Stock markets give up early gains

European stock markets gave up early gains, losing ground on expectations that Wall Street will open lower
Source: BBC News | Business | World Edition | 6 Apr 2009 | 1:23 pm

UK deficit 'more than predicted'

The government may have to find an extra £39bn a year by 2016 to bring borrowing under control, the Institute for Fiscal Studies says.
Source: BBC News | Business | World Edition | 6 Apr 2009 | 1:22 pm

Financial Stocks: Banks fall as analyst sees red

NEW YORK (MarketWatch) -- Shares of major U.S. banks fell in pre-market trading on Monday and pressured the broader financial center after an influential analyst cautioned that loan losses in the sector are likely to grow more severe than they did during the great depression.

Source: MarketWatch.com - Top Stories | 6 Apr 2009 | 1:15 pm

Wall Street set to open lower (Reuters)

Reuters - Stocks futures pointed to a lower open on Monday, as bank shares fell after an analyst initiated coverage on several large banks with an "underperform" or "sell" rating, sapping recent investor optimism on the financial sector.

Source: Yahoo! News: Business | 6 Apr 2009 | 1:14 pm

Wall Street set to open lower (Reuters)

Reuters - Stocks futures pointed to a lower open on Monday, as bank shares fell after an analyst initiated coverage on several large banks with an "underperform" or "sell" rating, sapping recent investor optimism on the financial sector.

Source: Yahoo! News: Stock Markets News | 6 Apr 2009 | 1:14 pm

Metals Stocks: Gold falls on optimism worst of crisis may be over

Gold falls on optimism worst of crisis may be over

Source: MarketWatch.com - Top Stories | 6 Apr 2009 | 1:14 pm

Wall Street points to lower open (AP)

AP - Wall Street headed for a lower open on Monday as investors cautiously await the beginning of first-quarter earnings season this week.

Source: Yahoo! News: Stock Markets News | 6 Apr 2009 | 1:13 pm

Sun, IBM talks reportedly teetering

WASHINGTON (MarketWatch) -- IBM's proposed acquisition of Sun Microsystems Inc. is in jeopardy after Sun's board reportedly rejected the $7 billion offer.

Source: MarketWatch.com - Top Stories | 6 Apr 2009 | 1:11 pm

Sun shares plummet after IBM talks collapse (Reuters)

Reuters - Shares of Sun Microsystems Inc tumbled 24 percent on Monday after the company rejected rival computer and software maker International Business Machines Corp's $7 billion offer.
Source: Yahoo! News: Business | 6 Apr 2009 | 1:10 pm

Citigroup makes new executive changes

Citigroup, the government-rescued US banking giant, said Monday it had confirmed Mike Corbat as chief executive of Citi Holdings, a new unit holding relatively risky assets, as part of...
Source: RSS feed - channel BNewsBusiness | 6 Apr 2009 | 1:10 pm

Marathon plans Garyville hydrotreater in May-source

For refinery outages in the new Reuters Oil Fundamentals Database see http://bond.views.session.rservices.com/CE/ or go to <OFD/INFO>.
Source: RSS feed - channel BNewsBusiness | 6 Apr 2009 | 1:01 pm

NewsWatch: Stock futures turn lower after four-week rally

U.S. stock futures turned lower Monday after a four-week rally, with a downgrade of Cisco Systems and the apparent collapse of the Sun Microsystems deal clouding sentiment.

Source: MarketWatch.com - Top Stories | 6 Apr 2009 | 1:00 pm

Sallie Mae to add 2,000 jobs to US in 18 months (AP)

AP - Sallie Mae said Monday that it will bring 2,000 jobs to the U.S. within the next 18 months as it shifts call center and other operations from overseas.
Source: Yahoo! News: Business | 6 Apr 2009 | 12:59 pm

Italy hit by deadly earthquake; death toll mounts

A strong earthquake hits central Italy early Monday, destroying buildings and leaving dozens dead, news reports say.

Source: MarketWatch.com - Top Stories | 6 Apr 2009 | 12:58 pm

UPDATE 1-Rate of UK ad budget cutting eases-report

* Return to growth seen unlikely this year (Adds further details, Publicis quotes)
Source: RSS feed - channel BNewsBusiness | 6 Apr 2009 | 12:57 pm

SAAB says it has 20 suitors

Source: Business and financial news - CNNMoney.com | 6 Apr 2009 | 12:55 pm

Bank worries set to drag US stocks

Sun Microsystems tumbled in pre-market trade as reports said IBM had withdrawn its offer for the company
Source: Financial Times - US homepage | 6 Apr 2009 | 12:53 pm

Coming soon: Higher taxes, bigger government

We've all hunkered down for a pretty lousy year. Maybe 2010 will bring some good economic news, though I don't know anybody who is actually willing to bet on that. Still, sooner or later - please, please let it be sooner - things are going to get back to something we can call "normal." But what will the next normal look like?
Source: Business and financial news - CNNMoney.com | 6 Apr 2009 | 12:52 pm

Europe Markets: European shares turn lower as metal extractors drag

European shares couldn’t hold onto early gains on Monday, with losses from Rio Tinto helping to drag the metals sector lower as Morgan Stanley said the bear market wasn’t over.

Source: MarketWatch.com - Top Stories | 6 Apr 2009 | 12:48 pm

Opening Bell: 04.06.09

Geithner Warns Of Executive Ousting. Again. (FT)
There's too many things wrong with all this to single out just one, overly devastating line of bullshit. For instance: the banks don't need any more money, and if they do, they need to fail (and yes, I realize all too well the inherent consequences). There's also the idea that asking banks to mark LIII assets to anything remotely resembling 40 cents will most likely set off a chain of events whereby banks will need more capital, or will fail. That kind of thinking aside, this sets a remarkable (and remember: there's no taksey-backseys) precedent and opens the door for all kinds of other absolutely insane tactics.

"We've done that because we want to make sure that taxpayers' assistance is going to make these companies stronger, make sure there's accountability, make sure it comes with strong conditions," he said. "And we'll do that in the future if that is necessary. It's a single standard, a single principle. And our obligation to the American people is to do what's necessary to try to bring recovery back on track as quickly as possible."

All Debt's Not Built The Same (Bloomberg)
"Morgan Stanley's five-year swaps, the equivalent of insurance against its bonds defaulting, are trading at 3.7 percentage points a year, compared with 1.9 percentage points for JPMorgan bonds, according to prices provided by CMA DataVision of New York. The spread means it costs $180,000 more each year to protect $10 million of Morgan Stanley debt than to insure the debt of JPMorgan."

Yellow Pages In Deep Shit (The Independent)
"The board of Yell, the quoted Yellow Pages and directories owner, is understood to be mulling the appointment of restructuring experts to ease the terms of its £4.3bn debt burden.

It is thought that there are fears that falling sales could lead to a breach of an earnings test due in six to nine months. Loans to companies are made on the condition of hitting certain targets throughout the repayment period, often including earnings forecast in their business plans."

Google Is Either Buying Twitter, Or it Isn't (Reuters)
I'll shorten this for you; it doesn't really need 1 whole page. Some guy reported Google was buying Twitter, and then some chick said it wasn't happening. Neither of the two companies is saying much other than "we're just having fun sharing technology and, you know, doing random bestiality stuff."

IBM/SUN Deal Falls Apart For Now (WSJ)
First, we need to acknowledge that the situation is "fluid" (second paragraph, last sentence). Moving on: Sun brings some serious shit to the table, the company just hasn't been run very well in days of recent past - I don't know that the acquisition of StorageTek helped. At any rate, IBM has pulled their offer and Sun has announced their open to offers from anyone, so we'll see where this shit-storm takes us.

"Sun's board is split over whether to do the deal, with a faction led by Sun's chairman and co-founder, Scott McNealy, opposing the transaction and a group led by Chief Executive Jonathan Schwartz in favor, said two people familiar with the talks. While the price of IBM's offer remained unclear -- some placed it at $9.10 a share, others at $9.40 -- some people familiar with the talks say price wasn't the biggest issue."

Limiting Short Selling (NYT)
Obviously we should overreact. I mean, just re-instating he up-tick rule would be crazy. We desperately need 20 maybe 30 pages of regulations instead. Please.

"On Wednesday, the Securities and Exchange Commission plans to announce several proposals to permanently restrict traders from making bets that stock prices will decline when those prices are already dropping.

The proposed restrictions on these so-called short sales follow a lobbying campaign by financial institutions and other companies, which have experienced sharp declines in their stock prices, and their allies in Congress."

Schumer Chastises Wall Street Friends (Bloomberg)
Thoughts?

Source: Dealbreaker | 6 Apr 2009 | 12:47 pm

UPDATE 1-Xerox CEO's 2008 total pay slips 19 pct

April 6 (Reuters) - Xerox Corp Chief Executive Anne Mulcahy's 2008 total pay fell to $10.9 million from $13.5 million a year ago, due to a lower non-equity incentive plan compensation and a drop in stock...
Source: RSS feed - channel BNewsBusiness | 6 Apr 2009 | 12:42 pm

Stocks set for lower start

U.S. stocks were set to open lower Monday, despite the wave of economic optimism that boosted markets around the world.
Source: Business and financial news - CNNMoney.com | 6 Apr 2009 | 12:41 pm

The dam infrastructure problem

Kentucky's Wolf Creek damn has been a hazard for years.
Source: Business and financial news - CNNMoney.com | 6 Apr 2009 | 12:41 pm

Citi names Corbat chief executive of Citi Holdings

Citigroup Inc. on Monday names Mike Corbat as chief executive of Citi Holdings, the unit that includes brokerage and asset management.

Source: MarketWatch.com - Top Stories | 6 Apr 2009 | 12:37 pm

Conoco's Bayway CDU down for a few days after fire-source

For refinery outages in the new Reuters Oil Fundamentals Database see http://bond.views.session.rservices.com/CE/ or go to <OFD/INFO>.
Source: RSS feed - channel BNewsBusiness | 6 Apr 2009 | 12:34 pm

Before the Bell: Sun Microsystems, Cisco Systems and Bristol-Myers in view

U.S. stock futures turned lower Monday after a four-week rally, with a downgrade of Cisco Systems and the apparent collapse of the Sun Microsystems deal clouding sentiment.

Source: MarketWatch.com - Top Stories | 6 Apr 2009 | 12:34 pm

Top Analyst Downgrades (AMT, AXA, NILE, CA, FDS, IBM, IBKR, ICE, NOVL, SBAC, VIA)

These are the top analyst downgrades and cautious calls we have seen from Wall Street analysts this Monday morning: American Tower (AMT) Cut to Sector Perform at RBC. AXA (AXA) Cut to Underweight at JPMorgan. Blue Nile (NILE) Cut to Hold at Citigroup. CA Inc. (CA) Cut to Hold at Jefferies. FactSet (FDS) Started as Sell at Auriga. IBM (IBM) Cut [...]

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Source: 24/7 Wall Street | 6 Apr 2009 | 12:33 pm

UPDATE 2-YouGov H1 profit halves as forecast; shares rise

* Shares rise as much as 11 percent (Adds Chief Executive comments, reaction, shares)
Source: RSS feed - channel BNewsBusiness | 6 Apr 2009 | 12:30 pm

Feintuch Communications Launches as Independent Strategic Relations Firm

B-to-B and B-to-C Firm Starts with Several Accounts; Membership in ECP Global Communication International Network NEW YORK, April 6 /PRNewswire/ -- Feintuch...
Source: RSS feed - channel BNewsBusiness | 6 Apr 2009 | 12:30 pm

Zions Bancorporation to Report First Quarter 2009 Earnings Results

SALT LAKE CITY, April 6 /PRNewswire-FirstCall/ -- Zions Bancorporation (Nasdaq: ZION) announced today that it will report its first quarter 2009 earnings results after the NASDAQ
Source: RSS feed - channel BNewsBusiness | 6 Apr 2009 | 12:30 pm

The Dallas Morning News Begins Previously Announced Reduction in Force

DALLAS, April 6 /PRNewswire/ -- As part of cost-cutting measures previously announced by parent company A. H. Belo Corporation, The Dallas Morning News is beginning today a...
Source: RSS feed - channel BNewsBusiness | 6 Apr 2009 | 12:30 pm

Farallon Announces Commercial Production at G-9 Mine

1,500 TONNES PER DAY DESIGN CAPACITY ACHIEVED IN MARCH VANCOUVER, April 6 /PRNewswire-FirstCall/ - Farallon Resources Ltd. ("Farallon" or the...
Source: RSS feed - channel BNewsBusiness | 6 Apr 2009 | 12:30 pm

Stock futures turn negative on banks, tech

NEW YORK (Reuters) - Stocks futures pointed to a lower open on Monday, as bank shares fell after an analyst initiated coverage on several large banks with an "underperform" or "sell" rating, sapping recent investor optimism on the financial sector.
Source: Reuters: Business News | 6 Apr 2009 | 12:25 pm

Greenspan Didn’t Cause the Housing Boom

By John Tamny of RealClearMarkets When economic problems reveal themselves, a great deal of finger-pointing inevitably ensues. For quite some time now economists and commentators have sought to place blame for the housing crisis, and quite a lot of it has been heaped on former Federal Reserve Chairman Alan Greenspan. But when it comes to housing, [...]

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Source: 24/7 Wall Street | 6 Apr 2009 | 12:21 pm

Putin says Russia can beat crisis

Russian Prime Minister Vladimir Putin says Russia will survive the current economic crisis if everyone works 'as one team'.
Source: BBC News | Business | World Edition | 6 Apr 2009 | 12:20 pm

Indications: Stock futures turn lower after four-week rally

U.S. stock futures turned lower Monday after a four-week rally, with a downgrade of Cisco Systems and the apparent collapse of the Sun Microsystems deal clouding sentiment.

Source: MarketWatch.com - Top Stories | 6 Apr 2009 | 12:17 pm

IBM, Sun talks break down

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 6 Apr 2009 | 12:12 pm

New T-Mobile gadgets to sport Google's Android: report

(Reuters) - Wireless carrier T-Mobile is planning an aggressive push into the home with a variety of communication devices that will use Google's new Android operating software, the New York Times said.
Source: Reuters: Business News | 6 Apr 2009 | 12:12 pm

A Boom for Tax Prep (BusinessWeek Online)

BusinessWeek Online - As federal stimulus dollars begin to flow, one unlikely beneficiary is the $30 billion tax-preparation industry. Prep specialists from top dog H&R Block on down are celebrating as the Apr. 15 deadline approaches. The fresh treat: billions of dollars in new and expanded tax credits for individuals and small companies.
Source: Yahoo! News: Business | 6 Apr 2009 | 12:08 pm

HSBC completes record £12.5bn rights issue

Investors snapped up new HSBC shares as the global bank completed a record £12.5bn rights issue to strengthen its capital ratios
Source: Financial Times - US homepage | 6 Apr 2009 | 12:03 pm

How Fiat found its sweet spot

Whether the driver was Sophia Loren or Marcello Mastroianni, or just your average Giuseppe, the compact-but-curvy cinquecento (500) was Fiat's low-cost contribution to the aesthetic of Italy's dolce vita glory days of the 1960s. Reintroduced two years ago, the ever elegant-and environmentally much friendlier-Fiat Nuova 500 has become the symbol of the Turin automaker's long and grinding road back from the brink of insolvency.
Source: Business and financial news - CNNMoney.com | 6 Apr 2009 | 12:02 pm

Japan in 10 trillion yen stimulus

The Japanese government announces another major stimulus plan as it tackles its worst recession since World War II.
Source: BBC News | Business | World Edition | 6 Apr 2009 | 11:47 am

HSBC shares rise after strong cashcall (Reuters)

Reuters - HSBC (0005.HK) shares jumped over 5 percent on Monday after its massive 12.9 billion pound ($18.9 billion) rights issue received a robust response from investors, with leftover shares sold quickly.
Source: Yahoo! News: Business | 6 Apr 2009 | 11:46 am

HSBC shares rise after strong cashcall

HONG KONG/LONDON (Reuters) - HSBC shares jumped over 5 percent on Monday after its massive 12.9 billion pound ($18.9 billion) rights issue received a robust response from investors, with leftover shares sold quickly.
Source: Reuters: Business News | 6 Apr 2009 | 11:46 am

Sun shares plummet after IBM talks collapse

NEW YORK (Reuters) - Shares of Sun Microsystems Inc tumbled 24 percent on Monday after the company rejected rival computer and software maker International Business Machines Corp's $7 billion offer.
Source: Reuters: Business News | 6 Apr 2009 | 11:44 am

MarketWatch First Take: Aviation tries to come in from the CO2 cold

A group of four airlines is seeking inclusion in the next U.N. deal to restrict emissions of carbon dioxide.

Source: MarketWatch.com - Top Stories | 6 Apr 2009 | 11:43 am

Struggling borrowers to get 30day breathing space

Debt collectors have agreed to give 30 days' breathing space to borrowers struggling with repayments under a new deal.
Source: Telegraph Finance | 6 Apr 2009 | 11:36 am

PayPal, Visa rival gets $42 million from Goldman

NEW YORK (Reuters) - Revolution Money, an online payment firm backed by AOL co-founder Steve Case, said on Monday it has received funding of $42 million from a group that includes a Goldman Sachs affiliate and earlier investors Citigroup and Morgan Stanley .
Source: Reuters: Business News | 6 Apr 2009 | 11:35 am

GM CEO Henderson says bankruptcy not inevitable

WASHINGTON (Reuters) - Bankruptcy is not inevitable for General Motors Corp, said the automaker's new chief executive on Sunday, who is under White House orders to win more concessions from bondholders and unionized workers.
Source: Reuters: Business News | 6 Apr 2009 | 11:31 am

Innocent sells £30m stake to Coca Cola

The owners of the smoothie maker agreed to sell a stake to Coca Cola raising questions over its ethical credentials.
Source: Telegraph Finance | 6 Apr 2009 | 11:26 am

AstraZeneca asthma drug faces hurdle in US

AstraZeneca said today that it faces a delay in marketing its asthma treatment Symbicort to young children in the US.
Source: Latest Business News from Times Online | 6 Apr 2009 | 11:22 am

Court okays Saab restructuring, sale seen soon

VANERSBORG, Sweden (Reuters) - A Swedish local court on Monday granted General Motors' loss-making unit Saab an extension of the period it is protected from creditors, giving it further time to restructure.
Source: Reuters: Business News | 6 Apr 2009 | 11:18 am

Sir Michael Rake joins easyJet as deputy chairman

Sir Michael Rake the BT chairman is joining easyJet as deputy chairman amid an ongoing row between founder Sir Stelios HajiIoannou and the rest of the board.
Source: Telegraph Finance | 6 Apr 2009 | 11:16 am

Mon Mome's Grand National victory delivers profit boost for bookmakers

Bookmakers' shares jump after surprise Grand National victory boosts industry's profits by up to £100m.
Source: Telegraph Finance | 6 Apr 2009 | 11:15 am

Oil rises towards $53 as stock markets rally (Reuters)

Reuters - Oil prices rose toward $53 per barrel on Monday, buoyed by expectations that rich nations' efforts to stimulate their economies may help end the global downturn sooner than expected.

Source: Yahoo! News: Stock Markets News | 6 Apr 2009 | 11:13 am

Oil rises towards $53 as stock markets rally

LONDON (Reuters) - Oil prices rose toward $53 per barrel on Monday, buoyed by expectations that rich nations' efforts to stimulate their economies may help end the global downturn sooner than expected.
Source: Reuters: Business News | 6 Apr 2009 | 11:13 am

Opening Day is crushing Web video

Source: Business and financial news - CNNMoney.com | 6 Apr 2009 | 11:01 am

Which CEO made $104.5 million in '08?

Including salary, bonuses, stock and options, these public company CEOs took home pay packages last year worth up to $104 million.
Source: Business and financial news - CNNMoney.com | 6 Apr 2009 | 10:54 am

Global stock rally continues into fifth week (AP)

AP - The rally in world stock markets continued into a fifth week Monday, with Hong Kong's index the star performer amid ongoing hopes that the worst of the global economic downturn may have run its course.

Source: Yahoo! News: Stock Markets News | 6 Apr 2009 | 10:48 am

Buytolet landlords 'face repossession' over benefit changes

Changes to the housing benefit system have reduced choice for social tenants and could lead to more people being made homeless a trade body has warned.
Source: Telegraph Finance | 6 Apr 2009 | 10:47 am

Aer Lingus boss falls on sword after €119m loss

The chief executive of Aer Lingus stepped down this morning with immediate effect, declaring that "fresh thinking" was needed at the loss-making Irish airline.
Source: Latest Business News from Times Online | 6 Apr 2009 | 10:46 am

Eurozone retail sales slump by 4%

Eurozone retail sales have fallen heavily over the past year as high unemployment affects spending power in the region.
Source: BBC News | Business | World Edition | 6 Apr 2009 | 10:45 am

Saab attracts interest from 20 buyers

Saab, the Swedish carmaker that is being cut loose from General Motors, is being eyed by about 20 potential buyers and expects to be sold by June.
Source: Latest Business News from Times Online | 6 Apr 2009 | 10:44 am

Families face £1,250 bill to plug black hole

British families are facing tax increases of £1,250 a year to plug the growing multibillion pound black hole in the country’s finances, an economic think-tank said this morning.
Source: Latest Business News from Times Online | 6 Apr 2009 | 10:33 am

Comment: The 'Obama effect' and other reasons to smile

Has Britain experienced the "Obama effect" as the mood seemed to lift a little last week? Or was it simply that summer time has arrived?
Source: Telegraph Finance | 6 Apr 2009 | 10:32 am

UK car sales 30.5% lower in March

UK car sales fell by 30.5% in March, compared with the same month last year, the latest industry figures show.
Source: BBC News | Business | World Edition | 6 Apr 2009 | 10:28 am

R&D, Which Holds Up In Fourth Quarter, May Dive In The First

According to The Wall Street Journal, large US companies held their R&D spending steady in the fourth quarter of last year even though in most cases their revenue fell. According to the paper, “Companies by and large realize that large reductions in R&D are suicidal,” says Jim Andrew, a senior partner at the Boston Consulting Group. [...]

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Source: 24/7 Wall Street | 6 Apr 2009 | 10:23 am

FSA gets tough on insider dealing

Britain's financial regulator is investigating six separate insider dealing cases in an increased effort to stamp out market abuse the Independent reported on Monday.
Source: Telegraph Finance | 6 Apr 2009 | 10:20 am

StanChart announces bond exchange, buyback offer

LONDON (Reuters) - Standard Chartered on Monday offered to buy back or exchange more than $1.6 billion of subordinated Tier 2 bonds following similar offers from Royal Bank of Scotland and Lloyds Banking Group .
Source: Reuters: Business News | 6 Apr 2009 | 10:18 am

Tokyo soars ahead of giant stimulus package

Fresh from London, and with the fervour of Thursday’s G20 session still pulsing, Japan today unveiled its biggest fiscal stimulus package – a Y10 trillion splurge of promised spending.
Source: Latest Business News from Times Online | 6 Apr 2009 | 10:17 am

GM CEO Henderson says bankruptcy not inevitable (Reuters)

Reuters - Bankruptcy is not inevitable for General Motors Corp, said the automaker's new chief executive on Sunday, who is under White House orders to win more concessions from bondholders and unionized workers.
Source: Yahoo! News: Business | 6 Apr 2009 | 10:17 am

Five Company’s Earnings Could End The Rally (WMT)(TGT)(MSFT)(GOOG)(DOW)(C)

The assumption is that the earnings for the first quarter from most companies in the S&P 500 will be atrocious. That can be set side-by-side with the fact that the market now appears to be looking for news that is bad, but not as bad as expected. Currently stocks are being driven higher by the sentiment that [...]

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Source: 24/7 Wall Street | 6 Apr 2009 | 10:09 am

Eurozone retail sales fall 0.6% in February (AFP)

AFP - Retail trade in the 16 eurozone nations fell unexpectedly sharply in February, dropping 0.6 percent from the level in January, official EU data showed on Monday.

Source: Yahoo! News: Business | 6 Apr 2009 | 10:09 am

Pension Protection Fund wants employers to pay more in the good times

Employers will have to pay more into the Pension Protection Fund during good economic times to offset lower payments in a recession under changes to be looked at by the body that provides the official safety net for pension schemes the Financial Times reports.
Source: Telegraph Finance | 6 Apr 2009 | 9:59 am

State pension: More time to buy 'cutprice' topup as forecasting website struggles

Delays caused by an overloaded Government pensions website will not leave people out of pocket the Department for Work and Pensions has said as it apologised for the problems.
Source: Telegraph Finance | 6 Apr 2009 | 9:52 am

HSBC (HBC) And The Great American Bank “Stress Test”

The rights offering made by HSBC (HBC) raised over $18 billion and the participation rate was over 96%. That should give banks which may need to raise capital in the near future some hope that private money is sitting on the sidelines looking for good deals in the financial services industry. But, HSBC does not look [...]

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Source: 24/7 Wall Street | 6 Apr 2009 | 9:30 am

IBM-Sun takeover talks 'collapse'

IBM's talks to acquire computer hardware maker Sun Microsystems $7bn takeover have broken down, media reports say.
Source: BBC News | Business | World Edition | 6 Apr 2009 | 9:30 am

Tories would consider scrapping threeyear pay deals for public servants

The Tories would consider tearing up the system of threeyear public sector pay deals as part of measures to tackle Britain's growing debt problem shadow chancellor George Osborne has said.
Source: Telegraph Finance | 6 Apr 2009 | 9:26 am

The Prospects Of The Stimulus Package And Bank Bailout Shattered, The Government Runs Low On Options

When Bob Schieffer of “Face The Nation” asked Secretary Geithner if the Administration would have to go back to Congress for more stimulus money because of rapidly rising unemployment, the bureaucrat refused to answer directly, acting as if he believed he would be struck by a bolt of lightning if he did anything beyond dissembling. If [...]

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Source: 24/7 Wall Street | 6 Apr 2009 | 9:12 am

Robert Peston

Are there signs of a cuckoo in the stock market?
Source: BBC News | Business | World Edition | 6 Apr 2009 | 9:08 am

When Joblessness Becomes Homelessness

If the current recession is the longest since WWII and continues for another year, one of its most frightening characteristics is that the number of people whose jobless benefits run out is going to be large and will almost certainly grow substantially beginning relatively soon. This means that even though giving financial support to the [...]

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Source: 24/7 Wall Street | 6 Apr 2009 | 9:01 am

YouGov's profits slump amid recession

First-half profits at YouGov more than halved and the opinion pollster warned of a continuing "uncertain" outlook as it struggles to weather the recession.
Source: Latest Business News from Times Online | 6 Apr 2009 | 8:30 am

HK regulator to appeal PCCW decision

Richard Li's attempt to buy out PCCW, his Hong Kong telecommunications company, won a long-awaited green light fter the territory's High Court ruled that a shareholders' vote in February was valid
Source: Financial Times - US homepage | 6 Apr 2009 | 8:21 am

Japan to unveil second stimulus package

The Japanese government plans to unveil on Friday a new economic stimulus package including spending of at least $100bn, the finance minister said, as the country grapples with its worst recession since World War Two
Source: Financial Times - US homepage | 6 Apr 2009 | 8:00 am

Media Digest 4/6/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, HSBC (HBC) has a successful rights offering to raise $18.9 billion. Reuters reports that a deal for IBM (IBM) to by Sun (JAVA) is near collapse. Reuters writes that Geithner denies that the Administration CEO pay limits. Reuters reports that GM’s (GM) CEO said that bankruptcy is an option for his company. Reuters reports that Revolution Money [...]

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Source: 24/7 Wall Street | 6 Apr 2009 | 7:54 am

Strong earthquake hits central Italy

Rescue workers were desperately seeking survivors under collapsed buildings after a powerful earthquake hit the area around L'Aquila in central Italy
Source: Financial Times - US homepage | 6 Apr 2009 | 7:47 am

Asia Markets And Europe Open 4/6/2009

Markets in Asia were mostly higher. The Nikkei rose 1.2% to 8,858. The Hang Seng was up 2% to 14,831. The Shangha Composite fell .2% to 2,420. At the open, in Europe, the FTSE was up 1.3%. The Dax rose 1.1% to 4,434, and the CAC 40 was up 1.1% to 2,291. Data from Reuters and MarketWatch Douglas A. McIntyre [...]

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Source: 24/7 Wall Street | 6 Apr 2009 | 7:18 am

Aer Lingus chief executive quits

The chief executive of Aer Lingus says a new face will bring fresh ideas to the loss-making Irish airline.
Source: BBC News | Business | World Edition | 6 Apr 2009 | 7:08 am

Australian stocks: Market closes slightly higher

SYDNEY - The Australian share market closed higher after gains in financial stocks ahead of the Reserve Bank of Australia's (RBA) interest rate decision on Tuesday. At the close, the S&P/ASX200 was up 21 points, or 0.56 per cent,...
Source: New Zealand Herald - Business | 6 Apr 2009 | 7:04 am

GM's troubles deprive 'Transformers 2' of crucial horsepower

The financially strapped carmaker, which was a key promotional partner in the original film, is downshifting its contribution to the ad campaign tied to the sequel's release.

Detroit's not the only one reeling from the collapse of General Motors. There are a few executives bummed out on the Paramount Pictures lot as well.

Source: L.A. Times - Business | 6 Apr 2009 | 7:00 am

'Fast & Furious' roars into first place at the box office

The Vin Diesel vehicle takes in an estimated $72.5 million over the weekend, easily setting a record for April openings. In second place is 'Monsters vs. Aliens.' ...
Source: RSS feed - channel BNPaperBusiness | 6 Apr 2009 | 7:00 am

Pianist Gould foresaw tech role in music

This week marks 45 years since Glenn Gould made his last public performance. He preferred to offer recordings that someday, he wrote, could be altered by the listener in different ways.

Forty-five years ago this week, the great Canadian pianist Glenn Gould stepped off the stage of the Wilshire Ebell Theatre and became the prophet of a new technology.

Source: L.A. Times - Business | 6 Apr 2009 | 7:00 am

GM's troubles deprive 'Transformers 2' of crucial horsepower

The financially strapped carmaker, which was a key promotional partner in the original film, is downshifting its contribution to the ad campaign tied to the sequel's release. ...
Source: RSS feed - channel BNPaperBusiness | 6 Apr 2009 | 7:00 am

In Demand: weekly roundup

Weekly roundup of the top five in each category:
Source: RSS feed - channel BNPaperBusiness | 6 Apr 2009 | 7:00 am

Wall Street's focus will turn again to earnings reports

Enthusiasm over government programs aimed at breaking a logjam in bank lending has become the key driver of the market's recent surge. But that could take a back seat in coming weeks as investors return...
Source: RSS feed - channel BNPaperBusiness | 6 Apr 2009 | 7:00 am

Soaring medical insurance costs are a sore spot for employers

Insurers say rising premiums justify a 24.4% rate hike, but employers and the governor oppose it.

Soaring medical costs may drive up premiums paid by already beleaguered California employers for workers' compensation insurance -- after rates plunged 65% over the last six years.

Source: L.A. Times - Business | 6 Apr 2009 | 7:00 am

AT & T, unions negotiate past strike deadline

Employees continue to work under the old agreements as both sides try to reach consensus on key issues including healthcare, wages and job security. ...
Source: RSS feed - channel BNPaperBusiness | 6 Apr 2009 | 7:00 am

SAG, studios may be close to reaching deal, sources say

The agreement would come as a breakthrough for the union, whose members have been working without a contract for nine months as various attempts at negotiations collapsed.

After weeks of back-channel talks, Hollywood's biggest actors union and the major studios appear to have broken their logjam and could be close to striking a deal on a contract, according to people close to the situation.

Source: L.A. Times - Business | 6 Apr 2009 | 7:00 am

Soaring medical insurance costs are a sore spot for employers

Insurers say rising premiums justify a 24.4% rate hike, but employers and the governor oppose it. Soaring medical...
Source: RSS feed - channel BNPaperBusiness | 6 Apr 2009 | 7:00 am

'Fast & Furious' roars into first place at the box office

The Vin Diesel vehicle takes in an estimated $72.5 million over the weekend, easily setting a record for April openings. In second place is 'Monsters vs. Aliens.'

The turbocharged "Fast & Furious" zoomed to the biggest opening weekend of the year thus far, racking up an estimated $72.5 million at the box office in its record-setting sprint.

Source: L.A. Times - Business | 6 Apr 2009 | 7:00 am

For Obama, politics may be hard to avoid in auto bailout

Given Obama's ties to the United Auto Workers and his reliance on Ohio, Michigan and Indiana to win the election, he has 'to be very careful' about alienating a key political ally in the Rust Belt. ...
Source: RSS feed - channel BNPaperBusiness | 6 Apr 2009 | 7:00 am

Lessons from 'the greatest swindler in history'

Frank Partnoy's recounting of the 1920s rise and bloody end of Ponzi-schemer Ivar Kreuger serves as another cautionary tale of the recurring excesses of global finance. ...
Source: RSS feed - channel BNPaperBusiness | 6 Apr 2009 | 7:00 am

SAG, studios may be close to reaching deal, sources say

The agreement would come as a breakthrough for the union, whose members have been working without a contract for nine months as various attempts at negotiations collapsed. ...
Source: RSS feed - channel BNPaperBusiness | 6 Apr 2009 | 7:00 am

Wall Street's focus will turn again to earnings reports

Enthusiasm over government programs aimed at breaking a logjam in bank lending has become the key driver of the market's recent surge. But that could take a back seat in coming weeks as investors return to their bread-and-butter indicator: quarterly earnings data.

Source: L.A. Times - Business | 6 Apr 2009 | 7:00 am

Weekend box-office sales

Source: RSS feed - channel BNPaperBusiness | 6 Apr 2009 | 7:00 am

For Obama, politics may be hard to avoid in auto bailout

Given Obama's ties to the United Auto Workers and his reliance on Ohio, Michigan and Indiana to win the election, he has 'to be very careful' about alienating a key political ally in the Rust Belt.

With the White House positioned to reshape the future of the auto industry, Republican Sen. Bob Corker was so concerned about the prospects for his home state of Tennessee that he delivered a personal warning to the administration's point man on the issue.

Source: L.A. Times - Business | 6 Apr 2009 | 7:00 am

AT & T, unions negotiate past strike deadline

Employees continue to work under the old agreements as both sides try to reach consensus on key issues including healthcare, wages and job security.

AT&T Inc. and unions for its landline workers were working past a strike deadline Sunday to try to reach agreement on a new contract.

Source: L.A. Times - Business | 6 Apr 2009 | 7:00 am

Ports' clean-rig program puts truckers in more comfortable driver's seat

Dumping exhaust-spewing rides for new trucks that offer comparative luxury is one advantage of complying with the L.A. and Long Beach harbor complex's lower-emissions effort.

The cargo is pretty much the same -- a rusty 40-foot container filled on a recent morning with 50,000 pounds of Asia-bound hay cubes. The trip on a recent Saturday also was unchanged: the few miles between the 51-year-old Los Angeles Harbor Grain Terminal and the TraPac Inc. terminal at the Port of Los Angeles.

Source: L.A. Times - Business | 6 Apr 2009 | 7:00 am

IBM talks to buy Sun Microsystems break down

IBM's talks to acquire its computer rival Sun Microsystems for $7 billion have broken down.$
Source: Latest Business News from Times Online | 6 Apr 2009 | 6:50 am

HSBC shares climb after cash call (Reuters)

Reuters - Shares of HSBC (0005.HK) jumped more than 4 percent on Monday to five-week highs after its massive rights issue received a robust response from investors.
Source: Yahoo! News: Stock Markets News | 6 Apr 2009 | 6:48 am

Geithner denies White House sidestepping CEO pay limits

WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner denied on Sunday the Obama administration was crafting bailout initiatives to allow companies to evade limits on executive pay and other restrictions imposed by Congress.
Source: Reuters: Business News | 6 Apr 2009 | 6:42 am

NZ stocks: Market starts week on up swing

The New Zealand share market rose on modest volume on Monday as sentiment in most financial markets turned positive. The benchmark NZSX-50 index closed up 18.962 points, or 0.725 per cent, at 2633.443. Turnover was worth $58 million....
Source: New Zealand Herald - Business | 6 Apr 2009 | 6:16 am

US 'may remove bank executives'

US Treasury Secretary Timothy Geithner says he is prepared to oust executives at banks needing "exceptional" government help.
Source: BBC News | Business | World Edition | 6 Apr 2009 | 6:11 am

Currency: Analysts torn over rise in NZ dollar

The New Zealand dollar rose to its highest level since early this year as investors became more comfortable with the global economic outlook. By 5pm today the NZ dollar was buying US59.40c from US58.56c on Friday. BNZ Capital...
Source: New Zealand Herald - Business | 6 Apr 2009 | 5:26 am

Can't Get a Mortgage Loan? Rent to Own (Deal of the Day)

Once upon a time would-be home buyers could easily secure a mortgage, even with less-than-stellar credit or little money to their names. Although such buyers are largely cut out of today's market, "rent with the option to buy" listings offer them an opportunity — but not without some risk.

More sellers and home builders are now considering rent-to-buy offers in the struggling real estate market, especially in new developments and areas where prices are deflated, says Stuart Gabriel, director of the Ziman Center for Real Estate at the University of California, Los Angeles. That broadens the pool of potential buyers to people who might not qualify for a mortgage in the current credit crisis — from first-timers who lack enough for the down payment to veteran owners recovering from a foreclosure, short sale or other financial crisis.

Here's how rent-to-buy deals work: The seller agrees to rent out the property for a set period of time (typically about two years) giving the renter the option to buy before that time runs out. A portion of the monthly rent goes into an escrow account to be used as part of the down payment should the renter decide to exercise his purchase option. But there's a catch: If the renter decides to walk away, he forfeits that money.

Just as important, don't mistake a listing that changes to rent-to-buy from a straight sale as a sign of seller desperation, warns Chuck Whitehead, president of Coldwell Banker Real Estate in Temecula Valley, Calif. Although that switch could indicate a last-ditch effort to move the property, sellers can benefit from rent-to-buy agreements more than buyers. Not only can the seller lock in a price before real estate values plunge further, but he also collects market-rate rent until the closing. That can add an extra 5% to 10% to the seller's take, Whitehead estimates.

Despite the potential pitfalls, rent-to-own real estate is still a buyer's market. “Today the buyer can set the terms to whatever they want,” says Edward A. Mermelstein, a New York-based real estate attorney. “You're looking to be as creative as possible.”

Here's what you need to know before you seal the rent-to-buy deal: 

Research neighborhood prices

Making a rent-to-buy agreement in an area where real estate values are still dropping — such as New York City — is risky business, warns Gabriel. That's because you're negotiating the purchase price and closing costs for a property now that you may not actually buy for more than a year. That could easily result in overbidding. The monthly rent should also be on par for the market. Factor current prices for comparable homes in the neighborhood and projections for the region into any offer you make.

Leverage down-payment funds

Many sellers ask for a so-called option consideration fee, an amount of 1% to 5% of the home purchase price paid upfront and held in escrow until closing. If you're absolutely certain you want the home, agreeing to a bigger option consideration fee can help you negotiate a lower monthly rent, says Mermelstein. Just remember that it is nonrefundable should you walk away from the deal.

Bring in help

"This isn't a handshake deal,” says Whitehead. Negotiating a contract that's fair to you as both the renter and the future buyer is no simple process. Whitehead advises consulting both a real estate attorney and a buyer's agent experienced in rent-to-buy deals. Together they can ensure that your agreement covers everything from who pays for maintenance during the rental period to the circumstances under which either party can renegotiate the purchase price before the eventual closing. (Read our story, 10 Mistakes First-Time Home Buyers Make.)

Assess your creditworthiness

Getting a mortgage these days is practically impossible without a credit score of at least 720 and a 10% down payment. Buyers opting for rent-to-own must be confident that they can meet both qualifications to secure financing by the end of the rental agreement. Otherwise they chance losing everything in that escrow account, says Gabriel. Assess how much you need to improve your financial picture, and then talk to a financial advisor or credit counselor about whether that's doable within the rental period. You can also negotiate for a longer rental period to ensure you have enough time, says Whitehead.

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 | 6 Apr 2009 | 4:00 am

Stocks Aim to Extend Winning Streak (Market Update)

News at a Glance

• Bank Backed: HSBC raises $17.7 bln in rights issue.
• Black Streak: Stocks aim for 5th straight session of gains.
• Oil Rises: Crude returns above $53 a barrel.
• Java Jive: Sun snubs IBM takover bid: Reuters.

The Lowdown

A global rally and optimism ahead of earnings season has Wall Street aimed toward its fifth straight session in the black.

Stocks looked to kick off the week with more gains after a major bank bolstered its capital position and commodities perked up. Shortly before 6 a.m., Dow, Nasdaq and S&P 500 futures were trading above fair value.

A day of gains would stretch the Dow's winning streak to five consecutive sessions. Heading into today, the blue-chip index is up 21.6% since hitting its low for the year on March 5.

World markets were mostly higher after |HSBC=HBC| said it raised $17.7 billion in a rights issue. The bank's improved position restored some faith in the financial sector abroad. In Europe, the FTSE traded up 1.2% in afternoon trading. In Asia, Japan's Nikkei finished up 1.2%, while Hong Kong's Hang Seng picked up 3.1%.

Whether the enthusiasm continues thoughout the week will hinge largely on the start of earnings season, which gets more or less officially underway on Tuesday when |Alcoa=AA| releases its first-quarter results.

An uptick in commodities prices suggested earnings might hold some surprises. In energy, crude prices continued to rise. Shortly before 5:50 a.m., crude traded up 68 cents at $53.19 a barrel.

Corporate News

• |AT&T=T| and the union that represents the employees of its land-line division avoided a labor strike Sunday. The deadline to establish a new contract for the unit's 90,000 workers came and went Saturday night, but the two sides remain in negotiations. The union is pushing for greater job security and more expansive benefits.
• |General Motors=GM| Chief Executive Fritz Henderson opened the door a little wider on a bankruptcy filing Sunday. "If it's required, that's what we'll do," he said Sunday on CNN's "State of the Union." However, when asked on NBC's "Meet the Press" if bankruptcy was inevitable, he said, "No."
• |Sun Microsystems=JAVA| snubbed a $7 billion buyout offer made by |IBM=IBM|, leaving the fate of the acquisition in doubt, Reuters reported, citing an anonymous source. The firm appeared to be unhappy with IBM's reduced offer of $9.40 a share; IBM had originally offered $10-$11 a share.

The Economy

• There are no substantial economic reports scheduled to be released today.

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 | 6 Apr 2009 | 4:00 am

Looking for a Silver Lining Among the Clouds

Even as the Dow Jones Industrial Average gained over 20% since its March low — and the Nasdaq turned positive for the year — our pundits were still concerned about mixed signals that make them leery this latest rally is, indeed, a sign the worst is behind us.

There was plenty affecting their opinions. Earlier this week President Obama met with bank CEOs in an effort to heal some of the pounding that sector has taken over the last few weeks from Capitol Hill critics and populist rage. Obama told the execs, “My administration is the only thing between you and the pitchforks.” He ultimately helped cool passions, Rochdale Securities banking analyst Richard Bove wrote March 28. Obama then set off for the G-20 conference in London, which resulted in a Thursday pop for financials as a sense of collective resolve to forge a global recovery got some traction. LPL Financial strategist Jeffrey Kleintop wrote March 30 that investors had pinned hopes on the idea that the G20 meeting “may reveal additional support to the emerging markets of Europe and their creditors in Western Europe.” Rhetorically, at least, that hope was met.

But as the second-quarter earnings season got underway, Friday’s jobless number reminded investors about the realities of the economy. Unemployment reached a 25-year high rate of 8.5%. J.P. Morgan strategist Thomas Lee wrote: “Clearly, large job losses plus unemployment pushing into the high 8s carry foreboding implications for credit trends in coming months.” That’s especially bad for small businesses, which create 60% to 80% of new jobs, Societe Generale strategist Stephen Gallagher wrote Thursday.

There were some positives, though. ISI’s Ed Hyman called them “green shoots.” He was referring to upticks in consumer spending, housing sales and durable goods orders. They don’t add up to recovery – and investor sentiment is still weak, but “this probably means that the rate for decline in economic activity is moderating.” In addition, the Federal Accounting Standards Board, acting under considerable political pressure, eased its mark-to-market accounting rules, which Don Rissmiller of Strategas said could help both bank balance sheets and policy initiatives, because the Treasury Department “will need to spend much less than expected on the bad asset proposal, which is critical since TARP funds are running low.”

What it means, then, is an economy nearing, but not yet hitting bottom, and a stock market that is still hypersensitive to headline news.

“Investing in the stock market since October 2007 has been akin to being in an abusive relationship,” Rissmiller wrote Thursday. “Any day we aren’t battered is a good day. We’ve had several good days since early March largely because the economic indicators have been mostly better than expected. They are still mostly terrible, but not as terrible as was feared. Obviously, investors are responding well to any bit of cheer we can glean from the data. If the economy is no longer getting battered that’s a happy development.”

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 | 6 Apr 2009 | 4:00 am

Fullers Ferries changing hands for $40m

Infratil subsidiary NZ Bus is selling its interest in Auckland-based ferry operator Fullers Ferries for $40 million. Infratil said the deal took the amount it would receive from announced divestments to more than $100m in the 2009/10...
Source: New Zealand Herald - Business | 6 Apr 2009 | 3:30 am

Reserve Bank 'jawboning' misses the mark, say economists

The outcome of Reserve Bank Governor Alan Bollard's bid to stop a worrying rise in interest rates by issuing a statement last week failed to impress ANZ economists. Bollard took the rare step of issuing an unscheduled statement...
Source: New Zealand Herald - Business | 6 Apr 2009 | 3:00 am

Scammers target City of London redundancy payoffs, says regulator

Sacked workers are falling victim to investment scams which falsely promise big returns on redundancy payouts, the City regulator warns today. Millions of pounds in compensation risk being sucked into Bernie Madoff-style Ponzi schemes...
Source: New Zealand Herald - Business | 6 Apr 2009 | 3:00 am

IBM pulls $11.8bn Sun bid

BOSTON - IBM withdrew its offer to buy Sun Microsystems for about $7 billion (NZ$11.8bn) over the weekend, clouding the prospects for a deal that would have shaken up the computing industry, AP has learned. Talks were in their...
Source: New Zealand Herald - Business | 6 Apr 2009 | 2:30 am

Michael Hill says discounting is hurting margins

Michael Hill International is living with lower profit margins, care of discounting in the difficult retail environment. The jeweller said today it was continuing to cut costs to offset the lower margins and the US continued to...
Source: New Zealand Herald - Business | 6 Apr 2009 | 2:00 am

Holden the only good news in GM, says premier

ADELAIDE- Holden is the only good news story in the global auto empire of General Motors with the company's plan to build a new small car from 2010, South Australian Premier Mike Rann says. Despite announcing cuts to production...
Source: New Zealand Herald - Business | 6 Apr 2009 | 1:33 am

IBM reportedly withdraws bid for Sun Microsystems

IBM takes its $7-billion offer off the table after Sun Micro terminates IBM's exclusive-negotiating status, two sources say.

IBM Corp. withdrew its offer to buy Sun Microsystems Inc. for about $7 billion this weekend, clouding the prospects for a deal that would have shaken up the computing industry, two people familiar with the situation said Sunday.

Source: L.A. Times - Business | 6 Apr 2009 | 1:23 am

Sun (JAVA) Heads Back Toward $5

It appears that IBM (IBM) may be walking out on its deal to buy Sun Microsystems, or could just be playing hardball to lower the price it is willing to pay. In either case, the value of Sun’s stock is likely to go back to where it traded before the IBM buyout rumor hit the Street. That [...]

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Source: 24/7 Wall Street | 6 Apr 2009 | 1:08 am

Business confidence lifts from negative, finds new survey

Signs of an improving housing market are thought to be part of the reason for a lift out of negative territory in the latest BNZ confidence survey. The survey of readers of the BNZ Weekly Overview newsletter found pessimists and...
Source: New Zealand Herald - Business | 5 Apr 2009 | 11:45 pm

IBM and Sun deal talks stall

IBM's talks over a deal to acquire Sun Microsystems, a rival computer maker, have run into significant obstacles and the companies are no longer expected to produce an agreement by Monday, according to people close to the talks
Source: Financial Times - US homepage | 5 Apr 2009 | 11:35 pm

North Korea missile launch condemned

Kim Jong-il ignored protests from world leaders by firing a long-range missile over Japan just hours before Barack Obama gave a major address calling for a 'world free of nuclear weapons'
Source: Financial Times - US homepage | 5 Apr 2009 | 11:21 pm

Boris Johnson's new transport plan a boost for Thames ferry services

The River Thames could be returned to its glory days under a plan by the Mayor of London to promote it as an integral transport link, The Times has learnt.
Source: Latest Business News from Times Online | 5 Apr 2009 | 11:01 pm

Ikea's cult has no need to fear the reaper as recession bites

Martin Hansson folds his 6ft 5in frame into a sofa in an Ikea showroom. Over his shoulder - unnoticed by the Swede, who recently took charge of the furniture group's British business - a buggy is precariously loaded with familiar yellow and blue carrier bags, until it loses its battle with the laws of mechanics and tips, catapulting a young child on to the floor.
Source: Latest Business News from Times Online | 5 Apr 2009 | 11:00 pm

Charity chic is back in fashion as hard-up shoppers look for bargains

You walk in, you ignore the odd bit of dust and the sometimes shabby decor and you rootle through racks of old coats and clothes — in search of gold. A bargain, thrown out by someone who no longer needed it and put on a hanger with a ludicrously low price tag that no sensible person could ignore. It is one of the secret joys of shopping, but it seems that it is, increasingly, a secret no more. Charity shops are coming into their own.
Source: Latest Business News from Times Online | 5 Apr 2009 | 11:00 pm

New York Times threatens to close Boston Globe

The Boston Globe could shut within 30 days unless union officials agree to $20m in savings, its owner, The New York Times, said last week, according to a report on the Globe's website
Source: Financial Times - US homepage | 5 Apr 2009 | 10:31 pm

Mutual fund votes helped to boost pay

Mutual funds have contributed to corporate America's excessive pay by voting in favour of companies' compensation plans, research by corporate governance experts will reveal on Monday
Source: Financial Times - US homepage | 5 Apr 2009 | 10:30 pm

Facebook lures 200m with poker and pets

Spectacular growth in online social gaming is prompting companies such as Google to enter the market and developers to rethink how they design video games
Source: Financial Times - US homepage | 5 Apr 2009 | 10:20 pm

Geithner denies White House sidestepping CEO pay limits (Reuters)

Reuters - U.S. Treasury Secretary Timothy Geithner denied on Sunday the Obama administration was crafting bailout initiatives to allow companies to evade limits on executive pay and other restrictions imposed by Congress.

Source: Yahoo! News: Business | 5 Apr 2009 | 10:08 pm

Optimism may extend rally in short week (Reuters)

Reuters - U.S. stocks should rally further this week, if investors get more signs that the economic slump is abating and earnings season does not get off to a rocky start.

Source: Yahoo! News: Stock Markets News | 5 Apr 2009 | 8:45 pm

To sustain rally, market looks to earnings (AP)

AP - Enthusiasm over government programs aimed at breaking a logjam in bank lending has become the key driver of the market's recent surge. But that could take a back seat in coming weeks as investors return to their bread-and-butter indicator: quarterly earnings data.

Source: Yahoo! News: Stock Markets News | 5 Apr 2009 | 6:31 pm

Karma Is An Inedible Slice Of "Pizza" Best Served Cold

The following weekend update is brought to you by commenter anal_yst. Something new we're trying out.

By now you've all undoubtedly read with great outrage that Larry Summers made a few mil' last year, and/or whatever other headlines populate the front page of your favorite business news website. I won't regurgitate shit you already know. Besides, there's something else that's been bothering me lately that just isn't getting the kind of attention it deserves.

I'd been writing a post chastising Dominos Pizza about their new(ish) "Big Taste Bailout" commercial and sales campaign. "I'm not bailing out the fat-cats on Wall Street...sorry Mr. Hedge fund," the CEO says in the commercial. Sounds like some of the uninformed nonsense I heard when I was snapping pictures at the Protest on Wall Street yesterday (ya know, the one that wasn't technically, ON Wall Street). Yes, I realize there's actually some truth in what he's saying, but the pitchfork & torch crowd has more than enough to be pissed off about already without the pizza delivery guy stoking the fire.

Imagine my surprise and tempered excitement when I learned that their pandering Bailout BS has come back to bite them in the ass.

Source: Dealbreaker | 5 Apr 2009 | 4:35 pm

Apple press falls into Microsoft's trap

Source: Business and financial news - CNNMoney.com | 5 Apr 2009 | 2:46 pm