If It Wants To?CNBC stuck Dick Bove and Cramer on the tube and primed the nationalization pump. "Is it possible in your view that the U.S. Government could nationalize some banks?" Yeah, pretty much not. If by "nationalization" we mean a total takeover, just the debt burden makes the prospect unlikely, sayeth the talking heads. Choice Cramer Quote: "It's quite obvious that Tim Geithner has disappeared." I'd start looking on Sir Allen's private island. Timmeh- if you're out there... and if you are thinking about skipping town (not at all a bad idea) may we recommend a helpful service journalism piece? Cramer On Bank Nationalization [CNBC]
Source: Dealbreaker | 20 Feb 2009 | 8:25 pm Presented By:Source: Dealbreaker | 20 Feb 2009 | 8:25 pm Selling Taiwanese business is a winwin deal for PrudentialSource: Telegraph Finance | 20 Feb 2009 | 8:16 pm Uninspired by eBayWith the market dipping back below November lows, it feels a bit mean-spirited to be picking on any single company, but please - what has happened to eBay?Source: Business and financial news - CNNMoney.com | 20 Feb 2009 | 8:14 pm No Opps In Highland Opportunity FundBloomberg reports that Dallas-based Highland Capital has shot for and scored the trifecta: the firm will be closing its third fund since October. This time its the CDO Opportunity Fund LP, which was "wiped out by losses on high-risk debt securities" and will be wound down, with remaining assets being distributed to creditors, and sad trombones being distributed to shareholders. According to those in charge of the we lost all your money letter, the matter of insolvency occurred due to "the unprecedented market volatility and disruption to the financial system," which sounds familiar because its what they said when they closed the Highland Credit Strategies Fund and the Highland Crusader Fund.
Source: Dealbreaker | 20 Feb 2009 | 8:13 pm Economy fears send stocks fallingGlobal stock markets fall on Friday amid fears over the state of the world economy and the banking industry.Source: BBC News | Business | World Edition | 20 Feb 2009 | 8:12 pm Mutual funds investing in China (AP)AP - Dozens of mutual funds focusing on China have emerged in recent years, making China the most popular nation for single-country emerging markets funds.Source: Yahoo! News: Stock Markets News | 20 Feb 2009 | 8:08 pm Handwriting On Wall IllegibleA pair of headlines today: Bloomberg: "Dodd Says Short-Term Bank Nationalization Might Be Necessary." And Wall Street Journal: "White House Says Banks Shouldn't Be Nationalized" The stock market is in a tizz over the mixed signals. Washington Post reports: Some investors are starting to think that maybe the market won't recover until some big financial institutions have been nationalized, said Nigel Galt, chief U.S. Economist at IHS Global Insight. "Clearly you don't want to be holding those stocks if you think those firms are going to get nationalized and the shareholders are going to get wiped out." » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 20 Feb 2009 | 8:06 pm JC Penney and Lowe's offer bleak viewBoth leading retailers said they expected the sales slump to continue into 2009, despite the impact of the federal stimulus package.Source: Financial Times - US homepage | 20 Feb 2009 | 8:03 pm Dragging GM and Chrysler to the altarFederal loans kept General Motors and Chrysler LLC out of bankruptcy in December.Source: Business and financial news - CNNMoney.com | 20 Feb 2009 | 8:01 pm Spend! Cut! Obama's budget dilemmaIf you're looking for Peter Orszag, you might check between a rock and a hard place.Source: Business and financial news - CNNMoney.com | 20 Feb 2009 | 7:57 pm Slok Says Home Buyers Having Difficulty Finding MortgagesSource: Bloomberg - All Podcasts | 20 Feb 2009 | 7:48 pm History tells Obama to turn on the bipartisan charmThe American president's recent itinerary suggests that he has studied Reagan's methods quite closely, writes Edward LuceSource: Financial Times - US homepage | 20 Feb 2009 | 7:42 pm The 'Subprime of Europe'
Shopping in Belarus. Viktor Drachev/AFP/Getty Images Dropping terms such as "financial Gotterdammerung" and "monetary Stalingrad," business media around the world today have recently rung a new alarm bell: Eastern Europe's $1.5 trillion of debt is in trouble. How did things get to this point? We'll have more about this on Monday's podcast. For now, a brief look at a story that seems all too familiar. The crisis has unfolded rapidly this week. First, governments in the former Soviet bloc became at risk of defaulting on their debt -- more on that after the jump. Next, Moody's issued a report saying that Western European banks have loaned significant amounts to consumers in Eastern European, money they may not be getting back. Just as easy credit and the illusion of perpetual growth sucked investors into a real estate bubble in the U.S., over the last several years Eurozone banks were lured into the former Soviet bloc. The banks were able to borrow cheaply at home and lend at high rates abroad, in places like Poland. The banks made a killing, profiting enough to get some shelter from last year's devastating collapse. Now analysts are calling the boom the "subprime of Europe" -- rapid growth in the consumer economy, fueled by heavy borrowing. As the global recession deepens, consumers and governments are having a hard time keeping up with the payments. Demand for Eastern European goods and services has dropped so low that the value of the Czech koruna, Polish zloty and Hungarian forint have dropped to three-year, five-year and all-time lows against the Euro. Bank runs have made matters worse. (See here for an explanation of the relationship between a country's currency and its economy.) Western banks are having to pay much more to insure their debts through credit-default swaps. They're expected to pull money out of these economies, cutting off the loans that make it possible for businesses there to expand. Eighty percent of the assets in Eastern (or "emerging") European banks are actually owned by Western European banks. Which Western countries are in most trouble? Austria is the most exposed to Eastern European credit; it's owed an amount equal to 70 percent of the country's GDP. However, even the government of Switzerland, long associated with financial stability, faces the threat of bankruptcy because its franc was so popular with Eastern European borrowers. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Feb 2009 | 7:40 pm The rocky Road to the London Summit starring Gordon BrownHow can the world put itself to rights when the nations wobble asks Charles Moore.Source: Telegraph Finance | 20 Feb 2009 | 7:34 pm How Sir Allen Stanford bowled Antigua overSir Allen Stanford's lavish spending turned the Caribbean island of Antigua into his very own theme park as our writer reports.Source: Telegraph Finance | 20 Feb 2009 | 7:27 pm Postcards from the Edge: the economic crisis that stretches from Wall Street to all streetsThe financial crisis has moved from Wall Street to all streets as the economic shock causes strains and suffering in every part of the world economy.Source: Telegraph Finance | 20 Feb 2009 | 7:25 pm Bloggers fight for Hollywood supremacySites spell trouble for Variety and Hollywood ReporterSource: Financial Times - US homepage | 20 Feb 2009 | 7:18 pm Injured, but still stickin' with the ArmyArmy Sgt. Angel Herrera drove trucks for an engineering unit in Afghanistan until serious wounds from a rocket-propelled grenade ended her tour of duty. But she's not ready to give up her stripes.Source: Marketplace Money | 20 Feb 2009 | 7:13 pm Suspend stamp duty says Gordon Brown allyStamp duty should be suspended and homebuyers given new tax breaks one of Gordon Brown's closest political allies says today.Source: Telegraph Finance | 20 Feb 2009 | 7:10 pm Prudential's Taiwanese disposal lifts reservesThe Prudential claims its capital position is now strong enough to survive another Great Depression after offloading its troublesome Taiwanese business.Source: Telegraph Finance | 20 Feb 2009 | 7:10 pm He's not leaving any soldier behindPatrick Sowers found a good job with higher pay and less work than he'd known as an Army sergeant. That bothered him. He's been paying back ever since, to the benefit of thousands of people in uniform.Source: Marketplace Money | 20 Feb 2009 | 7:09 pm This Week’s LinksCalculated Risk has some of the best comments I’ve seen on the new Obama housing plan. BLDGBLOG on decommissioned oil rigs as luxury hotels. Naked Capitalism on Eastern Europe triggering a new EU financial crisis. Coming soon: a Zagat guide covering doctors. The SignSpotting blog is all about funny signs. Source: Business Pundit | 20 Feb 2009 | 7:07 pm She's a veteran of charities' pleasYvonne Oppenheimer's brother couldn't say no to charities claiming to raise money for veterans. Now, even though he's deceased, the solicitations keep coming. Nancy Marshall Genzer reports.Source: Marketplace Money | 20 Feb 2009 | 7:07 pm The wrong dress blues for this Marine"Jarhead" author Anthony Swofford recalls how, despite needing to save money for college, he just couldn't schlep deep dish in the desert while still a member of the world's most elite fighting force.Source: Marketplace Money | 20 Feb 2009 | 7:05 pm Paying a big price for military serviceWhen duty called, chiropractor Daniel Bordelon didn't turn his back. The Army National Guard colonel, who nearly drowned in Hurricane Katrina, gave up his practice at a huge loss to serve in rebuilding New Orleans.Source: Marketplace Money | 20 Feb 2009 | 7:03 pm 'I will take care of my son'When members of the Armed Forces are seriously wounded, their families and friends face putting aside their own careers and goals to lend support. Jeff Tyler reports on the impact of a soldier's injury on his mother and sister's bottom line.Source: Marketplace Money | 20 Feb 2009 | 7:01 pm Profit alert hits Cattles sharesShares in loans firm Cattles dive 41% after it warns its profits will be "substantially lower" than market expectations.Source: BBC News | Business | World Edition | 20 Feb 2009 | 7:00 pm Ex-military in step with middle classAbout half of the 16 million Americans who served in World War II parlayed their active duty into a middle-class civilian life. Can today's military personnel anticipate a similar future? Tess Vigeland asked military sociology professor David Segal.Source: Marketplace Money | 20 Feb 2009 | 6:56 pm Citigroup, BofA shares plunge on nationalization rumors (AFP)
Source: Yahoo! News: Business | 20 Feb 2009 | 6:46 pm Citigroup, BofA shares plunge on nationalization rumors (AFP)
Source: Yahoo! News: Stock Markets News | 20 Feb 2009 | 6:46 pm Getting personal finances ship shapeThe branches of the military consider financial fitness as important as physical training. About three years ago the Navy ramped up its financial counseling service. Tess Vigeland visited the San Diego Naval Base to see how it works.Source: Marketplace Money | 20 Feb 2009 | 6:38 pm Trump casinos stock to be delisted from Nasdaq (AP)AP - Fallout from a third Chapter 11 bankruptcy filing continued for Trump Entertainment Resorts on Friday after it learned that its stock will be delisted from the Nasdaq exchange.Source: Yahoo! News: Stock Markets News | 20 Feb 2009 | 6:25 pm Rick's RantIn case you missed it, CNBC's Rick Santelli went off about Obama's new plan to help homeowners on the floor of Chicago Board of Trade yesterday. The clip makes a guest appearance on today's podcast, but you can watch it in full above. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Feb 2009 | 6:25 pm Medvedev attacks Putin officials over crisisDmitry Medvedev, the Russian president, accused Vladimir Putin's government of failing to act quickly to combat the economic crisisSource: Financial Times - US homepage | 20 Feb 2009 | 6:22 pm U.K. dancing film jigs for distributorThe success of movies like "Slumdog Millionaire" and "The Full Monty" have made British film makers hopeful their movies will follow the same path. Stephen Beard reports on one dancing film its director hopes will jig all the way to a U.S. audience.Source: Marketplace | 20 Feb 2009 | 6:21 pm Clinton talks climate change with ChinaSecretary of State Hillary Clinton wraps up her Asian tour in China. One of the things she hopes to discuss is how the U.S. and China can collaborate to reduce carbon emissions. Scott Tong reports.Source: Marketplace | 20 Feb 2009 | 6:21 pm Weekly Wrap: Tough times for marketsIt was a busy week -- from stimulus and mortgage plans to another Ponzi schemer being caught. T. Rowe Price's Andy Brooks and Wall Street Journal's Heidi Moore talk to Tess Vigeland about the hammering we took this week.Source: Marketplace | 20 Feb 2009 | 6:20 pm Golden opportunity at gold partiesWith the price of an ounce of gold breaking the $1,000 mark, some people are looking to cash in -- with gold parties. Ronni Radbill reports on the growing popularity of these parties, where you can sell gold for cash.Source: Marketplace | 20 Feb 2009 | 6:20 pm Housing plan raises ethical questionsMortgage relief is on its way, but not everyone who will receive help from Obama's housing plan may warrant it. Is it fair? Tess Vigeland speaks with ethics columnist Randy Cohen about the questions involved in paying for our neighbors' mortgages.Source: Marketplace | 20 Feb 2009 | 6:20 pm Mortgage bailout plan sparks angerPresident Obama's housing plan will help nearly 9 million homeowners avoid foreclosure or refinance. But the plan is drawing ire from homeowners who won't be receiving any help. Nancy Marshall Genzer reports.Source: Marketplace | 20 Feb 2009 | 6:20 pm Nationalization talk sinks bank stocksBank of America and Citigroup's shares continue to slide to record lows. Some analysts blame this on Treasury Secretary Timothy Geithner's reluctance to make a decision about bank nationalization. Bob Moon reports.Source: Marketplace | 20 Feb 2009 | 6:20 pm Ritholtz Says Some S&P Financials Will Be NationalizedSource: Bloomberg - All Podcasts | 20 Feb 2009 | 6:17 pm Moody's Lonski Says Year-Over-Year CPI Drop Will DeepenSource: Bloomberg - All Podcasts | 20 Feb 2009 | 5:50 pm Doll Favors Health Stocks, Avoids Bank and Media SharesSource: Bloomberg - All Podcasts | 20 Feb 2009 | 5:49 pm Klapwijk of GFMS Says $1,100 Gold Possible Later This YearSource: Bloomberg - All Podcasts | 20 Feb 2009 | 5:48 pm Aegon's Dinning Says Market Optimism Is PrematureSource: Bloomberg - All Podcasts | 20 Feb 2009 | 5:46 pm Latvian PM quits as crisis bitesLatvian PM Ivars Godmanis resigns, amid political turmoil triggered by the Baltic state's economic crisis.Source: BBC News | Business | World Edition | 20 Feb 2009 | 5:29 pm UK car plant 'at risk of closure'A major UK car plant may be forced to close within days unless it gets urgent state aid, a trade union leader warns.Source: BBC News | Business | World Edition | 20 Feb 2009 | 5:19 pm Under $10.00… Is GE Really A Bank? (GE, BAC, C)Today marks a monumental moment for the markets. The DJIA has broken through some of the major key support levels of November 2008, and now the questions are mounting over whether the S&P and NASDAQ will hold those levels as well. But yesterday shares of General Electric Co. (NYSE: GE) briefly broke under $10.00. Today, the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 20 Feb 2009 | 5:04 pm This Week’s Weird Jobs
This week’s jobs includes the coolest job title in the history of Business Pundit Weird Jobs posts. Scroll down to see what it is:
Candidates will be responsible for promoting wine sales through customer service, engaging our visitors in a genuine and friendly manner. We are looking for great personalities and willingness to learn about winery hospitality. This is mostly a weekend only position during the low season but could increase to more hours soon. • Compensation: $10 per hour plus commissions Breathalyzer tests required once an hour. 2. Texas: Bodyman AUTOMOTIVE /AUTO BODY Family owned Independent for 40 years needs bodyman. Very busy shop and a good place to work. Only those who are professional with 10+ years experience and who own tools need apply. Competitive pay & no weekends. Medical. We hire only the best. Plus, you get the coolest job title ever. 3. Virtual: In Game Support Representative We are looking for an experienced, creative and motivated individual who loves video games to provide customer support to our players. Responsibilities: Qualifications: Please refrain from joining pickup groups to bolster your own game points. 4. National: Make 5k to 10k per month with a Great product in a slow economy NO Recession here! Our sales have soared in this down economy! There is absolutely no cold calling! Our reps are making $10,000 You will be selling our PHONE BROADCASTING SYSTEMS This ad is basically telling applicants to become a telemarketer who sells telemarketing machines to other telemarketers. Incestuous, isn’t it? Hair product looking for both males and females to appear in upcoming print and commercial campaign. All hair types and ethnicities welcome to apply. Roles are non-speaking. These ads will run nationally so a great opportunity for the right talent. Pay for shoot is $500. Please send 4 to 6 photos and a CV if possible , THANKS AND GOOD LUCK Sorry, we don’t accept shaved heads. Happy Friday! Source: Business Pundit | 20 Feb 2009 | 4:18 pm Another One Bites The DustLatvia's government has become the latest to collapse in the wake of the world economic crisis. From the Associated Press: Latvia's center-right coalition government resigned Friday after weeks of instability brought on by the country's economic collapse. President Valdis Zatlers said he accepted the resignation of Prime Minister Ivars Godmanis and his administration, which had been in power since December 2007. Zatlers said he would begin talks with party leaders Monday to find a new candidate for prime minister. President Zatlers has pressured the government to cut back on the number of ministries and bring in new faces in an effort to win back the public's trust, which has plummeted. However, despite repeated attempts, the four ruling parties have been unable to reach a consensus on which ministries to abolish. The country's economic decline is accelerating. Output plummeted more than 10 percent in the fourth quarter year-on-year, meeting a common yardstick for a depression. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Feb 2009 | 4:05 pm Beacon Dims on New Financing (BCON)Beacon Power Corporation (NASDAQ:BCON) is developing a patented flywheel energy storage product, and the going is getting tough. The company today announced an $18 million investment from a private equity firm and the share price is heading toward a new 52-week low. Under the terms of the deal, private equity firm Seaside 88 LP, will purchase [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 20 Feb 2009 | 4:03 pm Tesoro Facing Sharp Price-Revenue Issues (TSO)Oil refiner Tesoro Corporation (NYSE:TSO) reported fourth quarter earnings of $317 million (EPS of $0.99), excluding special items. On a GAAP basis, the company earned $97 million (EPS of $0.70). The company wrote down an uncollectable receivable that cost it $0.41/share, or about $57 million. Revenue for the quarter was $4.33 billion, far below the $6.53 [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 20 Feb 2009 | 4:01 pm Saab aims to survive without GMThe board of the Swedish carmaker Saab files for reorganisation, seeking to create a fully independent business.Source: BBC News | Business | World Edition | 20 Feb 2009 | 3:56 pm Anglo American is Digging a Big Hole (AAUK, RTP, ACH, AU, ABX, NEM)The bigger they are, the more noise they make when they fall. British miner Anglo American plc (NASDAQ:AAUK) has canceled its dividend for the fourth quarter, suspended its $4 billion share buyback program, and fired 19,000 people, about 10% of its workforce. Anglo American, like its counterpart Rio Tinto plc (NYSE:RTP), got crushed by falling commodity [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 247 Wall Street | 20 Feb 2009 | 3:49 pm Germany approves stimulus packageGermany approves a 50bn euro ($63bn) stimulus plan aimed at spurring a recovery in Europe's largest economy.Source: BBC News | Business | World Edition | 20 Feb 2009 | 3:39 pm Scientists Reveal Secrets of French Fry Scent
Why do french fries smell so good? Scientists say it’s because they include a combination of smells like onion, ironing boards, and butterscotch. Ananova reports: Researcher Dr Graham Clayton said: “The chip doesn’t smell of just chips. One might not expect to find butterscotch or cocoa aromas in chips, but these are just one part of the overall aroma. “The aroma is much more complex and probably explains why chips are everyone’s favourite. We found lightly cooked or undercooked chips contained three simple aromas like bitter cocoa. Extra cooking produced up to nine different aromas.” The study was carried out at Leeds University. It was commissioned by the Potato Council for National Chip Week. Dr Clayton added: “Perhaps these findings will see chips treated like wine in the future, with fans turning into buffs as they impress friends with descriptions of their favourite fries.” Source: Business Pundit | 20 Feb 2009 | 3:26 pm Adobe Lowered to `Neutral' by Credit SuisseSource: Bloomberg - All Podcasts | 20 Feb 2009 | 3:23 pm Secrecy stormUBS deal puts Swiss banking privacy in jeopardySource: BBC News | Business | World Edition | 20 Feb 2009 | 3:21 pm
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