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NewsWatch: Schwab, Pimco could put ETFs into every investor's portfolioMore investors are turning to exchange-traded funds for index-matching results, a trend that's on the verge of reaching critical mass with the imminent arrival of Charles Schwab and Pimco as ETF players.Source: MarketWatch.com - Top Stories | 7 Mar 2009 | 2:00 pm Merkel says Opel rescue plan must be improvedBERLIN (Reuters) - German Chancellor Angela Merkel said on Saturday that General Motors must improve the rescue plan for its German unit Opel if it wants government support for the struggling carmaker.Source: Reuters: Business News | 7 Mar 2009 | 1:23 pm Madoff expected to plead guilty to fraud chargesNEW YORK (Reuters) - Bernard Madoff, accused mastermind of a $50 billion investment fraud, is expected to plead guilty to criminal charges next week, three months after his arrest shocked his customers worldwide.Source: Reuters: Business News | 7 Mar 2009 | 1:02 pm Personal Finance Daily: The week's 10 best Personal Finance stories: March 2-6In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of March 2-6:Source: MarketWatch.com - Top Stories | 7 Mar 2009 | 1:01 pm Lloyds chief to draw £3m pensionTHE Chief Executive of Lloyds Banking Group, Eric Daniels, is set to receive a £3m pension as the Government is forced to take a majority stake in the 244-year-old bank.Source: Latest Business News from Times Online | 7 Mar 2009 | 12:48 pm Hired! A new grad lands a new jobThese days, getting a college degree doesn't guarantee you a job. And with so many new grads vying for a limited number of openings in the worst job market in years, it's tough to stand out in a crowd. Employers expect to hire 22% fewer new grads this year than they hired last year, according to a new study conducted by the National Association of Colleges and Employers. That's the first time hiring projections have fallen since 2002, NACE said.Source: Business and financial news - CNNMoney.com | 7 Mar 2009 | 12:36 pm Washington prepares for big bank failureThe government is bracing for a big bank failure.Source: Business and financial news - CNNMoney.com | 7 Mar 2009 | 12:35 pm Principles' 2,300 staff face axeHundreds of jobs are expected to go at the Principles fashion brand after no suitable buyer could be found.Source: BBC News | Business | World Edition | 7 Mar 2009 | 12:31 pm U.K. to get up to 77% of LloydsRead full story for latest details.Source: Business and financial news - CNNMoney.com | 7 Mar 2009 | 12:30 pm Britain may get 77 percent Lloyds stake in asset dealLONDON (Reuters) - Britain will get a stake of up to 77 percent in Lloyds Banking Group after agreeing a deal to cap its losses at 260 billion pounds ($370 billion) of risky assets, the struggling bank said on Saturday.Source: Reuters: Business News | 7 Mar 2009 | 12:25 pm UPDATE 3-BNP, Belgium revise Fortis carve-up deal again(Adds Fortis comment on vote, shareholder, lawyer reaction)Source: RSS feed - channel BNewsBusiness | 7 Mar 2009 | 11:51 am Treasury takes 65% Lloyds stakeThe government is to take a controlling stake in Lloyds Banking Group, as it commits to lending an extra £28bn.Source: BBC News | Business | World Edition | 7 Mar 2009 | 11:18 am Auto Review: 2009 Volkswagen Jetti TDI: AwesomeThe six-speed manual snicks through the gears aided by a light and responsive clutch as the Jetta rolls quickly up the entrance ramp on a sunny spring-like day, never once making noises that would let on that it’s a diesel. Then the Jetta warrior surprises in two ways.Source: MarketWatch.com - Top Stories | 7 Mar 2009 | 11:01 am Investors could get say at Madoff plea hearingBernard Madoff could soon find himself in a courtroom with some of the devastated investors who he is accused of ripping off in one of the biggest financial frauds in history. A person...Source: RSS feed - channel BNewsBusiness | 7 Mar 2009 | 10:36 am Britain may get 77 percent Lloyds stake in asset deal (Reuters)Reuters - Britain will get a stake of up to 77 percent in Lloyds Banking Group after agreeing a deal to cap its losses at 260 billion pounds ($370 billion) of risky assets, the struggling bank said on Saturday.Source: Yahoo! News: Business | 7 Mar 2009 | 10:13 am Britain to take 65% stake in Lloyds Banking GroupThe British government said Saturday it will up its stake in Lloyds Banking Group to 65 percent and guarantee 260 billion pounds (290 billion euros, 365 billion dollars) worth of its toxic...Source: RSS feed - channel BNewsBusiness | 7 Mar 2009 | 10:11 am UK government takes controlling stake in LloydsThe British government has become a majority shareholder in Lloyds Banking Group PLC in exchange for insuring more than 260 billion pounds ($367 billion dollars) in risky assets, the bank...Source: RSS feed - channel BNewsBusiness | 7 Mar 2009 | 9:53 am Japanese workers demand pay rise amid recessionThousands of workers rallied at a Tokyo park on Saturday, demanding companies keep jobs and increase salaries to stimulate recovery from a deepening recession. "Secure regular pay rises!Source: RSS feed - channel BNewsBusiness | 7 Mar 2009 | 9:09 am Britain may get 77 percent Lloyds stake in asset dealLONDON (Reuters) - Britain will get a stake of up to 77 percent in Lloyds Banking Group after agreeing a deal to cap the bank's losses at 260 billion pounds ($370 billion) of risky assets.Source: RSS feed - channel BNewsBusiness | 7 Mar 2009 | 9:05 am Britain announces 260-bln guarantee for LloydsThe British government announced on Saturday it will guarantee 260 billion pounds (290 billion euros, 365 billion dollars) worth of toxic assets of Lloyds Banking Group.Source: RSS feed - channel BNewsBusiness | 7 Mar 2009 | 9:03 am Steel maker ArcelorMittal idling Cleveland plantSteel maker ArcelorMittal says a declining market for steel means it will suspend operations at its Cleveland site in May, leaving 950 steelworkers unemployed for an undetermined length of...Source: RSS feed - channel BNewsBusiness | 7 Mar 2009 | 8:02 am Rescuing teens from economic ignoranceFinancial literacy programs fill a crucial gap for young people who can text or Twitter in their sleep but can't balance a checkbook.If ever there were a teaching moment about the perils of financial ignorance, it's the current economic crisis. Source: L.A. Times - Business | 7 Mar 2009 | 8:00 am Universal Music wins Eminem song royalty lawsuitA Los Angeles jury says the record company doesn't have to pay producers more for songs sold online, upholding the music industry's business model.A federal jury in Los Angeles ruled Friday that Eminem's music royalties don't change just because a song has been sold online. Source: L.A. Times - Business | 7 Mar 2009 | 8:00 am Prosecutors indicate Bernard Madoff plea deal may be in worksThe disgraced New York financier charged with operating a $50-billion Ponzi scheme could be planning to plead guilty in exchange for a lighter sentence, legal experts say.Disgraced New York financier Bernard L. Madoff may be nearing a deal to plead guilty to one of the most egregious financial crimes in history. Source: L.A. Times - Business | 7 Mar 2009 | 8:00 am Obama administration is urged to expand mortgage rescueAssemblyman Ted Lieu calls for the federal anti-foreclosure plan to be amended to make more Californians eligible. Under existing rules, only those who owe 105% or less of their home's value can refinAmid concern that many Californians would not qualify for assistance from the federal anti-foreclosure plan, a powerful state legislator called on the Obama administration to make more homeowners eligible. Source: L.A. Times - Business | 7 Mar 2009 | 8:00 am Roche raises takeover bid for biotech giant GenentechThe Swiss drug developer bumps up its tender offer to $93 a share, or $45.7 billion, after its $86.50 offer was met with resistance from shareholders.Swiss drug developer Roche Holding on Friday boosted its hostile tender offer for biotechnology pioneer Genentech Inc. to $93 a share, or $45.7 billion in total, after its initial bid failed to pick up much support from shareholders. Source: L.A. Times - Business | 7 Mar 2009 | 8:00 am Trump Baja venture leaves buyers high and dryDeposits totaling $32.2 million are lost in the collapse of the celebrity developer's hotel-condo project.Stephen and Linda Drake cast aside concerns about owning property in Mexico because they believed in Donald Trump. Source: L.A. Times - Business | 7 Mar 2009 | 8:00 am Stocks end mixed after February jobs dataStocks end the day mixed. For the week, the Dow is down 6.2%.Investors have gotten used to bad news, but layoffs topping 650,000 a month still made for a volatile day on Wall Street on Friday, capping another difficult week for the stock market. Source: L.A. Times - Business | 7 Mar 2009 | 8:00 am Whole Foods, FTC agree on Wild Oats settlementAn appointed trustee will sell leases for 19 closed Wild Oats stores and divest 13 open stores. The FTC said Whole Foods' 2007 acquisition violated antitrust laws.Whole Foods Market Inc. announced a settlement with the Federal Trade Commission on Friday that ended the government's efforts to unwind the grocer's 2007 acquisition of Wild Oats Markets Inc. Source: L.A. Times - Business | 7 Mar 2009 | 8:00 am Unemployment hits 8.1%, adding to fearsNews that 651,000 more jobs were lost in February caps a week of steep market declines, worries over GM's survival and new concerns about banks. 'We still haven't hit bottom yet,' says one economist.The wave of layoffs that pushed unemployment last month to its highest level in more than a quarter of a century is giving American workers a new jolt of anxiety. Source: L.A. Times - Business | 7 Mar 2009 | 8:00 am Chinatown Blossom Plaza project haltedA bankruptcy filing stalls a residential and retail complex planned for the former Little Joe's site.Financial woes have derailed the development of Chinatown Blossom Plaza, a long-awaited $162-million apartment and retail complex set to rise on the former site of one of Los Angeles' most beloved downtown eateries. Source: L.A. Times - Business | 7 Mar 2009 | 8:00 am Trump Baja venture leaves buyers high and dryDeposits totaling $32.2 million are lost in the collapse of the celebrity developer's hotel-condo project. Stephen...Source: RSS feed - channel BNPaperBusiness | 7 Mar 2009 | 8:00 am Stocks end mixed after February jobs dataStocks end the day mixed. For the week, the Dow is down 6.2%. Investors have gotten used to bad news, but layoffs...Source: RSS feed - channel BNPaperBusiness | 7 Mar 2009 | 8:00 am Chinatown Blossom Plaza project haltedA bankruptcy filing stalls a residential and retail complex planned for the former Little Joe's site. Financial...Source: RSS feed - channel BNPaperBusiness | 7 Mar 2009 | 8:00 am Wells Fargo slashes dividend, expects to save $5 billionThe banking giant expects the move to save it $5 billion annually. Mortgage lending increases. Following the lead...Source: RSS feed - channel BNPaperBusiness | 7 Mar 2009 | 8:00 am Rescuing teens from economic ignoranceFinancial literacy programs fill a crucial gap for young people who can text or Twitter in their sleep but can't balance a checkbook. ...Source: RSS feed - channel BNPaperBusiness | 7 Mar 2009 | 8:00 am Whole Foods, FTC agree on Wild Oats settlementAn appointed trustee will sell leases for 19 closed Wild Oats stores and divest 13 open stores. The FTC said Whole Foods' 2007 acquisition violated antitrust laws. ...Source: RSS feed - channel BNPaperBusiness | 7 Mar 2009 | 8:00 am Obama bad for stocks? It's not that simpleSome investors and pundits blame him for the market's dismal performance. He inherited a mess, but his rhetoric isn't helping. ...Source: RSS feed - channel BNPaperBusiness | 7 Mar 2009 | 8:00 am Roche raises takeover bid for biotech giant GenentechThe Swiss drug developer bumps up its tender offer to $93 a share, or $45.7 billion, after its $86.50 offer was met with resistance from shareholders. ...Source: RSS feed - channel BNPaperBusiness | 7 Mar 2009 | 8:00 am Prosecutors indicate Bernard Madoff plea deal may be in worksThe disgraced New York financier charged with operating a $50-billion Ponzi scheme could be planning to plead guilty in exchange for a lighter sentence, legal experts say. ...Source: RSS feed - channel BNPaperBusiness | 7 Mar 2009 | 8:00 am Unemployment hits 8.1%, adding to fearsNews that 651,000 more jobs were lost in February caps a week of steep market declines, worries over GM's survival and new concerns about banks. 'We still haven't hit bottom yet,' says one economist. ...Source: RSS feed - channel BNPaperBusiness | 7 Mar 2009 | 8:00 am Employees of investment firm Stanford laid offAbout 1,000 people working around the nation for the troubled Stanford Financial Group founded by Texas billionaire R. Allen Stanford were laid off Friday by order of the court-appointed...Source: RSS feed - channel BNewsBusiness | 7 Mar 2009 | 7:20 am World's biggest banks to meet in London: reportChief executives of leading banks from Japan, Europe and the United States will meet in London to discuss regulation of the financial sector, according to a report. The British...Source: RSS feed - channel BNewsBusiness | 7 Mar 2009 | 6:57 am Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trade in Monday's session are J. Crew Group Inc., Comtech Telecommunications and Texas Instruments Inc.Source: MarketWatch.com - Top Stories | 7 Mar 2009 | 5:01 am Market Snapshot: Stocks facing uphill battle; budget, retail sales loomU.S. stock investors have little to look forward to in the week ahead, when Washington budget maneuverings and the unfolding saga of some of America's largest companies are likely to vie with retail-sales data and a handful of corporate earnings.Source: MarketWatch.com - Top Stories | 7 Mar 2009 | 5:01 am Nacchio requests bail pending Supreme Court reviewDENVER/LOS ANGELES (Reuters) - Former Qwest Communications International Inc Chief Executive Joseph Nacchio on Friday asked a U.S. court to let him stay free on bail while he appeals his insider trading conviction, just over two weeks before the day he is set to report to prison.Source: Reuters: Business News | 7 Mar 2009 | 2:30 am Goldman, others get AIG payouts: reportNEW YORK (Reuters) - Such firms as Goldman Sachs Group Inc and Morgan Stanley were among the financial institutions that received payouts from American International Group Inc since the Federal Reserve first began to aid AIG, according to the Wall Street Journal.Source: Reuters: Business News | 7 Mar 2009 | 1:52 am Goldman, others get AIG payouts: report (Reuters)Reuters - Such firms as Goldman Sachs Group Inc and Morgan Stanley were among the financial institutions that received payouts from American International Group Inc since the Federal Reserve first began to aid AIG, according to the Wall Street Journal.Source: Yahoo! News: Business | 7 Mar 2009 | 1:52 am Georgia bank closed in 17th failure of 2009Commerce, Ga.-based Freedom Bank of Georgia was closed by regulators Friday, marking the 17th bank failure of the year, the Federal Deposit Insurance Corporation said in a statement.Source: MarketWatch.com - Top Stories | 7 Mar 2009 | 1:35 am Business Briefs - FridayThe company that helps Americans prepare tax returns surged 7.9% to 18.58 after it lifted Q3 EPS 150% to 20 cents ex items, a dime above views....Source: Investor's Business Daily: BUSINESS | 7 Mar 2009 | 1:18 am In Brief - FridayHasbro (HAS), the toy maker, had its debt upgraded by Fitch Ratings, which cited the company's "improving operating performance." It...Source: Investor's Business Daily: BUSINESS | 7 Mar 2009 | 1:18 am Rising Tide Of Bankruptcies Fills The Coffers Of Software MakerHome prices, retail sales, GDP, employment and just about any other indicator you can think of are in decline.Source: Investor's Business Daily: BUSINESS | 7 Mar 2009 | 1:18 am After The Close - FridayFANNIE MAE (FNM), the mortgage giant, extended its suspension of eviction proceedings through March 31, as it implements the Obama...Source: Investor's Business Daily: BUSINESS | 7 Mar 2009 | 1:18 am Getting Down To BusinessGrowth has slowed dramatically for the software industry in recent months, prompting hiring freezes and layoffs.Source: Investor's Business Daily: BUSINESS | 7 Mar 2009 | 1:18 am Trends & Innovations - FridayMen can shape up with new girdleSource: Investor's Business Daily: BUSINESS | 7 Mar 2009 | 1:18 am Weekend Dealbreaker Breaking News: OH MY GOD!...oh wait. We kinda knew that. The beneficiaries of the government's bailout of American International Group Inc. include at least two dozen U.S. and foreign financial institutions that have been paid roughly $50 billion since the Federal Reserve first extended aid to the insurance giant. Goldman, Deutsche Bank and Others Got AIG Aid [The Wall Street Journal] 
Source: Dealbreaker | 7 Mar 2009 | 1:15 am Stanford receiver cuts 1,000 U.S. jobsHOUSTON (Reuters) - The court-appointed lawyer overseeing the assets and operations of Texas billionaire Allen Stanford's companies on Friday told 1,000 U.S. employees their jobs have been terminated and said most of the businesses' operations will be discontinued.Source: Reuters: Business News | 7 Mar 2009 | 12:57 am Merrill Lynch probes $400m trader lossThe US investment bank working with regulators after uncovering 'irregularity' in LondonSource: Financial Times - US homepage | 7 Mar 2009 | 12:55 am Merrill Lynch looking at "irregularity" in tradingLONDON/DUBLIN (Reuters) - Merrill Lynch said on Friday it had discovered an "irregularity" in its London trading positions and the Financial Times reported that a Merrill trader had been suspended over a suspected $400 million loss.Source: Reuters: Business News | 7 Mar 2009 | 12:41 am Canadian Markets: Stocks in Canada end week down almost 7%Canadian stocks surge, as rising commodity prices boost mining and energy shares and equities on Wall Street also posts gains.Source: MarketWatch.com - Top Stories | 7 Mar 2009 | 12:38 am GM, banks' fate to keep investors on edgeNEW YORK (Reuters) - With stocks mired in multi-year lows and the fate of General Motors and banks hanging in the balance, investors are unlikely to curb their flight from risk next week, putting Wall Street on track for another brutal sell-off.Source: Reuters: Business News | 7 Mar 2009 | 12:33 am U.S. jobless rate hits 25-year highWASHINGTON (Reuters) - The U.S. unemployment rate rose to a 25-year high of 8.1 percent in February as employers, buckling under the strain of a severe recession, axed 651,000 jobs, government data showed on Friday.Source: Reuters: Business News | 7 Mar 2009 | 12:31 am Dudley hits out at banks' 'self-interest'William Dudley, new president of the New York Federal Reserve Bank, accuses bankers of exacerbating the crisis by failing to raise capital quickly enough to avoid diluting their shareholdingsSource: Financial Times - US homepage | 7 Mar 2009 | 12:28 am Need to know: Coca-Cola expand... Daimler fell... property dropsView video and Need to Know interactive heatmapSource: Latest Business News from Times Online | 7 Mar 2009 | 12:20 am Stanford slashes 85% of U.S. employeesRead full story for latest details.Source: Business and financial news - CNNMoney.com | 7 Mar 2009 | 12:17 am Consumer Banking: Can't pay mortgage? Some modification offers hurt more than helpYour lender refuses to grant relief from your costly mortgage, and you’re desperate. Should you respond to any of the growing number of television ads, mailings or phone calls touting loan modifications?Source: MarketWatch.com - Top Stories | 7 Mar 2009 | 12:16 am Dow fights back but has lousy weekStocks staged a comeback late Friday afternoon, with the Dow and S&P 500 bouncing after hitting 12-year lows on a bleak February jobs report and more worries about the bank sector.Source: Business and financial news - CNNMoney.com | 7 Mar 2009 | 12:14 am 17th U.S. bank fails this yearState bank regulators closed Freedom Bank of Georgia Friday, making it the 17th bank to fail this year.Source: Business and financial news - CNNMoney.com | 7 Mar 2009 | 12:07 am Daniels and Blank must be turfed out of Lloyds the only question is whenIt was all too predictable. Having spent the week trying to cling on to the black horse those two hapless jockeys at Lloyds Banking Group have finally lost control of the wildeyed beast. All pretence that chief executive Eric Daniels and chairman Sir Victor Blank are in charge of the bank has gone. Lloyds is being nationalised in all but name.Source: Telegraph Finance | 7 Mar 2009 | 12:02 am Failure to find buyer puts Principles jobs in doubtMore than 2,000 jobs were believed to be at risk last night after it emerged that the administrators of Mosaic Fashions, the retailing conglomerate, had failed to secure a buyer for its Principles chain.Source: Latest Business News from Times Online | 7 Mar 2009 | 12:00 am How a recession strips men and women bareAfter my friend's husband lost his job, they would fall asleep clinging to each other like survivors on a liferaft. The assumed trajectory of their lives had swan dived, their days were filled with disappointment, paperwork and worry, but after years of long-wed back-to-back bedtimes, they started waking up comforted to be held by familiar arms.Source: Latest Business News from Times Online | 7 Mar 2009 | 12:00 am Taxpayers in control of LloydsLloyds will join Royal Bank of Scotland as a Governmentcontrolled bank under a deal which will see the taxpayer's stake in Lloyds rise to as much as 75pc.Source: Telegraph Finance | 7 Mar 2009 | 12:00 am America loses 23,000 jobs every day and output suffers biggest slump in 25 yearsAmerican businesses were forced to shed more than 23,000 jobs every day last month as recession tightened its grip on the economy, pushing the unemployment rate to a 25-year high.Source: Latest Business News from Times Online | 7 Mar 2009 | 12:00 am Merrill Lynch trader is suspended over £120m rogue currency dealsA trader working for an American investment bank in London has been suspended in an inquiry into “trading irregularities” with losses that could reach several hundred million dollars.Source: Latest Business News from Times Online | 7 Mar 2009 | 12:00 am Alistair Darling faces due diligence questions over banks' bailoutMPs are to ask Alistair Darling whether the Government undertook enough due diligence during the £37 billion bank bailout at the end of last year, The Times has learnt. Members of the Treasury Select Committee will also demand to know why measures announced to help businesses to trade their way out of a recession have not been put into effect.Source: Latest Business News from Times Online | 7 Mar 2009 | 12:00 am There's gold in them thar' mobiles, but Britons fail to answer the recycling callUp to 600kg (21,000oz) of gold and silver are being thrown away in Britain every year because mobile phone users are not recycling their handsets, according to the world's largest processor of electronic waste.Source: Latest Business News from Times Online | 7 Mar 2009 | 12:00 am Fund managers denounce steep rise in fees that advisers charge for cash callsSome of the City’s leading fund managers have attacked the rocketing advisory and underwriting fees that are being charged by investment banks and law firms in this year’s bumper crop of company cash calls.Source: Latest Business News from Times Online | 7 Mar 2009 | 12:00 am F&C finds hard times do not respect age or experienceAge may bring wisdom, but the world's oldest investment trust proved yesterday that this does not necessarily extend to avoiding huge stock market losses.Source: Latest Business News from Times Online | 7 Mar 2009 | 12:00 am Weekend Edition: Google poised to lay claim to Uncle Sam's tech budgetFacing a long slump in Interet advertising, Google is poisedto tap at least one big spender to be found amid the economic malaise: the federal government.Source: MarketWatch.com - Top Stories | 6 Mar 2009 | 11:54 pm GM, banks' fate to keep investors on edge (Reuters)
Source: Yahoo! News: Stock Markets News | 6 Mar 2009 | 11:52 pm GM, banks' fate to keep investors on edge (Reuters)
Source: Yahoo! News: Business | 6 Mar 2009 | 11:52 pm Some banks try to extricate themselves from TARP trapWells Fargo's decision to slash its dividend may help the bank repay its $25 billion government investment sooner. However, analysts say it will still take years, not months, for big banks to extricate themselves from the Treasury's Troubled Asset Relief Program, or TARP.Source: MarketWatch.com - Top Stories | 6 Mar 2009 | 11:51 pm Obama to lift stem cell research limitsBarack Obama is poised to sign an executive order lifting restrictions on federal funding for human embryonic stem cell researchSource: Financial Times - US homepage | 6 Mar 2009 | 11:46 pm Roche increases Genentech offer to $45.7 billion (Reuters)Reuters - Roche Holding AG raised its bid to buy out the minority shareholders of Genentech Inc by 7.5 percent to $93 a share and extended its tender offer by a week, driving Genentech shares more than 11 percent higher on Friday.Source: Yahoo! News: Business | 6 Mar 2009 | 11:45 pm Roche increases Genentech offer to $45.7 billionZURICH/NEW YORK (Reuters) - Roche Holding AG raised its bid to buy out the minority shareholders of Genentech Inc by 7.5 percent to $93 a share and extended its tender offer by a week, driving Genentech shares more than 11 percent higher on Friday.Source: Reuters: Business News | 6 Mar 2009 | 11:45 pm Russia and US vow to conclude arms dealHillary Clinton says she is looking forward to working with Russia on several issues, while her Russian counterpart Sergei Lavrov pledges that Moscow "will do everything to reach this agreement"Source: Financial Times - US homepage | 6 Mar 2009 | 11:41 pm US admits rising automaker uncertaintyBarack Obama's administration acknowledged deepening uncertainty on Friday over the future of the ailing US car industry even as General Motors tried to damp fears that it was headed for bankruptcySource: Financial Times - US homepage | 6 Mar 2009 | 11:33 pm Madoff moves closer to plea agreementBernard Madoff, the New York broker accused of masterminding an alleged $50bn 'Ponzi' scheme, is moving closer to a plea agreement with US prosecutors, according to a court document filed on FridaySource: Financial Times - US homepage | 6 Mar 2009 | 11:25 pm Stocks end mixed after February jobs data (AP)
Source: Yahoo! News: Stock Markets News | 6 Mar 2009 | 11:14 pm How the Dow Jones industrials fared Friday (AP)
Source: Yahoo! News: Stock Markets News | 6 Mar 2009 | 11:02 pm 3 places to save big on real dealsWith the recession wreaking havoc, SALE! signs abound. But a lower price doesn't mean a great deal. Three places to find true steals.Source: Business and financial news - CNNMoney.com | 6 Mar 2009 | 11:00 pm Daniels riding for his life at Lloyds but the Government holds whip handAs each hour passes it becomes clearer why Eric Daniels has been fighting so hard all week to cling on to his black horse.Source: Telegraph Finance | 6 Mar 2009 | 11:00 pm 5 ways to get low-cost tax assistance (AP)AP - Cutting corners on tax preparation costs might sound penny-wise and pound-foolish in a year when people are desperate for the biggest refunds or smallest tax bills possible. But it doesn't have to be.Source: Yahoo! News: Business | 6 Mar 2009 | 10:38 pm H&R Block posts 3Q profit, beats expectations (AP)AP - H&R Block Inc. is bracing for what could be a make-or-break final stretch of this year's income tax season.Source: Yahoo! News: Business | 6 Mar 2009 | 10:26 pm Sir Fred Goodwin's RBS pension to be examined by lawyersRBS is poised to hire top law firm Linklaters to examine the controversial £16m pension deal of Sir Fred Goodwin.Source: Telegraph Finance | 6 Mar 2009 | 10:20 pm Obama touts recovery amid grim economic news (Reuters)
Source: Yahoo! News: Stock Markets News | 6 Mar 2009 | 10:15 pm Write-Offs: 03.06.09$$$ The Bank of England speaks: This is 'not Zimbabwe' [FT Alphaville] $$$ Bailouts Are A War Against Reality [Clusterstock] $$$ Job of the Week: Macquarie needs a risk director. That could be you. [DBCC] $$$ A Rose by any other name / Pick us, do we not bleed? [Housing Wire]
Source: Dealbreaker | 6 Mar 2009 | 10:07 pm Presented By: Continental Airlines Newest Jet Fleet
Source: Dealbreaker | 6 Mar 2009 | 10:07 pm Dow, S&P buoyed by oil; Nasdaq falters on techs (Reuters)
Source: Yahoo! News: Stock Markets News | 6 Mar 2009 | 10:03 pm iPhone app fights warmingA new mobile software program lets people monitor and control their home's energy use while on the go.Source: Business and financial news - CNNMoney.com | 6 Mar 2009 | 9:59 pm Wolseley's small shareholders damp as plumber fixes leakPlumbing group fixed leak in its balance sheet at the price of small shareholders says Alistair Osborne.Source: Telegraph Finance | 6 Mar 2009 | 9:57 pm Consumer credit: Surprise $1.8 billion jumpConsumer borrowing showed a surprise rise in January, snapping a three-month decline and signaling that households may have started to loosen their purse strings.Source: Business and financial news - CNNMoney.com | 6 Mar 2009 | 9:44 pm Pennies from hellAll you need is a dollar and a dream. That used to be one of the slogans for the New York State lottery.Source: Business and financial news - CNNMoney.com | 6 Mar 2009 | 9:43 pm U.S. jobless rate hits 25-year high (Reuters)Reuters - The U.S. unemployment rate rose to a 25-year high of 8.1 percent in February as employers, buckling under the strain of a severe recession, axed 651,000 jobs, government data showed on Friday.Source: Yahoo! News: Business | 6 Mar 2009 | 9:36 pm Andy Cuomo Has A Scorching Case Of PissedThat's right, the bitch is flaming mad (you can tell by the use of the word "stymie"), and not gonna take it anymore.
Cuomo asks court to deny Bank of America request [Reuters]
Source: Dealbreaker | 6 Mar 2009 | 9:35 pm Wolseley's £1bn fundraising risks the wrath of its smaller investorsWolseley has risked a revolt by its small investors after the building materials group unveiled a £1bn capital raising that offers major shareholders preferential treatment.Source: Telegraph Finance | 6 Mar 2009 | 9:30 pm Lloyds and Treasury at loggerheads over toxic assetsLloyds still locked in dispute with the Government over its insurance scheme for toxic assets.Source: Telegraph Finance | 6 Mar 2009 | 9:24 pm Mecom shares fall 16pc on warning over covenantNewspaper group Mecom's shares fell by 16pc after it warned that failing to sell its German and Norwegian titles could see it breach a covenant by the end of the month.Source: Telegraph Finance | 6 Mar 2009 | 9:19 pm The Obama PortfolioTough week for the First Portfolio Manager: The Obama Portfolio (Since Inception): -2.04%
Source: Dealbreaker | 6 Mar 2009 | 9:16 pm Hear: Job Loss CityOn today's Planet Money: -- U.S. unemployment hit 8.1 percent in February -- unless you count the underemployed, too, in which case it's 14.8. Economist Howard Rosen of the Peterson Institute for International Economics takes your questions about the real picture, COBRA, and which industries might be hit next. -- Look, the economy is bad. It's even very bad. But if you gaze across the span of history, says economist Ken Rogoff of Harvard, this particular crisis starts to seem not so unusual after all. Rogoff talks about the ideas behind his paper, "This Time Is Different: A Panoramic View of Eight Centuries of Financial Crises." -- And seriously, the economy could be Bonus: After the jump, extra questions and answers from Howard Rosen, plus the full text of "Villanelle for Uncertain Times" by Jonathan Kern. Thanks to everyone who sent us questions about employment over Twitter. Howard Rosen took more than we could use on the podcast. I've collected extras in the MP3 below. @AndiVanderKolk's, included below, wins the prize for question from which I personally learned the most.
Villanelle for Uncertain Times Though banks are suffering a lack of liquidity Though Congress is demanding more rapidity The credit markets all crave liquidity While Keynsians say the budget reeks of tepidity Zealots always demand philosophical solidity. Human nature involves some cupidity. -- Jonathan Kern Download the podcast; or subscribe. Intro music: The Allman Brothers' "Can't Lose What You Never Had." Find us: Twitter/ Facebook/ Flickr » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 6 Mar 2009 | 9:16 pm Everything Old Is NewLike, say, the Glass-Steagall Act of 1933? Commercial banks should be separated from investment banks in order to avoid another crisis like the U.S. is experiencing, according to former Federal Reserve Chairman Paul Volcker. Volcker Urges Dividing Investment, Commercial Banks [Bloomberg]
Presented By:
Source: Dealbreaker | 6 Mar 2009 | 9:14 pm Marvell Technology Raised to `Buy' at BroadpointSource: Bloomberg - All Podcasts | 6 Mar 2009 | 9:13 pm Soss Says Fed Must Show Clear Philosophy on Handling RecessionSource: Bloomberg - All Podcasts | 6 Mar 2009 | 9:11 pm Unemployment: Men More DiscouragedEditor's note: This item has been updated and corrected. I went looking through the February job loss report from the U.S. Bureau of Labor and Statistics today, which says 31.7 million men and 49.4 million women didn't have a job in February for various reasons. The government doesn't include these sidelined workers in the national unemployment rate. But that doesn't mean many of them wouldn't like a job. In one table, a significant and growing number say they stopped searching for work because of "discouragement over job prospects." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 6 Mar 2009 | 9:09 pm Marshalls makes loss but targets OlympicsMarshalls the paving stone manufacturer cut its dividend after the company made a £4.5m pretax loss is hopeful of winning deals to supply Olympic projects.Source: Telegraph Finance | 6 Mar 2009 | 9:09 pm Gary Shilling Sees U.S. Government Acting Like 1990s JapanSource: Bloomberg - All Podcasts | 6 Mar 2009 | 9:06 pm Insurers fall further as accounting row emerges over MCEVTurmoil in insurance industry as Prudential Legal ? General and Standard Life refuse to adopt new MCEV insurance standards accepted by other key players.Source: Telegraph Finance | 6 Mar 2009 | 9:03 pm Jobless laborers in Dubai are stuckAs the boom in Dubai has fizzled out, many South Asian men who have built the city are bearing the brunt of the downturn and losing their jobs. But they can't go home. Stephen Beard reports.Source: Marketplace | 6 Mar 2009 | 8:58 pm One answer to bank crisis: Wal-MartWhat should we try next to stabilize the financial services industry? Economist and commentator Todd Buchholz suggests the answer might be letting a new player into the game.Source: Marketplace | 6 Mar 2009 | 8:58 pm Trying to make sense of a bad weekAndy Brooks, chief trader at T. Rowe Price and Megan McCardle, editor for The Atlantic's Business Channel, join Bob Moon to see if they can find some meaning in another rough week on Wall Street.Source: Marketplace | 6 Mar 2009 | 8:57 pm Job seekers take 1 step forward, 2 backFor some workers, this recession represents their first reversal of fortunes. But zigging in and out of work is becoming an all too familiar game of financial musical chairs for a lot of us. Jeff Tyler reports.Source: Marketplace | 6 Mar 2009 | 8:57 pm Seattle paper eyes Web-only futureThe Seattle Post-Intelligencer is looking at becoming the nation's first metro newspaper to go Web-only next week. Its journalists are facing lower salaries and benefit cuts. Could this be a model for newspapers' survival? Mitchell Hartman reports.Source: Marketplace | 6 Mar 2009 | 8:57 pm FDIC seeking cash for new bailout plan?The Federal Deposit Insurance Corporation is asking Congress for a $500 billion line of credit with the U.S. Treasury. This enormous new request could signal a change in strategy in the banking bailout. Steve Henn reports.Source: Marketplace | 6 Mar 2009 | 8:57 pm Unemployment may be nearing bottomSome 12.5 million Americans are now looking for work, as unemployment hit a 25-year high last month. Millions more are underemployed. But some experts see signs the job market may be about to turn around. John Dimsdale reports.Source: Marketplace | 6 Mar 2009 | 8:57 pm US jobless rate increases to 8.1%The number of people unemployed in the US rose by 651,000 in February, official figures show.Source: BBC News | Business | World Edition | 6 Mar 2009 | 8:42 pm Hot dog sales sizzle during downturnHot dog sales were up 2 percent in 2008, despite the economic downturn in almost every industry. So what makes the American favorite such a recession-proof meal? Chicago Public Radio's Adriene Hill finds out why from the epicentre of hot dog culture.Source: Marketplace Money | 6 Mar 2009 | 8:36 pm More people retiring abroadThe economic downturn is causing some retirees to pick up and move out of the United States in search of a lower cost of living. Reporter Karen Weise journeyed to Panama where she met a retired parole officer originally from Detroit.Source: Marketplace Money | 6 Mar 2009 | 8:18 pm US jobless figure is worst for 25 yearsUS job losses over the past 12 months rose to a record 5m according to official statistics, as employers in the world's largest economy shed more than a half million workers for the fourth month running in February, adding to the severity of the economic downturnSource: Financial Times - US homepage | 6 Mar 2009 | 8:16 pm Doppelgänger Can't Catch A Cab?
Source: Dealbreaker | 6 Mar 2009 | 8:16 pm Cramer Picks DJIA 5,320 As Absolute DJIA Bottom (GM, AA, AXP, BA, PG, KO, T, VZ, DD)
Again, those are just some of his brief snippets out of many hurried comments. He was not making individual cases for stocks, but he was trying to apply the prices that would put the DJIA at 5,320 where he thinks a floor could be. Some of you love Jim Cramer. Some of you don’t. But he can still move stocks regularly and sometimes even a market. Our own take is a much different. We don’t care about the DJIA, and frankly we’d like to see the DJIA get disbanded as an index. As this is a strange price-weighted index rather than market cap-weighted, we feel that is a manipulated index where the largest companies in there make all of the price moves for the index. JON C. OGG Tagged: AA, AXP, BA, DD, GM, KO, PG, T, VZ      Source: 247 Wall Street | 6 Mar 2009 | 8:09 pm Madoff guilty plea on the cardsBernard Madoff, the man accused of orchestrating a $50bn (£35bn) fraud, may plead guilty next week, reports say.Source: BBC News | Business | World Edition | 6 Mar 2009 | 8:03 pm Credit card lingo 101The average American has more than $9,000 in credit card debt and often fail to realize that the interest rates change often. Marketplace's Mitchell Hartman reports on how to decipher the fine print and hot to get a handle on debt.Source: Marketplace Money | 6 Mar 2009 | 8:02 pm Getting PersonalTess Vigeland and economics editor Chris Farrell give advice to listeners about prioritizing and paying down debt, and where the average person can save on bills.Source: Marketplace Money | 6 Mar 2009 | 7:55 pm Guess The CloseCNBC is wondering aloud if the Dow is obsolete and should be abolished. Obsolete? Nonsense. Our cutting edge "Where will the Dow close" contests are more than enough reason to keep the Dow alive. So, you know the rules. It's "Reverse Price-is-Right": Closest to the close without going under. Entries are closed at exactly 3:50pm EST (as per the time stamp of your comment). GO!
Source: Dealbreaker | 6 Mar 2009 | 7:54 pm Not To Mention, FREE TurboTax Tutorials
Source: Dealbreaker | 6 Mar 2009 | 7:53 pm This Week’s LinksThe Recovery Plan’s logo (via WallStreetFighter) Consumerist on human teeth in a wallet Econbrowser on how much $1 trillion really is Copyblogger on how to sell high-ticket items in a poor economy Source: Business Pundit | 6 Mar 2009 | 7:32 pm Decoder: First-time homebuyerFirst-time homebuyers are entitled to an $8,000 tax credit this year, but how do you qualify? It's not as easy as you may think. Marketplace's Rico Gagliano explains who qualifies in our latest Marketplace Decoder.Source: Marketplace Money | 6 Mar 2009 | 7:31 pm Japanese luxury retailers eye stimulus checksA Tokyo seafood supplier that is offering a luxury crab platter is just one of a raft of companies hoping to win a share of a national Y2,000bn economy-boosting cash handout launchedSource: Financial Times - US homepage | 6 Mar 2009 | 7:27 pm The Dealbreaker Chronicle Of Vending Machine Challenges: Q1 2009 UpdateDate: May 29, 2008
Source: Dealbreaker | 6 Mar 2009 | 7:22 pm Details of Obama's housing planObama's mortgage rescue plan calls for relief for Freddie Mae and Freddie Mac customers. It also calls for changes to loan companies, which should offer everyone some relief. Tess Vigeland asks Nic Retisnas of Harvard's Center for Housing Studies to break down the details and beneficiaries of Obama's housing plan.Source: Marketplace Money | 6 Mar 2009 | 7:20 pm Unemployment demand risingThe federal unemployment rate shot up to a 25-year high of 8.1 percent this year. With millions of people out of work, unemployment offices have been overwhelmed with people seeking benefits. Jeff Tyler reports on how the safety net is being stretched to its limit.Source: Marketplace Money | 6 Mar 2009 | 7:06 pm Straight Story: Treasury market bubbleHoping that the housing market was going to be the last bubble to burst? Economics editor Chris Farrell warns that the Treasury Market is next and offers advice on how to weather the storm.Source: Marketplace Money | 6 Mar 2009 | 7:01 pm Watchmen barometer of studio's prospectsThe media group is hoping that the opening of their latest $130m special effects-laden blockbuster vindicates a decision in 2008 to streamline the group's film divisionSource: Financial Times - US homepage | 6 Mar 2009 | 6:57 pm Open Thread: If We Did NothingFolks, we have to concentrate for a bit on cutting today's podcast. It's all about the new jobless numbers, plus a look at where we are in history. Your Twitter questions about unemployment were terrific, and it's been great to watch you helping each other -- and us -- understand the economic picture. I'll leave you for a while with this Twitter post from @bjhaddad: Please explain what would happen if the government did/does nothing. Seems like everyone just assumes it will be a disaster. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 6 Mar 2009 | 6:46 pm Experts discuss market psychologyThe financial crisis is causing investors to rethink everything they know about investing. Tess Vigeland talks to Jason Zweig, the author of "Your Money & Your Brain," and Richard Peterson, author of Inside the "Investor's Brain," about what we're learning from the fallout.Source: Marketplace Money | 6 Mar 2009 | 6:31 pm Sirius XM Holders Get To Live Longer (SIRI, LINTA, LINTB, LCAPA, LCAPB, LMDIA)
Under terms of the deal, Malone’s Liberty will invest in Sirius XM. The satellite radio provider and its lenders have also agreed to extend outstanding loans which are due in May. Sirius XM also announced that XM Satellite Radio, a subsidiary of Sirius XM, has amended and extended its $350 million credit facilities. XM’s existing term loan and revolving loan have also been rolled into a single term-loan facility. Liberty will loan $150 million to XM Satellite Radio to repay a portion of the 10% convertible notes due December 1 issued by its former corporate parent. Sirius XM has granted Liberty 12.5 million shares of new preferred stock convertible into 40% of the common stock of Sirius XM. Saying a $0.13 or $0.14 stock was “allowed to live” is a misnomer. This company is living on life support and may be in a coma. There are still many issues ahead for Sirius XM, and the shaky economy and plummeting auto sales is just a small piece of the pie. Sirius XM shares are up more than 6% today to $0.1384. Jon C. Ogg       Source: 247 Wall Street | 6 Mar 2009 | 6:09 pm Tsvangirai's wife killed in car crashZimbabwe's prime minister Morgan Tsvangirai was hurt and his wife of 31 years killed in a road accident 30 miles south of the capital HarareSource: Financial Times - US homepage | 6 Mar 2009 | 6:05 pm Fisher Says U.S. Fiscal Crisis Plans Heading in Right DirectionSource: Bloomberg - All Podcasts | 6 Mar 2009 | 6:03 pm FTSE 100 flat despite US job losses (AFP)
Source: Yahoo! News: Stock Markets News | 6 Mar 2009 | 5:56 pm Europe shares slip after US dataMost European shares fall after the release of gloomy US unemployment data, which also hit Wall Street.Source: BBC News | Business | World Edition | 6 Mar 2009 | 5:50 pm Life Coaching: Do You Need It and Can You Do It Yourself?
Your savings have tanked and your business is in the toilet. It’s no surprise that mental health professionals are in demand. But do you really need professional help? And if so, what should it be? A therapist or a life coach? Alice Donavin is a Professional Life Coach and Psychotherapist, describes the difference:
Who’s up for both? I’ve heard about five times this week about people working harder than ever to keep the job or business they’ve got. Can you afford not to invest in yourself? Why Hire a Life Coach? Life coaching is a relatively new discipline that draws on psychology, sociology, positive adult development, and other types of counseling. Life coaches use value assessment, behavior modification, persuasion, suggestion, reassurance, goal-setting, and instruction to help you see yourself and your problems more realistically and cope more effectively. Donavin says to consider hiring a life coach if:
DIY Coaching Plunking down cash for professional services may seem extravagant right now. Can you coach yourself toward success? Check out these resources: Coach Yourself to Succes: 101 Tips From a Personal Coach for Reaching Your Goals at Work and in Life, by Talane Miedaner Character Makeover: 40 Days with a Life Coach to Create the Best You, by Katie Brazelton and Shelley Leith Life Coach in a Box: A Motivational Kit for Making the Most Out of Life, by Carol Stanton and Katy Dockril Danavin encourages life coaching as an efficient, cost-effective, and long term solution to what ails you. Whether you shell out for professional guidance or go the DIY route, any investment has got beat the DIA. Source: Business Pundit | 6 Mar 2009 | 5:38 pm Roche Capitulates (DNA)
The offer’s deadline has been extended to midnight on March 20. Shareholders have to agree to the deal, which is subject to the original conditions. The company has raised $36 billion in capital and Roche says in an SEC filing that it can raise the rest. As of March 5, Roche said that only about 500,000 shares have been tendered in favor of the offer. Many still feel that Genentech is worth more than $100 per share. But this is a bird in the hand in a very tough climate. This new offer might represent much more than two birds in the bush. Genentech shares are now trading up 10% at $89.90 on the news. Jon C. Ogg       Source: 247 Wall Street | 6 Mar 2009 | 5:38 pm Coats Says FDIC Bonds Still `Best Deal Around'Source: Bloomberg - All Podcasts | 6 Mar 2009 | 5:25 pm Plummeting Rig Count, Floor in Oil & Gas Prices? (BHI, USO, OIH)Just about every economist says that the employment rates, ergo the unemployment rate, is a lagging indicator. The same is arguably true for the total number of rigs in oil and gas. Baker Hughes Inc. (NYSE: BHI) issued its new rig count for the month. This is still lagging, but the count of rigs has continued to drop by a substantial amount. Some might even call it shocking. As oil prices rise, more rigs are installed or turned back on. That continues after the peak as drillers try to capture higher energy prices. But now that energy prices have cratered, the rig count is still going lower and lower. Eventually, enough rigs get cut down and idled that supply is affected. Demand might be much lower, but when supply is cut over and over you eventually end up with a supply-demand gap that at least in theory drives up prices. United States Oil Fund ETF (NYSE: USO) is up 2% with energy prices today, and it has risen since the rig count data was released. The ETF has had a hard time tracking the actual move in oil prices, but that is a different issue entirely. The Oil Services HOLDRs (NYSE: OIH) has rebounded from lows, although it is up only 0.7% at $67.38. Has oil bottomed out? That is an answer that is up to traders and somewhat up to roll-dates. T. Boone Pickens just yesterday called $60 before under $40 in oil prices. As the Zen master answers whether an event is good or bad: “We’ll see.” Jon C. Ogg       Source: 247 Wall Street | 6 Mar 2009 | 5:23 pm Trading probed at Merrill LynchInvestment bank Merrill Lynch confirms it has discovered an "irregularity" in the deals of a London-based trader.Source: BBC News | Business | World Edition | 6 Mar 2009 | 5:14 pm Gilliam Sees U.S. Unemployment Rate Tied to Fiscal StimulusSource: Bloomberg - All Podcasts | 6 Mar 2009 | 5:02 pm The Real Unemployment NumberA quick outtake from our podcast interview with economist Howard Rosen: "Today we learned that there are 12.5 million people who are unemployed, and we have another 8.6 million people who are working part-time because they cannot find full-time jobs. Now, you're talking about 20 million people in this country who are either unemployed or underemployed. I don't want to freak out people, but the unemployed number, we start talking about 15, 16 percent." Rosen notes that the government typically revises unemployment figures. For now, the broadest measure of unemployment stands at 14.8 percent. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 6 Mar 2009 | 4:39 pm Contest You Don't Want to Win
race to the top = race to the bottom data source: Bloomberg Simon Johnson of MIT sent me this chart last night. It shows the price you have to pay if you want insurance against, say, Citigroup defaulting on a bond you might own. The higher the price, the worse shape the market thinks that company is in. American Express actually leads the list on this chart. With a little math you can translate the price of insurance into what the market thinks the chances are that the company will default and not be able to pay you the money it promised when it sold you the bond. James Kwak, who writes the blog Baseline Scenario with Simon, pulled up the numbers: "The implied probability of default within 5 years is 42% for American Express and 39% for Citigroup, according to Bloomberg. That is using Bloomberg's default setting of a 40% recovery rate. (If you assume a higher recover rate, you will get a higher implied probability of default.)" Baseline Scenario has a great explainer on all this. As you may have guessed, that chart shows the price of a credit default swap. Yes, those things that almost doomed AIG. Turns out they're also pretty handy indicators. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 6 Mar 2009 | 4:25 pm 'It's Raining Men'Richard sends this indicator from the blog, Confessions of a Community College Dean:
At a recent meeting, I raised the question of supports for male students, given their sudden enrollment spike and their historically higher attrition rates, only to be answered by an extended silence. I'm not entirely sure what will happen when the Fall class gets here, but I think we're in for some awkward cultural moments. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 6 Mar 2009 | 4:08 pm Mandel Sees Oil at $80 to $90 a Barrel in 8 to 10 MonthsSource: Bloomberg - All Podcasts | 6 Mar 2009 | 4:01 pm Big companies cash in on bond feverLending money to cash-strapped corporates, councils and dairy co-operatives has become the investment du jour for retirees and ageing baby boomers desperate for a decent return on their nest eggs. Issues of bonds, or notes as they...Source: New Zealand Herald - Business | 6 Mar 2009 | 4:00 pm Aust PM wants Pacific cash backPublic outrage is pressing down on the future of Pacific Brands, the clothing and bedding manufacturer that plans to close its plants in Australia and New Zealand to continue an already extensive move to China. The company has...Source: New Zealand Herald - Business | 6 Mar 2009 | 4:00 pm Liam Dann : Australia shows it's vulnerableAustralia is now officially halfway to joining New Zealand's recessionary party. Oddly enough the gloomy GDP data across the Tasman this week appears to have come as a shock to many who had hoped the Lucky Country might be immune...Source: New Zealand Herald - Business | 6 Mar 2009 | 4:00 pm Bank moves to 'print money' in bid to revitalise economyThe Bank of England announced radical plans to inject 75 billion ($211.5 billion) into the banking system by effectively creating money as it cut official interest rates by half a percentage point to a record low of 0.5 per cent yesterday. The...Source: New Zealand Herald - Business | 6 Mar 2009 | 4:00 pm Brian Gaynor : Unlucky mascot for guarantee schemeThe failure of Mascot Finance demonstrates that the New Zealand Government can make the same dreadful mistakes as Guinness Peat Group (GPG). Mascot became an approved institution under the Crown Retail Deposit Guarantee Scheme...Source: New Zealand Herald - Business | 6 Mar 2009 | 4:00 pm Diana Clement : Earnings insurance for difficult timesIt's amazing what a year can do in the psyche of investors. At the beginning of 2007 a good chunk of us thought ourselves invincible. But by midyear, many were scrambling to take out insurance cover for income. Unlike in some countries,...Source: New Zealand Herald - Business | 6 Mar 2009 | 4:00 pm Mascot trustee says Reserve Bank given all relevant dataThe trustee of Mascot Finance, which the Government doubts should have been covered by its retail deposit guarantee, says she supplied "all relevant" information about the company to the Reserve Bank. Louise Edwards of Perpetual...Source: New Zealand Herald - Business | 6 Mar 2009 | 4:00 pm Ryanair 'serious' about toilet chargeRyanair chief executive Michael O'Leary insists he is serious about making passengers pay for the right to relieve themselves on flights - and is flush with interest in the idea of credit-card-operated toilets. O'Leary, whose Dublin...Source: New Zealand Herald - Business | 6 Mar 2009 | 4:00 pm Vodafone boss slips in for NZ visitVodafone's global head slipped in and out of the country almost unnoticed on a flying visit to its New Zealand telco operation. Vodafone New Zealand spokesman Paul Brislen said the whirlwind trip by Vittorio Colao, lasting less...Source: New Zealand Herald - Business | 6 Mar 2009 | 4:00 pm NZ workers face chop as NAB unveils crisis strategyHundreds of workers at National Australia Bank - possibly including contract workers in New Zealand - may face the chop next week when the bank unveils its new strategy to battle the financial crisis. NAB, which has a global workforce...Source: New Zealand Herald - Business | 6 Mar 2009 | 4:00 pm Italy revives Sicily bridge planItaly's government revives plans to build a controversial bridge to Sicily as part of a massive public works project.Source: BBC News | Business | World Edition | 6 Mar 2009 | 3:56 pm GM (GM): The Next Great American Company That Will Trade Under $1
Today GM trades at $1.43, and had been down sharply most of the day. There also are a number of things which could cause the shares to collapse further in the next week. GM’s auditors expressed their opinion about the company being a “going concern”, but for investors and ratings agencies, that is old news. GM has been a Chapter 11 candidate since it first went to Washington and said it did not have the money to make it through last year. During the last two days there have been rumors that GM’s management and board may favor a pre-packaged bankruptcy with government money coming in to support the new company once a court rids it of many of its debt obligations and agreements with the UAW. If the company announces that action, the common stock will be wiped out, and so will most if not all of the owners of the preferred. Another avenue to court would be if some of GM’s suppliers who have not been paid in months decided to push GM into a liquidation. If that happens, the car company would probably file for Chapter 11 on its own rather than have suppliers take the first step in an attempt to get to the front of any line the court might make to make payments on the GM’’s obligations. The most likely circumstance for a sharp drop in the stock is the federal government putting another $20 billion into GM in the hopes of keeping it on life support until auto demand rebounds. This would almost certainly not include satisfactory negotiations with the UAW and creditors, but the limited concessions the company probably will get from these parties would cut operating costs and the firm’s break-even point. If the government makes the decision to do what it did with Citigroup (C) and take equity in the company, GM shareholders would face substantial dilution. GM’s stock is going to fall below $1 and it may happen as early as next week. Douglas A. McIntyre Tagged: C, GM      Source: 247 Wall Street | 6 Mar 2009 | 3:51 pm Financial centres' ratings fallThere is no "safe" financial centre in the world, a report from the City of London Corporation says.Source: BBC News | Business | World Edition | 6 Mar 2009 | 3:23 pm This Week’s Weird Jobs
Do you ever wish that you had a cool job title, even if the work itself wasn’t that great? If you swing two of the jobs below, you could be a female groom, a nude trainer, and work at Doggie Style. You can’t beat that: 1. Dublin: Jobs at Doggie Style Mobile Washing & Grooming At Doggie Style, our strategy is simple. We hire the best and most passionate groomers we can find, then reward them with great salaries and bonus packages. We value efficiency, simplicity, attention to detail and working smart. We place great emphasis on maintaining a flexible, fun and honest environment where everyone’s opinion is respected and where people’s contributions are acknowledged and rewarded. Plus, you get to answer “doggie style” when someone asks you where you work. Priceless. 2. Kentucky: Female Grooms Wanted Requesting experienced female grooms for 2009 harness horse racing season in Wilkes Barre, Pennsylvania at Pocono Downs. Qualified applicants will be responsible for 4 to 5 well-bred horses in training. Grooms must have an understanding of daily harness racing routines, equipment, feeding, and be able to identify illness, soreness, and lameness, etc. In this case, if someone asks you what you do, make sure that you mention horses. 3. Los Angeles: Got Talent? Want Fame? Interviews? Red-Carpets? Exposure? - PUBLICIST No contracts, monthly services, low rates. Actors Singers Bands Dancers Models Authors Films Products Websites Compensation: $200 per month We don’t know the difference between a job posting and an advertisement for our services. That’s the kind of PR you’ll get from us, too. Hi guys, I am looking for good looking certified trainers to train nude in a private training facility with gay guys. I am looking for guys that comfortable train in the nude. It’s the client choice if he train dressed or in the nude. You and the client are the only one at gym. No one else!!! I am NOT looking to provide sex to my Client just motivation. I just want my client to feel welcome, safe & comfortable. Must not be afraid of sticky vinyl surfaces, falling objects, or bumping into client on a regular basis. Wow, remember those days? We bought expensive cars, dined at great restaurants, bought beautiful clothes, owned nice homes and always had lots of money to spare. And we deserved it. We worked hard and we played hard! Who would have guessed the end would come so quickly for so many? Bearing that in mind it may surprise you (and it certainly surprised me) that there is a small group of Ex-Loan Officers, Brokers and Realtors who are today earning MUCH MORE then they ever did during the mortgage boom times. In fact not only are they earning great commissions they’re experiencing something you and I never had - RESIDUAL INCOME! I was at first but then I tapped into a (not so well) hidden secret. That you can sell OTHER financial services to people, such as Annuities and various Insurance products that are ten times`easier to sell then a standard refinance package and (most important of all) you can earn treble the commissions you’re used to making on a standard refinance. If you know someone who’s losing money through their 401K or playing the market and they need savvy advice, to save like the rich - you have a potential client (think Robert Kiyosaki)! It’s as easy as that. Happy Friday! Source: Business Pundit | 6 Mar 2009 | 3:19 pm UK homeowners in Spanish victoryA court decision in Spain opens the way for UK citizens to reclaim some of the tax they paid when they sold their homes there.Source: BBC News | Business | World Edition | 6 Mar 2009 | 3:09 pm After FTC Settlement What of Wild Oats & Whole Foods Is Left? (WFMI)
This resolves the matter and now the company can go on. But investors are left wondering about what Wild Oats really received in acquiring Wild Oats. The divestiture trustee will have six months to market the assets to be divested, and an extension of up to six months may be granted. The settlement agreement has been placed on public record for a 30-day comment period, after which the FTC will issue a final ruling. In the first quarter these stores generated about $31 million in sales, or about 1.3% of the company’s total sales. Again, this is a win. It allows Whole Foods to go on without a dismantling of a deal it had already closed. Whole Foods paid roughly $565 million for 110 stores under the Wild Oats name. Whole Foods was already closing some stores and in October 2007 it sold 35 Henry’s Farmers Market and Sun Harvest Market stores. It looks like the end result of the acquisition was just an exercise in killing the competition rather gaining a major brand. Whole Foods shares are up about 2% at $12.03 on the news. Jon C. Ogg       Source: 247 Wall Street | 6 Mar 2009 | 2:56 pm How to Spot a Ponzi Con Artist? Follow the Yachts (Time.com)
Source: Yahoo! News: Stock Markets News | 6 Mar 2009 | 2:55 pm We’ve Fallen Farther, Faster Than 1929 CrashThe New York Times points out that the S&P 500 is down 56% since it peaked on Oct. 9, 2007, 513 calendar days ago. In the identical number of days from the 1929 market peak, the market was down 49%. So we have fallen farther, faster in this market crash than the mother of all crashes.       Source: 247 Wall Street | 6 Mar 2009 | 2:37 pm It's Spelled PLANET MONEYNew York Times columnist Paul Krugman today quotes from "a recent interview" with Treasury Secretary Tim Geithner. Um...I think that might be our interview with him. We've got a call in to Krugman to ask him. Why can't folks remember our program names? » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 6 Mar 2009 | 2:35 pm From Green to IPO to Chapter 11In January, a biofuelscompany named Changing World Technologies was thought to be preparing for an IPO. The company, based in New York, owned a biomass fuel plant in Carthage, Missouri, that used turkey waste as a feedstock. The company filed for bankruptcy on Wednesday. All but 4 of the 50 employees at the plant will be laid off during the Chapter 11 reorganization. Too bad the company couldn’t hold on just a bit longer. With all the federal money about to be showered on alternative energy companies, an outfit with the word ‘Change’ in its name would have been a natural for a drop or two of cash. It is becoming more and more obvious that not all green things are really green. Paul Ausick       Source: 247 Wall Street | 6 Mar 2009 | 2:27 pm When Refineries Lose Money (WNR)Western Refining Inc. (NYSE:WNR) reported a quarterly EPS loss of -$0.19, just half as much as its -$0.38 EPS loss in the fourth quarter of 2007. Excluding a one-time inventory write-down, the company’s EPS for the fourth quarter of 2008 was $0.49, above analysts’ estimates of $0.41. Revenue fell from $2.42 billion in the year-ago quarter to $1.66 billion, well below expectations of $2.16 billion. Western’s CEO noted that refining margins were strong in the first two months of 2009 and the company expects “to have continued strong margins in our markets in the month of March as we move into the driving season.” Western also completed work at its Yorktown refinery that will allow it to process 100% heavy crude, typically a cheaper feedstock than light, sweet crude. Shares closed about 2% lower yesterday. Paul Ausick       Source: 247 Wall Street | 6 Mar 2009 | 2:24 pm Pickens & Pelosi: Clean Energy Does Better Than Expected (CLNE)Clean Energy Fuels Corp. (NASDAQ:CLNE) reported a quarterly EPS loss of -$0.09, excluding certain items, beating analysts’ estimates of a loss of -$0.37. Revenue was essentially flat with the fourth quarter of 2007 at $29.6 million, compared with estimates of $34.51 million. The stock closed off about 8% yesterday, before earnings were announced. Shares hit a 52-week high of $19.95 in September and have fallen to $4.70 at yesterday’s close. Shares are up about 5% right before the open. Paul Ausick       Source: 247 Wall Street | 6 Mar 2009 | 2:23 pm Braeu Says U.S. Labor Market Is `Hemorrhaging' JobsSource: Bloomberg - All Podcasts | 6 Mar 2009 | 2:22 pm 8.1 Percent Unemployment
Unemployment rate for U.S. workers 16 and older.
In February, job losses were large and widespread across nearly all major industry sectors. The new 8.1 percent is the worst since 1983. The numbers from recent months were all just revised, too, in the direction of misery -- but you knew it was bad, right? NPR reports: January's job cuts were revised to show a steep decline of 655,000, while December's payrolls losses were adjusted to 681,000, the deepest since October 1949. Since the start of the recession in December 2007, the economy has purged 4.4 million jobs, bleeding more than half of those in just the last four months. We'll be all over this for the podcast today. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 6 Mar 2009 | 2:20 pm Garthwaite Calls Geithner's Proposals `Pretty Disastrous'Source: Bloomberg - All Podcasts | 6 Mar 2009 | 2:20 pm Worldwide downturn 'to hit women'The economic crisis could increase the number of unemployed women by up to 22 million this year, the International Labour Organization says.Source: BBC News | Business | World Edition | 6 Mar 2009 | 2:04 pm Stock Markets: When Will the Bull Return? (BusinessWeek Online)
Source: Yahoo! News: Business | 6 Mar 2009 | 1:08 pm Stock Markets: When Will the Bull Return? (BusinessWeek Online)
Source: Yahoo! News: Stock Markets News | 6 Mar 2009 | 1:08 pm Strong Dollar: Good? Stupid?NPR's Tom Gjelten has answers. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 6 Mar 2009 | 12:45 pm World stocks gloomy on fresh economic woes (AFP)
Source: Yahoo! News: Stock Markets News | 6 Mar 2009 | 12:25 pm
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On CNBC’s Stop Trading segment today, Jim Cramer said that he ran the worst case scenario on all of the DJIA components, and the worst level he can come up is 5,320. He said he did a bottom-up approach on each individual component and attached a reasonable worst case scenario to each.
Sirius XM Radio Inc. (NASDAQ: SIRI) and Liberty Media Corporation (NASDAQ: LINTA, LINTB, LCAPA, LCAPB, LMDIA) have announced the closing of the second and final phase of the John Malone rescue package.
Roche has apparently capitulated in its fight to take over Genentech Inc. (NYSE: DNA). Its cancer franchise and its pipeline, along with a shareholder proxy fight, finally made Roche tip its hand. The company’s $86.50 tender offer, which was lowered already, was raised to $93.00 tender offer.
GM’s (GM) stock is racing toward $1 where it can join Citigroup (C) and a number of other famous American companies which could not hold that price point.
Whole Foods Market, Inc. (NASDAQ: WFMI) has reached a settlement agreement with the Federal Trade Commission’s about its acquisition of Wild Oats. Under the terms of the settlement, Whole Foods will divest the Wild Oats intellectual property and name. Whole Foods will also sell 32 former Wild Oats stores.
