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Europe squabbles over music royaltiesSir Cliff Richard’s hopes of extending the royalties to his songs for another 45 years were in disarray on Friday, after squabbling European ministers failed to agree on a deal to extend the copyright term.Source: Latest Business News from Times Online | 28 Mar 2009 | 10:11 pm American cars: Red, hot and cheapA bad economy and crumbling auto sales have created insanely low prices for some truly great American cars.Source: Business and financial news - CNNMoney.com | 28 Mar 2009 | 12:58 pm The Bernie Madoff baseball card"I'll trade you two Bernie Madoffs for a Derek Jeter and David Wright."Source: Business and financial news - CNNMoney.com | 28 Mar 2009 | 12:15 pm On second thought... States take stimulusIt's not that easy to turn down federal funds.Source: Business and financial news - CNNMoney.com | 28 Mar 2009 | 12:14 pm G20 summit: thousands start protest march through LondonPolice fear demonstrations will descend into violence as protesters march through the capital.Source: Telegraph Finance | 28 Mar 2009 | 11:33 am Is IBM (IBM) Deal To Buy Sun (JAVA) In Trouble?
Last week, there was news that IBM (IBM) was likely to buy Sun (JAVA) for about $10 a share. Sun’s stock jumped from under $5 to almost $9 in one day. But, since then Sun’s shares have been moving down. They closed the week at $7.83, well below the rumored purchase price. There could be several reasons that IBM has either lost interest in Sun or is considering lowering a purchase price. One is that Sun has lost money or broken even in several of its most recent quarters. In the periods when the company did make a profit, it was modest. It may be that IBM has discovered that the next several quarters look weak for Sun. Alternatively, IBM may have found out the the value of Sun’s customer contracts going forward are not as strong as it may have initially believed. Sun may be losing market share to larger competitors like Hewlett-Packard (HPQ). If Sun’s piece of the server global server industry is dropping rapidly, IBM may be considering walking away from a transaction or lowering its offer. Whatever the reason, the fact that no deal has been announced is not good news for Sun. Douglas A. McIntyre Tagged: HPQ, IBM, JAVA      Source: 24/7 Wall Street | 28 Mar 2009 | 11:08 am Personal Finance Daily: The week's 10 best Personal Finance stories: March 23-27In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of March 23-27:Source: MarketWatch.com - Top Stories | 28 Mar 2009 | 11:01 am G20 summit: security operation launchedA massive police operation swung into action on Saturday as officers embarked on tackling the "unprecedented" threat posed by the G20 protests.Source: Telegraph Finance | 28 Mar 2009 | 10:55 am Auto Review: The four best cheap cars that take this economy seriouslyHere are some recommendations from among the cars that I have tested in the last year that will provide you a new set of wheels but respect your recession-ravaged budget.Source: MarketWatch.com - Top Stories | 28 Mar 2009 | 9:01 am Auto Review: 2010 Ford Fiesta: Is America ready for this small-car option?The Ford Fiesta fell one vote shy of being named Europe’s Car of the Year. If it is that successful in the U.S. next year, Ford’s future will indeed be a Fiesta.Source: MarketWatch.com - Top Stories | 28 Mar 2009 | 9:01 am The caravan of G20 summit protestersA rainbow coalition of trade unionists climate change activists anarchists and church leaders are staging a series of protests to coincide with the G20 summit in London.Source: Telegraph Finance | 28 Mar 2009 | 8:57 am Mervyn King's timely lesson in economics for Gordon BrownMervyn King took a risk by saying no to the Prime Minister but he was right to do so says Charles Moore.Source: Telegraph Finance | 28 Mar 2009 | 8:31 am G20 summit: Gordon Brown faces balancing act to keep world leaders happyPrime Minister Gordon Brown faces a difficult balancing act at the G20 summit in London.Source: Telegraph Finance | 28 Mar 2009 | 7:54 am Consumer spending is up, but incomes sag on job cutsAmericans spent more for the second month in a row after half a year of declines. But their incomes dropped 0.2% in February, the fourth decrease in the last five months. ...Source: RSS feed - channel BNPaperBusiness | 28 Mar 2009 | 7:00 am Bankers say meeting with Obama was positiveCEOs of the biggest institutions say they'll work with the administration but could use more details. Top executives...Source: RSS feed - channel BNPaperBusiness | 28 Mar 2009 | 7:00 am Maguire sells Irvine complex for $22 millionTenant Allergan, the pharmaceutical firm that makes Botox, takes over the $20-million mortgage on the property.Struggling office landlord Maguire Properties Inc. sold an Orange County building Friday for $22 million to one of the tenants at the Irvine complex, pharmaceutical company Allergan. Source: L.A. Times - Business | 28 Mar 2009 | 7:00 am Video game developers meet reality: JoblessnessAfter a decade-long industry boom, many developers find themselves suddenly out of work. Since landing his first...Source: RSS feed - channel BNPaperBusiness | 28 Mar 2009 | 7:00 am Investors agonize: Is it time to get back into stocks?They're worried that a striking rally in the last three weeks will prove ephemeral. But they also fear that they could be missing out on a huge -- and real -- market recovery.David Preefer sold his entire stock portfolio last summer because he feared that share prices, already down sharply from record highs reached in 2007, still had a lot further to fall. Source: L.A. Times - Business | 28 Mar 2009 | 7:00 am Markets again bet the worst is pastThis is the fifth time U.S. blue-chip stocks have risen more than 10% since October 2007. The previous four rallies all gave way to more selling and new market lows. ...Source: RSS feed - channel BNPaperBusiness | 28 Mar 2009 | 7:00 am It's prime time for buying a TVWeak sales during the traditional peak periods and the rollout of new models translate to bargains for shoppers.On a recent evening, only one customer lingered in a local Best Buy's cushy Magnolia showroom, where the chain store shows off its high-end, state-of-the-art televisions. Source: L.A. Times - Business | 28 Mar 2009 | 7:00 am FDIC orders changes at six California banksThe banks, including two in Los Angeles County, received 'cease and desist' orders in February that spell out what the banks must do, such as boost capital levels and rein in risky loans.Revealing the recession's rising toll on financial firms, the Federal Deposit Insurance Corp. disclosed Friday that it had ordered six more California banks to clean up their acts in February after the agency examined their books and operations. Source: L.A. Times - Business | 28 Mar 2009 | 7:00 am Markets again bet the worst is pastThis is the fifth time U.S. blue-chip stocks have risen more than 10% since October 2007. The previous four rallies all gave way to more selling and new market lows.Did they cancel Great Depression II? So soon? Source: L.A. Times - Business | 28 Mar 2009 | 7:00 am KB Home reports smaller loss as orders riseOrders jump 26% in the quarter ended Feb. 28. The builder's net loss narrows to $58.1 million.Westwood-based developer KB Home reported its first year-over-year increase in home orders in more than three years Friday, leading to a smaller-than-expected first-quarter loss. Source: L.A. Times - Business | 28 Mar 2009 | 7:00 am Candy Spelling's Holmby Hills mansion listed for $150 millionThe asking price makes the Holmby Hills estate, owned by the widow of TV producer Aaron Spelling and mother of actress Tori, the most expensive residential listing in the U.S.There are homes. And then there is Candy Land -- all 56,500 square feet of it. Source: L.A. Times - Business | 28 Mar 2009 | 7:00 am Stocks continue weekly gains despite profit-takingMajor indexes fall about 2%, but most analysts agree the pullback is a natural response to the market's powerful climb. Financial and technology stocks lead the retreat. ...Source: RSS feed - channel BNPaperBusiness | 28 Mar 2009 | 7:00 am Video game developers meet reality: JoblessnessAfter a decade-long industry boom, many developers find themselves suddenly out of work.Since landing his first job in the video game industry in 1992 as a salesman at Capcom Co., Justin Berenbaum never wanted for work -- until this month. Source: L.A. Times - Business | 28 Mar 2009 | 7:00 am Disney's new Web strategy: joining Hulu.comSeeking broader distribution of its shows, the company is negotiating with rivals Fox and NBC to take an equity stake in the fast-growing site where users can watch movies and TV episodes for free.Walt Disney Co., signaling a dramatic shift in its Internet strategy, is negotiating with longtime media rivals to take an equity stake in Hulu.com, the fast-growing website where users can watch movies and TV episodes for free. Source: L.A. Times - Business | 28 Mar 2009 | 7:00 am FDIC orders changes at six California banksThe banks, including two in Los Angeles County, received 'cease and desist' orders in February that spell out what the banks must do, such as boost capital levels and rein in risky loans. ...Source: RSS feed - channel BNPaperBusiness | 28 Mar 2009 | 7:00 am Maguire sells Irvine complex for $22 millionTenant Allergan, the pharmaceutical firm that makes Botox, takes over the $20-million mortgage on the property. ...Source: RSS feed - channel BNPaperBusiness | 28 Mar 2009 | 7:00 am Candy Spelling's Holmby Hills mansion listed for $150 millionThe asking price makes the Holmby Hills estate, owned by the widow of TV producer Aaron Spelling and mother of actress Tori, the most expensive residential listing in the U.S. ...Source: RSS feed - channel BNPaperBusiness | 28 Mar 2009 | 7:00 am Investors agonize: Is it time to get back into stocks?They're worried that a striking rally in the last three weeks will prove ephemeral. But they also fear that they could be missing out on a huge -- and real -- market recovery. ...Source: RSS feed - channel BNPaperBusiness | 28 Mar 2009 | 7:00 am Disney's new Web strategy: joining Hulu.comSeeking broader distribution of its shows, the company is negotiating with rivals Fox and NBC to take an equity stake in the fast-growing site where users can watch movies and TV episodes for free. ...Source: RSS feed - channel BNPaperBusiness | 28 Mar 2009 | 7:00 am Merkel warns of unsustainable recovery threatGerman Chancellor Angela Merkel said throwing too much money into reviving global economic growth would make the recovery unsustainable, in comments published Saturday. Merkel snubbed...Source: RSS feed - channel BNewsBusiness | 28 Mar 2009 | 4:47 am IADB confident on increased lendingThe Inter American Development Bank could easily double its annual lending, the bank's president said, ahead of a call on shareholders to grant it a capital increaseSource: Financial Times - US homepage | 28 Mar 2009 | 4:37 am Goldman CEO's pay package declined without bonusGoldman Sachs Group Inc. CEO Lloyd Blankfein received compensation valued at $42.9 million during fiscal 2008, virtually all of it coming from stock and options awarded for his previous...Source: RSS feed - channel BNewsBusiness | 28 Mar 2009 | 4:03 am China Baoshan Iron & Steel profit down 49.2 pctBaoshan Iron & Steel, the listed unit of China's biggest steel maker, reported that its 2008 net profit plunged 49.2 percent due to steep falls in demand and high costs. The listed...Source: RSS feed - channel BNewsBusiness | 28 Mar 2009 | 3:15 am Market Snapshot: U.S. stock rally faces jobs, earnings, G20 hurdlesA huge three-week rally in stocks will meet a number of stumbling blocks next week, including some earnings, a meeting of finance ministers and central bankers from the G20, as well as the key jobs report for March.Source: MarketWatch.com - Top Stories | 28 Mar 2009 | 3:01 am Obama to unveil automakers planPresident Barack Obama will unveil on Monday a much-anticipated plan on the future of ailing US automakers, his spokesman said Friday. "A task force is meeting today. They are finishing...Source: RSS feed - channel BNewsBusiness | 28 Mar 2009 | 2:59 am Ritchie Capital objects to Polaroid "fire sale"NEW YORK (Reuters) - Asset management company Ritchie Capital has objected in a court filing to a "fire sale" of bankrupt camera-maker Polaroid Corp, saying it will result in significantly...Source: RSS feed - channel BNewsBusiness | 28 Mar 2009 | 2:08 am Ritchie Capital objects to Polaroid "fire sale" (Reuters)Reuters - Asset management company Ritchie Capital has objected in a court filing to a "fire sale" of bankrupt camera-maker Polaroid Corp, saying it will result in significantly less recovery proceeds.Source: Yahoo! News: Business | 28 Mar 2009 | 2:08 am Ritchie Capital objects to Polaroid "fire sale"NEW YORK (Reuters) - Asset management company Ritchie Capital has objected in a court filing to a "fire sale" of bankrupt camera-maker Polaroid Corp, saying it will result in significantly less recovery proceeds.Source: Reuters: Business News | 28 Mar 2009 | 2:08 am Autos task force readies aid announcementWASHINGTON/DETROIT (Reuters) - President Barack Obama will announce the next steps to help General Motors Corp and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand.Source: Reuters: Business News | 28 Mar 2009 | 1:57 am UPDATE 1-Ritchie Capital objects to Polaroid "fire sale"NEW YORK, March 27 (Reuters) - Asset management company Ritchie Capital has objected in a court filing to a "fire sale" of bankrupt camera-maker Polaroid Corp, saying it will result in significantly less...Source: RSS feed - channel BNewsBusiness | 28 Mar 2009 | 1:52 am Trends & Innovations - FridayLiquid battery seen as cheaperSource: Investor's Business Daily: BUSINESS | 28 Mar 2009 | 1:47 am Recessionary Retail TherapySales clerks at dollar stores can tell they have attracted new customers during this recession by the questions shoppers are asking.Source: Investor's Business Daily: BUSINESS | 28 Mar 2009 | 1:47 am Business Briefs - FridayThe telecom said it will begin sending warnings to subscribers when music labels and movie studios allege that they are trafficking in pirated...Source: Investor's Business Daily: BUSINESS | 28 Mar 2009 | 1:47 am In Brief - FridayOmni National Bank, an Atlanta-based bank with $980 mil in assets, was seized by the FDIC, the 21st bank failure this year.Source: Investor's Business Daily: BUSINESS | 28 Mar 2009 | 1:47 am Sandwich Shop Chain Lures Customers With Tasty New OfferingsYou won't find the crew at Panera Bread digging up old recipes to tantalize customers.Source: Investor's Business Daily: BUSINESS | 28 Mar 2009 | 1:47 am SABESP'S Net Operating Revenue Grows 6.4% in 2008SAO PAULO, March 27 /PRNewswire-FirstCall/ -- Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (BM&FBovespa: SBSP3; NYSE: SBS), one of the largest water and...Source: RSS feed - channel BNewsBusiness | 28 Mar 2009 | 1:46 am Bankers: Take your TARP money backThere's a growing sense among some bankers that Troubled Asset Relief Program known as "TARP" has become toxic. As a result, they want to bail out of the bank bailout program.Source: Business and financial news - CNNMoney.com | 28 Mar 2009 | 1:44 am Diedrich Coffee Agrees to Sell U.S. Gloria Jean's Coffees Franchisee OperationsIRVINE, Calif., March 27 /PRNewswire-FirstCall/ -- As part of its strategy to capitalize on the growth of the wholesale specialty coffee market and its strength as a premier...Source: RSS feed - channel BNewsBusiness | 28 Mar 2009 | 1:28 am Autos task force readies aid announcement (Reuters)Reuters - President Barack Obama will announce the next steps to help General Motors Corp and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand.Source: Yahoo! News: Business | 28 Mar 2009 | 12:40 am White House to set GM, Chrysler deadlines-NY TimesWASHINGTON, March 27 (Reuters) - The Obama administration will set a strict deadline for General Motors Corp and Chrysler LLC to reach cost-cutting deals with creditors and their major union even as it...Source: RSS feed - channel BNewsBusiness | 28 Mar 2009 | 12:37 am WRAPUP 2-US autos task force readies aid announcement* GM stock rallies; up almost a third over 10 sessions (Adds detail from New York Times report, paragraphs 9-11)Source: RSS feed - channel BNewsBusiness | 28 Mar 2009 | 12:37 am In picturesAlain de Botton: Pleasures and sorrows of workSource: BBC News | Business | World Edition | 28 Mar 2009 | 12:35 am Intel still open to acquisitions amid slowdown: BarrettMEDELLIN, Colombia (Reuters) - Intel is open to making acquisitions with weakening markets making prices more palatable, and sees technology's key growth areas in healthcare and visual media, outgoing chairman Craig Barrett said on Friday.Source: Reuters: Business News | 28 Mar 2009 | 12:27 am Folies bows outLes Folies Bergeres in Vegas is to close after 50 years.Source: BBC News | Business | World Edition | 28 Mar 2009 | 12:25 am Profit-taking, bank caution halt market run-upNEW YORK (Reuters) - Wall Street capped a strong week on a down note on Friday as investors booked profits in the wake of the recent upward surge and bank shares dropped after bank executives indicated March had been a tougher month for the industry than the previous two.Source: Reuters: Business News | 28 Mar 2009 | 12:23 am Young on the G20World students talk about the global financial crisisSource: BBC News | Business | World Edition | 28 Mar 2009 | 12:05 am Vodafone puts noted African businessman on the boardVodafone has underlined its ambitions in Africa by naming Sam Jonah, one of the biggest names in African business, as a non-executive director.The Ghanaian-born Mr Jonah, who was awarded an honorary knighthood in 2003, will join the board on Wednesday.Source: Latest Business News from Times Online | 28 Mar 2009 | 12:00 am Need to know: Construction plunges ... Chinalco deal ... LV= a plusView video and Need to Know interactive heatmapSource: Latest Business News from Times Online | 28 Mar 2009 | 12:00 am Abolish MPs' pay. Politics is not a careerWhat should we pay those who run our lives, the politicians and the bosses? There has been a lot of rage recently about remuneration. MPs splutter about bankers' bonuses and Downing Street is in high dudgeon about Sir Fred Goodwin's pension. But who are politicians to preach? What about Tony McNulty, the Employment Minister, who salted away £60,000 in allowances for a home in which his parents live?Source: Latest Business News from Times Online | 28 Mar 2009 | 12:00 am BP: do us all a favour, Sir Tom McKillopThe mighty BP has largely escaped the crisis of confidence afflicting Western capitalism. Banks are tottering, governments are printing money, but BP plods on regardless, locating the black stuff, sucking it out of the ground and refining it into something useful.Source: Latest Business News from Times Online | 28 Mar 2009 | 12:00 am FSA hails significant victory as solicitor and father-in-law are guilty of insider dealingA solicitor and his father-in-law were convicted yesterday of exploiting secret information to buy shares before a company takeover in the Financial Services Authority's (FSA) first criminal prosecution for insider dealing.Source: Latest Business News from Times Online | 28 Mar 2009 | 12:00 am Time to drown those sorrows at Hong Kong's partyThe bankers, brokers and investors converging on Hong Kong Stadium from around the world for the usual long weekend of excess have a nasty shock in store: the corporate boxes are charging for drinks.Source: Latest Business News from Times Online | 28 Mar 2009 | 12:00 am There is little evidence that the G20 meeting will produce a dealWhat do you get when the leaders of the 20 richest nations gather around a table in East London for four and a half hours with the avowed mission of saving the global economy? Politics, of course, lots of it.Source: Latest Business News from Times Online | 28 Mar 2009 | 12:00 am George Soros: Britain may have to seek IMF rescueBritain may have to go to the IMF for a huge financial bailout, the influential investor George Soros warns today.Source: Latest Business News from Times Online | 28 Mar 2009 | 12:00 am Hands off our status as a tax haven, Swiss tell criticsSwiss bankers yesterday rejected attempts to clamp down on the country's tax haven status, claiming that other European nations were “jealous”. Pierre Mirabaud, president of the Swiss Bankers' Association, said that the country had been a victim of its own success and was an easy target for Germany and France, which he claimed had pushed for Switzerland to be blacklisted at next week's G20 meeting in London.Source: Latest Business News from Times Online | 28 Mar 2009 | 12:00 am Families cut spending by largest amount in three decadesFamilies reined in their spending by the sharpest rate in three decades to cope with the recession official figures have shown.Source: Telegraph Finance | 27 Mar 2009 | 11:59 pm Bank CEOs voice support for Obama's economic plansWASHINGTON (Reuters) - President Barack Obama won support from top bankers on Friday for his efforts to rid financial institutions of bad debts, but differences remained over broader U.S. plans for the financial industry.Source: Reuters: Business News | 27 Mar 2009 | 11:56 pm Obama tells banks 'work together'President Barack Obama meets with top US bankers to discuss his latest plans to stabilise the US financial system.Source: BBC News | Business | World Edition | 27 Mar 2009 | 11:49 pm America's liberals lay into ObamaThe liberal backlash against President Barack Obama has begun with many prominent left-leaning economists in the US attacking the administration's plans to bail out the banksSource: Financial Times - US homepage | 27 Mar 2009 | 11:32 pm Bank CEOs voice support for Obama's economic plans (Reuters)
Source: Yahoo! News: Business | 27 Mar 2009 | 11:32 pm Goldman allowed executives to exit fundsTwo of Goldman Sachs' top executives, including co-chief operating officer Jon Winkelried, were allowed to sell part of their positions in the firm's proprietary illiquid investment funds, according to Goldman's preliminary proxy statementSource: Financial Times - US homepage | 27 Mar 2009 | 11:31 pm Merkel warns on further stimulusChancellor rejects renewed calls to spend more public money in Germany as part of a co-ordinated stimulus across the world economy, but encourages China to drive demandSource: Financial Times - US homepage | 27 Mar 2009 | 11:30 pm Tech rivals in cloud computing clashMicrosoft and Amazon.com have clashed with IBM and a group of other technology companies over an attempt to set some broad technology principles for 'cloud computing' eraSource: Financial Times - US homepage | 27 Mar 2009 | 11:23 pm US to take fight to Pakistan border areaPresident Barack Obama unveiled a new strategy for Afghanistan that shifts the focus to defeating al-Qaeda and Taliban militants operating from neighbouring PakistanSource: Financial Times - US homepage | 27 Mar 2009 | 11:23 pm Write-Offs: 03.27.09$$$ A Glance Back at Cramer vs. Cuomo: "Cuomo's about confiscation -- genuine communist," Mr. Cramer said. "The Chinese are capitalist, we got a communist." [NYT] $$$ Rich: The cost to insure the debt of Merrill Lynch surged on Friday after Kenneth Lewis, Chief Executive at Bank of America (BAC.N), which acquired Merrill, was reported as saying that the U.S. should consider separating commercial lenders from investment banking activities. [Reuters] $$$ Bernie Madoff on a baseball card [CNN Money] $$$ Job of the Week: Deutsche bank needs a Traded Credit Products risk analyst. YOU. [DB Career Center] 
Source: Dealbreaker | 27 Mar 2009 | 11:17 pm Google still hiring after cutsRead full story for latest details.Source: Business and financial news - CNNMoney.com | 27 Mar 2009 | 11:06 pm Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trade in Monday's session are Kroger Co., General Motors Corp., and Lincoln National Corp.Source: MarketWatch.com - Top Stories | 27 Mar 2009 | 10:53 pm (More) Georgia on My Mind
Lincoln Ritter
Omni had about $956 million in assets. Taking it over will cost the FDIC an estimated $290 million. Plus, listener Joel Weyrick notes that that not all banks fail on Friday. True. Here's the breakdown of FDIC closure days (thanks to my data-loving husband). » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 27 Mar 2009 | 10:52 pm Top Ten: MarketWatch's top stories of the week, March 23-27We're all in this together. That may be one way to sum up the message that President Barack Obama has been sending out since taking office. That also appears to have been at least part of what he had to say to bankers who came to see him Friday at the White House.Source: MarketWatch.com - Top Stories | 27 Mar 2009 | 10:45 pm Goldman CEO compensation dropped 98% to $1.1 mln in 2008Goldman Sachs Group Chief Executive Lloyd Blankfein saw his pay drop 98% in 2008 as the investment bank gave no bonuses and granted no stock to its top managers.Source: MarketWatch.com - Top Stories | 27 Mar 2009 | 10:42 pm Google still hiring, even after layoffsSAN FRANCISCO (Reuters) - Google Inc is hiring to fill about 360 jobs, even after it announced plans this week to lay off almost 200 sales and marketing employees in its third round of job cuts this year.Source: Reuters: Business News | 27 Mar 2009 | 10:41 pm IMF calls for unity ahead of G20The head of the International Monetary Fund (IMF) stresses the need for unity among leaders at the G20 meeting next week.Source: BBC News | Business | World Edition | 27 Mar 2009 | 10:30 pm Stocks: Down day, up weekWall Street tumbled Friday at the end of an otherwise upbeat week, stretching the market rally to three straight weeks, for the best run in a year.Source: Business and financial news - CNNMoney.com | 27 Mar 2009 | 10:13 pm Investors cash in some gains from big rally (AP)
Source: Yahoo! News: Stock Markets News | 27 Mar 2009 | 10:13 pm Latin American Markets: Equities fall as commodity prices pull backA drop in commodity prices contributes to losses across Latin America’s major equity benchmarks on Friday.Source: MarketWatch.com - Top Stories | 27 Mar 2009 | 10:04 pm After Hours: Lincoln National pulls FDIC application; bank shares upShares of Lincoln National fall after the insurer voluntarily pulls an application to participate in a government debt-guarantee program, while banking stocks gain ground following dayside losses that were prompted after several bank executives said this month has been difficult.Source: MarketWatch.com - Top Stories | 27 Mar 2009 | 10:04 pm The five top trends we'll see inside our homes in 2010As the recession takes a toll on most businesses, the housewares industry is actually expecting to see some benefit as more consumers eat, entertain and generally spend more time at home in order to save money.Source: MarketWatch.com - Top Stories | 27 Mar 2009 | 10:03 pm 21st bank failure this yearBank regulators closed a Georgia-based bank Friday, marking the 21st bank to be shuttered this year, according to a statement from the FDIC.Source: Business and financial news - CNNMoney.com | 27 Mar 2009 | 10:00 pm Presented By:Source: Dealbreaker | 27 Mar 2009 | 9:53 pm Will Guy Adami Even Get A Chance To Say Good-Bye?!
In what was a mutual decision, [CNBC's Brian] Steel tells TVNewser, "Dylan has told us he is leaving effective today....Due to the serious economic times in which we live, we made a decision that it would be a distraction for Dylan to host 'Fast Money' today." Ratigan Update: Off Air [mediabistro]
Source: Dealbreaker | 27 Mar 2009 | 9:53 pm Nokia pullback to cost subcontractors $5 billion: iSuppliHELSINKI (Reuters) - Nokia's pull-back from using subcontractors in phone-making will shed more than $5 billion in revenue from electronics contract manufacturers, research firm iSuppli said on Friday.Source: Reuters: Business News | 27 Mar 2009 | 9:52 pm US government seizes Omni National BankGeorgia-based Omni National Bank was seized and placed into receivership under the Federal Deposit Insurance CorpSource: Financial Times - US homepage | 27 Mar 2009 | 9:43 pm Hear: In Search Of Bad GuysOn today's Planet Money: -- The Treasury Department released a framework for regulating the financial industry this week. The plan calls for creating a systemic risk regulator to manage "certain large, interconnected firms and markets." While we still don't who is going to get the gig, the implications of the decisions they make will affect us for years to come. Adam Davidson lays out some of the possibilities. -- How you react to the other plan the Treasury Department announced this week, the one to get toxic assets off bank balance sheets, depends a lot on what you think is the problem with the banks in the first place. Is it a solvency or a liquidity crisis? Gregg Berman of Risk Metrics Group explains the difference between the two, using $50 million and an envelope. -- We've been looking for the bad guys in this financial crisis, but so far we haven't had much luck. Today we go to an expert, Neil Barofsky is the Special Inspector General for the TARP, the man charged with finding out who might be trying to defraud the government out of billions of dollars in bailout money. Bonus: A letter from the Netherlands, after the jump. Download the podcast; or subscribe. Intro music: Ida Maria's "Oh My God". Find us: Twitter/ Facebook/ Flickr Gerdien Meijerink writes: Who are the Dutch blaming? Well, the banks. There has been anger at the appointment plus bonus of Patrick Flynn, the new boss of ING who will receive 100, 000 shares with a worth of 400, 000 euros. Last week, the boss of a private bank (van Lanschot), Floris Decker apologized to the Dutch public about the banks behavior and the Dutch are waiting for other banks to apologize (none have done so yet). And of course we blame America, but especially George Bush: he stands for an America that thinks it can shop its way out of a recession.We Calvinists never approved of that. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 27 Mar 2009 | 9:41 pm FT special crime edition causes some confusionCity workers were greeted with a range of headlines to entertain them on their commute into work on Friday.Source: Telegraph Finance | 27 Mar 2009 | 9:38 pm Deflation: How to protect your portfolioShould you be protecting your portfolio against deflation or inflation or hedging your bets?Source: Telegraph Finance | 27 Mar 2009 | 9:32 pm Presented Without Comment: This Will End In TearsBank of America Corp. plans to increase some investment bankers' salaries by as much as 70 percent following the takeover of Merrill Lynch & Co., people familiar with the proposal said. Bank of America May Raise Investment Bankers' Salaries by 70% [Bloomberg]
Source: Dealbreaker | 27 Mar 2009 | 9:20 pm Barclays' battle for independence is vindicated by its clean bill of healthBarclays' confirmation of our story that regulators had given it a clean bill of health and that it would not be forced to raise more capital is for me final proof the bank was right to stubbornly refuse state aid last year.Source: Telegraph Finance | 27 Mar 2009 | 9:17 pm Threat of inflation is Labour's legacyWe listed another few degrees to port during the last three months of 2008. Those groping for the lifeboats will already be aware of this lunge down but it's only now that the official statisticians have officially declared that the economy sank 1.6pc compared to the previous estimate of 1.5pc.Source: Telegraph Finance | 27 Mar 2009 | 9:15 pm Profit-taking, bank caution halt market run-up (Reuters)
Source: Yahoo! News: Business | 27 Mar 2009 | 9:11 pm Profit-taking, bank caution halt market run-up (Reuters)
Source: Yahoo! News: Stock Markets News | 27 Mar 2009 | 9:11 pm The Obama PortfolioOk, let's take a little breather. The Obama Portfolio (Since Inception): +15.49% Earlier: The Obama Portfolio
Source: Dealbreaker | 27 Mar 2009 | 9:01 pm Price of oil drops as rally endsThe price of oil falls by almost $2 after several days of gains following more bad economic news.Source: BBC News | Business | World Edition | 27 Mar 2009 | 8:59 pm This Week’s LinksThis excellent article on Weimar Republic hyperinflation was written in 1981–but is still eerily familiar. Not sure who the guys behind Zero Hedge are, but they write a good blog. Simon Jenkins on the downfall of Dubai. Eric Clemons on why advertising is failing on the Internet. Ats Technica: Skype is now the biggest international call provider in the world. Source: Business Pundit | 27 Mar 2009 | 8:54 pm Send In The Marines!We aren't laughing with you, Max, we are laughing at you. "So any country looks at those examples and they say, 'You know if we get out of the U.S. dollar, does this mean that U.S. Marines are going to show up in our backdoor and start to cause mischief?'" Keiser said. "That's a legitimate concern these countries have." BBC Host and HuffPo Blogger Warns of U.S. Military Action if China Pushes for Global Currency [Business and Media Institute]
Source: Dealbreaker | 27 Mar 2009 | 8:44 pm U.S. consumer spending, sentiment edge upWASHINGTON (Reuters) - U.S. consumer spending rose for a second consecutive month in February and sentiment edged up in March, according to reports on Friday that backed views that the worst of the recession may be over.Source: Reuters: Business News | 27 Mar 2009 | 8:40 pm U.S. consumer spending, sentiment edge up (Reuters)Reuters - U.S. consumer spending rose for a second consecutive month in February and sentiment edged up in March, according to reports on Friday that backed views that the worst of the recession may be over.Source: Yahoo! News: Business | 27 Mar 2009 | 8:40 pm KB Home posts narrower loss, shares riseNEW YORK (Reuters) - KB Home posted a quarterly loss that was not as bad as Wall Street had expected, as orders rose and the builder took a smaller charge to write down the value of its landholdings, sending shares up as much as 12 percent.Source: Reuters: Business News | 27 Mar 2009 | 8:35 pm "How Do You Spell It? Well, It's An Acronym. 'S' As In Sam, 'M' As In 'Man,' 'D' As In Dog. Know What It Stand For?"
The CEOs arrived today at the White House alone and escorted by other company executives; some were quickly ushered in through the security gate by Bartlett, while others were forced to go through the usual routine for visitors. Dimon was asked to repeat his name twice and spell it once. He said he was there for a meeting with the president. Bank CEOs Tell Obama They Are Working Toward Recovery [Bloomberg]
Source: Dealbreaker | 27 Mar 2009 | 8:33 pm The new blood diamonds?First there were "blood diamonds," the gems that fueled conflict and human rights abuses in Liberia and Sierra Leone. Then there was "conflict cocoa," the chocolate source that's harvested by children and funds civil war in Ivory Coast. Now concern is rising about the minerals that go into common consumer electronics. Could that be a BloodBerry or a Conflict Cell in your pocket?Source: Business and financial news - CNNMoney.com | 27 Mar 2009 | 8:32 pm New fuel economy rules spark debateSource: L.A. Times - Business | 27 Mar 2009 | 8:29 pm Obama Week 10: Rescue gains steamThe Obama administration's tenth week in office was a busy one. Treasury Secretary Tim Geithner unveiled the next phase of the bank bailout. Congress took up the president's budget. And the government outlined a plan to overhaul regulation of the financial system.Source: Business and financial news - CNNMoney.com | 27 Mar 2009 | 8:20 pm Spotted: Michael Moore Lookin' For A Good TimeGot some time on your hands? Mail call: Just saw Michael Moore in front of the Brown Brother's building on Broadway in lower Manhattan. He's conducting street interviews, presumably for the new big bad Wall Street movie. The guy he was interviewing looked like Joe the Plumber, I'm guessing that he's getting a "working man's" take on things.
Source: Dealbreaker | 27 Mar 2009 | 8:16 pm Green roof? Green buildingThere aren't many cutting-edge urban architecture firms in Carmel Valley, Calif., a placid expanse of gnarled oak trees and steep, grassy hills about 120 miles south of San Francisco. But this is where you'll find Rana Creek, a 14-year-old, $6.5 million company that converts city buildings into countryscapes.Source: Business and financial news - CNNMoney.com | 27 Mar 2009 | 8:14 pm Jack Dreyfus, "Lion on Wall Street", dies at 95NEW YORK (Reuters) - Jack Dreyfus, the so-called "Lion on Wall Street," died March 27 at New York Hospital, the asset management firm that he founded said on Friday.Source: Reuters: Business News | 27 Mar 2009 | 8:14 pm Memoir of a Socialist's sonTess Vigeland talks to author Said Sayrafiezadeh about his new memoir, "When Skateboards Will Be Free," about his experience growing up in a Socialist household in America.Source: Marketplace Money | 27 Mar 2009 | 8:12 pm 52-Week Low Club (ADG, BTI, ESRX, MAC, INDM)
Allied Defense Group Inc. (ADG) hit a low on an intra-day basis, but it was a strange trade that came right back; could even be a trade break. Low print was $3.82; close at $4.07; prior range was $3.95 to $8.35. British American Tobacco plc (NYSE: BTI) fell 3.5% to $43.77; prior 52-week range was $44.96 to $80.65. Do the Brits not smoke more in a recession? Jolly! Express Scripts Inc. (NASDAQ: ESRX) down 4.5% at $44.09, low was $44.40 and high was $77.97. When PBM’s do poorly… Macerich Co. (NYSE: MAC) fell almost 8% to $5.81 but was as low as $5.64; prior trading range was $5.80 to $76.50. Ouch, 90% off for the REIT. United America Indemnity, Ltd (NASDAQ: INDM) down 8% at $3.82; prior range $3.92 to $20.22. JON C. OGG       Source: 24/7 Wall Street | 27 Mar 2009 | 8:06 pm Not All Peachy At Georgia's BanksWe've been getting lots of great comments and questions about how the FDIC seizes failed banks. This weekend we'll get deeper into that process on This American Life, and next week we'll get to some of your questions on the depleting Deposit Insurance Fund. Today being Friday and all, I am sitting here waiting to see if and where banks will fall. If you check the failed bank list obsessively like me (please don't) you'll start to see some states showing up a lot. Georgia makes the list 8 times in the past 7 months. No other state has seen that many failures since September. Like the Bank of Clark County (from our story), community banks in Georgia got big into the housing and development boom. They rode the wave of profits and now it's coming to an end. When the FDIC seizes bank, they really want another bank nearby to assume the insured deposits. In the case of the Back of Clark County, it was Umpqua with a big presence across the river in Portland. But in Georgia, more often than not the FDIC can't find a local bank healthy enough to take on the deposits. Which leaves them running the bank (which is hugely expensive and resource intensive) or they send the deposits to an assuming bank far away like Minnesota (a state that made the the failed list only once). » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 27 Mar 2009 | 7:30 pm Late Night With Dylan RatiganWe maintain D-Rat would be open to hosting a lifestyle show for bros, but apparently the (soon to be) former Fast Money ringermaster is considering a number of big dreams. Insiders tell TVNewser the Page Six item is "overblown." "It's less about Krakower and more about him," says the source. "He wants to be the next Letterman."
Source: Dealbreaker | 27 Mar 2009 | 7:24 pm Swiss bankers feel 'stages of grief'An attempt to inquire about the mood of Geneva's private bankers this week at a restaurant close to their discreet headquarters on the Rue du Rhone was met by a firm 'pas de commentaire' at the Relais de l'Entrecote restaurantSource: Financial Times - US homepage | 27 Mar 2009 | 7:20 pm Trennert Sees 10-Year U.S. Treasury Bonds Moving to 5.5%Source: Bloomberg - All Podcasts | 27 Mar 2009 | 7:01 pm Small talk: Food, college jobs, gold rushMarketplace's Brendan Newnam and Rico Gagliano chat with fellow staffers Stacey Vanek-Smith, Jeremy Hobson and Phyllis Owens about their favorite under-the-radar business stories from this week.Source: Marketplace | 27 Mar 2009 | 6:58 pm How Are Things Lookin' Out For Bank Of America?
Source: Dealbreaker | 27 Mar 2009 | 6:55 pm Stimulus, No. Safety Net, Yes.More today on why the European Union doesn't think much of America's proposal for a global economic stimulus package. As the New York Times reports, countries like Germany spend oogoodles already to prop up income when workers get laid off or have their hours cut. A furloughed German worker gets two-thirds of the old paycheck, and they go skipping off for more training or extra time with the family. The social safety net keeps personal spending up, so government doesn't have to prime the pump. Or at least that's the argument from EU. There's a good side and a bad one, the Times reports: Europe's extensive job protections and unemployment benefits are "bad in the upswing, because firms don't dare to hire people, because then they are glued to them," said Hans-Werner Sinn, president of the Ifo Institute for Economic Research in Munich. "In the downswing, it's good if the people are glued to the companies. They keep their jobs. They keep their income. They keep consuming." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 27 Mar 2009 | 6:48 pm Governor Corzine Discusses New Jersey State Budget ProposalsSource: Bloomberg - All Podcasts | 27 Mar 2009 | 6:47 pm Australia quashes China bid for Oz MineralsThe Australian government cited national security concerns to block a A$2.6bn bid by China's Minmetals for Oz Minerals, fuelling doubts about Beijing's ability to secure backing for other deals in the resource-rich countrySource: Financial Times - US homepage | 27 Mar 2009 | 6:46 pm Tax woes for gay couplesTax season is a headache for most people, but for gay couples, it can be even more complicated and expensive. Reporter Mina Kim visited a gay couple in San Francisco caught in tax season stress.Source: Marketplace Money | 27 Mar 2009 | 6:45 pm Crisis Card
We got the following email from our big boss here at NPR, Ellen Weiss. Sent: Thursday, March 26, 2009 7:53 AM To: PlanetMoney Subject: Here's my question for you today Systemic Risk Regulator? Who the heck will that be and would you love or hate having that on your business card? The treasury department today outlined what it wants to see as the new "rules of the road", financial regulations to make sure we don't drive into a ditch again. The wish list includes a very powerful Systemic Risk Regulator whose job it is to somehow understand the interconnectedness of all things. I made Ellen the business card above. We welcome your submissions. Whose name should be on it? What slogan? What logo? » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 27 Mar 2009 | 6:28 pm Day In The Work Life: Crop dusterOn today's Day In The Work Life, we hear from Ray Dyson, 58, a professional aerial applicator, otherwise known as a "crop duster."Source: Marketplace Money | 27 Mar 2009 | 6:19 pm Alon USA Energy Cut to `Average' at Caris & CompanySource: Bloomberg - All Podcasts | 27 Mar 2009 | 6:15 pm Bankers Try To Make Up With The Administration (JPM, MS, GS, BAC)
Jamie Dimon of JPMorgan said Obama asked a lot of questions but he set the tone of the meeting with issues facing the country. The TARP came up many times, but this was discussed as a tool to use for the better of the country. Obama did not discuss banks wanting to return the TARP money. JPMorgan is not going to pay back the TARP immediately, but it is going to take guidance from the Secretary of the Treasury on when to pay it back. Dimon said he would pay the TARP back but no time was scheduled. He said that commercial real estate is not the next shoe to drop, but is a function of the recession. President Obama did note that bankers need to be cognizant of the angers over executive compensation. Dimon noted that mistakes were made on compensation that went too far. Dimon said he is pretty clear that Obama is not against all wealth, but it sounded a lot like Dimon was saying he against awarded wealth that may not be deserved. Dimon said that JPMorgan already does restricted stock bonuses and the administration has been in support of that. The only reason JPMorgan addressed the inter-month profitability was to make assurances that the dividend was not dead. He did note though that March was a little tough but wont discuss any single month. On raising equity, Dimon said he did not think the company will need to. JOHN MACK of Morgan Stanley spoke with LLOYD BLANKFEIN of Goldman Sachs. Mack said there was no tension and the meeting was all about cooperation. There were some issues over regulatory framework, but all in all it was encouraging. BLANKFEIN said everyone was on same page and Obama recognized that we are all in this together and there is not much distant between Main Street and Wall Street. As far as being a seller or a buyer into the toxic assets, Goldman doesn’t have as many assets in that class but they would probably like to buy it. In short, Goldman Sachs will be an investor is what that sounds like. MACK said that he is not sure they would be a seller of assets because they only have the small bank and are not sure if they can sell assets from the bank holding entities. MACK noted that the TARP money was puty there to make sure we had stable banks. That has to be the primary focus. Morgan Stanley can pay it back. BLANKFEIN noted on the TARP that there is no direct planned time to return the TARP money, but they will return it at some point. He has to wait for the stress tests to come out. But he then hinted about the taxpayers as “why wouldn’t that taxpayers want it back if Goldman Sachs doesn’t need it.” MACK said that the return of the TARP and compensation was not the point. He said it was about us all working together to make the situation in America better. Erin Burnett asked if Goldman Sachs would raise equity now that the stock is high. BLANKFEIN said it would want to go through stress tests and would not address anything until then. KEN LEWIS of Bank of America said the summary is that we are in this together. It was a cooperative and pleasant meeting and Obama was very knowledgeable, but we are not in agreement on every single issue. Lewis said he understood that the golden age of banking compensation is over. Lewis also said that cooler heads will ultimately prevail over compensation or TARP money return. Lewis said he does not know what reaction will be on the return of TARP. He said “we can” on returning the TARP, and he said he’d like to begin that. He also noted briefly that March was tough, but stopped there and said it was too soon to comment on that. Jon C. Ogg       Source: 24/7 Wall Street | 27 Mar 2009 | 6:11 pm Bank chiefs hold peace talks with ObamaTop bank chief executives held peace talks with President Barack Obama at the White House as the administration sought to soothe tensions over lavish Wall Street bonus paymentsSource: Financial Times - US homepage | 27 Mar 2009 | 5:58 pm FTSE closes down (AFP)
Source: Yahoo! News: Stock Markets News | 27 Mar 2009 | 5:48 pm Cleaning Out The Fridge
The employee fridge at a Commerce Department agency. Jon S. Jon S. sends this little bit of Commerce Department humor from Washington D.C. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 27 Mar 2009 | 5:45 pm Lyons Says Global Economy So Weak Inflation Is No ProblemSource: Bloomberg - All Podcasts | 27 Mar 2009 | 5:38 pm Fla. Realtor uses boat to display foreclosed homes (AP)
Source: Yahoo! News: Business | 27 Mar 2009 | 5:36 pm Fewer & Fewer Rigs, More Foreign Oil Dependence (BHI, OIL, USO)
Here were last week’s counts:
The iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is down almost 4% at $24.00, and the US OIL ETF (NYSE: USO) is down 4% at $30.74. T. Boone Pickens recently made the call of “$60 before $40″ when oil was barely above $40.00 at the time. OPEC doesn’t need to debate whether they should be cutting production with these cuts. WEe are cutting production more than enough for them. Demand erosion is real, but these rig counts keep coming down at what seems far more than demand is dropping. It would be a stretch to believe that the administration would come up with new drilling incentives. Whether we want to end up entirely using solar and nuclear and other forms of alternative energy entirely, the reality is that oil use is going to be around as long as we are all still alive. The question is just how much of it will be used. It looks like foreign energy dependence is going to continue, so you might as well capitalize off of it. Jon C. Ogg       Source: 24/7 Wall Street | 27 Mar 2009 | 5:30 pm Negotiating lower rentIn a soft market, landlords are more open to adjusting rent prices for the right tenant. Attorney Janet Portman explains the best ways to negotiate rent with your landlord.Source: Marketplace Money | 27 Mar 2009 | 5:04 pm Getting PersonalTess Vigeland and Economics editor Chris Farrell answer pressing questions from listeners about borrowing from a 401K, how to buy life insurance, and how life insurance companies are regulated by the state.Source: Marketplace Money | 27 Mar 2009 | 5:04 pm 529 college funds dropping fastAssets in 529 funds dropped 21% in the fourth quarter last year. Tess Vigeland talks with financial planner Bill Parish about what's happening to existing 529s and whether they are still a good way to save for college.Source: Marketplace Money | 27 Mar 2009 | 5:03 pm Sallie Mae changes payment rulesSallie Mae announced that it's changing rules about when student loans need to start being paid back. Tess Vigeland talks to Mark Kantrowitz of FinAid.org about what it means for students entering and graduating from college.Source: Marketplace Money | 27 Mar 2009 | 5:03 pm Quick fix credit scamsScams offering to lower property taxes or save people from foreclosure are everywhere. But what about ads promising to get rid of bad credit? Sally Herships finds out why people are believing the ads and what happens when they do.Source: Marketplace Money | 27 Mar 2009 | 5:03 pm Straight StoryTess Vigeland and Economics editor Chris Farrell discuss how consumers can sort through conflicting financial advice about investing in the current market.Source: Marketplace Money | 27 Mar 2009 | 5:03 pm Icelanders fish for ways to earn a livingIceland is feeling the fallout from its economy's collapse. Unemployment is near record highs and the real estate market is frozen. But innovative Icelanders are still finding ways to make ends meet. Stephen Beard reports.Source: Marketplace | 27 Mar 2009 | 4:52 pm A little insight into uraniumThirty years ago the Three Mile Island Nuclear Station experienced the worst nuclear power accident in U.S. history. Tom Zoellner, author of "Uranium," talks with Kai Ryssdal about the issues surrounding that nuclear fuel.Source: Marketplace | 27 Mar 2009 | 4:52 pm Weekly Wrap: A look at Geithner's plansTreasury Secretary Timothy Geithner announced bank and regulatory plans this week. Kai Ryssdal reviews those plans with Portfolio.com's Felix Salmon and Fortune magazine's Leigh Gallagher.Source: Marketplace | 27 Mar 2009 | 4:52 pm Is 3-day paper delivery good news?The Detroit Free Press is cutting its delivery services to Thursdays, Fridays and Sundays -- the most lucrative advertising days. Is this a good business model? Dan Grech reports.Source: Marketplace | 27 Mar 2009 | 4:51 pm Lobbyists fight stimulus talk banThe White House is forbidding registered lobbyists from talking to executive branch officials who decide how to spend stimulus funds. Lobbyists say this violates their rights and are planning a challenge. John Dimsdale reports.Source: Marketplace | 27 Mar 2009 | 4:51 pm Stock and bond markets disconnectWhile the stock markets have seen a rally for much of the week, bond markets didn't share the same optimism. Ashley Milne-Tyte explains why.Source: Marketplace | 27 Mar 2009 | 4:50 pm CEOs bank on meeting to reshape imageExecutives of some of the nation's biggest banks met with President Obama to find some common ground as he continued to push forward with his economic recovery plan. What was discussed? Jeremy Hobson reports.Source: Marketplace | 27 Mar 2009 | 4:50 pm FriendFinder Still Pursuing IPO
The company’s most heavily visited websites include AdultFriendFinder.com, Amigos.com,AsiaFriendFinder.com, Cams.com, FriendFinder.com, BigChurch.com andSeniorFriendFinder.com. Revenue to date has been primarily derived from subscription and paid-usage adult-oriented products and services. It also produces and distributes original pictorial and video content, licenses the Penthouse brand to a variety of consumer products companies and entertainment venues and publishes branded men’s lifestyle magazines. Last year, it showed net revenue $331.0 million, income from operations of $7.1 million, net loss of $(46.0) million and EBITDA of $57.2 million. There was a $19.2 million reduction to net revenue due to purchase accounting that required the deferred revenue to be recorded at fair value on the date of acquisition of Various, Inc. in 2008. The full filing also noted:
Social networking sites have found it difficult to value themselves and to monetize what traditional web sites and media operations have seen. Classmates.com does not have the same stigma to it, and that IPO had to be dropped. But FriendFinder also claims, “Average revenue per subscriber, or ARPU, is calculated by dividing net revenue for the period by the average number of subscribers in the period. For the year ended December 31 , 2008, our average monthly net revenue per subscriber was approximately $20.26.” Quantcast lists FriendFinder as one of the top 5,000 sites, although we’d note that the graph shows some mixed data there that has come down if the data is accurate. Website tracking firms all offer different metrics, so that is why we note “if the data is accurate. Alexa shows it listed as rank number 3,281 for a 3-month average, but that is ranked as being over 4,700 over the last week. JON C. OGG       Source: 24/7 Wall Street | 27 Mar 2009 | 4:45 pm Wal-Mart closing optical lab, 650 jobs affected (Reuters)Reuters - Wal-Mart Stores Inc is closing an optical lab in Ohio that employs roughly 650 workers, the world's biggest retailer said on Friday.Source: Yahoo! News: Business | 27 Mar 2009 | 4:35 pm A New Reality For Savings?Today the Commerce Department reports that for the second straight month Americans are saving more than 4 percent of their disposable personal income. The personal savings rate -- disposable personal income less personal outlays -- was $450.7 billion in February, or 4.2 percent. That's down slightly from January, when Americans saved $478.1 billion or 4.4 percent. Still, the current savings rate is a far cry from just three years ago, when it hit minus 0.5 percent -- its lowest level since 1933. At that time, Americans were, on average, spending all their after-tax earnings plus some money stashed away or on credit. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 27 Mar 2009 | 4:30 pm Tesco sold alcohol to youngstersSupermarket giant Tesco is fined £6,000 after admitting selling alcohol to under-age test shoppers in Blackpool.Source: BBC News | Business | World Edition | 27 Mar 2009 | 4:29 pm Why Dell (DELL) Is Toast
If IBM buys Sun, it ends up with a much larger piece of the server market and may create even more competition in the sector for Dell. IBM and HP have already diversified into the highly profitable IT service and software businesses. Dell has a very small services business. HP made a big move to bolster its services operation by buying EDS. It picked up a large services firm and was able to lay off about 25,000 people to improve margins. Dell’s shares are so low because of its lack of success in driving up earnings and picking up market share that the company’s market capitalization is down to $19 billion. That means it does not have the “currency” to make a significant move into the services business by acquiring one of the large companies in that sector. The most logical, and desirable, buyout candidates in IT services are probably Accenture (ACN) and CA (CA). Even with a recent sell-off in Accenture stock, due to analyst downgrade, the firm has a market cap of $16 billion. CA’s is almost $9 billion. It is safe to assume that neither company would sell out for a premium of under 30%. The 55% sell-off in Dell shares over the last two years has hurt shareholders, but it has also painted the company into a corner which makes a significant acquisition difficult. Douglas A. McIntyre Tagged: ACN, CA, DELL, HPQ, IBM, JAVA      Source: 24/7 Wall Street | 27 Mar 2009 | 4:15 pm KiwiSaver changes into lower gearKiwiSaver Mark IV starts on Wednesday for nearly one million people who face a raft of changes expected to make it easier for more people to join while opening up options for existing members. The retirement savings scheme was...Source: New Zealand Herald - Business | 27 Mar 2009 | 4:00 pm Brian Gaynor : Regulators look after own backsRecent reports and comments on the finance company debacle are extremely disappointing because they seem to be based on protecting the interests of a number of government agencies rather than looking after the best interests of investors. The...Source: New Zealand Herald - Business | 27 Mar 2009 | 4:00 pm Geithner's reforms hit nerve on Wall StThe Obama Administration is promising to "rewrite the rules of the game" for the finance industry, with a clampdown on unfettered trading, new oversight of hedge funds and additional powers to shut down large firms that threaten to...Source: New Zealand Herald - Business | 27 Mar 2009 | 4:00 pm Stock rally offsets growth gloomUnited States stocks rallied, extending the market's best monthly gain since 1974, on better-than-estimated earnings at Best Buy and ConAgra Foods and prospects for lower labour costs at General Motors. Treasury one-month bill...Source: New Zealand Herald - Business | 27 Mar 2009 | 4:00 pm Brown urges US$100b trade stimulusThe world's top economies need to create a US$100 billion ($174 billion) fund to stimulate global trade, British Prime Minister Gordon Brown said yesterday. Visiting Brazil as part of a three-continent tour to drum up support for...Source: New Zealand Herald - Business | 27 Mar 2009 | 4:00 pm Home loan rates rise in rush to fixFixed mortgage rates have been driven higher this week, largely because of a stampede of homebuyers convinced recent low levels were soon to rise, industry figures say. But the cost of the 30 to 40 per cent of the funding banks...Source: New Zealand Herald - Business | 27 Mar 2009 | 4:00 pm NZ Post selling buildings with magnetic appealNew Zealand Post is putting a portfolio of seven of its freehold retail properties up for sale for the first time, with some of them having been owned by the Crown since the 1920s. "The properties are all in prime, high-profile...Source: New Zealand Herald - Business | 27 Mar 2009 | 4:00 pm Google cutting 200 workersGoogle is jettisoning nearly 200 workers in its largest round of layoffs yet, demonstrating that even profitable companies are feeling the pinch. The job cuts announced yesterday affected less than 1 per cent of the 20,200 workers...Source: New Zealand Herald - Business | 27 Mar 2009 | 4:00 pm Low-profile campaign wins ad creativity awardA tongue-in-cheek advertising campaign that showed people how to secretly read books at work took top prize at the Axis awards for advertising creativity. The Read a Book at Work online ad from Colenso BBDO - which features books...Source: New Zealand Herald - Business | 27 Mar 2009 | 4:00 pm Brent Sheather : Property equation changes with debtTwo weeks ago we looked at a syndicated property scheme which was selling the public shares in the Bendon building on Airpark Drive, Mangere, and concluded that the listed property sector potentially had more to offer retail investors. There...Source: New Zealand Herald - Business | 27 Mar 2009 | 4:00 pm Cohen Says U.S. Stock Prices Got `Too Cheap' Last MonthSource: Bloomberg - All Podcasts | 27 Mar 2009 | 3:39 pm Fox-Pitt's Trone Sees `Consolidated Regulator' of BanksSource: Bloomberg - All Podcasts | 27 Mar 2009 | 3:35 pm David Lea Says U.K. Economy Will Need `Continued Stimulus'Source: Bloomberg - All Podcasts | 27 Mar 2009 | 3:34 pm This Week’s Weird Jobs
Sometimes, job posters ask for truly unique skill combinations. For example, a phlebotomist who knows how to market. Or an art salesman who knows how to be a stockbroker. We found some unique combinations below, interspersed with plain ol’ weird job postings: 1. Seattle: Phlebotomist With Marketing Experience Great opportunity for experienced phlebotomist with marketing experience for immediate opening. Self starter, to start up business for people who don’t have insurance that need to have blood work done. Duties include part time work in established drug testing company. Split commission plus hourly wage. A phlebotomist with marketing experience who works on commission. Does that strike anyone else as a little scary? 2. Florida: Fertility Sales Specialist We are seeking a dynamic individual to develop new business in the South. QUALIFIED CANDIDATES SHOULD… -Have a minimum of 3 years sales experience (Pharma. Helpful) Must be immune to reactions of mild-mannered Southerners upon hearing about ovulation and sperm banks. 3. Experienced Criminal Defense Attorney We have an entire lineup of Wall Street CEOs just waiting to be defended. 4. Seattle: Hard Work-Low Pay Cleaning, painting, stocking, repair, lifting and moving of Arcade Machines. Drivers Lic, personal references, mechanical ability, honest & reliable. Seeking experienced “closers” with high-end selling experience i.e. car sales, time share sales, securities, or insurance. Our sales track is derived from the insurance industry and Wall Street. This job has a six figure earning potential in its first year. We can teach you the art side of the business, but sales experience is a must; this job is for a master salesman. Experience closing sales is completely necessary. WE HAVE NO COMPETITION! THIS IS THE REAL DEAL!!! We just can’t spell. At all. Happy Friday! Source: Business Pundit | 27 Mar 2009 | 3:33 pm Job Loss, Now And ThenI sent Howard Rosen, who took questions from y'all about employment, this query from a listener: Given the fact that most women were NOT in the workforce during the Great Depression and now most women ARE in the workforce, how do we compare unemployment rates? One could read it that unemployment in the Great Depression was closer to 70 percent (25% of men and say, 90% of women). Or one could read it that unemployment in the Great Depression was more like 12.5%, (25% of men wanted work and couldn't get it, but that's only 12.5% of the population.) Please help me understand just how bad things are now when compared to the Great Depression. Rosen's reply, after the jump. He writes:
People must be working or seeking work in order to be counted as being in the labor force. As the questioner suggests, the majority of women were not working or seeking employment in the 1930s, thus they were not considered to be in the labor force. Someone must be considered to be in the labor force in order to be counted as unemployed. As I mentioned when we spoke, the unemployment rate is the percent of the labor force who are not working and seeking employment. The bottom line is that the questioner is referring to the ratio of unemployed to population, rather than the ratio or the unemployed to the labor force. Obviously, the unemployment-population ratio is much lower today than it was in the 1930s, since population is so much larger today. One cannot just adjust the unemployment rate due to the low female labor market participation rate, without taking other effects into account. A higher female labor participation rate in the 1930s would have had significant implications throughout the economy, particularly on economic growth, wages and employment. Given the difficulties in comparing today's labor market conditions to those which existed during the depression, I refer to the number of unemployed. It has been reported that 13 million people were unemployed in 1933. We have probably already passed that number in the current recession. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 27 Mar 2009 | 3:33 pm Indicator: Solo CupsKellen writes: I work for a fortune 500 Company in the financial sector, and today when I went to the break room to get a cup and some ice for the drinks I keep in my office, I notice the cups had changed. Before we had these nice 20oz cups with the company name on them, that had the weird texture on the outside to make sure coffee does not burn your hand, or condensation does not build on the outside, and in return get on your papers on your desk. Today we have Solo cups, you know the red cups that every person that has ever gone to college knows about. Then I also heard some further news that upset half the office. They have announced that we will be going back to coffee in pots (I know the horror). I don't drink coffee but this is a big deal to some people. Currently we have one of those machines were you pick whatever flavor you want put it into the machine, and it makes a cup. I've heard a lot of people complain today about the changes, but these people are missing the big picture. We still have free, yes I said free coffee, and Folgers at that, and they are still providing cups for coffee and free bottled waters. In this day in age I think we should be happy to still have good paying jobs, but you know. Let's hope this isn't a sign of something more serious. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 27 Mar 2009 | 3:32 pm Vale in Mozambique coal projectBrazilian mining company Vale launches a $1.3bn coal mining project in Mozambique.Source: BBC News | Business | World Edition | 27 Mar 2009 | 3:18 pm Klapwijk Sees Deflation Scare Receding, Oil Above $50 a BarrelSource: Bloomberg - All Podcasts | 27 Mar 2009 | 2:45 pm Please, Regulate MeThis confused me; the stock market jumped up yesterday, just as Treasury Secretary Tim Geithner laid out plans for much tighter regulation of Wall Street. I'm sure there is a more sensible explanation, but I kept thinking how parenting books say kids secretly crave rules and discipline. I think we really scared ourselves with this crisis. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 27 Mar 2009 | 2:44 pm Madoff UK offices in fraud probeThe UK offices of US financier Bernard Madoff may have been significant in his $50bn fraud, says the Serious Fraud Office.Source: BBC News | Business | World Edition | 27 Mar 2009 | 2:44 pm Sky Driving: Why you could soon own a flying car.By Matthew DeBord of The Big Money What a difference getting airborne makes. Until this month, flying cars were the stuff of Blade Runner, postmillennial defeatist humor about how far we haven’t come since the Futurama era, and, of course, TV spots. “Where are the flying cars? I was promised flying cars!” declaimed actor Avery Books in a 2000 ad for IBM that concluded we really don’t need them because we have the Internet. Ah, 2000. We were so innocent then. Everything changed on March 5, when the Terrafugia Transition took to the skies. You can watch it taxi along a runway in Plattsburgh, N.Y., and achieve liftoff here. Yet this isn’t your father’s flying car. The Transition is a departure from the gee-whiz, futuristic air chariots of yore. In fact, it really isn’t a flying car. It’s a “roadable aircraft,” a plane that drives rather than a car that flies. And it comes complete with a viable business plan, which is unsurprising, given that it was developed by a 32-year-old MIT wunderkind engineer and some tech-savvy MBAs and has so far attracted several rounds of investment. Although the Transition still has to undergo plenty of testing to satisfy various safety requirements, Terrafugia is taking deposits.       Source: 24/7 Wall Street | 27 Mar 2009 | 2:43 pm Fertilizer Merger Getting Richer (AGU, CF, TRA)
So far this morning, Agrium shares are off about 2.5%, CF shares are nearly flat, and Terra shares are off about 4%. Looks like the market thinks Terra is going to get left out. Paul Ausick       Source: 24/7 Wall Street | 27 Mar 2009 | 2:37 pm NRG Throws Debt Scare at Exelon (NRG, EXC, RRI)
In a response to NRG, Exelon calls the NRG letter a “misstatement” of NRG’s debt instruments, then proceeds to school NRG on what NRG’s own debt requires. Ouch. Basically, Exelon denies that its takeover is a change of control in NRG, and would thus not trigger all the negative effects NRG outlined. NRG still hasn’t set a date for its 2009 annual meeting. Both NRG and Exelon shares were down slightly in early trading today along with the broad market. Reliant Energy Inc. (NYSE: RRI) is down 6% this morning at $3.30, although that tie to this may not be the direct reasoning. Paul Ausick       Source: 24/7 Wall Street | 27 Mar 2009 | 2:26 pm Conoco, When An Upgrade Isn’t An Upgrade (COP, GS, BRK-A)
What Goldman appears to be saying is that Conoco is an oil company, but Conoco is not a strong oil company. It may sound like a joke, but the company’s recent data shows this to not be too far off. And its stock performance to peers leaves much to be desired. The lack of strength is no doubt partially due to Conoco’s dismal performance in Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK-A). Buffett admitted he made a mistake with his investment in Conoco. We’ve put Conoco among our list of stocks that will double by the end of 2010. The average Wall Street target is still just over a $50.00, and our double would take it to around $68.00. So shares have to be bolstered by crude for that come about. The Goldman Sachs note this morning outlines some of the inherent issues in the oil patch. Some are good. Some aren’t. Conoco shares are off a little more than 1% in early trading this morning. Paul Ausick       Source: 24/7 Wall Street | 27 Mar 2009 | 1:53 pm US consumer spending growth slowsUS consumer spending rose in February, but at a much slower rate than in January, official data showedSource: BBC News | Business | World Edition | 27 Mar 2009 | 1:37 pm Shugg Sees Very Weak U.S. Growth Later This YearSource: Bloomberg - All Podcasts | 27 Mar 2009 | 1:29 pm Urquhart Stewart Says G20 Meeting Crucial to ConfidenceSource: Bloomberg - All Podcasts | 27 Mar 2009 | 1:28 pm
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