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RIM surprises market with strong resultsBlackBerry maker Research in Motion saw its shares jump more than 20 per cent in after hours trading after posting stronger-then-expected fourth quarter results.Source: Latest Business News from Times Online | 3 Apr 2009 | 10:04 pm Opening Bell: 04.03.09World Leaders Unite, Agree To Spend More (NYT) "The proposed remedies, some critics said, treat some peripheral effects of the crisis rather than its thorniest causes. On the critical question of how to grapple with trillions of dollars in "toxic assets" clotting the financial system in Europe and the United States, there was a declaration of goals but few specific actions." Banks Eye PPIP Purchases (Reuters) "The median salaries and bonuses for the chief executives of 200 big U.S. companies fell 8.5% to $2.24 million, according to an analysis for The Wall Street Journal by Hay Group, a management consulting firm. The analysis examined proxy statements for companies with more than $5 billion in annual revenue. Including the value of stock, stock options and other long-term incentives, total direct compensation for the CEOs dropped 3.4% to a median of $7.56 million. The decline was the first in seven years and only the second drop since the Journal began tracking CEO pay in 1989. While median CEO salaries grew 4.5%, bonuses fell 10.9% as profits decreased by a median 5.8%." Jobs Numbers Friday! (Bloomberg) Update: 663,000 gone. The list is part of efforts agreed at the G20 summit to clamp down on havens." Fraud Probe Startles Austria (WSJ) "Julius Meinl V, chairman of an Austrian bank that bears his family's name, was arrested in a potential €3 billion ($4 billion) fraud case involving a real-estate fund created by the bank." Another Top Merrill Banker Quits (WSJ) 
Source: Dealbreaker | 3 Apr 2009 | 1:25 pm Stocks point to mixed open as job losses rise (AP)
Source: Yahoo! News: Stock Markets News | 3 Apr 2009 | 1:07 pm Kimco’s Huge Stock Offering (KIM)Kimco Realty Corporation (NYSE: KIM) has priced its huge secondary offering of common stock. The size was a lofty 91,500,000 shares at a price of $7.10 per share. Shares closed yesterday at $7.49 and the 52-week trading range is $6.33 to $47.80. What is interesting is that the shares of this community and shopping center [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 3 Apr 2009 | 1:04 pm Further jump in US unemploymentThe number of people employed in the US fell by 663,000 in March, bringing the jobless rate to its highest level since 1983.Source: BBC News | Business | World Edition | 3 Apr 2009 | 1:02 pm Wall St shrugs off grim economic dataUS stocks were set to edge slightly further ahead on Friday, continuing their last three days of gains as investors took some reassurance that unemployment did not rise more than had been predictedSource: Financial Times - US homepage | 3 Apr 2009 | 12:58 pm Jobless rate bolts to 8.5 percent, 663,000 jobs lostThe nation's unemployment rate jumped to 8.5 percent in March, the highest since late 1983, as a wide range of employers eliminated a net total of 663,000 jobs.Source: L.A. Times - Business | 3 Apr 2009 | 12:58 pm Stock futures lose ground as data boost fades (Reuters)
Source: Yahoo! News: Stock Markets News | 3 Apr 2009 | 12:57 pm Stock futures lose ground as data boost fadesNEW YORK (Reuters) - Stock futures lost ground on Friday as a brief boost that followed the March non-farm payrolls report faded.Source: Reuters: Business News | 3 Apr 2009 | 12:57 pm Stock futures lose ground as data boost fades (Reuters)
Source: Yahoo! News: Business | 3 Apr 2009 | 12:57 pm U.S. economy sheds 663,000 jobsWASHINGTON (Reuters) - U.S. employers slashed 663,000 jobs in March, lifting the unemployment rate to 8.5 percent, the highest since 1983, official data showed on Friday in a report underscoring the growing distress in the labor market.Source: Reuters: Business News | 3 Apr 2009 | 12:56 pm OFT narrows bank charges inquiryAn investigation into the fairness of unauthorised overdraft charges will be narrowed to just three banks, the OFT says.Source: BBC News | Business | World Edition | 3 Apr 2009 | 12:56 pm 2 million jobs lost so far in '09Job losses continued to mount in March and unemployment hit a 25-year high, according to the government's latest reading on the battered labor market Friday.Source: Business and financial news - CNNMoney.com | 3 Apr 2009 | 12:55 pm US unemployment hits 8.5%US unemployment hit 8.5% , its highest level since 1983, as the recession continues to savage the labour forceSource: Financial Times - US homepage | 3 Apr 2009 | 12:54 pm IBM cuts Sun offer, may unveil deal next week: sourceTORONTO/BOSTON (Reuters) - IBM cut its offer for Sun Microsystems Inc to $9.55 a share after a thorough vetting and may soon unveil details of its largest- ever takeover, a source with knowledge of the matter said on Thursday.Source: Reuters: Business News | 3 Apr 2009 | 12:50 pm Jobs report to lift stocksU.S. stocks were pointed toward modest gains at Friday's open, hinting at a fourth consecutive advance, after a key employment reading matched expectations.Source: Business and financial news - CNNMoney.com | 3 Apr 2009 | 12:49 pm Jobless in America's oil bustSix months ago this oil town in Western Pennsylvania was booming. You couldn't find a worker to paint a house, let alone man a drill rig. The nearby oil fields buzzed with activity as high prices drove a production frenzy.Source: Business and financial news - CNNMoney.com | 3 Apr 2009 | 12:46 pm Double-Digit Unemployment, Now ‘When’ Rather Than ‘If’Unemployment is said to be a lagging indicator. Even if we have been calling for higher rates than this for quite some time, the data on employment is bad enough that you have to wonder just how lagging this reading really is. The unemployment rate for the month of March 2009 came in at 8.5% [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 3 Apr 2009 | 12:41 pm Before the Bell: Payrolls data, Research In Motion, Walt Disney in focusStock market futures moved higher Friday after nonfarm payrolls data came in broadly in line with expectations, with Research In Motion poised to rise after beating earnings expectations.Source: MarketWatch.com - Top Stories | 3 Apr 2009 | 12:41 pm RBS to face angry shareholdersSome shareholders arriving at RBS's annual general meeting express anger at the bank's past and present directors.Source: BBC News | Business | World Edition | 3 Apr 2009 | 12:40 pm U.S. economy sheds 663,000 jobs (Reuters)Reuters - U.S. employers slashed 663,000 jobs in March, lifting the unemployment rate to 8.5 percent, the highest since 1983, official data showed on Friday in a report underscoring the growing distress in the labor market.Source: Yahoo! News: Business | 3 Apr 2009 | 12:38 pm UPDATE 1-China overall crude stocks fall 1.6 pct in FebBEIJING, April 3 (Reuters) - China's overall crude inventories at the end of February dropped 1.6 percent from a month before to 36.6 million tonnes, a Xinhua newsletter said on Friday, as refineries stepped...Source: RSS feed - channel BNewsBusiness | 3 Apr 2009 | 12:38 pm Indications: U.S. stock futures rise after data showing 663,000 jobs lostU.S. stock futures advanced Friday in the initial reaction to data showing that 663,000 jobs were lost in March, and Research In Motion rallied as the phone maker reported strong sales of the popular BlackBerry mobile device.Source: MarketWatch.com - Top Stories | 3 Apr 2009 | 12:37 pm DSG to cut jobs and shut Scandinavian sitesDSG International, the embattled owner of Currys and PC World, has announced the closure of part of its Scandinavian business.Source: Latest Business News from Times Online | 3 Apr 2009 | 12:36 pm Total CEO says its tax haven accounts are knownPARIS, April 3 (Reuters) - The head of Total on Friday said the French oil giant had accounts in tax havens but stressed the fact was well-known and the group had been transparent about them.Source: RSS feed - channel BNewsBusiness | 3 Apr 2009 | 12:36 pm Poland has no plans to sell Lotos shares in 2009WARSAW, April 3 (Reuters) - Polish treasury does not expect to sell any shares in the country's No. 2 oil refinery Lotos this year, Deputy Treasury Minister Krzysztof Zuk said on Friday.Source: RSS feed - channel BNewsBusiness | 3 Apr 2009 | 12:34 pm Economic Report: Job losses breach 5 million mark in this recessionU.S. nonfarm payrolls fell by 663,000 in March, while the unemployment rate jumped to 8.5%, the highest since 1983.Source: MarketWatch.com - Top Stories | 3 Apr 2009 | 12:31 pm G. Willi-Food International Limited: Expiration of Tender Offer for Gold Frost SharesYAVNE, Israel, April 3 /PRNewswire-FirstCall/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "G. Willi Food") announced today...Source: RSS feed - channel BNewsBusiness | 3 Apr 2009 | 12:31 pm Wilshire Enterprises, Inc. Settles Proxy Contest with Full Value GroupNEWARK, N.J., April 3 /PRNewswire-FirstCall/ -- Wilshire Enterprises, Inc. ("Wilshire" or the "Company") (Amex: WOC) announced today that it has entered into...Source: RSS feed - channel BNewsBusiness | 3 Apr 2009 | 12:31 pm Oil down slightly near $52LONDON (Reuters) - Oil slipped only slightly to near $52 a barrel on Friday, after surging by nearly 9 percent the day before, as global markets viewed the outcome of the G20 summit as paving the way for some risk appetite to return.Source: Reuters: Business News | 3 Apr 2009 | 12:21 pm Currencies: Intraday rally lifts U.S. dollar above 100-yen levelThe U.S. dollar Friday trades at its highest level against the Japanese currency since October, briefly rising above the 100-yen threshold, before falling back to the upper 99-yen level.Source: MarketWatch.com - Top Stories | 3 Apr 2009 | 12:20 pm 'Toxic asset' plan's winners and losersSource: Business and financial news - CNNMoney.com | 3 Apr 2009 | 12:19 pm MGT Capital Investments, Inc. Reports Fiscal 2008 Financial Results and Provides an Update on Recent DevelopmentsNEW YORK, April 3 /PRNewswire-FirstCall/ -- MGT Capital Investments, Inc. (NYSE AMEX: MGT), a holding company, today reported financial results for the year...Source: RSS feed - channel BNewsBusiness | 3 Apr 2009 | 12:19 pm UPDATE 1-Centrica at odds with EDF over British Energy -FT* Centrica, EDF say stake talks continue, no other commentSource: RSS feed - channel BNewsBusiness | 3 Apr 2009 | 12:17 pm SNAPSHOT - Financial Crisis - 1200 GMT- Business activity in European countries fall in March, but the pace slows as efforts to revive economies take holdSource: RSS feed - channel BNewsBusiness | 3 Apr 2009 | 12:11 pm Top Analyst Downgrades (AKAM, BMY, KMX, ESLR, GOL, HGSI, MON, SCHN, TDC, UA, DIS, WFMI)These are the top pre-market analyst downgrades and negative research calls we have seen from Wall Street early this Friday morning: Akamai Tech (AKAM) Cut to Hold at Citigroup. Bristol-Myers Squibb (BMY) Cut to Market Perform at Bernstein. CarMax (KMX) Cut to Underperform at Wachovia. Evergreen Solar (ESLR) Started as Sell at Canaccord Adams. GOL Linhas Areas Inteligentes S.A. (GOL) [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 3 Apr 2009 | 12:04 pm What makes loan modifications workLoans modified with affordability in mind redefault at half the rate of other adjusted mortgages, a government report has found.Source: Business and financial news - CNNMoney.com | 3 Apr 2009 | 12:00 pm Alaska Air Group Reports March TrafficSEATTLE, April 3 /PRNewswire-FirstCall/ -- Alaska Air Group, Inc. (NYSE: ALK) today reported March operational results for its subsidiaries, Alaska Airlines (Alaska) and Horizon...Source: RSS feed - channel BNewsBusiness | 3 Apr 2009 | 12:00 pm Itau Private Sponsors Tournament in the United StatesCompetition will gather the best tennis players from over 35 countries SAO PAULO, April 3 /PRNewswire-FirstCall/ -- This month, Florida will host one of the five mainSource: RSS feed - channel BNewsBusiness | 3 Apr 2009 | 12:00 pm Economic Report: Halifax fails to confirm bounce in British house pricesBritish house prices continue to slide in March and are likely to continue moving lower due to the recession and credit crunch, despite improvements in affordability, mortgage lender Halifax says Friday in its monthly housing report.Source: MarketWatch.com - Top Stories | 3 Apr 2009 | 11:59 am Re-default data shows Obama housing plan potentialWASHINGTON (Reuters) - More than 58 percent of U.S. home loans modified in 2008 did not result in a decreased monthly payment, and those modifications often did not produce sustainable mortgages, according to a report released on Friday.Source: Reuters: Business News | 3 Apr 2009 | 11:56 am Top Analyst Upgrades (STD, DVN, ELN, RIMM, TJX, VOD)These are some of the top pre-market analyst upgrades and positive research calls we have seen early this Friday morning: Banco Santander (STD) Raised to Outperform at KBW. Devon Energy (DVN) Raised to Outperform at FBR. Elan (ELN) Raised to Neutral from Sell at Piper Jaffray. Research in Motion (RIMM) Raised to Hold at Deutsche Bank; Raised to Outperform [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 3 Apr 2009 | 11:55 am Everyone hates to network. You must. Here's howLet's face it, very few people enjoy networking. Even for social butterflies, it's a chore; for those of us who are shy, it's as painful as chapped lips on a windy day.Source: Business and financial news - CNNMoney.com | 3 Apr 2009 | 11:53 am Emerging agendaHow the developing world won at the G20 summitSource: BBC News | Business | World Edition | 3 Apr 2009 | 11:43 am Trichet calls for swift action on G20 pledgesWorld leaders must implement the G20's decisions on fighting the global recession and strengthening financial market regulation as swiftly as possible in order to restore the confidence needed to revive credit flows, Jean-Claude Trichet, ECB president, saidSource: Financial Times - US homepage | 3 Apr 2009 | 11:42 am London Markets: British stocks give back some gains; U.S. jobs data on tapLondon shares decline on Friday, after rallying strongly in the previous session, ahead of some key U.S. jobs data due later today.Source: MarketWatch.com - Top Stories | 3 Apr 2009 | 11:33 am Loan modifications rise; many don't pare payments (AP)AP - Lenders are boosting their attempts to avoid home foreclosures, but fewer than half of loan modifications made at the end of last year actually reduced borrowers' payments by more than 10 percent, data released Friday show.Source: Yahoo! News: Business | 3 Apr 2009 | 11:28 am Lastminute Isas: Where to buy this weekendYou can still use this year's Isa allowance over the weekend. Here are some of the providers staying open for business.Source: Telegraph Finance | 3 Apr 2009 | 11:27 am Hired! They actually kept his resume on file"We'll keep your resume on file."Source: Business and financial news - CNNMoney.com | 3 Apr 2009 | 11:20 am Will a water meter save you money?Not all households would be better off. We explain how to decide whether you should switch.Source: Telegraph Finance | 3 Apr 2009 | 11:17 am Coke to correct 'misleading' ad campaign in AustraliaCoca-Cola Co. is to publish advertisements in Australia newspapers to “correct” an earlier campaign that claims its products do not contribute to tooth decay or obesity. The corrections will also amend the company’s earlier message that its products are not over-caffeinated.Source: MarketWatch.com - Top Stories | 3 Apr 2009 | 11:16 am RIM posts strong results and outlookTORONTO (Reuters) - Research In Motion posted surprisingly strong quarterly earnings on Thursday and offered a rosy outlook that signaled further growth despite the global economic slowdown as consumers embrace its newest BlackBerry smartphones.Source: Reuters: Business News | 3 Apr 2009 | 11:15 am Spain predicts surge in joblessSpain's central bank predicts that the economy will shrink by 3% this year and the unemployment rate will hit 19.4% in 2010.Source: BBC News | Business | World Edition | 3 Apr 2009 | 11:13 am Bailed-out banks eye toxic asset buys: report(Reuters) - U.S. banks that have received government aid, including Citigroup Inc, Goldman Sachs, Morgan Stanley and JPMorgan Chase & Co, are considering buying toxic assets to be sold by rivals under the Treasury's $1,000 billion plan to revive the financial system, the Financial Times said.Source: Reuters: Business News | 3 Apr 2009 | 11:10 am Bailed-out banks eye toxic asset buys: report (Reuters)Reuters - U.S. banks that have received government aid, including Citigroup Inc, Goldman Sachs, Morgan Stanley and JPMorgan Chase & Co, are considering buying toxic assets to be sold by rivals under the Treasury's $1,000 billion plan to revive the financial system, the Financial Times said.Source: Yahoo! News: Business | 3 Apr 2009 | 11:10 am Re-default data shows Obama housing plan potential (Reuters)Reuters - More than 58 percent of U.S. home loans modified in 2008 did not result in a decreased monthly payment, and those modifications often did not produce sustainable mortgages, according to a report released on Friday.Source: Yahoo! News: Business | 3 Apr 2009 | 11:01 am Commodities Corner: Natural gas says goodbye to $10 for the 'foreseeable future'Natural-gas prices have had quite an unimpressive run in the last six months and the situation may get worse despite the steep declines in overall drilling and production.Source: MarketWatch.com - Top Stories | 3 Apr 2009 | 11:00 am Currencies: Dollar bounces as traders brace for U.S. jobs dataThe U.S. dollar regains some ground versus the euro and notches a five-month high versus the Japanese yen as traders brace for another round of historically ugly U.S. labor market data.Source: MarketWatch.com - Top Stories | 3 Apr 2009 | 10:57 am Google could be in talks to buy Twitter: report (Reuters)Reuters - Google Inc may be in talks to buy internet start-up Twitter, the free micro-blogging service that allows people to send short text messages to a network of friends, the TechCrunch website said late ThursdaySource: Yahoo! News: Business | 3 Apr 2009 | 10:50 am Google could be in talks to buy Twitter: report(Reuters) - Google Inc may be in talks to buy internet start-up Twitter, the free micro-blogging service that allows people to send short text messages to a network of friends, the TechCrunch website said late ThursdaySource: Reuters: Business News | 3 Apr 2009 | 10:50 am Service sector downturn 'eases'Activity in the service sector fell at the slowest rate in six months during March, according to the latest Purchasing Managers' Index.Source: BBC News | Business | World Edition | 3 Apr 2009 | 10:49 am World markets pause after G-20-fueled rally (AP)
Source: Yahoo! News: Stock Markets News | 3 Apr 2009 | 10:45 am Where taxes are headedChanging tax policies is always fraught with political and economic risk. Never more so than now, given the country's deep fiscal hole and competing theories on how best to aid economic recovery.Source: Business and financial news - CNNMoney.com | 3 Apr 2009 | 10:38 am Blaming Madoff is adults' newest excuseAdd Bernie Madoff and Marc Dreier to the long list of excuses grownups now use to buy more time. Think of it as the "dog ate my homework" for federal prosecutors.Source: Business and financial news - CNNMoney.com | 3 Apr 2009 | 10:38 am Why Chrysler mattersIt's easy to think that Chrysler LLC is no longer too big to fail.Source: Business and financial news - CNNMoney.com | 3 Apr 2009 | 10:36 am On the runThe bulls out in force on the stock markets in MarchSource: BBC News | Business | World Edition | 3 Apr 2009 | 10:30 am Switzerland experiences deflationSwiss consumer prices were down 0.4% in March compared with a year ago, official figures show, a 50-year low.Source: BBC News | Business | World Edition | 3 Apr 2009 | 10:28 am G20 was a success but this is no time for resting on laurelsLeaders at the G20's Summit said it marked the start of the fightback against the recession. Here breakingviews ranks the Summit on 10 key issues.Source: Telegraph Finance | 3 Apr 2009 | 10:27 am Asia Markets: Asia markets move up, ending another week of solid gainsMost Asian markets stretch their rally Friday, ending another week of solid gains.Source: MarketWatch.com - Top Stories | 3 Apr 2009 | 10:22 am Traders Turn Cautious Before Jobs Report (Market Update)News at a Glance
The LowdownThe bulls are waiting for the 'all-clear.' Stocks looked to open fairly flat Friday, as the economy's optimists gave pause ahead of new data on employment. Shortly before 6 a.m., Dow, Nasdaq and S&P 500 futures were trading right around fair value. Whether the week's earlier enthusiasm persists will hinge on the March jobs report, which is scheduled to be released before the opening bell. Most economists project a worsening picture of the labor market with unemployment rising and payrolls falling. A sub-par jobs report would be sobering after a week of encouraging economic data and recent signs that the housing market had begun to turn around. A healthy employment situation is critical to the recovery. In Washington, the House and Senate passed modified versions of the White House's 2010 budget proposal, which calls for roughly $3.6 trillion in spending. The proposal, which passed the House by a vote of 233-196, had come under fire by Republicans who criticized heavy spending in the downturn. The Obama administration said the outlays, which include progressive healthcare and energy reforms, were a key part of its economic recovery plan. In London, the G-20 summit continued amid signs of progress. President Obama said the nations had reached a "turning point" after agreeing to expand the International Monetary Fund and use incentives to promote global trade. World markets were mixed. In Asia, Japan's Nikkei finished up 0.3%, while Hong Kong's Hang Seng picked up 0.2%. In London, the U.K.'s FTSE dipped 0.2% in midday trading. In energy, oil prices continued to push higher. By 5:50 a.m., crude traded up 60 cents at $53.24 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 | 3 Apr 2009 | 10:06 am World stocks downbeat before US jobs data (AFP)
Source: Yahoo! News: Stock Markets News | 3 Apr 2009 | 9:54 am UK services hit sixmonth highA UK gauge of services industries from airlines to insurers climbed to a sixmonth high in March a sign that the recession's grip is loosening.Source: Telegraph Finance | 3 Apr 2009 | 9:49 am OECD names and shames tax havensCosta Rica, Malaysia, the Philippines and Uruguay are on the OECD's blacklist of non-cooperative tax havens.Source: BBC News | Business | World Edition | 3 Apr 2009 | 9:47 am Letting Banks Use TARP Money To Make Profits On Other BanksA lot of people and members of Congress are upset that banks that took TARP money may buy toxic assets from other banks. There does not seem to be any problem with the arrangement. The banks which took taxpayer money should make a profit on the transactions. At least that is the outcome the Treasury is predicting [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 3 Apr 2009 | 9:41 am American Airlines in talks with Citi to boost cash: report(Reuters) - AMR Corp's American Airlines is in early talks to raise cash from its credit card partner, Citigroup , by selling it frequent flyer miles, the Financial Times reported citing people familiar with the matter.Source: Reuters: Business News | 3 Apr 2009 | 9:37 am UK house price fall slows to 1.9% in MarchHouse prices fell by 1.9 per cent in March compared to a steeper decline in the previous month in the latest sign that the turbulence in the housing market may have begun to stabilise.Source: Latest Business News from Times Online | 3 Apr 2009 | 9:29 am Can The Weak Stocks Catch Up Now? (MSFT)(HPQ)(CSCO)(INTC)(SHLD)(JWN)(TGT)(XOM)(BP)(COP)The person who first said that a chain is only as strong as its weakest link has never lifted a V8 out of a Ford Mustang. But, the analogy works in most cases and now, as much as ever in the last year, it gets to be tested in the stock market. The S&P 500 is [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 3 Apr 2009 | 9:23 am Reconsidering Apple (AAPL)For a company which may have the most well-regarded premium brand in the world, Apple’s stock has been certainly been buffeted by unsatisfied investors. The shares have recovered some since the beginning of March, but over the last year they are down more than 25%. When investors are nervous, even the strongest brands get very [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 3 Apr 2009 | 9:13 am RBS urges end to 'public flogging'Chairman Sir Philip Hampton says the bank's purchase of part of the Dutch lender at the height of the bull market was the 'key decision' that led RBS into difficultySource: Financial Times - US homepage | 3 Apr 2009 | 9:05 am The 24/7 Wall Street-Channel Checkers Look At GameStop (GME)As part of The 24/7 Wall St–The Channel Checkers survey series, 0ver the past week, The Channel Checkers surveyed 24 GameStop (GME) and EB Games (same parent company) stores across the United States to track sales trends of gaming consoles and video games. Here is what we asked: 1. What is the best selling game platform? 2. What is the best [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 3 Apr 2009 | 9:04 am House prices 'drop 1.9% in March'UK house prices fell by 1.9% in March compared with the previous month with confidence still low, says the Halifax.Source: BBC News | Business | World Edition | 3 Apr 2009 | 9:00 am Weekly AAPL Headline Roundup: April 3The iPhone dominates this week’s top stories, aggregated from 24/7 Wall St. partner Apple Investor News: • Two new iPhone models coming? Lazard Capital Markets analyst Daniel Amir tells CNET a high-end 32GB model (iPhone 3G Pro?) and a lower-end model, without Wi-Fi for emerging markets, may be in the offing. He also expects Q1 iPhone [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 3 Apr 2009 | 8:59 am Sir Fred considers reducing £16.7m RBS pensionRBS AGM: join our live blogSource: Latest Business News from Times Online | 3 Apr 2009 | 8:52 am U.S. CEO pay fell in 2008, first drop in 7 years: report(Reuters) - Median cash salaries and bonuses for chief executives of 200 big U.S. companies fell 8.5 percent in 2008 to $2.24 million, the Wall Street Journal said, citing an analysis prepared for it by Hay Group, a management consulting firm.Source: Reuters: Business News | 3 Apr 2009 | 8:48 am G20 rally loses steam in EuropeThe G20 rally lost steam in Europe as investors paused for breath ahead of a key US jobs report.Source: Telegraph Finance | 3 Apr 2009 | 8:10 am G20 summit: Business groups back trade plans but warn leaders on regulationBusiness groups hailed the G20's commitment to 250bn £170bn of extra trade finance and its stance against protectionism but warned against heavyhanded regulation.Source: Telegraph Finance | 3 Apr 2009 | 8:04 am Media Digest 4/3/2009 Reuters, WSJ, NYTimes, FT, BloombergAccording to Reuters, Congress passed the Obama budget Reuters reports that cautious optimism greeted plans from the G-20 summit. Reuters reports that banks are considering buying toxic assets sold by other banks. Reuters reports that GM (GM) and its creditors and unions are in a footrace to restructure the company. Reuters writes that US CEO pay fell last year. Reuters [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 3 Apr 2009 | 8:02 am G20: World leaders' summit has 'stopped the rot'The G20 summit "stopped the rot" in the global economy but more must be done to boost trade and tackle tax havens Liberal Democrat Treasury spokesman Vince Cable has said.Source: Telegraph Finance | 3 Apr 2009 | 8:00 am Shed Media looks to move into entertainment showsShed Media the television production company behind Who Do You Think You Are? and New Tricks looking to buy production companies specialising in entertainment programming after making a pretax profit of £7.8m.Source: Telegraph Finance | 3 Apr 2009 | 7:49 am Meal deals send John Lewis sales soaringThe John Lewis Partnership today reported a turnaround in weekly sales driven by a 16.7 per cent revenue rise at Waitrose, the upmarket supermarket, as more cash-conscious shoppers chose to eat in.Source: Latest Business News from Times Online | 3 Apr 2009 | 7:37 am RBS chairman Sir Philip Hampton calls for an end to 'public flogging' of bankChairman Sir Philip Hampton calls for an end to the 'public flogging' of the bank before its annual general meeting today in Edinburgh..Source: Telegraph Finance | 3 Apr 2009 | 7:30 am Australian stocks: Market closes 1.5pc higherMELBOURNE - The Australian share market has closed 1.5 per cent stronger after gains from big miners and changes in the way banks value toxic assets in the US. At the close, the S&P/ASX200 was 55.4 points, or 1.51 per cent, higher...Source: New Zealand Herald - Business | 3 Apr 2009 | 7:16 am Travel industry woos those with plenty of leisure time: furloughed and laid-off workersVictims of the economy are being offered discounts on airfare, lodging, cruises and ski-lift tickets. Tourism merchants say the bargains won't end their industry's skid, 'but it's a very nice step.' ...Source: RSS feed - channel BNPaperBusiness | 3 Apr 2009 | 7:00 am Stocks soar on optimism for an economic recoveryThe Dow Jones industrial average climbs 216 points to close at 7,978 as investors cheer the easing of bank-accounting rules and steps by G-20 policymakers to bolster the global economy. ...Source: RSS feed - channel BNPaperBusiness | 3 Apr 2009 | 7:00 am FASB decides to ease mark-to-market accounting standardsThe changes could help banks avoid more write-downs on troubled mortgage-backed bonds. Under intense pressure...Source: RSS feed - channel BNPaperBusiness | 3 Apr 2009 | 7:00 am Internet's role in cable TV debatedAs online viewing surges, media firms embrace it or try to preserve control. The cable TV industry, confronted...Source: RSS feed - channel BNPaperBusiness | 3 Apr 2009 | 7:00 am Obama the mediator on display at G-20 summitWith a larger accord hung up as France and China squabble over a detail, President Obama talks privately with each side, then both -- and a deal is struck.They had shared three meals and a full day around a conference table. The last obstacle to a deal Thursday among world leaders at their economic summit was the contents of a single pair of parentheses. Source: L.A. Times - Business | 3 Apr 2009 | 7:00 am Organization launches to help Latino business ownersThe Latino Business Chamber of Greater Los Angeles says it can help in ways that other associations focused on the ethnic group can't. ...Source: RSS feed - channel BNPaperBusiness | 3 Apr 2009 | 7:00 am Stocks soar on optimism for an economic recoveryThe Dow Jones industrial average climbs 216 points to close at 7,978 as investors cheer the easing of bank-accounting rules and steps by G-20 policymakers to bolster the global economy.A little good news is going a long way in the stock market. Source: L.A. Times - Business | 3 Apr 2009 | 7:00 am South Korean firm unveils plans to put its stamp on L.A. skylineConglomerate Korean Air proposes building a pair of high-rises to replace the aging Wilshire Grand hotel. The project would cost $1 billion. ...Source: RSS feed - channel BNPaperBusiness | 3 Apr 2009 | 7:00 am BMW 750Li: The dance of the electronic fairiesThis systems-heavy executive saloon might just be the best luxury sedan in the world.I'm quite certain that somewhere right now, emotionally shattered BMW technicians are gathering in a church basement for a support group, huddled around the cookies and the coffee urn, their hands fairly vibrating with frustration. For as well deserved as is the title Ultimate Driving Machine, BMWs also have earned the reputation as the Ultimate Hangar Queen, taking up residence in dealership service bays and sending mechanics over the crumbling edge of insanity. Hello -- sob! -- my name is Dieter and I'm a BMW tech . . . . Hello, Dieter, keep comin' back. . . . Source: L.A. Times - Business | 3 Apr 2009 | 7:00 am China positioning its currency for a run at world supremacyThe yuan is gaining global influence, but experts say it would be years before it could supplant the U.S. dollar. ...Source: RSS feed - channel BNPaperBusiness | 3 Apr 2009 | 7:00 am Internet's role in cable TV debatedAs online viewing surges, media firms embrace it or try to preserve control.The cable TV industry, confronted with the rapidly rising popularity of watching TV shows online, is grappling with how to prevent the Internet from undermining its business. Source: L.A. Times - Business | 3 Apr 2009 | 7:00 am FASB decides to ease mark-to-market accounting standardsThe changes could help banks avoid more write-downs on troubled mortgage-backed bonds.Under intense pressure from Congress, accounting rule makers on Thursday voted to give banks more discretion in valuing dicey assets. Source: L.A. Times - Business | 3 Apr 2009 | 7:00 am Travel industry woos those with plenty of leisure time: furloughed and laid-off workersVictims of the economy are being offered discounts on airfare, lodging, cruises and ski-lift tickets. Tourism merchants say the bargains won't end their industry's skid, 'but it's a very nice step.'Pink slip travelers? Furlough tourists? Jobless vacationers? Source: L.A. Times - Business | 3 Apr 2009 | 7:00 am BMW 750Li: The dance of the electronic fairiesThis systems-heavy executive saloon might just be the best luxury sedan in the world. I'm quite certain that somewhere...Source: RSS feed - channel BNPaperBusiness | 3 Apr 2009 | 7:00 am China positioning its currency for a run at world supremacyThe yuan is gaining global influence, but experts say it would be years before it could supplant the U.S. dollar.Could the world's currency of choice have the face of Mao Tse-tung on it, not George Washington? Source: L.A. Times - Business | 3 Apr 2009 | 7:00 am Rates on 30-year mortgages sink to 4.78%, a new lowThe average rates on 15-year, five-year and one-year home loans also decline, according to Freddie Mac. Rates...Source: RSS feed - channel BNPaperBusiness | 3 Apr 2009 | 7:00 am South Korean firm unveils plans to put its stamp on L.A. skylineConglomerate Korean Air proposes building a pair of high-rises to replace the aging Wilshire Grand hotel. The project would cost $1 billion.The aging Wilshire Grand hotel and adjoining offices in downtown Los Angeles would be demolished and replaced with a $1-billion hotel, office and retail complex under a plan by one of South Korea's largest business conglomerates. Source: L.A. Times - Business | 3 Apr 2009 | 7:00 am Obama the mediator on display at G-20 summitWith a larger accord hung up as France and China squabble over a detail, President Obama talks privately with each side, then both -- and a deal is struck. ...Source: RSS feed - channel BNPaperBusiness | 3 Apr 2009 | 7:00 am NZ stocks: Shares follow global surgeNew Zealand stocks forged ahead today following sharp rises in global markets on optimism over efforts by world leaders meeting in London to solve the economic crisis. The benchmark NZSX-50 index closed up 28.677 points, or 1.109...Source: New Zealand Herald - Business | 3 Apr 2009 | 6:37 am G20: only those who thought it would save the world will be disappointedWas it all worth it? Personally I've found watching the G20 circus from the relative comfort of my desk an exhausting experience so I can hardly imagine what state those poor leaders are in with their taxing schedule of multi and bilateral meetings dinners and press briefings.Source: Telegraph Finance | 3 Apr 2009 | 6:36 am Currency: Dollar roars over US58cThe New Zealand dollar reached its highest level against the greenback in more than 11 weeks today, then retreated. The kiwi peaked at US59.01c but eased back to US58.56c by 5pm, which was still up from US56.80c at 5pm yesterday. The...Source: New Zealand Herald - Business | 3 Apr 2009 | 6:07 am US Congress approves budget blueprintThe House of Representatives and Sentate have passed federal budget blueprints that embraced most of President Barack Obama's $3,600bn plan to invest heavily in healthcare, energy and educationSource: Financial Times - US homepage | 3 Apr 2009 | 4:36 am Cheap Stock? Yes. A Bargain? Probably Not.IT'S A BASIC RULE OF PHYSICS: the further an object falls, the faster it plummets. The same principle applies to stocks these days. A Thomson Reuters study prepared for Barron's shows that the average price decline last year of the 637 New York Stock Exchange- and Nasdaq-listed stocks that broke below $5 (but stayed above $1) was 61%. For the 176 stocks that traded below $1 anytime during 2008, the average drop was a stunning 84%. In comparison, the larger-cap (and higher-priced) stocks in the Standard & Poor's 500 index slid by 38.5%, on average. What is striking about 2008 is that so many of the stocks that showed up in the penny-stock category were household names, or at least well-known on Wall Street. They include retailers Rite Aid (RAD), Pier 1 Imports (PIR), and Eddie Bauer (EBHI); radio broadcasters Westwood One (WWON) and Sirius XM Radio (SIRI); auto-parts giants Dana Holding (DAN) and Noble International (NOBL); and financials Friedman Billings Ramsey Group (FBR) and Thornburg Mortgage (THMR). As a category, penny stocks have attracted even more attention as AIG (AIG) entered their realm and Citigroup (C) hovered near it. The data suggest that risks rise as a stock heading lower breaks through certain price points. Institutions may not be permitted to own stocks trading below a set level, like $5. And very low-priced stocks may be subject to greater volatility owing to less liquidity, decreased visibility and research coverage, and the potential for delisting from a major exchange and exile to an over-the-counter venue. Also, margin-buying opportunities become more restricted. Among the stocks that have dropped below $5: General Motors (GM), CB Richard Ellis Group (CBG), CIT Group (CIT), Office Depot (ODP), and Sprint Nextel (S). Glenn W. Tyranski, head of financial compliance at NYSE Regulation, says that an average of $1 is the minimum value that the exchange requires a stock to maintain over any 30-day trading period. Former Fidelity Magellan (FMAGX) manager Peter Lynch is skeptical of single-digit stocks. "The notion that if it gets back to $10, I'll sell [virtually assures a] whole painful process [that] may take a decade, and all the while you are tolerating an investment you don't even like," he says. Unless an investor is confident enough to buy more shares, Lynch thinks he ought to sell immediately. And that seems the key point to many investors -- if you have done your homework on the shares and still like them, you can hang on -- but if not, sell. This isn't to say that low-priced stocks have no fans. Preston Athey, manager of the $3.6 billion T. Rowe Price Small-Cap Value Fund (PRSVX), looks at these new penny stocks as long-dated options. They could rebound, but run a well-above-average chance of expiring in bankruptcy. Athey has 14 diverse stocks in his portfolio trading for under a buck. While acknowledging that a handful will likely go belly up, he expects these shares to collectively outperform his portfolio and the market over the next five years. "Where cash flow and operational earnings are still positive and where there is more cash than debt on the books, stocks that are stuck trading below $1 could be there in part out of benign neglect," says the T. Rowe manager. Monterey Gourmet Foods (PSTA) is a pasta maker whose shares he has held since 2001, buying them at an average five bucks each. Although the stock is trading at 1.01, Athey isn't panicked: "The company has the lead position at large retailers including Costco and Sam's Club." He notes that Monterey also has a book value of $1.71 a share, 12 cents of cash per share, positive operating earnings and net cash flow, and no debt. Bradford Evans, co-manager of Heartland Value Fund (HRTVX), cites Digirad (DRAD), which specializes in cardiovascular- and nuclear-imaging systems. It projects '09 sales of $80 million, and has $28 million in cash and equivalents and a book value of $2.47. Yet its market cap is $18 million and its shares are just 95 cents. In 2008, the stock traded down from its peak of $3.50 in early February, to a bottom of 48 cents on Dec. 4. Evans, who owns Digirad stock, believes it is poised for a turnaround this year, thanks to a strong balance sheet, good technology, significant partnerships with leading medical schools and a restructuring plan that will better manage growth while controlling costs. One should also bear in mind that listed companies can wipe out investors, too. Remember Nortel Networks and Lehman Brothers? Still, the inability of a stock to sustain listing requirements, such as a minimum average price and market cap, can get it booted off the Big Board and Nasdaq, and by then, there is often little to salvage. Consider Thornburg Mortgage. It ended 2007 with a stock-market value of $1.2 billion and a price of 92.40. By the end of November 2008, it had been booted from the NYSE onto the pink sheets; its stock closed the month at 52 cents. By the end of the year, it was trading at 16 cents, and as of March 25, it was at five cents. The NYSE's Tyranski says that 47 companies were delisted last year for compliance violations, which included trading for an extended period below $1, and a market cap below $25 million -- recently temporarily lowered to $15 million because of the market's dive. The 47 were 2.5 times the number of stocks delisted in 2007. While the relaxation of listing standards will slow the pace at which stocks are tossed off exchanges, that means more listed stocks will be trading for less than a buck. They may be cheap, but they aren't necessarily bargains.
The Bottom Line:
ERIC UHLFELDER, author of Investing in the New Europe, writes about capital markets from New York. 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 | 3 Apr 2009 | 4:00 am Hotel Within A HotelFor decades travelers had to choose between big, amenity-packed megaresorts and more-intimate, service-oriented boutique hotels. Now hoteliers of all breeds are designing properties that combine features of both, adding separate mini-hotels onto existing resorts, complete with swankier rooms and exclusive perks like private pools, beaches and restaurants. And in a recession-battered travel climate, these posh add-ons have another, even stronger draw: For now, at least, they often cost little more than the main resorts. And they're hiding in plain sight. If the historic grande dame Hotel del Coronado just outside San Diego isn't quite high-end enough, vacationers can now check in to the resort's Beach Village section, where cottages and villas boast cozy fireplaces and private, ocean-view terraces, along with luxe trappings like flat-screen TVs, 400-thread-count linens and spa-style baths. At Costa Rica's Occidental Grand Papagayo, discriminating travelers can avoid the sunburned masses by opting for its Royal Club, complete with private check-in and a Royals-only lounge. Even Club Med, famous for its traditionally spartan rooms and communal-seating buffets, has added an exclusive option to its property in Ixtapa, Mexico. For resorts, these luxe mini-hotels were originally an attempt to lure upscale travelers willing to pay more and splurge on extras like spa treatments and gourmet meals. But a funny thing happened on the way to the grand opening: The economy tanked. So, many hoteliers have been forced to drop the nosebleed rates and dole out these posh rooms for less than $100 extra. At the Occidental Grand Papagayo, Royal Club rooms start at just $69 more than a comparable room at the main resort. And free upgrades are common at these properties, says Mark Lunt, hospitality industry specialist for Ernst & Young. "If resorts run out of rooms in the regular wing, are they going to let the high-end rooms stay empty? I doubt it," he says. This isn't the travel industry's first brush with the hotel within a hotel. The concept first appeared in the form of "club floors," one or two stories of a hotel tower where reward-program members and higher-paying guests score plum rooms and exclusive access to a lounge stocked with snacks and other goodies. Adding these floors hasn't cost hotels much, but the move typically pays off big, boosting both revenue and customer loyalty. Hoping to emulate their success, resort properties have used a similarly affordable model. Adding a few new buildings is still far cheaper than building a whole new site, especially since the addition can piggyback on all the facilities of the original resort. And not only does the hotel end up with a new cache of higher-priced rooms, says Bjorn Hanson, a New York University professor specializing in the hospitality industry, but it also bestows a "halo effect" on the whole resort, lending it a more upscale aura. That luxe vibe is certainly what they're going for at the Reserve. Unlike the sprawling 554-room Palma Real, where squealing children run laps in the hall and raucous wedding receptions spill into the pool area, the 190-room Reserve is all carefully orchestrated hush, from the low-slung fountain bubbling tastefully in the lobby to the soothing thrum of the lounge music. And while the property itself is smaller, the all-suite rooms, which start at 807 square feet, dwarf those at the main resort by nearly 300 feet. They're also jammed with high-end amenities: Guests in the master suites face the supremely tough decision of whether to enjoy their whirlpool in the marble bathroom or out on the private terrace. And while main resort guests in the 362 standard rooms pray that the single concierge desk will pick up the phone, each wing at the Reserve has its own dedicated concierge. But the rates are only a bit more posh; Reserve suites are about $55 more than similar room categories in the main Palma Real resort. Tori and Rich Fisher of Sudbury, Mass., have stayed at the Palma Real twice before, but on this trip they received a free upgrade to the Reserve and now declare themselves converts. "This is better for someone who really wants to chill out," says Tori, comparing the quiet corner of the Reserve poolside area they have staked out for themselves to the chaos of the main property's oceanic 37,600-square-foot pool. The couple says it's also much easier to score the coveted palapa-shaded chaise longues on the Reserve side of the beach, which is separated from the regular Palma Real side by a velvet ropestyle barrier. Still, for travelers accustomed to five-star resorts, there are a few unwelcome echoes of the typical all-inclusive experience. One of the Reserve's four private restaurants serves buffet-style, and guests still have to wear wristbands to prove their status<though the typical plastic hospital band has been replaced with a more stylish silky cord decorated with a piece of painted coconut shell. (Make sure it's on tight<replacing a lost one costs $220.) But what really surprised first-time guests Tanya and Dmitry Zolotarevsky of Brooklyn, N.Y., was Saturday's midday "entertainment": a balloon-popping contest (the idea, it seems, was to pop it with your stomach while belly-flopping into the pool) and the blaring Latin-reggae dance music, which the couple could hear even in their room. "You couldn't escape it," says Tanya. Hotel guest-services manager Denise Ortiz says that while these activities are not part of "the concept" of the hotel, they were "what the clients wanted that day." And while the Reserve's removed location does make it seem like a separate resort, it can feel, well, a little too removed. For one thing, unlike the main resort, the Reserve is a nearly 15-minute walk from the beach, which according to Ortiz, can be upsetting to vacationers if they're not informed in advance. From the front lobby, hotel staffers ferry guests over to the beach on golf carts, a process that works relatively smoothly<except during peak times, when groups of sunseekers are forced to park themselves on benches to wait their turn. The same issue comes up in the evening for guests who want to try one of the eight restaurants located in the main resort or sample nightlife options like the hotel's casino or dance club. Still, most resort-within-a-resort properties say they're getting few complaints, especially given the prices and upscale amenities. In the Bahamas, for instance, the mammoth Atlantis resort made sure that its boutique-style beachfront Cove property could scratch its guests' itch for designer shopping, open-air gaming and chic, big-city dining (among the restaurants: an outpost of Bobby Flay's Mesa Grill). But perhaps the biggest draw is the Cove's adults-only pool, a haven from the stroller-and-water wings hordes that rule the rest of Atlantis. Forget poolside hot dogs and guitarists singing "Day-O"; over here, it's $18 mojitos and a DJ spinning the latest 50 Cent single. And maintaining the "edgy vibe," says general manager John Conway, means a strict entrance policy: adult Cove residents only -- unless, of course, you're willing to rent one of the $1,000-a-day cabanas. Indeed, for some vacationers, a little exclusivity seems to be just the ticket. Lynette Dinneen, a real estate agent from Atlantic Beach, Fla., plans to spend most of her vacation enjoying the decidedly kid-free "scene" at the Cove's swanky adult pool. Dinneen says she and a group of friends have made an annual pilgrimage to the Bahamas for the past eight years, but that the trip's gotten even better thanks to the Cove. Now she and her sun-worshipping girlfriends stay there, while her husband and his friends take a room at the main resort, right by the casino. "He's happy and I'm happy," she says. "That's their vacation, and this is ours." 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 | 3 Apr 2009 | 4:00 am How Facebook, Twitter Can Save You Money (Deal of the Day)Merely maintaining customer loyalty just isn’t enough for businesses these days. Now companies as varied as Sears (SHLD), Fiji Water and Gold’s Gym want to be friends with you, too -- through online social networking sites like Facebook and Twitter. Indeed, in an effort to ensure warm feelings, some companies are even offering exclusive discounts and deals in exchange for the privilege of your friendship. Last week, for example, Fiji Water used its Twitter feed to tell followers about a 40%-off sale on bottled water purchased through the brand's web site. Subsequent updates dropped the discount by a few percentage points until the promotion expired. Meanwhile, The Melting Pot chain is offering a free chocolate fondue -- worth $16 -- to Facebook users who try the company's free application to match up their friends. (For more current deals, see charts below.) In fact, 59 of the top 100 online retailers -- including Walgreen (WAG), Zappos.com, Amazon.com (AMZN) and Sephora -- maintain free accounts on social networking sites, according to market researcher Rosetta. Coupon sites such as Coupons.com and FatWallet.com are also getting in on the action, creating accounts to post their latest deals and codes. (See a selection in the chart below.) "There’s definitely a business advantage to having a presence there," says Tim Ross, principal of Kendall Ross, a Seattle-based retail branding firm. "It’s free, targeted advertising." Because users of social networking sites are there primarily to connect with friends, the effort toward positioning coupons on sites is still in its infancy, says Larry Chiagouris, a marketing professor at Pace University in New York City. "It doesn’t pay for consumers to go out of their way and sign up just to look for coupons," he says. But if you’re already on these sites and don’t mind a few extra notifications, it can’t hurt to connect with companies you already do business with. After all, you might just find an extra discount on a purchase you would have made anyway. One word of caution, however: Bear in mind that by adding a company to your social network, you’re giving it access to your profile. Make sure you’re aware of any privacy settings the networking site offers that will allow you to limit how much personal information the company can see. Here’s a selection of current deals: Coupon FeedsIf you’d rather not read every coupon poster’s tweets, check out sites like CouponTweet.com and CheapTweet.com, which track the latest deals posted on Twitter.
Company Deals
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 | 3 Apr 2009 | 4:00 am Slideshow: Hotel Within a Hotel
In recent years, many resorts -- even all-inclusives -- are adding swank private enclaves onto their properties. Most boast some combination of luxe accommodations and private perks (think pools, beaches and concierges). But with the down economy putting a drag on upscale travel bookings, many are filling the swankier side of their properties by upgrading travelers from the main resort. How to swing it? You've got a better chance if you're already a loyalty member, have paid for a more expensive room in the main resort, or sometimes, if you arrive later in the day, when they've given up on booking the room at rack rate. Below, five of these exclusive add-ons: Tortuga Bay, Puntacana Resort & Club
Dominican Republic Rates (main hotel): from $160 a night THE BUZZ: Tortuga Bay's got all the trappings of an exclusive resort: expedited customs and baggage claim at the airport, Oscar de la Renta-designed rooms, a private beach -- even your own golf cart for toodling around the complex. But most dining options are still at the main Puntacana resort. And if you think you've come to the island to escape cell phones, think again. All guests are given one to talk to their personal villa concierge.
The Cove, Atlantis
The Bahamas
Beach Village, Hotel del Coronado
San Diego, Calif. Rates (main hotel): from $295 a night The historic Hotel del Coronado may be an aging grande dame, but vacationers looking for luxury and privacy can upgrade to a cottage or villa in the Beach Village section, complete with amenities like fireplace, patio with outdoor soaking tubs, plush linens, high-tech entertainment systems, concierge service -- you get the idea. Book a chef to come cook a private meal in the gourmet kitchen. Many villas boast unobstructed beach views -- that is, unless you count the joggers and biker whizzing by on the busy boardwalk.
Paradisus Palma Real Reserve
Dominican Republic Rates (Main resort): from $364 a night
Club Med Ixtapa Pacific Sol
Ixtapa, Mexico Rates (Main resort): from $1,260 per person for a seven-night stay Club Med, famous for its traditionally spartan rooms and communal seating buffets, has added an exclusive area called "Sol" to its popular Ixtapa, Mexico property. The large suite-only accommodations come with concierge service and flat-screen TVs, internet access and adjoining rooms for the kids. But because this is still an all-inclusive, you can't escape those plastic wrist bands. And even staying in the more expensive rooms won't keep the über-peppy staff from trying to get you to learn the "Hands Up Baby Hands Up" Club Med song.
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 | 3 Apr 2009 | 4:00 am In Brief - ThursdayChipotle Mexican Grill (CMG) said its Denver-area restaurants are testing a new menu with cheaper options and a kids menu. A William Blair &...Source: Investor's Business Daily: BUSINESS | 3 Apr 2009 | 1:36 am Business Briefs - ThursdayCarMax's profit tops on cost cuts. The used-car retailer's Q4 EPS shot up 70% to 17 cents, beating views by 15 cents. Sales fell 28% to $1.47 bil,...Source: Investor's Business Daily: BUSINESS | 3 Apr 2009 | 1:36 am Trends & Innovations - ThursdayNew way to fight cavities foundSource: Investor's Business Daily: BUSINESS | 3 Apr 2009 | 1:36 am Chinese Banks Look To Homegrown Software MakerBeing Chinese and being in the financial sector are two factors that have generally counted against companies in the last six months. But that...Source: Investor's Business Daily: BUSINESS | 3 Apr 2009 | 1:36 am First-Time Buyers Can Get Help From Parents, PerksFirst-timer homebuyers are diving into a now deeply discounted property pool, sometimes with family help.Source: Investor's Business Daily: BUSINESS | 3 Apr 2009 | 1:36 am After The Close - ThursdayGLOBAL PAYMENTS (GPN), a provider of transaction processing, raised its Q3 EPS 2% to 45 cents ex items, besting views by 3 cents. Sales jumped 26%...Source: Investor's Business Daily: BUSINESS | 3 Apr 2009 | 1:36 am Dealbreaker Afterdark: Which Of These Kids Is Doing His Own Thing?
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Source: Dealbreaker | 3 Apr 2009 | 1:07 am Blagojevich indicted on corruption chargesRod Blagojevich, the former governor of Illinois impeached in January after being accused of trying to sell President-elect Barack Obama's vacant US Senate seat, was formally charged by federal authorities on a range of feloniesSource: Financial Times - US homepage | 2 Apr 2009 | 11:17 pm NJ gets $3.7 million in Countrywide settlement (AP)AP - New Jersey will receive about $3.7 million from Countrywide Financial Corp. for a fund to help eligible homeowners and state programs as part of a nationwide settlement to resolve subprime mortgage complaints, the state said Thursday.Source: Yahoo! News: Business | 2 Apr 2009 | 11:04 pm G20 summit: lucky Gordon Brown basks in market glorySometimes you just get the breaks, and Gordon Brown's luck was certainly in yesterday. He happened to be winding up the G20 summit on a day when there was a raft of market-pleasing news around the world. The result was a surge in share prices that helped the summiteers claim success.Source: Latest Business News from Times Online | 2 Apr 2009 | 11:00 pm Optimism races through markets after show of harmony at G20 summitStock markets soared yesterday amid hope that the measures agreed at the G20 summit and the harmony displayed by world leaders will be enough to power the global economy back into growth.Source: Latest Business News from Times Online | 2 Apr 2009 | 11:00 pm A little war and Peace in The Guardian boardroomJohn Peace, the not always charismatic former boss of Great Universal Stores, is not, perhaps, the obvious choice to become chairman of Guardian Media Group, The Guardian's parent company.Source: Latest Business News from Times Online | 2 Apr 2009 | 11:00 pm ECB cuts interest rates to record lowThe European Central Bank (ECB) cut interest rates yesterday by a quarter-point to a record low of 1.25 per cent.Source: Latest Business News from Times Online | 2 Apr 2009 | 11:00 pm Top investigators leave after clash over SFO directionTen senior case officers have abruptly left the Serious Fraud Office (SFO) with payouts of up to £200,000 each, The Times has learnt. They left under the Management Approved Voluntary Early Release scheme — effectively a voluntary redundancy option. The total bill could be £2 million.Source: Latest Business News from Times Online | 2 Apr 2009 | 11:00 pm Bailed-out banks eye toxic asset buysUS banks that have received government aid, including Citigroup, Goldman Sachs, Morgan Stanley and JPMorgan Chase, are considering buying toxic assets to be sold by rivals under the Treasury's $1,000bn (£680bn) plan to revive the financial systemSource: Financial Times - US homepage | 2 Apr 2009 | 10:57 pm Write-Offs: 04.02.09$$$ Lawsuit: AIG Not Just Screwing Over Taxpayers Anymore [TPM] $$$ The Mayor's New Glorified Conference Room [Cityfile] $$$ New York's Premier Magician Makes the Recession Disappear, One Evening at a Time: Steve Cohen Performs "Miracles at Midnight" at the Waldorf Towers NEW YORK, April 2-- Laughter, wonder, and amazement are still alive and well in Manhattan, at least in the presence of Steve Cohen, the magician whose long-running Chamber Magic show, held weekly in the Waldorf Towers, has delighted and astounded more than 200,000 guests; Woody Allen called it "a religious experience." At the stroke of 12, on the last Saturday night of each month, Cohen will now magically wave the recession aside and present a new, exclusive show limited to only 20 guests, Miracles at Midnight. $$$ Soros "G20 Accomplishes Far More Than Expected" [CNBC]
Source: Dealbreaker | 2 Apr 2009 | 10:51 pm Tent cities pose challenges for US censusThe quality of the US census may be undermined because of rising numbers of people living in garages, tents, basements and motels as the financial crisis deepens, key organisations working with the Census Bureau have warnedSource: Financial Times - US homepage | 2 Apr 2009 | 10:31 pm D Börse struggle ends as TCI bows outUK-based hedge fund The Children's Investment Fund followed Atticus Capital, its erstwhile partner, in cutting its holding in the German exchange groupSource: Financial Times - US homepage | 2 Apr 2009 | 10:31 pm NZ, world sharemarkets soar on US newsNew Zealand stocks have forged ahead in early trading following sharp rises in global markets on optimism over efforts by world leaders meeting in London to solve the economic crisis. Fletcher Building added 10c to $5.95, with...Source: New Zealand Herald - Business | 2 Apr 2009 | 10:30 pm RIM tops forecasts and shares gain 20%Shares in Research in Motion jumped more than 20 per cent in late trading after the Canadian manufacturer of the BlackBerry smartphones reported strong subscriber growthSource: Financial Times - US homepage | 2 Apr 2009 | 10:28 pm Presented Without Comment: Mark It
Source: Dealbreaker | 2 Apr 2009 | 10:22 pm CarMax 4Q profit rises on lower expenses (AP)
Source: Yahoo! News: Business | 2 Apr 2009 | 10:04 pm Auckland house sales soared 65pc in March, firm reportsAn Auckland real estate firm is reporting a 65 per cent surge in house sales during March, saying the market has "come out of hibernation". Barfoot & Thompson, which releases monthly sales stats for Auckland, says home buyers have...Source: New Zealand Herald - Business | 2 Apr 2009 | 10:00 pm Give The FDIC A Piece Of Your MindMad as hell? Not going to take it anymore? You don't have to. Send the FDIC a love note and express your joy for the new PPIF structure. The FDIC has graciously put together the sorts of questions you might like to answer/ask of it. Just in case you were thinking of coming up with your own. The FDIC is requesting comment from interested parties on all aspects of the proposed LLP. In particular it has formulated the following questions for interested parties to consider:
Source: Dealbreaker | 2 Apr 2009 | 9:56 pm Indicator: Refurbished HatsYou remember Aretha Franklin's inauguration hat, right? That particular beauty is likely on its way to the Smithsonian, but you can buy your own version for $179 -- just in time for Easter. If that's a little steep for you, the Religion News Service reports that milliners are offering refurbished Easter hats. They are taking "gently worn" donations, repairing them, adding new flair and then selling them cheap to cash-strapped patrons. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Apr 2009 | 9:53 pm More signs of economic hope; grim jobs report due (AP)
Source: Yahoo! News: Stock Markets News | 2 Apr 2009 | 9:52 pm Treasurys fall as stock market rallies (AP)AP - Treasury prices fell Thursday as stocks extended their rally and lured investors away from the safety of government debt.Source: Yahoo! News: Stock Markets News | 2 Apr 2009 | 9:38 pm Go easy on rates rises, English tells banksFinance Minister Bill English warned banks yesterday they should not be making hefty profits on interest rate rises when taxpayers are carrying the risk of their business. But he conceded that he did not know what was behind the...Source: New Zealand Herald - Business | 2 Apr 2009 | 9:30 pm Dear Little DavesD.E. Shaw Composite International Fund 1: Mar 2009: 0.80% YTD: 5.59%
Source: Dealbreaker | 2 Apr 2009 | 9:16 pm Banks Get The Best Of ItToday the Financial Accounting Standards Board voted to let banks and other companies change the way they value assets. The idea is to give them a break from mark-to-market accounting, which requires them to price the assets at whatever they could sell them for now. Lately, those prices haven't been so high. But what about when times are terrific, and the market value of assets is implausibly great? "As it stands, the new accounting rules only work when the market is inactive, like we are witnessing at the moment," says Joshua Ronen, an accounting professor at New York University. "When a market is irrationally exuberant the market is seen as active, so this would not apply." This means that banks can reap the benefits of high prices in a hot market, and limit their losses when the market dries up. Ronen calls this double standard the "idiocy of this guidance." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Apr 2009 | 9:13 pm Johnson Says Some European Banks `Too Big to Rescue' (Correct)Source: Bloomberg - All Podcasts | 2 Apr 2009 | 9:11 pm How the Dow Jones industrials fared Thursday (AP)
Source: Yahoo! News: Stock Markets News | 2 Apr 2009 | 9:10 pm The Obama Portfolio: What's The 2 And 20 Look Like on $2 Trillion?There is no stopping the First Manager this week! The Obama Portfolio (Since Inception): +18.37% Earlier: The Obama Portfolio
Source: Dealbreaker | 2 Apr 2009 | 9:07 pm Presented By:Source: Dealbreaker | 2 Apr 2009 | 9:06 pm AIG Calls BS On Greenberg Story
AIG, in a series of statements issued throughout the hearing, denied Greenberg's claim that the financial products unit was ramped up only after he left.
Source: Dealbreaker | 2 Apr 2009 | 9:06 pm Totally Unfounded Rumor Of The Day: Stressing The Safecracker
We remain unconvinced. Maxine Waters puts the color in our cheeks even when we are separated from her by a thousand miles and the thickness of glass on our flat panel. What say you, Dealbreaker?
Source: Dealbreaker | 2 Apr 2009 | 9:05 pm Broadband plan could lead to review of Telecom separationThe Government's high-speed broadband spend-up has opened the door for Telecom to seek a review of its operational separation undertakings. The proposal document released on Tuesday acknowledged Telecom faced a risk that the value...Source: New Zealand Herald - Business | 2 Apr 2009 | 9:00 pm Kiwibank using Australia-based call centreKiwibank is using an Australia-based call centre for its thousands of KiwiSaver members, despite its advertising encouraging New Zealanders to "join the movement" away from big Australian banks. The New Zealand-owned bank was using...Source: New Zealand Herald - Business | 2 Apr 2009 | 8:45 pm Lucas Says Technological Change Sparks Economic GrowthSource: Bloomberg - All Podcasts | 2 Apr 2009 | 8:32 pm Shiller, Akerlof Discuss Their Book, ` Animal Spirits'Source: Bloomberg - All Podcasts | 2 Apr 2009 | 8:30 pm F&P blames factory closure on cheap Thai labourCheap labour in Thailand was behind a decision to lay off more than 300 Australian workers at a fridge factory in Queensland, said New Zealand-based company Fisher & Paykel Appliances. Yesterday's closure of the 20-year-old plant...Source: New Zealand Herald - Business | 2 Apr 2009 | 8:30 pm Heat pumps putting load on gridThe increasing use of heat pumps as air-conditioners has left national grid operator Transpower having to deal with unexpected power demand spikes during summer. Transpower executives told Parliament's commerce select committee...Source: New Zealand Herald - Business | 2 Apr 2009 | 8:00 pm Cypress Semiconductor Cut to `Neutral' at UBSSource: Bloomberg - All Podcasts | 2 Apr 2009 | 7:21 pm Lardy Calls Restoring Economic Growth `Job One' for G-20Source: Bloomberg - All Podcasts | 2 Apr 2009 | 6:32 pm Paparazzi paydays are getting croppedMagazines that cover celebrities aren't selling as many copies these days, and that means less work for the photographers who snap the stars' every move. Jennifer Collins reports on how the people behind the flashbulbs are faring.Source: Marketplace | 2 Apr 2009 | 6:31 pm Network is key to digital health recordsThe Obama administration wants Americans to have electronic health records by 2014 as one way to cut costs. But commentator and physician Peter Bach says the next step after that is what will make the difference.Source: Marketplace | 2 Apr 2009 | 6:31 pm Asian game companies run up scoresChinese online game company Changyou has gone public, with a strong response from investors. The Asian gaming industry is thriving despite the global recession. It's a business model that has some Western rivals envious. Scott Tong reports.Source: Marketplace | 2 Apr 2009 | 6:31 pm Infrastructure bids lower than expectedState and local governments are gearing up to spend federal stimulus money on projects like repaving roads, widening interstates and retrofitting government buildings. And contractors are offering good deals. Mitchell Hartman reports.Source: Marketplace | 2 Apr 2009 | 6:31 pm Sizing up India's economic growthOver the last two decades the Indian economy has become a force of its own. Nandan Nilekani, co-chairman of Infosys and author of "Imagining India," talks with Kai Ryssdal about how the country is handling the global recession.Source: Marketplace | 2 Apr 2009 | 6:31 pm IMF is the big winner of G-20 summitLeaders of the world's largest economies have agreed to provide the International Monetary Fund with $750 billion to assist countries hit hard by the global economic crisis. Stephen Beard reports.Source: Marketplace | 2 Apr 2009 | 6:31 pm Markets like new rules on asset pricesMarkets rallied today on news that U.S. accounting officials are expected to ease mark-to-market rules. That would give financial firms more flexibility in setting asset prices. Amy Scott reports.Source: Marketplace | 2 Apr 2009 | 6:31 pm 3 Days NoticeKari posted this picture to our Flickr pool in January. She writes:
The sticker on the house reads: On 11/8/08 we found this property to be vacant/abandoned and will report same to your mortgage holder. The mortgage holder has the right and duty to protect the property and in all probability will have it secured and/or winterized within 3 days. If this property is NOT VACANT, please call your mortgage holder immediately. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 2 Apr 2009 | 6:03 pm 10 Ways People Eat GoldGold, formerly a losing proposition, is experiencing a revival as investors scurry to inflation-proof their assets. A smaller industry lurks in the shadow of bullion and maple leaf coins. It is the edible gold industry, which invests only in appetite and opulence. Here are 10 ways that people eat their gold: 1. Gold Brick Chicken
Long Island’s Blackstone Steakhouse wins novelty points for integrating gold leaf into a chicken and mashed potatoes dish. They roast half a chicken in a brick oven, puree sweet potatoes, and add 24K gold leaf to finish the dish off. 2. Goldschlaeger
A longtime college party favorite, this Italian cinnamon schnapps is famous for containing small flakes of gold. The volume of gold—less than 0.1 grams per 750 ml bottle—pales in comparison to the volume of alcohol, which is 43.5%. 3. Gold Leaf Sushi Roll
Image: What’s Cooking America 4. White Truffle Bagel
If you have $1,000 to kill, and a craving for bagel, why not drop into the New York Westin for chef Frank Tujague’s one-grand bagel sandwich? Slathered with white truffle cream cheese and a special Riesling, goji berry, and gold-leaf jelly, the bagel’s proceeds go towards culinary school scholarship money. 5. The Golden Opulence Sundae
New York’s Serendipity http://www.serendipity3.com/main.htm sells the Golden Opulence Sundae, a chocolate sundae covered in 23-karat gold leaf, suffused with gold dragets, and served with an 18-karat gold spoon that diners can keep. The price? A record-breaking $1,000.
Manila entrepreneur Angelito Araneta Jr. plans to sell a chocolate cake covered with 24K gold leaves and small diamonds for roughly $2,500 a piece. The cake is marketed towards men intending to propose to their girlfriends. 7. Gold-Covered Wedding Cake
A British couple covered their wedding cake in edible gold leaf. Unlike some of the other treats on this list, however, the gold-covered wedding cake was relatively cheap: It only set them back 50 pounds. 8. Gold-Infused Champagne
Abu Dhabi’s Emirates Palace offers a 24K-gold-infused rose champagne. One 3-liter bottle costs $2,995. 9. Gold-Sprinkled Capuccino
Image: Roy Backstrom/Flickr The Emirates Palace, creator of the gold-infused champagne mentioned above, also sells a $25 cup of cappuccino topped with 24-karat gold dust sprinkles in place of cinnamon. 10. Caviar
It isn’t infused with gold, like this imitation caviar , but Almas’ $49,000+ caviar, harvested from a 100-year-old sturgeon in Iran’s section of the Caspian Sea, makes up for the fact with its 24K gold packaging. Source: Business Pundit | 2 Apr 2009 | 6:00 pm Pimco's El-Erian Says to Take Investment Risk IncrementallySource: Bloomberg - All Podcasts | 2 Apr 2009 | 5:17 pm Weinberg Says Japan Has 20-Year Buildup of `Urgent Imbalances'Source: Bloomberg - All Podcasts | 2 Apr 2009 | 5:15 pm McEvoy Sees Frustration, Anger From Regional U.S. BanksSource: Bloomberg - All Podcasts | 2 Apr 2009 | 5:09 pm Mark-to-Market Changes Are `Outrageous,' Says LevittSource: Bloomberg - All Podcasts | 2 Apr 2009 | 5:02 pm Wachovia's Bryson Sees U.S. Unemployment `Breaching' 9%Source: Bloomberg - All Podcasts | 2 Apr 2009 | 4:59 pm The Communique Is HereThe G-20 final communique is here. Adam Posen gave us a preview of the document on Wednesday's podcast, and the final draft mentions many of the agenda items he discussed. It says: The agreements we have reached today, to treble resources available to the IMF to $750 billion, to support a new SDR allocation of $250 billion, to support at least $100 billion of additional lending by the MDBs, to ensure $250 billion of support for trade finance, and to use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries, constitute an additional $1.1 trillion programme of support to restore credit, growth and jobs in the world economy. The communique also highlights a declaration, "Strengthening the Financial System," which calls for establishing a new Financial Stability Board, as a successor to the Financial Stability Forum. The declaration says the FSB will work with the IMF to provide "early warning of macroeconomic and financial risks and the actions needed to address them." More specifically: -to reshape our regulatory systems so that our authorities are able to identify and take account of macro-prudential risks -to call on the accounting standard setters to work urgently with supervisors and regulators to improve standards on valuation and provisioning and achieve a single set of high-quality global accounting standards -to extend regulation and oversight to all systemically important financial institutions, instruments and markets. This will include, for the first time, systemically important hedge funds -to endorse and implement the FSF's tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms -to take action, once recovery is assured, to improve the quality, quantity, and international consistency of capital in the banking system. In future, regulation must prevent excessive leverage and require buffers of resources to be built up in good times -to take action against non-cooperative jurisdictions, including tax havens. We stand ready to deploy sanctions to protect our public finances and financial systems. The era of banking secrecy is over. We note that the OECD has today published a list of countries assessed by the Global Forum against the international standard for exchange of tax information -to extend regulatory oversight and registration to Credit Rating Agencies to ensure they meet the international code of good practice, particularly to prevent unacceptable conflicts of interest We'll check in with Adam Posen on Friday's podcast to get his take on the final draft. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Apr 2009 | 4:54 pm More From SwedenJenny from Sweden wrote this letter after hearing our podcast on global frustration. She writes: Being a little behind on the podcast, I only just heard the story about the Swedish metal workers union. In the show, it sounded as if the union had agreed to less pay for the same work. Instead, they agreed to reduce the number of hours worked, essentially giving their workers forced unpaid leave. This is still very uncommon in Sweden, but it's not quite as bad as it sounded on the show. As for the younger teachers saying that they want the older teachers to be laid off instead - one of the things that's very different in Sweden is that you can't just fire anyone you like even when you're forced to reduce the work force. There's a law that basically says that the last one hired is the first one to go. The intent of this law is to make sure that a company that has had a loyal employee working for decades can't just fire that person when they get older and maybe somewhat less productive. In mass layoffs, however, it has the effect of keeping older people while firing younger ones, so you end up with a work force consisting only of people over fifty or so, and that kind of homogeneity is probably not very good for the organization in the long run. This "employment security" (my translation) is also why the Swedish credit system is based on income rather than credit history - once you have a job you can't lose it just because your boss dislikes your hairstyle or whatever. Some people say that this means people are less likely to change jobs, since the most recent hire is the one who'll get fired first in a downturn, but the flip side is that you can make better long-term economic decisions since you don't have to worry that maybe the next month you won't have a salary to pay your rent or interest rate. The unemployment rate for young people in Sweden is four times higher than that for adults. In 2007, 19.2 percent of the country's young people were unemployed. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Apr 2009 | 3:37 pm Primer: Mark-to-MarketHere's a very readable but detailed history and analysis of the mark-to-market debate by the folks at Wharton written before today's ruling. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Apr 2009 | 3:10 pm LegiStorm Infuriates High-Paid Government Officials
LegiStorm is a sweet website that does wonders for government transparency. How? By making it easy to find congressional staffers’ salaries, bonuses, and other financial information. More from the Washington Post: All this stuff is public information, mind you. But it used to be a pain to find: Hike up to Capitol Hill, descend into the bowels of a House office building and thumb through books filled with tiny type. The site offers a trove to keep the snoopiest snoop occupied for hours — bank accounts, investment portfolios, trust funds, even information about spouses. Wondering why so-and-so cruises to work in a Beemer? Aha, that’s why: His wife’s a big-shot partner at a law firm. It’s all there in the reports. Often, the site is one of the first things that pops up in a Google search of a staffer. It’s enough to make many of them — especially the most senior and highest-paid — supremely cranky. There was such a clamor over LegiStorm that Mississippi Republican Rep. Roger Wicker — who is now a senator — made a failed attempt to pass a bill that would remove congressional salaries from publicly disclosed reports. “Having your salary bandied about the world is an intrusion that doesn’t serve a public purpose,” Wicker, who now earns the standard $174,000 congressional salary, said, according to the Associated Press. I looked up Colorado’s senators, who each make $174,000. That looked reasonable enough, but the earmarks were a little more frightening. $1,000,000 for the Contextual Arabic Blog and Slang Analysis Program, for example. Anyone else find exotic salaries, earmarks, travel, or other spending by representatives? Source: Business Pundit | 2 Apr 2009 | 3:09 pm So Long, Mark-To-MarketFirst the news, from AP: The independent Financial Accounting Standards Board voted to adopt new guidelines under the so-called mark-to-market accounting rules, which require companies to value assets at prices reflecting current market conditions. The changes will allow the assets to be valued at what they would go for in an "orderly" sale, as opposed to a forced or distressed sale. The new guidelines will apply to the second quarter that began this month. Now an analyst's take, after the jump. Marc Chandler of Brown Brothers Harriman says he expects another announcement from the FASB folks today that deals with "permanently distressed" assets. Chandler writes: Although it seems clear that the political pressure brought to bear on FASB helped expedite the decision, this seemed to be the direction that they were moving. Cynics will claim this is a thinly veiled attempt to disguise the seriousness of the financial crisis and losses being faced. On the other hand, there are many who see the mark-to-market as an unreasonable demand for financial instruments with no markets. Regardless though of the merits or de-merits, the net impact could help boost bank earnings, reduce the need for capital injections and may help encourage participation in P-PIP [Public-Private Investment Programs] and TALF [Term Asset-Backed-Securities Loan Facility] programs. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Apr 2009 | 2:55 pm Job Loss Hits New HighNew jobless claims rose last week by 12,000 to 669,000. Ian Shepherdson, the High Frequency economist so often first out of the box, notes that the consensus predicted 650,000 new people looking for unemployment benefits. Claims for last week were revised upward by 5,000, helping the four- and eight-week moving averages hit new highs. He writes: The rate of increase is likely slowing, though, as the extreme compression in economic activity after the Lehman bankruptcy eases a bit. But claims are typically one of the very first indicators to signal economic recovery, and there is no sign of that in the data yet. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Apr 2009 | 2:44 pm G-20 Communique: Unprecedented Global Regulatory Force…Or NotThe G20 communique draft is out. Here are some important details, as read in this Reuters report: –Fiscal expansion: No details on the amount yet, but the fiscal measures will be “unprecedented and concerted.” Read: Huge. –Central banks agreed to take “unconventional measures as long as needed.” The IMF will analyse and offer suggestions for central banks’ actions. –No competitive devaluation of currencies will take place. Again, the IMF will look into the matter. –A Financial Stability Board will work with the IMF to analyse macroeconomic risk and recommend solutions. –Markets, “major institutions,” and “systemically important hedge funds” will be regulated internationally. –Said significant financial institutions will be subject to executive pay and compensation limits. –Tax havens that do not cooperate with standards will be indentified and sanctioned. –Global accounting standards, including asset valuation, will be made. –Credit ratings agencies will be registered and regulated globally. The language in the G-20 communique could be interpreted as strong, or unprecedented, but the fact is that when it comes to international collaboration, personal (country-specific) interests block almost all action. The Baseline Scenario does a good job of breaking down the reality behind the summit here. The one thing the G-20 communique does do is put language in place for future action. If you look at some of the points, they are pretty extreme. A global regulator for private company compensation, for example, could be an intimidating prospect, if that regulator were given enough power. It won’t happen now, or within the next 5 years, but if the language is in place, people become more comfortable with the idea. After enough years of building on the language and concepts, they will gain traction. Meanwhile, it’s just showboating. Source: Business Pundit | 2 Apr 2009 | 2:08 pm New jobless claims jump unexpectedlyWASHINGTON -- The number of people filing new jobless claims jumped unexpectedly last week, while those continuing to receive benefits hit a 10th straight record-high. Both figures show the labor market remains weak and is unlikely to recover anytime soon.Source: L.A. Times - Business | 2 Apr 2009 | 1:45 pm
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