|
|
|
|
Euro jumps after eurozone rate cutThe European Central Bank has cut official interest rates further as it steps up its efforts to combat Europe's recession, but it has stopped short of entering zero interest rate territorySource: Financial Times - US homepage | 2 Apr 2009 | 12:13 pm G20 leaders close to global dealLeaders of the world's largest economies are close to an agreement to tackle the global financial crisis.Source: BBC News | Business | World Edition | 2 Apr 2009 | 12:10 pm Indications: Stock futures suggest rally's extension on economy hopesU.S. stock futures indicated a second day of strong gains Thursday with bulls cautiously optimistic that the bear market, economic and financial crisis have bottomed.Source: MarketWatch.com - Top Stories | 2 Apr 2009 | 12:09 pm Europe Markets: Banks lead European shares to sharp gainsEuropean shares advanced for the third straight session on Thursday, with financials leading advancers and oil producers also rallying sharply.Source: MarketWatch.com - Top Stories | 2 Apr 2009 | 12:07 pm StephanomicsBBC economics editor's analysis of the G20 summitSource: BBC News | Business | World Edition | 2 Apr 2009 | 12:05 pm Incentives, pricing give new cars unusual advantage over usedIn this slumping economy, Americans have rethought their spending habits by saving more than buying, dining out less, dumping lavish holiday travel plans and doing anything else to maximize their dollar. But there’s one purchase cash-strapped consumers won’t necessarily have to cut corners on: a new car.Source: MarketWatch.com - Top Stories | 2 Apr 2009 | 12:05 pm Stock futures point to higher open on G20 hopes (Reuters)
Source: Yahoo! News: Business | 2 Apr 2009 | 12:04 pm ECB reduces rates to record lowThe European Central Bank cuts the main interest rate to a record low of 1.25% in the eurozone.Source: BBC News | Business | World Edition | 2 Apr 2009 | 12:03 pm Ford, GM roll out new incentives to lure wary buyersFord Motor Co. says it is launching the Ford Advantage Plan, which includes incentives such as zero-percent financing and payment protection for buyers who lose their jobs.Source: MarketWatch.com - Top Stories | 2 Apr 2009 | 12:03 pm Robert PestonArriving at the G20 media centre is a road to nowhereSource: BBC News | Business | World Edition | 2 Apr 2009 | 12:02 pm Former AIG chief to face CongressWhen a congressional panel meets former AIG Chief Executive Maurice "Hank" Greenberg on Thursday, agendas are likely to collide.Source: Business and financial news - CNNMoney.com | 2 Apr 2009 | 12:00 pm ECB makes smaller-than-forecast rate cut, to 1.25%The European Central Bank, confronting a recession and barely a flicker of inflation, on Thursday cut its key interest rate to 1.25%, a fresh record low but a smaller-than-expected cut that stunned markets.Source: MarketWatch.com - Top Stories | 2 Apr 2009 | 12:00 pm Wall Street set to rally again on economic hopes (AP)
Source: Yahoo! News: Stock Markets News | 2 Apr 2009 | 11:56 am Stock futures point to rise at Wall Street open(Reuters) - Dow Jones futures rose 2.2 percent by 6:40 a.m EDT, S&P 500 futures were up 2.1 percent, and Nasdaq futures were up 2.2 percent, pointing to Wall Street opening higher on Thursday, building on the previous session's gains.Source: Reuters: Business News | 2 Apr 2009 | 11:54 am Global equities rally as optimism returnsEuropean indices joined the rally on global equities markets on Thursday, amid growing hope that the worst of the economic crisis may have passedSource: Financial Times - US homepage | 2 Apr 2009 | 11:49 am Housing bust hits ManhattanThe national housing slump is finally crashing at the shores of Manhattan island, which had its worst quarter in years, according to several industry reports released on Thursday.Source: Business and financial news - CNNMoney.com | 2 Apr 2009 | 11:43 am Top Analyst Downgrades (AAP, AMZN, AZO, BDK, LAZ, MS, TXN)These are some of the top pre-market analyst downgrades and negative research calls we have seen from Wall Street early this Thursday morning with about two hours until the market opens: Advance Auto Parts (AAP) Cut to Hold at Citigroup. Amazon.com (AMZN) Cut to Equal Weight at Barclays. AutoZone (AZO) Cut to Hold at Citigroup. Black & Decker (BDK) [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 2 Apr 2009 | 11:42 am Mark-to-market rule set to lose a few teethWASHINGTON (Reuters) - U.S. accounting rulemakers are set to crumple on Thursday in the face of ultimatums from lawmakers, liberalizing rules that will give banks leeway to report smaller losses and asset writedowns.Source: Reuters: Business News | 2 Apr 2009 | 11:42 am Mark-to-market rule set to lose a few teeth (Reuters)Reuters - U.S. accounting rulemakers are set to crumple on Thursday in the face of ultimatums from lawmakers, liberalizing rules that will give banks leeway to report smaller losses and asset writedowns.Source: Yahoo! News: Business | 2 Apr 2009 | 11:42 am Top Analyst Upgrades (CTV, DPS, COOL, PBG, TRW, WLL)These are the top pre-market analyst upgrades and positive research calls we have seen from Wall Street this Thursday morning: CommScope (CTV) Raised to Outperform at Baird. Dr. Pepper Snapple (DPS) Raised to Buy at Deutsche Bank. Majesco Entertainment (COOL) Raised to Buy at Needham. Pepsi Bottling (PBG) Raised to Buy at Deutsche Bank. TRW Automotive (TRW) Raised to Neutral [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 2 Apr 2009 | 11:38 am ELC subsidiary lifts MothercareUK retailer Mothercare reports rising sales, aided by products from its subsidiary Early Learning Centre.Source: BBC News | Business | World Edition | 2 Apr 2009 | 11:32 am Learjet maker to cut 1,000 Belfast jobsAround a thousand jobs are to be axed by Bombardier, the aircraft-maker, at its plants across Belfast, the company confirmed today.Source: Latest Business News from Times Online | 2 Apr 2009 | 11:31 am For fans of Snuggies... footed PJsWhen consumers get cold feet, what's an entrepreneur to do? Sell them footed pajamas: a grown-up version of Dr. Denton's kiddie sleepwear.Source: Business and financial news - CNNMoney.com | 2 Apr 2009 | 11:31 am Oil jumps to around $51 ahead of G20LONDON (Reuters) - Oil rose more than $3 per barrel to around $51 on Thursday as rising equities markets bolstered sentiment during a G20 summit which investors hoped would deliver measures to restore global growth.Source: Reuters: Business News | 2 Apr 2009 | 11:30 am Oil jumps back above $50Read full story for latest details.Source: Business and financial news - CNNMoney.com | 2 Apr 2009 | 11:27 am IPO Report: Chinese game site Changyou prices at top of range for debutThe $112.5 million spin-off of a popular Chinese gaming Web site is expected to score big wins with investors when it debuts on the U.S. stock market Thursday.Source: MarketWatch.com - Top Stories | 2 Apr 2009 | 11:23 am World stocks surge as G20 seeks historic deal (AFP)
Source: Yahoo! News: Stock Markets News | 2 Apr 2009 | 11:21 am Even in death people are cost cuttingThe recession is not only forcing people to cut back on their living expenses -- but on their dying expenses too.Source: Business and financial news - CNNMoney.com | 2 Apr 2009 | 11:20 am London Markets: London's top index back over 4,000; FTSE 100 up 2.9%British shares surge on Thursday, with the FTSE 100 index moving back over the 4,000 mark for the first time since February amid hope that the economic backdrop may be improving.Source: MarketWatch.com - Top Stories | 2 Apr 2009 | 11:16 am Societe Generale is Live With Misys Solution to Support its Asset Servicing and Custody Services BusinessLONDON, April 2 /PRNewswire-FirstCall/ -- - Societe Generale Securities Services has Gone Live With Misys Summit FT Misys, the global application...Source: RSS feed - channel BNewsBusiness | 2 Apr 2009 | 11:09 am Winterflood fined £4m for market abuseWinterflood Securities, one of the City’s best-known market-making firms, must pay a fine of £4 million after a tribunal today upheld that it had committed market abuse.Source: Latest Business News from Times Online | 2 Apr 2009 | 11:08 am Brown sees G20 summit consensusThe G20 summit got under way in London with hopes that the gathering of world leaders will be able to make progress in resolving the global economic and financial crisisSource: Financial Times - US homepage | 2 Apr 2009 | 11:07 am Stock futures point to rise at Wall Street open (Reuters)
Source: Yahoo! News: Stock Markets News | 2 Apr 2009 | 11:06 am World markets surge as US data boost recovery hope (AP)
Source: Yahoo! News: Stock Markets News | 2 Apr 2009 | 11:04 am Futures point to rise at Wall Street open(Reuters) - Dow Jones futures rose 2.2 percent by 6:40 a.m, EST, S&P 500 futures were up 2.1 percent, and Nasdaq futures were up 2.2 percent, pointing to Wall Street opening higher on...Source: RSS feed - channel BNewsBusiness | 2 Apr 2009 | 11:00 am Allan James Group Issues Technical Trade Alerts on: AMZN, AXP, C, DD, F, GEVALLEY COTTAGE, N.Y., April 2 /PRNewswire/ -- StockPreacher.com, a wholly owned entity of the Allan James Group Inc., announces the availability of Trade Alerts on stocks making...Source: RSS feed - channel BNewsBusiness | 2 Apr 2009 | 11:00 am AirTran Airways Announces New Seasonal Service From Atlanta to Portland, Maine, and Harrisburg, Pennsylvania- Airline Enhances Roster of Direct Flights Between Existing Markets - ORLANDO, Fla., April 2 /PRNewswire-FirstCall/ -- AirTran Airways, a subsidiary of AirTran...Source: RSS feed - channel BNewsBusiness | 2 Apr 2009 | 11:00 am Yucheng Deploys a New Credit Management Information System for Fujian Rural Credit UnionBEIJING, April 2 /PRNewswire-Asia-FirstCall/ -- Yucheng Technologies Limited (Nasdaq: YTEC), a leading provider of IT solutions and services to China's banking...Source: RSS feed - channel BNewsBusiness | 2 Apr 2009 | 11:00 am Allan James Group Issues Technical Trade Alerts on: GM, GILD, JPM, LO, MHS, SPNGVALLEY COTTAGE, N.Y., April 2 /PRNewswire/ -- StockPreacher.com, a wholly owned entity of the Allan James Group Inc., announces the availability of Trade Alerts on stocks making...Source: RSS feed - channel BNewsBusiness | 2 Apr 2009 | 11:00 am Wolverine Tube, Inc. Announces Extension of Expiration Date and Revised Terms of Exchange OfferHUNTSVILLE, Ala., April 2 /PRNewswire-FirstCall/ -- Wolverine Tube, Inc. ("Wolverine Tube") announced today that it has revised the terms and extended the...Source: RSS feed - channel BNewsBusiness | 2 Apr 2009 | 11:00 am ProLogis Announces Leasing Activity in Japan- Three New Lease Agreements with Third-Party Logistics Providers Totaling 358,000 Square Feet - - Lease with Sanyo Electric Logistics at ProLogis Parc Narashino III...Source: RSS feed - channel BNewsBusiness | 2 Apr 2009 | 11:00 am Stocks set to extend rallyWall Street was poised to extend its rally Thursday as leaders of the world's largest economies began a meeting to tackle the global financial crisis.Source: Business and financial news - CNNMoney.com | 2 Apr 2009 | 10:59 am UK house prices 'rise unexpectedly in March' (AFP)
Source: Yahoo! News: Business | 2 Apr 2009 | 10:56 am UPDATE 2-BTG sees FY recurring revenue up, U.S. buysLONDON, April 2 (Reuters) - British pharmaceutical company BTG said on Thursday full-year recurring revenues would beat last year's, and it was looking to expand its U.S. operations through acquisitions...Source: RSS feed - channel BNewsBusiness | 2 Apr 2009 | 10:53 am RPT-CORRECTED-UPDATE 1-BTG sees higher recurring revenues(Corrects job title for Soden in 2nd bullet point, 3rd paragraph)Source: RSS feed - channel BNewsBusiness | 2 Apr 2009 | 10:51 am G20 summit: 'high degree of consensus' among leaders says Gordon BrownGordon Brown has declared there is a "high degree of consensus" among G20 leaders on a recovery plan for the world economy.Source: Telegraph Finance | 2 Apr 2009 | 10:49 am Movers & Shakers: Thursday's biggest gaining and declining stocksCompanies whose shares are expected to see active trading in Thursday’s session include Costco, MGM Mirage and Qwest.Source: MarketWatch.com - Top Stories | 2 Apr 2009 | 10:46 am Have BlackBerry margins bottomed?Source: Business and financial news - CNNMoney.com | 2 Apr 2009 | 10:42 am Activist Bob Geldof urges G20 leaders to maintain aidActivist Bob Geldof says developed countries shouldn't use the economic crisis as an excuse to cut back on aid to poor and developing nations.Source: MarketWatch.com - Top Stories | 2 Apr 2009 | 10:41 am Map: Home price predicitons in your citySource: Business and financial news - CNNMoney.com | 2 Apr 2009 | 10:40 am Arcelor refinances $1.2bn of debtSteelmaker Arcelor Mittal says it has extended credit lines and refinanced some of its debt, as it deals with a downturn in global demand.Source: BBC News | Business | World Edition | 2 Apr 2009 | 10:39 am 6 questions for G-20 leadersFrench President Nicolas Sarkozy is threatening to walk if there's no agreement on new and more stringent international financial regulation. German Chancellor Angela Merkel may throw a fit of her own if other countries keep insisting that the Germans have room for a bigger economic stimulus package. The Russians and Chinese want to get some control over the International Monetary Fund, and if there's one issue on which there is a wide consensus, it's that American corporate greed and negligent financial oversight is to blame for all the mess.Source: Business and financial news - CNNMoney.com | 2 Apr 2009 | 10:39 am Wall Street's legal eagles are suffering tooBankers may be suffering. But Wall Street's legions of legal eagles many of whom are assembling at Tulane University's corporate law conference in New Orleans this week may need an extra rum swizzle too.Source: Telegraph Finance | 2 Apr 2009 | 10:34 am G20 summit: Sun setting on tax havensThe threat of sanctions from the G20 Summit against offshore havens is finally pulling them into line.Source: Telegraph Finance | 2 Apr 2009 | 10:22 am An Economics Lesson From NorwayNorway has something to teach almost every other nation in the developed world. Unemployment in the country moved to 2.8% last month. That is very high by Norway’s standards. Last year the figure was only 1.7%. The easiest explanation for the low jobless rate is that Norway is a large net exporter of oil and gas. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 2 Apr 2009 | 10:16 am Airbus admits to spying on staffAircraft maker Airbus admits to spying on its staff in an attempt to uncover potential corruption.Source: BBC News | Business | World Edition | 2 Apr 2009 | 10:07 am MarketWatch First Take: G20 leaders get 11 minutes each to save capitalismGlobal leaders gathered in London at the G20 summit to save the world’s economy are spending more time arriving, eating, and posing for pictures than they are actually discussing the crisis as a group.Source: MarketWatch.com - Top Stories | 2 Apr 2009 | 10:05 am Geithner Says He Can Fire Bank CEOsSecretary Geithner has been late to every party he has attended since talking over Treasury. His plans have often been tardy and full of holes. He seemed to redeem himself with the new public/private program to buy toxic assets from banks. It does have critics who say it will eventually cost taxpayers and enrich hedge [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 2 Apr 2009 | 10:04 am Stocks Set to Open Higher on G-20 Hopes (Market Update)News at a Glance
The LowdownHope for a global resolution to the economic crisis lifted the early mood on Wall Street. Stocks were set to open sharply higher Thursday, as traders cheered the start of the G-20 economic summit. Shortly before 6 a.m., Dow, Nasdaq and S&P 500 futures were trading well above fair value. As the world's leaders gathered in London to address the most wide-spread economic collapse since the Great Depression, details began to emerge over what tangible plans could emerge from the dialog. Representatives from France and Germany called for new policies to curb tax havens, regulate hedge funds and bring stability to the world's markets. However, differences of opnion could remain an obsticle to swift and decisive action. "I wish they (the differences) were manufactured and then they would be easily ironed out," the U.K.'s business minister, Peter Mandelson, said in an interview with BBC Television. "They have persisted overnight but I think you'll get an outcome that corresponds to people's levels of expectations and ambitions." World markets were mostly higher on the meeting. In Asia, Hong Kong's Hang Seng jumped 7.4%, while Japan's Nikkei climbed 4.4%. In Europe, the major indexes of London, Paris and Frankfurt each stood up more than 3.0% in midday trading. In energy, oil prices rallied with the broader market. By 5:47 a.m., crude traded up $2.39 at $50.78 a barrel. Corporate News
The Economy
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 | 2 Apr 2009 | 10:03 am UK banks expect to pick up lending for the first time since 2007British banks expect to pick up their lending over the next three months for the first time since 2007 suggesting that the blizzard of measures to get money moving around the economy may be starting to work.Source: Telegraph Finance | 2 Apr 2009 | 10:00 am Swiss Re to cut 1,150 jobs, shares up 7 percentZURICH (Reuters) - Swiss Re , the world's second-larger reinsurer, said on Thursday it planned to shrink costs by cutting about 10 percent of its 11,560 global staff over the next year, sending shares 7 percent higher.Source: Reuters: Business News | 2 Apr 2009 | 9:53 am Tate & Lyle warns on profits as sugar slumpsTate & Lyle warned shareholders today that annual profits would be a little below expectations because of a slump in the US paper industry and weaker demand for sweeteners.Source: Latest Business News from Times Online | 2 Apr 2009 | 9:46 am G20 communique: welcome to the jargonUS President Barack Obama admitted on Wednesday that G20 communiques tend to make for 'dry' reading no matter the hyberbole in the buildup to the Summit.Source: Telegraph Finance | 2 Apr 2009 | 9:43 am Coca-Cola ordered to correct health claimsAn advertising campaign by the US drinks group that suggested its products do not make you fat or rot your teeth has been found to be misleading by Australia's consumer regulatorSource: Financial Times - US homepage | 2 Apr 2009 | 9:39 am FTSE 100 leads stock market rally as economic data not G20 gives hopeThe FTSE 100 leads markets higher on hopes the speed of deterioration is easing as G20 leaders meet in London.Source: Telegraph Finance | 2 Apr 2009 | 9:37 am U.S. could face second recession next yearNEW YORK (Reuters) - Although the U.S. economy is expected to return to growth later this year, there is a danger of a second recession if monetary easing and a weak dollar leads to increased inflation expectations, a report said on Wednesday.Source: Reuters: Business News | 2 Apr 2009 | 9:37 am U.S. could face second recession next year (Reuters)Reuters - Although the U.S. economy is expected to return to growth later this year, there is a danger of a second recession if monetary easing and a weak dollar leads to increased inflation expectations, a report said on Wednesday.Source: Yahoo! News: Business | 2 Apr 2009 | 9:37 am China Working On Leading Global Car IndustryTwo years ago, the Chinese were viewed as car industry amateurs. Most of their design and manufacturing skills came from joint venture partners in the US and Europe. Chinese cars where shown at the international auto shows and the reaction was always the same. The car built in China was too crude to sell well [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 2 Apr 2009 | 9:33 am British banks expect to increase lendingThe credit crunch showed fresh signs of easing today as the Bank of England reported that lenders expect to make more loans available to people and businesses over the next three months.Source: Latest Business News from Times Online | 2 Apr 2009 | 9:21 am G20 summit: Tensions between world leaders Mandelson admitsArguments and tensions between international leaders at the G20 summit Lord Mandelson has admitted.Source: Telegraph Finance | 2 Apr 2009 | 9:15 am What If The G-20 Summit Works?What if the G-20 is like the stock market four weeks ago? No one thought the market would go up over 20% in less than five weeks. Many people did not think it would go up at all. The expectations for the G-20 meeting are so low that a great deal of positive action may come [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 2 Apr 2009 | 9:15 am Automakers see signs of hopeU.S. auto sales tumbled sharply in March, although officials with some of the companies said they hope the worst of the downturn is behind them.Source: Business and financial news - CNNMoney.com | 2 Apr 2009 | 9:12 am Fifty-four detained in Turkish bourse probe: TV (Reuters)Reuters - Fifty-four people have been detained as part of an investigation into alleged market manipulation at the Istanbul Stock Exchange (IMKB), broadcasters said on Thursday.Source: Yahoo! News: Stock Markets News | 2 Apr 2009 | 9:05 am Stock market investing: Are fund managers heading for a price war?The sales of tracker funds are on the rise and are at the highest level since 2002.Source: Telegraph Finance | 2 Apr 2009 | 8:52 am Fund management: A game of luck?A large part of the active versus passive debate has always revolved around whether an active manager's returns are through luck or judgement.Source: Telegraph Finance | 2 Apr 2009 | 8:46 am K+S buys Morton Salt for $1.7bnThe German salt and potash maker is paying Dow Chemical $1.7bn in cash for Morton Salt, a move that will make it the largest global salt producer by farSource: Financial Times - US homepage | 2 Apr 2009 | 8:43 am Fresh hope sends London shares over 4,000Blue chip shares in London today soared above the 4,000-mark for the first time since February as tentative hopes that stability was returning to shell-shocked economies boosted equities around the world.Source: Latest Business News from Times Online | 2 Apr 2009 | 8:42 am Media Digest 4/2/2009 Reuters, WSJ, NYTimes, FT, BloombergAccording to Reuters, the G-20 began the work of addressing the economic crisis. Reuters reports that US auto sales may have bottomed. Reuters reports that the House backed new laws for pay curbs at bailed out firms. Reuters reports that Hank Greeenberg said AIG’s (AIG) problems are not his fault. Reuters reports that CEOs often wait too long to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 2 Apr 2009 | 8:23 am G20 Summit: the regulatory challengeThere is little dispute among the G20 leaders that a global failure of regulators helped cause the financial and economic crisis. Excessive borrowing by banks the explosive growth of hedge funds and a bonus culture that offered big rewards for shortterm profits have all been singled out for blame.Source: Telegraph Finance | 2 Apr 2009 | 8:13 am HSBC shares jump 15 percent in HK to 1-month highHONG KONG (Reuters) - Shares of HSBC vaulted over 15 percent in Hong Kong in their biggest daily advance in five months on Thursday, joining a global bank rally spurred by encouraging U.S. data and an expected easing of accounting rules.Source: Reuters: Business News | 2 Apr 2009 | 8:06 am HSBC shares jump 15 percent in HK to 1-month high (Reuters)Reuters - Shares of HSBC vaulted over 15 percent in Hong Kong in their biggest daily advance in five months on Thursday, joining a global bank rally spurred by encouraging U.S. data and an expected easing of accounting rules.Source: Yahoo! News: Stock Markets News | 2 Apr 2009 | 8:06 am Asia Markets 4/2/2009Markets in Asia rallied. The Nikkei rose 4.4% to 8,720. The Hang Seng was up 7.2% to 14,595. The Shanghai Composite was up .7% to 2,425. Data from Reuters Douglas A. McIntyre[[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 2 Apr 2009 | 8:04 am Taylor Wimpey soars 18% on bank debt dealShares in Taylor Wimpey, the UK housebuilder, surged 18 per cent this morning after the group edged closer to a deal with creditors to help restructure its £1.55 billion debt pile.Source: Latest Business News from Times Online | 2 Apr 2009 | 7:58 am The “Green” Hypocrisy: America’s Corporate Environment Champions Pollute The World“Green is green as in the color of money” - Brand director of General Electric, Brandweek, July 26, 2006 “Greenwashing” is the act of misleading the public regarding the environmental practices of a company or the environmental benefits of a product, service, or business line. Due to the public’s increased awareness of environmental issues, including global [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 2 Apr 2009 | 7:56 am Costco to close home stores due to slowdown (Reuters)Reuters - Costco Wholesale Corp said it plans to close its two Costco Home stores on July 3, citing the current economic slowdown and resulting weakness in the home furnishings business.Source: Yahoo! News: Business | 2 Apr 2009 | 7:48 am Costco to close home stores due to slowdown(Reuters) - Costco Wholesale Corp said it plans to close its two Costco Home stores on July 3, citing the current economic slowdown and resulting weakness in the home furnishings business.Source: Reuters: Business News | 2 Apr 2009 | 7:48 am Japan pays jobless incomers to goJapan offers to pay for a plane ticket home for hundreds of thousands of foreign workers of Japanese descent.Source: BBC News | Business | World Edition | 2 Apr 2009 | 7:28 am Australian stocks: Market closes nearly 3pc upMELBOURNE - The Australian share market closed almost three per cent higher, with strong gains from banks and big miners pushing the local bourse into positive territory. At the close, the S&P/ASX200 was 100.5 points, or 2.81 per...Source: New Zealand Herald - Business | 2 Apr 2009 | 7:05 am AIG problems not his fault, says Greenberg: report (Reuters)
Source: Yahoo! News: Business | 2 Apr 2009 | 7:00 am AIG problems not his fault, says Greenberg: report(Reuters) - Maurice Greenberg said he was not responsible for problems at American International Group since they occurred after he left, the Wall Street Journal reported citing an interview with the former chief of the company.Source: Reuters: Business News | 2 Apr 2009 | 7:00 am JetBlue says it may stop Long Beach operationsThe airline, citing lack of progress on airport improvements, says it may move flights to LAX. JetBlue Airways,...Source: RSS feed - channel BNPaperBusiness | 2 Apr 2009 | 7:00 am Government may reward car buyersMeasures offer motorists as much as $5,000 to scrap gas-guzzlers and buy new vehicles. The road to recovery for...Source: RSS feed - channel BNPaperBusiness | 2 Apr 2009 | 7:00 am Credit rating firms are like cancer to the financial systemIf the mortgage meltdown teaches us anything, it's that the work of these agencies isn't worth the paper it's on. Yet eradicating their influence may be the toughest regulatory challenge we face.The chilling realization that some things in high finance will never change, notwithstanding the current crisis, came to me the other day when I discovered that the Federal Reserve would accept only AAA-rated securities as collateral for its new program to finance consumer loans . Source: L.A. Times - Business | 2 Apr 2009 | 7:00 am Government may reward car buyersMeasures offer motorists as much as $5,000 to scrap gas-guzzlers and buy new vehicles.The road to recovery for U.S. automakers could be jammed with hundreds of thousands of gas-guzzling used cars, which President Obama hopes will be traded in for more fuel-efficient vehicles -- with the lure of government money. Source: L.A. Times - Business | 2 Apr 2009 | 7:00 am Major automakers report steep declines in March salesGM sales are down 45% in the U.S.; other major carmakers drop at least 36%. Some in the industry, though, see positive signs.Car sales continued their dark and cloudy run in March, but that didn't stop automakers from casting about for silver linings. Source: L.A. Times - Business | 2 Apr 2009 | 7:00 am China pushes for bigger role in reshaping the world economyChinese leaders have criticized the U.S. financial system and proposed a new international currency to replace the dollar. The nation sees the global downturn as a huge opportunity. ...Source: RSS feed - channel BNPaperBusiness | 2 Apr 2009 | 7:00 am AIG targeted by shareholder lawsuitComplaint by retired judge accuses company directors of misleading stockholders and orchestrating a massive bonus scheme.Even as American International Group Inc. was sliding into insolvency in recent years and negotiating a massive federal bailout last year, it was constructing a compensation package for top executives that would provide as much as $1 billion in bonuses, according to a shareholder lawsuit filed Wednesday in Los Angeles. Source: L.A. Times - Business | 2 Apr 2009 | 7:00 am 'Project Runway' cleared for landing on LifetimeBravo is out after Weinstein agrees to pay NBC Universal to settle a breach of contract suit. "Project Runway," held hostage by legal...Source: RSS feed - channel BNPaperBusiness | 2 Apr 2009 | 7:00 am JetBlue says it may stop Long Beach operationsThe airline, citing lack of progress on airport improvements, says it may move flights to LAX.JetBlue Airways, citing frustration with the lack of facility improvements at Long Beach Airport, said Wednesday that it may cease operations at the airport where it began its West Coast expansion and is now the busiest carrier. Source: L.A. Times - Business | 2 Apr 2009 | 7:00 am China pushes for bigger role in reshaping the world economyChinese leaders have criticized the U.S. financial system and proposed a new international currency to replace the dollar. The nation sees the global downturn as a huge opportunity.At a time when the U.S. and other traditional economic powers are weakening, China is flexing its muscles, signaling it will seek a much more assertive role in shaping the future of the world financial order. Source: L.A. Times - Business | 2 Apr 2009 | 7:00 am Stocks surge on economic dataThe stock market opened the second quarter with a solid advance after better-than- expected economic indicators bolstered optimism that the worst of the recession was over.Source: RSS feed - channel BNPaperBusiness | 2 Apr 2009 | 7:00 am Credit rating firms are like cancer to the financial systemIf the mortgage meltdown teaches us anything, it's that the work of these agencies isn't worth the paper it's on. Yet eradicating their influence may be the toughest regulatory challenge we face. ...Source: RSS feed - channel BNPaperBusiness | 2 Apr 2009 | 7:00 am Stocks surge on economic dataThe stock market opened the second quarter with a solid advance after better-than- expected economic indicators bolstered optimism that the worst of the recession was over.Source: L.A. Times - Business | 2 Apr 2009 | 7:00 am Commercial actors reach tentative contract with advertisersThe contract would provide a 5% pay raise and $21 million more in health and pension contributions. It also outlines a pay structure for work made for the Internet and other new media. ...Source: RSS feed - channel BNPaperBusiness | 2 Apr 2009 | 7:00 am The Hunter S. Thompson of real estateSan Diego County agent and blogger Jim Klinge revels in exposing the greed and excess blamed for the housing crunch.Sometimes the truth hurts. Real estate salesman Jim Klinge doesn't care. Source: L.A. Times - Business | 2 Apr 2009 | 7:00 am AIG targeted by shareholder lawsuitComplaint by retired judge accuses company directors of misleading stockholders and orchestrating a massive bonus scheme. ...Source: RSS feed - channel BNPaperBusiness | 2 Apr 2009 | 7:00 am 'Project Runway' cleared for landing on LifetimeBravo is out after Weinstein agrees to pay NBC Universal to settle a breach of contract suit."Project Runway," held hostage by legal challenges, has a new lease on Lifetime. After months of bitter court wrangling over its fate, the hit reality TV series about aspiring fashion designers will jump this summer to the Lifetime cable channel. The show, hosted by supermodel Heidi Klum, has been a ratings juggernaut on Bravo since 2004. Source: L.A. Times - Business | 2 Apr 2009 | 7:00 am Mercury Air Cargo opens cold-storage unit at LAXThe company spent $1.1 million to build the 12,700-square-foot refrigerated facility. Now flower shipments from South America can go directly to LAX, instead of to Miami first. ...Source: RSS feed - channel BNPaperBusiness | 2 Apr 2009 | 7:00 am Long Beach port expansion moves closer to passageThe final environmental impact report for the $750-million project is set for release today. Port officials expect it to be approved despite opposition from environmentalists.The Port of Long Beach is expected to release the final environmental impact report today on a 10-year, $750-million harbor expansion that would accommodate the world's largest ships, reinforce the nation's Pacific Rim trade and create 14,000 permanent local jobs. Source: L.A. Times - Business | 2 Apr 2009 | 7:00 am Long Beach port expansion moves closer to passageThe final environmental impact report for the $750-million project is set for release today. Port officials expect it to be approved despite opposition from environmentalists. ...Source: RSS feed - channel BNPaperBusiness | 2 Apr 2009 | 7:00 am NZ stocks: Market comes to life ahead of closeThe New Zealand share market put on a late run to close with respectable gains, given the price of leader Fletcher Building was down. The benchmark NZSX-50 index closed up 16.562 points, or 0.645 per cent, at 2585.804, turning...Source: New Zealand Herald - Business | 2 Apr 2009 | 6:21 am More than 1,000 Swiss Re jobs cutSwiss reinsurer Swiss Re says it is to cut 10% of jobs from its global workforce of 11,560, as it seeks to reduce costs.Source: BBC News | Business | World Edition | 2 Apr 2009 | 6:18 am English warns banks over future rate hikesBanks should not expect to continue to make large profits when taxpayers are taking on their business risk, Finance Minister Bill English said today. Following rises in many fixed-term mortgage rates in the past few weeks, including...Source: New Zealand Herald - Business | 2 Apr 2009 | 6:13 am Currency: Dollar climbs back over US56cThe impact on the New Zealand dollar of Reserve Bank Governor Alan Bollard's surprise statement yesterday morning wore off today. By 5pm today the kiwi was up to US56.80c, around its session highs. After Dr Bollard spoke about...Source: New Zealand Herald - Business | 2 Apr 2009 | 5:32 am U.S. starts UBS tax fraud cases: report(Reuters) - The U.S. Justice Department has opened about 100 criminal investigations into wealthy American clients of the Swiss bank UBS AG , the New York Times said, citing a person briefed on the matter.Source: Reuters: Business News | 2 Apr 2009 | 4:52 am U.S. auto sales plunge but bottom seen nearDETROIT (Reuters) - U.S. auto sales fell 37 percent in March, a smaller-than-expected drop that encouraged hope that the world's largest car market is nearing a bottom after a freefall that has pulled the industry into a deepening crisis.Source: Reuters: Business News | 2 Apr 2009 | 4:25 am Market Flowers or Market Showers? (Broker Talk)Some better economic data and a robust rally off the market's March 9 low have some brokerage experts facing the exact same quandary as investors: Have equities found their bottom or is this just another bear-market-rally head fake? Who's Talking: Scott Brown, chief economist, Raymond James The Gist: Although some recent economic data have shown timid signs of improvement -- such as an increase in consumer spending and a decrease in personal savings -- it's still "much too soon to break out the champagne." After all, the rapid pace of job losses is worrisome, making it unclear if we're looking at "green shoots or busted roots." On the good-news front, Brown points to recent consumer spending, personal savings and housing data. As for spending, consumers were more able to part with their dollars in the first two months of the year, which comes as something of a relief. True, the data are subject to revision and spending could be lower in March, but Brown says it's clear that consumer spending "will not be as bad in the second half of 2008." (Read the full commentary on Raymond James's site here.) Furthermore, the savings rate edged down in February and may be plateauing, the economist says. That's critical, because a higher savings rate would "make the current economic downturn more severe and longer-lasting." After all, if folks are saving more, they're spending less -- hardly an ideal situation when the U.S. economy derives 70% of its activity from consumer spending. Finally, home sales and construction activity improved in February. Although one (highly seasonal) month does not make a trend, Brown notes that the housing market can't weaken forever. "After all, starts and permits can't fall below zero," he says. Now for some of the bad news. While it's great to see any improvement in consumer spending, Brown says it might prove to be fleeting. For one thing, spending was helped by the big drop in gas prices from last summer. And, lest we forget: "Labor income, the main source for consumer spending growth, has continued to weaken, and credit remains tight," the economist says. Which brings us to what is perhaps the most troubling piece of the puzzle: job losses. The declines have been very large in recent months and the figures for March (coming out Friday) "are expected to remain terrible," says Brown. Meanwhile, the monthly increases in unemployment claims do not bode well. "Claims are a leading economic indicator and it would be nice to see some moderation in the near term," he says. Also less than encouraging is this: Brown notes that recessions caused by financial crises tend to be severe and their recoveries take longer. "That’s likely to be the case this time as well," he says. Who's Talking: T. Rowe Price Commentary The Gist: Nice rally, but can it last? T. Rowe Price doesn't know and neither do you, so do maintain discipline and don't make any rash moves. Economists get kidded about their proclivity for presenting things as "on the one hand/on the other hand," so it's somewhat refreshing to hear T. Rowe Price offer solid advice that's not necessarily in the brokerage's own bottom-line best interest. Getting investors to churn their portfolios is a sure-fire way to rack up extra commissions and fees, but you wouldn't know that from the firm's take on the remarkable rise in equities of late. "No one knows whether this rally will have staying power," say the folks at T. Rowe Price's market commentary group. "Even if it does, it could take quite some time after the indexes have reached their floor before investors and market-watchers can say with conviction that the bear market in equities is truly over." (Read the full commentary on T. Rowe Price's site here.) Let us not forget, they say, that we didn't know the 2000-02 bear market was definitively over until the end of 2003. (Also recall, they say, that there was a brisk six-week rally beginning in the fall of 2002 that pretty much completely petered out.) As tempting as it may be to chase returns and churn our portfolios, T. Rowe Price reminds us that it is likely unwise, and possibly folly: "Investors should not make asset allocation decisions based on a two-week market movement." As always, investment decisions should be based on the time horizon for each financial goal, with the appropriate mix of stocks, bonds, and short-term investments, they say. Those words might sound hackneyed and clichéd, but let's face it: They remain as solid a piece of investing wisdom as ever. 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 | 2 Apr 2009 | 4:00 am Father-and-Son Team Bets Big on Recovery (On the Street)
You have to be pretty brave — or pretty stupid — to buy retailers, restaurants and the like in the midst of a brutal economic downturn. But that’s exactly what the Hodges Fund (HDPMX) is doing. The strategy? Buy stocks that will thrive when a recovery takes hold. In other words, the best defense is a good offense. 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 | 2 Apr 2009 | 4:00 am 10 Mistakes First-Time Home Buyers Make (Deal of the Day)The declining home values that are plaguing homeowners are just one of the factors creating an opportunity for prospective home buyers. Standard & Poor's latest Case-Shiller index, which tracks home prices across 20 major U.S. cities, reported that values dropped 19% in January from a year earlier. Those depressed values, combined with near-record-low mortgage rates and government incentives (an $8,000 first-time home buyers' tax credit included in the stimulus bill), are luring more first-time home buyers into the market. Indeed, a recent Century 21 Real Estate survey found that more than three-quarters (78%) of potential first-time home buyers say now is a good time to buy. If you agree, be aware that buying a home comes with plenty of potential missteps. Here are 10 all-too-common mistakes first-timers make. 1. Not knowing how much house you can afford. Many novice home buyers spend a lot of time researching homes – comparing kitchen layouts and backyard square footage – but very little time researching their financing options. One of the first things buyers should do is talk to a qualified lender and get preapproved for a mortgage, says Claire Clark, senior vice president of business development at Prudential California Realty. Without first figuring out how much house you can afford, you risk falling in love with one you can't. 2. Assuming foreclosures are great deals. Just because the previous owner owed $450,000 on a house before the bank took it over doesn’t mean it’s worth that much now. Values have slipped significantly, says Jay Michael, partner at Estate Property Group, a Chicago real estate brokerage, so you may not be getting the bargain you think with a foreclosure. Also, most homes owned by lenders or banks have been sitting vacant for months and may have been vandalized. That could require extensive renovation or repair. Weigh the costs of fixing up the property against the savings you’ll likely reap by buying a lower-priced foreclosed home. 3. Letting your true feelings show. No matter how much you've fallen in love with a house, don’t let the seller’s agent in on it. Otherwise, they will gain the upper hand in negotiations. 4. Failing to find a good buyer's agent. Landing a mortgage is tough these days. So buyers should rely heavily on knowledgeable agents to help them get their finances in order, says Michael. After all, buyer’s agents have a fiduciary responsibility to the buyer exclusively -- and should be looking out for their best interests. Start your search at the National Association of Exclusive Buyer Agents, a nonprofit representing buyers. Or consider using an agent recommended by a relative or friend. Interview each candidate about their experience, if they’ve worked with first-time buyers before and what kind of service you’ll get from them. 5. Underestimating the costs of owning a home. Whether it’s a rusty pipe or a leaky roof, things go wrong and need to be fixed. Many home buyers don't anticipate the additional costs for repair and maintenance, or for an increase in utility costs, says Erin Baehr, CFP and president of Baehr Family Financial. Consider the age of your new home and how well it’s been treated by the previous owners in your budget. Be prepared to set aside a small percentage (1% at most) of the home’s purchase price annually for repairs and upkeep. 6. Failing to budget for property taxes. Property taxes – and the likelihood that they’ll climb over the course of your time in the house – should be factored into any home-buying budget, says Baehr. To get an idea of how much you’ll be paying, call the local assessor’s office or talk to people in the neighborhood. 7. Assuming your first offer will get accepted. As home prices get even more affordable, competition is bound to heat up. “You can’t assume you’ll walk in there, make the offer and get it,” says Clark. Try not to get discouraged if you lose out on the first – or second – house you make an offer on. 8. Skipping the inspection. Before signing anything, hire a professional inspector, says Justin Lopatin, a mortgage planner with American Street Mortgage Company. The seller isn’t likely to tell you there’s mold in the basement or the walls are poorly insulated. Lopatin advises buyers to find and hire their own inspector – independently of the realtor – to ensure there’s no conflict of interest. (You can find inspection companies in the phone book, or by doing a simple web search with your zip code.) 9. Doing too much too fast. Some buyers want to make the house their own right away, says Baehr. They overextend themselves on credit to do so, and assume the improvement will pay for itself by increasing the home's value. But that’s not always the case – especially in today's market. Instead, buyers need to exhibit patience and make changes over time. 10. Failing to include a contingency clause in the contract. A mortgage financing contingency clause protects you if, say, you lose your job and the loan falls through or the appraisal price comes in over the purchase price. Should one of these events occur, the buyer gets back the money he used to secure the property. Without the clause, he can lose that money and still be obligated to buy the house, says Lopatin. 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 | 2 Apr 2009 | 4:00 am How the Humble Tissue Box Got So Complicated (Tough Customer)I'm an easy crier and a frequent sneezer, so I buy lots of tissue. But for years it's been an exercise in aesthetic resignation. The pastel, flowery boxes always look like they've been designed for a 1982 funeral parlor, and I usually settle for what might be called the least worst -- a cheap, nondescript, store-brand box. But recently, I spotted something different: a Kleenex box from home-decor heaven. It had a groovy oval shape and a sharp, modern pattern. The price -- $3.29 for 82 tissues -- was ridiculous. Sold. Turns out, this impulse buy was exactly what the Kleenex box designers at Kimberly-Clark had in mind when they launched their Expressions Oval Collection. According to Information Resources, Americans are buying less Kleenex; sales have fallen 5 percent in three years. Some folks are turning to cheaper store brands, while many younger Americans are content to blow into whatever's handy -- like, say, a fistful of napkins from Starbucks. Kimberly-Clark's plan is to lure these people back with more contemporary designs. Christine Mau, the associate director of packaging graphics, who says she dreamed of designing Kleenex boxes as a little girl, sounds as if she's making good on a mission to save nose blowers from their worst selves. "They were using toilet paper, quite frankly," she says. "We were able to get them into a boxed product." Designer tissues were a long time coming. When Kleenex was invented in 1924, it came stacked in a plain, navy blue package. The parade of florals came later, but choices were fairly limited until the mid-'90s, when new research showed that people will pay more if they like the box. Since then, designs have more than tripled. There are currently more than 100 Kleenex box permutations crowding the shelves, and Kimberly-Clark, which plans new box designs two years in advance, puts more effort into package design than frankly seems sane. It studies how many pink boxes are sold on the East Coast versus West, how age groups compare on box design loyalty and what percentage of households hide the containers in Kleenex box cozies. Kimberly-Clark designers inhabit their own new three-story building near the company's Neenah, Wis., campus where they can hang out in a "trend room" packed with magazines and catalogs or visit the mock family room to see how their objet d'art will look in a typical home. What makes for a successful box? According to Mau, it has to appeal to women, fit current home-decor trends and look "trustworthy" -- hence no boxes depicting scenes from, say, Guantánamo Bay. The color blue always tests well. Flowers are big favorites, but there's a significant antiflower contingent afoot, so every kind of Kleenex -- Menthol, Ultra Soft, Anti-Viral -- comes in floral and nonfloral packaging. Designs are also calculated to convey the tissue's special qualities. One Kleenex Lotion box, for example, features a foggy still life of vases filled with blooms; according to Mau, the gray, muted colors are meant to evoke the tissue's softness, while the airy, negative space surrounding the flowers suggests relief from sinus congestion. Even with all this research, it's hard to predict which boxes will sell. The current hit, Electric Daisies No. 3, looks like the result of an ambitious flower wandering into a Las Vegas casino. But the reigning favorite for more than 25 years is the unassuming, feathery Flame Stitch design, inspired by the end papers that used to adorn hardcover books. Designers can't explain why, but every year, it tops consumer tests. "McDonald's has its golden arches; Kleenex has the Flame Stitch," says Mau. Of course, if none of the 100-plus box designs appeal, you can always visit MyKleenexTissue.com, where for $5 (plus $6 shipping) you can design your own box. Now little girls who want to grow up to be Kleenex box designers don't even have to wait. 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 | 2 Apr 2009 | 4:00 am Finzsoft signals annual lossFinzsoft Solutions Ltd said it expects to make an after tax loss of $750,000 in the year ended March 31. The finance and banking software company reported a loss of $330,000 last year. The company said it had experienced difficult...Source: New Zealand Herald - Business | 2 Apr 2009 | 2:30 am KPMG hit with lawsuit over New Century collapse (Reuters)Reuters - Accounting giant KPMG was hit with a billion-dollar lawsuit on Wednesday over claims its "grossly negligent audits" helped trigger the collapse of a top subprime mortgage lender at the start of the U.S. housing crisis.Source: Yahoo! News: Business | 2 Apr 2009 | 2:03 am Carmakers see hope amid sales slumpLeading car manufacturers express cautious optimism that the market is close to bottom despite reporting steep declines as US new vehicle sales fall again in MarchSource: Financial Times - US homepage | 2 Apr 2009 | 12:35 am After The Close - WednesdayUNIFIRST (UNF), a provider of uniforms and protective clothing, grew Q2 EPS 19% to 94 cents, well above views of 67 cents. Sales fell 5% to $257...Source: Investor's Business Daily: BUSINESS | 2 Apr 2009 | 12:28 am In Hard Times, Penny-Pinching Shoppers Turn To DiscounterMichelle Barnett considers herself a Family Dollar regular.Source: Investor's Business Daily: BUSINESS | 2 Apr 2009 | 12:28 am In Brief - WednesdayGlaxoSmithKline (GSK), a drugmaker, is seeking FDA approval to expand the use of its cancer drug Tykerb by making it an option in the first-line...Source: Investor's Business Daily: BUSINESS | 2 Apr 2009 | 12:28 am Trends & Innovations - WednesdayEU officials are planning to put a surveillance box into cars to track them more accurately than satellite navigation, the Guardian reported....Source: Investor's Business Daily: BUSINESS | 2 Apr 2009 | 12:28 am Business Briefs - WednesdayRIM's application store goes live. The BlackBerry maker launched its online store selling games, news, and travel applications to users of its...Source: Investor's Business Daily: BUSINESS | 2 Apr 2009 | 12:28 am Top spotNew York gets first Topshop as UK firm makes bold moveSource: BBC News | Business | World Edition | 2 Apr 2009 | 12:11 am Madoff's Florida mansion seizedUS federal authorities have seized the Palm Beach, Florida, mansion of disgraced financier Bernard Madoff. US Marshals spokesman Barry Golden said marshals entered and secured the property, changing the locks and conducting an...Source: New Zealand Herald - Business | 2 Apr 2009 | 12:10 am Employers' hiring expectations plummetNew Zealand employers don't expect to be doing much hiring of new staff in the next three months, according to a report released today. One quarter of employers surveyed intend to reduce permanent staffing levels during the April...Source: New Zealand Herald - Business | 1 Apr 2009 | 11:50 pm Dairy prices rise again in online auctionInternational dairy prices rose in Fonterra's latest monthly internet auction for a second month in a row after a lengthy period of decline. The rise in prices comes as data from around the world holds out hope the pace at which...Source: New Zealand Herald - Business | 1 Apr 2009 | 11:45 pm NZ stocks: Sharemarket eases earlyThe New Zealand sharemarket eased early, with Fletcher Building leading the decline after a trading halt for a share placement most of yesterday. Fletcher shares were down 31c, or 5 per cent, early to $5.89. Today the company...Source: New Zealand Herald - Business | 1 Apr 2009 | 11:25 pm China agrees on need for co-operationThe meeting between Barack Obama and Hu Jintao on the sidelines of the G20 summit has been described by some as 'the G2' and marked the first encounter between the two menSource: Financial Times - US homepage | 1 Apr 2009 | 11:10 pm Write-Offs: 04.01.09$$$ The Regulatory Charade, by Eliot Spitzer [Slate] $$$ No more Bull [Miami Herald] $$$ Big Payouts Were Planned for Fairfield Executives [DB] 
Source: Dealbreaker | 1 Apr 2009 | 11:02 pm Doorstep finance from IPF fills Hungary's banking gapHungary may be being kept afloat with a credit line from the International Monetary Fund, but there is still a lender ready to do business with Hungarians who have no credit history, no collateral, not even formal employment.Source: Latest Business News from Times Online | 1 Apr 2009 | 11:00 pm Waitrose makes pit stop at motorway servicesHeston Blumenthal may owe his first name to his parents' love of Heston Services on the M4, but it is only in recent years that Britain's motorway services have thrown off a reputation for selling food at the opposite end of the quality spectrum to that served by the three-Michelin-starred chef.Source: Latest Business News from Times Online | 1 Apr 2009 | 11:00 pm Southampton FC owner falls into administrationThe owner of Southampton Football Club fell into administration today after failing to strike a deal with its banks over its £24 million debt pile.Source: Latest Business News from Times Online | 1 Apr 2009 | 11:00 pm You have done us all a favour, Sir Tom ...Sir Tom McKillop has done the right thing, for his own reputation, for BP's reputation and for the reputation of British business. With capitalism under violent attack in London yesterday, his decision to stand down as a director of the oil company was particularly timely.Source: Latest Business News from Times Online | 1 Apr 2009 | 11:00 pm Internet gambling boss guilty of racketeeringST LOUIS, USA - The former chief executive of BetOnSports today pleaded guilty to federal racketeering conspiracy, admitting that the internet company falsely portrayed Web-based gambling as legal and caused customers to lose millions...Source: New Zealand Herald - Business | 1 Apr 2009 | 11:00 pm Topshop hits US market at difficult time (AP)
Source: Yahoo! News: Business | 1 Apr 2009 | 10:43 pm A task fit for Herculean policymakersOne dirty secret that hangs over the G20 meeting is that there is still precious little global consensus about how to tackle the toxic woesSource: Financial Times - US homepage | 1 Apr 2009 | 10:32 pm Gates criticises Europe over AfghanistanEurope's leaders are not doing enough to convince voters of the need to win the war in Afghanistan, Robert Gates, US defence secretary, has warned on the eve of Friday's Nato summitSource: Financial Times - US homepage | 1 Apr 2009 | 10:32 pm Highbridge's inflows signal return to fundsInvestors are tentatively returning to the hedge fund sector, prompted by signs that funds made money even as markets plunged this yearSource: Financial Times - US homepage | 1 Apr 2009 | 10:31 pm Hear: Banking On The FDICOn today's Planet Money: -- The leaders of 20 nations walk into a room. . . .and solve the whole economic mess in a day. Don't laugh -- that's the aim of the G20 summit in London tomorrow. Adam Posen, deputy director of the Peterson Institute for International Economics, helped the U.K. think through its agenda. He'll be sitting in the good seats all day Thursday. (More: Posen's group letter to the Financial Times, reg. req'd.) -- For ordinary folks just trying to save money, feeling safe is all about the FDIC. Chana Joffe-Walt tracks an FDIC takeover of a failed bank (full tape). Then John Bovenzi, the FDIC's chief operating officer, tells us why his agency can still handle the load. Bonus: Where are the women economists? Download the podcast; or subscribe. Intro music: Starship "We Built This City." Find us: Twitter/ Facebook/ Flickr Per writes: I was listening to your Monday podcast (I think, perhaps it was last week's) and one of you made a comment that sparked a thought. I don't know if you've ever had a female economist on the show (apart from the correspondents and the listeners you call up). Am I right about this? If so, why? I know the financial situation is obviously paramount, but perhaps this is a topic to keep in the back of your minds as a topic for a future show. Why is there such a gender gap amongst economists and could that translate into a bias in how we hear or perceive our economy? Just a thought... We have had women economists on the show, notably Pietra Rivoli. I do notice that most of the economists we end up talking to are men, and I think we all wish to hear from many more women than we do. It'll be a great day when Planet Money has so many voices, from so many backgrounds, that no one's missing at all. We've seen reports that link gender, risk-taking and the economic crisis. But I'm wondering if Per has a larger point, that gender might influence the way we see the economy or listen to people talking about it. Just wondering. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Apr 2009 | 9:41 pm The Obama PortfolioKeep hanging on! The Obama Portfolio (Since Inception): +14.71% Earlier: The Obama Portfolio
Source: Dealbreaker | 1 Apr 2009 | 9:03 pm Is AIG Holding An Executive Retreat Today?
Confirmed: Red Lion Inn indeed yukking it up.
Source: Dealbreaker | 1 Apr 2009 | 8:54 pm How the Dow Jones industrials fared Wednesday (AP)
Source: Yahoo! News: Stock Markets News | 1 Apr 2009 | 8:48 pm Look, Ma! The Peabody!Alex Blumberg and Adam Davidson won the Peabody Award today for their special on This American Life, "The Giant Pool of Money." If I do say so myself, that single explainer of the subprime mortgage crisis was the awesome sauce. The judges wrote: "[T]his report was impressive for the arresting clarity of its explanation of the financial crisis we're in, and even more so for its having aired so early -- May 2008." We wouldn't be Planet Money without it. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Apr 2009 | 8:47 pm 5 Global Presidents to Watch During the G-20 SummitThe Group of 20, or G-20, is a coalition made up of the countries that make up 85% of the world economy. In light of the ongoing crisis, this year’s G-20 conference is especially important. It could result in globally coordinated bailout action, new power for the IMF, and new global regulations. However, if personal and political dramas continue to play out the way they have been, the G-20 summit could accomplish nothing at all (see this Reuters article for details of the issues). Here are 5 global presidents whose actions during the G-20 could way heavily on the world’s economic future:
Belief: Strong fiscal action is needed for recovery. Stimulate government spending to get the economy back on its feet. Stance: Paternal. Long-suffering Japan knows better than everyone else how recovery works. Other countries, like the US and Germany, are still in economic-recovery diapers. Japan should be the new global stimulus leader. Why to watch him: Japan usually isn’t this visible in the global conversation. Will Aso get his way, or assume new global status? Time will tell. 2. Nicolas Sarkozy, French PM
Belief: Public spending will lead to unsustainable recovery. An internationally coordinated stimulus is a bad idea because countries like France already carry heavy debt. Instead, up regulation on international tax havens and financial companies, and let the private sector heal itself. He also has a China problem. According to the Financial Times, Sarkozy says that “Chinese opposition to the blacklisting of unco-operative tax havens was now the major sticking point for France.” Stance: Spastic. Sarkozy said he’ll walk away from the table if the group’s action doesn’t satisfy him. He fancies himself the next Charles de Gaulle. Why to watch him: Sarkozy may offer the most entertainment value of all the leaders involved this year. He is also a strong voice for continental Europe, which doesn’t want to spend its way out of the crisis, and may block expensive initiatives. 3. Barack Obama, US President
Belief: To get people spending money again, the government has to create and spend more money. So should the world. Stance: Kumbaya. Obama wants everyone to agree and get along, so that appropriate action can be taken; a.k.a, spending.
Belief: Protectionism will sink the global ship even further. The G-20 must encourage global trade. A different global currency–not the dollar–would also be a nice touch. Stance: Frustrated. Looming increased protectionism would put even more of a damper on China’s economy. Moreoever, the United States is devaluing China’s $740 billion in US dollar reserves by enthusiastically printing more money. Why to watch him: His country has most of our money. 5. Dmitry Medvedev, Russian PM
Belief: Russia will cooperate with whoever benefits Russia. It recently agreed to a nuclear disarmament pact with the United States, but pals around with China on the topic of creating a new global currency. Stance: Schmoozy. Medvedev wants to swing deals that will benefit Russia in the medium term, but his alignments are issue-based, not universal. Russia will stand on its own. Source: Business Pundit | 1 Apr 2009 | 8:23 pm Kasprzak Sees Silver Lining in Stimulus for ConstructionSource: Bloomberg - All Podcasts | 1 Apr 2009 | 8:20 pm This Might Actually Be The EndIt's one thing to say that a firm might be better off in bankruptcy. It is another entirely to prod it down the plank towards the sea. General Motors Corp.'s 60-day deadline to restructure is unlikely to be extended because the U.S. won't repay $1 billion in convertible notes maturing June 1, according to a person with knowledge of the discussions. Funny, we don't remember any sort of squeamishness about "taxpayer funds used to repay debt maturities," before now. Why the sudden change in heart? GM Said to Be Warned Government Won't Make June 1 Debt Payment [Bloomberg]
Source: Dealbreaker | 1 Apr 2009 | 8:11 pm Chart: Spend, Spend, Spend
Alan Cordova/NPR Add this chart to our ongoing talk about the savings rate. The message here, based on data from the Federal Reserve, is that Americans have continued spending and spending and spending -- until very recently. Rupert Pupkin writes that he's not convinced the cost of living eats savings: Part of the problem is that people keep defining up what "maintaining a middle class lifestyle" means. Cable TV? There goes at least $600 a year. Everyone in the family with cell phones? Another $1200 or so. Eating out often? Or buying prepared food? Driving a less than 5 year old car? Gym memberships? Netflix? Video game systems? Broadband internet access? Add five to ten grand a year more for those, easily. How about a larger than 1,500 square foot home for a family of four? That has never been considered "middle class" until the past decade or so. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 1 Apr 2009 | 7:36 pm Dear Mrs. Griffin Investors
The estimated March month-end gross performance for Aragon Global Fund, Ltd is -4.95%. Earlier: It's Party Time At The Griffin House
Source: Dealbreaker | 1 Apr 2009 | 7:32 pm Layoffs Watch '09: JPMCuts are said to be underway for IB at the House of Dimon circa now.
Source: Dealbreaker | 1 Apr 2009 | 7:24 pm 24/7 Wall St. G-20 PrimerThis year’s first G-20, or the Group of Twenty, meeting being held in the United Kingdom is getting more coverage than perhaps any other recent G-20 meeting. These are historic times. President Obama set history by getting elected, and the current financial mess is the worst seen for anyone under the age of 75. But [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 1 Apr 2009 | 7:23 pm A Keynesian Talks SavingsOur podcast on the savings rate drew a lot of comments. I promise you we will get back to Social Security and Medicare in much more detail. (See recent bad news here and this grim chart.) But putting that and the intergenerational warfare aside, one of you asked about Kent Smetters' assumption that the savings rate should naturally adjust to an appropriate level. I've been puzzling over that too. Since it seems to contradict the Keynesian "paradox of thrift" argument that by saving and not spending, we can send the economy into a downward spiral. I emailed Steve Fazzari, a self described "radical Keynesian" who explained things this way: The Keynesian perspective on saving suggests that there are two, largely independent, perspectives one must consider: micro and macro. From a micro perspective, people choose saving and consumption to satisfy their own goals as they see them individually. While I am skeptical that people make these decisions with a narrowly rational, fully forward-looking perspective, there is nothing fundamentally inconsistent with Keynesian macro with this the rational choice view of saving. For example, forward-looking rational people may look at the current situation and decide that their future wealth looks a lot lower than they thought it would be, so they have to save more to provide an adequate retirement income. This would be perfectly sensible, and it would not be inconsistent with basic Keynesian thinking. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Apr 2009 | 7:11 pm Presented By: Inside Guantanamo: Sunday at 9P e/p
Source: Dealbreaker | 1 Apr 2009 | 6:37 pm We Told You Months AgoBack when it wasn't totally clear that GM would suck away every dollar unfortunate enough to even cross the expanding event horizon of fail that surrounded the company, you would have looked at us skeptically and slowly backed away (or jabbed us in the eye with a sharp stick). Still, that's exactly what happened with the auto giant. But, as it happens, Obama doesn't listen much to us, so, we were a little taken aback when he finally admitted the inevitable. President Barack Obama believes a quick, negotiated bankruptcy is the most likely way for General Motors Corp. to restructure and become a competitive automaker, people familiar with the matter said. Obama Said to Find Bankruptcy Likely for GM, Chrysler [Bloomberg]
Source: Dealbreaker | 1 Apr 2009 | 6:37 pm Steve Cohen's Women
We checked out the spread this morning and while we were disappointed that Mr. Steve was not on the tenth floor to curate personally, Sotheby's did supply its worldwide head of contemporary art, Tobias Meyer, for the occasion (it was Meyer's suggestion over dinner at Cohen's Crown Lane pad six weeks ago that got the ball rolling on the show). We're pleased to report that while doing a bang up job riffin' on pics, Meyer steadfastly refused to divulge any classified information such as where the portraits are displayed at Cohen's home, the insured value of the collection, or even the menu at that fateful meal,* which will undoubtedly please the sometimes secretive SC (and what we have it on good authority was a SAC issued mole packing heat in the back of the room dispatched to oversee things). Despite the mild upset of not being chastised for showing up to the event wearing the same outfit as the man of the hour (we'd donned our SAC-issued fleece for the occasion), and our proclivity for occasionally gently ribbing the denizens of 72 Cummings Point Road, it was difficult if not impossible to not bask in the reflected glow of the money hanging on the walls. In all sincerity, the show was prettay prettay prettay sweet. It was so great, in fact, that we're left without the heart or the will to muster even a single Ping joke (the source of our strength) and you know how much that pains us. The exhibit opens tomorrow and runs 'til April 14 and we recommend it highly. But just in case you can't make it to 72nd and York, here's a tour of the $450 million extravaganza. *He claims he couldn't remember. Like we're buying that.
Source: Dealbreaker | 1 Apr 2009 | 6:25 pm Hanke of Johns Hopkins Calls Fiscal Stimulus `Wasting Money'Source: Bloomberg - All Podcasts | 1 Apr 2009 | 6:06 pm The Last Noel
The assets of Fairfield Greenwich Group and other so-called feeder funds that steered investors to Bernard Madoff were frozen by a Connecticut judge along with those of Madoff's family members, a lawyer said. But don't worry about our heros, I'm sure the definition of "normal living and business expenses" is judged on a relative scale. $50,000 per week should just about do (for starters) and you know how expensive maintaining an island fifth home can be. Fairfield Greenwich's Assets Frozen in Madoff-Related Case [Bloomberg]
Source: Dealbreaker | 1 Apr 2009 | 5:28 pm FTSE 100 closes higher on US data (AFP)
Source: Yahoo! News: Business | 1 Apr 2009 | 5:07 pm FTSE 100 closes higher on US data (AFP)
Source: Yahoo! News: Stock Markets News | 1 Apr 2009 | 5:07 pm Smashing Windows At The G20"Capitalism is bad." That's what the G20 protesters smashing the Royal Bank of Scotland's windows in London are saying, according to the CNN reporter on the scene. Another global summit, another battle with the police. I don't mean to get moralistic here, but I don't think the protesters have any right to smash windows -- and in any case, they're only making business for whichever capitalist windows company gets called in to replace the glass. The bank and its insurers take the hit for fixing the windows, the taxpayers take the hit for police wages, and the glazier gets the business. It's all money that might have been spent more productively elsewhere. (See also "The Broken Windows Fallacy.") More generally, I would hope we can get past the scripted nature of these big confabs -- from the protesters egging each other on to the world leaders charged with fixing this economic mess. More on that in today's podcast. Bonus: Citizen photos from a peaceful march. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Apr 2009 | 4:40 pm Herrmann Says Friday's Jobs Report Will Be `Worst'Source: Bloomberg - All Podcasts | 1 Apr 2009 | 4:32 pm Harper Says Mack Warns Morgan Stanley of `Difficult Year'Source: Bloomberg - All Podcasts | 1 Apr 2009 | 4:27 pm Home selling moves to a new stageAs desperation sets in among home sellers, some are using actors to simulate lively neighborhoods in otherwise empty developments. Mitchell Hartman reports this April 1 exclusive.Source: Marketplace | 1 Apr 2009 | 4:24 pm Effects of the recession on college costsThe economic crisis is making some families rethink the costs of college. Kai Ryssdal speaks with Don Heller, director for the Center for the Study of Higher Education at Penn State, about how the economy is affecting universities and students.Source: Marketplace | 1 Apr 2009 | 4:24 pm Tuition costs hurting students, collegesMany private colleges don't have big endowments, so they rely on student tuition to pay the bills. But in this bad economy, students and their families are struggling with tuition and financial aid. Emily Hanford reports.Source: Marketplace | 1 Apr 2009 | 4:24 pm Foreign-worker visa program under fireThe 85,000 H1-B visas available today to highly-skilled foreign workers are expected to be in high demand, especially in the tech sector. But critics say some employers are taking unfair advantage of the visa program. Steve Henn reports.Source: Marketplace | 1 Apr 2009 | 4:24 pm GM's workers face even tougher timesThe Obama administration is optimistic General Motors can restructure without declaring bankruptcy. But in order to do so, its workers will have to make more concessions. John Dimsdale reports.Source: Marketplace | 1 Apr 2009 | 4:24 pm Europe has spending lesson for ObamaPresident Obama has called on European countries to borrow and spend more to stimulate the world economy. But commentator David Frum says Obama should listen to European leaders who say spending isn't the best way out of the crisis.Source: Marketplace | 1 Apr 2009 | 4:24 pm G-20 focuses on regulation, stimulusRegulations and stimulus are two of the major issues on the table at the G-20 summit. Marketplace's London Bureau Chief Stephen Beard discusses with Kai Ryssdal what the world's leaders want to work out at the conference.Source: Marketplace | 1 Apr 2009 | 4:24 pm Bloomberg's Levin Says GM Is Effectively BankruptSource: Bloomberg - All Podcasts | 1 Apr 2009 | 4:17 pm Bove Says U.S. Unlikely to Push for Ouster of Bank CEOsSource: Bloomberg - All Podcasts | 1 Apr 2009 | 4:15 pm Deutsche Bank's Sieminski Says Oil Won't Fall Much Below $40Source: Bloomberg - All Podcasts | 1 Apr 2009 | 3:59 pm Barclays's Coronado Says Pace of Job Losses Will Slow in JuneSource: Bloomberg - All Podcasts | 1 Apr 2009 | 3:57 pm S&P's Silverblatt Sees an `Event-Driven' Stock MarketSource: Bloomberg - All Podcasts | 1 Apr 2009 | 3:54 pm GMail Autopilot Needs to Go Live. For Real.
Google released its annual April Fool’s gag today, called GMail Autopilot. It’s an intelligent email autoresponder that answers email just the way you would, by mimicking your behavior using cutting-edge “CADIE” technology. Here’s what the company wrote on the GMail site: Keep in touch Manage relationships Match your style Not a bad idea, is it? Companies do it all the time, in the form of canned responses. Politicians to it too. The difference between companies, politicians, and the average Joe is that the former have a staff of humans to ensure the correspondence goes smoothly. If the GMail Autopilot were real, I’d use it. Source: Business Pundit | 1 Apr 2009 | 3:51 pm Stop SimplifyingThe Financial Accounting Standards Board is going to vote tomorrow on changes to the so-called "mark-to-market" accounting rule. Don't get me wrong. It's a big deal. It could dramatically change the balance sheets of some banks, because they could value their assets at a price other than what they could sell them for today. But the discussion about the rule is driving me crazy. Everyone is speaking in shorthand that makes the rule seem totally insane. I keep hearing things like "marking some of these assets to the market value in the current climate makes no sense." Well, of course it doesn't. That's why the accounting rule DOES NOT ACTUALLY REQUIRE marking to market in all situations. (That's one reason it is properly called "fair value" accounting, not "mark-to-market".) If the market is distressed, and the thing you want to value just is not trading, the rules allow for valuing the asset using other methods, in some cases using a financial model to calculate how many mortgages or whatever you expect to pay off. This is called "mark-to-model" or "mark-to-myth" depending on where you stand in the debate. The question is over WHEN the rules allow you to do that. You can read the actual proposal being considered by FASB here. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Apr 2009 | 3:16 pm Last Drop's A DoozyI don't know how educational this, but I'm sure my kid will like it. The video follows housing prices, adjusted for inflation, through 2007. The latest figures show existing home values falling by 19 percent in the last year. (Thanks, @sdvet) » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Apr 2009 | 2:58 pm Listener: One Saved For NowAfter smacking us around for the "right-wing lunacy" of that Kent Smetters interview about savings and Social Security (boy, did a lot of you not like that one), Elon writes: I really meant to write you about something that I found quite touching. The architecture firm I work for prides itself on never having laid off an employee in 15 years of existence, but the current economic climate is really testing us, and a couple months ago we went to 90% time & salary. As work dries up and clients pull back, the staff has been waiting for the next shoe to drop, and yesterday we did get notice that one of our senior employees -- who sits right next to me! -- will be leaving. Through my bosses' great connections & a lot of effort they found a colleague who needed someone with his skills for an active project, so they've loaned him out for three months -- lightening their salary load and keeping him employed. I have learned a lot about living right from my bosses, and this may be the best example yet. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Apr 2009 | 2:46 pm Kuwait bourse suspends 36 stocks for late results (AFP)
Source: Yahoo! News: Stock Markets News | 1 Apr 2009 | 2:12 pm Stretch Sees Moves to Strengthen IMF at G-20 MeetingSource: Bloomberg - All Podcasts | 1 Apr 2009 | 2:07 pm
|
