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State universities: 'Ridiculously selective'At the 50,000-student University of Florida, only 50 or so undergrads major in geology. It's not exactly an easy subject.Source: Business and financial news - CNNMoney.com | 1 Jun 2009 | 4:00 am Top Analyst Downgrades (CLX, CTV, HD, IPI, MU, WSM)These are some of the top analyst downgrades or negative research calls we have seen early this Monday morning: Clorox (CLX) Cut to Underperform at Bernstein. Commscope (CTV) Cut to Neutral at UBS. Home Depot (HD) Cut to Market Perform at Bernstein. Intrepid Potash (IPI) Cut to Sell at Soleil. Micron (MU) Cut to Neutral at UBS. Williams-Sonoma (WSM) Cut to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 May 2009 | 11:46 am Stock futures lower after run-up; more banks issue stock (Reuters)
Source: Yahoo! News: Business | 11 May 2009 | 11:36 am Stock futures lower after run-up; more banks issue stock (Reuters)
Source: Yahoo! News: Stock Markets News | 11 May 2009 | 11:36 am Bank to repay bailout fundsRead full story for latest details.Source: Business and financial news - CNNMoney.com | 11 May 2009 | 11:31 am HSBC cautious despite signs of recoveryThe bank wrote off $2.4bn on its US subprime mortgage and consumer lending operations, both of which have now been closed to new business, though that was lower than in the fourth quarter of 2008Source: Financial Times - US homepage | 11 May 2009 | 11:30 am Centrica pays $3.5 bln for 20% of British EnergyCentrica Plc says it will pay Electricite de France 2.3 billion pounds ($3.5 billion) for a 20% stake in nuclear-electricity generator British Energy after renegotiating the terms of an earlier, non-binding agreement.
Source: MarketWatch.com - Top Stories | 11 May 2009 | 11:26 am UPDATE 1-King posts net loss, but results beat Street* Q1 EPS ex-items tops Reuters Estimates view by 3 centsSource: RSS feed - channel BNewsBusiness | 11 May 2009 | 11:25 am China's loan growth cools to $86 bil in AprilLending by Chinese banks remains robust, latest figures show.
Source: MarketWatch.com - Top Stories | 11 May 2009 | 11:24 am Three big U.S. banks to sell stock and repay TARPNEW YORK (Reuters) - Three large U.S. banks deemed by the government to have sufficient capital on Monday announced large common stock offerings, and will use proceeds to repay government...Source: RSS feed - channel BNewsBusiness | 11 May 2009 | 11:21 am Three big U.S. banks to sell stock and repay TARP (Reuters)Reuters - Three large U.S. banks deemed by the government to have sufficient capital on Monday announced large common stock offerings, and will use proceeds to repay government investments under a bank bailout plan.Source: Yahoo! News: Business | 11 May 2009 | 11:21 am Reining in health care costsPresident Obama will announce Monday that it has secured the commitment of several industry groups to do their part to rein in the growth in health care costs.Source: Business and financial news - CNNMoney.com | 11 May 2009 | 11:20 am It's the end of the beginning of the recession not the beginning of the endTelegraph View: While the banks have been stabilised it is premature to predict the end of the recession.Source: Telegraph Finance | 11 May 2009 | 11:19 am Centrica, EDF to sign deal on nuclear powerFrance's state-owned EDF and Britain's Centrica announced on Monday a long-awaited joint venture aimed at relaunching nuclear energy in Britain. EDF, the world's biggest nuclear energy...Source: RSS feed - channel BNewsBusiness | 11 May 2009 | 11:18 am London Markets: HSBC Holdings paces London retreatHSBC Holdings shares declined in London on Monday, with investors not seeing enough from an update from Europe’s largest bank to keep a recent rally going.
Source: MarketWatch.com - Top Stories | 11 May 2009 | 11:18 am Best deals of the day: home renovationsOur special deals will save you money on bathrooms and kitchenwareSource: Telegraph Finance | 11 May 2009 | 11:15 am Indications: CORRECT: U.S. stock futures drop after run-upU.S. stocks dropped on Monday as traders took profits off the table following a big run on hopes the economy will climb out of a recession and that banks will largely survive the financial crisis.
Source: MarketWatch.com - Top Stories | 11 May 2009 | 11:15 am US Bancorp down after announcing stock offeringNEW YORK (Reuters) - Shares of US Bancorp fell 5.8 percent to $19.34 in premarket trading after it announced a $2.5 billion common stock offering.Source: RSS feed - channel BNewsBusiness | 11 May 2009 | 11:13 am US Bancorp down after announcing stock offering (Reuters)Reuters - Shares of US Bancorp fell 5.8 percent to $19.34 in premarket trading after it announced a $2.5 billion common stock offering.Source: Yahoo! News: Stock Markets News | 11 May 2009 | 11:13 am AIG expects long restructuring process: report(Reuters) - American International Group Inc (AIG) and the U.S. government expect a multi-year restructuring of the insurer, the Wall Street Journal said, citing an internal AIG memo.Source: Reuters: Business News | 11 May 2009 | 11:11 am GMAC could get $7.5 billion from U.S.: reportWASHINGTON (Reuters) - GMAC, the troubled automobile lender, may receive a $7.5 billion infusion from the U.S. government as early as next week, the Washington Post reported in its Saturday edition, citing unnamed sources.Source: Reuters: Business News | 11 May 2009 | 11:09 am U.S. risks "lost decade" due to half-steps: KrugmanBEIJING (Reuters) - The United States risks a Japan-style lost decade of growth if it does not take aggressive action to stimulate its economy and clean up its banking system, Nobel Prize-winning economist Paul Krugman said on Monday.Source: Reuters: Business News | 11 May 2009 | 11:07 am BB&T to slash dividend, plans to repay TARP fundsNorth Carolina-based BB&T will reduce the size of its dividend by 68% starting in the third quarter, as part of a company plan to repay the government's investment under the Troubled Asset Relief Program.
Source: MarketWatch.com - Top Stories | 11 May 2009 | 11:06 am TUI says long-haul bookings riseDemand for long-haul holidays has held up well despite the swine flu outbreak and the recession, says Europe's biggest travel firm, TUI Travel.Source: BBC News | Business | World Edition | 11 May 2009 | 11:05 am Currencies: Dollar and yen rise on move toward safetyTraders move back to the perceived safety of the U.S. dollar and the Japanese yen on Monday after economic data and bank-sector stress results had led to greenback selling last week.
Source: MarketWatch.com - Top Stories | 11 May 2009 | 11:05 am AIG prepares for long recoveryAn internal memorandum from insurance giant AIG shows that the company and its US government owners expect a multi-year restructuring, The Wall Street Journal reported Monday. The...Source: RSS feed - channel BNewsBusiness | 11 May 2009 | 11:02 am HSBC says first-quarter profits up, investment banking strongLONDON (Reuters) - HSBC Holdings , Europe's biggest bank, said first-quarter profits were "well ahead" of last year, swelled by record results in its investment bank, but would have been down without accounting gains on its debt.Source: Reuters: Business News | 11 May 2009 | 11:01 am Stocks set to pull backU.S. stocks were set to fall Monday as investors prepared to pull back after Wall Street's two-month old winning streak.Source: Business and financial news - CNNMoney.com | 11 May 2009 | 11:01 am 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 | 11 May 2009 | 11:01 am Wall Street poised for lower open (AP)
Source: Yahoo! News: Stock Markets News | 11 May 2009 | 11:00 am K-Tron Reports First Quarter 2009 ResultsPITMAN, N.J., May 11 /PRNewswire-FirstCall/ -- K-Tron International, Inc. (Nasdaq: KTII) today reported net income of $4.447 million and diluted earnings per share...Source: RSS feed - channel BNewsBusiness | 11 May 2009 | 11:00 am RAKBANK Chooses Postilion for Payments Channel InnovationDUBAI, United Arab Emirates and LONDON, May 11 /PRNewswire-FirstCall/ -- Postilion, a leading global provider of payments software solutions and a division of S1 Corporation...Source: RSS feed - channel BNewsBusiness | 11 May 2009 | 11:00 am KapStone Reports First Quarter 2009 ResultsNORTHBROOK, Ill., May 11 /PRNewswire-FirstCall/ -- KapStone Paper and Packaging Corporation (Nasdaq: KPPC) today reported results for the first quarter ended March 31, 2009.Source: RSS feed - channel BNewsBusiness | 11 May 2009 | 11:00 am Corruption: The Loopholes for Corruption and Money Laundering are Getting Smaller- Foreign Corrupt Practices Act shows more teeth - International effort on anti-corruption increases - WorldCompliance: Intelligence Database...Source: RSS feed - channel BNewsBusiness | 11 May 2009 | 11:00 am Stock Preacher Issues Technical Trade Alerts on: AMAT, ANF, CDE, JNJ, KEYVALLEY COTTAGE, N.Y., May 11 /PRNewswire/ -- StockPreacher.com announces the availability of Trade Alerts on stocks making news today. Investors can view all of...Source: RSS feed - channel BNewsBusiness | 11 May 2009 | 11:00 am No easy ridePain of recession makes Irish turn to Europe againSource: BBC News | Business | World Edition | 11 May 2009 | 10:58 am European stocks retreat as investors take profits (AFP)
Source: Yahoo! News: Stock Markets News | 11 May 2009 | 10:49 am Worst of UK recession could be over OECD saysThe worst of the British recession may be over the OECD predicted for the first time on Monday.Source: Telegraph Finance | 11 May 2009 | 10:48 am Tesco tills hit by tech problemsTesco says checkouts at about 100 of its 2,184 UK supermarkets have been hit by computer problems, causing delays.Source: BBC News | Business | World Edition | 11 May 2009 | 10:42 am Action promised on blacklistingBusiness secretary Lord Mandelson promises new regulations to stop union members being denied jobs by secret blacklists.Source: BBC News | Business | World Edition | 11 May 2009 | 10:42 am Will The Economy Need A Second Stimulus Package?If the new stimulus package and parts of the budget aimed at creating new jobs do not begin to take hold soon, the Congress and Administration may be faced with having to put hundreds of billions of more dollars into the credit system and creating novel ways to boost consumer spending. This could involved dropping tax [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 May 2009 | 10:40 am TUI says holidaymakers shrug off swine fluTUI Travel said this morning that demand for long-haul holidays had been particularly strong in recent weeks despite the outbreak of swine flu in Mexico. Source: Latest Business News from Times Online | 11 May 2009 | 10:38 am Asia Markets: Valuation worries hit Shanghai, Hong KongAsian shares end mostly lower Monday, as investors became wary of valuations and of the possibility that foreign stakeholders could sell shares in some big banks as lock-up agreements expire.
Source: MarketWatch.com - Top Stories | 11 May 2009 | 10:38 am Barclays up the ante with savings bond paying 4.25pcBarclays ups the ante with 4.25pc fixed rate bond.Source: Telegraph Finance | 11 May 2009 | 10:30 am The United States' lost decadeSource: Business and financial news - CNNMoney.com | 11 May 2009 | 10:28 am Activist investor aims at TargetFor a company that has made such beauty out of a simple bull's-eye, it is a painful irony: Target, the $65 billion retail giant, has itself become a target. Wielding the bow and arrow is William Ackman, the activist investor and founder of Pershing Square Capital Management, who sank $2 billion of his investors' money into the company back in 2007 -- just before the global recession hit the fun- and fashion-loving Target shopper.Source: Business and financial news - CNNMoney.com | 11 May 2009 | 10:28 am Oil retreats towards $57 from six-month highLONDON (Reuters) - Oil fell more than $1 a barrel toward $57 on Monday, pressured by weaker European equities, a firmer dollar and caution over prospects for a global economic recovery.Source: Reuters: Business News | 11 May 2009 | 10:27 am The crusade to save FordAlan Mulally is in my face - again. In fact, he has barely left it for the past two hours. He has taken me through the thick loose-leaf binder he assembled for my interview and shown me another five binders filled with interviews he did upon taking the CEO job at Ford, along with research material and personal notes.Source: Business and financial news - CNNMoney.com | 11 May 2009 | 10:26 am Chinese deflation picks up speedDeflation in China deepened in April with consumer prices falling 1.5pc compared to a year ago and factory prices sliding 6.6pc.Source: Telegraph Finance | 11 May 2009 | 10:23 am Agency workers to get equal rights after 12 weeks in jobThe prospect of the UK's 1.3m agency workers having the same pay and conditions as permanent staff has come a step closer with the launch of a Government consultation on the new rights.Source: Telegraph Finance | 11 May 2009 | 10:23 am U.S. economic growth seen resuming in third quarterWASHINGTON (Reuters) - The U.S. economy is expected to begin growing in the second half of this year, while the jobless rate is expected to peak in the first quarter of 2010, according to a survey of top forecasters released on Sunday.Source: Reuters: Business News | 11 May 2009 | 10:22 am U.S. economic growth seen resuming in third quarter (Reuters)Reuters - The U.S. economy is expected to begin growing in the second half of this year, while the jobless rate is expected to peak in the first quarter of 2010, according to a survey of top forecasters released on Sunday.Source: Yahoo! News: Business | 11 May 2009 | 10:22 am Government plans finance and insurance for exportersBanks' reluctance to help businesses trade overseas has prompted the Government to propose using public money to provide the necessary insurance and finance.Source: Telegraph Finance | 11 May 2009 | 10:18 am George Soros: Do Billionaires Know Much About The Economy?T. Boone Pickens speaks out on the likelihood of rising oil prices and alternative energy are often as anyone will listen. Based on data about his energy fund, he has lost money on most of his own investment decisions. Billionaire bankruptcy analyst Wilbur Ross is often asked about the capital markets and the broader financial markets. His [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 May 2009 | 10:16 am Dollar rebounds as equities falterThe dollar rebounded from a four-month low on Monday as European corporate earnings failed to trigger fresh gains on global equity markets.Source: Financial Times - US homepage | 11 May 2009 | 10:11 am Europe Markets: Stocks in Europe pull back after recent advanceEuropean shares pull back on Monday following eight weeks of gains out of nine.
Source: MarketWatch.com - Top Stories | 11 May 2009 | 10:08 am HSBC's profits fall as bad debts worsenHSBC's pre-tax profits fell in the first quarter as higher bad debts and other credit risk provisions offset a record quarter for its investment banking business. Source: Latest Business News from Times Online | 11 May 2009 | 10:05 am Horlick loses ally in Bramdean fightPeter Barton has resigned as a nonexecutive director of fund manager Bramdean Alternatives removing one of Nicola Horlick's key allies in the battle with investors over the future of the company she founded.Source: Telegraph Finance | 11 May 2009 | 10:04 am As Sovereign Governments Compete For Capital, The Cost Of Doing Businesses Pushes UpIt was inevitable. The US is trying to raise hundreds of billions of dollars to finance its growing deficit. The UK and many EU nations are doing the same. Japan is in the capital markets. A number of smaller nations which have even more acute problems than the richest nations do are trying to raise [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 May 2009 | 10:00 am French and Italian output dropsFrance and Italy both see sharp falls in industrial output in March, which are much larger than forecast.Source: BBC News | Business | World Edition | 11 May 2009 | 9:53 am Target’s (TGT) Strength Makes Dissident’s Assault A Likely FailureInvestor Bill Ackerman, who has held an investment in Target (TGT) for almost two years and has lost a great deal of money in the process, wants to replace part of the retailer’s board. Ackerman has been trying to get Target to separate some of its credit holdings into a new company to “unlock” the value of [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 May 2009 | 9:47 am HSBC profit rises after recording gain on own debtBanking giant HSBC's first-quarter underlying profit is substantially ahead of a year earlier due to $6.6 billion of one-off gains, the bank says Monday.
Source: MarketWatch.com - Top Stories | 11 May 2009 | 9:41 am Pope embarks on tricky Israel visitPope Benedict XVI arrived in Israel, for the start of a keenly-awaited and politically-charged visit to the Jewish state and the Palestinian territories as the administration of Barack Obama prepared a drive to resolve the conflict between Israel and the PalestiniansSource: Financial Times - US homepage | 11 May 2009 | 9:40 am The Failure Of 3G Hurts Apple (AAPL) And Its CompetitionThe inadequacy of 3G networks to carry data and video for large numbers of handsets simultaneously is hurting the performance of the Apple (AAPL) iPhone. The problem only starts there. The weakness of 3G networks has also likely undermined the consumer’s opinion of new products from RIM (RIMM), the Samsung Instinct, and a host of [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 May 2009 | 9:32 am HSBC says results 'encouraging'HSBC says that its latest three month results are "encouraging", although its bad debt provisions have risen.Source: BBC News | Business | World Edition | 11 May 2009 | 9:32 am Are stocks a loser's bet?Only if you attempt to sort out the handful of winners from the rest of the market.Source: Business and financial news - CNNMoney.com | 11 May 2009 | 9:24 am A hidden shoe gallery for elite buyersIt's easy to walk past RSole, an up-scale shoe boutique in University City, Mo., and completely miss it. The storefront, which sits on a busy street near Washington University in St. Louis, consists of a wall of frosted glass. The door is almost invisible. Products are displayed in a smattering of square peepholes.Source: Business and financial news - CNNMoney.com | 11 May 2009 | 9:15 am Suzuki boosted by sales in IndiaJapan's Suzuki Motors avoids a loss in the final quarter, helped by growth in India, but is downbeat on its prospects.Source: BBC News | Business | World Edition | 11 May 2009 | 9:12 am World markets down as rally runs out of steam (AP)
Source: Yahoo! News: Stock Markets News | 11 May 2009 | 9:02 am The Humble Scooter: When Stimulus Packages CollideAs the government tries to dig the economy out of recession, the Administration is beginning to see that some of its stimulus packages are beginning to compete with one another. Congress and the President have been careful not to give taxpayers credits for tuition at private schools but not public ones. Parents have no incentive [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 May 2009 | 8:59 am HSBC firstquarter profits boosted by investment banking armEurope's biggest bank said firstquarter profits were "well ahead" swelled by record results from investment banking.Source: Telegraph Finance | 11 May 2009 | 8:57 am Stock futures signal profit taking after rally(Reuters) - Stock index futures pointed to a lower open on Wall Street on Monday, with futures for the S&P 500 down 1.1 percent, Dow Jones futures down 1 percent and Nasdaq 100 futures down 1.5 percent, as investors were poised to book recent hefty gains.Source: Reuters: Business News | 11 May 2009 | 8:53 am The Economy Moves To The Waiting RoomMost large companies have released their first quarter earnings and the critical economic figures for March and April are out. A growing number of economists say that the consumer will begin to conquer his panic by year’s end and GDP will revive as if nothing had happened. The most recent poll from the Blue Chip [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 May 2009 | 8:48 am European stocks flat at open (AFP)
Source: Yahoo! News: Stock Markets News | 11 May 2009 | 8:23 am Centrica in British Energy dealBritish Gas owner Centrica says it is buying a 20% stake in nuclear firm British Energy for £2.3bn, less than initially planned.Source: BBC News | Business | World Edition | 11 May 2009 | 8:22 am Upfront TV ad season looking grimSource: Business and financial news - CNNMoney.com | 11 May 2009 | 8:11 am Swine flu test offered by Aimlisted OsmetechTesting for swine flu could become quicker and easier if the US Government gives emergency authorisation for a new diagnostic tool designed by Osmetech an Aimlisted British biotech company.Source: Telegraph Finance | 11 May 2009 | 8:05 am Media Digest 5/11/2009 Reuters, WSJ, NYTimes, FT, BloombergAccording to Reuters, Obama says his healthcare programs will save billions. Reuters reports that AIG (AIG) expects a long restructuring process. Reuters writes that Soros says the economic downturn trend is easing. Reuters reports that the US plans to make its antitrust policy tougher. Reuters reports that GMAC could get $7.5 billion from the US government next week. Reuters said [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 May 2009 | 8:00 am U.S. risks "lost decade" due to half-steps: Krugman (Reuters)Reuters - The United States risks a Japan-style lost decade of growth if it does not take aggressive action to stimulate its economy and clean up its banking system, Nobel Prize-winning economist Paul Krugman said on Monday.Source: Yahoo! News: Business | 11 May 2009 | 7:47 am GMAC could get $7.5 billion from U.S.: report (Reuters)
Source: Yahoo! News: Business | 11 May 2009 | 7:37 am Postage Stamp Increase Starts Today
Today’s postage stamp increase won’t break the bank, but it may give you a penny-stamp headache. Most notably, the price of a First Class mail stamp will increase from 42¢ to 44¢. Other notable price increases include: Large envelopes – first ounce — $0.88 The USPS has a complete price list here. I noticed an interesting tidbit on the USPS website: The average increase by class of mail is at or below the rate of inflation as measured by the Consumer Price Index. Does that mean we’re experiencing inflation? I can’t conclude anything from the Bureau of Labor Statistics’ quote below: Wikipedia notes a couple of other interesting facts about the CPI: Between 1971 and 1977, the United States CPI increased 47%. The postage stamp increase alone may not mean much, but it is a reminder to watch for other signs of inflation, whether through the CPI or other price increases. I think it’s just a matter of time before inflation hits.
Source: Business Pundit | 11 May 2009 | 7:33 am Australian stocks: Market closes down 15 pointsMELBOURNE - The Australian share market finished the day weaker on profit-taking despite a positive lead from overseas. The benchmark S&P/ASX200 ended 15.7 points, or 0.4 per cent, at 3926, while the broader All Ordinaries lost...Source: New Zealand Herald - Business | 11 May 2009 | 7:21 am Asia Markets And Europe Open 5/11/2009Markets in Asia were mixed. The Nikkei rose .2% to 4,592. The Hang Seng was up .6% to 17,488. The Shanghai Composite fell 1.8% to 2,580. At the open in Europe, the FTSE was up .2%. The Dax rose .1% to 4,216 and the CAC 40 dropped .1% to 3,309. Data from Reuters and MarketWatch. Douglas A. McIntyre Posted in International Markets [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 May 2009 | 7:19 am Soros says economic downward trend easing: reportBERLIN (Reuters) - The downward trend in the financial crisis is easing and national economic stimulus packages are starting to work, billionaire investor George Soros was quoted as saying by a German newspaper on Monday.Source: Reuters: Business News | 11 May 2009 | 7:19 am U.S. to make antitrust policy tougher: report(Reuters) - The U.S. government plans to reverse its antitrust policy and put more pressure on companies eyeing bigger market share through their dominance, the New York Times reported on its website.Source: Reuters: Business News | 11 May 2009 | 7:10 am UK F1: 'Losing innovation race'Red tape and cost pressures mean Formula One in the UK risk losing a global innovation race, a report says.Source: BBC News | Business | World Edition | 11 May 2009 | 7:08 am UK business rights issue tally hits £18.3bnTravis Perkins, the builders' merchant and do-it-yourself retailer, today joined the growing ranks of businesses tapping investors for cash through rights issues, taking the total raised by British companies so far this year to £18.3 billion. Source: Latest Business News from Times Online | 11 May 2009 | 7:07 am Wall Street puts retail activity front and centerAfter a week when investors were reassured by the government's assessment of the banking industry and its latest reading on the job market, Wall Street's focus turns to the consumer.
Source: L.A. Times - Business | 11 May 2009 | 7:00 am Village Roadshow Pictures repays Warner Bros.The Australian film financing company had unexpectedly lost access to funds it had committed for four Warner movies. The $120-million debt is cleared after the firm restructures its credit line. ...Source: RSS feed - channel BNPaperBusiness | 11 May 2009 | 7:00 am Box office salesSource: RSS feed - channel BNPaperBusiness | 11 May 2009 | 7:00 am Hulu's tug of war with TVAs online viewership surges, media companies reconsider the wisdom of sharing their content for free. Online video...Source: RSS feed - channel BNPaperBusiness | 11 May 2009 | 7:00 am Text messaging pioneer was a good judge of charactersTwitter's 140-character limit on tweets can be traced to German researcher Friedhelm Hillebrand's work in 1985. Text messaging now surpasses cellphone calling.To understand how the wizards of Twitter settled on 140 as the magic number of characters in a single tweet, you have to go back two decades to Bonn, Germany.
Source: L.A. Times - Business | 11 May 2009 | 7:00 am Wall Street puts retail activity front and centerAfter a week when investors were reassured by the government's assessment of the banking industry and its latest reading on the job market, Wall Street's focus turns to the consumer.Source: RSS feed - channel BNPaperBusiness | 11 May 2009 | 7:00 am 'Star Trek' boldly beams up $72.5 million in opening weekendPositive reviews and word of mouth point to a strong run for the sci-fi revival. But 'Wolverine' loses its box-office bite."Star Trek" successfully conquered older audiences at the box office this weekend as those familiar of the sci-fi series propelled it to a solid opening in the U.S., if not abroad.
Source: L.A. Times - Business | 11 May 2009 | 7:00 am Mini E lease program has electric vehicle fans all charged up450 in a pilot program will use the automobiles as their daily commuters for a year. Experts say it could be a precursor to an explosion of relatively affordable electric cars in the near future. ...Source: RSS feed - channel BNPaperBusiness | 11 May 2009 | 7:00 am 'Star Trek' boldly beams up $72.5 million in opening weekendPositive reviews and word of mouth point to a strong run for the sci-fi revival. But 'Wolverine' loses its box-office bite. ...Source: RSS feed - channel BNPaperBusiness | 11 May 2009 | 7:00 am Village Roadshow Pictures repays Warner Bros.The Australian film financing company had unexpectedly lost access to funds it had committed for four Warner movies. The $120-million debt is cleared after the firm restructures its credit line.What's $120 million between friends?
Source: L.A. Times - Business | 11 May 2009 | 7:00 am Mini E lease program has electric vehicle fans all charged up450 in a pilot program will use the automobiles as their daily commuters for a year. Experts say it could be a precursor to an explosion of relatively affordable electric cars in the near future.The future of transportation is now available for lease.
Source: L.A. Times - Business | 11 May 2009 | 7:00 am Addressing the 'too big to fail' problemAre government bailouts of TBTF institutions doing more harm than good? A good clue that a phenomenon has penetrated the public's consciousness...Source: RSS feed - channel BNPaperBusiness | 11 May 2009 | 7:00 am Craigslist's erotic services ads draw more fire from statesSeveral attorneys general say the website hasn't done enough to remove illicit sex ads. State attorneys general...Source: RSS feed - channel BNPaperBusiness | 11 May 2009 | 7:00 am Hulu's tug of war with TVAs online viewership surges, media companies reconsider the wisdom of sharing their content for free.Online video site Hulu trumpeted its ascension to the media big time a few months back with a dash of sardonic humor. In its debut TV commercial, in which Alec Baldwin mocks the audience's addiction to the very shows he creates as a fictional network executive, the site calls itself "an evil plot to destroy the world."
Source: L.A. Times - Business | 11 May 2009 | 7:00 am Addressing the 'too big to fail' problemAre government bailouts of TBTF institutions doing more harm than good?A good clue that a phenomenon has penetrated the public's consciousness is when it gets referred to by shorthand, like "DVD," or " Brangelina ."
Source: L.A. Times - Business | 11 May 2009 | 7:00 am Box office sales
Source: L.A. Times - Business | 11 May 2009 | 7:00 am Text messaging pioneer was a good judge of charactersTwitter's 140-character limit on tweets can be traced to German researcher Friedhelm Hillebrand's work in 1985. Text messaging now surpasses cellphone calling. ...Source: RSS feed - channel BNPaperBusiness | 11 May 2009 | 7:00 am Prices in China continue to fallChina's consumer prices fell 1.5% in the year to April, the third consecutive month of falls, after food and energy costs eased.Source: BBC News | Business | World Edition | 11 May 2009 | 6:24 am Centrica confirms deal for British Energy stakeCentrica, the owner of British Gas, confirmed this morning that it had negotiated down the price it will pay EDF for a 20 per cent stake in British Energy. Source: Latest Business News from Times Online | 11 May 2009 | 6:21 am Currency: Dollar highest in six monthsThe New Zealand dollar reached its highest level in six months today and analysts think it may go higher. By 5pm today, the NZ dollar was at US60.99c, having climbed as high as US61.12c today from US59.36c at 5pm on Friday. A...Source: New Zealand Herald - Business | 11 May 2009 | 6:19 am NZ stocks: Market fades after strong startThe sharemarket started strongly and then faded as investors took profits in leading shares. The benchmark NZSX-50 index closed down 43.916 points, or 1.529 per cent, at 2829.223, having risen 45 points within an hour. Turnover...Source: New Zealand Herald - Business | 11 May 2009 | 6:15 am Craigslist's erotic services ads draw more fire from statesSeveral attorneys general say the website hasn't done enough to remove illicit sex ads.State attorneys general from across the country are stepping up pressure on Craigslist to shutter what they call the nation's busiest virtual street corner, where prostitution runs rampant.
Source: L.A. Times - Business | 11 May 2009 | 4:57 am Fed's Lacker: Government safety net encouraged financial riskWASHINGTON/BEIJING (Reuters) - A Federal Reserve policy maker called on Monday for U.S. government protection of the financial industry to be rolled back because it had encouraged excessive risk taking at the heart of the current crisis.Source: Reuters: Business News | 11 May 2009 | 4:40 am Blue Chip trial beginsThe hopes of around 250 Blue Chip victims are riding on a six-week High Court hearing, which began today. Barrister Paul Dale has brought before the court 34 representative cases of investors who lost money when the property investment...Source: New Zealand Herald - Business | 11 May 2009 | 4:30 am NZ's 3rd mobile network launched: 2degreesNew Zealand's third mobile phone network has been given a name and an expected date of birth, but those wanting more details have been told they must wait. It's called 2degrees and is the brand that NZ Communications revealed at...Source: New Zealand Herald - Business | 11 May 2009 | 4:00 am Costco Bride: Battle of Warehouse Weddings (Deal of the Day)
Sure, Costco AND Wal-mart are known for savings on everyday items like a 36-roll pack of toilet paper and $4 prescriptions. But can you trust a warehouse club or big-box retailer when it comes to your wedding? Of course, there are some trade-offs to buying your invites at Wal-Mart or your flowers at Costco. When you go to a printing shop or stationery store, a professional walks you through every step of the invitation process, helping you select paper, ink color, wording and font style. Getting your invitations from Wal-Mart, though, is a solo – and more time-consuming – effort, says Robyn Bruns, owner of Red Letter Event Planning in Chicago. “You need to give yourself a lot of time, and you need patience to do them. I’ve had brides start out doing it themselves and [then later give] up,” she says. The good news: Most guests won't be able to tell the difference between invitations from Wal-Mart or specialized ones from a printer. “You don't have to sacrifice on quality or style because the options are on trend and well-priced,” says Jamie O’Donnell, a wedding planner in Orlando, who buys from discount stores for both her higher-end and more budget-minded customers. Invitations
For a 100-person wedding, invitations can cost between $800 and $1,000 (or more, depending on paper thickness and printing method). Go the do-it-yourself route and you can pay a fraction of the amount. O’Donnell favors Wal-Mart’s Martha Stewart collection – they’re good quality and easy to run through your computer and printer, she says. A set of 40 invitation kits, including response cards, envelopes and ribbon embellishments, costs $22 (three sets come to a still-reasonable $120). Bridal Bouquets and Flowers
Barbara Cohen, a floral decorator in Monsey, N.Y., says she charges $125 to $150 for an all-rose bridal bouquet, and $50 to $75 for a bridesmaid bouquet (prices vary depending on type of flower, region and season). Buy a bridal bouquet and five bridesmaid bouquets and you’re paying a minimum of $375. Again, do-it-yourselfers will save even more. A package of 125 pink roses at Sam’s Club costs $88 (shipping included) can make at least six bouquets. Keep in mind that you’ll need someone with a green thumb to help you turn those loose stems into a showpiece, says Bruns. Wedding Cake
Instead of a traditional tiered cake for a client’s September wedding, Sacramento event planner Celeste Armendariz plans to pick up five cheesecakes from Sam’s Club. Grand total: $100. A wedding cake from a local caterer would cost her around $400, she says. And that may be on the cheap side: Professional wedding cakes – which are priced per slice – can reach four-digits depending on filling, decoration, size and even, where you live. Wedding bands
The only real difference between a gold wedding band from your local jeweler and one from Costco is cost. That’s because individual jewelers charge bigger markups than warehouse clubs, which can afford to buy in bulk from manufacturers and take smaller margins, says Jerry Ehrenwald, CEO of the International Gemological Institute. Favors
Wal-Mart’s "Celebration Centers" carry a great selection of favor items, says O’Donnell. Martha Stewart’s line of favor boxes, for instance, sells for $10.46. Five sets (for 100 guests) will run you about $52. Comparable cube boxes from WeddingFavorites.com are about 35% more. 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 | 11 May 2009 | 4:00 am Honda Insight first hybrid to top Japan sale sheetsTOKYO - Honda's Insight, billed as the cheapest gas-electric hybrid on the market, ranked as the top-selling vehicle in Japan for April - the first time a hybrid has clinched that spot. Honda has pitched the Insight as an affordable...Source: New Zealand Herald - Business | 11 May 2009 | 4:00 am 10 Things Celebrity Chefs Won't Tell You (10 Things)1. “I’m a celebrity first and a chef second.”
At press time the National Restaurant Association was projecting restaurant sales to reach $558 billion for 2008, a 47 percent increase over 2000, and the Food Network, the culinary world’s premier stage, has seen its subscribers more than double in that time. As the financial stakes get ever higher, chefs are fleeing their kitchens in search of a bigger piece of the pie. Rachael Ray, the Babe Ruth of celebrity chefs, has ridden her culinary fame to a daytime talk show and her own magazine. The secret? It’s not just talent, says Andrea Rademan, VP of the International Food Wine and Travel Writers Association. “Without the marketing, you can’t be a celebrity chef.” 2. “There’s absolutely no reason to buy my cookbook.”
Do beware, cautions Christopher Kimball, host of America’s Test Kitchen: Often with free recipes, you get what you pay for. First consider the source; if you don’t trust the author, go somewhere else. Also, look for a lot of detail in a recipe. In general, the more specific the descriptions and instructions, the more likely it’s going to work, Kimball says. 3. “Just because I have a cooking show doesn’t mean I’m a chef.”
Rachael Ray will be the first to say she’s never run a kitchen—but then neither have a lot of the other big food stars, like Nigella Lawson, Paula Deen, or Dave Lieberman. “It’s not necessary that there are professional chefs on the Food Network,” says Anthony Bourdain, Kitchen Confidential author and a celebrity chef in his own right. “But what they really need are good cooks, and they have precious few of those.” A Food Network spokesperson says the idea is “to represent many different perspectives on food.” Foodies, take heart. PBS has been taking in Food Network castoffs, including respected chefs Ming Tsai, Mario Batali, and Sara Moulton. “For us the most important prerequisite is that hosts are experts who are great teachers,” says Laurie Donnelly, an executive producer for public TV. 4. “Sex sells, even with foodies.”
Rachael Ray forged new ground for nonmodel chefs when she appeared in the October 2003 issue of FHM in a skimpy outfit, seductively licking chocolate off a spoon. How did other women chefs react to the sexy spread? “It didn’t hurt her career any,” says Cat Cora, an FHM veteran herself, who has joined Nigella Lawson and Giada De Laurentiis in ditching traditional cooking togs for tight sweaters with plunging necklines. But not every celebrity chef is making a wardrobe reduction. “My hands do not function if I don’t have an apron on or my hair’s down,” says Sara Moulton, host of Sara’s Weeknight Meals on PBS. 5. “I’m addicted to porn—food porn, that is.”
To that end it’s crucial the food look great on-screen. Food stylists like Martin often shop for ingredients, prepare, and even cook the dish, all the while making sure it’s ready for its close-up. Lawson, for one, appreciates the help; in particular, she credits director of photography Neville Kidd with making the dishes she creates look so scrumptious. “He’s an artist creating beautiful paintings about the food,” she gushes. But not all TV chefs are so concerned with presentation. On Simply Ming, Chef Ming Tsai likes to plate the food himself and shoot it without too much fuss over how it looks. “You’re doing a disservice if you make it look too good,” he says. 6. “The dishes I make on TV don’t always work so great at home . . .”
Often it’s a matter of translation. A chef might take a recipe for, say, 24 servings and divide it by four—but then fail to adjust the cooking time properly. These slight variations can make a huge difference, according to Ellen Brown, author of The Complete Idiot’s Guide to Cooking Substitutions. Also, home cooking and professional cooking are entirely different; even the equipment varies. “It’s like getting advice from a race-car driver on how to commute to work,” Kimball says. “It’s two different skill sets.” 7. “. . . and sometimes they’re just plain gross.”
Take the Red Bean Beach Salad that Ingrid Hoffmann made on the beach-picnic episode of Simply Delicioso, for example. Users’ reviews on the FoodNetwork.com’s recipe board slammed the dish for its strange, unappetizing combination of beans and sweet pickles. (We’re serious.) “Yuk! It is beyond nasty,” posted “Leah” from Philadelphia. (A spokesperson for Hoffmann declined to comment.) Obviously, it’s not fair to condemn a cook for a single dish, especially one she makes on-air. But before attempting a recipe you’ve seen on television, do your homework. “If it’s from a trained chef like Bobby Flay, you’re in safe hands,” says Gordon. 8. “It might be my restaurant, but that doesn’t mean I cook there.”
That’s not to say the food isn’t going to taste good. The menu at these restaurants is prepared from the chef ’s own recipes, and as Batali’s assistant Pamela Lewy says, “Mario is in all of his restaurants all of the time.” But while that may be true spiritually, it’s simply unrealistic for diners to expect their meal to be prepared by a celebrity chef restaurateur. But you can improve your odds by checking your favorite chef ’s tour schedule. If he’s going to be traveling to your city, he’s more than likely going to visit his restaurants there. If you’re lucky enough to catch Lagasse at one of his places, for example, you could be in for a treat. “If he’s at the restaurant, he’s behind the line cooking,” says a spokesperson for the chef. 9. “My show is one long commercial for my cookbooks.”
With the rise of the Food Network and the birth of celebrity chefdom, it’s unlikely that Katzen, who says she was rejected by the Food Network for not being entertaining enough—”I’m too much like Mr. Rogers,” she says— could ever have sold as many books if Moosewood were released today. (The Food Network had no comment.) That’s because celebrity chefs have a stranglehold on the bestseller list, which is proving tough to break. The top five cookbooks of 2006, and four of the top 20 in 2007, belonged to Food Network personalities, according to Simba Information, a Stamford, Conn., marketresearch firm. “When you’re on TV, it’s like having a commercial on every week,” says Anthony Bourdain. But things might be changing. Despite Rachael Ray’s growing media presence, her books didn’t perform as well across the board in 2007 as they did in 2006, according to Michael Norris, a senior analyst at Simba. “Would you be on every box of crackers in the country if you thought your cookbooks were going to pay the freight forever?” he asks. 10. “Bottom line: My celebrity status is great for business.”
Little wonder, then, that some chefs, like Melissa Murphy, owner of Sweet Melissa Patisserie in Brooklyn, N.Y., are using brief appearances on food TV to boost their business. Murphy, who won a Food Network Challenge making edible ornaments, already has a cookbook out and is currently shopping a show idea of her own. But it’s not so easy to climb to the top of the celebrity chef heap. As Tom Colicchio says, he once told a graduating class at the esteemed Culinary Institute of America, “If you got into this business to be the next Emeril, you should apologize to your parents for wasting their money.” 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 | 11 May 2009 | 4:00 am Rally Appears Nearly Out of Steam (Market Update)News at a Glance
The LowdownWall Street is showing no signs of making this week its 10th consecutive one in the black. Stocks looked to open sharply lower Monday, as traders engaged in some profit-taking after recent gains. Shortly before 6 a.m., Dow, Nasdaq and S&P 500 futures were trading below fair value. The market has enjoyed a strong bull run over the last three weeks. Heading into today, the Dow had risen about 9% in the last fourteen sessions. However, an analysis conducted by The Wall Street Journal suggests the market is no longer undervalued and that individual equities may not be the bargains they had been at the nadir of the downturn. On the upside, an industry newsletter suggests the economy may be poised for a return to growth by the third quarter. The May issue of the Blue Chip Economic Indicators newsletter predicts a third-quarter rise in the gross domestic product of 0.5%. In Washington, the push toward a national health care program got a boost. Industry leaders from health care firms plan to draw back the curtain on cost-cutting programs that should save $2 trillion over ten years, a benefit intended to be passed along to uninsured taxpayers through a government health care program. World markets were broadly lower. In Asia, Japan's Nikkei picked up 0.2%, while Hong Kong's Hang Seng slipped 1.7%. In Europe, the U.K.'s FTSE dropped 1.0% in midday trading. On the Nymex, oil prices slipped with the broader market. By 6:09 a.m., crude traded down $1.34 at $57.29 a barrel. Corporate News
The Economy
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Source: SmartMoney.com | 11 May 2009 | 4:00 am Why This Market Rally Lacks Staying PowerLast week provided our pundits with two important pieces of information. Unfortunately, neither of them gave any clear signs that the current rally will persist when trading opens Monday. On Thursday, the Treasury Department released the results of its so-called stress tests that put 19 major financial institutions through a worst-case scenario to see how much more capital they may need to shore up their balance sheets if the economy fell deeper into despair. Treasury Secretary Timothy Geithner said earlier in the week none of the banks are in jeopardy of failing. However, the Treasury did say firms like Citigroup (C), Bank of America (BAC) and Wells Fargo (WFC) needed to raise a total $75 billion. Meanwhile, JPMorgan Chase (JPM), Goldman Sachs (GS), Bank of New York Mellon (BK), American Express (AXP), Capital One Financial (COF), U.S. Bancorp (USB), BB&T (BBT), State Street (STT) and MetLife (MET) were given healthy report cards. Bank stocks moved up well ahead of the results, indications investors may finally be feeling comfortable enough about these institutions to start buying their shares again. Indeed, the shares of companies that were told to raise more capital rose faster than the ones given the all-clear. But is this sector truly on the road to recovery? Not by a long shot, say our pundits. "Net-net, while the overall results make it appear that all is under control at regulatory mission control down in D.C., we believe that it is only another approximation game model," wrote David Hendler, an analyst with CreditSights, in a Friday commentary. "As the last several years of Wall Street model risk have shown, if underlying conditions change enough, output can change in a meaningful way, too. We believe that the market still wants to see hard-core credit improvement before it settles into a more comfortable rally zone." The test results released Thursday were followed by unemployment figures the next morning. Friday's report from the U.S. Labor Department said nonfarm payrolls trimmed 539,000 jobs, considerably better than Street estimates of 610,000. While much of the gap can be explained by government hiring for the upcoming census, it's still a welcome sign that the labor market could be stabilizing. Even so, our pundits are finding it difficult to hinge a rally on information that seems to be less-bad vs. truly positive. Ed Yardeni, founder of Yardeni Research, wrote May 4 that while there's much to applaud, real recovery will include solid improvement on unemployment, consumer spending and stable home prices. That could take another six to nine months, though the news should improve during that time. "In other words, a range-bound market seems more likely than either a bear or a bull market for a while,” he says. However, “I see more upside than downside down the road.” That leaves investors in the difficult position of trying to participate in this rally while also watching out for any pullback. Thomas Lee, a U.S. strategist at JP Morgan, cautioned investors need to prepare for a correction in stocks. In a Thursday note, he said the sectors that are leading the current rally – financials, industrials and tech – should be watched closely. If they flag, a correction is on the way, even if it doesn’t match the apparent market bottom of March 9. "We want to be 'slow buyers' of stocks, scaling in larger on the expected correction," he wrote. Donald Ratajczak, an economist with Morgan Keegan, also sees another downturn coming. "While I believe that the bull market has begun, a strong rally requires corrections with rising lows," he wrote May 4. "The one-day corrections we have had since March 9 do not provide that type of developing support." 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 | 11 May 2009 | 4:00 am Getting New Grads Over Stock Market PhobiaAn estimated 1.6 million students will graduate from college this year. Just don’t be surprised if they have one reaction to investing: Forget it. Indeed, analysts worry the recent market turmoil is scaring an entire generation away from the stock market. Here’s how to help new grads get over their (understandable) phobia. Demystify the markets. In the Jump$tart Coalition’s 2008 survey of college students, only 19 percent correctly identified stocks as the investment vehicle that tends to have the highest long-term growth. Many financial Web sites, SmartMoney.com included, offer bite-size investing tutorials. Investopedia.com covers 60-plus topics, from “Basic Financial Concepts” to “Option Spread Strategies.” Book-wise, beyond the Benjamin Graham bible The Intelligent Investor (a Warren Buffett fave), planners recommend Richard Ferri’s All About Asset Allocation. Get discount advice. Some financial planners offer deals for young people. Janice Swenor, a planner in Westminster, Mass., has a service she calls “The Graduate,” which includes a comprehensive plan on clients’ cash flow, credit and debt obligations, and retirement savings for between $550 and $750—more than half off the regular price. Find hourly planners like Swenor at www.garrettplanningnetwork.com. Try peer counseling. Not all financial message boards are full of pump-and-dump stock hawkers. Planners recommend online communities like Bogleheads.org, where twentysomethings discuss such varied topics as asset allocation and the investment potential of managed timber. Prefer peer-to-peer advice in person? In a pioneering program at Texas Tech University in Lubbock, top financial-planning students give free advice to fellow students and community members. Start early. Investing smarts can start before cap-and-gown time. The National Endowment for Financial Education has designed a free financial-literacy program for high school students, while Creative Wealth International runs Camp Millionaire programs for kids and teens. 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 | 11 May 2009 | 4:00 am NZers feeling more secure in jobs: PollNew Zealanders are growing more confident they will keep their jobs despite unemployment reaching a six year high. Research New Zealand staff telephoned 501 people aged 15 years and older between April 24-30. Of employed people,...Source: New Zealand Herald - Business | 11 May 2009 | 3:30 am Xero shares rise after BT dealXero's share price rose sharply after the accounting software company said it has entered a reseller agreement with British Telecom Group plc. The company's share price rose to a year high of $1.70 but retreated to be up 10c at...Source: New Zealand Herald - Business | 11 May 2009 | 3:15 am "In the next hundred days, we will house train our dog Bo"
Related: Timothy F. Geithner - Fire hydrant - United States Secretary of the Treasury - Tim Geithner - Humor Source: Dealbreaker | 11 May 2009 | 3:00 am The property market - bottomed out?There are indications today that house prices - falling since late 2007 - may finally have bottomed out. The property market stabilised in April and even managed to register a tiny increase in an index measure of the national market,...Source: New Zealand Herald - Business | 11 May 2009 | 3:00 am Postie Plus lifts third quarter salesRetailer Postie Plus has turned around falling results from earlier this financial year to show a 7.3 per cent lift in third-quarter sales to $25.4 million. Managing director Ron Boskell said today that the group remained on track...Source: New Zealand Herald - Business | 11 May 2009 | 2:30 am Coffee, Sugar Prices Spike Due to Shortages
Coffee addicts, watch out–your addiction isn’t recession-proof. The Financial Times reports that lousy crops and high demand are causing a sharp price increase in the prices of coffee and sugar: “We are in a dangerous situation,” Andrea Illy, chief executive of Italy’s leading coffee company, told the Financial Times, warning that prices could “explode” due to supply shortages. Until recently, it was widely assumed that the global economic crisis would damp consumption and prices for coffee. However, that forecast proved wrong, since demand for coffee has remained high, even while consumers have moved from cafés to home drinking. Kraft, owner of the Maxwell House coffee brands, raised retail prices on its Colombian blend by almost 19 per cent last month due to the rising prices of Colombian coffee beans. Nestlé declined to comment on whether it has been raising prices on Nescafé. Separately, sugar prices in New York and London rose last week to their highest in almost three years. White sugar prices rose above $450 a tonne, a 52 per cent gain from mid-December, as traders bet that India, the world’s largest consumer, will require hefty imports to compensate for the failure of the local crop. Time to stock up on the sauce.
Source: Business Pundit | 11 May 2009 | 2:17 am Wells Fargo expects earnings to fill deficitThe bank, deemed to need $13.7bn of capital by the US government's stress test last week, said it has the earnings power to fill its capital deficit by November and apply to repay $25bn of government funds 'as soon as practical'Source: Financial Times - US homepage | 11 May 2009 | 12:03 am xSource: RSS feed - channel BNPaperBusiness | 10 May 2009 | 11:34 pm Need to know: GSK pay row ... Bmi takeover doubts ... BT reviewView video and Need to Know interactive heatmap Source: Latest Business News from Times Online | 10 May 2009 | 11:09 pm Lawyers sound alert about rising Japanese fraudJapan has become Asia's foremost hotbed of fraud, possibly concealing financial deceptions on the scale of the Bernard Madoff ponzi scheme, senior lawyers have warned. Source: Latest Business News from Times Online | 10 May 2009 | 11:00 pm Credit insurers' attitude harms fashion recoveryThe shrinking economy, the rapid increase in unemployment and a weak pound have done the fashion sector no favours. Now the industry's recovery is being severely hampered by the actions of credit insurers, which have been withdrawing their support at a time when it is needed most. Source: Latest Business News from Times Online | 10 May 2009 | 11:00 pm Homebuyers in lurch as state help exhaustedFirst-time buyers using a government scheme to get on the housing ladder have had to pull out of purchases at the eleventh hour after funding ran out. Source: Latest Business News from Times Online | 10 May 2009 | 11:00 pm As pound weakens, Irish head North for bargainsWith the roar of the Celtic Tiger reduced to a whimper, it is no exaggeration to say that the Irish economy needs as much help as it can get - but cash-strapped shoppers are turning their backs on retailers in the Republic and are heading to Northern Ireland. There, thanks to the strength of the euro against the pound, they hope to cut their shopping bill by as much as 30 per cent. Source: Latest Business News from Times Online | 10 May 2009 | 11:00 pm Sunshine by the Thames but view up North is grimThe contrast could barely be more stark. On the one hand is Richmond, the kind of West London suburb where life seems easy, where the cares of the world are someone else’s problem; on the other is Hanley, Stoke-on-Trent, an industrial throwback where such problems are all too real, all to vivid. It is a contrast thrown into even sharper relief by the predations of global recession. Source: Latest Business News from Times Online | 10 May 2009 | 11:00 pm Intel braced for competition fineThe world's biggest chipmaker, is bracing itself this week for one of the heaviest penalties ever levied in Europe for anti-competitive behaviour.Source: Financial Times - US homepage | 10 May 2009 | 10:43 pm Micro-payments considered for WSJ websiteNews Corp is planning to introduce micro-payments for individual articles and premium subscriptions to the Wall Street Journal's website this year, in a milestone in the news industry's race to find better online business modelsSource: Financial Times - US homepage | 10 May 2009 | 10:31 pm In-house fraud cases surgeFraud committed against companies by their own employees has surged this year, new data suggest, providing fresh evidence that the recession is fuelling a rise in crimeSource: Financial Times - US homepage | 10 May 2009 | 10:30 pm Hedge funds cut fees for investorsThe hedge fund industry, infamous for imposing high fees, is finally beginning to cut these charges amid heavy outflows and investor complaints after a year of lossesSource: Financial Times - US homepage | 10 May 2009 | 9:30 pm Ackman steps up Target seat battleHedge fund investor to argue that a lack of relevant expertise among independent board members has contributed to Target's underperforming its larger rival Wal-Mart during the current recessionSource: Financial Times - US homepage | 10 May 2009 | 9:30 pm Investors await retail earnings, consumer spending (AP)AP - After a week when investors were reassured by the government's assessment of the banking industry and its latest reading on the job market, Wall Street's focus turns to the consumer.Source: Yahoo! News: Stock Markets News | 10 May 2009 | 7:22 pm Investors await retail earnings, consumer spending (AP)AP - After a week when investors were reassured by the government's assessment of the banking industry and its latest reading on the job market, Wall Street's focus turns to the consumer.Source: Yahoo! News: Business | 10 May 2009 | 7:22 pm Crossfire shatters civilian life in SwatPakistan's military has ordered civilians out of parts of the Swat valley, temporarily relaxing a curfew to enable them to flee an intensifying offensive against Taliban militantsSource: Financial Times - US homepage | 10 May 2009 | 6:17 pm
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Price at printer (for 100 invitations): $800 or more
Price for six bouquets at the florist: $375 and higher
Price of men’s white gold wedding band at Kay Jewelers: $400
Price of gift boxes at WeddingFavorites.com: $81
Take one part America’s obsession with celebrity, stir in a cup of our passion for all things culinary, marinate in a mix of specialty cable channels, and BAM! You’ve got the perfect recipe for the celebrity chef phenomenon. It’s no surprise that more and more chefs are stepping into the media spotlight—“they’re the new most likable celebrities,” says Susan Ungaro, president of the James Beard Foundation—and they’ve grown in stature as America has fallen ever deeper in love with food.
You say you love Bobby Flay’s food and want to try to make it at home? Before you spend more than $30 on his Mesa Grill Cookbook, check out FoodNetwork .com’s recipe database, where among the 36,000-plus recipes you can browse, a quick search will net you 1,914 of the master chef ’s recipes—or 1,764 more than Mesa Grill contains—and it won’t cost you a penny. Indeed, free recipe-sharing sites like Recipezaar.com, which offers 271,000 recipes, and Epicurious.com, which holds more than 80,000, also threaten to make your favorite chef ’s cookbook virtually obsolete. But so far the vast storehouse of free recipes available on the Web hasn’t dented cookbook sales; in fact, those authored by celebrity chefs drove overall cookbook sales to $540 million in 2007, a 4 percent increase from 2006.
When the Food Network canceled Emeril Live in 2007, it put TV chefs with actual chef experience on the endangered list. The new food faces tend to be cookbook authors and soccermom cooks. The problem, says American Culinary Federation President John Kinsella, is that “people call anyone who writes a cookbook a chef. That’s not what a chef is.”
As the celebrity chef phenomenon has exploded, a growing number of chefs are making mouths water for reasons other than their culinary acumen. Actress and model Padma Lakshmi, for one, has gone from guest-starring on Star Trek: Enterprise to hosting the popular reality show Top Chef, where she muses about plating alongside Tom Colicchio, an accomplished chef and one of People magazine’s “Sexiest Men Alive” for 2007. Lakshmi’s food cred includes two cookbooks, Easy Exotic and Tangy, Tart, Hot & Sweet—both of which feature glamour shots of the India-born starlet with her own recipes.
“Mmmm,” moans Nigella Lawson as she “Jackson Pollocks” melted chocolate over chocolate cheesecake on an episode of Nigella Feasts. As viewers of the show can attest, there’s a little something extra in Lawson’s cooking. That something is what’s known in the industry as food porn: presenting dishes with an eye toward their sensual appeal. And according to food stylist Wesley Martin, no one does it better than Lawson. “The way she talks about food and describes it is all about the senses,” he says.
Sue Gordon, a New Jersey cooking instructor, is a big fan of the Food Network. “I’m always looking for what they’ll teach me,” she says. Unfortunately, when she tried to duplicate the sweetpotato gnocchi she watched Giada De Laurentiis make on Everyday Italian, she learned the age-old lesson that looks aren’t everything. “It was so sticky, I had to keep adding flour,” Gordon says. “The amounts were completely wrong.” Turns out Gordon wasn’t the only one who had problems with the recipe—the reviews section of FoodNetwork.com features similar complaints from a number of viewers. (A spokesperson for De Laurentiis declined to comment.)
Besides having to worry about whether a recipe you got from a cooking show is correct and usable, you also have to be wary of recipes that just don’t taste very good. “I’ve seen chefs on TV create things that make me cringe in horror at the thought that people are going to eat them,” says Ellen Brown.
A recent ad campaign for the city of Las Vegas used a commercial featuring Emeril Lagasse, Mario Batali, and Wolfgang Puck, promising that in Vegas you would visit three celebrity chefs in three days. What the ad didn’t mention is that you’ve got a better chance of hitting the jackpot at keno than you do eating food that’s actually been cooked by your favorite celebrity chef at one of his many restaurants.
The publishing world sure has changed since cookbook author Mollie Katzen altered the landscape back in 1977 with The Moosewood Cookbook, widely credited with introducing vegetarian cooking to the mainstream. Before finding a publisher, Katzen sold the book out of her car, and through word of mouth its popularity exploded, making it one of the 10 bestselling cookbooks of all time, according to The New York Times.
Camille Becerra experienced the Midas touch of celebrity chefdom firsthand when she was chosen as a contestant on Top Chef. After appearing in four episodes, Becerra estimates that she’s seen a 35 to 40 percent increase at her Brooklyn, N.Y., restaurant, Paloma. Not bad for someone who lasted less than half a season.