Wall Street set for modestly lower open (AP)

AP - Wall Street is poised for a modestly lower opening Wednesday amid fresh signs the economy is still struggling.

Source: Yahoo! News: Stock Markets News | 15 Apr 2009 | 1:12 pm

US consumer prices fall in March

US consumer prices fell in March and recorded their first annual drop since 1955, official figures show.
Source: BBC News | Business | World Edition | 15 Apr 2009 | 1:11 pm

Dollar firms after inflation data

The dollar continued to strengthen against its competitors on Wednesday as a stuttering performance from global equities and the release of key economic data boosted demand for the US currency
Source: Financial Times - US homepage | 15 Apr 2009 | 1:07 pm

Peabody Tanking Coal (BTU, KOL)

For the first quarter of 2009, Peabody Energy Corp. (NYSE:BTU) has reported EPS of $0.63 on revenue of $1.46 billion from 59.6 million tons of coal sold. Analysts estimates averaged an EPS of $0.93 on $1.62 billion in revenue.  The reaction here is enough that it is affecting the Market Vectors Coal ETF (NYSE: KOL). Operating [...]

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Source: 24/7 Wall Street | 15 Apr 2009 | 1:05 pm

Consumer prices fall as energy demand slumps

WASHINGTON (Reuters) - U.S. consumer prices fell unexpectedly in March and recorded their first annual drop since 1955, government data showed on Wednesday, as slumping demand pushed down energy and food costs.
Source: Reuters: Business News | 15 Apr 2009 | 1:03 pm

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.

Source: MarketWatch.com - Top Stories | 15 Apr 2009 | 1:01 pm

Consumer prices fall as energy demand slumps (Reuters)

Reuters - U.S. consumer prices fell unexpectedly in March and recorded their first annual drop since 1955, government data showed on Wednesday, as slumping demand pushed down energy and food costs.
Source: Yahoo! News: Business | 15 Apr 2009 | 12:57 pm

OPEC: Global oil demand falls further

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 15 Apr 2009 | 12:55 pm

Piper Jaffray posts first-quarter loss

Piper Jaffray Co. reports that its first-quarter net loss widened to $2.7 million, or 17 cents a share, from a loss of $1.4 million, or 9 cents a share, in the year-ago period.

Source: MarketWatch.com - Top Stories | 15 Apr 2009 | 12:52 pm

Economic Report: U.S. March consumer prices fall 0.1% on lower energy prices

Led down by lower energy prices, overall U.S. consumer prices fell a seasonally adjusted 0.1% in March, matching analysts’ expectations, the Labor Department reported Wednesday.

Source: MarketWatch.com - Top Stories | 15 Apr 2009 | 12:49 pm

Intel posts lower 1st-quarter profit, is cautious on 2nd quarter

Intel Corp. reported lower sales and earnings for the first three months of 2009 and gave a cautious outlook for its second quarter, disappointing investors.

Source: MarketWatch.com - Top Stories | 15 Apr 2009 | 12:48 pm

S&P, Dow futures pare losses after data (Reuters)

Reuters - S&P 500 and Dow futures pared losses on Wednesday after a better-than-expected report on manufacturing activity in New York State, while CPI data showed a downturn in prices.

Source: Yahoo! News: Business | 15 Apr 2009 | 12:47 pm

S&P, Dow futures pare losses after data

NEW YORK (Reuters) - S&P 500 and Dow futures pared losses on Wednesday after a better-than-expected report on manufacturing activity in New York State, while CPI data showed a downturn in prices.
Source: Reuters: Business News | 15 Apr 2009 | 12:47 pm

S&P, Dow futures pare losses after data (Reuters)

Reuters - S&P 500 and Dow futures pared losses on Wednesday after a better-than-expected report on manufacturing activity in New York State, while CPI data showed a downturn in prices.

Source: Yahoo! News: Stock Markets News | 15 Apr 2009 | 12:47 pm

Consumer prices in 1st annual drop since '55

A key index of prices paid by consumers registered its first annual decline since 1955, the government said Wednesday.
Source: Business and financial news - CNNMoney.com | 15 Apr 2009 | 12:46 pm

Pound rises above 1.50 for first time since January

The pound rose above 1.50 for first time in three months boosted by figures showing the pace of decline in UK house prices had slowed.
Source: Telegraph Finance | 15 Apr 2009 | 12:43 pm

Before the Bell: Intel, Goldman Sachs, Abbott Laboratories in focus

U.S. stock futures declined Wednesday, with a cautious outlook from Intel giving further ammunition to bears after two straight sessions of losses.

Source: MarketWatch.com - Top Stories | 15 Apr 2009 | 12:42 pm

Indications: U.S. stock futures slip after Intel's outlook

U.S. stock futures edged lower on Wednesday, with Intel’s cautious outlook giving further ammunition for bears after two straight losses.

Source: MarketWatch.com - Top Stories | 15 Apr 2009 | 12:39 pm

Fiat could ditch Chrysler over unions

Fiat SpA's chief executive, facing a two-week deadline to work out a partnership with Chrysler LLC, warned the troubled U.S. carmaker's unions he would ditch the idea unless they agreed to cut labor costs.
Source: Business and financial news - CNNMoney.com | 15 Apr 2009 | 12:38 pm

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

Stocks likely to trade actively on Wednesday include CSX, eBay, Goldman Sachs, Intel, Linear Technology, Lufkin, P&G, Rio Tinto, SkyWest, UBS, Yahoo and Yum.

Source: MarketWatch.com - Top Stories | 15 Apr 2009 | 12:38 pm

CPI: Businesses Not Passing Savings Down To Consumers?

The reading on inflation from the Labor Department on Consumer Price Index is out.  The CPI for March came out at -0.1% for nominal CPI and came out at +0.2% on the core CPI measurement of ex-food and ex-energy.  Despite a much lower PPI reading yesterday, Bloomberg had the consensus estimates listed as +0.2% on [...]

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Source: 24/7 Wall Street | 15 Apr 2009 | 12:36 pm

EU acts to curb Italy milk scam

The EU's anti-fraud body Olaf welcomes an Italian court ruling on a milk quota scam, which has paved the way for recovering millions of euros.
Source: BBC News | Business | World Edition | 15 Apr 2009 | 12:29 pm

Oil retreats below $50 after OPEC cuts demand forecasts

LONDON (Reuters) - Oil retreated from session highs to below $50 a barrel on Wednesday, after OPEC's latest monthly oil market report predicted a faster-than-expected drop in world oil demand.
Source: Reuters: Business News | 15 Apr 2009 | 12:25 pm

Fidelity National Financial Ups The Offering Ante (FNF)

Fidelity National Financial, Inc. (NYSE: FNF) has priced its secondary offering this morning, and the result is that it ended up selling more stock than what it had originally planned.  The title insurance, specialty insurance, claims management services and information services provider sold some 15.8 million shares of its common stock at $19.00 per share.  J.P. [...]

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Source: 24/7 Wall Street | 15 Apr 2009 | 12:24 pm

Fiat CEO warns Chrysler unions: cut costs or we walk

MILAN (Reuters) - Fiat SpA's chief executive, facing a two-week deadline to work out a partnership with Chrysler LLC, warned the troubled U.S. carmaker's unions he would ditch the idea unless they agreed to cut labor costs.
Source: Reuters: Business News | 15 Apr 2009 | 12:23 pm

Wal-Mart CEO doesn't see a quick end to recession

WASHINGTON (Reuters) - The head of Wal-Mart Stores Inc said on Wednesday that he still saw a "lot of stress" in the economy and did not anticipate a quick end to the recession.
Source: Reuters: Business News | 15 Apr 2009 | 12:17 pm

SNAPSHOT - Financial Crisis - 1205 GMT

- UBS CEO warns of Q1 loss and announces 8,700 more jobs
Source: RSS feed - channel BNewsBusiness | 15 Apr 2009 | 12:10 pm

Abbott reports higher earnings on slightly lower sales

Abbott Laboratories reported higher earnings early Wednesday on slightly lower revenue, due in part to the negative impact of a strong U.S. dollar on foreign sales.

Source: MarketWatch.com - Top Stories | 15 Apr 2009 | 12:10 pm

Oil weak as demand fears remain

The price of oil hovers just above $50 a barrel, after a drop in US retail sales renews fears of falling demand.
Source: BBC News | Business | World Edition | 15 Apr 2009 | 12:02 pm

BAA air traffic numbers slump 11.3% in March

The number of passengers flying out of Gatwick and other UK airports has plummeted as the economic crisis combined with a weak pound dissuaded thousands from travelling abroad in March.
Source: Latest Business News from Times Online | 15 Apr 2009 | 12:01 pm

Fed weighs news conferences in tranparency push

WASHINGTON (Reuters) - Officials at the U.S. Federal Reserve have discussed holding regular press briefings to help improve public understanding of unusual actions by the Fed in times of crisis, a Fed official said on Tuesday.
Source: Reuters: Business News | 15 Apr 2009 | 11:59 am

Top 10 Analyst Calls (CMG, FTO, GS, NTAP, OSG, SBUX, SYY, TK, WRI, YUM)

These are the top 10 analyst calls we have seen early this Wednesday morning from Wall Street: Chipotle Mexican Grill (CMG) Raised to Outperform at William Blair. Frontier Oil (FTO) Cut to Hold at Deutsche Bank. Goldman Sachs (GS) Cut to Neutral at JPMorgan. Network Appliance (NTAP) Raised to Buy at Merriman Curhan Ford. Overseas Shuipholding (OSG) Cut to Neutral [...]

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Source: 24/7 Wall Street | 15 Apr 2009 | 11:58 am

Abbott profit helped by special gains

NEW YORK (Reuters) - Abbott Laboratories Inc said first-quarter profit rose, fueled by one-time gains and growing demand for its Xience stent and Humira arthritis drug, but overall sales were shy of expectations.
Source: Reuters: Business News | 15 Apr 2009 | 11:55 am

UBS not Goldman Sachs gives a more realistic picture of banks' health

Goldman Sachs delivers a knockout first quarter and flags big bonuses for staff.
Source: Telegraph Finance | 15 Apr 2009 | 11:51 am

GM bonds: Big loss for small investors

Harley VanDeloo, a 69-year old retiree in Thousand Oaks, Calif., has resigned himself to losing an important piece of his retirement income: interest payments from $25,000 worth of General Motors bonds.
Source: Business and financial news - CNNMoney.com | 15 Apr 2009 | 11:51 am

UPDATE 1-Panmure sees new hires after BlueGem cash boost

* BlueGem to take 40 pct stake in 17.3 mln stg share issue
Source: RSS feed - channel BNewsBusiness | 15 Apr 2009 | 11:47 am

Fiat CEO warns Chrysler unions: cut costs or we walk (Reuters)

Reuters - Fiat SpA's chief executive, facing a two-week deadline to work out a partnership with Chrysler LLC, warned the troubled U.S. carmaker's unions he would ditch the idea unless they agreed to cut labor costs.
Source: Yahoo! News: Business | 15 Apr 2009 | 11:42 am

UBS, data weigh on world stocks (Reuters)

Reuters - World stocks were steady to weaker on Wednesday, trading off the previous session's 3-month high, while government bonds firmed as news of job cuts at Swiss bank UBS and weak data fanned economic concerns. UBS warned of a first-quarter loss of nearly 2 billion Swiss francs and said it would cut a further 8,700 jobs, weighing on other banking shares.

Source: Yahoo! News: Stock Markets News | 15 Apr 2009 | 11:40 am

UPDATE 3-Fiat CEO warns Chrysler unions: cut costs or we walk

MILAN, April 15 (Reuters) - Fiat SpA's chief executive, facing a two-week deadline to work out a partnership with Chrysler LLC, warned the troubled U.S. carmaker's unions he would ditch the idea unless...
Source: RSS feed - channel BNewsBusiness | 15 Apr 2009 | 11:39 am

UPDATE 3-Fiat CEO warns Chrysler unions: cut costs or we walk

MILAN, April 15 (Reuters) - Fiat SpA's chief executive, facing a two-week deadline to work out a partnership with Chrysler LLC, warned the troubled U.S. carmaker's unions he would ditch the idea unless...
Source: RSS feed - channel BNewsBusiness | 15 Apr 2009 | 11:39 am

Intel beats estimates

Intel Corp. said Tuesday its first-quarter profit dropped 55% amid a weak market for personal computers, but the world's largest chipmaker topped Wall Street's forecasts for earnings and revenue.
Source: Business and financial news - CNNMoney.com | 15 Apr 2009 | 11:37 am

EADS appoints Daimler CFO Uebber as new chairman

European aerospace and defense giant EADS taps Daimler AG’s CFO, Bodo Uebber, as chairman, after losing Reudiger Grube to the German railways.

Source: MarketWatch.com - Top Stories | 15 Apr 2009 | 11:37 am

Pound rises to three-month high

The pound rises above $1.50 against the dollar, its highest level since mid-January, on hopes of a housing market recovery.
Source: BBC News | Business | World Edition | 15 Apr 2009 | 11:35 am

Intel says PC market hit bottom but shares slide

SAN FRANCISCO (Reuters) - Intel Corp beat quarterly expectations and declared the worst was over for a battered tech sector, but its shares slid 5 percent after it said economic uncertainty ruled out a clear revenue forecast.
Source: Reuters: Business News | 15 Apr 2009 | 11:34 am

Sanofi makes second half-billion dollar deal in week

Sanofi-Aventis announces its second half-billion-dollar deal in a week.

Source: MarketWatch.com - Top Stories | 15 Apr 2009 | 11:33 am

Wall Street set for mixed open ahead of earnings

Wall Street appeared headed to a mixed opening Wednesday as investors prepare for another busy day of earnings and economic reports. The market is trying to rebound after falling Tuesday
Source: RSS feed - channel BNewsBusiness | 15 Apr 2009 | 11:27 am

4 job strategies for the Class of 2009

Yes, it's tough out there. If you're getting ready to graduate, you've no doubt heard, and been thoroughly depressed by, the dire statistics: The National Association for Colleges and Employers has reported that campus hiring is down (after rising annually since 2003) by 22% this year, and many college career counselors say it's worse than that, with on-campus recruiting visits declining by as much as 50%.
Source: Business and financial news - CNNMoney.com | 15 Apr 2009 | 11:24 am

Mixed start seen for stocks

U.S. stocks were set for a mixed open Wednesday as investors digested results from Intel and awaited a wave of economic readings.
Source: Business and financial news - CNNMoney.com | 15 Apr 2009 | 11:23 am

Domino's staff fired after videos of "inappropriate" behaviour

Domino's Pizza says it has fired two US employees who posted videos online of themselves "behaving inappropriately".
Source: BBC News | Business | World Edition | 15 Apr 2009 | 11:17 am

UBS cuts 8,700 more jobs

ZURICH (Reuters) - UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future.
Source: Reuters: Business News | 15 Apr 2009 | 11:16 am

Fiat CEO: Concessions or no Chrysler deal

Automaker Fiat Group SpA will walk away from a deal to take a 20-percent stake in Chrysler LLC if the U.S. automaker's unions don't agree to major cost cuts, Fiat CEO Sergio Marchionne said
Source: RSS feed - channel BNewsBusiness | 15 Apr 2009 | 11:08 am

John Doerr's oil bet is no gusher

"Borrow, buy, burn. Every part of that has got to stop" is a rallying cry for John Doerr. Sadly, Doerr's firm, Kleiner Perkins, did not consider these goals before making its investment in Terralliance Technologies. Terralliance is an oil-exploration company funded by Kleiner, Goldman Sachs, and others. It has burned through hundreds of millions of dollars, much of it borrowed, and now finds itself in serious trouble.
Source: Business and financial news - CNNMoney.com | 15 Apr 2009 | 11:05 am

Swiss bank UBS to cut 8,700 jobs

Switzerland's biggest bank says it will axe 8,700 jobs after making a £1.75bn loss in the first quarter of the year.
Source: BBC News | Business | World Edition | 15 Apr 2009 | 11:04 am

John Duffield stages comeback with launch of Hyde Park Asset Management

The veteran investor is launching his third investment group Hyde Park Asset Management from the shell of the recently imploded New Star.
Source: Telegraph Finance | 15 Apr 2009 | 11:02 am

Wal-Mart to restructure China management (AFP)

AFP - Wal-Mart, the world's largest retailer, said Wednesday it is restructuring its management in China, in measures that could lead to staff cuts.

Source: Yahoo! News: Business | 15 Apr 2009 | 10:51 am

Oil above $50 despite demand concerns

Oil prices rose above $50 a barrel Wednesday as investors shrugged off an unexpected drop in U.S. retail sales last month that suggested crude demand could remain weak amid a severe...
Source: RSS feed - channel BNewsBusiness | 15 Apr 2009 | 10:48 am

Sanofi-Aventis to buy US-based BiPar Sciences

Sanofi-Aventis SA has agreed to pay up to $500 million to buy California-based BiPar Sciences in a move to strengthen its research and development in cancer treatments, the Paris-based...
Source: RSS feed - channel BNewsBusiness | 15 Apr 2009 | 10:46 am

EADS appoints Daimler's CFO as new chairman

European aerospace giant EADS NV said Wednesday it has appointed Bodo Uebber, Daimler AG's chief financial officer, as its new chairman. Daimler, which holds a 27.5 percent stake in...
Source: RSS feed - channel BNewsBusiness | 15 Apr 2009 | 10:43 am

Air France to shed 2,500 jobs as gloom deepens

Air France announced today that it will reduce its workforce by 2,500 staff over the next two years as it responds to the global downturn in air travel.
Source: Latest Business News from Times Online | 15 Apr 2009 | 10:42 am

UBS sees $1.75B Q1 loss, to cut 8,700 jobs

UBS AG, Switzerland's largest bank, said Wednesday it expects a first quarter loss of nearly 2 billion Swiss francs ($1.75 billion) and that it will cut 8,700 jobs worldwide by the end of...
Source: RSS feed - channel BNewsBusiness | 15 Apr 2009 | 10:39 am

Wall Street's emotional bailout

To paraphrase Big Daddy Kane, investment banking ain't easy. Congress wants to cap your pay, the public wants you boiled in oil, and oh - Andrew Cuomo is waiting on line one.
Source: Business and financial news - CNNMoney.com | 15 Apr 2009 | 10:31 am

The mighty Dollar (Store)

Since losing her job at a local auto dealership last month, Ana Foley, 37, is buying less, which is bad news for stores like Macy's and J.C. Penney. But that doesn't mean she has stopped shopping. On a recent afternoon, she browsed the racks at a Family Dollar store in Peekskill, N.Y., and bought a brown tank top with decorative shirring. The price: $4. "A top like this," she says, "would have cost triple at Macy's."
Source: Business and financial news - CNNMoney.com | 15 Apr 2009 | 10:31 am

Fiat chief executive Sergio Marchionne says Chrysler tieup off unless unions take pay cut

Fiat would walk away from a tieup with US carmaker Chrysler unless unions agreed to a new lower wage deal Sergio Marchionne the chief executive of the Italian motor manufacturer said.
Source: Telegraph Finance | 15 Apr 2009 | 10:25 am

UK house prices fall 12.3 per cent

The annual pace of decline in British house prices hit 12.3 per cent in three months to February, according to the latest government data.
Source: Latest Business News from Times Online | 15 Apr 2009 | 10:16 am

World stocks mostly down as Intel omits guidance (AP)

AP - World stock markets were mostly lower Wednesday after Intel Corp., the world's biggest chipmaker, failed to provide an earnings forecast even though it posted stronger than anticipated first quarter profit.

Source: Yahoo! News: Stock Markets News | 15 Apr 2009 | 10:12 am

Big Banks Work To Crater US Housing Market (JPM)(WFC)

After all of the assistance that the government has given large banks, the least that the firms can do is extend liberal terms to homeowners to support the housing market. According to The Wall Street Journal, “Some of the nation’s largest mortgage companies are stepping up foreclosures on delinquent homeowners. That will likely lead to more Americans [...]

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Source: 24/7 Wall Street | 15 Apr 2009 | 10:05 am

Surveyors report market momentum

Interest from home buyers is starting to gain "real momentum" although sales remain low, surveyors say.
Source: BBC News | Business | World Edition | 15 Apr 2009 | 9:49 am

A New Chance For Apple (AAPL) To Gouge AT&T (T)

The deal under which AT&T (T) is the exclusive cellular carrier with rights to sell the Apple (AAPL) iPhones in the US will expire soon. The phone company believes that the partnership is essential to giving it an edge in its competition with Verizon Wireless (VOD)(VZ) and Sprint (S). So, it wants to extend its exclusivity [...]

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Source: 24/7 Wall Street | 15 Apr 2009 | 9:48 am

Fiat may walk away from Chrysler tie-up

Sergio Marchionne, Fiat's chief executive, said he was "prepared to walk" from a proposed alliance with Chrysler if the failing US carmaker did not secure cost-cutting concessions from its unions.Mr Marchionne...
Source: RSS feed - channel BNPaperBusiness | 15 Apr 2009 | 9:48 am

Fiat may walk away from Chrysler tie-up

Sergio Marchionne, Fiat's chief executive, warns that a proposed alliance with Chrysler may not happen if the failing US carmaker does not secure cost-cutting concessions from its unions
Source: Financial Times - US homepage | 15 Apr 2009 | 9:48 am

Air France-KLM to cut 3,000 jobs

Air France-KLM, Europe's biggest airline, says it plans to cut up to 3,000 jobs in the next two years through natural attrition.
Source: BBC News | Business | World Edition | 15 Apr 2009 | 9:42 am

Disclosing Bank “Stress Test” Numbers: Good Way To Cause Panic

The government is close to having the results of its “stress tests” of large US banks. It has taken the financial firms’ balance sheets and set up models for what will happen if the economy worsens. Any bank that looks weak under the circumstance of the trials will be asked to raise capital. In the current [...]

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Source: 24/7 Wall Street | 15 Apr 2009 | 9:35 am

European shares mostly drop despite upbeat Obama (AFP)

AFP - European stocks mostly fell Wednesday after overnight losses on Wall Street and earlier in Tokyo, despite US President Barack Obama pointing to "glimmers of hope" for the world's biggest economy.

Source: Yahoo! News: Stock Markets News | 15 Apr 2009 | 9:23 am

Tiscali auditors refuse to sign-off on accounts

The crisis at Tiscali, the UK's fifth biggest internet group, deepened today when Ernst & Young, its auditors, refused to sign-off its accounts.
Source: Latest Business News from Times Online | 15 Apr 2009 | 9:21 am

Pernod in 1bn euros rights issue

Drinks maker Pernod Ricard seeks to raise cash through a rights issue as it seeks to cut 12bn euros of debt.
Source: BBC News | Business | World Edition | 15 Apr 2009 | 9:21 am

Yahoo! (YHOO) Layoffs And Concern About Microsoft (MSFT) Deal

The deal for Microsoft (MSFT) to take over the search business owned by Yahoo! (YHOO) and pay the portal company a share of the advertising revenue in the venture is looking worse as each day passes. The assumption about a tie-up between the two companies in the search business has always been that Yahoo! could dump [...]

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Source: 24/7 Wall Street | 15 Apr 2009 | 9:16 am

French drugmaker buys cancer firm

French drugmaker Sanofi-Aventis agrees to buy cancer specialist BiPar Sciences for up to $500m (£335m).
Source: BBC News | Business | World Edition | 15 Apr 2009 | 9:11 am

FTSE 100 reverses early losses

FTSE 100 reversed losses at the start to rise above the 4000 mark again as oil and gas stocks pushed higher on firmer crude prices.
Source: Telegraph Finance | 15 Apr 2009 | 8:59 am

UBS to cut 11% of global workforce

UBS on Wednesday confirmed investors' worst fears with further heavy losses in the first quarter and a cull of more than 11 per cent of the Swiss banking group's global workforce.The steps, announced to...
Source: RSS feed - channel BNPaperBusiness | 15 Apr 2009 | 8:54 am

UBS to cut 11% of global workforce

The Swiss bank confirmed investors' worst fears with further heavy losses in the first quarter and a cull of more than 11 per cent of the Swiss banking group's global workforce
Source: Financial Times - US homepage | 15 Apr 2009 | 8:54 am

London stocks slip (AFP)

AFP - Stocks in London slid in opening trade on Wednesday as investors still remained jittery over the global economic slowdown.

Source: Yahoo! News: Stock Markets News | 15 Apr 2009 | 8:51 am

UK airport traffic tumbles as recession hits

BAA the owner of Heathrow and Gatwick airports saw passenger traffic fall for a 12th straight month in March.
Source: Telegraph Finance | 15 Apr 2009 | 8:43 am

U.S. planning to reveal data on health of top banks: report

(Reuters) - The Obama administration is drawing up plans to disclose the financial condition of the 19 biggest banks in the country, the New York Times said, citing senior administration officials.
Source: Reuters: Business News | 15 Apr 2009 | 8:39 am

Rio Tinto raises $3.5bn ahead of AGM

Rio Tinto, the Anglo-Australian mining group, has raised $3.5bn from issuing fixed rate bonds in its first debt sale since last year.The move was announced on Tuesday night, hours before Rio's management...
Source: RSS feed - channel BNPaperBusiness | 15 Apr 2009 | 8:33 am

Bernard Madoff's UK business seeks to recover Aston Martin from his brother Peter

Madoff Securities International the UKbased unit of Bernard Madoff's money management business is seeking to recover a £135000 Aston Martin car alleged to have been bought for Peter Madoff according to Bloomberg.
Source: Telegraph Finance | 15 Apr 2009 | 8:28 am

Intel (INTC) And The PC World: The Investor Feels Betrayed

Intel (INTC), which is the largest maker of PC and server chips in the world, announced earnings that beat analyst expectations. No one would have known that by looking at the collapse of the share price. The company, which has about 80% of the market for the main processors used in personal computers, is considered [...]

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Source: 24/7 Wall Street | 15 Apr 2009 | 8:23 am

Skype: Taking Junk Public

eBay (EBAY) announced that it would do an IPO of its Skype internet phone business. According to eBay’s CEO John Donahoe, “Skype is a great stand-alone business with strong fundamentals and accelerating momentum. But it’s clear that Skype has limited synergies with eBay and PayPal.” Put another way, the business does not have enough economic [...]

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Source: 24/7 Wall Street | 15 Apr 2009 | 8:14 am

Government names sites of new nuclear power stations

The 11 spots in England and Wales named this morning as the likely sites of new nuclear power stations all have historic links to the nuclear industry, it has emerged.
Source: Latest Business News from Times Online | 15 Apr 2009 | 8:12 am

Pernod Ricard launches 1bn rights issue

PARIS, April 15 - French drinks group Pernod Ricard launched a 1.04bn ($1.37bn) discounted rights issue on Wednesday as it posted a 12 per cent drop in like-for-like third-quarter sales.The world's second-largest...
Source: RSS feed - channel BNPaperBusiness | 15 Apr 2009 | 8:02 am

Rio Tinto reaffirms forecasts ahead of AGM

Rio Tinto, the world's third-biggest mining company, has reported a 15 per cent fall in first-quarter iron ore production but says it is still on course to produce around 200 million tonnes of the metal this year.
Source: Latest Business News from Times Online | 15 Apr 2009 | 7:59 am

UBS cuts 8,700 more jobs (Reuters)

Reuters - UBS made a first-quarter loss and will cut another 11 percent of staff, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future.

Source: Yahoo! News: Business | 15 Apr 2009 | 7:48 am

Intel claims PC market has 'bottomed out'

Intel claimed today that the downturn in the personal computer sector had bottomed out, even as its shares slid nearly 6 per cent after economic uncertainty prevented it from offering financial forecasts for the rest of 2009.
Source: Latest Business News from Times Online | 15 Apr 2009 | 7:35 am

Ernst & Young raises questions about future of Tiscali

The future of Tiscali was thrown into doubt on Wednesday after its auditing firm warned it would not be able to express an opinion on the 2008 accounts of the Italian telecoms provider.Ernst & Young...
Source: RSS feed - channel BNPaperBusiness | 15 Apr 2009 | 7:32 am

UBS to slash 7500 more jobs

The European bank hardest hit by the crisis announces more job cuts as it falls SFr2bn into the red in the first quarter.
Source: Telegraph Finance | 15 Apr 2009 | 7:24 am

EBay to give Skype the heave-ho through IPO in 2010

The San Jose company, which bought the Internet phone firm in 2005, says the move will enable it to focus on its core e-commerce business, which has struggled in the last year.

Taking the first steps to unwind its awkward 2005 marriage, EBay Inc. said Tuesday that it planned to spin off Internet phone service Skype through an initial public offering in 2010.

Source: L.A. Times - Business | 15 Apr 2009 | 7:00 am

Is NBC's long ratings slump over?

Encouraging numbers for two new shows give the network a glimmer of hope, though it's still in fourth place.

Cue those NBC chimes. Some viewers may snicker, but it's possible -- just possible -- that a few glimmers of hope are shining for the network whose troubles are so well known that even Jay Leno jokes about them.

Source: L.A. Times - Business | 15 Apr 2009 | 7:00 am

Intel's earnings fail to signal high-tech turnaround

The chip giant, an industry bellwether, sees first-quarter profit fall 55% and revenue drop 26%. The firm's CEO says the PC market may have hit bottom.

Semiconductor giant Intel Corp.'s first-quarter sales and profit tumbled, but the technology bellwether said Tuesday that the personal-computer market it dominates was finally stabilizing from a free fall that began last year as consumers zipped up their wallets and made do with the hardware they had.

Source: L.A. Times - Business | 15 Apr 2009 | 7:00 am

At tax time, cases like Geithner's raise pointed questions

Some taxpayers -- and even some in the IRS -- resent what appears to be a double standard that favors powerful people like Cabinet nominees. ...
Source: RSS feed - channel BNPaperBusiness | 15 Apr 2009 | 7:00 am

LAX's drop in passenger and cargo traffic has a ripple effect

Businesses including restaurants as well as shuttle and freight services suffer as the airport sees a major slowdown resulting from the recession and increased competition. ...
Source: RSS feed - channel BNPaperBusiness | 15 Apr 2009 | 7:00 am

Retail sales tumble in March, casting doubt on recovery

The unexpected drop after two months of increases sends stocks lower.

Retail sales in the U.S. unexpectedly dropped in March for the first time in three months, raising concern the biggest part of the economy may falter again heading into the second quarter.

Source: L.A. Times - Business | 15 Apr 2009 | 7:00 am

Gasoline prices in U.S. may be relatively cheap this summer

A gallon of regular gasoline is expected to average $2.23 during the April-through-September driving season, according to the Energy Information Administration.

FUEL

Source: L.A. Times - Business | 15 Apr 2009 | 7:00 am

Cable firm's pricing seems like a plan to Net extra cash

Time Warner is planning to test a consumption-based billing system in which customers 'pay more if they use more.' The tiered plan is touted as a way to address the possibility of Internet brownouts.

Time Warner Cable Inc. customers beware: If you're what the company considers a heavy Internet user, you could soon be charged as much as $150 a month for online access.

Source: L.A. Times - Business | 15 Apr 2009 | 7:00 am

Gasoline prices in U.S. may be relatively cheap this summer

A gallon of regular gasoline is expected to average $2.23 during the April-through-September driving season, according to the Energy Information Administration. ...
Source: RSS feed - channel BNPaperBusiness | 15 Apr 2009 | 7:00 am

Dow tumbles on weak retail report

The blue-chip index loses 137 points despite some better-than-expected earnings statements. Wall Street shifted...
Source: RSS feed - channel BNPaperBusiness | 15 Apr 2009 | 7:00 am

At tax time, cases like Geithner's raise pointed questions

Some taxpayers -- and even some in the IRS -- resent what appears to be a double standard that favors powerful people like Cabinet nominees.

The Treasury secretary, who oversees the IRS, initially didn't pay all his taxes. Neither did five other top nominees for the Obama administration or their spouses. Now, as tonight's tax deadline looms, some Americans are rhetorically asking: What would have happened to me if I had done the same thing?

Source: L.A. Times - Business | 15 Apr 2009 | 7:00 am

LAX's drop in passenger and cargo traffic has a ripple effect

Businesses including restaurants as well as shuttle and freight services suffer as the airport sees a major slowdown resulting from the recession and increased competition.

From its perch by the runways, the Proud Bird Restaurant offers a commanding view of Los Angeles International Airport. But these days, the jets aren't screaming by as often as they did a few years ago. ¶ The streets surrounding the airport are quieter too, as freight companies idle their cargo trucks and lay off their warehouse workers. Shuttle and parking service companies, meanwhile, are fighting for customers as never before. ¶ "It's just sad," said Elizabeth Lazcano, catering director at the Proud Bird, whose banquet halls depend on steady trade from airline worker retirement parties and group luncheons. "In my 27 years, this is the first time I've seen it this bad." ¶ It's here, in the community of businesses that surround and rely on one of the nation's largest airports -- and Asia's gateway to America -- that the effects of the global economic crisis are being felt as hard as anywhere.

Source: L.A. Times - Business | 15 Apr 2009 | 7:00 am

EBay to give Skype the heave-ho through IPO in 2010

The San Jose company, which bought the Internet phone firm in 2005, says the move will enable it to focus on its core e-commerce business, which has struggled in the last year. ...
Source: RSS feed - channel BNPaperBusiness | 15 Apr 2009 | 7:00 am

Obama says changes are needed to help recovery take hold

The president tries to keep the nation focused on a still-troubled economy as he pushes an ambitious plan to to revamp healthcare, energy, education and financial regulation.

With signs that the worst of the recession may have passed, President Obama is trying to keep the nation focused on a still-troubled economy and regain momentum in Congress for his plan to revamp healthcare, energy, education and financial regulation -- thorny issues that have long defied solution.

Source: L.A. Times - Business | 15 Apr 2009 | 7:00 am

Australian stocks: Market down five points

PERTH - The Australian sharemarket closed marginally weaker, with gains in the materials sector partially offsetting losses among financial stocks. The benchmark S&P/ASX200 was down 5.4 points, or 0.14 per cent, to 3,747.5, while...
Source: New Zealand Herald - Business | 15 Apr 2009 | 6:59 am

UBS jobless tally hits 18,000 amid rising losses

UBS has announced plans to cut an additional 7,500 jobs, taking the number of staff reductions at Switzerland’s biggest bank to more than 18,000 since the start of the credit crunch.
Source: Latest Business News from Times Online | 15 Apr 2009 | 6:31 am

NZ stocks: Shares little changed

The New Zealand share market recovered ground lost early in the session to close flat today. The benchmark NZSX-50 index closed up 0.829 points, or 0.032 per cent, at 2600.646, having been down 7.51 points in early trading. With...
Source: New Zealand Herald - Business | 15 Apr 2009 | 6:28 am

Intel says PC sales have hit the bottom

Intel the world's leading computer chip maker said sales of PCs have bottomed out as it reported betterthanexpected firstquarter results.
Source: Telegraph Finance | 15 Apr 2009 | 6:27 am

Budget 2009: will a car scrappage scheme help the motor industry turn the corner?

Chancellor Alistair Darling is considering a 'cash for bangers' scheme in next week's Budget.
Source: Telegraph Finance | 15 Apr 2009 | 6:14 am

Currency: Dollar down against US

The New Zealand dollar was weaker today after worse-than-expected US retail sales data highlighted concerns about a global economic recovery. By 5pm today the NZ dollar was buying US57.80c, down from US59.10c at the same time yesterday. Equity...
Source: New Zealand Herald - Business | 15 Apr 2009 | 5:34 am

U.S. planning to reveal data on health of top banks: report (Reuters)

Reuters - The Obama administration is drawing up plans to disclose the financial condition of the 19 biggest banks in the country, the New York Times said, citing senior administration officials.
Source: Yahoo! News: Business | 15 Apr 2009 | 5:28 am

Hackers escalate thefts of financial data

Computer hackers stole more sensitive records last year than in the previous four combined, with ATM cards and PIN information growing in popularity as targets
Source: Financial Times - US homepage | 15 Apr 2009 | 4:18 am

Back to the Future Investing

Who would have thought that a Depression-era investing style could be in vogue in 2009? But a growing group of investors are digging out their old textbooks and taking refresher courses in valuing companies based on margin of safety, current asset value and a slew of other concepts perfected 75 years ago. The market’s crash, while devastating to many people’s net worth, has created the types of bargains that drew many pros to investing in the first place—good businesses that can survive the crisis but are trading as if they’re dead. The recent rally hasn’t changed that.

These retro ideas are mostly attributed to legendary investor Benjamin Graham. After taking a beating in the 1929 stock market crash and again in 1932, Graham wanted to tweak his investing style to make money over the long run while taking a lot less risk. Graham, with the help of coauthor David Dodd, wrote down their principles in the 1934 book Security Analysis, a tome now considered a stock-picking bible by many investors, including Warren Buffett, who studied under Graham. The duo’s theories boil down to a simple goal: An investor should aim to buy $1 worth of company for a lot less than $1.

Some pros say the stock market wipeout indiscriminately crushed companies of all kinds, and they are finding more Graham-esque stocks than at any time since the 1970s. Sure, 21st-century investors have applied some tweaks to the old theories, but high-quality businesses such as Comcast are now trading at below book value, a staple metric of old-fashioned value investing. “That gives you courage when you are looking at some wormy type of situation,” says John Spears, comanager of the Tweedy, Browne Value fund.

To be sure, many investors, including Buffett, have been tripped up by this perplexing market. Last fall and winter, seemingly underpriced stocks fell even further; since then, the ups and downs of bear-market rallies have made it even harder to judge stocks’ values. But for the first time in decades, Graham-style investing is turning up some great companies that could also be great long-term investments. Below are five back-to-the-future picks.

Williams Cos. (WMB)

Judging by the price of shares, the stock market seems to be saying Williams Cos.’ exploration and processing operations, two lines of business which brought in more than $2 billion in profits last year, aren’t worth much. That makes the Tulsa, Okla.–based energy firm, in the eyes of some investors, a quintessential Graham stock, one that trades for far less than the sum of its parts. The disconnect leaves some investors flabbergasted. “I’ve never really seen these types of opportunities before,” says David Giroux, manager of the T. Rowe Price Capital Appreciation fund, which owns Williams shares.

Williams is primarily a pipeline business, but it also sits on 4.5 trillion cubic feet of natural gas. It has a so-called midstream business as well, which processes the gas and sells by-products such as propane. Clearly, those parts of Williams aren’t as valuable when natural gas is priced at around $4 per million cubic feet, like it is now, versus almost $14, where it was last summer. Still, several analysts believe that the market is not valuing the operations high enough. After all, the businesses combined still are expected to make at least $725 million in 2009.

The only business the market seems to be giving Williams credit for is its 15,000 miles of pipeline, which carries natural gas up the East Coast and through the Pacific Northwest. But even that, some investors contend, is undervalued, because the pipeline makes money regardless of energy prices. “It’s a cash machine,” says Don Wordell, manager of the RidgeWorth Mid-Cap Value Equity fund, which owns the stock.

Comcast (CMCSA)

Security Analysis was written back when television was a novelty and cable was nonexistent. But many modern-day investors feel that if Graham were around now, he might be attracted to America’s largest cable company, Comcast.

Cable is not recessionproof. In the final three months of 2008, Comcast disappointed some analysts when it added only 290,000 new subscribers, down from the 732,000 it added in the same period in 2007. But the company’s 45.6 million customers are on average paying 9 percent more per month now than they were a year ago. For all of 2008, Comcast had $2.5 billion in earnings, a 23 percent increase from 2007, on $34 billion in revenue. The profit number was impressive, but its free cash flow, or the money left after paying the bills and reinvesting in the business, was even better, rising 56 percent, to $3.7 billion. Comcast expects to grow again in 2009, Chief Financial Officer Michael Angelakis told investors in February.

The valuation itself is compelling to many fund managers. Comcast’s free-cash-flow yield, the amount of free cash it generates divided by the company’s market value, is 9 percent. That’s high on its own, but when compared with the 10-Year Treasury bond, which yields less than 3 percent, it demonstrates what Maloney calls “a heck of a margin of safety,” another Graham favorite.

Dell (DELL)

Dell has been trying to right itself after falling from its perch as the world’s largest computer maker in 2007. But just when Dell was laying the foundation for a turnaround, personal-computer sales slowed as the recession took hold. The result: Dell’s stock recently traded at its lowest level since 1997. While a low price alone doesn’t make Dell or any other stock a good deal, the Round Rock, Texas, company has $9.5 billion in cash and investments. That’s equal to $4.77 a share, or almost half its market value. “It has become so cheap, you can almost say the operations can go to zero and you could still come out ahead,” says Charlie Bobrinskoy, director of research at Ariel Investments, an asset-management firm that specializes in value investing.

That kind of math is drawing investors like Causeway Capital Management’s Sarah Ketterer. While she admits Dell’s turnaround isn’t a sure thing, she says the cash and a low debt load “gives them the financial wherewithal to take a lot of blows.” The company still holds the No. 2 spot (after Hewlett-Packard) in PCs and boasts a strong presence in data storage. Then there’s all that cash. Dell has started making small acquisitions, and some think it eventually might pick up a computer-services business. However, Dell Chief Financial Officer Brian Gladden told investors in February its plans would be “pretty conservative” in the short term, with an eye toward “liquidity and survivability.”

NV Energy (NVE)

NV Energy supplies the power to Las Vegas, but investors looking at its recent stock price might wonder if all the neon in Sin City has gone dark. The company’s shares have fallen by a third in a year, as the casino and construction booms in Vegas have turned to busts. But the market value of the firm is far less than what its power plants and other assets are worth. In Graham’s lexicon, that means NV is trading at “less than tangible book value,” one of the factors he and Dodd looked for to find undervalued companies. “It’s trading like it’s going out of business, and that’s not the case,” says Robert Becker, manager of Cohen & Steers Global Infrastructure fund, which owns the stock.

Analysts estimate the company could generate a 10 percent annual profit increase over the next several years, thanks to investments in wind turbines and other renewable energy sources. Plus, regulators are weighing in on NV’s rate hike request. While raising rates is hard during a recession, NV may have a better shot than most because of its relatively amicable relationship with Nevada and California utility regulators, says T. Rowe Price utilities analyst Steven Krichbaum. Meanwhile, NV reinstated a dividend in 2007 and, unlike many high-profile companies of late, has been raising that quarterly payout. It now has a 4 percent dividend yield.

Mitsubishi Corp. (MSBHY)

In Security Analysis, Graham and Dodd wrote about Patican Co., a conglomerate that held stakes in many miners. The stock of Patican traded at a big discount to the value of the smaller miners it owned. This was an example, the authors declared, of an undervalued stock.

That resembles the current situation of Japanese trading conglomerate Mitsubishi. The giant firm has 590 affiliates, from copper mines in Chile to a solar-power producer in Portugal (not cars, however; that’s another Mitsubishi). According to some analysts, the parent company trades well below its book price, or the value of all the smaller firms it has stakes in.

Investors have begun to notice – the stock is up more than 30 percent in the past month. But more good news could be on the way. The company has built up its cash reserves to about $14 billion to shore up its already strong balance sheet. Mitsubishi Chief Financial Officer Ichiro Mizuno told analysts in February that the company would try to sell assets to fund new investments. But despite a cautious approach, a spokesperson said Mitsubishi would not miss out on good medium- and long-term growth opportunities.

T. Rowe’s Giroux says Mitsubishi is not in as bad a shape as some other investors believe. Many of its metals and energy stakes were bought between 1998 and 2002, well before the recent commodities boom. The company is still generating cash, proving it is not wasting away. “If we sold [Mitsubishi] off in pieces, we would get substantially more than what it trades for,” Giroux says.

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Source: SmartMoney.com | 15 Apr 2009 | 4:00 am

A Silver Lining for the Laid Off? Free Stuff (Deal of the Day)

Thousands of unemployed auto workers packed Michigan’s Palace of Auburn Hills for two free "Comedy Stimulus Shows" hosted by Jay Leno last week. It was an evening of free refreshments, free parking and free laughs.

The "Tonight Show" host isn't the only one trying to lift the spirits of unemployed workers by giving stuff away. Businesses across the country are offering laid-off workers access to everything from free medical services to free college courses.

The Rabbit Hill Inn in northern Vermont, for example, is offering a free two-night stay to couples (at least one spouse must be unemployed) each month from April through July and again in November to December. Walgreens (WAG) is offering unemployed patients (and their families) free visits to its in-store clinics. (Deals like these come on the heels of another recent trend: Layoff protection plans that promise customers refunds in case they lose their job. Read more about these plans here.)

The move may not be entirely charitable on the business's part: After all, many of the unemployed workers who'll take advantage of the deals will eventually find jobs and start spending again. Plus, it's good publicity.

While some consumers may see these deals as the thinly-disguised marketing gimmicks, there are still some pretty significant deals to be had. And, in this economy, consumers should try to catch every break they can, says Paula Brantner, executive director of Workplace Fairness, a Washington, D.C.-based nonprofit that provides information about workers’ rights.

Just how "free" is it?

Buyer beware: Many of these great "free deals" require you to spend some cash first. Someone who’s just lost his income probably shouldn't be spending the money for four nights at the Recreo Costa Rica just to get a fifth night free, for instance.

Look for repeat offers

Ask businesses that offered deals in the past whether they plan on doing so again. MacCallum House Inn in Mendocino, Calif., for example, gave away a free night’s stay and held a job mixer and seminar with area recruiters on March 26. A spokeswoman says the inn will likely host a similar free event this summer.

Check eligibility requirements

Figuring out if you qualify for these freebies will require reading the fine print. Some programs have very specific requirements regarding applicants’ employment situations. To qualify for free medical services from Walgreens, patients must be unemployed and uninsured since March 31, and they must have received services at a clinic before getting laid off.

Show proof

Be prepared to show documentation of your employment status. Applicants who want to take free courses at the Oregon Institute of Technology will have to present a letter from their previous employer certifying that they worked there full time for at least six months prior to being laid off.

Here are some of the latest perks and promotions being offered to unemployed workers: