|
|
|
|
Germany to examine possible Magna stake in Opel (Reuters)Reuters - German Economy Minister Karl-Theodor zu Guttenberg said on Saturday Austrian-Canadian auto parts supplier Magna is a potential investor in General Motors' struggling German unit Opel.Source: Yahoo! News: Business | 25 Apr 2009 | 2:11 pm Germany to examine possible Magna stake in OpelBERLIN (Reuters) - German Economy Minister Karl-Theodor zu Guttenberg said on Saturday Austrian-Canadian auto parts supplier Magna is a potential investor in General Motors' struggling German unit Opel.Source: Reuters: Business News | 25 Apr 2009 | 2:11 pm Regions Financial (RF), Fifth Third (FITB), And Keycorp (KEY) Are Probably Banks That Failed Stress TestExperts have told The Wall Street Journal that they think several of the banks which failed the government’s stress tests are in the Midwest and Southeast. According to the paper, “Three people familiar with the matter said at least three banks are in this position.” Depending which states are included in those “regions”, the list of possible financial [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 25 Apr 2009 | 1:59 pm TitanStocks.com: How to Invest in Stocks and Make a FortuneHENDERSON, NV, April 25 /PRNewswire/ - In today's market, there are not many sources that people can rely on for good stock advices. Some of the best Research Analysts,...Source: RSS feed - channel BNewsBusiness | 25 Apr 2009 | 1:38 pm Four More Banks Fail: Stress Testing FDICSince four more banks have just failed, the question is bound to come up when the FDIC will run low on money and have to go begging to the Treasury. American Southern Bank, Michigan Heritage Bank, First Bank of Beverly Hills, and First Bank of Idaho all went under. These join the FDIC’s Failed Bank List According [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 25 Apr 2009 | 1:06 pm NewsWatch: G7 accentuates the positive on global economyThe top economic officials of the world's seven biggest nations say they are taking the necessary steps to get the global economy back on track and that growth should begin to recover later this year.Source: MarketWatch.com - Top Stories | 25 Apr 2009 | 1:00 pm UPDATE 4-Japan banks Shinsei, Aozora in merger talks-sources* Talks may fall apart if top shareholders oppose - NikkeiSource: RSS feed - channel BNewsBusiness | 25 Apr 2009 | 12:20 pm UPDATE 4-Japan banks Shinsei, Aozora in merger talks-sources* Talks may fall apart if top shareholders oppose - NikkeiSource: RSS feed - channel BNewsBusiness | 25 Apr 2009 | 12:20 pm Government Slips Another $2 Billion Into GM’s (GM) PocketIt makes the federal government look weak. GM (GM) got another $2 billion to stay afloat while it negotiates with the UAW and creditors. Both parties have to assume that the Treasury is doing everything it can to keep the company out of Chapter 11 including pumping what may well be good money after bad. According [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 25 Apr 2009 | 12:06 pm Auto Future: ‘The Big 3′ Becomes ‘The Big 2′ (F, GM, DAI)“The Big 3″ is now likely more than ever about to become a term of the past. Chrysler looks like it may be the first one out, and the question immediately after that is on the future of General Motors Corporation (NYSE: GM). So far, it is Ford Motor Co. (NYSE: F) which is the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 25 Apr 2009 | 12:05 pm Personal Finance Daily: The week's 10 best Personal Finance stories: April 20-24In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of April 20-24:Source: MarketWatch.com - Top Stories | 25 Apr 2009 | 12:01 pm U.S. Republican senator pushes biotech fundingWASHINGTON, April 25 (Reuters) - A Senate Republican who could prove a swing vote in the U.S. healthcare debate said on Saturday he wanted a new agency to help struggling biotech companies as part of a...Source: RSS feed - channel BNewsBusiness | 25 Apr 2009 | 11:30 am Obama urges new cost-saving initiativesUS President Barack Obama on Saturday urged workers and business to come up with creative and wide-ranging ways to cut budgets and reduce costs ahead of a forum on government reform. ...Source: RSS feed - channel BNewsBusiness | 25 Apr 2009 | 11:03 am US Treasury Secretary Timothy Geithner says he is "encouraged" by slowdown in recessionUS Treasury Sec. says economies set to "emerge from darkness."Source: Telegraph Finance | 25 Apr 2009 | 10:06 am Auto Review: A few thoughts on the state of the auto industryKeep a sharp eye on MarketWatch because in the coming week it appears likely that some major decisions will have been made regarding Chrysler’s future and Fiat’s involvement in that.Source: MarketWatch.com - Top Stories | 25 Apr 2009 | 10:01 am Auto Review: 2009 Volvo XC70 T6: A wagon with a loadIf there is one thing that Americans like less than a minivan it might be the vehicle called a station wagon.Source: MarketWatch.com - Top Stories | 25 Apr 2009 | 10:01 am UPDATE 3-SMFG in lead to buy Citigroup Japan assets-sources* SMFG wins exclusive negotiation rights for Citi Japan assetsSource: RSS feed - channel BNewsBusiness | 25 Apr 2009 | 8:23 am UPDATE 3-SMFG in lead to buy Citigroup Japan assets-sources* SMFG wins exclusive negotiation rights for Citi Japan assetsSource: RSS feed - channel BNewsBusiness | 25 Apr 2009 | 8:23 am Savers are still paying for Fed s gift to banksHave a CD maturing soon? Be prepared for serious sticker shock.Who's really bailing out the banks? Source: L.A. Times - Business | 25 Apr 2009 | 7:00 am Xerox's first-quarter profit beats Wall Street forecastsThe company, swinging from a loss, earns $42 million, or 5 cents a share, in the quarter, topping analysts' expectations by a penny. But it says slower spending continues to hurt sales.OFFICE EQUIPMENT Source: L.A. Times - Business | 25 Apr 2009 | 7:00 am Fed explains stress test processThe release of a 21-page white paper ahead of the public disclosure of how the nation s biggest banks fared is aimed at fostering transparency.Federal officials on Friday began laying the groundwork for next month's release of eagerly awaited test results on the nation's largest banks, publicly explaining the process used to determine if the institutions need more bailout money. Source: L.A. Times - Business | 25 Apr 2009 | 7:00 am Opting for prom without all the frillsHigh schoolers in this economy are tightening their cummerbunds too.Buddy, can you spare a tiara? Source: L.A. Times - Business | 25 Apr 2009 | 7:00 am Napster founder Shawn Fanning's newest brainchildHe started Rupture in 2006 to help gamers find out what their friends are playing and connect. The online service, which was sold to Electronic Arts in June, is expected to launch this summer.Mention the name Shawn Fanning, and most people still picture a kid in his dorm room at Northeastern University in Boston, cooking up Napster, a file-sharing website that let users trade songs for free and triggered a financial tsunami in the music industry. Source: L.A. Times - Business | 25 Apr 2009 | 7:00 am SEC sends 'informal inquiry' letters to two Villaraigosa appointeesL.A. Fire and Police Pensions board members Sean Harrigan and Elliott Broidy are asked for documents regarding at least three firms under scrutiny in connection with a N.Y. pension kickback scandal.An investigation of alleged pension-fund improprieties that already has entangled New York state officials, a key Obama advisor and a well-connected political consultant has now reached a Los Angeles agency that invests more than $10 billion for retired city firefighters and police officers. Source: L.A. Times - Business | 25 Apr 2009 | 7:00 am RealNetworks, Hollywood in court battle over DVD-copying softwareLawyers for the movie studios urge a federal judge to bar the company from selling its RealDVD product, arguing that it is an illegal piracy tool.Hollywood calls it "rent, rip and return" and contends that it's one of the biggest technological threats to the movie industry's annual $20-billion DVD market -- software that allows users to copy a film without paying for it. Source: L.A. Times - Business | 25 Apr 2009 | 7:00 am Housing downturn moves up to Silicon Valley mansionsHigh-end homes are staying on the market longer. One seller cuts his asking price from $45 million to $38 million, but he can afford to wait.Reporting from Los Angeles and Los Altos Hills, Calif. -- The housing slump has reached even the wrought-iron gates of Silicon Valley's great estates, where the rich and sometimes not-so-famous are having to adjust their thinking and their asking prices. Source: L.A. Times - Business | 25 Apr 2009 | 7:00 am Ford loses $1.4 billion but beats expectationsThe automaker repeats it won't need a bailout while GM gets another government cash infusion and rumors suggest bankruptcy awaits Chrysler.Amid swirling rumors about the fate of the U.S. auto industry, Ford Motor Co., the only domestic carmaker not to rely on federal aid, reported a first-quarter loss of $1.4 billion, bettering analysts' expectations. Source: L.A. Times - Business | 25 Apr 2009 | 7:00 am RealNetworks, Hollywood in court battle over DVD-copying softwareLawyers for the movie studios urge a federal judge to bar the company from selling its RealDVD product, arguing that it is an illegal piracy tool. ...Source: RSS feed - channel BNPaperBusiness | 25 Apr 2009 | 7:00 am Wall Street finds little stress in 'stress tests'NEW YORK -- Investors set aside some of their worries about banks and the economy today after the government unveiled its methods for testing the health of banks.Source: RSS feed - channel BNPaperBusiness | 25 Apr 2009 | 7:00 am Xerox's first-quarter profit beats Wall Street forecastsThe company, swinging from a loss, earns $42 million, or 5 cents a share, in the quarter, topping analysts' expectations by a penny. But it says slower spending continues to hurt sales. ...Source: RSS feed - channel BNPaperBusiness | 25 Apr 2009 | 7:00 am SEC sends 'informal inquiry' letters to two Villaraigosa appointeesL.A. Fire and Police Pensions board members Sean Harrigan and Elliott Broidy are asked for documents regarding at least three firms under scrutiny in connection with a N.Y. pension kickback scandal. ...Source: RSS feed - channel BNPaperBusiness | 25 Apr 2009 | 7:00 am Opting for prom without all the frillsHigh schoolers in this economy are tightening their cummerbunds too. Buddy, can you spare a tiara?Source: RSS feed - channel BNPaperBusiness | 25 Apr 2009 | 7:00 am 2 grocery workers union locals to mergeMembers of UFCW Local 1036 will join Local 770 to form the union's largest chapter in the nation. Two Southern...Source: RSS feed - channel BNPaperBusiness | 25 Apr 2009 | 7:00 am CBS chief Leslie Moonves' salary dropped in 2008Overall compensation, including stock and option awards, was valued at about $32 million, compared with $36.8 million in 2007. ...Source: RSS feed - channel BNPaperBusiness | 25 Apr 2009 | 7:00 am Fed explains stress test processThe release of a 21-page white paper ahead of the public disclosure of how the nation s biggest banks fared is aimed at fostering transparency. ...Source: RSS feed - channel BNPaperBusiness | 25 Apr 2009 | 7:00 am News Corp. names Owen Van Natta CEO of MySpaceThe former Facebook executive, who will replace MySpace co-founder Chris DeWolfe, has the task of reinvigorating the social-networking site and rebuilding its ad revenue. ...Source: RSS feed - channel BNPaperBusiness | 25 Apr 2009 | 7:00 am Ford loses $1.4 billion but beats expectationsThe automaker repeats it won't need a bailout while GM gets another government cash infusion and rumors suggest bankruptcy awaits Chrysler. ...Source: RSS feed - channel BNPaperBusiness | 25 Apr 2009 | 7:00 am MSFG wins priority in talks to buy NikkoSumitomo Mitsui Financial Group (SMFG) has been granted preferential negotiating rights to buy Nikko Cordial Securities from US financial giant Citigroup, according to news reports. SMFGSource: RSS feed - channel BNewsBusiness | 25 Apr 2009 | 5:11 am China bans foreign firms from express mail marketChina's parliament has revised the nation's postal law in a move that will ban foreign delivery companies from handling domestic express mail, state press reported Saturday. The revised...Source: RSS feed - channel BNewsBusiness | 25 Apr 2009 | 5:07 am Canada union: Tentative deal reached with ChryslerCanadian Auto Workers negotiators have reached a tentative new labor deal with Chrysler, a union official said Friday. The deal would save Chrysler about $240 million Canadian ($198...Source: RSS feed - channel BNewsBusiness | 25 Apr 2009 | 4:20 am Market Snapshot: Stocks ride earnings wave of mostly upbeat resultsWith the peak of first-quarter earnings seasons ahead, corporate America has so far exceeded the rather low bar set by Wall Street, helping fuel the stock market's recent bursts of optimism.Source: MarketWatch.com - Top Stories | 25 Apr 2009 | 4:01 am Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trade in Monday's session are Verizon Communications Inc., Humana Inc. and Qualcomm Inc.Source: MarketWatch.com - Top Stories | 25 Apr 2009 | 4:01 am Chrysler, CAW in tentative deal, GM draws $2 billion (Reuters)
Source: Yahoo! News: Business | 25 Apr 2009 | 2:50 am Chrysler, CAW in tentative deal, GM draws $2 billionDETROIT/WASHINGTON (Reuters) - Chrysler won a round of concessions from its Canadian union on Friday while General Motors Corp soaked up $2 billion more in U.S. government aid and Ford Motor Co posted a narrower-than-expected loss that sent its shares soaring.Source: Reuters: Business News | 25 Apr 2009 | 2:50 am GM to pull the plug on PontiacGeneral Motors is preparing to announce that the Pontiac car brand, once marketed as GM's "Excitement division," will be killed off, according to a source familiar with the decision.Source: Business and financial news - CNNMoney.com | 25 Apr 2009 | 2:39 am Is the bank stress test stressful enough?Guidelines revealed Friday renew questions about whether the government's stress tests are stressful enough to account for the losses that might hit banks in a deepening downturn.Source: Business and financial news - CNNMoney.com | 25 Apr 2009 | 2:30 am Wall St: Note of optimism at week's endThe US sharemarket ended the week on an upward note, although prices overall were still down for the week. Investors set aside some of their worries about banks and the economy after the US government unveiled its methods for testing...Source: New Zealand Herald - Business | 25 Apr 2009 | 2:30 am G7 signals worst of world recession may be overWASHINGTON (Reuters) - Finance chiefs from the G7 powers said on Friday the global economy may be past the worst phase of a recession although recovery was not yet assured, and they pledged to make sure that big financial firms are sound.Source: Reuters: Business News | 25 Apr 2009 | 2:19 am G7 signals worst of world recession may be over (Reuters)Reuters - Finance chiefs from the G7 powers said on Friday the global economy may be past the worst phase of a recession although recovery was not yet assured, and they pledged to make sure that big financial firms are sound.Source: Yahoo! News: Business | 25 Apr 2009 | 2:19 am Fed will seek bank capital increaseSome of the country's biggest banks will be asked to raise more capital by US authorities following the completion of bank stress tests, senior Federal Reserve officials saidSource: Financial Times - US homepage | 25 Apr 2009 | 2:18 am Chrysler reaches key Canada labor accordRead full story for latest details.Source: Business and financial news - CNNMoney.com | 25 Apr 2009 | 2:11 am U.S. sketches out bank tests, more capital neededWASHINGTON (Reuters) - The United States broadly outlined how it "stress tested" the health of the country's top 19 banks on Friday, but disappointed investors who were looking for more details of how stringent the tests were.Source: Reuters: Business News | 25 Apr 2009 | 2:07 am Smart grid street lightsHow much would you guess it costs to power a city's streetlights for a year? In the case of San Jose, Calif., the tenth largest city in the country, the answer is $3.5 million. Add in the price of maintaining and replacing those lights, and that dollar figure rises much higher.Source: Business and financial news - CNNMoney.com | 25 Apr 2009 | 2:06 am U.S. regulators close 4 banks and a credit unionWASHINGTON (Reuters) - U.S. bank regulators on Friday closed four banks and one credit union as the recession took its toll on financial institutions.Source: Reuters: Business News | 25 Apr 2009 | 2:03 am 4 more banks fail; total surpasses last yearFirst Bank of Idaho became the fourth U.S. bank to fail Friday, raising the 2009 total to 29 -- four more than the 25 that failed all of last year, the government said.Source: Business and financial news - CNNMoney.com | 25 Apr 2009 | 1:55 am Stanford's inner sanctum had bar, bathroom exitHOUSTON (Reuters) - If Texas billionaire Allen Stanford ever wanted to make a low-profile departure from the inner sanctum within his lavish Houston headquarters, there was a private exit through his personal bathroom.Source: Reuters: Business News | 25 Apr 2009 | 1:15 am Four banks shuttered as credit crunch shakes outFour banks in Georgia, Michigan, California and Idaho are shut by regulators, costing the Federal Deposit Insurance Corp.'s deposit insurance fund nearly $700 million as the effects of the credit crisis continued rippling throughout the U.S. economy.Source: MarketWatch.com - Top Stories | 25 Apr 2009 | 12:56 am Microsoft to release version of Windows 7 next weekSEATTLE (Reuters) - Microsoft Corp said on Friday a version of its long awaited Windows 7 operating system will be made available from next week.Source: Reuters: Business News | 25 Apr 2009 | 12:47 am G7 sees pace of decline slowFinance ministers and central bank governors of the Group of Seven leading countries welcomed signs that "the pace of decline in our economies has slowed and some signs of stabilisation are emerging" as they met in WashingtonSource: Financial Times - US homepage | 25 Apr 2009 | 12:34 am Weekend Investor: How to pocket more yield without excessive riskYields on most savings and money-market accounts have dropped so low that investors who hunkered down in cash as the financial crisis deepened are now scrounging for better returns. But they still need to tread warily as they reach for higher yield.Source: MarketWatch.com - Top Stories | 24 Apr 2009 | 11:39 pm G7 offers hope crisis is easingFinance ministers from the G7 say the world economy is showing positive signs but warn the financial crisis is not over.Source: BBC News | Business | World Edition | 24 Apr 2009 | 11:19 pm MySpace names Facebook vet as new CEOMySpace, the News Corp.-owned online social networking service, confirms that it has named Owen Van Natta as its new chief executive.Source: MarketWatch.com - Top Stories | 24 Apr 2009 | 11:07 pm Hear: Shadow Banking
Framed grafitti in Manhattan. Lindsay Collins On today's Planet Money: -- We dig a little deeper into the latest earnings reports from banks. Is it real or all a bunch of hocus pocus? Charles Peabody of Portales Partners tackles some of the real profits and says the good news is here to stay. -- Mortgage backed securities have been blamed for causing this financial crisis. But have the current troubles been enough to kill off securitization all together? Joe Nadilo, managing editor of Asset Backed Alert, thinks not. -- Listener Rick Alfaro has a serious problem. With help from Priya Raghubir, a marketing professor at NYU Stern School of Business, we try to help him solve it. Bonus: An economic fable. Download the podcast; or subscribe. Intro music: Howie Day's "Perfect Time of Day." Find us: Twitter/ Facebook/ Flickr Listener Bradd DelMuto shares this fable about derivative markets. Heidi is the proprietor of a bar in Detroit . In order to increase sales, she decides to allow her loyal customers - most of whom are unemployed alcoholics - to drink now but pay later. She keeps track of the drinks consumed on a ledger (thereby granting the customers loans). Word gets around about Heidi's drink now pay later marketing strategy and as a result, increasing numbers of customers flood into Heidi's bar and soon she has the largest sale volume for any bar in Detroit. By providing her customers' freedom from immediate payment demands, Heidi gets no resistance when she substantially increases her prices for wine and beer, the most consumed beverages. Her sales volume increases massively. A young and dynamic vice-president at the local bank recognizes these customer debts as valuable future assets and increases Heidi's borrowing limit. He sees no reason for undue concern since he has the debts of the alcoholics as collateral. At the bank's corporate headquarters, expert traders transform these customer loans into DRINKBONDS, ALKIBONDS and PUKEBONDS. These securities are then traded on security markets worldwide. Naive investors don't really understand the securities being sold to them as AAA secured bonds are really the debts of unemployed alcoholics. Nevertheless, their prices continuously climb, and the securities become the top-selling items for some of the nation's leading brokerage houses. One day, although the bond prices are still climbing, a risk manager at the bank (subsequently fired due his negativity), decides that the time has come to demand payment on the debts incurred by the drinkers at Heidi's bar. Heidi demands payment from her alcoholic patrons, but being unemployed they cannot pay back their drinking debts. Therefore, Heidi cannot fulfill her loan obligations and claims bankruptcy. DRINKBOND and ALKIBOND drop in price by 90%. PUKEBOND performs better, stabilizing in price after dropping by 80%. The decreased bond asset value destroys the banks liquidity and prevents it from issuing new loans. The suppliers of Heidi's bar, having granted her generous payment extensions and having invested in the securities are faced with writing off her debt and losing over 80% on her bonds. Her wine supplier claims bankruptcy, her beer supplier is taken over by a competitor, who immediately closes the local plant and lays off 50 workers. The bank and brokerage houses are saved by the Government following dramatic round-the-clock negotiations by leaders from both political parties. The funds required for this bailout are obtained by a tax levied on employed middle-class non-drinkers. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 24 Apr 2009 | 11:05 pm Need to know: Valeo loss ... Travelodge wins ... MySpace chiefView video and Need to Know interactive heatmapSource: Latest Business News from Times Online | 24 Apr 2009 | 11:01 pm Royal Mail imposes pay freeze on its 181,000 staffRoyal Mail risked a showdown with trade unions yesterday by imposing a pay freeze on its 181,000 staff, the biggest workforce to have been penalised so far in the recession.Source: Latest Business News from Times Online | 24 Apr 2009 | 11:01 pm WH Ireland suspends two directors in vote rowWH Ireland, the City stockbroker that scrapped takeover talks with Blue Oar Securities, its rival, last month, has suspended two of its directors after it emerged that they were planning to vote against four other members of the board at next week’s annual shareholder meeting.Source: Latest Business News from Times Online | 24 Apr 2009 | 11:01 pm Latin American Markets: Brazil posts seventh-weekly win; Mexico ralliesMexican and Brazilian stocks finish higher for the week as shares of industrial and materials stocks find support amid the prospect of lower interest rates and signs of improvement in the U.S. manufacturing sector.Source: MarketWatch.com - Top Stories | 24 Apr 2009 | 11:01 pm Spain's unemployment rate leaps to record highMore than four million Spanish people are out of work. According to the country's National Statistics Institute a record high figure of 17.4 per cent were unemployed in the first quarter of the year.Source: Latest Business News from Times Online | 24 Apr 2009 | 11:00 pm Scrappage scheme offers hope to car industry as output hits historic lowsCar manufacturing in Britain slumped by 51.3 per cent in the year to March as carmakers continued to cut back their output.Source: Latest Business News from Times Online | 24 Apr 2009 | 11:00 pm Holiday home owners in line for sun-kissed windfallsHundreds of thousands of Britons who own second homes in Europe could receive a windfall of up to five years' worth of tax paid back to them by HM Revenue & Customs (HMRC).Source: Latest Business News from Times Online | 24 Apr 2009 | 11:00 pm Jobs at risk as administrators called in at Bay TradingMore than 1,000 jobs were at risk last night after Alexon put its loss-making Bay Trading fashion chain into administration.Source: Latest Business News from Times Online | 24 Apr 2009 | 11:00 pm Get thee to a miserable Swiss tax havenIn Hong Kong last weekend I'd expected to find excitement and verve, some wild fusion of ancient East and Western ultra-new. Instead there was only money. No culture, no community, no green space or any space at all. Just swarming, ill-tempered, listless crowds shopping, forever shopping. As if someone had turned the Bluewater centre into a city state. Across the bay in Kowloon were only air-sucked temples to Versace ringed by men in doorways whispering “fake watch, fake bag”.Source: Latest Business News from Times Online | 24 Apr 2009 | 11:00 pm Chesapeake investors angered by $100m for chief$Chesapeake Energy, America's largest independent gas producer, has enraged shareholders by paying the group's founder and chief executive more than $100 million ($£62 million), by sponsoring his basketball team and buying maps and artwork from him for a further $12 million.$Source: Latest Business News from Times Online | 24 Apr 2009 | 11:00 pm Mood at G7 meeting is cautious, but optimisticFinance chiefs from the Group of Seven leading economies last night boosted optimism that the worst of the global recession may well be over, pointing to signs that the worldwide slump is easing, and predicting a rebound by later this year.Source: Latest Business News from Times Online | 24 Apr 2009 | 11:00 pm Drop in new U.S. home inventories offers hopeWASHINGTON (Reuters) - The supply of unsold new U.S. homes plummeted in March in the biggest drop in more than 45 years, government data showed on Friday, offering hope the distressed housing market is stabilizing.Source: Reuters: Business News | 24 Apr 2009 | 10:41 pm Former Freddie Mac CEO returning as consultant (AP)AP - Mortgage finance company Freddie Mac, coping with the apparent suicide of its acting chief financial officer, said Friday that its former chief executive is coming back temporarily to help oversee the company's finances.Source: Yahoo! News: Business | 24 Apr 2009 | 10:41 pm Deadly new flu strain erupts in MexicoA strain of flu never seen before has killed up to 60 people in Mexico and has also appeared in the United States, where eight people were infected but recovered, health officials saidSource: Financial Times - US homepage | 24 Apr 2009 | 10:32 pm Write-Offs: 04.24.09$$$ Does Jim Cramer still think Lenny Dykstra is "one of the great ones in this business"? Possibly not, considering he just fired him. At a time when he could really use the money. $$$ "When your marriage is on the rocks, you don't ask the same jamoke who introduced you to your spouse for marital advice." [The Big Picture] $$$ Morgan Stanley prop spinoff makes more sense than ever. [Breaking Views] $$$ JPMorgan: #1 [Portfolio] $$$ Job of the Week: Macquarie needs a Senior Credit Professional. That could be you. [DB Career Center] 
Source: Dealbreaker | 24 Apr 2009 | 10:30 pm Stocks face stress tests, earnings, FedNEW YORK (Reuters) - U.S. stocks may run into some turbulence next week as the impending release of bank "stress test" results, a Federal Reserve meeting and a flood of earnings will give investors some reasons for caution.Source: Reuters: Business News | 24 Apr 2009 | 10:18 pm Stocks face stress tests, earnings, Fed (Reuters)
Source: Yahoo! News: Stock Markets News | 24 Apr 2009 | 10:18 pm The Dow Jones industrials' moves since Lehman fall (AP)AP - How far the Dow Jones industrial average has fallen or advanced each trading day since Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection on Sept. 15. Since Lehman's fall, which touched off a paralysis of the credit markets and deepened the recession, the stock market has gone through an extended period of volatility that subsided during December but that has returned in 2009. The numbers are the closing levels for the Dow:Source: Yahoo! News: Stock Markets News | 24 Apr 2009 | 10:04 pm Stocks end with a gainStocks rallied Friday after Ford, Microsoft and American Express reported results that met or topped analysts' expectations.Source: Business and financial news - CNNMoney.com | 24 Apr 2009 | 10:00 pm US banks to get soundness scoresUS banking regulators are due to inform the country's largest 19 financial institutions how well they did in stress tests.Source: BBC News | Business | World Edition | 24 Apr 2009 | 9:56 pm Initial public offerings scheduled to debut (AP)AP - The following is a list of initial public offerings planned for the coming week. Sources include Renaissance Capital, Greenwich, CT (http://www.ipohome.com) and SEC filings.Source: Yahoo! News: Stock Markets News | 24 Apr 2009 | 9:56 pm Wall Street finds little stress in 'stress tests' (AP)
Source: Yahoo! News: Stock Markets News | 24 Apr 2009 | 9:53 pm Economic decay easing - GeithnerThe severe decay in the global economy is easing but serious problems still loom, Treasury Secretary Tim Geithner said Friday.Source: Business and financial news - CNNMoney.com | 24 Apr 2009 | 9:36 pm Madoff deputy seeks plea bargainBernard Madoff's top deputy will use his "encyclopaedic knowledge" of the convicted fraudster's business to negotiate with US authorities in return for a lighter sentence.Source: Telegraph Finance | 24 Apr 2009 | 9:19 pm Fines for banks who fail customersBanks will face fines for failing to treat customers fairly under new rules that come into force from November.Source: Telegraph Finance | 24 Apr 2009 | 9:16 pm Stress Tests: Read All About ThemThe Federal Reserve has released a paper describing the data and process it used to conduct stress tests on the country's biggest banks. The results of the tests won't be released until early May, but we already know none of the banks will fail the test. We haven't had time to dig into the report yet, but we'll definitely be talking about it next week. In the meantime, let us know what you think. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 24 Apr 2009 | 9:15 pm Top-performing stocksIn the harsh bear market, just 24 Fortune 500 companies offered positive returns to shareholders.Source: Business and financial news - CNNMoney.com | 24 Apr 2009 | 9:04 pm Apple Lays Off 1,600 Employees at Retail Stores (NewsFactor)NewsFactor - Executives at Apple may be celebrating the success of the company's one billionth application being downloaded from its App Store and smiling about its successful non-holiday quarter, but 1,600 retail employees being laid off have nothing to cheer about. The Cupertino, Calif.-based company downsized from 15,600 retail positions in the last quarter to 14,000 this quarter.Source: Yahoo! News: Business | 24 Apr 2009 | 8:50 pm How the Dow Jones industrials fared Friday (AP)AP - Investors set aside some of their worries about banks and the economy Friday after the government unveiled its methods for testing the health of banks. The Federal Reserve report was light on details, but didn't bring any bad news. Investors were also pleased about quarterly results from Ford Motor Co., American Express Co. and Microsoft Corp.Source: Yahoo! News: Stock Markets News | 24 Apr 2009 | 8:44 pm Amazon is a weak pound winnerThe UK arm of the online retail giant has received a "very significant boost" from selling electronic goods to customers in Europe.Source: Telegraph Finance | 24 Apr 2009 | 8:44 pm Earnings, banks lift Wall St; Nasdaq up for 7th week (Reuters)
Source: Yahoo! News: Stock Markets News | 24 Apr 2009 | 8:38 pm Earnings, banks lift Wall St; Nasdaq up for 7th weekNEW YORK (Reuters) - Stocks rallied on Friday as earnings showed companies have weathered the recession and economic data raised hopes the economic cycle may have hit a bottom.Source: Reuters: Business News | 24 Apr 2009 | 8:38 pm Earnings, banks lift Wall St; Nasdaq up for 7th week (Reuters)
Source: Yahoo! News: Business | 24 Apr 2009 | 8:38 pm Presented By:Source: Dealbreaker | 24 Apr 2009 | 8:37 pm But What Does It MEAN
*Perhaps suggesting they've banned together in a concerted effort to give the impression they don't give a fuck about these meaningless things, or maybe they do but just got too bombed at lunch on Stone Street.
Source: Dealbreaker | 24 Apr 2009 | 8:37 pm Top U.S. banks must hold sizable capital buffer: Fed (Reuters)
Source: Yahoo! News: Business | 24 Apr 2009 | 8:36 pm It's All About The FlagOne of the things that was so surprising about the hijacking of the Maersk Alabama was that it was an American flagged ship. Pirates rarely hijack ships registered in the US and that is intentional. They prefer not to face off with Navy Seals. Also, shipping companies often don't register in the US. The taxes are too high and the regulation too strict. Shipping companies, just like pirates, prefer to exist in a world of little regulation. They register their ships in countries like Liberia, Panama and the Bahamas that offer lax regulation and lower taxes. If you fly the Bahamian flag (even if you're a Danish company with a Russian crew) you follow Bahamian labor laws, inspection rules and pay Bahamian taxes. That is how ships wind up flying the Mongolian flag - a country that has no coastline! It's easy to sign up. You don't ever have to set foot in the country just download the application from the internet. Of course if you get hijacked by pirates from a lawless country, the Mongolian navy is unlikely to come to your rescue. (yes they do have one. It consists of 3 boats, 2 guns and 7 sailors). » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 24 Apr 2009 | 8:32 pm Cars crisis that will need more than Alistair Darling's spark plugsA dramatic week for the car industry was brought to a close on Friday as Ford posted huge losses Fiat was forced to deny bidding claims and new figures revealed UK production down 51.3pcSource: Telegraph Finance | 24 Apr 2009 | 8:25 pm That Will Be Quite Enough From The Excitement Division For A WhileOr it would seem from the looks of the CNN piece: General Motors is preparing to announce that the Pontiac car brand -- once marketed as GM's "Excitement division" -- will be killed off, according to a source familiar with the decision. These are, of course, the death cries of the company, which had hitherto been muffled with yards of duct tape bearing Management and UAW fingerprints. This is the end. Can we please stop sending money now? Pontiac: End of the road [CNN.com]
Source: Dealbreaker | 24 Apr 2009 | 8:19 pm Marinac Says Regions Financial May Need More CapitalSource: Bloomberg - All Podcasts | 24 Apr 2009 | 8:13 pm Doubts over Capital ? Regional's futureCapital ? Regional the troubled commercial property investor and fund manager has warned there is "material uncertainty" around its ability to continue as a going concern after reporting an annual pretax loss of £516.3m.Source: Telegraph Finance | 24 Apr 2009 | 8:10 pm British economy shrinks at fastest pace for 30 years during first quarter of 2009Gross domestic product GDP fell by 1.9pc in the first quarter far more than the 1.5pc expected by economists.Source: Telegraph Finance | 24 Apr 2009 | 8:08 pm Air travel's a stealAirlines are cutting their fares for both domestic and foreign travel. Travel columnist Tom Parsons gives his advice on how to save even more money on airfare.Source: Marketplace Money | 24 Apr 2009 | 7:49 pm Just How Bad Are Things At Campbell Soup? (CPB)After perusing the list of 52-week lows this afternoon, there was a surprising name: Campbell Soup Co, (NYSE: CPB). Shares are trading down over 3% and south of $25.00 late today, and the previous 52-week trading range was $25.50 to $40.85. When you see stocks hitting 52-week lows, particularly after a 6-week rally and a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 24 Apr 2009 | 7:44 pm Kos Says Countries Reluctant to Loose Central Bank SovereigntySource: Bloomberg - All Podcasts | 24 Apr 2009 | 7:41 pm Alistair Darling warns US counterpart to speed toxic cleanupTim Geithner gets rare warning from British counterpart to do more to rid American banks of toxic assets.Source: Telegraph Finance | 24 Apr 2009 | 7:39 pm Obama: Nearing the milestoneAfter nearly 100 days in office, the Obama administration's campaign to lift the economy out of its deepest funk since the 1930s showed no signs of slowing down.Source: Business and financial news - CNNMoney.com | 24 Apr 2009 | 7:35 pm GE to sell 81% stake in airport security unitSafran is to buy the GE unit for $580m, extending the French maker of aviation gear's push into the security marketSource: Financial Times - US homepage | 24 Apr 2009 | 7:34 pm Store your personal info in a 'cloud'Internet-based "clouds" allow you to store personal data online, so you can access it anywhere. But is this new method safe? Declan McCullagh of CNET attended a conference on the subject and explains the pros and cons.Source: Marketplace Money | 24 Apr 2009 | 7:30 pm How Madoff did it - inside the swindleThe employees were transfixed. Standing on the mid-Manhattan trading floor of Bernard L. Madoff Investment Securities in late 2007, a half-dozen staffers stared up at the ceiling-mounted TV as CNBC aired a report on the mysterious Palm Beach death of a hedge fund manager who had been leading a double life. The police, it appeared, were even considering the possibility that he had been murdered. "Bernie," someone casually asked as Madoff happened to walk by, "have you heard of this guy?"Source: Business and financial news - CNNMoney.com | 24 Apr 2009 | 7:24 pm Brusuelas Sees U.S. Economy Contracting 2.6% in 2009Source: Bloomberg - All Podcasts | 24 Apr 2009 | 7:20 pm Paulson and Bernanke pressed on BofA dealHank Paulson, former US Treasury secretary, and Ben Bernanke, Federal Reserve chairman, are under scrutiny following disclosures about their alleged roles in putting pressure on Bank of America to complete its acquisition of Merrill Lynch, the troubled investment bank.Source: Financial Times - US homepage | 24 Apr 2009 | 7:18 pm Stress KillsWe knew to expect a bit of a circus during "Stress Test Release Week," (and we loved the theater of making bank heads come in for their results- it's parent teacher conference time again!) but it has gone from shabby (no immediate release of results?) to beyond theater of the absurd. (GDP projected to increase in 2010? Please, bitches). And, they are actually called Supervisory Capital Assessment Programs. (SCAP). That's just too easy. Oh, did we mention? There is an appeals process. Like arguing with your English Literature 505: The Elizabethan Era over the impact of Christopher Marlowe's death. (I swear she had a crush on the dead man). Oh, and there is "Bespoking." That's when adjustments are made on the test for the specifics of each institution. We used to have a different word for it when they used to do that in the local school districts after the testing requirements descended: Cheating. Is it just us, or has the media taken the bait hook, line and sinker. This might have been a clever bit of propaganda, permitting the media to go wild over the tests, withholding them from public view for weeks while the feeding frenzy builds. Playing CNBC for everything it is worth is actually kind of amusing. One almost wonders if all the fuss will obfuscate the basic fact that the tests are basically useless. There is also a case that the government is legally required to take prompt action if it discovers a given institution is in trouble. Actively concealing the results of a financial health test really doesn't sound much to us like the kind of thing governments should be engaged in. Unless you are a bank CEO, you see, you are not getting a copy until May (that is, unless someone *ah-lloyd-em* would like to leak them to us, which would be much appreciated). Bank Officials to Hear Results of Stress Tests [The Wall Street Journal] The Supervisory Capital Assessment Program: Design and Implementation
Source: Dealbreaker | 24 Apr 2009 | 7:17 pm Job searching in Youngstown, OhioSome areas of the country are being hit particulary hard by the economic downturn. Reporter Amy Scott visited a job fair in Youngstown, Ohio, once a thriving steel town now with a double-digit unemployment rate.Source: Marketplace Money | 24 Apr 2009 | 7:17 pm Do ethical credit cards exist?Credit card companies don't exactly have a reputation for engaging in ethical business practices. Some are trying to change this negative connotation with incentives. Megan Williams reports from Rome.Source: Marketplace Money | 24 Apr 2009 | 7:12 pm Getting PersonalEconomics editor Chris Farrell answers listeners' pressing questions about using student loans to pay down credit card debt, how private loans work and what it means for a consumer when a bank goes under.Source: Marketplace Money | 24 Apr 2009 | 7:10 pm Sinegal Says Bank of America, Citigroup May Need More CapitalSource: Bloomberg - All Podcasts | 24 Apr 2009 | 7:08 pm Employers' chief Richard Lambert gives Darling the Budget thumbsdownRichard Lambert was struggling to be cheerful about the Budget.Source: Telegraph Finance | 24 Apr 2009 | 7:01 pm Vintage Stimulus Packages
Update: It's been brought to my attention that despite noting what's after the jump is from a little-known adult publication called Playboy, I should've explicitly stated it's not safe for work. So, yeah-- NSFW! (Though we have covered the most intimate parts with a familiar face, and it's a beautiful Friday, why not live a little?).
Source: Dealbreaker | 24 Apr 2009 | 6:58 pm Grads flock to Teach for AmericaWith the job market not looking so hot for recent college grads, applications for positions with Teach for America are sky high this year. Sally Herships reports.Source: Marketplace Money | 24 Apr 2009 | 6:56 pm Steve Hanke Blames The FedSteve Hanke, professor of economics at Johns Hopkins University, is getting in on the blame game. In an upcoming issue of Forbes, he points the finger at Federal Reserve Chairman Ben Bernanke and former chairman, Alan Greenspan. Hanke writes: Now the Fed has opened the money floodgates again and its balance sheet has more than doubled in size since August. Investors watching the recent rally may think that the Fed has stabilized the markets and saved the day but its approach is fraught with danger. As the self-regenerative powers of the market system kick in, the demand for money will fall and the velocity of money will correspondingly go up. Unless the Fed shrinks its balance sheet by selling bonds and mopping up excess dollars, inflation will roar back with a vengeance. I am worried that the Fed will sit on its bloated balance sheet for too long. After all, a move to significantly reduce its size would require the Fed to sell hundreds of billions of dollars in bonds. These sales would cause bond prices to fall and yields to rise. Higher rates would be felt in the mortgage and corporate lending markets, and could give rise to another recession. BONUS: Hear Steve Hanke talk about hyperinflation on the podcast. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 24 Apr 2009 | 6:52 pm Tony Blair opposes new 50 pence tax rate for high earnersThe former PM believes Gordon Brown's new 50 per cent top rate of income tax is a "terrible mistake" the Daily Telegraph learns.Source: Telegraph Finance | 24 Apr 2009 | 6:50 pm FBR's Miller Says `Tangible Common Equity' Is Stress Test KeySource: Bloomberg - All Podcasts | 24 Apr 2009 | 6:44 pm A flood of criticismUS politics: Obama's release of Bush-era 'torture memos' lays bare the extent of interrogation practices but risks derailing the broader agenda of the new presidentSource: Financial Times - US homepage | 24 Apr 2009 | 6:42 pm Fast cash ads on the riseTV and Internet ads promising fast cash for almost no work have been around forever. They also seem to be on the rise as the economy is on the decline. Are they scams or legitimate? Sean Cole reports.Source: Marketplace Money | 24 Apr 2009 | 6:42 pm Straight StoryBob Moon talks to economics editor Chris Farrell about how Americans can improve their financial literacy and learn the differences between saving and investing.Source: Marketplace Money | 24 Apr 2009 | 6:40 pm GM receives further $2bn in loansCarmaker General Motors (GM) receives another $2bn in loans from the US Treasury, it has been announced.Source: BBC News | Business | World Edition | 24 Apr 2009 | 6:30 pm Stress Test Criteria, Very ConservativeTARP, TALF, PPIP. TBTF. How many more acronyms can we have? Today’s Stress Test might as well just be called the “ST.” Technically, this is called the Supervisory Capital Assessment Program, so we will call it the “SCAP” for the future. At 2:00 PM we got to see what the parameters were and it comes [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 24 Apr 2009 | 6:26 pm India's matchmakers have change of heartPen-pushers are outshining technology whizz-kids in India's arranged marriage market as parents look to pair off their daughters with grooms who have more secure job prospectsSource: Financial Times - US homepage | 24 Apr 2009 | 6:25 pm Is a credit card bill of rights nigh?President Obama recently held meetings with execs from credit card companies in an effort to finally pass a consumer bill of rights. John Dimsdale reports.Source: Marketplace Money | 24 Apr 2009 | 6:25 pm KKR asks for cash to help buy-out portfolioKohlberg Kravis Roberts has asked investors to contribute as much as €730m to support struggling companies in its 2005 European buy-out fundSource: Financial Times - US homepage | 24 Apr 2009 | 6:21 pm Complaints may finally pay offConsumer groups have been fielding complaints about credit card companies for a while now, but legislation may be right around the corner. Linda Sherry of Consumer Action talks about the biggest gripes she has heard over the years.Source: Marketplace Money | 24 Apr 2009 | 6:15 pm 'Burying Asbury'Brian writes: After I dropped my step-son off at school, I noticed the basements, that were dug in the late last summer, were being re-filled. The outlines of the basements had matched the town-homes in this subdivision (Asbury), consisting of mainly retirees. My wife (now pregnant with our second daughter) and I were very happy to see the basements dug last summer, as it meant that the sidewalk would be completed: we want the sidewalk to eliminate our need to walk in the street during our family walks. The developed lots had sidewalks, the undeveloped ones did not. The main road has several curves, and we were excited about these lot's development since the lack of a sidewalk on either side of the road forces us onto the road at a curve. We live in Olathe, KS, a exurb of Kansas City, very close to Garmin's headquarters. In fact, we often see their employees walking to work. When I moved here, my uncle boasted that KC was recession-proof. His logic centered on the broad base of industries in the city: as one industry faltered, the affected would pick up work in the unaffected industries. And we seem to be in the center of his logic: while to the South they are filling in holes, to the North, they are building a strip mall. The construction is on the path of those Garmin employees. I thank you for all of your hard work on your podcast. When things seem tough, remember you are helping families like mine sort through disappointments like uncompleted sidewalks. Yeah, a minor creature comfort lost in a swirl tragic economics; but a big safety concern for a family walk. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 24 Apr 2009 | 6:14 pm China reveals big rise in gold reservesChina has quietly almost doubled its gold reserves to become the fifth-biggest holder of the precious metal, in a move that signals the revival of bullion after years of fading importanceSource: Financial Times - US homepage | 24 Apr 2009 | 6:06 pm Spotted: SuperFund's NewbieFrom the mailbag: "Just saw SuperFund's newest employee, Vito Fossella, on Madison and 40th...he did not appear drunk, but I didn't get close enough to smell his breath."
Source: Dealbreaker | 24 Apr 2009 | 6:05 pm UK economy 'weakest in 30 years'The UK economy shrank by a worse-than-expected 1.9% in the first three months of 2009 - the worst decline since 1979.Source: BBC News | Business | World Edition | 24 Apr 2009 | 5:57 pm Ford shares rally as cash outflow slowsThe US carmaker reports a first-quarter loss of $1.4bn but rules out the need for a government rescue and predicts it will break even in two years' timeSource: Financial Times - US homepage | 24 Apr 2009 | 5:38 pm Are Lower Rig Counts Stabilizing? (BHI, OIL)Baker Hughes Inc. (NYSE: BHI) has its weekly rig count out, and we are still losing rigs in the oil and gas sector. Somehow our inventories keep building to near-record levels. The answer is simple. We are as dependent upon foreign oil as ever. If you listened to the oil conference calls this week you [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 24 Apr 2009 | 5:29 pm Teach... Your Children Well
Citigroup Inc. Friday sent out a press release proudly announcing its participation in Teach Children to Save Day. Citi to teach children about finance [The Deal]
Source: Dealbreaker | 24 Apr 2009 | 5:23 pm Small talk: Jets, Dodd, AbitibiBowaterMarketplace's Brendan Newnam and Rico Gagliano talk with fellow staffers Amy Scott, Steve Henn and Stacey Vanek-Smith about their favorite under-the-radar business stories this week: bargain private jets, Sen. Dodd's fundraising, and AbitibiBowater's bankruptcy.Source: Marketplace | 24 Apr 2009 | 5:15 pm Meals on Wheels needs more than faithThe need for charities and programs that provide food and shelter is growing, but donations are down. Kai Ryssdal reports on a privately-funded Meals on Wheels program in Los Angeles that's hungry for help.Source: Marketplace | 24 Apr 2009 | 5:15 pm Help! Billions needed for pension plansBusinesses and local governments are having to come up with billions of dollars in new and unanticipated pension fund contributions at the worst possible time. Steve Henn reports.Source: Marketplace | 24 Apr 2009 | 5:15 pm Weekly Wrap: Banks and bright spotsKai Ryssdal speaks with The Wall Street Journal's Heidi Moore and T. Rowe Price's Andy Brooks about the banks' stress test results and bright spots that can be seen in our economy.Source: Marketplace | 24 Apr 2009 | 5:15 pm Small biz owners cutting their own payA recent national survey says 30% of small business owners have stopped paying themselves a salary. John Dimsdale reports.Source: Marketplace | 24 Apr 2009 | 5:14 pm Is a slower slowdown a good sign?All sorts of economic indicators are down, but they aren't as bad as many experts expected. So if things are getting worse more slowly, is the economy improving? Tamara Keith reports.Source: Marketplace | 24 Apr 2009 | 5:14 pm Chrysler races to avert bankruptcyChrysler has six days to reach a deal to stay out of bankruptcy. A new offer from the struggling automaker's lenders could save it. Reporter Jeremy Hobson explains Chrysler's options with Kai Ryssdal.Source: Marketplace | 24 Apr 2009 | 5:14 pm GM to close factories for weeksGeneral Motors (GM) has said it will temporarily close 13 factories in the US and Mexico as it tries to cut costs and control its stock levelsSource: BBC News | Business | World Edition | 24 Apr 2009 | 5:02 pm Memories Of BearWe understand that the word "billion" has lost a good deal of meaning around here lately. Be that as it may, some statistics that contain the word are still useful (at least for entertainment value). To wit: The Federal Reserve took on more than $74 billion in subprime mortgages, depreciating commercial leases and other assets after Bear Stearns Cos. and American International Group Inc. collapsed. Oh, and don't worry about the 13% in losses the Fed has racked up in just over three months. Those are unrealized. Bear, AIG Dumped $74 Billion in Subprime, CDOs on Fed [Bloomberg]
Source: Dealbreaker | 24 Apr 2009 | 5:02 pm Nadler Sees Gold Between $850 and $950 an OunceSource: Bloomberg - All Podcasts | 24 Apr 2009 | 4:46 pm This Is No Big Deal. A Certain Someone In Stamford Cleans The Office In The Buff All The Time.
Madoff was even more obsessed, if that's possible, with cleanliness. Even while he was responsible for billions of dollars, it was not uncommon to see him dusting his office or the two-foot sculpture of a screw behind his desk. One staffer recalls getting off the elevator to find Madoff, clad in one of his innumerable tailored suits, on his hands and knees in the lobby, straightening the rugs so that they were aligned perfectly. How Bernie Pulled Off His Massive Swindle [Fortune]
Source: Dealbreaker | 24 Apr 2009 | 4:45 pm Royal Mail warns of pay freezesAll Royal Mail staff face a pay freeze this year as the postal service says it has been hit by the global turndown.Source: BBC News | Business | World Edition | 24 Apr 2009 | 4:27 pm Ford loses $1.4 billion but beats expectationsDespite plummeting sales, the automaker's per-share loss is only about half of what analysts had predicted. Ford stock rises as executives continue to insist that bailout funds won't be needed.Ford Motor Co. reported a first-quarter loss of $1.4 billion, bettering analyst expectations in the face of crashing sales. Source: L.A. Times - Business | 24 Apr 2009 | 4:04 pm The broken dreams of Wall StreetRaj and Nita Godhania are drinking Nescafe in their one-bedroom apartment in Princeton, New Jersey. Valentine cards are taped to otherwise bare walls, and a stack of cardboard boxes towers over the TV. Their daughters, 12...Source: New Zealand Herald - Business | 24 Apr 2009 | 4:00 pm Investors' confidence in Nuplex share rateAfter its initial battering, Nuplex has received a vote of confidence from institutional investors who agreed to pay more for the rights to buy shares in its controversial top-up placement. The resins maker yesterday went on an...Source: New Zealand Herald - Business | 24 Apr 2009 | 4:00 pm Financier denies knowing Blue Chip involvedFinancier GE Custodians says it did not even know Blue Chip was behind a deal in which two Whangarei pensioners borrowed $630,000 they cannot repay. The financier is defending claims including fraud and reckless lending in a High...Source: New Zealand Herald - Business | 24 Apr 2009 | 4:00 pm New commerce watchdog treads softlyMark Berry, the Commerce Commission's soft-spoken and scholarly new chairman, chooses his words with a lawyer's care. Asked what he would say to those who are looking for a new attitude or approach from the commission now that...Source: New Zealand Herald - Business | 24 Apr 2009 | 4:00 pm Brian Gaynor : Debt dependence dangerously out of fashionNew Zealand's addiction to debt is extremely dangerous. The addiction occurs at both a national and individual level. We are currently spending approximately $43 million more offshore every day than we earn and most of this has...Source: New Zealand Herald - Business | 24 Apr 2009 | 4:00 pm Lion comes up with a frothy figureTranstasman brewer Lion Nathan has lifted its guidance for full-year net profit after reporting solid results from its beer operations in the first half of its financial year. Lion Nathan, which is Australia's second-biggest brewer,...Source: New Zealand Herald - Business | 24 Apr 2009 | 4:00 pm Mary Holm : It's top-up time for KiwiSaversIn February I started a new job and was automatically enrolled in KiwiSaver. About $200 has been deducted, but unfortunately I did not enjoy the job and have left. Assuming I cannot find another job in the next few months,...Source: New Zealand Herald - Business | 24 Apr 2009 | 4:00 pm Popular pub an old English stalwartThe Gables Tavern, a popular English-style pub in Auckland's upmarket Herne Bay, is for sale as a going concern including its freehold site, building and chattels. "It's one of the few remaining community taverns in the city fringe...Source: New Zealand Herald - Business | 24 Apr 2009 | 4:00 pm Hellicar quits after criticismFormer James Hardie chairwoman Meredith Hellicar has resigned from her last remaining position as a company director after criticism from a NSW Supreme Court judge. Amalgamated Holdings Ltd announced yesterday that it had received...Source: New Zealand Herald - Business | 24 Apr 2009 | 4:00 pm New Home Sales Down AgainNew home sales fell in March, with the Northeast part of the country taking the biggest hit, a 32.1 percent drop from last month. Sales of single family homes in the Western part of the country actually increased 15 percent, but it wasn't enough to prevent an overall decline of 0.6 percent from February. Meantime, the average price of a new home dropped 12.2 percent from the same time last year. The average price of a new home in March 2009 was $201, 400 -- in March 2008 the average price was $229, 300. The Commerce Department says there were over 311,000 homes for sale at the end of March. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 24 Apr 2009 | 3:54 pm Moody’s Likes What It Sees at Comcast (CMCSA)Comcast Corporation (NASDAQ: CMCSA) received a subtle yet rather large compliment from a ratings agency this morning. Moody’s raised its rating on the company’s long-term senior unsecured debt further up into ‘investment grade’ territory. If you follow ratings agencies at all, you have probably noticed that the trends have been toward downgrading companies because of [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 24 Apr 2009 | 3:54 pm Google (GOOG): A Big Android Push In EuropeGoogle’s (GOOG) push in the US to sell handsets using its Android operating system is being hurt by the fact that its cellular partner is T-Mobile, a distant fourth in market share the America. Android is about to get some legs in Europe. One of the largest cellular service companies in the world, Vodafone (VOD) is coming to market with an Android [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 24 Apr 2009 | 3:46 pm The Tesla-Tata Road RaceBoth automakers have the potential to become the car company of the future. By Matthew DeBord of The Big Money The automobile is down—in fact, it probably hasn’t been this far down since the invention of the internal combustion engine. But it’s far from out. True, the industry is getting hammered. There’s real talk of bankruptcy at [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 24 Apr 2009 | 3:34 pm Durable Goods Continue To FallThe Commerce Department says new orders for durable goods, manufactured products expected to last more than one year, fell last month by 0.8 percent. The drop was the seventh decrease in the last eight months and likely means that February's reported increase was just a blip. February's 3.4 percent increase was also revised downward to 2.1 percent. New orders for communications equipment took the biggest hit, falling 8.1 percent over last month followed by primary metals which fell 3.2 percent. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 24 Apr 2009 | 3:24 pm US new home sales fall slightlyUS new home sales fell slightly in March but still beat analysts' expectations, government figures show.Source: BBC News | Business | World Edition | 24 Apr 2009 | 3:01 pm Oil prices rebound on weak dollar, strong equities (AFP)
Source: Yahoo! News: Stock Markets News | 24 Apr 2009 | 2:55 pm Levitt Says Paulson Obliged to `Save System' in Merrill DealSource: Bloomberg - All Podcasts | 24 Apr 2009 | 2:53 pm Cecala Sees Another Year of U.S. Housing DeclinesSource: Bloomberg - All Podcasts | 24 Apr 2009 | 2:38 pm Wheeldon Says Fiat Prefers Chrysler Merger to BankruptcySource: Bloomberg - All Podcasts | 24 Apr 2009 | 2:20 pm H&R Block prepares fewer tax returns this year (AP)AP - H&R Block Inc. said Friday it prepared 3.1 percent fewer returns in the just-completed tax filing season, although tax preparation revenue rose slightly because of higher average fees and more complex returns.Source: Yahoo! News: Business | 24 Apr 2009 | 2:13 pm Lyons Says U.K., U.S. Economies Will Hit Bottom This YearSource: Bloomberg - All Podcasts | 24 Apr 2009 | 2:09 pm Ford loss smaller than expectedCarmaker Ford reports better-than-expected first-quarter results and says it does not intend to take government aid.Source: BBC News | Business | World Edition | 24 Apr 2009 | 2:06 pm Small slide in US manufacturingDemand for big-ticket items manufactured in the US fell by less than had been expected in March, figures show.Source: BBC News | Business | World Edition | 24 Apr 2009 | 2:02 pm TARP fRAUD (small f)You might have missed it, because really it amounts to a local news story. But the U.S. Attorney for the Middle District of Tennessee this week filed (according to the press release) the "first charges in connection with a SIGTARP investigation" against one Gordon B. Grigg whom, it is alleged, embezzled more than $10,922,000. Grigg wasn't actually stealing TARP money or this would have been big news. The bailout connection is that Grigg claimed he was investing people's money in "TARP guaranteed debt." As far as I know, no such thing exists. Also, as the charging documents helpfully lay out Defendant GRIGG and ProTrust (1) never met any of the qualifying criteria to receive TARP funds; (2) never applied for TARP funds; (3) never received approval from the Department of Treasury to receive TARP funds; and (4) never received TARP funds. Ok, ok, we got it. According to Grigg's bio, he started a restaurant at age 20 and things took off from there, eventually becoming a "life coach."
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 24 Apr 2009 | 1:16 pm
|
