Feeling Better Yet?

Some days I feel optimistic about the economy, and others I suffer a sinking sense that we're in for a very long haul. Today, at my breakfast table, I met both in one newspaper. From the New York Times, a pair of headlines:

-- Poll Finds New Optimism on Economy Since Inauguration, in which we learn that 20 percent of Americans surveyed think things are getting better -- up from 7 percent in January;

-- Economy Falling Years Behind Full Speed, in which we learn that in the last recession of this scale, 1981-82, the U.S. took seven years to regain all the ground lost.

It's the last part that sticks with me, I guess. We've been hearing it most directly from economist Howard Rosen, who says he's worried about what happens after the downturn levels out or reverses. Will we see a jobless recovery, as we did in after the 2001 recession? For Rosen, the sheer scale of unemployment -- and underemployment -- matters.

In a note to us Monday, Rosen took a look at the latest jobs report from the Bureau of Labor Statistics. He writes:

BLS reported that there were 140.9 million people employed and 13.2 million unemployed in March. They calculate that the size of the labor force is thus 154 million. BLS also reported that 81 million people were "not in the labor force." We do not know anything else about these people.

BLS reports that in agriculture, there are 1.2 million salaried workers and 875,000 self-employed workers.

In non-agriculture (manufacturing and services) BLS reports129.5 million salaried workers and 9.2 million self-employed.

We're up to 10 million self-employed.

As I have mentioned in the past, BLS reports that 9 million people are working part-time for "economic reasons." Another 18.8 million people work part-time by choice.

Finally, 7.7 million workers hold more than one job.

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Source: NPR Blogs: Planet Money | 7 Apr 2009 | 2:14 pm

Layoffs Watch '09: RBS

The Royal Bank of Scotland might've set a new record for losses in UK corporate history last year, requiring the gov to step in and stop the ass bleeding, but do not fear 'cause just this morning CEO Stephen Hester announced a "new strategy for RBS to restore the Bank to standalone strength as soon as practicable." That strategy is: shitcan lots of employees. The firm plans to cut approximately 9,000 jobs. Oh, and PS:

Source: Dealbreaker | 7 Apr 2009 | 2:11 pm

Know Your Treasury Personnel: James "Tall, bald and blunt" Lambright

We're going to be working with these government people for the foreseeable future so it's probably best we throw back a few and get the inter-office groping out the way now, right? Right. First on your list: James Lambright, chief investment officer of the Troubled Asset Relief Program. You'll need a cheat sheet of stuff to BS about for a few awkward hours before going home together, so let's just pluck what we need to know about Jimmy from the Journal's primer on the guy, hired by Hank Paulson (who appears to be his biological father), and asked to stay by Geithner "for an undefined period of time."

* Stanford undergrad, Harvard Law.

* Amateur boxer who made it to the semi-finals of the Golden Gloves, just like another Wall Street celeb. (Charity match on the horizon?)

* Scary enough to intimidate a guy who could easily palm a basketball and who's college nickname was the Hammer ("He's unbelievably tough, and sometimes needs to be reminded that the job is to save the financial system," says Paulson).

* Donaldson, Lufkin & Jenrette alum

* Appointed by Bushie to run the U.S. Export-Import Bank

* "On loan to the Treasury" but still "oversees" shit at the USEIB, where he makes a salary of $162,900

* Makes his own PB&J sandwiches for lunch

Source: Dealbreaker | 7 Apr 2009 | 1:51 pm

Stocks open lower, extend losses to second day (AP)

AP - Wall Street is extending its losses into a second day as worries about banks' balance sheets and poor first-quarter earnings reports intensify.

Source: Yahoo! News: Stock Markets News | 7 Apr 2009 | 1:35 pm

UK car firms get European funding

The European Investment Bank is expected to approve significant funding for carmakers Jaguar Landrover and Nissan.
Source: BBC News | Business | World Edition | 7 Apr 2009 | 1:32 pm

Middleton Says Rate of Deterioration in U.S. Has `Eased'

Source: Bloomberg - All Podcasts | 7 Apr 2009 | 1:31 pm

Citi Upgrades American Express (AXP) to Hold; Bear Case Losing Steam

Citi upgrades American Express (NYSE: AXP) from Sell to Hold. Price target increased from $9 to $16. Citi analyst says, “Given the stock performance over the past four months (shares down 40%) and some signs of a credit market recovery, the bear case scenario for AXP is simply less compelling. Read more…. Tagged: AXP [...]

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Source: 24/7 Wall Street | 7 Apr 2009 | 1:27 pm

How to get rid of reference sabotage

Dear Annie: I've been looking for a job for three months, putting in eight-hour days of contacting people I used to work with, attending industry events, "meeting" people and joining groups on social networking sites, and putting out every other kind of feeler I can think of. I've had a couple of rounds of interviews, but each time, what looked very close to being a solid offer suddenly turned cold.
Source: Business and financial news - CNNMoney.com | 7 Apr 2009 | 1:26 pm

Need a job? Try Iowa, Kansas or Nebraska

Source: Business and financial news - CNNMoney.com | 7 Apr 2009 | 1:25 pm

Drawing a retirement game plan

Question: My wife and I hope to retire in five to seven years, but our retirement accounts got clobbered recently. We now have approximately $180,000 in cash that we need a game plan for. Can you help? --Pat C., York, Pennsylvania
Source: Business and financial news - CNNMoney.com | 7 Apr 2009 | 1:22 pm

Currencies: Dollar lifted by financial sector worries

As resurgent fears about the fragile financial sector deliver a knock to global equity markets, the dollar's the beneficiary as a further round of investment money flows into the greenback.

Source: MarketWatch.com - Top Stories | 7 Apr 2009 | 1:22 pm

First Niagara buying 57 branches from PNC

First Niagara Financial Group is acquiring $4.2 billion in deposits and 57 branches from National City Bank, a unit of PNC Financial Services Group. First Niagara will pay a deposit...
Source: RSS feed - channel BNewsBusiness | 7 Apr 2009 | 1:21 pm

OECD takes four tax havens off blacklist (Reuters)

Reuters - Four finance centers blacklisted last Thursday in a renewed crackdown on tax fraud were taken off the list on Tuesday after committing to international standards on bank information disclosure.
Source: Yahoo! News: Business | 7 Apr 2009 | 1:19 pm

UPDATE 2-Porvair sees H1 loss, revises FY09 earnings view

* Shares sink as much as 27 pct (Recasts lead, adds broker comment, share movement)
Source: RSS feed - channel BNewsBusiness | 7 Apr 2009 | 1:18 pm

Stock futures falter on new toxic asset worry

NEW YORK (Reuters) - Stock futures pointed to a lower open on Tuesday on fresh worries over the amount of toxic assets on bank balance sheets and investors braced for what is expected to be another dismal earnings season.
Source: Reuters: Business News | 7 Apr 2009 | 1:17 pm

Stock futures falter on new toxic asset worry (Reuters)

Reuters - Stock futures pointed to a lower open on Tuesday on fresh worries over the amount of toxic assets on bank balance sheets and investors braced for what is expected to be another dismal earnings season.

Source: Yahoo! News: Business | 7 Apr 2009 | 1:17 pm

Stock futures falter on new toxic asset worry (Reuters)

Reuters - Stock futures pointed to a lower open on Tuesday on fresh worries over the amount of toxic assets on bank balance sheets and investors braced for what is expected to be another dismal earnings season.

Source: Yahoo! News: Stock Markets News | 7 Apr 2009 | 1:17 pm

Metals Stocks: Gold rises as investors brace for earnings season

NEW YORK (MarketWatch) -- Gold futures rose Tuesday, bouncing back from their sharp losses in the previous three sessions, with investors growing nervous as quarterly results and outlooks from corporate America are expected to start pouring in.

Source: MarketWatch.com - Top Stories | 7 Apr 2009 | 1:16 pm

Just Be Grateful They've Mastered Paying The Electric Bill

Apparently Citi had a li'l slip up with its 401(k) match last week, for current and former employees, across the company. Some people received thousands more than they were supposed to get, others much less than they were owed. Big C's all over the problem now, though, having taken the money back (presumably transferring it into a shoe box entitled "Vikram Pandit's Zen Garden Fund"), and telling workers to sit tight. And to those of you bitching, Pandito suggests you reflect on how much worse it could've been.

Source: Dealbreaker | 7 Apr 2009 | 1:15 pm

More carriers in Europe report traffic declines

Three European airlines on Tuesday report slumping passenger traffic during March, continuing a rough month for the industry that in part is blamed on a shift in the timing of Easter.

Source: MarketWatch.com - Top Stories | 7 Apr 2009 | 1:14 pm

Encouraging companies to gear up is barmy

Encouraging companies to gear up is barmy. Yet that's the effect of allowing interest payments to be deducted from profits before tax bills are calculated.
Source: Telegraph Finance | 7 Apr 2009 | 1:11 pm

Economic Report: Euro zone's fourth-quarter contraction worse than thought

The euro-zone economy's record contraction in the final three months of 2008 runs deeper than previously thought, statistics agency Eurostat says. In its final estimate of fourth-quarter gross domestic product, Eurostat revises down its estimate of fourth-quarter activity to show a 1.6% drop in GDP compared to the third quarter.

Source: MarketWatch.com - Top Stories | 7 Apr 2009 | 1:11 pm

Pfizer announces post-Wyeth deal organization plan

Drugmaker Pfizer says it will form two main research units after completing its buyout of Wyeth, focusing on traditional drugs and cutting-edge biotechnology treatments. Pfizer will also
Source: RSS feed - channel BNewsBusiness | 7 Apr 2009 | 1:01 pm

NewsWatch: U.S. stock futures slip on dawn of earnings season

U.S. stock futures drop on Tuesday as nerves are apparent on the eve of first-quarter earnings season.

Source: MarketWatch.com - Top Stories | 7 Apr 2009 | 1:00 pm

Movers & Shakers: Tuesday's biggest gaining and declining stocks

Among the companies whose shares are expected to see active trade in Tuesday’s session are Alcoa, American Express and Pier 1 Imports.

Source: MarketWatch.com - Top Stories | 7 Apr 2009 | 12:59 pm

RBS to shed 9,500 jobs worldwide

Royal Bank of Scotland, which is majority owned by the taxpayer, has announced the reduction of 9,000 jobs in its call centres, property division and technology group
Source: Financial Times - US homepage | 7 Apr 2009 | 12:58 pm

Bond Report: Treasurys gain as investors shy away from equities

Treasury prices rise Tuesday, pushing yields lower, as weakness in equities stemming from anxiety before first-quarter earnings start made the safety of bonds a bit more attractive.

Source: MarketWatch.com - Top Stories | 7 Apr 2009 | 12:58 pm

Wall Street set to slide on earnings fears

Wall Street stocks looked set for a second session of falls as investors waited cautiously for Alcoa, the aluminium manufacturer, to kick off the earnings season after the close of the market
Source: Financial Times - US homepage | 7 Apr 2009 | 12:54 pm

EU issues antitrust charges against Visa Europe

European Union officials confirmed Tuesday they have asked Visa Europe to answer antitrust charges that its fees for cross-border card purchases violate EU rules. The European Commission
Source: RSS feed - channel BNewsBusiness | 7 Apr 2009 | 12:54 pm

Gazprom, Eni in $4 bln buy-out deal

Russia's Gazprom on Tuesday signed a deal worth over four billion dollars to buy out the 20 percent stake owned by Italy's Eni in its oil unit Gazprom Neft, in line with the Kremlin's aim...
Source: RSS feed - channel BNewsBusiness | 7 Apr 2009 | 12:53 pm

World markets stumble amid US bank, earnings fears (AP)

AP - World stock markets stumbled Tuesday as fresh concerns about banks and upcoming earnings results from U.S. companies led many investors to book profits following a massive global rally in recent weeks.

Source: Yahoo! News: Stock Markets News | 7 Apr 2009 | 12:51 pm

PartyGaming shares surge after $105 million U.S. settlement

Shares of U.K. online-gambling firm PartyGaming jump more than 14% after it agrees a long-awaited non-prosecution deal with U.S. authorities that will cost $105 million.

Source: MarketWatch.com - Top Stories | 7 Apr 2009 | 12:49 pm

Futures Movers: Oil futures fall on expectations of rising supplies

Oil futures fall Tuesday for a third-straight session on expectations that U.S. crude inventories rose last week and that first-quarter earnings will underscore the depth of the economic downturn.

Source: MarketWatch.com - Top Stories | 7 Apr 2009 | 12:46 pm

ECB attacks G20 plan to boost IMF drawing rights to pump cash into global economy

The European Central Bank has issued a blistering attack on G20 plans to use the International Monetary Fund to pump liquidity into the word economy calling it "pure cash creation" outside the normal mechanisms of control.
Source: Telegraph Finance | 7 Apr 2009 | 12:45 pm

Before the Bell: American Express, AIG, Sunoco in the spotlight

U.S. stock market futures slipped on the eve of first-quarter earnings season, adding to losses from the previous session.

Source: MarketWatch.com - Top Stories | 7 Apr 2009 | 12:38 pm

Lone Star invests $1.1bn in failed J-Reit

Lone Star on Tuesday stepped up its presence in Japan by agreeing to invest Y115.5bn ($1.1bn) in the country's first real estate investment fund (Reit) to file for court protection.The US fund, which specialises...
Source: RSS feed - channel BNPaperBusiness | 7 Apr 2009 | 12:37 pm

Sales likely gloomy for retailers

NEW YORK (Reuters) - Major U.S. retailers likely ended March with lackluster sales as consumers put off Easter and Spring purchases for April.
Source: RSS feed - channel BNewsBusiness | 7 Apr 2009 | 12:36 pm

Sales likely gloomy for retailers

NEW YORK (Reuters) - Major U.S. retailers likely ended March with lackluster sales as consumers put off Easter and Spring purchases for April.
Source: Reuters: Business News | 7 Apr 2009 | 12:36 pm

Sales likely gloomy for retailers (Reuters)

Reuters - Major U.S. retailers likely ended March with lackluster sales as consumers put off Easter and Spring purchases for April.
Source: Yahoo! News: Business | 7 Apr 2009 | 12:36 pm

'Building the Team': Leaders, Managers, Business Owners Can Understand How to Maximize Potential

LAWTON, Okla., April 7 /PRNewswire/ -- Teams are important to every aspect of any business or organization, and having an effective team directly impacts the ability to achieve...
Source: RSS feed - channel BNewsBusiness | 7 Apr 2009 | 12:35 pm

GM sees an electric, 2-wheel future

So is this what President Obama had in mind?
Source: Business and financial news - CNNMoney.com | 7 Apr 2009 | 12:33 pm

Pine Brook raises $1.4 bln fund, sees deals ahead

NEW YORK, April 7 (Reuters) - Private equity firm Pine Brook Road Partners said on Tuesday it has finished raising its first fund, with more than $1.4 billion committed by investors.
Source: RSS feed - channel BNewsBusiness | 7 Apr 2009 | 12:30 pm

Pine Brook raises $1.4 bln fund, sees deals ahead

NEW YORK, April 7 (Reuters) - Private equity firm Pine Brook Road Partners said on Tuesday it has finished raising its first fund, with more than $1.4 billion committed by investors.
Source: RSS feed - channel BNewsBusiness | 7 Apr 2009 | 12:30 pm

Jensen Corporate Holdings, Inc. Acquires Huppe Landscape Company, Inc.

Award-Winning Landscape Contractor Continues to Expand its Reach SAN JOSE, Calif., April 7 /PRNewswire/ -- Jensen Corporate Holdings, Inc. (JCH), a leading...
Source: RSS feed - channel BNewsBusiness | 7 Apr 2009 | 12:30 pm

The Good Of a Dollar Alternative

By John Tamny of RealClearMarkets When it’s asked why foreigners frequently look askance at Americans, the answer usually boils down to our supposedly obnoxious nature; one that at times reveals itself in foreign policy initiatives that some around the world don’t like. The former is likely due to our being the descendants of some pretty courageous [...]

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Source: 24/7 Wall Street | 7 Apr 2009 | 12:29 pm

RBS to cut a further 9,000 jobs

The Royal Bank of Scotland is to shed up to a further 9,000 jobs, half of them outside the UK, BBC Scotland learns.
Source: BBC News | Business | World Edition | 7 Apr 2009 | 12:27 pm

Pier 1 posts quarterly loss

(Reuters) - Pier 1 Imports Inc reported a quarterly loss on Tuesday as markdowns ate into the home furnishings retailer's margins.
Source: Reuters: Business News | 7 Apr 2009 | 12:27 pm

RBS says to cut up to 9,000 jobs

LONDON (Reuters) - Part-nationalized British lender Royal Bank of Scotland said it could shed up to 9,000 jobs over the next 2 years, including 4,500 in the UK, as part of a shake-up of its back-office operations.
Source: Reuters: Business News | 7 Apr 2009 | 12:20 pm

Royal Bank of Scotland cuts 4500 UK jobs

News of the job cuts came as the taxpayer's stake in the bank officially increased from 58pc to 70.3pc after investors shunned its share offering.
Source: Telegraph Finance | 7 Apr 2009 | 12:20 pm

Stocks headed for a fall

Stocks were set to decline at Tuesday's open, as investors braced for the start of what is expected to be another grim corporate reporting period.
Source: Business and financial news - CNNMoney.com | 7 Apr 2009 | 12:17 pm

Throwing the car industry a lifeline

Telegraph View: A scrappage scheme has drawbacks but the Government will find it hard to resist.
Source: Telegraph Finance | 7 Apr 2009 | 12:09 pm

Oil prices extend losses as equities spiral lower (AFP)

AFP - Oil prices fell further Tuesday after shedding more than a dollar the previous day as traders fretted over falling global stock markets, spreading recession and the outlook for energy demand.

Source: Yahoo! News: Stock Markets News | 7 Apr 2009 | 12:08 pm

Eurozone's GDP revised downwards

The eurozone economy shrank more than previously estimated in the last three months of 2008, a revision of the official figures shows.
Source: BBC News | Business | World Edition | 7 Apr 2009 | 12:07 pm

Top Analyst Downgrades (ANSS, CBT, ED, CFR, DUK, LLY, EL, GGP, HW, ISRG, OMTR, RBS)

These are some of the top analyst downgrades and cautious research calls we have seen from Wall Street early this Tuesday morning: Ansys (ANSS) Cut to Neutral from Overweight at JPMorgan. Cabot (CBT) Cut to Underweight at JPMorgan. Consolidated Edison (ED) Cut to Neutral at Credit Suisse. Cullen/Frost Bankers (CFR) Cut to Underperform at Oppenheimer. Duke Energy (DUK) Cut to [...]

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Source: 24/7 Wall Street | 7 Apr 2009 | 11:59 am

IMF to warn on spiraling toxic debt: report

TOKYO (Reuters) - Toxic debts racked up by banks and insurers could spiral to $4 trillion, new forecasts from the International Monetary Fund are set to suggest, British daily The Times reported on its website without citing sources.
Source: Reuters: Business News | 7 Apr 2009 | 11:55 am

Madoffs: The First Conjugal Visit

Presumably. Gotta figure 50-50 chance, right? Anyway, yes, Ruth Madoff visited her husband last night for the first time since he started bunking at the Metropolitan Correctional Center, shrouded in black as though she were a grieving widow (and let's be honest, girlfriend's most likely mourning the death of her money/old life). Check out ten seconds of footage from the big event after the jump and then join us as we consider what those crazy kids talked about during the 90 minute meeting. Passover's a given, obviously, but how 'bout those Noels?

Source: Dealbreaker | 7 Apr 2009 | 11:55 am

Top Analyst Upgrades (ADBE, ALGT, AXP, DRIV, GMR, MSFT, NFLX, OMTR, CRM, SYMC)

These are some of the top analyst upgrades or positive initiations we have seen early this morning with about two hours until the open: Adobe Systems (ADBE) Raised to Outperform at RBC. Allegiant Travel (ALGT) Started as Overweight at Barclays. American Express (AXP) Raised to Hold from Sell at Citigroup. Digital River (DRIV) Raised to Outperform at RBC. General Maritime [...]

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Source: 24/7 Wall Street | 7 Apr 2009 | 11:52 am

Irish braced for emergency budget

The Irish government is to unveil its second budget in six months as the economy contracts sharply.
Source: BBC News | Business | World Edition | 7 Apr 2009 | 11:47 am

Tate & Lyle sours as copycat sweetener gets go-ahead

Shares of Tate & Lyle fell more than 5 per cent today after an international tribunal gave the go-ahead for cheap copycat versions of one of the firm’s most important products.
Source: Latest Business News from Times Online | 7 Apr 2009 | 11:47 am

European stocks slide (AFP)

AFP - European stock markets sank into the red on Tuesday, after earlier losses in Asia, as investor confidence was dented by news that the eurozone recession deepened in the fourth quarter of 2008.

Source: Yahoo! News: Stock Markets News | 7 Apr 2009 | 11:44 am

IMF to warn on spiraling toxic debt: report (Reuters)

Reuters - Toxic debts racked up by banks and insurers could spiral to $4 trillion, new forecasts from the International Monetary Fund are set to suggest, British daily The Times reported on its website without citing sources.
Source: Yahoo! News: Business | 7 Apr 2009 | 11:43 am

Coke buys into Innocent smoothies

Coca-Cola buys a £30m stake in Innocent, the UK fruit drink and "smoothie" maker renowned for its ethical ethos.
Source: BBC News | Business | World Edition | 7 Apr 2009 | 11:37 am

Travel companies face rise in compensation claims

A leading British law firm has warned that travel companies will face a significant rise in compensation claims if the financial crisis continues.
Source: Telegraph Finance | 7 Apr 2009 | 11:37 am

Sir Stanford: "You're F'ing Right I'm Gonna Fight"

ABC News offered a sneak peak of its interview with accused Ponzier Allen Stanford in print form yesterday, and while they mostly gave it all away, watching the whole thing go down in live action is very much worth it. First off, we assumed this was going to be a studio sit-down with reporter Brian Ross, but in actuality it was an impromptu tear-fest outside a Houston restaurant that the network had staked out, with a sauced-up Stan talking off the cuff, against the wishes of his attorney. So that's points right off the bat. Then there's the cocktail lounge music playing in the background. That's plus 20. And, obviously, the choking back of (fake?) tears over being deprived of being named Forbes' 405th richest bitch in the world. Which, if you think about it, really is something worth crying over (though you don't see a certain Stamfordian getting wet in public over not making Alpha's top ten earners of the year, now do you?)

Source: Dealbreaker | 7 Apr 2009 | 11:33 am

Oil slips towards $50

LONDON (Reuters) - Oil fell toward $50 a barrel on Tuesday, paring early gains after European equities turned lower, as investors continued to track share movements to try and gauge the strength of the global economy.
Source: Reuters: Business News | 7 Apr 2009 | 11:31 am

Oil slips towards $50 (Reuters)

Reuters - Oil fell toward $50 a barrel on Tuesday, paring early gains after European equities turned lower, as investors continued to track share movements to try and gauge the strength of the global economy.

Source: Yahoo! News: Stock Markets News | 7 Apr 2009 | 11:31 am

Is it time to go back into property?

Sir Stelios HajiIoannou the founder of easyJet is calling the bottom of the property market. Should you follow suit?
Source: Telegraph Finance | 7 Apr 2009 | 11:18 am

IMF Says Toxic Asset Damage Getting Much Worse

Every time the IMF issues an estimate for the cost of the losses from toxic assets at the world’s financial institutions, the numbers get worse. According to the Times, “;Toxic debts racked up by banks and insurers could spiral to $4 trillion (£2.7 trillion), new forecasts from the International Monetary Fund (IMF) are set to suggest.” The information may [...]

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Source: 24/7 Wall Street | 7 Apr 2009 | 11:16 am

Opening Bell: 04.07.09

Ford Pays Down Debt (WSJ)
This has to be humiliating for GM, who's still facing bankruptcy on the heels of having Wagoner pushed into the ever-loving land of canasta.

"Ford Motor Co. said Monday its investors agreed to exchange $9.9 billion in debt for cash and stock, ratcheting up the pressure on its struggling U.S. competitors that also are trying to cut debt.

Ford's 28% reduction in its overall debt comes as General Motors Corp. and Chrysler LLC have failed to make significant progress in their discussions with bondholders and lenders."

Ireland To Raise Taxes, Cut Spending (Bloomberg)
The Irish have been pretty well hammered by the S&P reduction to their credit rating, leading the government to take appropriate measures. I'm of the opinion that we should do our part to support their economy: if you haven't been to Temple Bar, you should (it's a massive area of Dublin comprised mostly of drinking establishments). While the Irish women aren't always the best in show, there's generally a fair amount of traffic from across the channel, and the Irish have a glorified/liberal view on alcoholism: I once saw a man get in a fight with a streetlight, and then get carted away to the hospital (he lost).

Bidders Emerging For AIG Asset Management Business (WSJ)
"Several buyers have submitted offers between $400 million and $800 million, said the people familiar with the matter. That would register below the typical price for asset-management businesses, which historically have been valued at 1% to 2% of assets, which would value AIG's unit at between $1 billion and $2 billion.

Private-equity firms Ashmore Investment Management Ltd., Hellman & Friedman LLC, Rhône Group LLC and TA Associates Inc. are among groups that have shown interest, these people said. So have mutual-fund manager Franklin Templeton Investments and asset manager Southgate Alternative Investments. The list of suitors is expected to be pared this week. The potential buyers declined to comment."

Poll Says Optimism Up (Reuters)
It's worth noting that the sample size was 998 people, error +/- 3pts.

Source: Dealbreaker | 7 Apr 2009 | 11:15 am

New 'green' Empire State Building

The Empire State Building kicked off a major energy-saving retrofit Monday, and promoters hope one of the world's most iconic skyscrapers can become an efficiency model for buildings worldwide.
Source: Business and financial news - CNNMoney.com | 7 Apr 2009 | 11:05 am

AIG's asset management division gets bidders: report

(Reuters) - About half a dozen investment managers have put forward bids, ranging between $400 million to $800 million, for troubled insurer American International Group's asset management business, the Wall Street Journal reported, citing people familiar with the matter.
Source: Reuters: Business News | 7 Apr 2009 | 10:56 am

Partygaming in deal with US authorities

Shares in online gaming groups jumped on Tuesday after Partygaming said it had agreed a deal with US regulators that will see the group avoid prosecution and allow it to return to the potentially lucrative...
Source: RSS feed - channel BNPaperBusiness | 7 Apr 2009 | 10:54 am

Partygaming in deal with US authorities

Online gaming group agrees deal with US regulators that will see the online gaming group avoid prosecution and allow it to return to the potentially lucrative US market
Source: Financial Times - US homepage | 7 Apr 2009 | 10:54 am

OECD says four on tax haven blacklist now taken off

PARIS (Reuters) - The OECD said on Tuesday that the four countries on a tax haven blacklist, published as part of agreements at last week's G20 summit, have committed to meeting international standards and will be removed form the list.
Source: Reuters: Business News | 7 Apr 2009 | 10:53 am

Plan B for Sun: Split up, sell off

There may still be a plan B for Sun Microsystems after merger talks with IBM reportedly broke down, but any new deal will be a lot messier for the Silicon Valley giant.
Source: Business and financial news - CNNMoney.com | 7 Apr 2009 | 10:53 am

RBS to cut 4,500 UK jobs

Royal Bank of Scotland has unveiled plans to cut up to 9,000 jobs, including 4,500 staff in the UK, in a shock move immediately branded "truly devastating" by banking unions.
Source: Latest Business News from Times Online | 7 Apr 2009 | 10:52 am

Innocent is as Innocent does

"As Innocent has got bigger we have got more innocent." That is what Richard Reed the cofounder of the smoothie company told me when I met him last August.
Source: Telegraph Finance | 7 Apr 2009 | 10:52 am

ECB's Stark raps move to boost IMF drawing rights

FRANKFURT (Reuters) - European Central Bank Executive Board member Juergen Stark on Tuesday criticized the decision made at the G20 summit to boost the IMF's Special Drawing Rights (SDRs) as ill thought through and potentially inflationary.
Source: Reuters: Business News | 7 Apr 2009 | 10:50 am

Russia: 'The double digit returns seen during the Siberian winter are only the beginning'

Elena Shaftan head of Jupiter's Emerging European Equities team has increased her weighting in Russia from 30pc to 40pc in the past month.
Source: Telegraph Finance | 7 Apr 2009 | 10:47 am

OECD removes tax havens from list

The Organisation for Economic Co-operation and Development (OECD) removes all four countries from its blacklist of tax havens.
Source: BBC News | Business | World Edition | 7 Apr 2009 | 10:42 am

Camaro: A lot to love about the new 'General'

The 2010 Camaro may be what the doctor ordered to cure GM's woes while reminding America that's there's still a lot to like about "The General."
Source: Business and financial news - CNNMoney.com | 7 Apr 2009 | 10:37 am

Banks and insurers push bourses lower

Banks and insurers pushed European markets lower on Tuesday morning, as investors consolidated recent gains.Bourses were also taking in a report in The Times that the International Monetary Fund would...
Source: RSS feed - channel BNPaperBusiness | 7 Apr 2009 | 10:28 am

Retail landlords 'to cut costs'

Some of the UK's biggest landlords have agreed help retailers reduce costs, the British Property Federation says.
Source: BBC News | Business | World Edition | 7 Apr 2009 | 10:27 am

Proposed: Circuit breaker for short selling

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 7 Apr 2009 | 10:26 am

Oil falls near $50 over demand concerns

Oil fell towards the $50 a barrel level on Tuesday while base metals were mixed as risk appetite weakened amid renewed concerns about the health of the global financial system.This followed reports that...
Source: RSS feed - channel BNPaperBusiness | 7 Apr 2009 | 10:23 am

IMF rapped over money supply plan

The European Central Bank's chief economist criticises boosting the supply of the International Monetary Fund's de facto currency.
Source: BBC News | Business | World Edition | 7 Apr 2009 | 10:18 am

All suffer together

How collapsing Irish economy has hit man and beast
Source: BBC News | Business | World Edition | 7 Apr 2009 | 10:17 am

Sibir sues former directors for up to $400m

Sibir Energy, a Russian-controlled oil company listed in London, is suing two former directors for as much as $400m.It also claimed that the price of its shares might have been manipulated between October...
Source: RSS feed - channel BNPaperBusiness | 7 Apr 2009 | 10:17 am

GM’s (GM) Future May Ride On Two Wheels And Not Four

GM’s (GM) domestic car sales are off almost 50% this year, so selling cars is no longer the company’s strength. Since it is an auto firm, coming up with an alternative business would seem to be impossible, but the No.1 US car company is giving it a stab. GM and motor scooter company Segway are going [...]

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Source: 24/7 Wall Street | 7 Apr 2009 | 10:15 am

Banks hit FTSE as toxic debt worries grow

London equities fell on Tuesday over fresh fears about the extent of toxic assets in the financial sector. The FTSE 100 fell 56 points to 3,936.68, a loss of 1.4 per cent with much of the overall loss...
Source: RSS feed - channel BNPaperBusiness | 7 Apr 2009 | 10:15 am

Manufacturing decline 'eases'

Manufacturing output falls for the 12th consecutive month in February, but the rate of decline is easing, official figures show.
Source: BBC News | Business | World Edition | 7 Apr 2009 | 10:06 am

Water suppliers to raise bills and cut investment

UK water suppliers are planning to raise customer bills more than originally thought and spend less on improving infrastructure.
Source: Telegraph Finance | 7 Apr 2009 | 10:03 am

UK industrial production suffers worst annual fall since 1968

British industrial production suffers biggest annual fall in over 40 years as economic slump weakens demand for factory goods.
Source: Telegraph Finance | 7 Apr 2009 | 10:02 am

Freezing The Pay Of Everyone In America

One alternative path to firing people used by some companies is to freeze the pay of  employees. In some cases firms have such tremendous revenue problems that they lay off people and cap the pay of those who are left to man the ship. As the recession deepens, freezing salaries has become more wide spread, and [...]

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Source: 24/7 Wall Street | 7 Apr 2009 | 10:00 am

Stocks, European currencies turn lower after data (Reuters)

Reuters - World stocks turned lower and European currencies fell on Tuesday after data showed the euro zone economy shrank more than previously thought, fanning concerns about the impact on corporate profits from the economy.

Source: Yahoo! News: Stock Markets News | 7 Apr 2009 | 9:57 am

GM and Segway plan electric two-wheeler

GM, the stricken car giant best known for its gas-guzzling Hummers, is to tie-up with Segway, the electric scooter producer, in an attempt to prove its commitment to reinventing itself.
Source: Latest Business News from Times Online | 7 Apr 2009 | 9:51 am

Another Set-Back But Blockbuster (BBI) Is Likely To Survive

Blockbuster’s (BBI) auditors gave the company a “going concern” letter which is often a kiss of death. The document is a way for the accounting firm to say the operation is unlikely to make it another year. In Blockbuster’s case, the news probably is not all that bad. The firm’s creditors have already agreed to restructure [...]

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Source: 24/7 Wall Street | 7 Apr 2009 | 9:45 am

Rising risk aversion boosts dollar demand

The dollar advanced on Tuesday as renewed concerns over the financial sector stemmed the recent rise in investor risk appetite. Global equities suffered on reports that the International Monetary Fund...
Source: RSS feed - channel BNPaperBusiness | 7 Apr 2009 | 9:41 am

Michael Page's profits tumble

The souring global economy has depressed profits at Michael Page, the recruitment group, as it continues to slash headcount to respond to a downturn that has affected every country and employment sector...
Source: RSS feed - channel BNPaperBusiness | 7 Apr 2009 | 9:37 am

Australia leads Asian share markets lower

Australia was one of the worst performing markets in Asia Pacific on Tuesday as the central bank cut interest rates to a 49-year low and signalled that the first economic downturn since 1991 was on its...
Source: RSS feed - channel BNPaperBusiness | 7 Apr 2009 | 9:36 am

Not your average tech stocks

Investors looking to cash in on the Internet's increasingly pervasive role in our lives might want to think about expanding their definition of a technology company.
Source: Business and financial news - CNNMoney.com | 7 Apr 2009 | 9:35 am

AIG's asset management division gets bidders: report (Reuters)

Reuters - About half a dozen investment managers have put forward bids, ranging between $400 million to $800 million, for troubled insurer American International Group's asset management business, the Wall Street Journal reported, citing people familiar with the matter.
Source: Yahoo! News: Business | 7 Apr 2009 | 9:32 am

Making The Markets Nervous: Annual Federal Deficit Already $1 Trillion

The Congressional Budget Office issued its estimate for the deficit created in the federal government’s fiscal first half, which ended on March 31. The number was $953 billion. Depending on how the TARP outlays are accounted for, the number could be less. While most experts expected outlays for the period to be higher, what was an [...]

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

UK manufacturing falls 13.8% in February

British manufacturing output fell by a record amount year-on-year in February as it suffered its twelfth straight month of declines, the longest stretch of losses since the recession of 1980.
Source: Latest Business News from Times Online | 7 Apr 2009 | 9:20 am

Australia puts superfast broadband on line

The Australian Government has announced an ambitious A$43 billion ($£20 billion) project to extend super-fast broadband across the country in a move that could reshape Australia's telecommunications landscape.
Source: Latest Business News from Times Online | 7 Apr 2009 | 8:57 am

Capitalism Finally Takes Root In Russia

The people in a perfect society should all earn nothing, or alternatively, should all earn the same amount, depending on the interpretation of the most important Communist manifestos. The exception is in the section of the documents regarding “to each according to his needs.” In that case, in theory, one person could earn more than [...]

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Source: 24/7 Wall Street | 7 Apr 2009 | 8:55 am

JJB encouraged as vital lifeline is secured

JJB Sports, the ailing sports retailer, has secured a lifeline through a critical deal to ease its rent burden as well as a fresh round of financing.
Source: Latest Business News from Times Online | 7 Apr 2009 | 8:40 am

Quarter of companies globally set to freeze pay: survey

HONG KONG (Reuters) - A quarter of the world's companies, and 40 percent in the United States, plan to freeze salaries this year, but employees in South America and India can look forward to robust rises, a global survey shows on Tuesday.
Source: Reuters: Business News | 7 Apr 2009 | 7:54 am

Sibir begins proceedings against ex-directors

Sibir Energy, the Russian energy company, has begun High Court proceedings against two of its former directors over share manipulation allegations that could amount to $400 million being claimed.$
Source: Latest Business News from Times Online | 7 Apr 2009 | 7:41 am

At least 207 dead in Italy quake

Rescue workers were desperately seeking survivors under collapsed buildings after a powerful earthquake hit the area around L'Aquila in central Italy on Monday
Source: Financial Times - US homepage | 7 Apr 2009 | 7:32 am

PartyGaming in landmark US settlement

PartyGaming, the online poker and casino operator, has agreed a landmark settlement with the American authorities that could pave the way for an eventual return to the most lucrative gaming market in the world.
Source: Latest Business News from Times Online | 7 Apr 2009 | 7:25 am

Australian stocks: Market down after record rate cut

MELBOURNE - The Australian share market closed lower on Tuesday as the central bank cut interest rates to their lowest level in nearly 50 years. At the 1615 AEST close, the benchmark S&P/ASX200 index was down 50.3 points, 1.34...
Source: New Zealand Herald - Business | 7 Apr 2009 | 7:04 am

Family firm needs to stir up sales so father and son can do what they love

One Day Signs founder Robert Holton wants to pursue his 'drizzle art,' but he doesn't want to burden son Trevor. A consultant says building the firm can bring them freedom.

Robert L. Holton is happiest in the paint-spattered studio behind his One Day Signs shop in Anaheim, making the paint-dribbled pop art that is his true passion.

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

'Pitchmen' celebrates advertising as entertainment

The reality show focuses on Billy Mays, the most successful direct-response salesman in TV history. 'I cut through the noise, through the clutter,' he says. 'People want to hear the pitch.'

Billy Mays sounds tired, which is a huge relief to me. I had braced myself for the onslaught of moon-barking enthusiasm the bearded pitchman brings to his direct-response TV ads for OxiClean, Kaboom, Mighty Putty, the Awesome Auger, the Samurai Shark sharpener. The Billy Mays in those ads seems to have the same problem as the de-hibernated Austin Powers, who can't control the volume of his voice.

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

Obama administration warns of mortgage relief scams

Cases of struggling homeowners being defrauded have skyrocketed as the financial crisis has unfolded, officials say. Atty. Gen. Eric Holder says the caseload is up 400% from five years ago.

Reporting from Los Angeles and Washington David Colker -- Scams targeting struggling homeowners seeking to stave off foreclosure have skyrocketed, federal officials said Monday, disclosing that they are investigating more than 2,100 companies and have filed legal actions against an Irvine firm and three others.

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

Envisioning the post-recession economy

A nostrum we're constantly spoon-fed by pop psychologists advises getting through the bad times by thinking ahead to something better.

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

Universal health coverage in spotlight at L.A. forum

But the White House-organized event is light on details.

Even as President Obama toured Europe his administration pressed its healthcare reform campaign Monday in Los Angeles with a forum co-hosted by Gov. Arnold Schwarzenegger, who lost his bid in California to make many of the changes now on the table in Washington.

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

Family firm needs to stir up sales so father and son can do what they love

One Day Signs founder Robert Holton wants to pursue his 'drizzle art,' but he doesn't want to burden son Trevor. A consultant says building the firm can bring them freedom. ...
Source: RSS feed - channel BNPaperBusiness | 7 Apr 2009 | 7:00 am

Corporate travel is in retreat, thanks to AIG

The bailed-out insurance giant's lavish junket has led U.S. companies to cancel $1 billion in conferences so far this year.

Shamed by images of wealthy corporateers cavorting at the expense of ordinary people, U.S. companies canceled an estimated $1 billion worth of conferences in the first two months of this year and trimmed back on others.

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

Michael Page profits fall by almost a third

Michael Page, the recruitment firm that is often a bellwether for the jobs market, said this morning that its profits for the three months to March 31 were down 32 per cent on the same period last year.
Source: Latest Business News from Times Online | 7 Apr 2009 | 6:40 am

NZ stocks: Market drops nearly 1pc

A modest gain by Telecom was unable to stop the sharemarket from wiping out yesterday's gains, as stocks declined across the board following hefty losses in other markets. The benchmark NZSX-50 index closed down 20.97 points, or...
Source: New Zealand Herald - Business | 7 Apr 2009 | 6:17 am

Currency: Dollar retreats from three-month highs

The New Zealand dollar retreated further from recent three-month highs after a weak business survey and rate cut from the Reserve Bank of Australia today. By 5pm, the kiwi was at US58.27c from US59.40c late yesterday afternoon,...
Source: New Zealand Herald - Business | 7 Apr 2009 | 5:41 am

Archer Daniels Midland project aims to bury carbon dioxide

The experiment will help determine whether storing greenhouse gases underground, or sequestration, is a viable solution for global warming.

The drillers have gnawed through a mile of rock here, almost down to a 600-million-year-old layer of sandstone where they hope to bury about 1 million metric tons of carbon dioxide -- equal to the annual emissions of 220,000 automobiles.

Source: L.A. Times - Business | 7 Apr 2009 | 4:16 am

A Franchise Fix for Recession Blues?

In these days of “green” everything, human recycling is hot too. Thanks to layoffs, there’s no shortage of slightly used, perfectly good people hunting for work. Take Jon McIntosh. In 2007 the 51-year-old mortgage banker found himself downsized for the fifth time in his career and decided it would be his last. Looking to “do something worthwhile and lasting,” he tapped his 401(k) account for $110,000 and opened up a business providing home health care to aging boomers — thus becoming one of America’s nearly 1 million franchise owners.

With unemployment numbers spiking, there has been a surge of interest in franchises as the next bright and shiny career option — never mind the name-tag-and-funny-hat connotations. Franchised businesses make up 11 percent of the U.S. private-sector economy and take in 41 percent of every retail dollar spent. This January the International Franchise Expo in Miami, where franchisors go to show a little leg and lure some new operators, remained a hot ticket. The temptation to the entrepreneurially inclined is understandable: be your own boss with a proven brand, all the training you need, financing help and a big hand with marketing.

In past recessions, the number of franchises has actually grown faster than it has in good times, says Steve Olson, publisher of Franchise Update Media Group. Indeed, the number of franchised establishments grew at a faster pace than many other sectors of the economy from 2001 to 2005, expanding by more than 18 percent to 900,000. And the perception of franchising as a safer choice has been a big factor driving that kind of growth. Companies that lease out franchises like to tell entrepreneurs that they’re three times more likely to make it by being a franchisee than by going solo. But even some franchise owners suspect that statistic may be more legend than fact. One study, by Wayne State University professor Timothy Bates, indicated that there is absolutely no difference in the success rate or longevity of independent entrepreneurs versus franchises. Franchise obsessives can argue about this stuff for hours.

Bulls and bears agree that it costs money to make money. Franchise fees—the onetime charge you pay up front for the privilege of tapping the brand—range from as little as $5,000 to $50,000. After that, the franchisee typically pays a royalty of 3 to 8 percent of annual gross sales. But the bigger hit comes in start-up working capital: The buyer may need as much as $350,000 for the first three months to cover equipment, leases and other starting costs, according to Mark Kiekenapp, who owns LA Sunset Tans and has been active in franchising for 20 years. If that sounds daunting, there are cheaper options: Some home-based businesses in party planning, business coaching and trophy making, for example, require a total investment of less than $100,000.

Olson, a trade journalist who covers the franchise world, predicts that the numbers of new franchisees will explode in this recession — provided that would-be Subway shop and U-Haul lot owners can get financing. That remains a big if. With homeowner equity down and bank-loan criteria stiffened, the number of Small Business Administration–backed loans has fallen by 56 percent since Oct. 1, compared with the year-earlier period. In a tight lending climate, notes Olson, “without a proven concept, you are dead in the water.”

If you’ve got the nerve, you can leave the banks out of the financing picture. Although the maneuver has ruffled some feathers at the IRS, it’s legal to roll your retirement assets over into a franchise. To do so, you basically start the You Corporation, use your savings to buy stock in You, and then use the cash you’ve “raised” to start up your business. Unlike people who tap their IRAs early to, say, buy a new sailboat, folks who make this move don’t have to pay taxes on the rollover. McIntosh liquidated his stock and bond portfolio to start his BrightStar Healthcare franchise. (One nice side effect: He got out of the market before last year’s big downturn. “It was dumb luck,” he says.) Ideally—okay, very ideally—he’ll build a business profitable enough to shore up his retirement savings later.

With today’s depressed account levels, raiding a 401(k) plan likely means selling low. But for some, the loss is worth it for a new start. Deborah Jack, 49, a former Wall Streeter, recently found herself reorganized out of a high-paying job after 20 years in the industry. Jack had a sizable holding of AT&T stock that she saw shrink by more than half. But she sold anyway, and the $10,000 in proceeds helped her open a Fetch! Pet Care franchise in Fort Lee, N.J. She works out of her home, manages 25 pet-sitters, walkers and groomers, and says she turned a profit her first year. “I figure people will cut back on other things before they cut back on pet care,” says Jack.

Some franchise ideas, of course, are more recession-resistant than others. Cellphone stores, anything to do with senior care, and specialty cleaning services like the ones insurers hire for mold remediation are reasonably resilient, according to Olson. Other possibilities include greenish enterprises, like Cleveland-based USA Insulation, which retrofits homes to be energy-efficient. Less promising: video gaming, food and anything fad-driven.

With over 3,000 companies licensing franchises across 75 industries, someone who’s franchise-curious may need help narrowing choices. Franchisesolutions.com is an advertising-supported site that’s a good place to start. You could also turn to FranchiseMart, a chain of brick-and-mortar stores that offers “pressure-free guidance” on 100 possible franchise opportunities. If you enjoy those Russian dolls-within-dolls, there’s also this option: You can buy a franchise to open a FranchiseMart and help other people open franchises.

With the economy in so much trouble, even some franchise chains are having their own blue-light specials. Emerald City Smoothies will now give a free kiosk (normally a $20,000 charge) to anyone who plunks down their $30,000 fee to open up a store. Pizza Inn recently announced it would slash its royalty payments during a franchisee’s first full year of operation. Budget Blinds will refund its $15,000 fee if a new partner isn’t able to produce $750,000 in gross sales over three years. Some franchises are even offering 12-month, zero percent financing to open a store.

Scratch the surface of this coziness, however, and it becomes clear that many franchisees have as many conflicts with their parent companies as plain old wage-slave employees have with their bosses. Just as with the local stereo dealer, for example, a franchise borrower who misses a payment for any reason can get socked with 28 percent interest and penalties. Rub franchisors the wrong way, warns Susan Kezios, president of the American Franchisee Association, and they can tie you to contract provisions that restrict your ability to purchase supplies. In some cases, they even have access to assets in your bank account.

Kezios’s best advice for newbies: Find a lawyer who specializes in franchisee contracts. “If a franchisor is giving you a free ride,” she says, “be certain they’ll get it out of you some way down the road.”

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 | 7 Apr 2009 | 4:00 am

Futures Dip as Traders Await Earnings (Market Update)

News at a Glance

• Ready, Aim, Report: Earnings season begins after close.
• Weak Signals: Stock futures drift lower on bank worries.
• No Deal: BofA gets offers for Merrill private equity.
• Horseless Carriage: GM and Segway unveil new urban vehicle.

The Lowdown

The threat of greater losses at the world's financial insitutions left Wall Street cold Tuesday.

Stocks looked to open lower, as traders frowned on a report on toxic assets and awaited the unofficial start to earnings season. Shortly after 8 a.m., Dow, Nasdaq and S&P 500 futures were trading below fair value.

The financial sector will be under early pressure after a report that the financial system's toxic assets could hit $4 trillion. The article, which appeared in the Guardian, cited data from a forecast the International Monetary Fund plans to release on April 21.

Earnings seaon gets underway when alumninum giant Alcoa (AA) releases its Q1 results after the closing bell. Analysts predict the firm's loss will have widened to 57 cents a share, up from a loss of 44 cents a share in the year-ago period.

No one expects a rosy quarter. Component firms of the S&P 500 are expected to reported an average decline of about 13.9%, according to Zack's. In addition to Alcoa, Bed Bath & Beyond (BBBY), Constellation Brands (STZ) and Family Dollar Stores (FDO) will report this week.

Nonetheless, Americans have grown more optimistic about the direction of the economy since the presidential inauguration, according to a poll conducted by The New York Times and CBS News. The poll showed an increase in the number of respondants who said they believed the country is headed in the right direction. The poll also revealed the lowest approval rating of the Republican Party of the last 25 years.

In energy, crude prices declined with the broader market. By 5:50 a.m., oil traded down 72 cents at $50.33 a barrel.

Corporate News

• General Motors (GM) and Segway unveiled a new two-wheeled urban transportation device developed as a clearner alternative to traditional cars, the firms said. Project P.U.M.A. (Personal Urban Mobility and Accessibility), which looks like passenger car of a rickshaw, is powered by a lithium ion battery and has a top speed of about 35 miles an hour.
• AIG (AIG) has attracted about six bidders interested in acquiring its $100 billion asset management portfolio, The Wall Street Journal reported. Buyers have submitted bids of between $400 million and $800 million, well below the industry standard of 1% of the portfolio itself -- in this case, $1 billion. The insurer hopes to complete a transation by the end of next month.
• Merrill Lynch, now a subsidiary of Bank of America (BAC) shut down the Japanese office of the firm's private equity division, Reuters reported. Sources said the closure stemmed from a lack of deals in Japan.

The Economy

• The Februrary reading on consumer credit is scheduled to be released at 2 p.m. by the Federal Reserve. Economists expect consumer borrowing to have slipped $1.5 billion, down from a surprising $1.8 billion rise in January.

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 | 7 Apr 2009 | 4:00 am

College Decision Time: Sizing Up Financial Aid (Deal of the Day)

Attention high school seniors: It's decision time. Most colleges and universities are expecting an answer by May 1 regarding whether or not you'll be attending in the fall.

But before you pick the school with the most prestige or the hippest location, you need to take a good hard look at the financial aid you're being offered. That won't be an easy task: Financial aid packages can range from a few pages to thick packets of information loaded with complicated terms. Not only that, but even if two schools are offering you close to the same dollar amount of aid, how they are giving it to you -- in the form of "free money" such as grants and scholarships or not-so-free money like loans -- could mean a difference of thousands of dollars.

In fact, a common mistake parents and students often make is to choose the university that’s offering them the most financial aid because they think it's the best deal, says Kalman Chany, president of New York-based Campus Consultants, which provides financial aid assistance.

To help you decide, here's SmartMoney.com's guide to comparing financial aid offers:

Ask the Financial Aid Office to Translate

If you can't quite understand what it is you're being offered, you're not alone. Financial aid packages often arrive packed with acronyms and jargon that make it difficult to understand, says Edie Irons, spokeswoman for Project on Student Debt, an independent nonprofit research and policy organization based in Berkeley, Calif.

Call the university's financial aid office and ask them to explain any terms you don’t understand. Just make sure to call as soon as you get the offer so you have time to appeal for more money if necessary. As students start rejecting some admission offers, more money will open up (for a short period of time) that you could have a shot at, says Rod Bugarin, a financial aid and admissions counselor at New York-based IvyWise, an independent college-counseling company.

Is the School Weighing the Entire Cost of Attendance?

Make sure the financial aid package weighs the total cost of attending the college or university -- not just tuition and room and board. Many schools include the cost of books, supplies, transportation (for instance, the cost of roundtrip tickets between the student’s home and the school), meals and, in some cases, health insurance, says Irons. If you don’t see these costs in the financial aid package, contact the school’s financial aid office for those figures, she says.

What Kind of Aid Are You Really Getting?

Financial aid packages are made up of two types of aid: gift aid, which includes scholarships and grants, and self help, which includes student loans and work study.

Obviously, gift aid is more desirable since you don't have to pay it back, pay interest on it or work for it. When it comes to self-help aid, be wary of packages that offer to cover all of your college costs with federal student loans. While these loans come with a fairly low, fixed interest rate and don’t require any payments until after graduation, they can end up being costly. A subsidized Stafford loan for the 2009-10 academic year carries a rate of 5.6%. Should the student choose to defer the interest, it will be capitalized and tacked onto their loan balance upon graduation. Speak with the financial aid office to find out how much the loan will end up costing, what the monthly payments will be post-graduation, and how long it will probably take to pay the loan back.

Watch Out for Private Loans

Sometimes, colleges sneak private loans into their financial aid packages. To sniff them out just look for loans that aren't accompanied by the words “Stafford,” “Plus,” or “Perkins” but are described in vague terms like “university loan” or “student loan,” says Bugarin. Students should try to refrain from taking out these loans because they carry high, variable interest rates.

Students who don’t qualify for a federally-subsidized Stafford or a Perkins loan can still apply for an unsubsidized Stafford loan, which offers up to $5,500 to freshman students, regardless of their eligibility for financial aid. Also, parents may consider a Parent Loan for Undergraduate Students (PLUS), which covers all the costs of tuition and board, minus any financial aid money the student receives. With both loans, if the school is part of the direct lending program (meaning it receives loans from the federal government), you can apply through the college's financial aid office. If the school participates in the Federal Family Education Loan Program (FFELP), you’ll have to apply for the loans at a bank.

What's Your Bottom Line?

Once you've figured out the total cost to attend a school and just how much financial aid you’re getting (including any interest that you'll have to pay), it's time to calculate your out-of-pocket costs.

What you may find is that even though a private university offers a healthy chunk of financial aid, the total cost (including interest on any student loans) may make it a pricier proposition than another school (say, at a state university) offering less aid.

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 | 7 Apr 2009 | 4:00 am

5 Stocks the Rally Hasn't Reached Yet (Screens)

Stocks have rebounded mightily over the past month. The S&P 500 index is up about 20%, twice what it returns in a typical year. Investors who are clutching cash shouldn’t feel distraught. The market might tumble again, and anyhow, it’s still more than 40% below its October 2007 peak. Also, not all companies took part in the recent run-up.

Companies that sell food, drugs, cigarettes, booze and parts for used cars lagged. That makes sense. Such companies weather economic downturns well, so their stocks performed better than others until a month ago, making them less due for a rebound. For investors who want to buy into this rally but worry about being late, a safe course might be to ignore what others have bid up and consider these left-behind shares.

DaVita (DVA) serves patients with end-stage renal disease, or kidney failure. About one in 1,000 Americans must have toxins removed from their blood by a machine at least three times a week, a process called dialysis. As American’s grow older and fatter, the need for dialysis is outpacing population growth. DaVita provides dialysis services in treatment centers and homes. Its shares have multiplied sixfold in value over the past decade, but growth has recently moderated. Still, sales are expected to increase by 6% both this year and next, and profits are rising, too. The stock sells for less than 12 times forecast 2009 earnings, and while DaVita doesn’t pay a dividend it produces ample free cash and in its most recent quarter bought back more than 1% of its outstanding shares.

Spice-seller McCormick (MKC) isn’t a fast grower, as evidenced by that jar of Clinton-era celery salt you’ve yet to throw out. But falling commodity prices and more meals eaten at home are making for profit growth that, if not chili-powder hot is at least paprika perky. Earnings per share are expected to increase 7% in the company’s fiscal year ending Nov. 30. Shares fetch less than 13 times earnings and carry a 3.3% dividend yield.

Philip Morris International (PM) sells cigarettes outside the U.S., where smoking is still a growth business and lawsuit risk is smaller. Emerging-market consumers have thus far stuck with their favorite brands, the company says, but their currency isn’t cooperating. Ukraine’s hryvnia, Russia’s ruple, Turkey’s lira, Indonesia’s rupiah and Mexico’s peso, to name some key ones, have weakened against the dollar, resulting in what is forecast to be an 8% sales decline for the company this year. Still, the real reason to own Philip Morris International is the dividend. It’s 6% which, reinvested, doubles an investor’s money in 12 years if the stock goes nowhere.

Have a look if you like at these and two more past-month laggards on the table below.