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Governments step up pig flu responseGovernments from Asia to Europe on Monday stepped up their response to the outbreak of deadly swine flu in the Americas after Spain confirmed it had diagnosed a case and European and Asian travel stocks were hitSource: Financial Times - US homepage | 27 Apr 2009 | 12:30 pm Crocs Tries To Lure Athletes; New Line, Same Look (CROX)Crocs, Inc. (NASDAQ: CROX) is one of the brands that has come at-risk over its future. The company is also flying under the “going concern” flag from auditors. And now it is bringing a new line of shoe for athletic recovery called the “Prepair” designed to help athletes recover following fitness and athletic events. This [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 27 Apr 2009 | 12:27 pm Indications: U.S. stock futures down on swine flu worriesU.S. stock futures drop on Monday as the outbreak of deadly swine flu stirs up worries that a possible recovery in the global economy could be derailed.Source: MarketWatch.com - Top Stories | 27 Apr 2009 | 12:26 pm Verizon profit boosted by Alltel buy (Reuters)
Source: Yahoo! News: Business | 27 Apr 2009 | 12:19 pm ICBC's first-quarter net income rises 6.2%HONG KONG (MarketWatch) -- Industrial & Commercial Bank of China Ltd., the world's largest bank by market value, said Monday first-quarter net income climbed 6.2% from a year earlier, bolstered by gains in fee and commission income.Source: MarketWatch.com - Top Stories | 27 Apr 2009 | 12:19 pm UPDATE 2-Omnicom profit falls 21 percent amid ad slump* Organic rev down 6.6 pct (Adds analysts' estimates, revenue breakdown)Source: RSS feed - channel BNewsBusiness | 27 Apr 2009 | 12:18 pm Oil prices slide on flu swine jitters (AFP)
Source: Yahoo! News: Stock Markets News | 27 Apr 2009 | 12:17 pm Futures Movers: Oil falls 5% on worries over swine flu outbreakNEW YORK (MarketWatch) -- Oil futures fell 5% early Monday, as the outbreak of a deadly swine flu raised concerns over the prospects for a global economic recovery.Source: MarketWatch.com - Top Stories | 27 Apr 2009 | 12:16 pm UPDATE 2-Verizon profit beats, helped by Alltel, wireless* Q1 EPS excluding items $0.63, above Street's $0.59 viewSource: RSS feed - channel BNewsBusiness | 27 Apr 2009 | 12:14 pm Forget Inflation Targets, Go for Dollar-Price StabilityJohn Tamny of RealClearMarkets Recently, Nashville’s Vanderbilt University staged an economic conference at which past and present heavy hitters in the area of monetary policy participated. Attendees included Federal Reserve Vice Chairman Donald Kohn, and past Fed Chairman Paul Volcker. In a question-and-answer session following Kohn’s presentation, Volcker exclaimed “I don’t get it” in response to Kohn’s [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 27 Apr 2009 | 12:13 pm UBS head of investment banking quitsUBS, the troubled Swiss bank, announced the departure of Jerker Johansonn, the global head of its investment bank, in a latest attempt to recover from financial losses and blows to its reputationSource: Financial Times - US homepage | 27 Apr 2009 | 12:12 pm UBS head of investment banking quitsUBS on Monday parted company with its head of investment banking in the latest sign of the determination of the beleaguered Swiss group's new management to accelerate the withdrawal from more volatile...Source: RSS feed - channel BNPaperBusiness | 27 Apr 2009 | 12:12 pm Qualcomm posts loss on Broadcom settlementNEW YORK (Reuters) - Cell phone chip supplier Qualcomm Inc flipped to a loss for its fiscal second quarter, hurt by investment losses and hefty costs related to its legal settlement with arch-rival Broadcom...Source: RSS feed - channel BNewsBusiness | 27 Apr 2009 | 12:11 pm Aviva's capital cushion swells to 2.5bnAviva, the insurer, said on Monday that its capital buffer had grown by a quarter in the first three months of the year in spite of its controversial decision not to cut its annual dividend.It also confirmed...Source: RSS feed - channel BNPaperBusiness | 27 Apr 2009 | 12:10 pm Stock futures tumble on swine flu concerns (AP)AP - Wall Street headed for a lower open Monday as worries about swine flu unsettled markets around the world.Source: Yahoo! News: Stock Markets News | 27 Apr 2009 | 12:09 pm Chrysler wins union concessionsThe United Auto Workers announced Sunday that it has reached a tentative agreement on concessions in its contract with Chrysler LLC - a key step in final efforts to help the automaker avoid bankruptcy.Source: Business and financial news - CNNMoney.com | 27 Apr 2009 | 12:07 pm Verizon profit up 5.3% on wireless gainsWASHINGTON (MarketWatch) -- Verizon Communications Inc. on Monday said first-quarter profit rose 5.3% as the No. 1 U.S. mobile-phone company added a hefty 1.3 million net wireless customers.Source: MarketWatch.com - Top Stories | 27 Apr 2009 | 12:07 pm China quietly builds gold reserveChina reveals that it has been secretly doubling its gold reserves as part of a shift away from the US dollar.Source: BBC News | Business | World Edition | 27 Apr 2009 | 12:05 pm Spanish VegasSpain plans one of the world's biggest casino citiesSource: BBC News | Business | World Edition | 27 Apr 2009 | 12:03 pm Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.Source: MarketWatch.com - Top Stories | 27 Apr 2009 | 12:01 pm Verizon adds customers, posts profitSource: Business and financial news - CNNMoney.com | 27 Apr 2009 | 12:01 pm Treasurys advance on outbreakTreasurys rose Monday morning as investors worried about the possible economic impacts of the outbreak of swine flu and braced for another big influx of supply.Source: Business and financial news - CNNMoney.com | 27 Apr 2009 | 11:56 am People to People Ambassador Programs Unveils Historic Obama/Lincoln Educational Travel Experience for StudentsNBC News correspondent Luke Russert and Obama chief campaign manager David Plouffe examine presidential leadership styles and stress importance of giving back ...Source: RSS feed - channel BNewsBusiness | 27 Apr 2009 | 11:56 am Airlines fall, dollar rises on deadly flu outbreakA deadly swine flu outbreak that originated in Mexico takes its toll on airlines and cruise operators across the globe on Monday as traders fear a repeat of the SARS epidemic.Source: MarketWatch.com - Top Stories | 27 Apr 2009 | 11:56 am Despite the Current Financial Crisis, Salt Lake City-based SilverLeaf Financial Is ThrivingSilverLeaf Financial's CEO, Shane Baldwin, speaks about how his company is flourishing in the current down economy SALT LAKE CITY, April 27 /PRNewswire/ --...Source: RSS feed - channel BNewsBusiness | 27 Apr 2009 | 11:55 am Top Analyst Upgrades (AZN, BMR, ETR, MMM, NFLX, NVO, SWK)These are some of the top pre-market analyst upgrades we have seen from Wall Street early this Monday morning: AstraZeneca (AZN) Raised to Buy at UBS. BioMed Realty Trust (BMR) Raised to Outperform at Oppenheimer. Entergy (ETR) Raised to Buy at Jefferies. 3M (MMM) Raised to Equal-Weight at BVarclays. Netflix (NFLX) Raised to Buy at Citigroup. Novo Nordisk (NVO) Raised to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 27 Apr 2009 | 11:54 am Verizon revenue boosted by AlltelNEW YORK (Reuters) - Verizon Communications posted a 12 percent increase in revenue on Monday, helped by its purchase of smaller rival Alltel and growth in cell phone customers.Source: RSS feed - channel BNewsBusiness | 27 Apr 2009 | 11:53 am Verizon 1st-qtr profit, revenue beat expectationsVerizon Communications has posted better-than-expected first-quarter earnings and revenue, despite the economy. Verizon said Monday that it earned $3.21 billion, or 58 cents per share,...Source: RSS feed - channel BNewsBusiness | 27 Apr 2009 | 11:51 am Verizon’s (VZ) Mediocre ResultsVerizon (VZ) posted modest results for the first quarter of the year. Taking out the effects of its buy-out of Alltel, revenue rose 3.3%. With Alltel factored in Verizon’s total operating revenues grew 11.6% to $26.6 billion. Less impressive, the firm reported EPS of $.58 in the first quarter 2009, up 1.8% from the same period last year. Verizon Wireless [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 27 Apr 2009 | 11:50 am UPDATE 2-Merck KGaA sees end to liquid crystals slumpFRANKFURT, April 27 (Reuters) - Merck KGaA said the market for the liquid crystals used in display screens hit its lowest point in the first quarter, signalling a gradual return to healthier profits for...Source: RSS feed - channel BNewsBusiness | 27 Apr 2009 | 11:49 am Swine flu fears hit travel sharesGlobal stock markets fall, with airlines leading the declines on fears over the economic impact of the swine flu outbreak.Source: BBC News | Business | World Edition | 27 Apr 2009 | 11:47 am Top Analyst Downgrades (BJS, BUCY, BNI, INTU, JOYG,PBR, TKC, WFMI)These are some of the top pre-market analyst downgrades we have seen early this Monday morning from Wall Street: BJ Services (BJS) Cut to Market Perform at Wachovia. Bucyrus (BUCY) Cut to Neutral at Baird. Burlington Northern Santa Fe (BNI) Cut to Sell at Citigroup. Intuit (INTU) Cut to Hold at Jefferies. Joy Global (JOYG) Cut to Neutral at Baird. Petroleo [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 27 Apr 2009 | 11:47 am Corning 1Q profit skids, but beats viewHit by restructuring charges, the glassmaker Corning Inc., says first-quarter profit plunged 99 percent. But its profit still tops Wall Street expectations on a rebound in demand for...Source: RSS feed - channel BNewsBusiness | 27 Apr 2009 | 11:45 am Flu set to bug Wall StreetU.S. stock futures sank Monday as investors worried about the economic impact of a global swine flu outbreak.Source: Business and financial news - CNNMoney.com | 27 Apr 2009 | 11:41 am Sharp reports a loss but sees recovery aheadSharp illustrated the uncertain outlook for Japan's technology industry this year as it forecast a respectable profit, even as semiconductor companies NEC Electronics and Renesas Technologies agreed to...Source: RSS feed - channel BNPaperBusiness | 27 Apr 2009 | 11:41 am Swine Flu Lessons from SARS, Mad Cow & Bird Flu of Past (GILD, BCRX, NVAX, GNBT, VICL, AVII, CRXL, RHHBY, GSK, SFD, EWW, MXF)Monday is looking like a SWINE FLU speculative flu stock stock bonanza, and we want to caution about some of the lessons of scares in the past of SARS, bird flu, Mad Cow, and even hoof & mouth as similar references. The two approved drug treatments, not vaccines, which are being released are Tamiflu made [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 27 Apr 2009 | 11:40 am UPDATE 1-Cabot Oil & Gas completes $500 mln credit facility* Says now has over $450 mln of borrowing capacity April 27 (Reuters) - Oil and gas producer Cabot Oil & Gas Corp said it completed a new $500 million unsecured credit facility with a three-year term...Source: RSS feed - channel BNewsBusiness | 27 Apr 2009 | 11:38 am Ken Clarke dismisses 50pc tax as 'politics'The Shadow Business Secretary dismisses the new 50pc tax rate for Britain's top earners.Source: Telegraph Finance | 27 Apr 2009 | 11:37 am London Markets: Influenza fears weigh in London, travel firms fallLondon stocks fall on Monday, with investors selling shares of travel and tourism companies on fears an outbreak of swine flu could turn into a pandemic and restrict movement around the globe.Source: MarketWatch.com - Top Stories | 27 Apr 2009 | 11:32 am Profits sink at truck firm ScaniaProfits at truck maker Scania fell more than 90% in the first three months of 2009 after demand for commercial vehicles dropped.Source: BBC News | Business | World Edition | 27 Apr 2009 | 11:22 am Stock futures fall more than 1 percent on swine flu jitters (Reuters)
Source: Yahoo! News: Business | 27 Apr 2009 | 11:21 am Stock futures fall more than 1 percent on swine flu jitters (Reuters)
Source: Yahoo! News: Stock Markets News | 27 Apr 2009 | 11:21 am Airline Stocks: Airline shares slump as swine flu cases increaseAirlines shares took a dive on Monday as fear mounted that the swine flu outbreak started in Mexico could spread globally and lead to a sharp drop in air travel at a time when carriers are already struggling to cope with recession.Source: MarketWatch.com - Top Stories | 27 Apr 2009 | 11:18 am French unemployment 'rises again'French unemployment rose between 60,000 and 70,000 last month, Economy Minister Christine Lagarde warns.Source: BBC News | Business | World Edition | 27 Apr 2009 | 11:10 am World markets struck by swine flu fears (AP)
Source: Yahoo! News: Stock Markets News | 27 Apr 2009 | 11:07 am Cost cuts help Whirlpool post surprise profit (Reuters)Reuters - Whirlpool Corp reported a surprise quarterly profit after cost-cutting efforts helped the world's biggest appliance maker offset a slump in global sales.Source: Yahoo! News: Business | 27 Apr 2009 | 11:05 am Europe Markets: European shares fall on influenza-inspired sellingEuropean shares fall, with investors selling shares of airlines and travel companies in the aftermath of a deadly outbreak of swine flu in Mexico raises fears of a global pandemic. Market participants take note of a case of the flu reported in Spain.Source: MarketWatch.com - Top Stories | 27 Apr 2009 | 11:03 am House prices fall at slowest pace in a yearHouse prices fell at their slowest rate for more than a year during April as potential buyers continued to return to the market research has showed.Source: Telegraph Finance | 27 Apr 2009 | 10:59 am Stock markets dive on swine flu fears (AFP)
Source: Yahoo! News: Stock Markets News | 27 Apr 2009 | 10:56 am Option ARM Loans Turn into Nightmares (BusinessWeek Online)BusinessWeek Online - Entrepreneur Michael Bissell worries about losing his business, his house, or both. His 10-year-old Web design firm in Portland, Ore., is struggling as customers fall behind on their bills. To cover salary and other expenses, Bissell tapped into his home last year for extra cash, relying on his exotic mortgage, which gives him the option to pay less than the monthly interest and principal for a while. But that source of money is running dry: The payment on his home loan will soon jump significantly. "I have no padding," says Bissell.Source: Yahoo! News: Business | 27 Apr 2009 | 10:40 am 3i plans 700m rights issueThe board of 3i, the private equity group, will meet Monday to discuss plans to raise 500m to 700m in a rights issue, as Michael Queen, its new chief executive, attempts to reduce the company's hefty debts...Source: RSS feed - channel BNPaperBusiness | 27 Apr 2009 | 10:30 am Currencies: Dollar up on swine flu outbreak; peso tumblesThe dollar gets a lift from safe-haven buying engendered by a swine flu outbreak that has claimed more than 100 lives in Mexico that's prompted emergency measures in the U.S. and elsewhere as health officials try to get a handle on the potential for a pandemic. Japan's yen also makes gains, as Mexico's peso gets hit hard.Source: MarketWatch.com - Top Stories | 27 Apr 2009 | 10:27 am Verizon (VZ) May Be Getting Closer To Apple (AAPL) iPhone DealAT&T (T) has made it clear, very clear that the Apple (AAPL) iPhone is critical to its strategy to increase cellular revenue as its residential landline business shrinks. The iPhone helps AT&T get new customers and win customers from its rivals Verizon Wireless and Sprint (S). But, news sources say that AT&T’s exclusive deal to sell the popular [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 27 Apr 2009 | 10:20 am Commodity markets retreat as risk aversion risesCommodity markets fell on Monday as risk aversion rose amid fears that swine flu cases reported in Mexico and the US, could prove to be the first in a global flu pandemic.Crude oil prices dropped by...Source: RSS feed - channel BNPaperBusiness | 27 Apr 2009 | 10:17 am Hopes of UK housing recovery set backNascent signs of a recovery in the housing market suffered a setback as mortgage approvals to buy homes fell last month for the first time since November.The weaker housing data came as the Bank of England...Source: RSS feed - channel BNPaperBusiness | 27 Apr 2009 | 10:17 am Chrysler agrees outline deal with biggest unionChrysler, the embattled US carmaker, has agreed an outline deal with unions as part of its bid to stave off bankruptcy.Source: Latest Business News from Times Online | 27 Apr 2009 | 10:16 am Risk aversion lifts dollar and yenThe dollar and yen both bounced strongly on Monday after investors cut their exposure to risk following an outbreak of deadly swine flu in MexicoSource: Financial Times - US homepage | 27 Apr 2009 | 10:10 am Risk aversion lifts dollar and yenThe dollar and yen both bounced strongly on Monday after investors cut their exposure to risk following an outbreak of deadly swine flu in Mexico.The World Health Organisation declared "a public health...Source: RSS feed - channel BNPaperBusiness | 27 Apr 2009 | 10:10 am Swine flu scare hits travel stocksImages from a thermal imaging scanner are pictured on a computer screen as airplane passengers are screened for high temperatures as a possible sign of swine flu upon arrival at Bali's international airport...Source: RSS feed - channel BNPaperBusiness | 27 Apr 2009 | 10:05 am Travel and tourism stocks hit FTSELondon equities were lower on Monday, as worries about the potential economic implications of the outbreak of swine flu in the Americas dominated dealing rooms. The FTSE 100 surrendered 30 points to 4,125...Source: RSS feed - channel BNPaperBusiness | 27 Apr 2009 | 9:56 am Rare blue diamond may set new recordA rare blue diamond that could set a record price per carat went on display in London on Monday ahead of its sale in Geneva on May 12.Source: Telegraph Finance | 27 Apr 2009 | 9:53 am Will The Fed Finally Move Interest Rates Below ZeroOver the last year, there has been speculation that the Fed would drop interest rates below zero, paying its borrowers to take money. Analysts believe that credit is so tight that even with interest rates at zero, the gridlock will not clear up. Perhaps one of the reasons that the Fed has avoided making this move [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 27 Apr 2009 | 9:51 am Past experienceOklahoma is riding the recession better than mostSource: BBC News | Business | World Edition | 27 Apr 2009 | 9:50 am Qualcomm (QCOM) Finally Wises UpQualcomm’s (QCOM) management has not done its investors any favors by fighting wars with its largest customer, Nokia (NOK), and its largest rival, Broadcom (BRCM). The battles, over royalties and intellectual property have put a cloud over the firm’s prospects for three years. It has cost Qualcomm revenue and countless millions of dollars in legal [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 27 Apr 2009 | 9:36 am Electronics giants' merger talksElectronics firms NEC and Renesas say they are in merger talks, which could create the world's third-largest microchip maker.Source: BBC News | Business | World Edition | 27 Apr 2009 | 9:32 am Swine flu: the UK shares affectedThe outbreak of swine flu which has killed more than 100 people in Mexico and spread to the US Canada and New Zealand has hit UK shares linked to travel and agriculture and give a boost to pharmaceuticals companies. Some of the biggest companies affected are listed below.Source: Telegraph Finance | 27 Apr 2009 | 9:26 am When Does GM (GM) Get Too Small To SurviveThe press is reporting that GM (GM) is preparing to give the government another restructuring plan which comes on top of several versions or partial versions that it has produced since first asking for federal funds last December. The new program will call for radical cuts to the size of the company and the number of brands [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 27 Apr 2009 | 9:18 am World Bank seeks poverty actionWorld Bank head Robert Zoellick warns of a "human catastrophe" unless more is done to tackle the global economic crisis.Source: BBC News | Business | World Edition | 27 Apr 2009 | 9:10 am Japanese shares buck downward trend in AsiaJapanese shares bucked the downward trend of the region's stock markets on Monday, as merger and acquisition activity took the sting off investor nervousness following an outbreak of swine flu.Aozora and...Source: RSS feed - channel BNPaperBusiness | 27 Apr 2009 | 9:08 am Outbreak hits airline shares in AsiaRead full story for latest details.Source: Business and financial news - CNNMoney.com | 27 Apr 2009 | 9:04 am UK mortgage approvals fall 25.3 per centHopes of a revival in Britain's battered housing market were undermined today by data showing the number of mortgages approved for house purchase fell by 25.3 per cent in the 12 months to March.Source: Latest Business News from Times Online | 27 Apr 2009 | 8:57 am Gold hits fourweek high as swine flu fears grow and China builds reservesGold has climbed to its highest in almost a month as fears of a global flu pandemic prompted investors to seek safer assets according to a report from Reuters.Source: Telegraph Finance | 27 Apr 2009 | 8:57 am Low television demand hits MerckA drop in demand for liquid crystals - used in televisions and computer screens - hits profits at German firm Merck.Source: BBC News | Business | World Edition | 27 Apr 2009 | 8:52 am Estimates of economic costs of a flu pandemicIf the outbreak of swine flu in Mexico becomes a pandemic the economic consequences could be great. Below are estimates of the costs of such a disaster:Source: Telegraph Finance | 27 Apr 2009 | 8:16 am World stocks, oil tumble as flu fears spread (Reuters)
Source: Yahoo! News: Stock Markets News | 27 Apr 2009 | 8:15 am Mexican peso hit by swine flu outbreakThe Mexican peso tumbled on fears that the outbreak of swine flu will prolong the country's recession.Source: Telegraph Finance | 27 Apr 2009 | 8:08 am Aviva soars on £500m boost to capital bufferAviva, the world's fifth biggest insurer, said that it had boosted its capital cushion by £500 million to £2.5 billion in the first three months of 2009 as it opted for a conservative approach during the economic downturn.Source: Latest Business News from Times Online | 27 Apr 2009 | 7:57 am Bodycote extends job cuts as sales slideBodycote the metals engineer is extending its job cutting programme as sales continue to plummet.Source: Telegraph Finance | 27 Apr 2009 | 7:45 am UK travel shares plunge on swine flu fearsFears that the swine flu outbreak will further dent consumption and stall any economic recovery sent London's top share index tumbling today.Source: Latest Business News from Times Online | 27 Apr 2009 | 7:43 am Chrysler in cost-cut union dealUS carmaker Chrysler reaches an outline cost-cutting deal with its main US union as it continues to try to restructure the business.Source: BBC News | Business | World Edition | 27 Apr 2009 | 7:33 am UBS investment bank chief quits after one yearThe chief executive of UBS’ investment banking division, Jerker Johansson, has quit after little more than a year at the loss-making Swiss bank.Source: Latest Business News from Times Online | 27 Apr 2009 | 7:28 am Australian stocks: Market up despite swine flu concernSYDNEY - The Australian share market closed moderately higher on Monday with some gains in the resources sector, as news of the swine flu outbreak affected sentiment on world markets. At the 1615 AEST close, the benchmark S&P/ASX200...Source: New Zealand Herald - Business | 27 Apr 2009 | 7:21 am GlaxoSmithKline leads pharmaceutical shares higher on swine flu outbreakDrugmakers are in demand and airlines hit on fears an outbreak of swine flu in Mexico will spread.Source: Telegraph Finance | 27 Apr 2009 | 7:18 am Aviva's capital cushion rises to £2.5bnThe British insurer reported an increase in its capital strength and said firstquarter sales rose 11pc.Source: Telegraph Finance | 27 Apr 2009 | 7:18 am Asia stocks, commodities hit by swine fluHONG KONG (Reuters) - Asian stocks fell about 2 percent on Monday as the outbreak of swine flu in North America hurt shares of airlines while prompting some market players to trim risky positions, hitting currencies such as the Australian dollar.Source: Reuters: Business News | 27 Apr 2009 | 7:13 am Flu a windfall for some drugmakers, Roche jumpsLONDON (Reuters) - The threat of a pandemic triggered by a new 'flu strain that has killed 103 people in Mexico will provide a windfall for some makers of drugs and vaccines.Source: Reuters: Business News | 27 Apr 2009 | 7:10 am NZ stocks: Market climbs slightlyInvestors pondered the economic impact of the swine flu outbreak, selling airline and tourism stocks and buying makers of pork substitutes and health products. The benchmark NZSX-50 index closed up 7.987 points, or 0.301 per cent,...Source: New Zealand Herald - Business | 27 Apr 2009 | 7:07 am Thain says BofA Merrill statements not true: report(Reuters) - Bank of America Corp made inaccurate statements about its role in the bonuses and losses at Merrill Lynch & Co, former Merrill Lynch & Co Chief Executive John Thain told the Wall Street Journal in an interview.Source: Reuters: Business News | 27 Apr 2009 | 7:02 am Thain says BofA Merrill statements not true: report (Reuters)
Source: Yahoo! News: Business | 27 Apr 2009 | 7:02 am Weekend theater resultsSource: L.A. Times - Business | 27 Apr 2009 | 7:00 am Motion Picture Assn. of America faces a difficult sceneBudget cuts by member studios and their parent firms' self-interests have created new challenges for the trade group.When the late Jack Valenti held court, with his silver mane, White House contacts and celebrity friends, the Motion Picture Assn. of America boasted the Washington lobbying establishment's equivalent of the double feature: political clout playing alongside Hollywood glitz. Source: L.A. Times - Business | 27 Apr 2009 | 7:00 am Madoff investment scam victims in California seek tax refundsMany investors are pushing for changes in state law that would allow them to recover income taxes paid on "phantom profits."Hundreds of Californians, many of them elderly and nearly broke, are pressing legislators for help in getting compensation for some of the money they lost in a Ponzi scheme run by confessed swindler Bernard Madoff. Source: L.A. Times - Business | 27 Apr 2009 | 7:00 am B of A rebranding 'toxic' Countrywide lending operationBank of America is dropping the Countrywide name at mortgage offices nationwide after acquiring the Calabasas company linked with subprime loans.A few years ago, Countrywide Financial Corp. was not only the nation's biggest home lender but also highly regarded -- an "apple pie" company, as a former marketer for the Calabasas lender recalls. Source: L.A. Times - Business | 27 Apr 2009 | 7:00 am U.S. toxic-asset plan stirs fearsThe government will take on a mountain of risk while trying to create an artificial market for the loans and debt securities. Critics worry about possible fraud and further banking system damage.The Obama administration's impending effort to buy about $1 trillion in toxic assets in partnership with private investors -- aimed at solving the most intractable part of the credit crisis -- is now generating widespread fear that it is vulnerable to manipulation and carries sharp risks for taxpayers. Source: L.A. Times - Business | 27 Apr 2009 | 7:00 am William Morris and Endeavor to vote on merging talent agenciesA vote on the deal is expected today. The entity, to be possibly named WME Entertainment, would boast more than 300 agents, a formidable client roster and $325 million in combined revenue.Talent agencies William Morris and Endeavor are expected to vote today on a merger creating a new giant in Hollywood at a time when the longtime role and power of the firms that represent actors, directors and writers are coming under severe strain. Source: L.A. Times - Business | 27 Apr 2009 | 7:00 am California budget fixes on May 19 ballot are mostly shams and fraudsOf the six propositions billed as solutions to the fiscal crisis, two would make things worse, one would be irrelevant to the budget, two would be mostly irrelevant and the last is wishful thinking.One can always tell that a California election is drawing near because commercials lying about ballot propositions start crowding commercials lying about detergents and pharmaceuticals off the TV. Source: L.A. Times - Business | 27 Apr 2009 | 7:00 am Chrysler strikes deals with unionsTentative pacts with U.S., Canadian workers are a major hurdle in the company's bid to avert bankruptcy.Chrysler cleared a major hurdle in its bid to stave off bankruptcy by reaching key labor deals Sunday with its unions in the U.S. and Canada. Source: L.A. Times - Business | 27 Apr 2009 | 7:00 am Banks' stress tests and earnings reports are top concerns on Wall StreetWhether investors extend the stock market rally they started Friday will be partly determined by the first-quarter earnings data expected from hundreds of companies.The wait for news about the government's stress tests of big banks and a crush of earnings reports will probably keep Wall Street on edge this week. Source: L.A. Times - Business | 27 Apr 2009 | 7:00 am Moviegoers 'Obsessed' with BeyonceThe singer-actress' new thriller is No. 1 at the box office with an estimated $28.5 million. The weekend grosses for the top 12 films are up 30% from a year ago.Moviegoers got "Obsessed" over the weekend as the Beyonce Knowles-fronted Sony Screen Gems thriller took in a stunning $28.5 million to finish first at the box office in what is traditionally a throwaway weekend before the summer season kicks off in May. Source: L.A. Times - Business | 27 Apr 2009 | 7:00 am 3i confirms possible rights issue to repay debt3i, British oldest private equity company, confirmed this morning it is considering launching a rights issue to help pay down its £2.1 billion debt mountain.Source: Latest Business News from Times Online | 27 Apr 2009 | 6:38 am AIG's ILFC unit gets bids less than $5 billionNEW YORK (Reuters) - American International Group Inc has received second-round bids from three groups for its aircraft leasing business, valuing the unit at under $5 billion, a source familiar with the matter said on Monday.Source: Reuters: Business News | 27 Apr 2009 | 5:59 am Currency: Dollar lower after rally runs out of steamThe New Zealand dollar turned lower as a rally ran out of steam and as investors around the world assessed the implications of the swine flu outbreak. By 5pm the NZ dollar was buying US56.43c, down from US57.21c at 8am, but up...Source: New Zealand Herald - Business | 27 Apr 2009 | 5:36 am Facebook plans to give developers more access: sourceSAN FRANCISCO (Reuters) - Internet social media company Facebook plans to allow outside developers access to core parts of the website so they can build new services, a person familiar with the situation said.Source: Reuters: Business News | 27 Apr 2009 | 5:34 am Oil falls over 2 percent towards $50 on flu fearsPERTH (Reuters) - Oil prices fell over 2 percent toward $50 a barrel on Monday, paring some of the previous session's near 4 percent gain on fears of a global flu pandemic that could give the world economy another knock.Source: Reuters: Business News | 27 Apr 2009 | 5:27 am Japan revises growth forecasts sharply lowerThe government cut its forecast for Japan's economy to shrink 3.3% instead of its previous estimate of zero growth as the world's No.2 economy remains in the grip of the worst recession since World War TwoSource: Financial Times - US homepage | 27 Apr 2009 | 4:30 am Banks, Fed, earnings, flu in view (Reuters)
Source: Yahoo! News: Stock Markets News | 27 Apr 2009 | 4:24 am Qualcomm to pay Broadcom $891 million to settle litigationNEW YORK (Reuters) - Wireless chip supplier Qualcomm Inc agreed to pay smaller rival Broadcom Corp $891 million over four years to settle long-standing and increasingly bitter legal battles over technology patents.Source: Reuters: Business News | 27 Apr 2009 | 4:20 am Chrysler, unions make progress as deadline nears (Reuters)Reuters - U.S. automaker Chrysler LLC showed signs of progress with its unionized workers in its battle to stay alive on Sunday with just days left to complete deals to slash labor and debt costs or face bankruptcy.Source: Yahoo! News: Business | 27 Apr 2009 | 4:18 am Chrysler, unions make progress as deadline nearsDETROIT (Reuters) - U.S. automaker Chrysler LLC showed signs of progress with its unionized workers in its battle to stay alive on Sunday with just days left to complete deals to slash labor and debt costs or face bankruptcy.Source: Reuters: Business News | 27 Apr 2009 | 4:18 am Bank of America rebrands mortgage operations (AP)AP - Bank of America Corp. has officially dropped the Countrywide Home Loans name as part of its integration of the mortgage lender, which was acquired last year.Source: Yahoo! News: Business | 27 Apr 2009 | 4:06 am Swine Flu Scare Weighs on Stock Futures (Market Update)News at a Glance
The LowdownGrowing concern over the earnings picture, the broader economy and the swine flu pandemic is weighing on U.S. markets. Stocks looked to open sharply lower this week, as traders wrestled with the potential fallout of another worldwide disease and what it might mean for the recovery. Shortly before 6 a.m., Dow, Nasdaq and S&P 500 futures were trading well below fair value. As many as 103 swine-flu deaths have been reported in Mexico, and 1,614 more people have been diagnosed with the disease. If world governments have to invest heavily to combat the spread of the disease, other recovery efforts may take a backseat. That could mean good things for the top pharmaceutical firms with effective flu drugs on the market, particularly Roche (RHBBY) and GlaxoSmithKline (GSK). It is less good for the airlines, which could take a substantial hit if restrictions are placed on travel. Even before the onset of the bird flu scare, the economic crisis appeared to grow more unwieldy. The World Bank said between 55 and 90 million people will be living in "extreme poverty" in 2009. The bank also said is would expand its lending by as much as $100 billion in additional loans over the next three years to support recovery projects. In Washington, there were some flickers of hope. White House economic adviser Lawrence Summers said the sense of "unremitting freefall" had abated and that some positive economic indicators had offered some hope for a near-term recovery. On the Nymex, crude oil prices dropped sharply. By 6:11 p.m., crude traded down $2.62 at $48.93 a barrel. World markets were mostly lower on the swine flu scare. In Asia, Hong Kong's Hang Seng lost 2.7%, while Japan's Nikkei picked up 0.2%. In Europe, the major indexes of London, Paris and Frankfurt each stood down more than 1.0% in afternoon trading. Corporate News
The Economy
SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved. Source: SmartMoney.com | 27 Apr 2009 | 4:00 am Does Your Financial Adviser's Math Add Up?For years, financial advisers have given their clients authoritative, seemingly precise guidance to tell them exactly how much they need to save for retirement—and how much they can spend when they get there. Last year’s market crash has exposed some flawed assumptions behind those numbers. These complex formulas or “models” have dominated retirement-planning for a generation; advisers enthusiastically adopted these tools, and millions relied on them. But now that the steep decline in stocks has blown a hole through many retirement portfolios, even the experts who design these models are acknowledging that they have serious limitations. Indeed, some insiders say the number crunching is just an educated guess. “A really sophisticated guess, but a guess nonetheless,” says Gregg Janes, a developer at EISI, a company that makes financial-planning software. Of course, financial planners aren’t fortune-tellers. Few could have predicted the speed and depth of the downturn. For many, their withdrawal calculations are simply broad guidelines for clients. But critics say that the numbers create a facade of authority that’s propped up by some relatively fuzzy math. Even planners who use the figures say they don’t do enough to account for the impact of something like the crash. That’s one reason national brokerage Edward Jones doesn’t give its advisers statistical models at all. With the most commonly used models, it’s too easy to misinterpret the results, says Scott Thoma, the firm’s director of investment advice: “We think it instills false confidence.” And even defenders of the models are rethinking them; according to a recent survey by the Financial Planners Association, almost 50 percent of advisers say they’re reconsidering how much they’ll tell clients to spend next year. The models are robust tools, said Matt Sommer, director of financial planning at Smith Barney, “but in 2008, they just didn’t work out.” With markets having tumbled so far from their peaks, investors and their advisers are struggling to figure out how their portfolios can recover. Often, they’re using the same models they relied on in the first place—essentially, they’re guessing again. But elsewhere, planners, economists and computer whizzes are debating how to refine, improve or even throw out their formulas. If you’ve made the journey to an adviser or broker for retirement-planning help, you know the drill. The adviser translates the client’s retirement fantasy into a cash target—how much money it will take to cover expenses each year. For younger investors, the adviser uses the figure to calculate how much the client needs to save. For those already retired, it’s the source of the withdrawal rate. Three years ago, Ken Miller, owner of a Cleveland-area auctioneering firm, crunched those numbers with his adviser, tallying his income and assets—Social Security and a $2.5 million portfolio—and balancing them against his housing and medical costs and his desire to splurge on the kids and grandkids. Click-click on the keyboard and voilà: Ken and his wife, Bonnie, could ride their nest egg through retirement on about $125,000 a year in income. Ken, feeling confident, stopped taking a paycheck and started to relax. Then came the crash, and Ken’s investments lost about 50 percent just as he was turning 65. Now his adviser says he has to cut his expenses by about $40,000 this year. That means no shopping sprees, no cruises and fewer dinners out. On the other hand, if the Millers make these cuts now, they should have more to live on in the future. “I certainly understand the math,” Ken says. Still, that’s the kind of math some advisers are starting to question. A planner would typically run a computer model that tests any withdrawal plan under hundreds of different market conditions. The result is expressed as a probability: Stick to the plan and there’s a 90 percent chance you’ll have money left over in 30 years. Put another way, nine times out of 10, you should be fine. So far, so uncontroversial. But in practice, the process requires a slew of assumptions about the markets, the economy and the client’s behavior—and this is where the problems begin. For starters, there’s a lot of incentive to be optimistic. If a client agrees in theory to spend less, he can retire sooner; if he and the planner decide that the markets will perform well, the client can save less or spend more. In UBS’s planning-software framework, to take one very typical example, it’s assumed that a “moderately aggressive” portfolio will return 7.5 percent per year; if the planner takes only a slightly more pessimistic view of the markets, the chances of the client running out of money can rise from 10 percent to more than 25 percent. UBS says it’s up to the planner to vary the assumptions “to help clients understand a range of possible outcomes.” The software itself raises its own serious questions. The most popular model today is “Monte Carlo” analysis (named after, yes, that Monte Carlo). It’s a powerful statistical tool; the oil and gas industry, for example, relies on it to project future supply. But corporate America’s supercomputers can run millions of simulations; in contrast, some advisers’ desktop software uses as few as 150. The fewer the trials, the less likely the software will account for unlikely events like the 2008 crash, acknowledges EISI Senior Vice President Linda Strachan. And even if a planner runs millions of trials, Strachan says, a flawed assumption, like an inflation projection that’s too low, “will give you a detailed examination that’s completely wrong.” These pitfalls turn the models into an increasingly cloudy crystal ball. Scot Stark, a certified financial planner in Freeland, Md., whose clients together have about $10 million in investable assets, has a Monte Carlo system that runs thousands of simulations, but he compares using it to “driving forward looking in the rearview mirror.” Nonetheless, he hasn’t found anything better for figuring out an income plan. So he keeps using it, while reminding clients that “there are no guarantees.” He doesn’t get into explaining its limitations unless a client asks him directly, and he can’t remember a time when this has happened. Clients may not question the numbers, but plenty of critics do—and they say that the recent market bloodbath only proves the model’s shortcomings. Perhaps worse than any software issue is the false certainty implied by the hard numbers of a Monte Carlo–style model. “It says I have a 98 percent chance of success—I must be home free,” says Edward Jones’s Thoma. “But that’s not what it means at all.” In their defense, brokers and firms say their models aren’t perfect, but they’re the best they’ve got. Smith Barney’s Sommer says the Monte Carlo analysis itself isn’t broken: If you have a 90 percent chance of success, and this is the other 10 percent, he says, “it’s not the Monte Carlo’s fault, it’s not the adviser’s fault, it’s just bad luck.” Others are relying on smaller tweaks. Retirement-plan giant T. Rowe Price follows one of the most traditional guidelines, the 4 percent rule. The idea: In year one of retirement, you withdraw 4 percent of your portfolio; each year after that, you increase the dollar amount slightly for inflation. Four percent is seen as the “hell or high water” rate that bad markets can’t bust. But Stuart Ritter, a T. Rowe Price financial planner, calculates that due to the crash, the success rate has dropped into the low 70 percent range for someone who retired in 2008. He suggests giving up the inflation bump for three to five years. That’s a relatively small sacrifice that doesn’t mean big lifestyle changes—as long as there isn’t another shock on the horizon, like more investment losses or an unforeseen expensive emergency. Ritter acknowledges as much. “Life is unpredictable,” he says. “But it doesn’t mean you can’t start out with a good, solid plan.” Some folks are thinking outside the piggy bank—moving away from the idea that retirees can milk predictable income from a stock-and-bond portfolio. Ed O’Connor, managing director of wealth management at UBS, is among those encouraging clients to rely on a combination of Social Security, immediate-income annuities and (for the lucky few) pensions to cover essential expenses like housing and medical care. That frees them up to be more aggressive with other investments—so that, in good years, a retiree could keep up with inflation while still affording the occasional splurge. Jonathan Guyton, a Minnesota certified financial planner and researcher on spending in retirement, takes the flexibility argument even further. He says that a retiree can spend 6 percent or more of his portfolio in a year when markets are down—essentially assuming that it’s only a matter of time before things improve. After all, history tells us that the market will rebound. Markets “would have to be dismal for eight to 10 years for [that strategy] to blow up,” he says. “And I don’t think we’re there.” SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved. Source: SmartMoney.com | 27 Apr 2009 | 4:00 am Using Twitter to Make Smarter Money Moves (On the Street)In case you hadn’t noticed, Twitter is everywhere these days. The social-networking phenomenon has attracted endless amounts of publicity, with celebrities ranging from Oprah to Ashton Kutcher now beaming out the ultra-short updates known as tweets. But can Twitter help you invest? Increasingly, financial types from economists to actual traders are blasting out their thoughts on Twitter (always in 140 characters or less, of course). There are also free sites like StockTwits.com that compile Twitter postings on financial news, individual companies and broader market issues. Some of the updates are compelling — but as with so many other forms of digital communication, there’s a lot of dross out there, too. So SmartMoney went in search of financial tweeters worth following. To narrow down our list, we talked to avid users of Twitter, scoured university economics departments to find out who’s tweeting — and of course, spent hours reading money-related tweets. If you want to follow the updates these people send out, we’ve included their Twitter handles. Just click on them to see their recent tweets. (If you haven’t tried Twitter yet or are relatively new to the concept, get started with guides here and here.) Here's our list of 12 financial Twitterers worth following. Want to share your opinions or tell us who's on your list? Send us a tweet @kellibgrant.
Paul KrugmanNobel Prize-winning economist, currently a professor of economics at Princeton University and op-ed columnist for The New York Times. Twitter handle: @PaulKrugman Followers: 6,676 Why follow: Not exactly prolific, Krugman’s most recent tweet as of this writing was more than six weeks ago. (His last post was March 11.) Still, given his influence in economic matters, some fans -- and critics, too -- will want to follow him just for the chance of early warning on Krugman’s thinking. Krugman did not respond to requests for comment. Sample tweet: "The Obama administration’s economic policy is already falling behind the curve.” [Links to New York Times column.] Posted March 11, shortly after the administration released its first budget proposals.
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