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Indicator: Nine Months
A taste of the economy at Grand Central Bakery in Portland, Ore. Andrew Black/Planet Money Facebook group Tim sends this indicator from Colorado Springs: Economic Indicator: 9. Nine months was the amount of time that the new pizza place down the street stayed open. They moved from a really bad location a couple of miles away to a nicer location close to central down-town Colorado Springs. They completely renovated a space and installed all brand new equipment and furnishings. Did everything they could to make it look like a nice new up-scale pizza place. But it never looked like they had much business when I would walk by at lunch time. This morning I walked by on my way to the coffee shop and looked in the window to see the place gutted. All the equipment and furnishings are gone, there are holes in the wall where restaurant equipment was ripped out. It looks like someone just took everything, and took it in a hurry. How long can a business like that wait to see if they can repay their business loan? Nine months seems like a very short time for someone to just give up on a brand new expensive business venture. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Mar 2009 | 3:20 pm Layoffs Watch '09: UBSA slew of UBS employees are said to have up and walked out of the building (to never come back) after receiving the cash portion of their "bonus" two weeks back, but, unfortunately, not enough for the higher-ups' liking. No matter though, they've problem-solved their way out of not having enough space for house plants the old fashioned way. Local rag SonntagsZeitung reported yesterday that the Swiss bank will cut an additional 5,000 senior and management jobs, including up to 2,500 positions from the wealth management division. 
Source: Dealbreaker | 16 Mar 2009 | 3:17 pm Hedge Funds To Take Back The NightHeads up to those of you considering making sweet rape to David Einhorn, L-Train, Richard Perry, Steve Cohen, et al-- do so at your own risk, because they will not be made victims! As you're aware, Porsche non-consensually fucked a gaggle of hedge funds back in October and now they're finally (maybe) standing up and saying this* is wrong and you're not going to get away with it. Lawyers representing funds said they were working on a large number of cases, although they said many were still at an early stage and might never be filed. Earlier: Know Your Porsche Volkswagen Victims
*Taking our money.
Source: Dealbreaker | 16 Mar 2009 | 3:04 pm He Blames GreenspanJames Kwak, our friend at Baseline Scenario, considered our quest for people to blame in the economic crisis. Kwak writes: If I had to pick one person or institution, there is only one possibility: [Former Federal Reserve chairman] Alan Greenspan. Obviously a crisis of the current magnitude requires the participation of many people and institutions. But if you are looking to place blame, you need to focus on people who could have made a difference. Blaming things on "greed" or "greedy people" is silly, because as someone once said, greed is like gravity: you know it exists, and you have to expect to be there. Blaming individual rating agencies, mortgage lenders, investment banks, bank CEOs, etc. also doesn't work. In each case, if that agency/lender/bank/CEO had behaved differently, it would have made no difference. In a competitive market, it would have simply lost market share and been replaced by a less scrupulous competitor (or, in the case of a CEO, he would have been fired). Greenspan is different, and uniquely important, for a couple of reasons. First, he was unique. The Federal Reserve, to begin with, is a unique institution. It has no competitors who could replace it, and the central bank of the United States is by far the most influential central bank in the world. In addition, Greenspan himself had enormous personal control over the Open Market Committee, and by 2001 had already established himself as the most influential figure in the global economy. No one else in the world had more ability to combat precisely the sort of credit bubble that we experienced. Second, it was his job -- arguably, at least. The Fed's official mandate is to control inflation and limit unemployment, and for over two decades it has focused on the former. Asset price bubbles are a form of inflation. People buy houses to live in them, so when house prices go up, housing is becoming more expensive. People buy stocks in order to save for retirement, so when stock prices go up, saving is becoming more expensive. That's inflation. Now, Greenspan made an explicit decision that asset price inflation was not the sort of inflation he was responsible for. That was a plausible and defensible decision -- but in retrospect, clearly it was the wrong decision. Third, he was wrong -- wrong about derivatives, wrong about unregulated financial markets, wrong about housing fundamentals, etc. Yes, most other people were wrong at the same time, and I know that, as Martin Wolf said, Greenspan was celebrated at the time. But that doesn't change the fact that if you are the most powerful economist in the world, it is your job to be right. I'm not saying he did anything corrupt, or he should lose any money, or he should be thrown in jail. But just as central bankers are praised when things go well, they should be blamed when they go badly. Fourth, and most importantly, unlike every other blameworthy candidate I can think of, he could actually have done something about the bubble. If he had taken asset price inflation seriously, the answer would have been obvious: raise interest rates much earlier than he actually did. He wouldn't even have had to ask if there was a bubble or not. The way the Fed usually works, they look at the CPI -- if it is too high, they raise rates. They don't stop and think about whether there are fundamental reasons why inflation should be high; they just raise rates. If they had taken the same approach with asset prices, they would have raised rates earlier, which would have deflated the bubble. Now, maybe Greenspan alone couldn't have prevented the crisis. But he had an opportunity, and a responsibility, that no one else had. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Mar 2009 | 2:55 pm Wall Street on course for fifth day of risesBen Bernanke, chairman of the Federal Reserve, dominated talk among US investors as futures traders bet on a fifth continuous day of stock market rises.Source: Financial Times - US homepage | 16 Mar 2009 | 2:34 pm AIG (i.e. You) Paying For Those Fish And Chips, BTW
Source: Dealbreaker | 16 Mar 2009 | 2:33 pm Wall Street higher on banks, but tech drags Nasdaq (Reuters)
Source: Yahoo! News: Stock Markets News | 16 Mar 2009 | 2:29 pm Wall Street higher on banks, but tech drags Nasdaq (Reuters)
Source: Yahoo! News: Business | 16 Mar 2009 | 2:29 pm AIG: Who got the moneyAIG gave in to demands from Congress Sunday, naming the banks that pocketed billions of dollars last fall as part of a federal bailout of the troubled insurer.Source: Business and financial news - CNNMoney.com | 16 Mar 2009 | 2:25 pm Mergers: No such thing as a done dealRead full story for latest details.Source: Business and financial news - CNNMoney.com | 16 Mar 2009 | 2:22 pm Stocks try to make it 5 in a rowBank stocks led a bigger rally Monday morning, as investors looked to extend the recent advance to a fifth straight session.Source: Business and financial news - CNNMoney.com | 16 Mar 2009 | 2:19 pm Craig Medwick Re-Elected as Americas Leader for Clifford ChanceNEW YORK, March 16 /PRNewswire/ -- Clifford Chance today announced that Craig Medwick has been re-elected to a second term as regional managing partner of the Americas. His new...Source: RSS feed - channel BNewsBusiness | 16 Mar 2009 | 2:16 pm Iowa Industrial Jobs Down 1.5% in 2008 According to State Manufacturers DirectoryEVANSTON, Ill., March 16 /PRNewswire/ -- Manufacturers' News, Inc. -- Industrial employment in Iowa fell 1.5% over the past twelve months according to the 2009 Iowa...Source: RSS feed - channel BNewsBusiness | 16 Mar 2009 | 2:15 pm Academy of Art University Joins Design Ignites Change: an Innovative Student Program to Leverage the Power of Design to Ignite Social ChangeSAN FRANCISCO, March 16 /PRNewswire/ -- The Academy of Art University has announced that it has joined Design Ignites Change: a call to action challenging students, educators,...Source: RSS feed - channel BNewsBusiness | 16 Mar 2009 | 2:15 pm US industrial production slides againUS industrial production fell for the fourth month running in February, dropping by 1.4 per cent on weak factory and manufacturing output as global demand has continued to erodeSource: Financial Times - US homepage | 16 Mar 2009 | 2:11 pm Wall Street higher on banks, but tech drags NasdaqNEW YORK (Reuters) - The Dow and S&P 500 rose on Monday after Britain's Barclays buoyed hopes that some stabilization may be returning in banking, but large-cap tech shares weighed on the Nasdaq due to recession worries.Source: Reuters: Business News | 16 Mar 2009 | 2:10 pm Saxony-Anhalt Named a 'Best Kept Investment Secret' for 2008 by US-based Site Selection MagazineMAGDEBURG, Germany, March 16 /PRNewswire/ -- Saxony-Anhalt, located in Central Germany, tops a list of "Best Kept Investment Secrets", part of the "2008...Source: RSS feed - channel BNewsBusiness | 16 Mar 2009 | 2:10 pm Wall Street opens higher, building on 4-day rally (AP)
Source: Yahoo! News: Stock Markets News | 16 Mar 2009 | 2:07 pm Bailing Out Ken GriffinGoldman Sachs et al have received the brunt of the tongue lashings since AIG disclosed yesterday which financial institutions received payments last fall. And though we would never suggest you throw ire at our favorite midwestern hedge fund, we also don't think it should be left out of the fun. Citadel Investment Group and Paloma Securities--a branch of Conn.-Based Paloma Partners--were paid $200 million each of taxpayer dollars between Sept. 18 and Dec. 31, according to the list of securities lending counterparties released on Sunday by AIG.
Source: Dealbreaker | 16 Mar 2009 | 2:06 pm T. Rowe Price to Collaborate with Walt Disney World(R) Co. to Promote Financial Empowerment and Education for FamiliesThe Great Piggy Bank Adventure(SM) Exhibit to Open this Spring at INNOVENTIONS at Epcot(R) BALTIMORE, March 16 /PRNewswire-FirstCall/ -- T. Rowe Price, the global...Source: RSS feed - channel BNewsBusiness | 16 Mar 2009 | 2:05 pm Wall Street opens higher, building on 4-day rallyNEW YORK -- Investors buoyed by comments on the economy from Federal Reserve Chairman Ben Bernanke sent stocks mostly higher today. The Dow Jones industrials and Standard & Poor's index rose for a fifth straight day.Source: L.A. Times - Business | 16 Mar 2009 | 2:03 pm Global Dignitaries Gather to Launch Americas Business CouncilNobel Peace Prize Winners Archbishop Desmond Tutu and Mikhail Gorbachev to address inaugural event, ABC Reconciliation Forum WASHINGTON, March 16...Source: RSS feed - channel BNewsBusiness | 16 Mar 2009 | 2:01 pm Gruppo Levey & Co. Announces Technology Practice GroupNEW YORK, March 16 /PRNewswire/ -- Gruppo, Levey & Co. (GLC), a leading private investment bank, announced today the formation of a dedicated technology practice group. ThisSource: RSS feed - channel BNewsBusiness | 16 Mar 2009 | 2:00 pm The Conference Board Launches YourBrainatWork.org in Time for Brain Awareness WeekNEW YORK, March 16 /PRNewswire/ -- Right on time for Brain Awareness Week beginning today, The Conference Board, the global business research and membership organization, and theSource: RSS feed - channel BNewsBusiness | 16 Mar 2009 | 2:00 pm Backwater boomOne part of France escapes the economic gloomSource: BBC News | Business | World Edition | 16 Mar 2009 | 1:59 pm Citigroup's Pandit awarded $10.8 million in 2008NEW YORK (Reuters) - Citigroup Inc awarded Chief Executive Vikram Pandit $10.8 million of compensation in 2008, a year in which the bank required two government rescues totaling more than...Source: RSS feed - channel BNewsBusiness | 16 Mar 2009 | 1:56 pm Citigroup's Pandit awarded $10.8 million in 2008NEW YORK (Reuters) - Citigroup Inc awarded Chief Executive Vikram Pandit $10.8 million of compensation in 2008, a year in which the bank required two government rescues totaling more than $45 billion.Source: Reuters: Business News | 16 Mar 2009 | 1:56 pm Citigroup's Pandit awarded $10.8 million in 2008 (Reuters)Reuters - Citigroup Inc awarded Chief Executive Vikram Pandit $10.8 million of compensation in 2008, a year in which the bank required two government rescues totaling more than $45 billion.Source: Yahoo! News: Business | 16 Mar 2009 | 1:56 pm TV clash gets White House talkingWhite House cheers as comedy show takes on finance gurusSource: BBC News | Business | World Edition | 16 Mar 2009 | 1:55 pm US to unveil small business planThe US government is set to announce wide ranging measures to help small businesses cope with the the global economic downturn.Source: BBC News | Business | World Edition | 16 Mar 2009 | 1:55 pm Making $1.5M on an iPhone appSource: Business and financial news - CNNMoney.com | 16 Mar 2009 | 1:52 pm Barclays confirms talks on iShares saleLONDON (Reuters) - British bank Barclays Plc on Monday confirmed it had discussed selling its iShares unit and said it was trading strongly, sending its shares up by more than a fifth.Source: Reuters: Business News | 16 Mar 2009 | 1:51 pm U.S. bank stocks rise amid optimism a bottom was hitNEW YORK (Reuters) - Bank stocks rose Monday on optimism that efforts to revive economies worldwide will bolster results.Source: Reuters: Business News | 16 Mar 2009 | 1:50 pm U.S. bank stocks rise amid optimism a bottom was hitNEW YORK (Reuters) - Bank stocks rose Monday on optimism that efforts to revive economies worldwide will bolster results.Source: RSS feed - channel BNewsBusiness | 16 Mar 2009 | 1:50 pm Oil falls to $44 after OPEC keeps output steadyLONDON (Reuters) - Oil fell to around $44 a barrel Monday after OPEC decided to leave existing output targets unchanged.Source: Reuters: Business News | 16 Mar 2009 | 1:48 pm GE jumps over $10 for first time since February 19 (Reuters)Reuters - General Electric shares jumped nearly 5 percent to $10.07 shortly after the market open on Monday, marking the first time the stock was above $10 since February 19.Source: Yahoo! News: Stock Markets News | 16 Mar 2009 | 1:46 pm GE jumps over $10 for first time since February 19NEW YORK (Reuters) - General Electric shares jumped nearly 5 percent to $10.07 shortly after the market open on Monday, marking the first time the stock was above $10 since February 19.Source: Reuters: Business News | 16 Mar 2009 | 1:46 pm Barclays, iShares, and Selling the Crown Jewels (BCS)
But there is a downside here too. This is no different than having to sell off Park Place and Boardwalk to avoid being bankrupt. It can work, but selling off the best assets to pay for survival is not exactly the precedent for the world’s best model. Barclays has also said that 2009 is off to a strong start to 2009. Barclays shares are up 13% at $5.01 shortly after the open. JON C. OGG Tagged: BCS      Source: 247 Wall Street | 16 Mar 2009 | 1:46 pm Foreign purchases of U.S. debt riseForeign purchases of U.S. debt increased in the first month of 2009, according to a Treasury report released Monday, easing some concerns that overseas investors have lost their appetite for U.S. debt.Source: Business and financial news - CNNMoney.com | 16 Mar 2009 | 1:35 pm White House To Yuk It Up On EconomyThe word from the White House this morning, via Squawk Box, is that "President Obama will appear on The Tonight Show with Jay Leno this Thursday to talk about the economy." Let that sink in for a sec.
Source: Dealbreaker | 16 Mar 2009 | 1:35 pm Investors cheer Barclays iShares talksUK lender's move to sell part of its fund-management business could help the bank avoid joining the UK government's insurance scheme for bank assetsSource: Financial Times - US homepage | 16 Mar 2009 | 1:32 pm Auto Review: 2009 Hyundai Genesis 4.6: The power of Tau“Gee, it is real quiet in here,” was my thought as I first tooled down the interstate in Genesis.Source: MarketWatch.com - Top Stories | 16 Mar 2009 | 1:29 pm Tech Stocks: Cisco in spotlight as tech sector waversTechnology stocks put in a mixed performance early Monday, with Cisco Systems Inc. taking the spotlight as the networking-equipment giant prepares to launch a new initiative in its attempt to claim more of the data-center technology market.Source: MarketWatch.com - Top Stories | 16 Mar 2009 | 1:28 pm Retail Stocks: Retail falls as Bernanke warns jobless rate will continue to riseRetail shares trade in opposition to rising broader markets after Federal Reserve Chairman Ben Bernanke says the 8.1% unemployment rate will continue to rise.Source: MarketWatch.com - Top Stories | 16 Mar 2009 | 1:27 pm Will the Fed go long and buy Treasurys?The Chinese are getting nervous about buying U.S. Treasurys. Does that mean it's time for the Federal Reserve to start buying long-term notes?Source: Business and financial news - CNNMoney.com | 16 Mar 2009 | 1:24 pm Veru Sees `Progress' Toward Improved Banking IndustrySource: Bloomberg - All Podcasts | 16 Mar 2009 | 1:22 pm Schork Says OPEC Gives World Economy Chance to RecoverSource: Bloomberg - All Podcasts | 16 Mar 2009 | 1:22 pm US and Europe - Two Sides of the Natural Gas Storage Coin (CHK)
That’s probably more than the available storage space, which is estimated at about 3.8 trillion cubic feet. Some analysts are saying that US gas producers need to cut production by 5 billion cubic feet per day beginning this summer in order to avoid a storage glut by fall. The Europeans are facing exactly the opposite problem. Natural gas storage capacity in Europe is about half the capacity of the US, but it’s barely a third full. Europe gets about a quarter of its natural gas from Russia, and Russia has been shipping less gas to Europe due to the dipute with Ukraine, an extremely cold winter in Russia, and continuing production declines at Russia’s biggest gas fields. Earlier this month, Chesapeake Energy Corp. (NYSE:CHK) said that it would cut production by 7%, or about 240 million cubic feet/day. At the same time, the company said it was considering an additional 10% cut in drilling. Since August 2008, Chesapeake has reduced its rig count from 158 to 110. Storage injections over the summer will tell the tale for the 2009-2010 heating season. Falling rig counts and lower production in the US will try to stem the freefall in prices. The Europeans face the problem of trying to get more gas into storage to prepare for next year’s heating season. They are likely to rely on LNG shipments to make up for the uncertainties coming out of Russia. From either side of the coin, natural gas storage presents a nearly unprecedented problem. Just one more issue to add to the list. Paul Ausick       Source: 247 Wall Street | 16 Mar 2009 | 1:21 pm Metals Stocks: Gold futures fall first day in four as stocks rallyGold futures fall 0.5% in early action as a resumption in gains for stocks spell reduced investment appeal for the precious metal.Source: MarketWatch.com - Top Stories | 16 Mar 2009 | 1:21 pm Fortress fourth quarter profits fallLosses swelled in the fourth quarter at Fortress Investment Group, the first private equity and hedge fund firm to list just over two years ago, on writedowns in its private equity fundsSource: Financial Times - US homepage | 16 Mar 2009 | 1:20 pm Citigroup's board nominates four new directorsNEW YORK (Reuters) - Citigroup Inc's board said it had nominated four new directors, including Anthony Santomero, former president of the Federal Reserve Bank of Philadelphia.Source: Reuters: Business News | 16 Mar 2009 | 1:18 pm Citigroup's board nominates four new directors (Reuters)Reuters - Citigroup Inc's board said it had nominated four new directors, including Anthony Santomero, former president of the Federal Reserve Bank of Philadelphia.Source: Yahoo! News: Business | 16 Mar 2009 | 1:16 pm Israel Stocks: Tel Aviv moves higher for a second day; banks shrug off LeumiIsrael stocks trade higher, following on sharp gains in the prior session and as the government reports a decline in consumer prices for February, the fourth consecutive monthly drop.Source: MarketWatch.com - Top Stories | 16 Mar 2009 | 1:13 pm AMD says Intel threatening to end patent pact over spin-offAdvanced Micro Devices Inc. says rival Intel Corp. is threatening to end a patent cross license agreement between the two rivals over allegations that the creation of GlobalFoundries violates the terms of the deal.Source: MarketWatch.com - Top Stories | 16 Mar 2009 | 1:13 pm UBS Removed its Short-Term Sell Rating on General Electric (GE)UBS removed its short-term sell rating on General Electric (NYSE: GE). The firm is maintaining its Neutral rating. Shares of GE rocketed 36% higher last week as it recovers from its absolute free fall. Two major overhangs, a dividend cut and triple-A rating cut, are now out of the way. Tagged: GE      Source: 247 Wall Street | 16 Mar 2009 | 1:12 pm Ford cuts output at European plantsThe Detroit carmaker is cutting production at its plant in Spain and extending a shorter work week in Germany in response to the 'unprecedented decline' in demand for new cars on the continentSource: Financial Times - US homepage | 16 Mar 2009 | 1:09 pm Financial Stocks: Financial stocks launch second week of gainsU.S. financial stocks rise carrying forward last week’s momentum as the market took heart from Fed Chairman Bernanke’s weekend comments that economic decline should stop sometime this year.Source: MarketWatch.com - Top Stories | 16 Mar 2009 | 1:08 pm 'Outrage' at AIG bonus paymentsThe Obama administration and US senators react angrily to bonus payouts to executives announced by US insurance giant AIG.Source: BBC News | Business | World Edition | 16 Mar 2009 | 1:07 pm Citi Discloses New Independent Board Members (C, USB, BOH)
Michael E. O’Neill, 62, retired Chairman and Chief Executive Officer of the Bank of Hawaii Corporation (NYSE: BOH). Anthony M. Santomero, PH.D., 62, most recently a Senior Advisor at McKinsey & Company, served as the ninth President of the Federal Reserve Bank of Philadelphia from 2000-2006. William S. Thompson, Jr., 63, retired in 2008 as CEO of PIMCO, the giant fixed income investment management company. Citi has 10 of its current 15 board members standing for re-election at that April 21 meeting. Of those five not up for re-election, 2 are retiring and 3 have chosen to not stand for re-election. Chairman Richard Parsons said that the board will reach 14 if these are all elected, and noted that the board will consider future additions. JON C. OGG Tagged: BOH, C, USB      Source: 247 Wall Street | 16 Mar 2009 | 1:05 pm Energy Stocks: Baker Hughes layoffs, lower oil prices spark mixed tradingEnergy shares trade mixed Monday in the face of more layoffs at Baker Hughes, falling oil prices in the face of OPEC’s steady oil production, and gains in the broad market.Source: MarketWatch.com - Top Stories | 16 Mar 2009 | 1:03 pm Airline Stocks: Delta, US Airways lead the sector higherNEW YORK (MarketWatch) -- Airline stocks posted gains early Monday with the wider market, and led by share climbs for Delta Air Lines and US Airways.Source: MarketWatch.com - Top Stories | 16 Mar 2009 | 1:00 pm Illinois Tool Works slashes first-quarter outlook; shares dropIllinois Tool Works slashes its first-quarter earnings estimate as management cites a significant decrease in operating revenue from North America, Europe and Asia.Source: MarketWatch.com - Top Stories | 16 Mar 2009 | 12:57 pm Oil price falls on Opec decisionOil prices fall by almost $2 a barrel after a decision by Opec members not to cut production further.Source: BBC News | Business | World Edition | 16 Mar 2009 | 12:56 pm Opening Bell: 03.16.09
"Banks that bought credit-default swaps or traded securities with AIG got $22.4 billion in collateral, $27.1 billion in payments from a U.S. entity to retire the derivatives, and $43.7 billion tied to the securities-lending program, AIG said yesterday in a statement. States led by California and Virginia got $12.1 billion tied to guaranteed investment contracts. " In related news, CNBC has it that AIG paid out $165MM in bonuses, and people are pissed, damn it. I say we find a rope, some kerosene, a little saltpetre, and a two liter of Mountain Dew. Bernanke Says 'Biggest Risk' Is Shortage of 'Political Will' (Bloomberg) "The biggest risk is that, you know, we don't have the political will," Bernanke said in a taped interview on CBS Corp.'s "60 Minutes" program that aired yesterday. "Recovery is not going to happen until the financial markets and the banks are stabilized," and the government's plan is "going to take some patience. It's going to take some support," he said. Goldman Considered Buying Wachovia (FT) But the potential takeover, as well as a mooted deal that weekend for Morgan Stanley to merge with either JPMorgan Chase or Citigroup, was abandoned just before the Federal Reserve allowed Goldman and Morgan Stanley to turn into bank holding companies and access government funds, according to people close to the matter." IRS Seeks $227MM From Stanford (Reuters) "The U.S. Internal Revenue Service has asked a judge to let it to continue to seek unpaid back taxes from Allen Stanford, the billionaire Texan accused of an $8 billion fraud by U.S. regulators, court documents show. Stanford and his wife Susan owe the U.S. government $226.6 million in unpaid federal income taxes between 1999 and 2003, the IRS said in a filing with a federal court in Dallas on March 13." Chuck Norris Sues Penguin (Reuters) Barclays Looks To Dump iShares (WSJ) ""Barclays notes press comment regarding the potential disposal of iShares and confirms that it has held discussions with a number of potentially interested parties as part of its practice of regularly reviewing the group's portfolio of businesses," Barclays said Monday. "No decision regarding the disposal of any business has been taken by the board of Barclays." The U.K. bank also confirmed that it is in "dialogue" with the U.K. Treasury and Financial Services Authority regarding its potential participation in the government's asset protection scheme."
Source: Dealbreaker | 16 Mar 2009 | 12:55 pm Virgin Megastore closings mark end of U.S. retail era (Reuters)Reuters - The planned U.S. closure of the Virgin Megastore chain by mid-June will mark the end of the British music retail invasion.Source: Yahoo! News: Business | 16 Mar 2009 | 12:38 pm Stocks rally as Russia urges economic reforms (AFP)
Source: Yahoo! News: Stock Markets News | 16 Mar 2009 | 12:28 pm Can Armstrong glam up AOL?Here's what we know about Tim Armstrong, the Google's top ad sales executive, named late Thursday as chairman and CEO of AOL, the shriveled remains of the company that brought dial-up Internet to the masses and oodles of grief to its diminished owner, Time Warner (FORTUNE's parent):Source: Business and financial news - CNNMoney.com | 16 Mar 2009 | 12:27 pm AIG payments to banks stoke bailout rageWASHINGTON/NEW YORK (Reuters) - Goldman Sachs Group Inc and a parade of European banks were the major beneficiaries of $93 billion in payments from AIG -- more than half of the U.S. taxpayer money spent to rescue the massive insurer.Source: Reuters: Business News | 16 Mar 2009 | 12:27 pm Auto shops thrivingAs he walks past the tiny, dingy waiting area into an equally cramped garage, Nui Srisook says business at his car repair shop is thriving.Source: Business and financial news - CNNMoney.com | 16 Mar 2009 | 12:26 pm Treasury close to bank rules proposalWASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner will soon propose an overhaul of the financial regulatory system that is expected to give the Federal Reserve powers to monitor broad economic risks, a Treasury spokesman confirmed on Monday.Source: Reuters: Business News | 16 Mar 2009 | 12:24 pm Oil & Energy Upgrades & Downgrades (APA, DNR, E, XOM, OXY, PXP, RDS.A, SPWRA)
JON C. OGG Tagged: APA, DNR, E, OXY, PXP, RDS.A, SPWRA, XOM      Source: 247 Wall Street | 16 Mar 2009 | 12:20 pm Hitachi to split core businessesHitachi announces plans to split its automotive systems and consumer electronics businesses as part of a massive cost cutting operation.Source: BBC News | Business | World Edition | 16 Mar 2009 | 12:19 pm Top Analyst Upgrades & Downgrades (KG, MXIM, NWL, WFMI, WY, LM, POWI, S)These are some of the top pre-market analyst upgrades and downgrades from Wall Street this Monday morning:
JON C. OGG Tagged: KG, LM, MXIM, NWL, POWI, S, WFMI, WY      Source: 247 Wall Street | 16 Mar 2009 | 12:06 pm When We Ban Short Sales, We Ban Share BuyersJohn Tamny RealClearMarkets For some publicly held banks, the end of the share-price decline is seemingly nowhere in sight. Despite positive earnings news last week, Citigroup continues to bounce around in the $1-per-share range, while Bank of America remains in the low single digits. The biggest factor dictating the health of financial institutions remains the Troubled Asset Relief Program (TARP). Indeed, it can’t be stressed enough that when the banks accepted TARP money, they effectively signed their death warrants because counterparties are understandably reluctant to do business with politicized entities. Plus, when the most pressing issue for a business involves pleasing politicians over shareholders, the days of the government-funded concern as a vibrant player in private markets are numbered.       Source: 247 Wall Street | 16 Mar 2009 | 12:03 pm Jobs: Trying to stop the bloodlettingThe economy continues to hemorrhage jobs at an alarming rate.Source: Business and financial news - CNNMoney.com | 16 Mar 2009 | 11:59 am Recovery timing 'depends on G20'The PM steers clear of predicting the speed of economic recovery, saying "a lot depends" on international co-operation.Source: BBC News | Business | World Edition | 16 Mar 2009 | 11:55 am World markets extend rally amid cautious optimism (AP)
Source: Yahoo! News: Stock Markets News | 16 Mar 2009 | 11:53 am Serbia seeks IMF emergency loanSerbia begins talks with the International Monetary Fund (IMF) to agree an emergency loan worth up to 2bn euros.Source: BBC News | Business | World Edition | 16 Mar 2009 | 11:47 am The truth about credit default swapsA year after the government rescued Bear Stearns, the economy has stumbled badly.Source: Business and financial news - CNNMoney.com | 16 Mar 2009 | 11:44 am Wall Street poised for higher openingOverseas gains and Bernanke's encouraging words in a "60 Minutes" interview could fuel another rally. NEW YORK...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2009 | 11:38 am Wall Street poised for higher openingOverseas gains and Bernanke's encouraging words in a "60 Minutes" interview could fuel another rally.NEW YORK — Reassuring words from Federal Reserve Board Chairman Ben Bernanke and strong gains overseas have Wall Street poised to extend a four-day rally. Futures pointed to a higher opening today. Source: L.A. Times - Business | 16 Mar 2009 | 11:38 am EU Becomes A Drag On Global Economy
According to Bloomberg, ”European payrolls shrank 0.3 percent in the fourth quarter from the previous three months, the second quarterly contraction and the biggest decline since the data series started in 1995, a separate report showed.”       Source: 247 Wall Street | 16 Mar 2009 | 11:33 am Forth Ports battens down the hatchesForth Ports, the group which owns London's Tilbury docks, is to cut its dividend and hold back on its activity in property because of the economic downturn. But its caution came after an "Olympic effect" helped last year's profits increase by more than expected.Source: Latest Business News from Times Online | 16 Mar 2009 | 11:32 am Barclays shares up on sale talksShares in Barclays rally 22% after it confirms it is in talks over the possible sale of its iShares fund management business.Source: BBC News | Business | World Edition | 16 Mar 2009 | 11:24 am Each UK job 'chased by 10 people'There is now an average of 10 jobseekers for every vacancy advertised in the UK, the TUC warns.Source: BBC News | Business | World Edition | 16 Mar 2009 | 10:58 am Rio Tinto review extended as protest mountsA review of Rio Tinto's planned $19.5 billion deal with Chinalco, the Chinese state-owned metals group, has been delayed amid a growing shareholder protest about the tie-up.$Source: Latest Business News from Times Online | 16 Mar 2009 | 10:57 am FTSE 100 builds on last week's gainsThe FTSE extends its gains on Monday but investors disagree whether it marks the start of a real recovery.Source: Telegraph Finance | 16 Mar 2009 | 10:46 am Paying Farmers In China “Cash Back” Deals To Buy Cars
The central government in the world’s most populous nation will give farmers a credit if they buy new light trucks of minivans. The “cash back” deal is worth almost $1,000 for each vehicle. The plan may actually have a windfall for GM. According to the AP, “General Motors Corp.’s mini vehicle joint venture, SAIC-GM-Wuling, which claims about a 50 percent share of the Chinese market for such vehicles, will likely be one of the biggest beneficiaries from the plan.” With its sales down almost 45% in the US market despite huge “cash back” offers for new car buyers, there is plenty of evidence that the program in China won’t work. Douglas A. McIntyre       Source: 247 Wall Street | 16 Mar 2009 | 10:14 am Opec decides against deeper cutsOpec decided against more supply cuts, signalling that it would delay its goal of boosting oil prices to $75 a barrel at least until next yearSource: Financial Times - US homepage | 16 Mar 2009 | 10:07 am Bernanke’s Trouble Forecasting The Future
Mr. Bernanke, Chairman of The Federal Reserve and an esteemed economist said, about a year ago, that the economy was faltering, but that the slowdown was a blip and that GDP growth would be back in fine shape by 2009. Things have not turned out that way. Last night on “60 Minutes”, Bernanke said that he thought the current recession would probably end late this year. He hedged some by saying the banking system be would have to be repaired for real growth the take hold. Bernanke and the Fed have not done a good job of calling either the recession or the rate at which inflation would effect the economy. The agency was probably slow in dropping rates. It may be that the downturn materialized so quickly that more timely policy action would not have meant much. It is still baffling to understand how Bernanke can justify saying that the beginning of the recovery is just just two quarters away. Credit in the US is not just tight, it is nearly non-existent. Housing prices are still dropping, and any help from the government to keep worthy people in their homes by cutting mortgage payments will almost certainly not take hold for several months. Corporate earnings are in a shambles. Retail sales drop each month and large industries including the car and newspaper businesses may not survive in their current forms. Bernanke may have gotten on TV and felt that he had to say something upbeat to build consumer and business confidence, But, almost everyone who heard him is concerned about losing a job, a home, a business, or the ability to educate a child. As Jack Nicholson said in the film “As Good As It Gets”, “Sell crazy somewhere else, we’re all stocked up here.” Douglas A. McIntyre       Source: 247 Wall Street | 16 Mar 2009 | 9:52 am Far-right leader to become Israeli foreign ministerAvigdor Lieberman, the controversial leader of the far-right Yisrael Beiteinu party, is set to become Israel's next foreign minister, according to a coalition deal brokered on Sunday nightSource: Financial Times - US homepage | 16 Mar 2009 | 9:44 am Washington Post axes finance section as ads fallThe Washington Post is to axe its business section as it battles rapidly dwindling advertising revenues.Source: Latest Business News from Times Online | 16 Mar 2009 | 9:42 am Stagecoach to keep tight control on costsRail operator Stagecoach has said it will keep a tight control on costs because the country's railways are 'not immune' to the recession.Source: Telegraph Finance | 16 Mar 2009 | 9:21 am G20 twin-track strategy seeks to avoid splitsThe Group of 20 advanced and emerging countries ceased hostilities at the weekend over fiscal stimulus and regulatory policies in an attempt to appear united at a summit next monthSource: Financial Times - US homepage | 16 Mar 2009 | 8:54 am SIG mulls raising new cashSIG Europe's largest provider of insulation said that today that it may turn to shareholders for fresh capital to tackle its mounting debt pile.Source: Telegraph Finance | 16 Mar 2009 | 8:52 am Bernanke raises hopes for recovery next yearBen Bernanke, the Federal Reserve chairman, expects economic recovery in the US next year. But he warned that the biggest risk to an upturn would be whether there was sufficient political will to continue to try to mend the financial system.Source: Latest Business News from Times Online | 16 Mar 2009 | 8:29 am Barclays shares jump as it enjoys 'strong' start to 2009Barclays said on Monday morning that it has 'enjoyed' a strong start to the year and its businesses are performing well sending its shares higher.Source: Telegraph Finance | 16 Mar 2009 | 8:23 am Stagecoach feels pressure on rail businessStagecoach, the bus and train group, this morning conceded that its rail businesses were not “immune” from the current tough economic climate, with the growing number of redundancies likely to reduce the number of commuters.Source: Latest Business News from Times Online | 16 Mar 2009 | 8:09 am Brixton slumps to loss as UK property market divesBrixton Britain's largest owner of warehouses slumped to a loss for 2008 after property values tumbled.Source: Telegraph Finance | 16 Mar 2009 | 7:58 am Barclays confirms talks over iSharesBarclays confirmed this morning that it has been in talks to sell iShares, part of its asset management division, to bolster its capital position. If if manages to sell the business it could avoid having to join the Government's insurance scheme for bank assets.Source: Latest Business News from Times Online | 16 Mar 2009 | 7:49 am Property world chooses business over bling at MipimMipim conference smaller and more humble amid the worst downturn for a generation.Source: Telegraph Finance | 16 Mar 2009 | 7:49 am El Salvador's left claims victory in historic pollEl Salvador's left claimed an historic victory as the tiny Central American country neared the end of vote-counting in one of the tightest presidential races in yearsSource: Financial Times - US homepage | 16 Mar 2009 | 7:12 am Australian stocks: Market closes flat despite bank gainsMELBOURNE - The Australian share market closed flat after gains from the banks offset heavy losses from resource and energy stocks. At the close, the benchmark S&P/ASX200 index was 3.2 points, or 0.1 per cent higher at 3348.4,...Source: New Zealand Herald - Business | 16 Mar 2009 | 7:01 am AIG names firms that got bailout cashThe disclosure, long sought, doesn't drown out the topic of the day: outrage over employee bonuses. American International...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2009 | 7:00 am OPEC says it won't reduce oil output quotasBut the organization says some members exceeding their quotas will be asked to end overproduction. OPEC oil ministers...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2009 | 7:00 am Obama plans to boost lending to small businessesThe $375-million spending effort aims to expand federal guarantees and lower lending fees to try to revive the flow of credit, sources say.President Obama will spend more than half the $730 million in government funds set aside to help small businesses to expand federal guarantees and lower lending fees to try to revive the flow of credit, people familiar with the matter said. Source: L.A. Times - Business | 16 Mar 2009 | 7:00 am Guitar Hero and Rock Band try to drum up new playersThe makers of the video games plan to release versions targeting discrete music genres to help boost stagnant sales.The Guitar Hero and Rock Band video games have become huge hits, generating $1.6 billion in North American sales last year from players who love jamming along with music legends. But now customers may be singing an old blues classic: "The Thrill Is Gone." Source: L.A. Times - Business | 16 Mar 2009 | 7:00 am In outline, bank rescue plan calls for public-private partnershipAdministration will try to attract investors to share risks and benefits of buying toxic securities from banks. Then, it hopes, credit will flow more freely.Although the formal unveiling is still a couple of weeks away, the broad outlines of President Obama's long-delayed plan for reviving the nation's financial system are coming clear: an ambitious but untested attempt to partner up private capital with government funds while limiting the risk to taxpayers. Source: L.A. Times - Business | 16 Mar 2009 | 7:00 am AIG names firms that got bailout cashThe disclosure, long sought, doesn't drown out the topic of the day: outrage over employee bonuses.American International Group Inc. bowed to increasing pressure in Congress on Sunday and disclosed the names of dozens of banks and other institutions that benefited from the first chunk of $180 billion in bailout funds it received. Source: L.A. Times - Business | 16 Mar 2009 | 7:00 am Checkout alert system for recalled foods soughtConsumer advocates say supermarket scanners should be programmed to trigger an alert when shoppers try to buy a recalled product. Some chains already are doing this.With more food recalls happening weekly, consumer advocates, supermarket chains and legislators are exploring better ways to stop the sale of tainted food, and one plan under discussion by lawmakers in Sacramento involves using supermarket checkout scanners to help. Source: L.A. Times - Business | 16 Mar 2009 | 7:00 am Jimmy Fallon speaks geek on 'Late Night'The talk show host is interviewing bloggers and showcasing gadgets in a digital embrace that may help him draw hip, plugged-in consumers who otherwise don't watch much TV.If the half-dozen Twitter messages Jimmy Fallon sends most days aren't enough, the talk show host cemented his geek credibility last week by interviewing a gadget blogger and the creators of a Web-only show most Americans have never heard of. Source: L.A. Times - Business | 16 Mar 2009 | 7:00 am How could savvy investors have been fooled by Madoff? EasyI have a confession to make:Source: L.A. Times - Business | 16 Mar 2009 | 7:00 am Obama plans to boost lending to small businessesThe $375-million spending effort aims to expand federal guarantees and lower lending fees to try to revive the flow of credit, sources say. ...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2009 | 7:00 am Guitar Hero and Rock Band try to drum up new playersThe makers of the video games plan to release versions targeting discrete music genres to help boost stagnant sales. ...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2009 | 7:00 am 'Witch Mountain' races to the peakThe family film gives Disney its first No. 1 premiere of the year, taking in $25 million in ticket sales.The family adventure movie "Race to Witch Mountain" flew past "Watchmen" and "Last House on the Left" to win the weekend box-office derby, conjuring $25 million in ticket sales to become Walt Disney Co.'s first No. 1 premiere of the year. Source: L.A. Times - Business | 16 Mar 2009 | 7:00 am How could savvy investors have been fooled by Madoff? EasyI have a confession to make:Source: RSS feed - channel BNPaperBusiness | 16 Mar 2009 | 7:00 am Jimmy Fallon speaks geek on 'Late Night'The talk show host is interviewing bloggers and showcasing gadgets in a digital embrace that may help him draw hip, plugged-in consumers who otherwise don't watch much TV. ...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2009 | 7:00 am Checkout alert system for recalled foods soughtConsumer advocates say supermarket scanners should be programmed to trigger an alert when shoppers try to buy a recalled product. Some chains already are doing this. ...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2009 | 7:00 am A cautious Wall Street awaits signs of stock rally's outlookWall Street knows it shouldn't get ahead of itself.Source: RSS feed - channel BNPaperBusiness | 16 Mar 2009 | 7:00 am In outline, bank rescue plan calls for public-private partnershipAdministration will try to attract investors to share risks and benefits of buying toxic securities from banks. Then, it hopes, credit will flow more freely. ...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2009 | 7:00 am Japan's Nikkei leads Asian stocks higher after G20 summitJapan's Nikkei 225 led a rise in Asian stock markets after the Group of 20 finance ministers vowed to inject more cash into the International Monetary Fund and OPEC held back from cutting oil production.Source: Telegraph Finance | 16 Mar 2009 | 6:42 am NZ stocks: Market starts week with slight gainThe New Zealand share market started the new week strongly though gains were eroded as the day went on. The benchmark NZSX-50 index rose 20.939 points, or 0.83 per cent, to 2544.333, having reached a high of 2562.928 during the...Source: New Zealand Herald - Business | 16 Mar 2009 | 6:38 am Barclays under pressure to sell 1 trillion BGI businessBarclays is under pressure to consider a sale of its entire 1trillion £715bn fund management business Barclays Global Investors BGI.Source: Telegraph Finance | 16 Mar 2009 | 5:49 am Bank of England warns tensions in banking system at fever pitchTensions in the banking system are near the fever pitch they reached before the collapse of Lehman Brothers the BoE warns in a new report.Source: Telegraph Finance | 16 Mar 2009 | 5:47 am Currency: Dollar drifts in narrow rangeThe New Zealand dollar had a fairly lacklustre day after rising to new multi-week highs during the weekend. By 5pm today the kiwi was buying US52.36c from US52c on Friday. It reached a month-high around US52.70c on Friday night. BNZ...Source: New Zealand Herald - Business | 16 Mar 2009 | 5:44 am Rebstock leaving Commerce Commission, new chair announcedCommerce Commission chair Paula Rebstock is stepping down from the job at the end of this month. Minister of Commerce Simon Power said the Government was "very keen for her to stay on" but she had told him that she wanted to pursue...Source: New Zealand Herald - Business | 16 Mar 2009 | 4:37 am Tax Tips: More Time From the Tax Man (Tax Tips)TICK, TOCK. Uncle Sam's deadline is looming, and you aren't nearly ready to file your taxes? Now could be the time to come up with a backup plan. Fortunately, the Internal Revenue Service has some sympathy for procrastinators: The paperwork for filing an extension is simple, and it will keep the feds off your back all the way until Oct. 15, 2009. In other words, the IRS will give you an automatic six-month extension. So what's the catch? In order to complete the paperwork, you have to come up with an estimate of your total tax liability for the 2008 tax year. You also need to know exactly how much you've already forked over to the tax man in the form of withholdings from paychecks, estimated tax payments and so on. And if it turns out that you owe money, you're going to have to ante up, based on your tax estimate. (See our previous tip for advice on what to do if you can't pay your bill.) Now, for some folks, once you've completed the exercise of coming up with an estimate, you might as well just go ahead and file your taxes. But if your taxes are complicated or if you're still waiting for information you need to complete your return, filing for an extension can be a major stress reducer. Approval of your extension application is automatic, as long as the estimate of your 2008 tax bill is "reasonable." (You'll be OK if your estimate was accurate based on the information you had at the time.) Just keep in mind, you'll be charged interest (currently at a 4% annual rate) on any outstanding balance until you file your return and cough up the remaining part you owe. If your estimate is off, you'll also be charged a 0.5% a month "failure-to-pay" penalty. If you're still interested in extending, you must notify the IRS that you want an extension by the April 15, 2009, deadline. You can do this by filling out Form 4868 (Application for Automatic Extension of Time To File U.S. Individual Income Tax Return), which you can download from the IRS web site. SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved. Source: SmartMoney.com | 16 Mar 2009 | 4:00 am Parents: 4 Coupon Sites That Offer Big Savings (Deal of the Day)Parent struggling to get their finances in shape face one whopper of a budget buster: kids. The annual cost of raising a child, including child care and education, runs $10,930 to $12,030, depending on the child’s age and where you live, according to the U.S. Department of Agriculture. But cost-conscious families can easily save on everything from diapers to college tuition just by doing a little online coupon clipping. Start your savings hunt by visiting the web sites of your favorite product manufacturers, which often offer exclusive coupons that you can print out or request to be mailed, advises Colette Frey-Bitzas, a certified financial planner based in Setauket, N.Y. Then hit up the membership sites of every group you belong to, from your employer to the local parent-teacher association to see what discounts and deals they have. (The Avery Elementary School PTA in Canton, Ga., for example, offers parents 10% off at the local Applebee’s restaurant chain, among other discounts.) To really rack up savings, though, visit coupon-clipping sites offering online and in-store deals. Here are four worth checking out: CouponMom.comParents looking for a crash course in effective coupon use should make this free site their first stop, says Todd Mark, a spokesman for the Consumer Credit Counseling Service of Greater Dallas. In addition to providing a host of printable grocery and dining coupons, the site lets you sign up to receive weekly coupon and deal alerts for any item on your shopping list. A page of sample and free trial offers yields coupons on diapers, free formula and deals on other baby and child-care essentials. Sample coupons: Save $5 on any Leapfrog Didj educational videogame (regularly about $30) with a print-out coupon. Expires March 28. Save $5 on one Huggies Gentle Care diapers product (regularly $14 for a 40-pack) with a print-out coupon. Expires April 12. Upromise.comTake five minutes to register your credit cards and store loyalty cards online with this free rewards program, and every purchase you make at participating retailers will earn you cash back that gets deposited into a 529 college savings plan. Link to The Children’s Place through upromise.com, for example, and 4% of your purchase will go into a 529. “Is it a ton of money?” says John Pearson, a Norwalk, Conn.-based CPA who specializes in college planning. “No. But over the course of a few years, it adds up.” In the short term, membership can also yield savings on groceries and other purchases. The site's eCoupons feature lets you click on coupons to load them onto a grocery store loyalty card. Just swipe your card at checkout to redeem them. Sample coupons: Save $5 when you buy any two 23-ounce containers of Similac baby formula (regularly $27 each) with a print-out coupon. Expires March 31. Save $1 when you buy any two boxes of Post kids cereal, like Honeycomb or Fruity Pebbles (regularly about $4 each). Expires March 31. RetailMeNot.comThink of this free site as one-stop shopping for coupon codes, says Alan Fields, a consumer advocate. Special sections help parents track down coupon codes for kid- and baby-focused retailers. Users can indicate if a particular code works or not, quickly filtering out expired deals and duds. Sign up for an email alert to notify you when new codes pop up from your favorite retailers. Sample coupons: Save $10 on your next American Girl online purchase of $30 or more by using code 161357 at checkout. No expiration date noted. Get free shipping (regularly $10) on your purchase at BabyAge.com with coupon code FUNFUR3 at checkout. Expires March 31. Entertainment.comUse an Entertainment coupon book wisely and you'll more than recoup the $25 to $30 it costs to buy one. The book's publishers secure deals with local restaurants, museums, stores and other services, as well as big-name fast food and movie theater chains. Each book is valid for a year. New Yorkers, for example, receive 20% off admission to Madame Tussauds Wax Museum, a value of up to $25. In Portland, Ore., buyers get several buy-one-get-one-free coupons for Ben & Jerry’s ice cream cones, Pizza Schmizza pizzas, and Mocha Express coffees, among other deals. Sample coupons: New Jersey book owners can purchase up to a dozen movie passes at AMC Theaters for $6 apiece (regularly $9.50 for adults, $6.50 for children). In Los Angeles, book owners are entitled to specially-priced season passes to Knott’s Berry Farm for one adult and one child. You’ll pay $94.99 for an adult pass and $64.99 for a child. (Regularly, passes go for $139.99 and $84.99.) (Looking for more coupons? View our list of all-around favorites here, and grocery sites here.) SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved. Source: SmartMoney.com | 16 Mar 2009 | 4:00 am Bernanke forecasts 'an end to the recession'America's recession "probably" will end this year if the government succeeds in bolstering the banking system, Federal Reserve Chairman Ben Bernanke has said today in a rare television interview. In carefully hedged remarks in...Source: New Zealand Herald - Business | 16 Mar 2009 | 3:30 am Briscoes profits down, dividend cutRetailer Briscoe Group has reported a 48.2 per cent fall in annual profits and says it isn't counting on much, if any, improvement in the retail market in the coming year. The $11.63 million profit in the year to January 25 compared...Source: New Zealand Herald - Business | 16 Mar 2009 | 3:00 am Record fall in manufacturingThe country's ailing economic health has been illustrated by the release of worrying data about the state of the manufacturing sector today. The volume of manufacturing sales fell by a seasonally adjusted record 5.4 per cent in...Source: New Zealand Herald - Business | 16 Mar 2009 | 2:30 am Zardari to reinstate law chiefThe Pakistan government agreed to reinstate Iftikhar Chaudhry as Supreme Court chief justice to end a political crisis that has gripped the Muslim nationSource: Financial Times - US homepage | 16 Mar 2009 | 2:24 am AIG payments to banks stoke bailout rage (Reuters)
Source: Yahoo! News: Business | 16 Mar 2009 | 2:15 am Government departments ran up £780000 flower billMinisters criticised for spending to brighten up their Whitehall offices.Source: Telegraph Finance | 16 Mar 2009 | 2:08 am Gambling industry still worth a punt, Sky City figures showFew business sectors appear immune to the global financial crisis, but the gambling industry seems to be coping just fine. Casino operator Sky City Entertainment Group today said total revenues for January and February were marginally...Source: New Zealand Herald - Business | 16 Mar 2009 | 2:00 am Nuplex to raise $110m after reaching deal with banksNuplex Industries says it is planning to raise $110 million of new capital to reduce debt under a deal reached with its bankers. The resins and chemical company has been talking with its banks as it tries to have the terms of its...Source: New Zealand Herald - Business | 16 Mar 2009 | 1:30 am Louis Vuitton defies French retail law to open on SundaysPARIS - Louis Vuitton opened its Champs-Élysées store yesterday amid an ongoing national battle over the supposed day of rest. French law only allows retailers that sell sporting, recreational, leisure and culture items in heavily...Source: New Zealand Herald - Business | 16 Mar 2009 | 1:00 am Bernanke sees U.S. recovery beginning in 2010WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke suggested in a taped interview on Sunday that the U.S. recession could last most of the year and said the biggest risk was that the political will needed to fix the fractured financial system could be lacking.Source: Reuters: Business News | 16 Mar 2009 | 12:52 am Bernanke sees U.S. recovery beginning in 2010 (Reuters)Reuters - Federal Reserve Chairman Ben Bernanke suggested in a taped interview on Sunday that the U.S. recession could last most of the year and said the biggest risk was that the political will needed to fix the fractured financial system could be lacking.Source: Yahoo! News: Business | 16 Mar 2009 | 12:52 am Britons vie with immigrants for low-paid jobsBecause of rising unemployment, British-born workers are having to seek low-paid and low-status jobs that have become the preserve of immigrant workers, a report says today.Source: Latest Business News from Times Online | 16 Mar 2009 | 12:00 am Surge of cheap gas may put coalmines out of actionA price war between liquefied natural gas and coal could lead to the temporary closure of coalmines, according to leading energy consultants, because of a surge in shipments of the gas from the Middle East into Europe and North America.Source: Latest Business News from Times Online | 16 Mar 2009 | 12:00 am You know the song, you heard it on television, but you can't quite place it . . .This is the music no one notices — the burst of Spanish guitar on a travel programme about the Costa Brava, a brief surge of choral music in a documentary on the Sistine Chapel. These are used by television programme makers and advertisers to add a little subliminal flavouring. Some are the genuine thing, others are deliberate pastiches.Source: Latest Business News from Times Online | 16 Mar 2009 | 12:00 am The time has come to stop picking on the drinks industryToday, as the chairmen of all five of Britain's alcohol-drinks trade associations meet Alistair Darling, the Chancellor, the drinks industry is facing the most difficult trading environment that I can remember. In 20 years working in the wine trade, I have never before seen so many different factors, from recession to regulation and taxes, converge to create such a perfect storm for this sector.Source: Latest Business News from Times Online | 16 Mar 2009 | 12:00 am Wall Street cautiously optimistic this week (AP)
Source: Yahoo! News: Stock Markets News | 15 Mar 2009 | 10:17 pm
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