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Fiat could buy Vauxhall and OpelItaly's Fiat is in talks to buy the European business of General Motors - which includes Vauxhall and Opel.Source: BBC News | Business | World Edition | 4 May 2009 | 11:19 am Citigroup (C) And Bank Of America (BAC) Capital Needs Could Damage Stock PricesThe Financial Times is reporting that Citigroup (C) and Bank of America (BAC) may each need to raise over $10 billion. If that is true, to get money in the capital markets and not from the government, they are going to have to offer shares at well below market. Citigroup’s share price could be cut in half [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 May 2009 | 11:18 am Stock futures up on hopes banks able to raise capital (Reuters)
Source: Yahoo! News: Stock Markets News | 4 May 2009 | 11:15 am Stock futures up on hopes banks able to raise capital (Reuters)
Source: Yahoo! News: Business | 4 May 2009 | 11:15 am Grand Bahama Hardening Its Grid with RS's Composite Poles404 RStandard(TM) Composite Poles to Carry New Transmission Line CALGARY, May 4 /PRNewswire-FirstCall/ - Resin Systems Inc. ("RS") (RS - TSX), a...Source: RSS feed - channel BNewsBusiness | 4 May 2009 | 11:10 am World stocks up amid further upbeat economic signs (AP)
Source: Yahoo! News: Stock Markets News | 4 May 2009 | 11:08 am Europe auto shake-up looms (Reuters)
Source: Yahoo! News: Business | 4 May 2009 | 11:07 am Edy's Slow Churned 'A Taste Of Recovery(TM)' Promotion Offers Americans $100,000 for One Day of Scooping and a Chance To Fulfill DreamsIn 1929, Edy's created Rocky Road ice cream to coax smiles during the Great Depression; 80 years later, it's time for another bowl of hope OAKLAND,...Source: RSS feed - channel BNewsBusiness | 4 May 2009 | 11:06 am Stocks headed for rosy startU.S. stocks appeared set to open higher and extend the recent rally Monday, as economic optimism lifted the mood on Wall Street.Source: Business and financial news - CNNMoney.com | 4 May 2009 | 11:02 am Mexican Bolsa Index Could Lose Another 20 Percent - Buying Opportunity ComingBOSTON, May 4 /PRNewswire/ -- The Swine Flu is costing Mexico $100 million a day. When the SARS virus hit in 2002, Hong Kong's Seng Index suffered an 18.7% loss in the...Source: RSS feed - channel BNewsBusiness | 4 May 2009 | 11:00 am DSP Group, Inc. Reports First Quarter 2009 EarningsSAN JOSE, California, May 4 /PRNewswire-FirstCall/ -- DSP Group, Inc. (NASDAQ: DSPG), a worldwide leader in developing and providing chip-set solutions for residential...Source: RSS feed - channel BNewsBusiness | 4 May 2009 | 11:00 am Joseph Becker Promoted by MWW Group to Lead Agency's DialogueMedia PracticeBecker to Oversee Company's Industry-Leading Social and Digital Media Team EAST RUTHERFORD, N.J., May 4 /PRNewswire/ -- MWW Group (Source: RSS feed - channel BNewsBusiness | 4 May 2009 | 11:00 am Mortgage Hiring SurgeDALLAS, May 4 /PRNewswire/ -- Quarterly mortgage hirings shot up, according an employment analysis by MortgageDaily.com. But persistent layoffs outnumbered hirings -- leaving a...Source: RSS feed - channel BNewsBusiness | 4 May 2009 | 11:00 am General Steel to Announce First Quarter 2009 Results on May 11, 2009BEIJING, May 4 /PRNewswire-Asia-FirstCall/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), one of China's leadingSource: RSS feed - channel BNewsBusiness | 4 May 2009 | 11:00 am Och-Ziff Capital Management Group LLC Reports First Quarter 2009 ResultsFirst Quarter 2009 Dividend of $0.05 per Class A Share NEW YORK, May 4 /PRNewswire-FirstCall/ -- Och-Ziff Capital Management Group LLC (NYSE: OZM) (the...Source: RSS feed - channel BNewsBusiness | 4 May 2009 | 11:00 am Crawford Reports 2009 First Quarter ResultsATLANTA, May 4 /PRNewswire-FirstCall/ -- Crawford & Company ( href="http://www.crawfordandcompany.com/">www.crawfordandcompany.com ) (NYSE: CRDA; CRDB), the world's...Source: RSS feed - channel BNewsBusiness | 4 May 2009 | 11:00 am Saratoga Prime Services Selects Nirvana(TM) Multi-Prime Solution for Hedge Fund ManagersLatest Win Continues Nirvana Solutions' Rapid Expansion As Leading Technology Provider For Growing Mini-Prime Brokerage Sector SAN FRANCISCO, May 4...Source: RSS feed - channel BNewsBusiness | 4 May 2009 | 11:00 am Stocks boosted on news of possible Fiat-Opel deal (AFP)
Source: Yahoo! News: Stock Markets News | 4 May 2009 | 10:58 am Wall Street looks to extend recent gains (AP)AP - Wall Street is looking to extend its recent gains ahead of readings on the housing and construction industries.Source: Yahoo! News: Stock Markets News | 4 May 2009 | 10:57 am Europe auto shake-up loomsBERLIN/MILAN (Reuters) - A radical overhaul of the car industry moved a step closer on Monday as Fiat's CEO prepared to pitch a bid for Opel to Germany's leaders as part of a planned takeover of General Motors' European assets.Source: Reuters: Business News | 4 May 2009 | 10:52 am European economy 'will shrink 4%'The economies of the eurozone and the wider EU will shrink by 4% this year, the European Commission forecasts.Source: BBC News | Business | World Edition | 4 May 2009 | 10:52 am On the marchFrench see job threat from EU move EastSource: BBC News | Business | World Edition | 4 May 2009 | 10:50 am Asia faces up to challenges of global crisisNUSA DUA, Indonesia (Reuters) - The global downturn could lead to unrest, more poverty and environmental challenges in Asia, regional leaders were warned on Monday, after they agreed on a $120 billion emergency fund to counter the crisis.Source: Reuters: Business News | 4 May 2009 | 10:47 am Obama seeks tax changes for U.S. firms overseasWASHINGTON (Reuters) - President Barack Obama on Monday will propose changing provisions in the tax code that he says encourage U.S. companies to move jobs overseas, as part of a broader package aimed at saving $210 billion over 10 years.Source: Reuters: Business News | 4 May 2009 | 10:35 am Obama seeks tax changes for U.S. firms overseas (Reuters)Reuters - President Barack Obama on Monday will propose changing provisions in the tax code that he says encourage U.S. companies to move jobs overseas, as part of a broader package aimed at saving $210 billion over 10 years.Source: Yahoo! News: Business | 4 May 2009 | 10:35 am Taxing Offshore Operations A Huge Blow To US MultinationalsThe US Treasury needs money to offset growing deficits and the Administration plans to get that capital by whatever means are necessary. According to The Wall Street Journal, the new proposal “aims to change the legal treatment of offshore subsidiaries and structures that companies have used to avoid not only U.S. taxes, but taxes in other [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 May 2009 | 10:28 am Setanta in talks on sport rightsThe Irish pay-TV broadcaster Setanta Sports tries to renegotiate contracts for sporting rights amid cash-flow problems.Source: BBC News | Business | World Edition | 4 May 2009 | 10:25 am Sohu's quarterly net more than doubles on gamingSohu.com's first-quarter net profit more than doubles, financial results show, helped by gains in the company’s online gaming unit Changyou.com.
Source: MarketWatch.com - Top Stories | 4 May 2009 | 10:24 am Wal-Mart’s (WMT) Drug Addiction Is Trouble For RivalsWal-Mart (WMT) plans a significant expansion of its programs to bring inexpensive prescription drugs to its customers which will almost certainly damage margins as its competitors. According to The Wall Street Journal, “The discount retailer is offering businesses low-priced drugs if they sign up to buy directly from Wal-Mart’s network of in-store pharmacies, rather than contracting to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 May 2009 | 10:18 am Indications: U.S. futures point to higher start for Wall StreetU.S. stock futures are pointing to a higher open for Wall Street, with key housing data and some renewed worries for banks in focus for investors.
Source: MarketWatch.com - Top Stories | 4 May 2009 | 10:12 am Obama to reform overseas tax codeThe White House will unveil reforms to the nation's international tax code on Monday intended to close loopholes for overseas tax havens and end tax incentives for creating jobs overseas.Source: Business and financial news - CNNMoney.com | 4 May 2009 | 10:11 am Asian markets surge on optimism about China, U.S.SEOUL, South Korea — Asian stock markets soared today, led by gains of 5 percent or more in Hong Kong, Taiwan, Singapore and India, amid upbeat economic signs from China and the United States. European...Source: RSS feed - channel BNPaperBusiness | 4 May 2009 | 10:07 am Asian markets surge on optimism about China, U.S.SEOUL, South Korea — Asian stock markets soared today, led by gains of 5 percent or more in Hong Kong, Taiwan, Singapore and India, amid upbeat economic signs from China and the United States. European markets opened higher, too.
Source: L.A. Times - Business | 4 May 2009 | 10:07 am Boston Globe could file shutdown notice MondaySource: Business and financial news - CNNMoney.com | 4 May 2009 | 10:03 am China Manufacturing Back In Gear But Is Global Deman Sustainable?China’s manufacturing sector showed a remarkable rebound in March. The closely followed CLSA China Manufacturing PMI moved to 50.1 from 44.8. The gain is the first in nine months. The question is whether the gain is, to a large extent, artificial. China has put in place a stimulus package of well in excess of $500 billion. This money [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 May 2009 | 10:03 am Fiat Works To Become The Next GM (GM)When GM (GM) was by far the largest car company in the world at the beginning of the decade it had vast operations in the US, Europe, Asia, and Latin America. The bulk of its sales, and profits, during that time came from its domestic business and its significant market share in Europe. GM’s presense in [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 May 2009 | 9:47 am Chinese manufacturing returns to growth, data showChina's manufacturers increased output and hired more workers in response to a spike in new orders and declining inventories, a report says. The report marks the first growth in nine months, potentially signaling a turning point in the global economic crisis.
Source: MarketWatch.com - Top Stories | 4 May 2009 | 9:39 am Europe Markets: Europe stocks firmer, led by financials and autosEuropean stocks trade mostly higher on Monday, with financials contributing to gains and autos also up, led by a more than 6% jump for Italy’s Fiat SpA after reports it may be interested in buying General Motors’ Opel division.
Source: MarketWatch.com - Top Stories | 4 May 2009 | 9:26 am The Economies Of Asia Form An Alliance That The West CannotThe US, UK, and a number of the large countries that make up the EU began to form political and military and alliances after WWII and these expanded as the Soviet Union dissolved. Through the current financial crisis there has been very little coordinated economic policy among these same counties even though some of the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 May 2009 | 9:25 am Asia stocks soar; buying spree in Hong Kong, IndiaAsian markets rally Monday, with several regional indexes jumping more than 3%, as investors translate signs of improvement in the region's economies into share purchases across most sectors.
Source: MarketWatch.com - Top Stories | 4 May 2009 | 9:07 am Fiat eyes deal with GM's European unitSource: Business and financial news - CNNMoney.com | 4 May 2009 | 9:05 am Chrysler Makes A GM (GM) Bankruptcy HarderThe Chrysler bankruptcy makes a bankruptcy at GM harder because the American consumer may only be able to deal with the Chapter 11 of one of its auto companies, particularly the one that is the smallest of the three. But the consumer will almost certainly be forced psychologically, if GM fails as well, to purchase [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 May 2009 | 8:52 am AIG near sale of Japanese headquarters: report(Reuters) - American International Group Inc is close to selling its Japanese headquarters for about $1 billion and the expected buyer is a Japanese insurance company, the Wall Street Journal reported, citing people familiar with the matter.Source: Reuters: Business News | 4 May 2009 | 8:52 am iPod touch gets more popularSource: Business and financial news - CNNMoney.com | 4 May 2009 | 8:45 am How the crisis is changing youLynne Goldberg's staffing business in Northfield, Ill., has seen revenue drop by half during the recession. Her husband, an attorney, is still working. But money is tight. Goldberg, 60, aims to trim $20,000 from their budget by paying off credit cards, refinancing the mortgage, shopping less, and having the dog groomed half as often.Source: Business and financial news - CNNMoney.com | 4 May 2009 | 8:44 am Stock futures point to gains; eyes on house data(Reuters) - Stock index futures pointed to a higher open on Wall Street on Monday ahead of key housing data.Source: Reuters: Business News | 4 May 2009 | 8:43 am 3 more banks fail, raising year's tally to 32Three more banks shut their doors Friday, according to the federal government, bringing the total number of failures up to 32 in 2009.Source: Business and financial news - CNNMoney.com | 4 May 2009 | 8:32 am Asian shares soar on economic hopesRead full story for latest details.Source: Business and financial news - CNNMoney.com | 4 May 2009 | 8:31 am N.Y. Times-Boston Globe talks halt, seen resumingTalks between New York Times Co. and its unions, aimed to prevent the media company from shutting down the Boston Globe, halt early Monday morning, a person familiar with the matter tells Reuters news agency.
Source: MarketWatch.com - Top Stories | 4 May 2009 | 8:29 am Obama sees smaller role for Wall St. - reportRead full story for latest details.Source: Business and financial news - CNNMoney.com | 4 May 2009 | 8:26 am In recession, freelance is new full-timeAs unemployed Americans struggle to find full-time work, many will have to settle for positions that are easier to come by - freelance.Source: Business and financial news - CNNMoney.com | 4 May 2009 | 8:24 am Media Digest 4/2/2009 Reuters, WSJ, NYTimes, FT, BloombergAccording to Reuters, if the big transportation bill does not pass states will miss out on funds for roads, bridges, and tunnels. Reuters reports that Buffett attacked bank “stress tests.” Reuters writes that The Boston Globe could get a shutdown notice today. Reuters reports that Fiat could seek a merger with GM (GM) Europe and a public listing [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 May 2009 | 8:08 am Asia Markets: Upbeat data shoot Asian stocks higherMajor Asian stock markets soar, and while investors have many catalysts to thank for the rally, one thing stands out in particular: strong economic data, both around the region and over in the West.
Source: MarketWatch.com - Top Stories | 4 May 2009 | 8:05 am Asia Markets Rally, Europe Open 5/4/2009Markets in Asia rallied and Japan was closed for a holiday. The Hang Seng was up 4.8% to 16,290. The Shanghai Composite was up 3.2% to 2,560. In Europe, UK markets were closed. The Dax was up .6% to 4,837. The CAC 40 rose .4% to 3,180. Data from Reuters and MarketWatch. Douglas A. McIntyre [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 May 2009 | 7:31 am How capital gains might beat new income tax trapAccountants warn of new dangers for high earners and suggest solutions.Source: Telegraph Finance | 4 May 2009 | 7:21 am German retail sales plunge by 1.5 pct in March (AFP)
Source: Yahoo! News: Business | 4 May 2009 | 7:19 am Is there a bull market around the corner?The FTSE100 made of up Britain's biggest companies closed last week at an 11week high at 4243.Source: Telegraph Finance | 4 May 2009 | 7:19 am Australian stocks: Market climbs nearly 3pcMELBOURNE - The Australian share market finished about three cent higher on Monday and at its best level in seven weeks as resources stocks rose on the back of higher commodities prices and Wall Street gained. At 1615 AEST, the...Source: New Zealand Herald - Business | 4 May 2009 | 7:15 am Buying habits are the latest automotive importThe economy and environment are causing U.S. car buyers to adopt European values: They will buy gas misers and keep them longer. ...Source: RSS feed - channel BNPaperBusiness | 4 May 2009 | 7:00 am Fiat now sets its sights on GM's European unitsFresh from its takeover of Chrysler, the Italian carmaker is in talks to buy the Opel, Saab and Vauxhall brands. ...Source: RSS feed - channel BNPaperBusiness | 4 May 2009 | 7:00 am Lawsuit against O.C. lender illustrates dangers of 'hard-money' lendingPoint Center Financial, owned by Dan J. Harkey, is being sued by more than 50 investors whose nest eggs helped fund loans to developers that largely have soured in the tanking real estate market.Lloyd Charton recalls a fateful knock on the door. At his Dana Point home stood a cheerful man with an impressive knowledge of Charton's personal life. It was a neighbor, Dan J. Harkey.
Source: L.A. Times - Business | 4 May 2009 | 7:00 am High gas prices drive changes in California fuel consumptionDrivers are turning to alternative fuels and cutting consumption.Dick Messer is paying a pretty good price these days to fuel his drive from Riverside to work: the equivalent of about $1.35 a gallon. But Messer, who has collected, restored and raced gasoline-powered cars for more than 50 years, isn't commuting on gasoline anymore to his job running the Petersen Automotive Museum in the mid-Wilshire area of Los Angeles.
Source: L.A. Times - Business | 4 May 2009 | 7:00 am Buying habits are the latest automotive importThe economy and environment are causing U.S. car buyers to adopt European values: They will buy gas misers and keep them longer.Tighter credit, depleted retirement savings and environmental concerns are among the forces reshaping the U.S. auto market into something that looks more like Europe and the rest of the world -- where people buy smaller, more efficient cars and hold on to them longer.
Source: L.A. Times - Business | 4 May 2009 | 7:00 am Credit card companies as evil villains? It's not that simpleIs there any business in the United States more vilified than credit card lending?Source: RSS feed - channel BNPaperBusiness | 4 May 2009 | 7:00 am Boston Globe's fate remains unclear as contract deadline passesThe paper's owner, New York Times Co., has threatened to shut it down unless its unions make $20 million in concessions. The midnight Sunday deadline passed without word from either side.The management of the Boston Globe threatened late Sunday to begin the process of shutting down the newspaper in a dispute with its unions over $20 million in cuts.
Source: L.A. Times - Business | 4 May 2009 | 7:00 am Fiat now sets its sights on GM's European unitsFresh from its takeover of Chrysler, the Italian carmaker is in talks to buy the Opel, Saab and Vauxhall brands.Italian automaker Fiat, which is taking over Chrysler, said Sunday it was talking with General Motors Corp. about acquiring the U.S. company's European operations.
Source: L.A. Times - Business | 4 May 2009 | 7:00 am Lawsuit against O.C. lender illustrates dangers of 'hard-money' lendingPoint Center Financial, owned by Dan J. Harkey, is being sued by more than 50 investors whose nest eggs helped fund loans to developers that largely have soured in the tanking real estate market. ...Source: RSS feed - channel BNPaperBusiness | 4 May 2009 | 7:00 am Credit card companies as evil villains? It's not that simpleIs there any business in the United States more vilified than credit card lending?
Source: L.A. Times - Business | 4 May 2009 | 7:00 am Can 'Star Trek' crew land a hit?Paramount is betting big that special effects, a cast that includes Leonard Nimoy, and hip director J.J. Abrams will fill theaters this weekend with Trekkies and a new generation of fans.To reignite its creaky "Star Trek" movie series this weekend, Paramount Pictures must beam up young moviegoers who may have never heard of Captain Kirk, Spock or the starship Enterprise, and international audiences who have been indifferent.
Source: L.A. Times - Business | 4 May 2009 | 7:00 am Hugh Jackman's 'Wolverine' No. 1 at box officeThe lure of Hugh Jackman, particularly for women, helped propel the 'X-Men' spinoff to an $87-million opening weekend. That's not super high for a superhero film, but female interest may give it legs.He's no Iron Man or team of mutants, but Wolverine kicked off summer with an impressive $87 million at the box office this weekend.
Source: L.A. Times - Business | 4 May 2009 | 7:00 am Boston Globe's fate remains unclear as contract deadline passesThe paper's owner, New York Times Co., has threatened to shut it down unless its unions make $20 million in concessions. The midnight Sunday deadline passed without word from either side. ...Source: RSS feed - channel BNPaperBusiness | 4 May 2009 | 7:00 am High gas prices drive changes in California fuel consumptionDrivers are turning to alternative fuels and cutting consumption. Dick Messer is paying a pretty good price these...Source: RSS feed - channel BNPaperBusiness | 4 May 2009 | 7:00 am TV networks are uneasy about declining advertisingOne analyst forecasts a 15% decline in prime-time ad revenue, leading CBS to unleash a marketing blitz to boast that it is the most-watched network and NBC to unveil its fall lineup two weeks early.The bugle call marking the start of the TV advertising sales season began a little early this year.
Source: L.A. Times - Business | 4 May 2009 | 7:00 am Wall Street rally hinges on economic dataReports due out this week on retail sales, employment and bank stress-test results could further stocks' advance or pull them down. ...Source: RSS feed - channel BNPaperBusiness | 4 May 2009 | 7:00 am Can 'Star Trek' crew land a hit?Paramount is betting big that special effects, a cast that includes Leonard Nimoy, and hip director J.J. Abrams will fill theaters this weekend with Trekkies and a new generation of fans. ...Source: RSS feed - channel BNPaperBusiness | 4 May 2009 | 7:00 am Hugh Jackman's 'Wolverine' No. 1 at box officeThe lure of Hugh Jackman, particularly for women, helped propel the 'X-Men' spinoff to an $87-million opening weekend. That's not super high for a superhero film, but female interest may give it legs...Source: RSS feed - channel BNPaperBusiness | 4 May 2009 | 7:00 am Peter Brimelow: Market advance is fighting for its lifeStocks struggle higher, while several strong newsletters are deeply divided on whether the rally can continue.
Source: MarketWatch.com - Top Stories | 4 May 2009 | 6:44 am Boston Globe talks pass deadlineTalks between the Boston Globe and its unions continue amid threats that the newspaper could close within weeks.Source: BBC News | Business | World Edition | 4 May 2009 | 6:38 am Talks to avert US paper's closure stallNegotiations between the Boston Globe and its unions to prevent the publication from shutting down stopped after a midnight deadline lapsed, leaving it unclear when they would resumeSource: Financial Times - US homepage | 4 May 2009 | 6:38 am NZ stocks: Market back on upward pathThe New Zealand share market rose today as Telecom resumed its rally. The benchmark NZSX-50 index closed up 46.356 points, or 1.704 per cent, at 2766.273, after a 20.7-point loss on Friday snapped a five-day run of rises. Turnover...Source: New Zealand Herald - Business | 4 May 2009 | 6:30 am Marsh on Monday: Smaghi makes case against EU quantitative easingBini Smaghi is not a household name -- apart from people who follow the European Central Bank.
Source: MarketWatch.com - Top Stories | 4 May 2009 | 6:30 am Office Depot to close all Japan stores: reportOffice Depot plans to close all of its stores in Japan by the end of this year because of intense price competition, according a Nikkei newspaper report.
Source: MarketWatch.com - Top Stories | 4 May 2009 | 6:25 am Boston Globe could file shutdown notice MondayNEW YORK (Reuters) - Talks between The Boston Globe and its unions to prevent the U.S. newspaper from shutting down stopped early Monday morning after a midnight deadline passed, and it was unclear when they would resume.Source: Reuters: Business News | 4 May 2009 | 6:02 am Currency: Dollar climbs over US57cThe New Zealand dollar continued a weekend rally today as investors became more comfortable with the global economic story. At 5pm today the NZ dollar was at US57.40c, up from US57.05c at 8am and US56.55c at 5pm on Friday. Reports...Source: New Zealand Herald - Business | 4 May 2009 | 5:58 am Boston Globe could file shutdown notice Monday (Reuters)Reuters - Talks between The Boston Globe and its unions to prevent the U.S. newspaper from shutting down stopped early Monday morning after a midnight deadline passed, and it was unclear when they would resume.Source: Yahoo! News: Business | 4 May 2009 | 5:39 am Conservative wins Panamanian voteMultimillionaire supermarket chain owner Ricardo Martinelli wins the central American state's presidential election, bucking a trend of left-wing leadership wins in Latin AmericaSource: Financial Times - US homepage | 4 May 2009 | 5:28 am Fonterra says change emissions rules, Fed Farmers says scrap itFederated Farmers has told a parliamentary committee the emissions trading scheme (ETS) should be scrapped because it would create economic disaster. But dairy giant Fonterra says it should be kept, but only if changed significantly. The...Source: New Zealand Herald - Business | 4 May 2009 | 4:00 am The Next Frontier in Health Care: Specialty DrugsI drink tea, never coffee, a habit I picked up as a young boy from my grandmother and great-grandmother. They liked to gossip while sipping their brews, elbows propped on their kitchen table, and afterward would push their chairs away, sit back and place one warm, wet tea bag atop each of their closed eyes. Once I asked what they were doing, and my grandmother assured me, “It’s good for you,” then proceeded to hold forth on the value of various home remedies. It turns out that the caffeine in tea can restrict the blood vessels under your eyes, thus reducing puffiness, so Mama Nor and Rari were on to something. But I always wondered, how did they know? The answer, of course, is that they had generations of trial-and-error results handed down to them; the best methods survive and evolve. By industrializing this process of investigation and experimentation, pharmaceutical companies have dramatically expanded and accelerated it. In just the past couple of decades, drug pioneers have created new ways to fight dozens of serious health problems, reducing suffering and the need for surgery and extending life spans for millions of patients. My mom takes bisoprolol to keep her blood pressure down, Flovent for her asthma, Levoxyl to regulate her thyroid and simvastatin to control her cholesterol. And if your family is anything like ours, modern pharmaceuticals are one of the biggest reasons to be happy that you are alive, and will grow old, in 21st-century America. I am bringing all this up because this month I want to examine one of the next great frontiers in health care for people who are approaching or already in retirement: specialty drugs, which are medicines, often produced biologically, that treat specific complex and chronic diseases. In recent years scientists have begun to learn how the genes that regulate diseased cells work. And now, usually by extracting and modifying substances from healthy cells, they are homing in on the molecular processes of those problem genes. For instance, Humira, made by Abbott Laboratories, is a drug originally built from human antibodies. In the body it attaches itself to a specific protein that triggers inflammation, thereby preventing the chemical from binding to tissue cells. As a result, for patients with rheumatoid arthritis, Humira doesn’t just offer relief from pain; it helps stop the disease from spreading. As stunning as recent advances in pharmacology have been, specialty drugs promise whole new kinds of miracles. Sprycel, from Bristol-Myers Squibb, targets a range of proteins that spur the growth of cancerous cells; people with chronic myeloid leukemia can take it orally once or twice a day rather than undergoing chemotherapy. Breast cancer and multiple myeloma, too, are cancers that patients can now fight with pills, thanks to advances in specialty-drug therapies. Blood-cell deficiencies and even multiple sclerosis are yielding to biotech-driven treatments. The catch, of course, is cost. Because most specialty drugs typically face little competition, they carry staggering price tags. Humira can cost $45,000 a year, Sprycel, $54,000, and they aren’t unusual. In 2008 the AARP wrote that “the drugs are costly, commanding prices 10 to 100 times higher than other prescription drugs.” Specialty drugs now account for a quarter of all pharmaceutical expenditures in the U.S. and will rocket from $73 billion to $99 billion next year, says AARP. As you age, you become more prone to the kinds of diseases specialty drugs treat and more vulnerable to these rapidly rising costs—even if you have coverage through insurance or Medicare. That’s because most copayments often don’t apply to expensive medications, including almost all specialty drugs. Instead, many insurers charge patients a portion, typically 25 to 35 percent, of the overall cost, which can total thousands of dollars a month: 86 percent of Medicare Part D plans and 10 percent of private insurance plans now force patients to share costs rather than make copayments, according to Avalere Health, a Washington, D.C., consulting firm. Unfortunately, while the bludgeon of cost-sharing will cause patients to struggle to pay for the wonder drugs, it probably won’t drive down health care costs for Medicare or the overall economy. While increasing the cost of copayments can reduce the use of most prescription drugs by 30 to 50 percent, instituting expensive tiers for specialty drugs lowers their use by just 1 to 21 percent, according to a 2006 study by the Rand Corp. That’s because specialty drugs are so effective and there are so few alternatives that people keep using them even when their costs rise. So before the scramble to shift costs to consumers grows any more frantic, employers, insurers and the government should consider other moves to increase affordable access to specialty drugs. First, Uncle Sam should enable the development of generic biologics. Under current law, if a company wants to make a generic version of a drug, it just has to prove that its product has the same active ingredients as the brand-name version. But the law applies only to chemical, not biologic, products, because it was enacted in 1984, when biotechnology hardly existed. Most specialty drugs come from substances produced in live cells, and the companies that make them face little competition even after their patents expire. That free ride makes little sense; as Sen. Orrin Hatch (R-Utah) put it in 2005, it “essentially acts as a second patent to keep off-patent biological products off the market.” Fortunately, as part of its 2010 budget, the Obama administration announced it will “accelerate access to make affordable generic biologic drugs available through the establishment of a workable regulatory, scientific and legal pathway.” Let’s hope that plan prevails over biotech-company lobbyists. Second, doctors and, to a lesser extent, insurance plans, must make sure they are giving specialty drugs to patients who truly need them. Left to their own devices, drug companies, which by some estimates spend almost twice as much on advertising and promotion as on R&D, will try to market nearly every new medication as a blockbuster. And pharmacy benefit managers (the companies that are supposed to manage drug costs for insurers) have actually been cutting their own deals to distribute specialty drugs, which makes you wonder how they would ever want to limit the price or sales of those drugs. So it’s the players closest to patients who need to look out for everyone’s wallets. Here, there’s more good news from Washington: In February’s stimulus package, the feds allocated $1.1 billion to compile data for the first time on the comparative effectiveness of various medical treatments. Insurance companies need to find ways to connect their reimbursements more directly to the improvements patients achieve in their health, rather than the amount and type of drugs doctors prescribe. Aetna, for instance, has been looking into a “pay for performance” approach, where it would negotiate prices for a drug based on how well it worked in individual patients. The research and development arms of the pharmaceutical industry have helped bring aging Americans a quality of health and life most never dreamed they would see. It’s up to the rest of us to make sure the business, with its tendency to monopolize and its addiction to marketing, doesn’t block the widespread availability of its most amazing achievements. 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 | 4 May 2009 | 4:00 am Traders Optimistic Before Stress Test Results (Market Update)News at a Glance
The LowdownWall Street is poised to kick off the week with early gains. Stocks looked to open higher Monday, as traders awaited the results of the government's stress tests of nation's top banks and updates on the construction and housing sectors. Shortly after 6 a.m., Dow, Nasdaq and S&P 500 futures were trading above fair value. The Treasury will release the findings of its financial stress tests to the 19 banks in question Monday. The banks anticipated harsh judgments and stricter capital requirements. Citibank (C) and Bank of America (BAC) were simultaneously preparing to defend their positions and seeking out new fund raising avenues to improve them, The Wall Street Journal reported. The results of the government's tests will be made public on Thursday. In autos, Fiat moved closer to positioning itself as a new global power in a remade sector. The Italian automaker, which is playing in an integral role in Chrysler's restructuring, planned to meet with German regulators to discuss the potential acquisition of Opel, the European division of General Motors (GM). In health news, Mexican health officials said the latest flu reports suggest the worst is over. "The admittance of patients to hospitals has decreased and the health of patients in hospitals has improved," Mexican Health Minister Jose Angel Cordova said, according to Reuters. Nonetheless, the World Health Organization warned that the virus could lie dormant and still mount a comeback. The WHO also reported its case talley had reached 898. In world markets, Japan's Nikkei finished up 1.7%, while Hong Kong's Hang Seng ended up 5.5%. In Europe, the U.K.'s FTSE was closed for a market holiday. On the Nymex, oil prices dipped slightly. By 6:06 a.m., crude traded down 16 cents at $53.04 a barrel. 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 | 4 May 2009 | 4:00 am English looks to cut $27bn Govt fund risk: buying more bonds?Finance Minister Bill English has written to the chief executives of the three big government-owned fund managers to ask them if they are taking on too much risk, which has raised concerns within the funds that the government wants...Source: New Zealand Herald - Business | 4 May 2009 | 3:30 am Labour demand continues to fall, says Stats NZNew data from Statistics New Zealand (SNZ) show demand for labour continued to decline in the first three months of the year. According to the Quarterly Employment Survey (QES) for the three months to March, published today, full-time...Source: New Zealand Herald - Business | 4 May 2009 | 3:00 am Australian economy lurches downwardSYDNEY - Housing price and job ads figures released today confirmed the gloomy state of the Australian economy. The price of established houses fell by 2.2 per cent between the December and March quarters. It was the fourth...Source: New Zealand Herald - Business | 4 May 2009 | 2:00 am Bank of America plans to raise $10 billion in capital: reportNEW YORK (Reuters) - Bank of America Corp is working on plans to raise more than $10 billion in fresh capital, even as it and Citigroup Inc launch last-ditch attempts to convince the U.S. government they do not need to bolster their balance sheets, the Financial Times reported.Source: Reuters: Business News | 4 May 2009 | 1:32 am Bank of America plans to raise $10 billion in capital: report (Reuters)
Source: Yahoo! News: Business | 4 May 2009 | 1:32 am Govt to borrow $1 billion extra as budget woes deepenThe New Zealand Government's Debt Management Office has announced today it will borrow an extra $1 billion in the next 8 weeks, taking the total borrowed in 2008/09 to a maximum of NZ$5.5 billion. The announcement comes as the...Source: New Zealand Herald - Business | 4 May 2009 | 1:20 am Sprint may outsource network to Ericsson: reportNEW YORK (Reuters) - Sprint Nextel Corp is in final negotiations to outsource management of its cellular network to Telefon AB LM Ericsson and transfer 5,000 to 7,000 U.S. employees to the equipment vendor, The Wall Street Journal reported, citing people familiar with the matter.Source: Reuters: Business News | 4 May 2009 | 1:18 am Fiat confirms Opel deal interestItalian carmaker Fiat will hold talks with German ministers to discuss a takeover of Opel - the German business of GM.Source: BBC News | Business | World Edition | 4 May 2009 | 1:12 am Fiat in talks to take over GM EuropeROME - Fiat Group has confirmed that it is talks to acquire General Motors' European operations with the aim of possibly creating a new company to also include its newly acquired Chrysler automaker. Combined, the new automaker...Source: New Zealand Herald - Business | 4 May 2009 | 1:00 am Buffett attacks bank tests, eyes flu pandemicOMAHA, Nebraska (Reuters) - Warren Buffett attacked the government's stress tests of 19 large U.S. banks, saying they failed to properly assess the industry's health, and that he would buy more shares in three big banks Berkshire Hathaway Inc already owns.Source: Reuters: Business News | 4 May 2009 | 12:57 am Fiji will not take part in Pacific free trade talksFiji will not take part in talks to set up a Pacific free trade area while it is suspended from the Pacific Islands Forum, a spokeswoman for Trade Minister Tim Groser confirmed today. Fiji has not been invited to informal talks...Source: New Zealand Herald - Business | 4 May 2009 | 12:19 am The Sun Sets On BusinessWeek, Forbes, And FortuneThe May 11 issue of Fortune Magazine is a perfect demonstration of what the three largest business magazines have done for decades. Its cover story, “How Bernie Did It’ is the culmination of a four-month investigation into the details of Bernie Madoff’s life and business operations written and reported by three of Fortune’s best editorial [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 3 May 2009 | 11:30 pm Tiddlers' AIM exodus set to continueThe Alternative Investment Market (AIM) has consistently outperformed fully listed stocks since the start of this year and into the recent general market upturn, prompting some market-watchers to ask whether the long decline of the junior market has come to an end. Source: Latest Business News from Times Online | 3 May 2009 | 11:00 pm Flushed with enthusiasm, Severn Trent sees light at the end of the tunnel for its new revenue planOne of Britain's largest water companies is planning to convert waste piped from millions of British homes into fuel that could be sold to power companies. Source: Latest Business News from Times Online | 3 May 2009 | 11:00 pm Second wave of job cuts on the way for advertising and software groups feeling the pinchThousands of jobs are expected to go at WPP, the advertising group, and Sage, the software company, as the recession spreads beyond the banking and manufacturing sectors and into the service industries. Source: Latest Business News from Times Online | 3 May 2009 | 11:00 pm Amber warning light as Fiat woos German ministers in attempt to take control of OpelFiat last night set out its blueprint to reshape the global car industry, outlining plans to spin off a new company that will include General Motors’ European business and Chrysler. Source: Latest Business News from Times Online | 3 May 2009 | 11:00 pm Fraud tempts more directors of insolvent companiesThe number of directors of insolvent companies disqualified for financial crime is soaring as the recession takes hold, according to government figures. Source: Latest Business News from Times Online | 3 May 2009 | 11:00 pm Even the investor's friend is counting his lossesThey came in record numbers, more than 35,000 of them, searching, perhaps, for a chink of light amid America's recessionary gloom and the kind of homespun wisdom that gladdens an investor's heart — and they got yet more bad news. Gathered at the feet of the Sage of Omaha, gloomy shareholders heard Warren Buffett disclose that his Berkshire Hathaway investment company had suffered a 12 per cent drop in operating profits and a 6 per cent fall in book value in the year's first quarter. Source: Latest Business News from Times Online | 3 May 2009 | 11:00 pm Jobs in balance in £1bn Eurofighter orderAgreement on a third production run of 236 aircraft between the four partner nations on the programme has been held up as the MoD and Treasury have tried to agree a deal over fundingSource: Financial Times - US homepage | 3 May 2009 | 10:39 pm Boeing still sees 787 Dreamliner Q2 flightNEW YORK (Reuters) - Boeing Co said on Sunday its 787 Dreamliner would be ready for its first flight later in the second quarter, reaffirming a recently announced target for the new airplane.Source: Reuters: Business News | 3 May 2009 | 9:54 pm US mortgage cuts offer spending boostHomeowners could save close to $18bn on their mortgage repayments this year as record low interest rates allow millions of borrowers to switch to cheaper home loansSource: Financial Times - US homepage | 3 May 2009 | 9:36 pm BofA and Citi in last push on stress testsCitigroup and Bank of America are working on plans to raise more than $10bn each in fresh capital, even as they launch last-ditch attempts to convince the US government they do not need to bolster their balance sheetsSource: Financial Times - US homepage | 3 May 2009 | 9:36 pm Fiat in talks to buy GM EuropeFiat chief executive Sergio Marchionne is aiming to create a European car giant that would merge General Motors' European operations with its stake in Chrysler.Source: Telegraph Finance | 3 May 2009 | 9:27 pm Presented Without Comment: The Full Force Of The White House Press CorpsLauria: One of my clients was directly threatened by the White House, and in essence compelled to withdraw its opposition to the deal under threat that the full force of the White House press corps would destroy its reputation if it continued to fight. That's how hard it is to stand on this side of the fence. 
Source: Dealbreaker | 3 May 2009 | 9:01 pm Up Close And Personal With BRK: Sweating The SweatshopsBerkshire Hathaway shareholder Curtis Joe Walker was back at the jamboree again this year, bringing Warren Buffett straight to you. Here are his stories. The good news is that the Klamath River folks from the last couple years are happy and they might be getting their way soon, with the removal of dams from the area and the restoration of the river. If this happens and the fisheries that collapsed last year are able to re-populate, this will be an important victory for them. However, a new concern arose this year with the introduction of a shareholder proposal for the introduction of a Sustainability Report. In essence, what the proposal aims to achieve is to add transparency to the company's activities in a way that will keep shareholders informed in a proactive way. This year the primary concern was regarding sweatshops, which given the salaries of Berkshire directors (currently $900 per year) is not surprising.
Source: Dealbreaker | 3 May 2009 | 9:00 pm Presented By:Source: Dealbreaker | 3 May 2009 | 9:00 pm ITV to step up search for new chiefITV will appoint headhunters this week as the search for a new chief executive heats up.Source: Telegraph Finance | 3 May 2009 | 8:58 pm Asia establishes 120bn crisis fundThirteen Asian countries have agreed to set up a 120bn £80.5bn crisis fund to boost liquidity and overcome the economic crisis.Source: Telegraph Finance | 3 May 2009 | 8:41 pm JLR boss says scrappage scheme is a nonstarterThe Jaguar Land Rover boss has questioned the scrappage plan.Source: Telegraph Finance | 3 May 2009 | 8:36 pm Business leaders air concerns over Heathrow runwayA growing backlash against the proposed third runway at Heathrow airport will gather momentum today when 13 business leaders come out in opposition to the project.Source: Telegraph Finance | 3 May 2009 | 8:24 pm Buffett attacks buyback strategy as 'foolish'Legendary investor Warren Buffett has attacked the strategy of companies buying back their own shares arguing that it almost always destroys value.Source: Telegraph Finance | 3 May 2009 | 8:09 pm ANZ aims to buy Asian assetsAustralia's ANZ Bank is looking at buying assets in Asia.Source: Telegraph Finance | 3 May 2009 | 8:01 pm Obituary: Jack KempThe former Buffalo Bills quarterback who rose to the top of the upper echelons of the Republican party died of cancer at the weekend aged 73 at his home in Bethesda, MarylandSource: Financial Times - US homepage | 3 May 2009 | 8:01 pm Vodafone Qatar raises 1bn as the Gulf rediscovers the joy of IPOsVodafone Qatar raised 1bn £670m from investors in its initial offering to Qatari nationals.Source: Telegraph Finance | 3 May 2009 | 7:58 pm US wind sector impatient for stimulus fundsProject delays and cancellations mean that those at the world's biggest annual wind energy conference will be keen for word of stimulus fundsSource: Financial Times - US homepage | 3 May 2009 | 7:36 pm Bank stress test results to try market's advance (AP)AP - A week laden with key economic reports and results of stress tests on banks will determine whether Wall Street is ready to rally further or take a sharp U-turn.Source: Yahoo! News: Stock Markets News | 3 May 2009 | 7:11 pm Concerns raised over EU hedge fund rulesPlanned regulations will make it more expensive to run funds from offshore centres and may drive many of these onshore, while affecting other classes of alternative investmentSource: Financial Times - US homepage | 3 May 2009 | 7:06 pm Up Close And Personal With BRK: The Tradeshow
The Berkshire tradeshow is another unique feature of the self proclaimed "Woodstock of Capitalism." On display as pure eye candy was a 1935 Duesenberg SJ553, a one of a kind land yacht belonging to Paul Andrews of the TTI subsidiary, but originally owned by Mrs. Forrest Mars, Sr., parent and grandparent to BRK's new partners in the Wrigley purchase.
Source: Dealbreaker | 3 May 2009 | 7:00 pm Japan offers $100bn for Asian economiesJapan has offered $100bn to help struggling Asian economies through bilateral currency swap agreements and guarantees for issues of yen-dominated bondsSource: Financial Times - US homepage | 3 May 2009 | 6:56 pm Fiat plans European car supergroupFiat plans to join its core cars division with Chrysler and General Motors Europe to form new publicly traded car companySource: Financial Times - US homepage | 3 May 2009 | 6:45 pm Up Close And Personal With BRK: The Meeting
Hitting the line for Berkshire at 6am isn't a whole lot of fun after an evening spent scoring free gin and meatballs at the reception, but such is life. Arriving any later is a guarantee for a lousy seat in one of the overflow rooms. This year, attendance was up by 5000 to 35,000. this number represents a 14% increase in passes, though the stock faced a 9.6% loss in value vs the 37% in lost value of the S&P 500 in 2008. The gates always open at 7, but the annual financial comedy montage doesn't start until 8:30. A free breakfast consisting of Coke and cheese danish await the hungover and bleary eyed. This year's montage featured several clips from British comedy duo, Bird and Fortune, a collection of Geico spots and a full length Cirque du Soleil-inspired Fruit of the Loom commercial. The usual animated intro video was cut short in honor of the current cashpocalypse. Due in part to last year's protesters stealing three of the coveted Q&A slots and very few tough questions about how Berkshire is being run, a new policy of random selection was imposed. In addition to this, three members of the financial media formed a panel to field the best of 5,000 mail in questions. Andrew Ross Sorkin, Becky Quick and Carol Loomis of Fortune.
Source: Dealbreaker | 3 May 2009 | 6:30 pm Singers tell Congress: Money (That's What I Want) (AP)AP - Jack Ely, the singer whose 1963 version of "Louie Louie" still makes the rounds on oldies radio, lives with his wife in a mobile home on a horse ranch in Oregon. Ely says they share $30,000 a year from her teacher's pension and his Social Security checks. They are paying down a mortgage.Source: Yahoo! News: Business | 3 May 2009 | 5:13 pm Up Close And Personal With BRK: Snagging Deals At The Opening Reception
On the Friday night before Berkshire's Annual Meeting, Warren Buffett hosts a party at Borhsheim's Jewelers. The free drinks food entice throngs of people to crowd into the shopping mall and overflow tent in the parking lot. Typically (at least in my unscientific gathering of data), less than half of the crowd actually owns any BRK stock, and many are locals out for a little fun. The end result is long lines for everything, and good opportunities to meet people. In the spirit of frugality, I've come up with a good plan of attack when it comes to filling my belly with the free stuff.
Source: Dealbreaker | 3 May 2009 | 5:00 pm Asia 'must cut export dependency'Asian governments must cut reliance on export-driven growth and spend more to cut poverty, development bank officials say.Source: BBC News | Business | World Edition | 3 May 2009 | 1:57 pm Money ManiaCash-making fanatics descend on New YorkSource: BBC News | Business | World Edition | 3 May 2009 | 1:12 pm Geek Prank
In case you don’t get the joke, 404 is the “not found” error that a webserver returns when the client makes a request for a resource that is not currently on the server. Web geeks like to have fun by customizing the 404 response with a bit of humor.
Source: Business Pundit | 3 May 2009 | 11:48 am
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