World Business News Headlines for April 20, 2009

Alistair Darling urged to get a grip on soaring government spending

Alistair Darling is urged to embrace a new era of sweeping public spending cuts before a grim Budget on Wednesday that is expected to be the toughest for many years.
Source: Latest Business News from Times Online | 20 Apr 2009 | 8:00 pm

London Markets: Mineral extractors and banks pressure London shares

Mineral extractors and banks weigh on the top London index on Monday, with BHP Billiton, Anglo American and HSBC Holdings among firms trading lower.

Source: MarketWatch.com - Top Stories | 20 Apr 2009 | 11:44 am

Stock futures down on earnings caution, bank jitters

NEW YORK (Reuters) - Stock index futures pointed to a lower open on Monday with investors cautious ahead of the latest round of earnings and after Bank of America's results relied heavily on one-time items, while credit quality deteriorated markedly.

Source: Reuters: Business News | 20 Apr 2009 | 11:43 am

Europe Markets: Shares in Europe decline as banks drop

European shares moved lower on Monday, paring strong gains from the previous week with banks fronting the decline.

Source: MarketWatch.com - Top Stories | 20 Apr 2009 | 11:42 am

Indications: U.S. stock futures drop after run-up; B. of A. lower after result

U.S. stock futures slipped on Monday, with traders taking profits off the table as Bank of America kicked off a busy week of earnings reports with another better-than-expected first quarter and a flurry of acquisitions were announced.

Source: MarketWatch.com - Top Stories | 20 Apr 2009 | 11:42 am

Biz owners: 31% think stimulus hurts

Geoff Chapin, CEO of green remodeling company Next Step Living, is ready to do his part for our flailing economy. He believes that federal stimulus funds, which include $5 billion for weatherization projects, will trickle down to his Boston-based startup.
Source: Business and financial news - CNNMoney.com | 20 Apr 2009 | 11:41 am

Oracle (ORCL) Screws IBM (IBM), Buys Sun (JAVA)

Larry Ellison, who built his reputation on being bad and bold, just got badder and bolder. His Oracle (ORCL) bought Sun (JAVA) making an end-run around IBM (IBM) which has hoped to pick up the server company and was close to an offer three weeks ago. Whatever rug may have been under the IBM deal [...]

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Source: 24/7 Wall Street | 20 Apr 2009 | 11:40 am

Bank of America returns to profitability

Bank of America surprised Wall Street Monday, reporting a first quarter profit of $4.2 billion - well ahead of expectations.
Source: Business and financial news - CNNMoney.com | 20 Apr 2009 | 11:39 am

Pepsi offers $6 billion for 2 big bottlers

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 20 Apr 2009 | 11:38 am

PepsiCo offers $6 billion for bottlers

BANGALORE (Reuters) - Soft-drink maker PepsiCo offered about $6 billion on Monday to buy the shares it does not already own in its two largest bottlers, Pepsi Bottling Group and PepsiAmericas, to cut costs and secure control of its brands as growth switches to new non-carbonated drinks.

Source: Reuters: Business News | 20 Apr 2009 | 11:37 am

PepsiCo offers $6 billion for bottlers (Reuters)

Reuters - Soft-drink maker PepsiCo offered about $6 billion on Monday to buy the shares it does not already own in its two largest bottlers, Pepsi Bottling Group and PepsiAmericas, to cut costs and secure control of its brands as growth switches to new non-carbonated drinks.

Source: Yahoo! News: Business | 20 Apr 2009 | 11:37 am

Hasbro's lower profit matches Wall Street view

NEW YORK (Reuters) - Hasbro Inc , the No. 2 U.S. toy company, posted a lower quarterly profit that met Wall Street expectations on Monday, and said that the worst may be behind it.

Source: Reuters: Business News | 20 Apr 2009 | 11:36 am

Eli Lilly profit rises

NEW YORK (Reuters) - Drugmaker Eli Lilly & Co reported higher-than-expected profit on Monday as it re-valued overseas inventories because of the stronger dollar.

Source: Reuters: Business News | 20 Apr 2009 | 11:34 am

Japan banks bid for Citi's Nikko Cordial

TOKYO (Reuters) - Mitsubishi UFJ Financial Group , Mizuho Financial Group and Sumitomo Mitsui Financial Group have submitted bids to buy the Japanese retail brokerage unit of Citigroup Inc in a deal that could raise about 600 billion yen ($6 billion), five people with direct knowledge of the sale said.

Source: Reuters: Business News | 20 Apr 2009 | 11:33 am

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 | 20 Apr 2009 | 11:31 am

Bank of America profit more than doubles

NEW YORK (Reuters) - Bank of America Corp said on Monday first-quarter profit more than doubled, as higher revenue from the purchase of Merrill Lynch & Co and a one-time gain from selling shares of a Chinese bank offset a surge in credit losses.

Source: Reuters: Business News | 20 Apr 2009 | 11:30 am

Bank of America profit more than doubles (Reuters)

Reuters - Bank of America Corp said on Monday first-quarter profit more than doubled, as higher revenue from the purchase of Merrill Lynch & Co and a one-time gain from selling shares of a Chinese bank offset a surge in credit losses.

Source: Yahoo! News: Business | 20 Apr 2009 | 11:30 am

Fiat: Chrysler's Italian style

Americans could see some fresh Italian faces if Chrylser's deal with Fiat goes through.
Source: Business and financial news - CNNMoney.com | 20 Apr 2009 | 11:29 am

The new Fortune 500: Most profitable

Source: Business and financial news - CNNMoney.com | 20 Apr 2009 | 11:28 am

Tech earnings: Show me recovery

After a mixed assortment of tech sector earnings last week, the industry will face a tough test this week when sector giants IBM, Yahoo, Apple and Microsoft all report their quarterly finances.
Source: Business and financial news - CNNMoney.com | 20 Apr 2009 | 11:26 am

New buys boost Bank of America

Bank of America sees quarterly income hit $4.2bn after strong performance from Countrywide and Merrill Lynch.
Source: BBC News | Business | World Edition | 20 Apr 2009 | 11:25 am

European markets down after last week's gains (AP)

AP - European markets dipped Monday as investors booked profits from last week's gains, while Asian stocks edged higher as the Chinese premier's positive assessment of the world's third-largest economy helped soothe nerves ahead of key earnings reports from leading U.S. companies.

Source: Yahoo! News: Stock Markets News | 20 Apr 2009 | 11:25 am

At B of A, Credit Metrics Trump Earnings (BAC)

Bank of America Corporation (NYSE: BAC) is echoing the positive earnings of last week seen at other banking institutions. The stock is indicated lower on the individual credit metrics and likely on profit taking, but the earnings for the current environment are still very impressive when you consider the state of the economy from the [...]

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Source: 24/7 Wall Street | 20 Apr 2009 | 11:23 am

Stock futures extend losses after Bank of America results (Reuters)

Reuters - Stock index futures pointed to a lower open on Monday as investors looked to the latest round of earnings for proof the recession may be abating and shares of Bank of America Corp fell after it reported its quarterly results.

Source: Yahoo! News: Business | 20 Apr 2009 | 11:22 am

Stock futures extend losses after Bank of America results (Reuters)

Source: Yahoo! News: Stock Markets News | 20 Apr 2009 | 11:22 am

Six-week stock rally set to stall

U.S. stocks were poised for a lower start Monday, as investors turned their attention to the next slew of corporate results.
Source: Business and financial news - CNNMoney.com | 20 Apr 2009 | 11:22 am

Business survey shows 'recession is abating'

A key survey of leading businesses showed Monday that the nation's economy remained weak in the first quarter, but it also hinted that the decline is slowing.
Source: Business and financial news - CNNMoney.com | 20 Apr 2009 | 11:18 am

Brussels to probe seven airlines

European Commission launches two separate investigations into seven airlines, accusing them of excessive co-operation.
Source: BBC News | Business | World Edition | 20 Apr 2009 | 11:17 am

PepsiCo offers $6bn for bottling groups

The US soft drinks group has offered to buy the shares it does not already own in two bottling groups for $6bn in an effort to consolidate to market
Source: Financial Times - US homepage | 20 Apr 2009 | 11:16 am

Glaxo to buy Stiefel Labs for up to $3.6 billion

LONDON (Reuters) - GlaxoSmithKline Plc is to buy privately owned Stiefel Laboratories Inc for up to $3.6 billion to diversify its business by adding treatments for acne, dermatitis and other skin complaints.

Source: Reuters: Business News | 20 Apr 2009 | 11:08 am

Glaxo to buy Stiefel Labs for up to $3.6 billion (Reuters)

Reuters - GlaxoSmithKline Plc is to buy privately owned Stiefel Laboratories Inc for up to $3.6 billion to diversify its business by adding treatments for acne, dermatitis and other skin complaints.

Source: Yahoo! News: Business | 20 Apr 2009 | 11:08 am

Glaxo to buy Stiefel Labs for up to $3.6 billion

Gold: Traders remain bullish as hedge fund managers buy gold futures

Gold is set climb this week on speculation the decline in prices may boost demand from jewellers.
Source: Telegraph Finance | 20 Apr 2009 | 10:59 am

Euro hits one-month low under $1.30

The euro fell to a one-month low against the dollar on Monday as speculation mounted that the European Central Bank will cut interest rates next month to fight the recession, dealers said.
Source: RSS feed - channel BNewsBusiness | 20 Apr 2009 | 10:57 am

Treasury to provide nearly $30 billion in funds to AIG

American International Group on Monday says it’s reached a pact with the U.S. Treasury to swap classes of preferred shares in a deal that could give it access to nearly $30 billion in funds in return for limitations on lobbying and compensation.

Source: MarketWatch.com - Top Stories | 20 Apr 2009 | 10:56 am

Tesco steps up mobile and broadband push

U.K. supermarket giant Tesco Plc steps up its push in the mobile and Internet business, doubling the number of its in-store phone shops, in a direct challenge to Carphone Warehouse.

Source: MarketWatch.com - Top Stories | 20 Apr 2009 | 10:52 am

Polish bourse sees privatisation within six months

FRANKFURT, April 20 (Reuters) - The privatisation of the Warsaw Stock Exchange, for which four major western exchange groups have been invited to submit bids, will likely be completed within about six...
Source: RSS feed - channel BNewsBusiness | 20 Apr 2009 | 10:50 am

Intel: U.S. must go electric

When gas was topping $4 a gallon last summer, the urgency to find alternative sources of energy to power cars and trucks became clear to most Americans. But with oil prices toppling since, the push for new energy technologies is being shoved aside by the nation's other economic woes. That is a mistake that could cost the United States everything - especially if this recession is followed by a period of fast growth.
Source: Business and financial news - CNNMoney.com | 20 Apr 2009 | 10:50 am

Tech that translates docs

Everyone seems to think electronic health records are a great idea: going digital cuts down on paper storage, makes it easier to transfer patient information from one provider to another, and ultimately will enable the medical industry to create immense clinical databases. Electronic health records are a key component of the Obama Administration's stimulus plan, and dozens of corporations claim they are lined up to create more jobs when the government releases funds for digitizing medical files and other improvements to healthcare information technology.
Source: Business and financial news - CNNMoney.com | 20 Apr 2009 | 10:48 am

METALS INSIDER: Recession ? What recession ?

-- Andy Home is a Reuters columnist. The opinions expressed are his own. For more Metals Insider columns, top Reuters metals stories and third party content, please visit the free Base Metals Community...
Source: RSS feed - channel BNewsBusiness | 20 Apr 2009 | 10:48 am

Wall Street points lower ahead of earnings reports (AP)

AP - U.S. stocks are pointing lower as investors await a rush of quarterly earnings that could test the stock market's six-week rally.

Source: Yahoo! News: Stock Markets News | 20 Apr 2009 | 10:46 am

Tech Mahindra deposits funds for Satyam stake buy

HYDERABAD, India, April 20 (Reuters) - Tech Mahindra Ltd , a mid-sized Indian IT outsourcer, said on Monday it had deposited the funds needed for taking the majority stake in fraud-hit Satyam Computer...
Source: RSS feed - channel BNewsBusiness | 20 Apr 2009 | 10:45 am

Tech Mahindra deposits funds for Satyam stake buy

Magnum Updates Acquisition of U.S. Tire Landfill Operator and Prepares for New Rubber Recycling Equipment to Arrive at Magnum Magog Facility

FORT LAUDERDALE, Fla., April 20 /PRNewswire-FirstCall/ -- Magnum D'Or Resources, Inc. (OTC Bulletin Board: MDOR) releases positive news about U.S. Tire Landfill and...
Source: RSS feed - channel BNewsBusiness | 20 Apr 2009 | 10:45 am

Hasbro profit drops 47% on toy sales, dollar moves

Profit at toy maker Hasbro falls 47% during the first quarter as consumers buy fewer toys and the dollar’s strength reduces overseas revenue when brought back into dollars, the firm says Monday.

Source: MarketWatch.com - Top Stories | 20 Apr 2009 | 10:45 am

Hasbro's lower profit matches Wall St view

NEW YORK (Reuters) - Hasbro Inc , the No. 2 U.S. toy company, posted a lower quarterly profit on Monday, as sales fell due to retailers shaving their inventories to match lower demand for...
Source: RSS feed - channel BNewsBusiness | 20 Apr 2009 | 10:43 am

China Mobile's quarterly net up 5.2%; customer growth slows

China Mobile’s first-quarter net income climbs 5.2% from a year earlier, helped by continuing growth in its subscriber base, but the wireless giant acknowledges that the pace of growth has slowed.

Source: MarketWatch.com - Top Stories | 20 Apr 2009 | 10:43 am

Hong Kong property shares rise on perking demand

Shares of Hong Kong property developers jump higher amid signs that demand is rising as credit-market conditions improve.

Source: MarketWatch.com - Top Stories | 20 Apr 2009 | 10:41 am

Japan banks bid for Citi's Nikko Cordial

TOKYO (Reuters) - Mitsubishi UFJ Financial Group , Mizuho Financial Group and Sumitomo Mitsui Financial Group have submitted bids to buy the Japanese retail brokerage unit of Citigroup...
Source: RSS feed - channel BNewsBusiness | 20 Apr 2009 | 10:40 am

UPDATE 1-Japan banks bid for Citi's Nikko Cordial - sources

TOKYO, April 20 (Reuters) - Mitsubishi UFJ Financial Group , Mizuho Financial Group and Sumitomo Mitsui Financial Group have submitted bids to buy the Japanese retail brokerage unit of Citigroup Inc...
Source: RSS feed - channel BNewsBusiness | 20 Apr 2009 | 10:39 am

European stocks dip before Bank of America results (AFP)

AFP - Europe's main stock markets were sharply lower Monday, with the property sector reeling from a downbeat research note as investors awaited key results from Bank of America.

Source: Yahoo! News: Stock Markets News | 20 Apr 2009 | 10:32 am

Currencies: Euro slips as ECB chief signals rate cut; dollar trades mixed

The euro extends the previous week’s losses, as the head of the European Central Bank signals that policy makers are weighing a further rate cut and will announce new measures at its May meeting. The dollar gains on the euro and the British pound but loses ground against the Japanese yen.

Source: MarketWatch.com - Top Stories | 20 Apr 2009 | 10:31 am

UBS sells Brazil arm for $2.5bn

The Swiss bank is struggling to rebuild its brand after massive investments in risky US assets forced it to write down billions and accept government backing
Source: Financial Times - US homepage | 20 Apr 2009 | 10:30 am

Brown 'won’t be distracted from economy'

Full coverage of the Budget
Source: Latest Business News from Times Online | 20 Apr 2009 | 10:24 am

Analyst With $1.50 Price Target On Citigroup (C) Dumps On Bank Again

It is bad enough that Richard Ramsden, a Goldman Sachs analyst, has a $1.50 price target on Citigroup (C), which is less than half of where the shares trade now. Ramsden is calling for Citi’s situation to get much worse. According to Bloomberg, “Citigroup Inc.’s credit losses are growing at a “rapid rate,” undermining Chief Executive Officer [...]

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Source: 24/7 Wall Street | 20 Apr 2009 | 10:24 am

Darling '£15bn spending cuts due'

Chancellor Alistair Darling is expected to announce £15bn of spending cuts in his Budget, paid for in efficiency savings.
Source: BBC News | Business | World Edition | 20 Apr 2009 | 10:22 am

Is Business Becoming More Optimistic?

In one of the surveys about national economic prospects that grabs big headlines but may say very little about real trends, the National Association for Business Economics is saying that companies think that the recession may have bottomed. For starters, the survey is based on questions answered by 109 companies, where seems like a terribly small [...]

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Source: 24/7 Wall Street | 20 Apr 2009 | 10:11 am

UBS sells Brazil arm for $2.5bn

Switzerland's biggest bank says it will sell its Brazilian arm, UBS Pactual, back to its previous owners for $2.5bn.
Source: BBC News | Business | World Edition | 20 Apr 2009 | 10:09 am

Risk aversion boosts dollar

Global markets were in full risk-aversion mode on Monday, resulting in gains for the dollar and yen, after the world's leading policymakers warned of further economic weakness ahead
Source: Financial Times - US homepage | 20 Apr 2009 | 10:08 am

Banks Insult The Government By Lowering Lending

Banks are getting TARP money, but they are not using it to ease credit to consumers and businesses, at least to extent that taxpayers and some members of Congress believed that they should. According to The Wall Street Journal, “the biggest recipients of taxpayer aid made or refinanced 23% less in new loans in February, the [...]

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Source: 24/7 Wall Street | 20 Apr 2009 | 9:57 am

Commodities retreat in cautious trading

Commodity markets moved lower on Monday with oil falling by more than $1 a barrel while base metals staged a broad retreat.But gold was firmer as dealers awaited a slew of US earnings releases and a broad...
Source: RSS feed - channel BNPaperBusiness | 20 Apr 2009 | 9:52 am

Chinese shares boosted by Wen's comments

Shanghai shares on Monday reached their highest since the Olympics, leading the region higher as optimistic comments by Wen Jiabao, China's premier, helped momentum in the market.The Shanghai Composite...
Source: RSS feed - channel BNPaperBusiness | 20 Apr 2009 | 9:45 am

GlaxoSmithKline buys Stiefel for 3.6bn

GlaxoSmithKline the UK's largest pharmaceutical company has agreed to buy US skincare specialist Stiefel Laboratories in a 3.6bn £2.5bn deal.
Source: Telegraph Finance | 20 Apr 2009 | 9:44 am

The Uselessness Of The Fortune 500 (WMT)(XOM)

The Fortune 500, which has become one of the most useless exercises in business journalism, has been released again. It covers company financials for the year 2008. In this annual edition, Exxon Mobil (XOM) passed Wal-Mart (WMT) as the largest US company based on sales. Any investor could have made that calculation weeks ago when each company [...]

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Source: 24/7 Wall Street | 20 Apr 2009 | 9:41 am

Dr Nick Barratt from BBC's House Detectives reckons that it's a myth that inflation is a modern phenomenon

Telegraph genealogist Dr Nick Barratt 38 has presented the BBC's Who Do You Think You Are? and House Detectives. He lives alone in Surbiton.
Source: Telegraph Finance | 20 Apr 2009 | 9:39 am

GSK buying US skincare business

British drugs giant GlaxoSmithKline agrees to buy US-based skincare specialist Stiefel Laboratories for up to $3.6bn (£2.5bn).
Source: BBC News | Business | World Edition | 20 Apr 2009 | 9:37 am

If Government Converts It Bank Investments To Equity, Common Shareholders Get Killed

The federal government has come up with a new way of taking control of the nation’s largest banks without investing a dime. According to The New York Times, “Treasury Department officials now say they can stretch what is left of the $700 billion financial bailout fund further than they had expected a few months ago, [...]

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Source: 24/7 Wall Street | 20 Apr 2009 | 9:29 am

Fiat CEO goes to U.S. for Chrysler talks

MILAN (Reuters) - Fiat's chief executive has returned to the United States for talks as pressure builds to seal a partnership deal with Chrysler before the end of the month, sources at the Italian car maker said on Monday.

Source: Reuters: Business News | 20 Apr 2009 | 9:21 am

Fiat CEO goes to U.S. for Chrysler talks (Reuters)

Reuters - Fiat's chief executive has returned to the United States for talks as pressure builds to seal a partnership deal with Chrysler before the end of the month, sources at the Italian car maker said on Monday.

Source: Yahoo! News: Business | 20 Apr 2009 | 9:21 am

China Telecom profits fall by 27%

China Telecom, the country's largest fixed-line provider, is hit by consumers moving to mobile phone usage.
Source: BBC News | Business | World Edition | 20 Apr 2009 | 9:08 am

Chairman Mao Gets Into The Car Business (SNP)(PBR)(TM)(HMC)(GM)(RTP)

The Chinese government has become more aggressive about buying foreign assets. Chinese leaders recently said they would begin to make investments in Europe through their sovereign wealth fund. The country has capital available to buy assets driven down by the recession. Chinalco, China’s huge metals company, recently spent $19.5 billion buying into global mining giant Rio [...]

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Source: 24/7 Wall Street | 20 Apr 2009 | 9:00 am

Rio Tinto stands by Chinalco deal

Jan du Plessis, the new chairman of Rio Tinto, said the successful completion of Chinalco's proposed $19.5bn capital investment in the Anglo-Australian mining group would be his main priority as he took over the reins from outgoing chairman Paul Skinner
Source: Financial Times - US homepage | 20 Apr 2009 | 8:48 am

Broker downgrades hit property stocks

Property stocks were weaker on London equities markets on Monday, after a raft of broker downgrades in the sector.The FTSE 100's sustained rally over the previous week faded as investors booked profits...
Source: RSS feed - channel BNPaperBusiness | 20 Apr 2009 | 8:47 am

In Favor Of Not Firing Bank CEOs (C)(BAC)(AIG)(JPM)

The demands for the head of Citigroup (C) CEO Vikram Pandit have not ended and may rise to a crescendo again if the bank receives poor “stress test” ratings from the federal government. The drumbeat of dissatisfaction about Ken Lewis, head of Bank of America (BAC), has gone on for months. Recently, proxy advisory RiskMetrics/ISS [...]

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Source: 24/7 Wall Street | 20 Apr 2009 | 8:45 am

Heineken buys 30pc of Globe Pub Company debt

Heineken the Dutch brewing group has bought up 30pc of the senior debt in Globe Pub Company the struggling pub operator owned by Robert Tchenguiz the Financial Times reports.
Source: Telegraph Finance | 20 Apr 2009 | 8:41 am

GlaxoSmithKline buys Stiefel for $3.6 billion$

GlaxoSmithKline (GSK) has agreed buy Stiefel Laboratories, the US skincare specialist, for $3.6 billion ($£2.5 billion).
Source: Latest Business News from Times Online | 20 Apr 2009 | 8:32 am

Glaxo agrees $3.6bn Stiefel deal

The UK-based group confirmed it was to acquire the privately held US maker of skin care pharmaceuticals for roughly $3bn
Source: Financial Times - US homepage | 20 Apr 2009 | 8:24 am

Glaxo to buy Stiefel in 3.6bn deal

GlaxoSmithKline has agreed to buy Stiefel Laboratories a maker of skincare products in a deal worth up to 3.6bn.
Source: Telegraph Finance | 20 Apr 2009 | 8:14 am

AIB to raise additional €1.5bn despite bailout

Allied Irish Banks (AIB), the Republic's biggest lender, has conceded that the recently agreed €3.5 billion (£3.1 billion) capital injection from the Irish Government is insufficient and that it intends to raise a further €1.5 billion in new funding by the end of the year.
Source: Latest Business News from Times Online | 20 Apr 2009 | 8:05 am

Media Digest 4/20/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, PepsiCo (PEP) is offering $6 billion for a number of its bottlers. Reuters reports that GlaxoSmthKline (GSK) is in talks to buy Stiefel Laboratories. Reuters writes that the US may convert its bank bailout funds to equity shares. Reuters reports that Exxon (XOM) topped Wal-Mart (WMT) as the largest company in the Fortune 500. Reuters reports [...]

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Source: 24/7 Wall Street | 20 Apr 2009 | 7:59 am

AIB to raise further 1.5bn euros

Allied Irish Banks says it needs to raise a further 1.5bn euros to improve its capital base and is exploring potential asset sales.
Source: BBC News | Business | World Edition | 20 Apr 2009 | 7:38 am

Slow, fragile recovery predicted

Two reports on the state of the economy say they expect the UK to return to growth in the spring of 2010.
Source: BBC News | Business | World Edition | 20 Apr 2009 | 7:30 am

UBS sells Brazilian arm to BTG for £1.7bn

UBS the troubled Swiss bank has sold its Brazilian business for about SFr2.8bn £1.7bn to BTG Investments in an effort to reduce risk and streamline its operations.
Source: Telegraph Finance | 20 Apr 2009 | 7:14 am

Australian stocks: Market closes slightly lower

SYDNEY- The Australian share market has closed slightly lower, with losses by the major miners dragging the main indices into the red. At 1615 AEST the benchmark S&P/ASX200 index was down 7.7 points, or 0.2 per cent, at 3,769 points,...
Source: New Zealand Herald - Business | 20 Apr 2009 | 7:08 am

Glaxo said to be near deal to buy Stiefel

GlaxoSmithKline the pharmaceutical company is said to be close to completing a 3bn £2bn deal to buy Stiefel Laboratories the Wall Street Journal reported.
Source: Telegraph Finance | 20 Apr 2009 | 7:07 am

'Worst of UK recession is over,' says CBI

The CBI said today that the worst of the UK recession was over but warned that there would be no recovery until this time next year.
Source: Latest Business News from Times Online | 20 Apr 2009 | 7:04 am

Allied Irish may sell assets to raise an extra €1.5bn

Allied Irish Banks has announced on Monday it will raise an extra €1.5bn £1.3bn after Irish government stress tests found it needed to strengthen its balance sheet further.
Source: Telegraph Finance | 20 Apr 2009 | 7:01 am

Marijuana valuations in California are hallucinations

Estimates of dollars from illicit activity are notoriously fantasy-ridden. Yet state officials say a bill taxing weed could bring in more than $1 billion a year. ...
Source: RSS feed - channel BNPaperBusiness | 20 Apr 2009 | 7:00 am

Political risk is an ignored aspect of foreign investing

Unlike corporate earnings or economic growth, risk is often overlooked because it can't be reduced to a number. It's a folly that can ruin business plans, the authors of 'The Fat Tail' say.

One of the more curious aspects of portfolio investment, I have always thought, is that its practitioners have no real way of coping with political risk. They can run projections on corporate earnings or economic growth. But political risk -- however material -- cannot be reduced to a number, so it tends to get left out.

Source: L.A. Times - Business | 20 Apr 2009 | 7:00 am

'17 Again' is No. 1 at weekend box office

The film brings in $24.1 million, while the Russell Crowe movie 'State of Play' opens with $14.1 million.

Zac Efron is the latest victor, and Russell Crowe the victim, of youngsters' dominance at the box office.

Source: L.A. Times - Business | 20 Apr 2009 | 7:00 am

Studios struggle to rein in movie marketing costs

Film companies are taking such measures as hosting fewer lavish premiere parties and curtailing newspaper ads, but they're not making much of a dent because TV ad rates remain high.

You know times are getting tough in the movie business when an entourage of studio executives, instead of flying by private jet to Sacramento to attend a screening, is forced to ride-share -- to Chatsworth.

Source: L.A. Times - Business | 20 Apr 2009 | 7:00 am

Southern California office market is hammered by recession

Vacancy rates have climbed as high as 30% in some areas, and landlords have been offering deep discounts or such perks as a year of free rent as an incentive to sign leases.

Layoffs, tight credit and other fallout from the troubled economy have battered Southern California's office market, leading to vacancy rates as high as 30% in some areas.

Source: L.A. Times - Business | 20 Apr 2009 | 7:00 am

Weekend box-office results

Source: RSS feed - channel BNPaperBusiness | 20 Apr 2009 | 7:00 am

Marijuana valuations in California are hallucinations

Estimates of dollars from illicit activity are notoriously fantasy-ridden. Yet state officials say a bill taxing weed could bring in more than $1 billion a year.

The first time I heard the claim that marijuana was California's biggest cash crop, I thought nothing of it. Nor the second time, or the third.

Source: L.A. Times - Business | 20 Apr 2009 | 7:00 am

Some big banks will need more bailout funds, Obama and aides say

The 'stress tests' the financial institutions are undergoing are likely to show that some have serious problems, White House officials say, but they don't foresee any more government takeovers.

Some big banks will need more bailout bucks, President Obama and his aides said Sunday, although it is unlikely the government might need to take over any reeling institution.

Source: L.A. Times - Business | 20 Apr 2009 | 7:00 am

Weekend box-office results

Source: L.A. Times - Business | 20 Apr 2009 | 7:00 am

Flood of earnings reports may test whether stock rally will continue

Data on the housing market could also be a big force in shaping investors' attitudes.

An intense week of earnings reports will tell whether Wall Street can extend its rally to a seventh week -- or see its gains pop like a bubble.

Source: L.A. Times - Business | 20 Apr 2009 | 7:00 am

Weapons get smaller, deadlier at China Lake

Engineers at the Mojave Desert base are developing a miniature missile that can be launched from a robotic plane against terrorist targets.

A 5-pound missile the size of a loaf of French bread is being quietly tested in the Mojave Desert north of Los Angeles as the military searches for more deadly and far more precise robotic weapons for modern warfare.

Source: L.A. Times - Business | 20 Apr 2009 | 7:00 am

Ignore Twitter? Major brands learn they'd better respond -- and quick

Separate incidents involving CNN, Amazon and Domino's Pizza reveal that fluency in the evolving language of digital public relations comes easier to some companies than others.

Amazon.com Inc. shut like a book.

Source: L.A. Times - Business | 20 Apr 2009 | 7:00 am

Southern California office market is hammered by recession

Vacancy rates have climbed as high as 30% in some areas, and landlords have been offering deep discounts or such perks as a year of free rent as an incentive to sign leases. ...
Source: RSS feed - channel BNPaperBusiness | 20 Apr 2009 | 7:00 am

Studios struggle to rein in movie marketing costs

Flood of earnings reports may test whether stock rally will continue

Data on the housing market could also be a big force in shaping investors' attitudes. An intense week of earnings...
Source: RSS feed - channel BNPaperBusiness | 20 Apr 2009 | 7:00 am

Ignore Twitter? Major brands learn they'd better respond -- and quick

Exxon Mobil unseats Wal-Mart atop Fortune 500 list

The magazine, which ranks the companies by their revenue in 2008, says the oil giant took in $442.9 billion, compared with $405.6 billion for the world's largest retailer. ...
Source: RSS feed - channel BNPaperBusiness | 20 Apr 2009 | 7:00 am

Rio Tinto chairman Paul Skinner defends Chinalco deal

Paul Skinner chairman of Rio Tinto defended the firm's tieup with Chinalco to sceptical shareholders calling it the best way to get badly needed funds and playing down worries over China's influence over the miner.
Source: Telegraph Finance | 20 Apr 2009 | 6:52 am

De La Rue confirms plan to sell Camelot stake

De La Rue, the banknote printer, confirmed today that it was considering the sale of its 20 per cent stake in Camelot, the National Lottery operator.
Source: Latest Business News from Times Online | 20 Apr 2009 | 6:34 am

NZ stocks: NZ market eases on light volume

After two strong days of trading at the end of last week, the New Zealand share market sagged today on light volume. The benchmark NZSX-50 index closed down 12.467 points, or 0.46 per cent, at 2698.801. Turnover was worth just...
Source: New Zealand Herald - Business | 20 Apr 2009 | 6:27 am

AIG delays proxy filing over board reshuffle: report

(Reuters) - American International Group Inc has delayed filing its annual proxy statement as it weighs a potential reshuffle of its board, the Wall Street Journal said, citing a person familiar with the matter.

Source: Reuters: Business News | 20 Apr 2009 | 6:23 am

Budget 2009: BRC says business rate rise could cost 20000 retail jobs urges freeze

The planned rise in business rates in the Budget could destroy an extra 19300 jobs and kill off an additional 582 retail businesses a survey conducted for the British Retail Consortium suggests.
Source: Telegraph Finance | 20 Apr 2009 | 6:09 am

PepsiCo offers $6bn for bottlers

Soft drinks giant PepsiCo plans to spend $6bn to take sole control of its two largest bottling companies.
Source: BBC News | Business | World Edition | 20 Apr 2009 | 5:54 am

Currency: Dollar weaker in quiet market

The New Zealand dollar was weaker today as investors' attention turned to the Reserve Bank of New Zealand's interest rate decision on April 30. At 5pm today the NZ dollar was US56.76c from US57.10c at 5pm on Friday. It dipped to...
Source: New Zealand Herald - Business | 20 Apr 2009 | 5:49 am

Motor show gears up in Shanghai

The Shanghai motor show gets under way in China, the only major car market in the world that is expanding.
Source: BBC News | Business | World Edition | 20 Apr 2009 | 5:08 am

U.S. may convert bank bailout to equity share: report

WASHINGTON (Reuters) - Obama administration officials have determined they can avoid asking Congress for more bank bailout funds by converting existing loans to the largest U.S. banks into common stock, The New York Times reported on Sunday.

Source: Reuters: Business News | 20 Apr 2009 | 4:04 am

Profiting From Obamacare

It’s not just the banking industry that’s reeling from Washington’s maneuvers: President Obama has proposed a major overhaul of the nation’s $2.4 trillion health care system. Whether or not that’s good news for our citizenry, we’ll leave for another time. But what’s in his plan for investors?

So far, Wall Street has taken a dim view of Obamacare. Health care stocks dived after he unveiled his 2010 budget proposal, which included a $634 billion plan to slash health care costs over 10 years and eventually expand coverage to all Americans. Back in the early ’90s, when Hillarycare was in the works, the sector stayed depressed until the plan died. This time around, analysts think big changes are more likely and many stocks in the sector face a less profitable future. “Obama came out with guns blazing to change the status quo,” says S&P Equity Research biotech analyst Steven Silver.

Still, some stocks may be spared the presidential knife. Take biotechnology firms. On the surface, the news is bad: Obama wants to open their drugs to generic competition, a potential profit killer. But generic biotech drugs haven’t gained much traction in Europe, says Silver, and competition in the U.S. is several years off. So for now, biotech firms enjoy strong pricing power for all their products. One stock Silver likes: Celgene (CELG). Sales of Revlimid, a cancer drug, are growing rapidly, and the firm has a “robust pipeline,” including new drugs for psoriasis and small-cell lung cancer. The stock has been very volatile, he adds, and the company pre-announced a weaker first quarter than Wall Street expected, sending shares lower. But he still likes it long-term.

Companies that make life-sciences tools (the equipment used in research and development), meanwhile, could actually benefit from the stimulus package, which includes an additional $10 billion for the National Institutes of Health over the next few years. One such firm, Illumina (ILMN), makes DNA-sequencing equipment and generates about 85 percent of sales from academic and government-backed labs, says Leerink Swann analyst Isaac Ro. The stock isn’t cheap, trading at 42 times estimated 2009 earnings, and it's run up 20 percent since early March. But analysts expect profits to be up 30 pecent next year and revenue should rise as labs get more grant money for DNA research, says portfolio manager Frank Sustersic, who owns the stock in the Touchstone Healthcare and Biotechnology fund.

In an era of insurance cutbacks and hospital downsizing, companies that make products for nonelective procedures could do well. Rose Ott, manager of the Alger Health Sciences fund, likes Thoratec (THOR), a maker of implantable ventricular pumps for patients waiting for heart transplants. The company recently launched a new, smaller pump that’s expanding sales to a wider array of patients. And it’s seeking FDA approval to allow physicians to implant the pumps in patients who aren’t eligible for transplants—a potentially large new market. “It’s a good story,” she says. And it doesn’t look like Obama’s scalpel will cut into profits.

President Obama’s budget includes several measures to get more generics to market -- and analysts like the industry’s prospects. One potential winner:

Mylan (MYL), the world’s third-largest generic drugmaker. Mylan recently bought a major European generics business, and profits should improve as it pays down debt and cuts costs, says Morningstar analyst Brian Laegeler. The stock is up sharply from 2008 lows, including a 47 percent rise this year and investors might want to wait for a pullback before getting in, says Alger’s Ott. But she likes its long-term prospects.

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Source: SmartMoney.com | 20 Apr 2009 | 4:00 am

Stretch Your Nest Egg: Finding the Right Advice (Magazine Cover)

Editor's Note: Retirement-planning in normal times is like home maintenance—with a little bit of effort and expense, applied regularly over time, you keep your structure sound. But planning right now is like figuring out what to do after a tornado blows your kitchen and garage into the next county. Despite the market’s recent rally, many people’s nest egg portfolios remain mangled beyond recognition. In this special report, SmartMoney features advice that can help investors roll up their sleeves and rebuild.

Terry Rich thinks of himself as pretty self-sufficient. For 35 years he did sales and marketing, living out of a suitcase for weeks at a time. But when the Dayton, Ohio, native retired last summer, he realized he wasn’t sure what to do with the retirement portfolio that he and his wife, Lin, had built—and the choppier the markets got, the more uncertain he became. So for the first time, he began working with a financial adviser, Doug Kinsey. Kinsey’s first suggestion: Move Lin’s savings out of two aggressive stock mutual funds and into a bond fund. Not long afterward, the stock market went into free fall, but the Riches’ portfolio lost only about 5 percent. Terry says it’s a move that he probably wouldn’t have thought of himself. “It makes you wonder,” he says, “if we made it through all those years on pure luck.”

To an independent-minded investor, the idea that anyone needs a financial adviser may sound like heresy. And indeed, many investors can do just fine without hand-holding. In an era when even toddlers using E-Trade could make money swapping stocks (or so the ads suggested), low-fee brokerage accounts made an awful lot of sense to many people—even after the impact of the 2001 tech bubble. About one in six investors traded stocks online in 2008, according to the Securities Industry and Financial Markets Association, and the number of online accounts has risen sharply since the crash began.

Still, there’s no denying that as the market plummeted last fall, many do-it-yourselfers got hammered. Such investors often hook their wagon to a single big financial firm and invest mostly in that company’s funds, thus simplifying paperwork and keeping costs down. And some popular fund families did particularly poorly last year. At fund giant Fidelity, for example, 36 percent of the company’s funds finished 2008 in the bottom quartile of performers. Of course, plenty of investors who hired planners also had a lousy year. Recent surveys suggest that investors with advisers haven’t been any more satisfied with their performance than those without.

If anything, an adviser may offer the most help to investors who are too emotional about their financial decisions. One study by Financial Research Corp., a research firm, looked at data from 1990 through 2000 and compared investing patterns of independent investors with those getting professional advice. The do-it-yourselfers did slightly worse, mostly because they traded more frequently, trying (and failing) to time the market. Unassisted investors were also more likely to buy a fund immediately after it experienced its best performing quarter—buying high, instead of low. Shlomo Benartzi, a behavioral economist at University of California Los Angeles, says that an investor with a good adviser can be insulated from some bad investing impulses, like obsessing over short-term losses and failing to diversify. “Lots of the benefit of having a financial adviser is the hand-holding and counseling,” he says.

If Benartzi’s list of bad impulses sounds like your modus operandi, it may be time to get help. Experts say it’s often best to choose a fee-only adviser—they’re less likely to steer clients into certain funds or annuities just to earn a commission. The National Association of Personal Financial Advisors has a list at www.napfa.org that can be a good starting point. Naturally, it’s always worth talking to an adviser’s other clients to get a sense of how they work. The most useful advisers also have strong ties to tax experts and estate-planning attorneys. John Bowen, CEO of CEG Worldwide, a coaching firm for planners, suggests that investors with smaller portfolios choose an adviser who’s paid hourly, instead of compensated by taking a chunk of assets under management. As Bowen points out, the hourly fee “gives the good advisers motivation to work with you.”

Read the rest of our special report:

Source: SmartMoney.com | 20 Apr 2009 | 4:00 am

Do Weak Positive Signs Equal Strong Rally?

This week investors were greeted with less severe jumps in unemployment, better-than-expected earnings from troubled financial firms like Wells Fargo (WFC), Goldman Sachs (GS) and Citigroup (C), and a measure of consumer confidence not seen since before Lehman Brothers went under last fall. Those weren’t completely bullish signals, but they did serve for what constitutes good news these days. Nevertheless, our pundits are still having a hard time seeing any silver linings. “’Less bad’ does not necessarily mean that the economy is actually improving," wrote Gordon Fowler, chief investment officer at Glenmede.

For the last few months our pundits have been split over the state of the economy. There are experts like Fowler who are taking a wait-and-see attitude before proclaiming a recovery has begun. However, some pundits — some — have changed their tone to what we would call cautious optimism. We aren’t sure who is right, which makes reading the market tea leaves extremely difficult.

One debate is what type of recovery pattern we are in — if any at all. A V-shaped recovery — imagine a chart of the stock market that looks like the letter — would mean the U.S. would bounce out of the downturn as quickly as it entered it. A W-shaped recovery, though, would indicate more dips on the horizon.

“Key indicators — industry demand, employment, capital spending and profitability — are still declining,” says Sara Johnson of IHS Global Insight. “But the breadth of decline is narrowing. This suggests that the economy is at an inflection point."

The recent bottoming process "increases the odds economic improvement is sustainable,” says ISI founder Ed Hyman. But, he adds, there is a caveat: The U.S. financial system is “still very, very far from normal."

Thomas Lee, U.S. strategist at JPMorgan, is one of the market watchers who think stocks may be in for another dip at some point. He says the stock market has rallied, but is due for a 5% to 10% correction. “So what do we do now? It comes down to timing,” wrote Lee in a recent report. “We are feeling a bit anxious as equities have not pulled back meaningfully since March. We favor waiting for a correction rather than buying stocks here."

Source: SmartMoney.com | 20 Apr 2009 | 4:00 am

Gadget Lovers: 4 Sites That Offer Big Savings (Deal of the Day)

Getting the latest in cutting-edge consumer electronics doesn’t mean you have to pay full price -- especially not these days.

Electronics sales fell 10% in March compared with last year, according to the National Retail Federation. The drop was just the latest in an eight-month-long string of year-over-year sales declines that has forced many retailers to slash prices in order to clear their shelves, says Larry Chiagouris, a marketing professor at Pace University’s Lubin School of Business in New York City.

But hunting down deals for gadgets is much more involved than finding a sale on chicken at the supermarket. Electronics retailers tend to carefully control their sales rather than blanket shoppers with storewide 20%-off coupons, he says. Consumers are also more particular about what they're looking for than they are with other purchases. (They aren’t just searching for a computer, for example, but an HP laptop with a 15-inch screen and a 160GB hard drive.) “The category is such a sophisticated one that people cut to the chase and look for the lowest price on the exact item they want,” says Chiagouris.

The best place to start that search: online deal-hunting sites that focus on finding the latest sales and price cuts on consumer electronics.

Here are four sites that SmartMoney put to the test:

1. Dealnews.com

DealNews.com continuously posts updates with the latest in in-store and online sales, coupons and deals, says Steve Koenig, director of industry analysis for the Consumer Electronics Association, an industry group. (Click on the “tech” button at the top of the page to hide deals from other retail categories.) Users can sort deals by the time they were posted, by category or by “hotness” to see what other visitors are checking out.

Not sure how the sale stacks up? The DealWatch feature tracks prices in popular gadget categories and forecasts future sales. Check out the coupon feed to narrow your focus to the latest online codes and printout coupons. (Follow DealNews.com on Twitter here.)

Sample deal: Save 10% on Dell (DELL) Inspiron Mini 12 notebooks by using coupon code 4TZ9XWDLSKXZSM at checkout. Offer expires April 30.

2. CNET’s Shopper.com

Think of this site as one-stop shopping. Not only do users have access to extensive reviews (both by CNET's expert reviewers and other users), but it also helps them hunt down the best price, says Chiagouris. Comb the listings of the latest sales and coupons and use the site’s price-comparison feature to find the best deals on a specific model. Sign up to receive an email newsletter of the best sales and coupons that the site turns up on popular items.

Sample deal: Amazon.com (AMZN) currently has the Canon (CAJ) PowerShot SD880 for $245 -- a discount of $55 off its regular price. You’ll save 18%. (No end date listed.)

3. PriceSpider.com

This gadget-focused site offers up-to-the-minute price comparisons. Enter the specific gadget you want, and you’ll also see the median and lowest prices over recent months. Check the deals section for the discounts that other users have found, and vote for your favorites to push them higher in the listings. If the discounts you see still aren’t deep enough, set a price alert to be notified via email when a store lowers the price to the level you want. (Not all price-comparison search engines are created equal. For more of our favorites, click here.)

Sample deal: The lowest price for a Samsung LN52A650 52-inch LCD television set (regularly $2,700) was $1,800 at Fry’s. The store had dropped its price by nearly 34% just days earlier. You’ll save 31%.

4. Woot.com

Woot posts just one item per day, but its prices are typically the best around, says Koenig. A new item goes up at midnight Central Time, and is available for 24 hours or until it sells out, whichever comes first. (Follow deals on Twitter here.) Many of the offerings are discontinued or overstock electronics. Recent deals include a Pentax Optio E60 digital camera ($80 compared to B&H’s $115), a fourth-generation Apple (AAPL) 8GB iPod Nano ($100 compared to J&R Music’s $140) and a Philips 1080p DVD player ($30 compared to NewEgg.com’s $60). You’ll also occasionally see home beer-making kits, Star Wars bobble-heads and other off-the-beaten-path finds.

Sample deal: Friday’s item was the Digital Concepts AC/DC Battery Charger for $10 (plus $5 shipping). BuyDig.com sells the same device for $24 (shipping is free). You’ll save 37%.

(Looking for more coupons? View our list of all-around favorites here. We also have lists for parents and for savings on groceries.)

Source: SmartMoney.com | 20 Apr 2009 | 4:00 am

Futures Slide as Traders Brace for Earnings (Market Update)

News at a Glance

Earnings Day: IBM, Bank of America, Lilly reporting.
Braced for Trouble: Stocks look to fall after open.
Oil Retreats: Crude returns below $49 a barrel.
New Top Dog: Exxon tops Wal-Mart as Fortune 500 leader.

The Lowdown

Fear of a change in the bullish tone of earnings season has traders in sell mode early Monday.

Stocks looked to open sharply lower ahead of earnings from two Dow components and the latest reading of the Leading Index. Shortly before 6 a.m., Dow, Nasdaq and S&P 500 futures were trading sharply below fair value.

Earnings season continues to chug along this week, and Monday's session will bring results from blue-chip tech and financial players. IBM (IBM) and Bank of America (BAC) are each set to report before the opening bell. Lilly (LLY) and Hasbro (HAS) are also scheduled to report today.

Financials have been a pleasant surprise in earnings season to date. Citigroup (C), JPMorgan Chase (JPM), Goldman Sachs (GS) and Wells Fargo (WFC) have each offered surprisingly strong results.

In economic news, the March reading of the Leading Index is due out shortly after the open.

On the Nymex, oil prices declined early. By 5:49 a.m., crude traded down $1.77 at $48.56 a barrel.

World markets were a mixed bag. In Asia, Japan's Nikkei picked up 0.2%, while Hong Kong's Hang Seng rose 1.0%. In Europe, the major indexes of London, Paris and Frankfurt each declined in midday trading.

Corporate News

Pepsi (PEP) offered $6 billion to acquire the outstanding shares of its two largest independent bottlers. The firm offered $29.50 in cash and stock a share of Pepsi Bottling, which is a third owned by Pepsi, and $23.27 a share for PepsiAmerica, which is 43.2% owned by Pepsi.
Exxon Mobil (XOM) has supplanted Wal-Mart (WMT) as the top company on the annual Fortune 500 list. Exxon claimed the #2 spot, followed by Chevron (CVX), ConocoPhillips (COP) and General Electric (GE).
GlaxoSmithKline (GSK) is in talks to acquire Steifel Laboratories, Reuters reported, citing anonymous sources. A buyout would continue a trend toward industry consolidation and give GSK an instant presence in the growing field of pharmaceutical dermatology.

The Economy

The March reading of the Leading Index is scheduled to be released at 10 a.m. by the Conference Board. In February, the index fell 0.4%. For March, economists expect a 0.2% decline.

Source: SmartMoney.com | 20 Apr 2009 | 4:00 am

Exxon bumps Wal-Mart to top Fortune 500 (Reuters)

Reuters - Energy giant Exxon Mobil Corp beat discount retailer Wal-Mart Stores Inc to regain the top of Fortune magazine's list of the 500 biggest publicly traded companies, based on revenue.

Source: Yahoo! News: Business | 20 Apr 2009 | 3:42 am

Nine-day fortnight scheme to be expanded: PM

The nine-day fortnight job-saving scheme is about to be expanded so smaller companies can take part in it, Prime Minister John Key said today. At present it is limited to companies with more than 100 employees and unions want it...
Source: New Zealand Herald - Business | 20 Apr 2009 | 3:30 am

ICT spend beats recession, up to $19.3bn

New Zealand computer and communication equipment buyers have not been put off by the recession, with new figures showing a 3 per cent rise in ICT sales during the 2008 financial year. Statistics NZ said this morning that $19.3...
Source: New Zealand Herald - Business | 20 Apr 2009 | 3:00 am

Budget to tighten Govt spending

Prime Minister John Key is planning to tighten the belt on government spending, not loosen it, in the Budget next month. The government has decided against any fresh fiscal stimulus in the May 28 Budget because it cannot afford...
Source: New Zealand Herald - Business | 20 Apr 2009 | 2:30 am

Creech to join NZ Windfarms

Former cabinet minister Wyatt Creech is to join the board of NZ Windfarms Ltd from May 1. The company has developed the Te Rere Hau Wind Farm near Palmerston North. Creech formerly represented the Wairarapa region for the National...
Source: New Zealand Herald - Business | 20 Apr 2009 | 2:20 am

Unemployment rate on the rise

New Zealand's unemployment rate has been revised up 0.1 percentage point to 4.7 per cent, as a result of an update to take into account latest population estimates. Statistics New Zealand (SNZ) said today that it had revised series...
Source: New Zealand Herald - Business | 20 Apr 2009 | 2:00 am

Nathans Finance directors get Feb court date

Four Nathans Finance directors will face a depositions hearing in February next year. Mervyn Doolan, John Hotchin, Donald Young and Roger Moses are all facing criminal and civil charges relating to Nathan's Finance, a company which...
Source: New Zealand Herald - Business | 20 Apr 2009 | 1:57 am

Plus SMS seeks approval to raise up to $7.5 million

Plus SMS is seeking shareholder support to raise up to $7.5 million through the issue of convertible notes and a share placement. The company said today it needed cash resources to fund its working capital and growth aspirations. A...
Source: New Zealand Herald - Business | 20 Apr 2009 | 1:30 am

Zuma wins backing from Mandela

Just days ahead of his near-certain victory in South Africa's elections, Jacob Zuma pledged radical social improvements for the poor and said that the governing ANC would uphold the independence of the country's judiciary
Source: Financial Times - US homepage | 19 Apr 2009 | 11:08 pm

Government prepares to give more state help as industry recovers from global recession

French-style industrial activism should become the way forward for Britain's post-recession economy, according to an industrial strategy to be unveiled by the Government today. New Industry, New Jobs comes two days before the Budget and urges greater state assistance for industries such as biotechnology, high-tech manufacturing, green technology, advanced materials and carbon capture and storage.
Source: Latest Business News from Times Online | 19 Apr 2009 | 11:00 pm

Ed Miliband to back power supply from clean coal

Mounting fears within government circles that Britain’s utilities are poised for a new dash for gas – increasing the country’s future power dependence on fuel imports from Russia – has persuaded Ed Miliband, the Energy and Climate Change Secretary, to back funding for a second clean coal demonstration power plant.
Source: Latest Business News from Times Online | 19 Apr 2009 | 11:00 pm

As Robert Dyas steps back from the brink, can they fix it?

Robert Dyas is the sort of place that middle-aged dads like to go on a Saturday afternoon, a refuge, somewhere to hide while the rest of the family roams the high street in search of clothes and shoes. It was also a darling of the private equity world, sought after as spendthrift investors hit the shops. And now it is picking up the pieces after its very own DIY disaster.
Source: Latest Business News from Times Online | 19 Apr 2009 | 11:00 pm

Social network sites offer a new opportunity for retailers

There are some bright people who are changing the way that we in retail do business. Most are young and virtually all use Facebook, YouTube or LinkedIn. Many also use Twitter, which has more than six million users. Starbucks and Nike are two of a growing number of brands that “tweet”.
Source: Latest Business News from Times Online | 19 Apr 2009 | 11:00 pm

Europe's rich rush for hedge fund exits

High net worth individuals last year accounted for 80 per cent of hedge fund redemptions
Source: Financial Times - US homepage | 19 Apr 2009 | 10:31 pm

Carlyle to stop using 'finders'

The buy-out group has decided to stop using placement agents to solicit money from public pension funds following the indictment of a figure to whom it paid finder's fees
Source: Financial Times - US homepage | 19 Apr 2009 | 10:31 pm

GM could sell Opel stake for zero gain

General Motors, which is running short of cash in Europe, could part with a controlling stake in Opel/Vauxhall if an investor were to pay €500m into a new company formed from its European operations
Source: Financial Times - US homepage | 19 Apr 2009 | 10:31 pm

US to put conditions on Tarp repayment

Strong banks will be allowed to repay bail-out funds they received from the US government but only if such a move passes a test to determine whether it is in the national economic interest, a senior administration official has told the Financial Times
Source: Financial Times - US homepage | 19 Apr 2009 | 10:31 pm

Earnings deluge may stall Wall Street rally (Reuters)

Reuters - A torrent of earnings this week threatens to swamp Wall Street's impressive rally, as results so far have shown the corporate outlook remains murky and investors worry that better-than-expected results from banks still don't prove the sector is stable.

Source: Yahoo! News: Stock Markets News | 19 Apr 2009 | 9:44 pm

Flood of earnings will test market's 6-week run (AP)

AP - An intense week of earnings reports will tell whether Wall Street can extend its rally to a seventh week or see its gains pop like a bubble.

Source: Yahoo! News: Stock Markets News | 19 Apr 2009 | 6:17 pm

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