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Gates signals tougher approach to N KoreaRobert Gates, US defence secretary, warned North Korea that Washington would hold Pyongyang 'fully accountable' if the Stalinist regime engaged in nuclear proliferationSource: Financial Times - US homepage | 30 May 2009 | 11:46 am Germany agrees deal with Magna, GM to save OpelBERLIN (Reuters) - Germany reached a landmark deal with Canadian auto parts group Magna, General Motors and governments to save carmaker Opel from the imminent bankruptcy of its U.S. parent, German leaders said on Saturday.Source: Reuters: Business News | 30 May 2009 | 11:05 am UPDATE 1-Merkel says Obama call helped seal Opel dealBERLIN, May 30 (Reuters) - German Chancellor Angela Merkel said on Saturday U.S. President Barack Obama helped achieve a breakthrough deal for General Motors unit Opel with a telephone call on Friday...Source: RSS feed - channel BNewsBusiness | 30 May 2009 | 10:55 am Merkel says Obama call helped seal Opel dealBERLIN, May 30 (Reuters) - German Chancellor Angela Merkel said on Saturday U.S. President Barack Obama helped achieve a breakthrough deal for General Motors unit Opel with a telephone call on Friday...Source: RSS feed - channel BNewsBusiness | 30 May 2009 | 10:16 am Auto Review: 2010 Kia Soul: A box that comes with curvesBoxes are brown, rectangular and boring. That is, until a group of auto stylists takes them on, thinking they have a lot of unrealized potential.
Source: MarketWatch.com - Top Stories | 30 May 2009 | 10:01 am GM and Magna reach deal on OpelThe European arm of General Motors will be shielded from the expected insolvency of the US group after an 11th hour deal that will see Magna International, the Canadian parts supplier, take over the business with financial backing from the German governmentSource: Financial Times - US homepage | 30 May 2009 | 9:34 am NYSE head denies Boerse merger report - paperMILAN, May 30 (Reuters) - There is no truth in reports of merger talks between Deutsche Boerse and NYSE Euronext , the head of NYSE Euronext told Milano Finanza newspaper in an interview published on...Source: RSS feed - channel BNewsBusiness | 30 May 2009 | 9:16 am Merkel, Obama agree fair deal on interestsBERLIN, May 30 (Reuters) - Chancellor Angela Merkel spoke with U.S. President Barack Obama about General Motors German unit Opel and they were in agreement on a fair deal on the respective interests,...Source: RSS feed - channel BNewsBusiness | 30 May 2009 | 9:10 am Magna takeover means 2,600 Opel jobs cut -sourceBERLIN, May 30 (Reuters) - About 2,600 jobs at carmaker Adam Opel will be eliminated in conjunction with the takeover by Canada's Magna but all four plants in Germany will remain open, a government source...Source: RSS feed - channel BNewsBusiness | 30 May 2009 | 8:54 am No Opel dividend until loans repaid-govt sourceBERLIN, May 30 (Reuters) - The newly restructured German Adam Opel will not pay any dividend until state-backed loans to save the carmaker are repaid, a German government source said on Saturday after...Source: RSS feed - channel BNewsBusiness | 30 May 2009 | 8:36 am GM: Deal is struck to save car maker OpelMagna International will take over most of GM Europe.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 May 2009 | 8:32 am Germany agrees deal with Magna, GM to save Opel (Reuters)Reuters - Germany reached a landmark deal with Canadian auto parts group Magna, General Motors and governments to save carmaker Opel from the imminent bankruptcy of its U.S. parent, German leaders said on Saturday.Source: Yahoo! News: Business | 30 May 2009 | 8:12 am Germany agrees deal with Magna, GM to save OpelBERLIN (Reuters) - Germany reached a landmark deal with Canadian auto parts group Magna, General Motors and governments to save carmaker Opel from the imminent bankruptcy of its U.S. parent, German leaders...Source: RSS feed - channel BNewsBusiness | 30 May 2009 | 8:12 am Wall Street faces data barrage, GM bankruptcyWall Street investors face a battery of economic news and the looming bankruptcy of auto giant General Motors in the coming week, testing the nerves of investors after a strong week. US...Source: RSS feed - channel BNewsBusiness | 30 May 2009 | 8:05 am Wall Street faces data barrage, GM bankruptcy (AFP)
Source: Yahoo! News: Stock Markets News | 30 May 2009 | 8:05 am ADB calls for low-carbon transport systemsThe Asian Development Bank Saturday called on its Asian government borrowers to design mass transport systems in a way that would slow the rapid growth of their greenhouse gas emissions.Source: RSS feed - channel BNewsBusiness | 30 May 2009 | 7:58 am Germany picks Magna to save OpelCanadian firm Magna agrees a deal to take over the Opel wing of US carmaker GM, which is soon expected to file for bankruptcy.Source: BBC News | Business | World Edition | 30 May 2009 | 7:54 am US court likely to rule Monday on Chrysler-FiatA US bankruptcy court will likely rule Monday on whether to allow the sale of US auto giant Chrysler to a group led by Italy's Fiat, the presiding judge said. Speaking Friday at the...Source: RSS feed - channel BNewsBusiness | 30 May 2009 | 7:37 am Charity fundraisers targeted in state lawsuitsIntended recipients -- police, firefighters and veterans -- allegedly got little or no money.California has sued 17 telemarketers and 12 other organizations, state Atty. Gen. Jerry Brown said Friday, as part of a national crackdown on charity fundraisers accused of passing little or no money on to legitimate charities.
Source: L.A. Times - Business | 30 May 2009 | 7:00 am Business fliers find a middle groundInstead of downgrading from first-class to coach seating to save money, some are switching to the 'premium economy' section, at least for part of the flight.Many companies are requiring employees to fly in economy class to help slash expenses. But not all are having to sit back in coach, and that's helping some airlines offset a huge falloff in business travel.
Source: L.A. Times - Business | 30 May 2009 | 7:00 am What should Obama do with shares in auto companies?Analysts disagree on whether the administration should dump the stock, try to maximize profits or just let it be. ...Source: RSS feed - channel BNPaperBusiness | 30 May 2009 | 7:00 am Jay Leno says thanks and goodbye on 'Tonight Show'With a touch of emotion in his voice and a bit of dampness in his eyes, Jay Leno on Friday said his final farewell to "The Tonight Show," NBC's top-rated late-night franchise that he hosted for 17 years.
Source: L.A. Times - Business | 30 May 2009 | 7:00 am Flea markets, swap meets draw crowdsVendors range from Melrose boutique owners to knickknack dealers, and shoppers browse for deals on clothes and furniture -- and sometimes just for fun.Among heaps of antiques, collectibles and vintage clothing, frugal shoppers are rediscovering a recession-friendly place where prices are low and haggling is welcome.
Source: L.A. Times - Business | 30 May 2009 | 7:00 am Geithner heads to Beijing, where he'll try to forge economic trustWhen he arrives Sunday, the Treasury chief will have to begin assuring the Chinese that their vast holdings in U.S. bonds are safe and that Washington is doing its best to preserve the dollar's value.When Treasury Secretary Timothy F. Geithner arrives Sunday in Beijing, he will have to begin assuring the Chinese that their vast holdings in federal bonds are safe and that the Obama administration is doing everything it can to preserve the value of the American dollar.
Source: L.A. Times - Business | 30 May 2009 | 7:00 am 'Vulture' shoppers circle Chrysler dealersAs many prepare to be dropped by Chrysler, salesmen run up against sky-high customer expectations. Half price? Dream on.In the shadow of a big blue inflated gorilla perched on the roof, bright yellow signs shouted "Ultimate Liquidation Event." Deep price cuts, painted in bold neon letters, adorned the windshield of nearly every car on the Garden Grove dealership lot.
Source: L.A. Times - Business | 30 May 2009 | 7:00 am FDIC orders changes at five California banksThe agency and state regulators require tighter lending policies, stronger management and in some cases new capital as part of a campaign of intensified scrutiny amid the bad economy.The Federal Deposit Insurance Corp. said Friday that it and state regulators ordered five more small California banks to clean up their acts in April, part of a campaign of intensified scrutiny amid the bad economy.
Source: L.A. Times - Business | 30 May 2009 | 7:00 am Wall Street closes strong month with a bangThe major stock indexes again record gains. Commodities surge as investors bet on a global economic recovery.The stock market is partying, at least by one measure, like it's 2007 -- when share prices set record highs.
Source: L.A. Times - Business | 30 May 2009 | 7:00 am General Motors wins concessions from UAWThe deal will reduce GM's debts while cutting its production costs when it emerges from a likely bankruptcy. The automaker also sells its Opel unit to Canadian parts supplier Magna International.Reporting from Washington and Los Angeles Jim Puzzanghera -- General Motors Corp. took steps Friday to grease the wheels of what's expected to be among the largest bankruptcies in U.S. history, winning new concessions from its largest union and closing a deal to sell its European unit.
Source: L.A. Times - Business | 30 May 2009 | 7:00 am What should Obama do with shares in auto companies?Analysts disagree on whether the administration should dump the stock, try to maximize profits or just let it be.You own an auto company. What do you do now?
Source: L.A. Times - Business | 30 May 2009 | 7:00 am Flea markets, swap meets draw crowdsVendors range from Melrose boutique owners to knickknack dealers, and shoppers browse for deals on clothes and furniture -- and sometimes just for fun. ...Source: RSS feed - channel BNPaperBusiness | 30 May 2009 | 7:00 am Charity fundraisers targeted in state lawsuitsIntended recipients -- police, firefighters and veterans -- allegedly got little or no money. California has sued...Source: RSS feed - channel BNPaperBusiness | 30 May 2009 | 7:00 am 'Vulture' shoppers circle Chrysler dealersAs many prepare to be dropped by Chrysler, salesmen run up against sky-high customer expectations. Half price? Dream on. ...Source: RSS feed - channel BNPaperBusiness | 30 May 2009 | 7:00 am Economy shrinking at slower rate, report saysThe GDP fell at a 5.7% annual rate from January to March, the Commerce Department says. The economy did not shrink...Source: RSS feed - channel BNPaperBusiness | 30 May 2009 | 7:00 am Business fliers find a middle groundInstead of downgrading from first-class to coach seating to save money, some are switching to the 'premium economy' section, at least for part of the flight. ...Source: RSS feed - channel BNPaperBusiness | 30 May 2009 | 7:00 am Geithner heads to Beijing, where he'll try to forge economic trustWhen he arrives Sunday, the Treasury chief will have to begin assuring the Chinese that their vast holdings in U.S. bonds are safe and that Washington is doing its best to preserve the dollar's value...Source: RSS feed - channel BNPaperBusiness | 30 May 2009 | 7:00 am FDIC orders changes at five California banksThe agency and state regulators require tighter lending policies, stronger management and in some cases new capital as part of a campaign of intensified scrutiny amid the bad economy. ...Source: RSS feed - channel BNPaperBusiness | 30 May 2009 | 7:00 am General Motors wins concessions from UAWThe deal will reduce GM's debts while cutting its production costs when it emerges from a likely bankruptcy. The automaker also sells its Opel unit to Canadian parts supplier Magna International. ...Source: RSS feed - channel BNPaperBusiness | 30 May 2009 | 7:00 am Jay Leno says thanks and goodbye on 'Tonight Show'With a touch of emotion in his voice and a bit of dampness in his eyes, Jay Leno on Friday said his final farewell to "The Tonight Show," NBC's top-rated late-night franchise that he hosted for 17 years...Source: RSS feed - channel BNPaperBusiness | 30 May 2009 | 7:00 am Aviva takes over as Norwich Union brand disappears for good.The Norwich Union name will disappear after more than 200 years on Monday when it is replaced by Aviva.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 May 2009 | 5:55 am Judge pushes ruling on Chrysler's sale to MondayNEW YORK (Reuters) - The U.S. bankruptcy judge overseeing Chrysler LLC's bankruptcy case said on Friday he would issue an opinion "sometime on Monday" on the automaker's proposed sale of most assets to a new company run by Italy's Fiat SpA.Source: Reuters: Business News | 30 May 2009 | 5:06 am A milder hurricane season could still juice energyFewer hurricanes are likely to gather over the Atlantic during the tropical storm season that starts Monday, but it would only take one or two aimed at key facilities to fan already rising oil and gas prices, analysts say.
Source: MarketWatch.com - Top Stories | 30 May 2009 | 4:01 am Market Snapshot: Stock fortunes in week ahead pegged to cars, jobsThe state of the U.S. job market will come into sharp relief over the next week, starting with lay-offs connected to General Motors Corp.'s likely bankruptcy and ending with the government's May jobs report.
Source: MarketWatch.com - Top Stories | 30 May 2009 | 4:01 am GM bondholders urged to accept new debt dealDETROIT (Reuters) - Advisers to General Motors Corp bondholders representing $27 billion in the automaker's debt urged investors on Friday to support a debt swap negotiated over the past week with the Obama administration.Source: Reuters: Business News | 30 May 2009 | 1:20 am Economic optimism may trump GM bankruptcyNEW YORK (Reuters) - Wall Street faces a historic shake-up next week as General Motors, a pillar of American industry, heads into bankruptcy, but the market could advance further if economic data signals the worst of the recession has passed.Source: Reuters: Business News | 30 May 2009 | 1:07 am Economic optimism may trump GM bankruptcy (Reuters)
Source: Yahoo! News: Business | 30 May 2009 | 1:07 am Economic optimism may trump GM bankruptcy (Reuters)
Source: Yahoo! News: Stock Markets News | 30 May 2009 | 1:07 am U.S. judge gives final OK for Qwest suit settlementDENVER (Reuters) -- A U.S. judge has given final approval to $695 million in settlements to shareholders suing Qwest Communications International Inc for securities fraud.Source: Reuters: Business News | 30 May 2009 | 12:52 am U.S. judge gives final OK for Qwest suit settlement (Reuters)Reuters - DENVER (Reuters) -- A U.S. judge has given final approval to $695 million in settlements to shareholders suing Qwest Communications International Inc for securities fraud.Source: Yahoo! News: Business | 30 May 2009 | 12:52 am GM bondholders urged to accept new debt deal (Reuters)
Source: Yahoo! News: Business | 30 May 2009 | 12:41 am Bristol-Myers reportedly in talks for Elan stakeIrish biotech firm Elan Corp. is reportedly in talks to sell a minority stake to Bristol-Myers Squibb Co. in a deal that could be a precursor to a full takeover.
Source: MarketWatch.com - Top Stories | 30 May 2009 | 12:24 am Cycle has yet to turn for ElectrocomponentsDistributing electrical equipment and components is just about as cyclical a business activity as they come. Accordingly, in keeping with these straitened times, it was just about as good as one could have hoped that Electrocomponents, in reporting a 10.2 per cent fall in underlying full-year pretax profits to £86.6million, claimed yesterday that things had stopped getting worse. Source: Latest Business News from Times Online | 30 May 2009 | 12:00 am Need to know: Danone share issue ... Serco contracts ... India upbeatView video and Need to Know interactive heatmap Source: Latest Business News from Times Online | 30 May 2009 | 12:00 am Moss Bros well-suited to make the most of uncertainty over jobsBad news for many may be good news for some, it seems, after Moss Bros, the tailor, said yesterday that its sales were benefiting from nervousness over jobs at UK plc. With people, perhaps fearing the sack, brushing up their presentation for an interview or merely to impress their boss, Moss Bros has reported a surge in demand for its suits. Source: Latest Business News from Times Online | 30 May 2009 | 12:00 am Bold targets set for global warming experts pose threat to actionAchieving a workable international deal to tackle climate change successfully is being threatened by overambitious targets set for the world conference on global warming this year, experts said yesterday. Source: Latest Business News from Times Online | 30 May 2009 | 12:00 am Severn Trent profits reduced to a trickleSevern Trent, Britain’s second-largest water company, reported a 13 per cent plunge in profits yesterday, blaming weaker demand for water from consumers and rising bad debts because of the recession. Source: Latest Business News from Times Online | 30 May 2009 | 12:00 am Chinese bid for stake in Cleveland Cavaliers basketball teamDays after PetroChina launched a bid for control of Singapore’s biggest oil refiner, the Middle Kingdom has made yet another ambitious lunge for a stake in one of the world’s most valuable natural resources — 6ft 8in of purest basketball talent. Source: Latest Business News from Times Online | 30 May 2009 | 12:00 am Magna and Sberbank set to take over Vauxhall from ailing GMMagna, the Canadian car parts maker, and Sberbank, Russia’s biggest state-controlled bank, are poised to become the new shared owners of Vauxhall, Lord Mandelson said last night. Source: Latest Business News from Times Online | 30 May 2009 | 12:00 am Time to crush loan-shark revivalFor most Times Money readers, the tightening of credit conditions over the past year or so has been an uncomfortable but essentially survivable experience. Some may have found it harder, or more expensive, to remortgage, while others will have had to pay a bit more for a personal loan or credit card but, on the whole, the credit crunch has been manageable. Source: Latest Business News from Times Online | 30 May 2009 | 12:00 am Blacks Leisure slides deeper into red as retailer seeks financingBlacks Leisure has slumped deeper into the red as sales at its troubled boardwear division, which includes Freespirit and O’Neill, continue to spiral. Source: Latest Business News from Times Online | 30 May 2009 | 12:00 am Quick-fix culture has to endWho could not be just a little jaundiced with capitalism these days? It is not only in the Palace of Westminster that leaders have been exposed as self-serving and unaccountable. Source: Latest Business News from Times Online | 30 May 2009 | 12:00 am What's GM worth?Once the bankruptcy process at General Motors plays itself out, what will the company be worth?Source: Business and financial news - CNNMoney.com | 29 May 2009 | 11:54 pm Hulu profits 'very soon'Source: Business and financial news - CNNMoney.com | 29 May 2009 | 11:44 pm Look who has friends in high placesMeet Washington's new power brokers on the economy: Consumer advocates.Source: Business and financial news - CNNMoney.com | 29 May 2009 | 11:42 pm Stocks: Best 3-month run since '07Stocks ended a choppy session higher Friday after a late-session rally pushed the major indexes to their biggest three-month run since 2007.Source: Business and financial news - CNNMoney.com | 29 May 2009 | 11:39 pm Corus secures breathing space on £3.7bn debtCorus the AngloDutch steelmaker whose Teeside plant faces closure received a major boost last night after it won vital breathing space on its lending covenants.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 May 2009 | 11:34 pm Obama responds to cyber threatBarack Obama, US president, lifted cyber-security higher up his administration's agenda as he promised to appoint shortly a White House co-ordinator to oversee policy and responses to threats to government and private communications networksSource: Financial Times - US homepage | 29 May 2009 | 11:12 pm Carmakers' crisisA look at the key firms and how they are faringSource: BBC News | Business | World Edition | 29 May 2009 | 11:09 pm Traxi's Stapleton Discusses Role of U.S. Trustees in GM FilingSource: Bloomberg - All Podcasts | 29 May 2009 | 11:08 pm Northern Rock risk revealed in 2004Banking regulators identified Northern Rock as the weak link in Britain's banking system during secret 'war games' held as long ago as 2004, the Financial Times has learnedSource: Financial Times - US homepage | 29 May 2009 | 11:03 pm Altman Says Ford Could Be Last Detroit Auto-Maker StandingSource: Bloomberg - All Podcasts | 29 May 2009 | 10:59 pm Movers & Shakers: Friday's biggest gaining and declining stocksCompanies whose shares are seeing active U.S. trading on Friday include General Motors, J. Crew, Office Depot and Cintas.
Source: MarketWatch.com - Top Stories | 29 May 2009 | 10:57 pm Magna 'close' to GM Europe dealLate-night talks are continuing in Berlin as US and German officials seek a takeover of GM's European divisions Opel and Vauxhall.Source: BBC News | Business | World Edition | 29 May 2009 | 10:56 pm Weekend Edition: Smart grid not clever enough to avoid recessionWhile the U.S. government and electricity producers get ready to spend hundreds of billions to upgrade the nation's power lines and electricity infrastructure, the so-called smart grid may not be clever enough to escape economic uncertainty.
Source: MarketWatch.com - Top Stories | 29 May 2009 | 10:55 pm IBD's Top 10 - Friday (Investor's Business Daily)Investor's Business Daily - 1 The carmaker's shares slid 33% to 0.75, falling below $1 for the first time in 76 years. GM is widely expected to file for bankruptcy Mon., making its stock basically worthless. Also, as expected, the UAW easily ratified minor labor concessions. As part of that deal, GM will build subcompact cars in the U.S., which has much higher labor costs, rather than in China.Source: Yahoo! News: Stock Markets News | 29 May 2009 | 10:53 pm Write-Offs: 05.29.09$$$ Citi jets for sale! [Cityfile] $$$ Confidential to Christopher Meek: We read you were upset with the write-up we did of your program. And that upsets us! We get that since 99% of the time we're making fun of people, you probably assumed you were getting the same treatment, but you assumed incorrectly. In all seriousness we think you're doing a very nice thing for the people of Stamford, and, believe it or not, the headline "Goldman Sachs trader to the rescue" was completely sincere. Email us if you don't believe it. [Norwalk Advocate] $$$ Little parody for your weekend. [Youtube] $$$ After 93 Years, G.M. Shares Go Out on a Low Note [Dealbook] $$$ Job of the Week: Bloomberg needs a senior loans analyst. That could be you. [DB Career Center] 
Related: YouTube - Stamford - Parody - Goldman Sachs - Stamford Connecticut Source: Dealbreaker | 29 May 2009 | 10:50 pm Top Ten: MarketWatch's top stories of the week, May 25-29Another busy week in stock trading that ended with still more weekly gains. Investors chose to focus on signs the economy was showing signs of life.
Source: MarketWatch.com - Top Stories | 29 May 2009 | 10:46 pm Microsoft eases limits on software for 'netbooks'Microsoft Corp. says it no longer plans to place severe limitations on versions of Windows designed for low-cost "netbook" computers, potentially diluting some of the impetus for users of the small devices to upgrade to more costly versions of the software.
Source: MarketWatch.com - Top Stories | 29 May 2009 | 10:39 pm Commodity shares, Coca-Cola lift Wall Street (Reuters)
Source: Yahoo! News: Stock Markets News | 29 May 2009 | 10:35 pm Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trade in Monday's session are Altera Corp., Lions Gate Entertainment Corp., and Bank of America Corp.
Source: MarketWatch.com - Top Stories | 29 May 2009 | 10:34 pm B. of A. lead director resigns; CEO under pressureThe shake-up is the latest sign of of strain in the face of shareholder grumbling and regulatory pressure on the lending giant.
Source: MarketWatch.com - Top Stories | 29 May 2009 | 10:29 pm Long-time BofA director steps downRead full story for latest details.Source: Business and financial news - CNNMoney.com | 29 May 2009 | 10:24 pm Visteon gets bankruptcy court OK to pay wagesWILMINGTON, Delaware (Reuters) - U.S. auto parts maker Visteon Corp received interim court approval on Friday to pay employees, parts suppliers and vendors, but it still lacks debtor-in-possession financing to keep it afloat during its restructuring.Source: Reuters: Business News | 29 May 2009 | 10:21 pm NY AG wins court OK staying SEC pension case (Reuters)Reuters - A federal judge on Friday approved New York Attorney General Andrew Cuomo's request to delay the U.S. Securities and Exchange Commission's pension kickback case, rejecting defense attorneys' arguments that this could give the federal regulator an unfair advantage.Source: Yahoo! News: Stock Markets News | 29 May 2009 | 10:18 pm NY AG wins court OK staying SEC pension caseNEW YORK (Reuters) - A federal judge on Friday approved New York Attorney General Andrew Cuomo's request to delay the U.S. Securities and Exchange Commission's pension kickback case, rejecting defense attorneys' arguments that this could give the federal regulator an unfair advantage.Source: Reuters: Business News | 29 May 2009 | 10:18 pm The Ending Left An Obvious Sequel Opening
The global financial crisis may morph into a second, equally virulent phase where borrowing costs rise again, hobbling an embryonic economic recovery, debilitating cash-strapped banks, and punishing investors all over again. The reality is that the United States has quite a bit of housecleaning still to do. High beta stock rallies spur "green shoots" talk, but trad-weeds will grow anywhere for a time, but have no real staying power. Rising U.S. bond yields may spark Credit Crisis II [Reuters]
Related: United States - Business - United States dollar - Investing - US Source: Dealbreaker | 29 May 2009 | 10:15 pm Auto industry crash will ripple far and wideChrysler and GM employees are on the edge of their seats, waiting to find out what will be left standing after the dust settles. Meanwhile, a vast network of companies outside Detroit are bracing for impact.Source: Business and financial news - CNNMoney.com | 29 May 2009 | 10:15 pm Tiffany's 1Q profit tumbles, but meets view (AP)
Source: Yahoo! News: Business | 29 May 2009 | 10:14 pm The Dow Jones industrials' moves since Lehman fall (AP)AP - How far the Dow Jones industrial average has fallen or advanced each trading day since Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection on Sept. 15. Since Lehman's fall, which touched off a paralysis of the credit markets and deepened the recession, the stock market has gone through an extended period of volatility that subsided during December but that has returned in 2009. The numbers are the closing levels for the Dow:Source: Yahoo! News: Stock Markets News | 29 May 2009 | 10:12 pm Oil prices continue rally to $66Oil prices hit a six-month high above $66, buoyed by falling US stockpiles and revised US first-quarter GDP figures.Source: BBC News | Business | World Edition | 29 May 2009 | 10:04 pm Hear: N. Korea's Hidden Market
On a tour of North Korea, "silly white folks 'working with the people.' " North Korean Economy Watch On today's Planet Money: -- When you arrive as a tourist in North Korea -- yes, it's been done -- they don't tell you the news, says Curtis Melvin. They tell you the state of the economy. And yes, they do have one. Melvin knows because he tracks it on his blog, North Korean Economy Watch. His biggest boosts come from YouTube and Google Earth, which let him watch what passes for economic development. -- The "efficient market" hypothesis holds that everyone trading stocks is generally trying to take in the same information about companies, and the result of all that thinking is the price of stock. The efficiency of the market makes it hard for any individual to beat the market over the long haul. So why would anyone pick stocks at all, or listen to a professional stock picker like CNBC's Jim Cramer? (Further fun: Video of Cramer rebutting an academic study of his performance.) Bonus: Paycheck bounces, life falls apart. Download the podcast; or subscribe. Intro music: Metric's "Sick Muse." Find us: Twitter/ Facebook/ Flickr. 
In Omaha: Take one, if there are any. Paul Eriksen Rebecca writes: My personal Planet Money indicator is $490. That is how much my bounced paycheck cost me. I have worked for the same small multi-media company for over 10 years. My monthly paychecks were always directly deposited into my checking account on the first of the month until this past December. That is when the president of the company told me that my paycheck would be late. I received it via mail on the 5th of the month, still in time to pay my mortgage by the 15th. The checks have been consistently late since. This past month, I received my paycheck in the mail on the 7th. I deposited the check the next day and waited yet another day before mailing out all of my monthly bills. When I went to check my balance the following week, it showed that I was overdrawn by over $2000. Thinking this was an error, I called my bank and was informed that my paycheck had been returned for insufficient funds. As a results, I was being charged a $15 fee, plus 6 checks I had written were being returned and I was being charged an additional $35 for each check. I was charged $175 fee for being late with my mortgage. I incurred another $90 in fees for various penalties. Straightening this all out was a nightmare. One of the checks was written to a couple I know personally that I hired to redo my kitchen floor. They had already prepaid for the materials when I bounced their check. I felt awful!! I spent a total of 3 1/2 hours at the bank over 2 days, for which I had to take off work. At one point, I found myself, a grown, professional, educated woman, standing in the middle of the bank crying. I am being told by the president of the company that it was just an error and not indicative of the health of the company, but I find this hard to believe. My paychecks were never late before 12/08. I am been told I will be reimbursed for my expenses in my next check. And I still have a job so guess I am better off than many people, but I have never met anyone whose paycheck bounced before. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 29 May 2009 | 9:54 pm Bollywood goes global to sell film stakesForeign private equity investors, studios and film funds will be given a chance to invest directly in Bollywood films at the project level as the world's most prolific movie-making industry goes into capital-raising modeSource: Financial Times - US homepage | 29 May 2009 | 9:54 pm Stock market soars in late-day rally (AP)
Source: Yahoo! News: Stock Markets News | 29 May 2009 | 9:53 pm Acree Says Intel Hitting on All Cylinders With ProcessorsSource: Bloomberg - All Podcasts | 29 May 2009 | 9:44 pm Ken Lewis Is One Drinking Buddy DownWSJ: Longtime Bank of America director Temple Sloan resigns.
Related: Bank of America - Business - Bank - Financial Services - Banking Services Source: Dealbreaker | 29 May 2009 | 9:38 pm Recovery hopes lift global stocksGlobal equities rose again as news from Japan and India raised hopes that the global recession might be nearing an endSource: Financial Times - US homepage | 29 May 2009 | 9:21 pm How the major stock indexes fared Friday (AP)AP - A late-day shot of adrenaline sent stock prices soaring Friday, giving Wall Street its third straight monthly gain.Source: Yahoo! News: Stock Markets News | 29 May 2009 | 9:20 pm How the major stock indexes fared Friday (AP)AP - A late-day shot of adrenaline sent stock prices soaring Friday, giving Wall Street its third straight monthly gain.Source: Yahoo! News: Business | 29 May 2009 | 9:20 pm Franulovich Says Dollar Weakness Has Farther to RunSource: Bloomberg - All Podcasts | 29 May 2009 | 9:16 pm Gas price surge may stall recoveryThe rising price of gasoline is putting pressure on cash-strapped motorists and throwing barricades into the path of a speedy economic recovery.Source: Business and financial news - CNNMoney.com | 29 May 2009 | 9:13 pm $51,634,606.22 + $4,260,850.63Are we surprised that the only big insider trading case in quite a while is somewhere outside of the SEC's jurisdiction? We seriously doubt whether there is a dearth of large insider trading cases in the United States, but they certainly seem to have fallen by the enforcement wayside. Instead, and it pains us to say this, the SEC seems to be too busy tagging the likes of Mark Cuban to get its shit together. On January 14 last year Berndale seized control of the account of How Trading, the account Mr Waterhouse held with Berndale to trade options, because it had breached its agreed margin-call levels. $55 million insider trading allegation [The Age]
Related: Mark Cuban - United States - Australia - Merrill Lynch - InsiderTrading Source: Dealbreaker | 29 May 2009 | 9:06 pm Presented By:Source: Dealbreaker | 29 May 2009 | 9:06 pm Final week: 30-day financial makeoverA month ago, Gail George signed up to have us track her finances for 30 days. In her final week of tracking, we welcome credit counseler Gail Cunningham to analyze George's spending and advise on her next steps in starting a savings fund.Source: Marketplace Money | 29 May 2009 | 9:01 pm GDP hints recession is moderatingWASHINGTON (Reuters) - The U.S. economy shrank slightly less in the first quarter than initially estimated, while corporate profits rebounded, according to government data on Friday that pointed to moderation in the recession.Source: Reuters: Business News | 29 May 2009 | 8:58 pm GDP hints recession is moderating (Reuters)
Source: Yahoo! News: Business | 29 May 2009 | 8:58 pm Herrmann Says U.S. Savings Rate Will Increase to 8% or 9%Source: Bloomberg - All Podcasts | 29 May 2009 | 8:58 pm A Six-Day Car CrashChrysler's on its way out of bankruptcy. GM's on its way in. This seems as good a Friday afternoon as any for video of a super-slow-motion car crash with no passengers. Opposition Art's got it. (Thanks to listener Chris Hoge.) » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 29 May 2009 | 8:51 pm Banks must remember returns from property take time as well as timingGnarled old veterans of the property market are fond of telling us that when it comes to land "they're not making any more of it".Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 May 2009 | 8:46 pm O'Brien warns Independent's refinancing is threatenedIndependent News ? Media's secondlargest shareholder Denis O'Brien said there was a "less than 5050 chance" that a €200m £175m bond will be refinanced.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 May 2009 | 8:39 pm Who's In The Mood To Be Berated By Congress?
Related: Elijah Cummings - Hank Greenberg - American International Group - United States - Board of directors Source: Dealbreaker | 29 May 2009 | 8:39 pm With Sugar On Top?
Advisers to General Motors Corp bondholders representing $27 billion in the automaker's debt urged investors on Friday to support a debt swap negotiated over the past week with the Obama administration. But we wonder if the real story here isn't this: For the government to be repaid in full, GM would have to have an enterprise value of $69 billion based on its expected 72.5 percent stake in the company, Siegert said. Really, the jobs we are "saving" are getting obscenely expensive. What happened to a "bridge loan" and the rough backhand pimp-slap that Treasury and company were supposed to deliver to a GM that was not viable by the deadline?
Related: General Motors - United States Department of the Treasury - Chrysler - Automotive industry - GM Source: Dealbreaker | 29 May 2009 | 8:38 pm Lonmin beats mining rivals to the top spotMining stocks were once again the talk of the City as metal prices soared on increasing hopes that the global economy may be recovering. As a result miners occupied the five top spots in the FTSE 100 leaderboard.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 May 2009 | 8:35 pm Peer aims to take a bite out of recessionLord Daresbury has come full circle. A career that has seen him go from catering through hotels mining and horse racing is heading back to where it started with food and drink.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 May 2009 | 8:25 pm Day in the Work Life: MagicianGary Flesher (aka Glenn Gary), a professional full-time magician, talks about what it's like to make a living through trickery.Source: Marketplace Money | 29 May 2009 | 8:23 pm Mortgage rates staying above 5%Mortgage rates burst past the 5% mark for a 30-year fixed-rate loan late in May, peaking at an average of 5.45% on Thursday. It was the highest level reached by mortgage rates this year, but on Friday they fell back to 5.27%.Source: Business and financial news - CNNMoney.com | 29 May 2009 | 8:23 pm Starbucks Says No Checks
Cash or charge, please. John Jordan John Jordan writes: I work in a state capital bureau of a major newspaper. One of the things I do is try to keep my colleagues all coffee-ed up, and sometimes I buy a pound of coffee for the bureau from the Starbuck's downstairs, using the petty cash checkbook. Just now I went downstairs to get some, and they pointed at this sign (attached) and asked me if there was another form of payment I could offer. I asked the barrista why (I know those nice folks there pretty well), and he said, "Most of the checks we've been getting here lately have been bouncing, and I guess it's happening everywhere else, too." » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 29 May 2009 | 8:20 pm Bracing for hurricane seasonThe cost of hurricane insurance has been sky high since Katrina ravaged the South in 2005. Some homeowners even have to forego insurance because it is unaffordable. Dan Grech reports from Miami about how people are coping.Source: Marketplace Money | 29 May 2009 | 8:14 pm Sell in June, watch stocks swoon?Wall Street traders have a lot of funny ways to try and predict stock performance.Source: Business and financial news - CNNMoney.com | 29 May 2009 | 8:07 pm Cobra Beer bought by Molson CoorsCobra Beer is bought by a joint venture between its founder and Molson Coors after entering a brief administration.Source: BBC News | Business | World Edition | 29 May 2009 | 8:04 pm Wave of commercial property failures predictedA wave of failures in the commercial property market has been predicted by one of the UK's leading restructuring experts.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 May 2009 | 7:59 pm Ireland rescues Anglo Irish with €4bn of state capitalIreland has revealed that it had no choice but to inject €4bn £3.5bn into stricken lender Anglo Irish Bank.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 May 2009 | 7:52 pm London Stock Exchange ends High Court battleThe London Stock Exchange and Plus Markets a rival stock exchange operator have resolved a legal dispute over the trading of shares of companies listed on the Alternative Investment Market AIM.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 May 2009 | 7:47 pm Oil hits 6-month high above $66 on economic hopesNEW YORK (Reuters) - Oil rose to a six-month high above $66 per barrel on Friday, marking its largest monthly percentage gain in more than a decade, after U.S., Japanese and Indian data suggested the economic downturn may be easing.Source: Reuters: Business News | 29 May 2009 | 7:44 pm What In God's Name Is The Point Of Being Treasury Secretary If You Can't Do Something About This?
Dartmouth College, which was stripped of its triple-A rating this week, is one of the first victims. Both Standard & Poor's Ratings Services and Moody's Investors Service cited investment losses by the Hanover, N.H., school's endowment and significant debt issuance in their decisions to knock Dartmouth's rating down a notch. For those of you holding your breaths, breathe easy: Borrowing money doesn't necessarily affect a school's credit rating. This week, for instance, Moody's affirmed Harvard's triple-A status and stable outlook. The ratings firm said despite Harvard's investment declines, which university officials project at 30% for the current fiscal year, it can still count on significant, if reduced, donations and has the ability to boost revenue by admitting more students. As for the rest of you, better luck next time, and perhaps think about using your heads and trotting out some tasty freshman treats next time the ratings guys show up to perform on-site diligence.
Related: Dartmouth College - Harvard University - United States - Moody - Standard & Poor Source: Dealbreaker | 29 May 2009 | 7:39 pm It pays to live within your meansThe birth of a new daughter motivates a family to be more proactive in handling their finances. Cathy Duchamp reports.Source: Marketplace Money | 29 May 2009 | 7:38 pm The Bloomberg ReportTyler Durden over at Zero Hedge points out the (not so) subtle campaign by Bloomberg to bash the TALF. Heads I win. Tails they lose. Thanks TALF! Collection of anti-TALF banners after the jump. Bloomberg's Vendetta With Geithner/TALF Continues [Zero Hedge]
Related: Term Asset-Backed Securities Loan Facility - Bloomberg L.P. - United States - Fight Club - Society and Culture Source: Dealbreaker | 29 May 2009 | 7:36 pm This Week’s LinksFast Company’s 100 Most Creative People in Business list. Business Insider on the Option ARM explosion. eMarketer points out a paradox around using social media in the office. Daniel Gross on why the 410K is becoming the 201K. The Toronto Star on oil prices going back up.
Source: Business Pundit | 29 May 2009 | 7:30 pm Dorchester to pay out earlyDorchester Pacific said it will pay debenture holders their next 5 per cent principal repayment a week early on June 23, taking repayments to 30 per cent. Subsidiary Dorchester Finance last year instituted a deferred payment plan...Source: New Zealand Herald - Business | 29 May 2009 | 7:30 pm Lawyers give closing arguments in Kmart case (AP)AP - Saying his client is not a "crook," the lawyer for the former head of Kmart Corp. is asking jurors to clear him of civil fraud charges in a case filed by the federal government.Source: Yahoo! News: Stock Markets News | 29 May 2009 | 7:29 pm Hulu might charge viewers not to see adsHulu, the US online video service founded by NBCU and News Corp, might introduce a subscription model that would allow users to pay in order to avoid viewing advertisementsSource: Financial Times - US homepage | 29 May 2009 | 7:26 pm Get your $8,000 HUD tax credit nowFirst-time homebuyers will now have access to quick cash to help them with their down payments.Source: Business and financial news - CNNMoney.com | 29 May 2009 | 7:22 pm Phil Spector gets 19 years for murderEccentric music producer Phil Spector was given a sentence of 19 years to life in prison on Friday for the murder of a Hollywood actress in 2003Source: Financial Times - US homepage | 29 May 2009 | 7:17 pm Imminent Change to DJIA 30 (GM, F, CSCO, ORCL, AAPL, GOOG, CL, HON, PEP, TGT, AMZN, MDT, ABT, GS, BRK-A)Word is out that the Dow Jones Indexes team is set to release the name of the replacement for General Motors (NYSE: GM) in the Dow Jones Industrial Average. We have heard that the new candidate will be announced today and also heard that the change may be announced early Monday. We have a list [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 29 May 2009 | 7:15 pm The Trouble With Appraisal Reform
Despite calls for reform, Countrywide is still showing signs of committing the same predatory lending sins under new owner Bank of America. As Congress rushes the lending reforms through the House this month, banks are still fighting to keep control of how they run the mortgage business, and keep collecting lucrative fees in every step of the lending process. Cuomo is, of course, all over this new twist, pushing matters all the way into the GSEs, which he insists knowingly bought loans tainted with fraudulent appraisals. With borrowers penning "liar loans," banks like IndyMac actively fabricating income details for applicants, ratings agencies applying AAA stamps to anyone with what appeared to be a default correlation model, GSEs knowingly buying "sexed up" appraisals (allegedly) and securitization drawing monoline protection without the assets to back losses, you have to wonder, what part of the mortgage process was not actually tainted by fraud? Buhl points us to an excellent diagram on the tentacle-laden topography that is the appraisal relationship map. Catch it after the jump. Exclusive: Banks' Appraisal Conflicts Could Continue Under New HVCC Rules [The Mortgage Lender]
Related: Bank of America - Countrywide Financial - California - United States - Business Source: Dealbreaker | 29 May 2009 | 6:45 pm Getting PersonalTess Vigeland and economics editor Chris Farrell answer listeners' pressing questions about starting a new business, social security stimulus checks and buying a home right before it goes into foreclosure.Source: Marketplace Money | 29 May 2009 | 6:39 pm First, Do Not Steal From ShareholdersIn the past few days, we've heard from a couple of different sources about something that's creeping out from the campus of Harvard Business School. It seems that a group of MBA candidates at HBS, surveying the wasteland that that has been made of their soon-to-be profession, have decided that new business managers should hold themselves accountable to something more than insane short-term growth and ridiculous bonuses. And so, this month, the MBA Oath was born. It's sort of "a management equivalent of the Hippocratic Oath," writes Max Anderson, a 2009 HBS grad, on the website. Anderson notes that while graduates of law or medical schools are admitted into guilds like the Bar Association or the American Medical Association, no such organization exists for MBAs. The oath is strictly voluntary, but so far it's been signed by over 100 recent HBS grads, plus a handful of new MBAs from other institutions around the country. The short version of the oath is after the jump: As a manager, my purpose is to serve the greater good by bringing together people and resources to create value that no single individual can build alone. Therefore I will seek a course that enhances the value my enterprise can create for society over the long term. I recognize that my decisions can have far-reaching consequences that affect the well-being of individuals inside and outside my enterprise, today and in the future. As I reconcile the interests of different constituencies, I will face difficult choices. Therefore, I promise: --I will act with utmost integrity and pursue my work in an ethical manner. --I will safeguard the interests of my shareholders, co-workers, customers, and the society in which we operate. --I will manage my enterprise in good faith, guarding against decisions and behavior that advance my own narrow ambitions but harm the enterprise and the societies it serves. --I will understand and uphold, both in letter and in spirit, the laws and contracts governing my own conduct and that of my enterprise. --I will take responsibility for my actions, and will represent the performance and risks of my enterprise accurately and honestly. --I will develop both myself and other managers under my supervision so that the profession continues to grow and contribute to the well-being of society. --I will strive to create sustainable economic, social, and environmental prosperity worldwide. --I will be accountable to my peers and they will be accountable to me for living by this oath. This oath I make freely, and upon my honor. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 29 May 2009 | 6:38 pm Germany gets tough on executive payThe toughest crackdown in Europe against excessive boardroom pay was launched by German legislators when they backed a bill that will cap executive compensationSource: Financial Times - US homepage | 29 May 2009 | 6:37 pm Time Warner leaning to spin-off method for AOLNEW YORK (Reuters) - Time Warner Inc Chief Executive Jeffrey Bewkes said on Friday that his company is still leaning toward spinning off AOL to shareholders as the preferred method for divesting the struggling Internet unit.Source: Reuters: Business News | 29 May 2009 | 6:30 pm Lombard figures improveLombard Group reported a $1.5 million loss for the 12 months to March 31, 2009, an improvement on the writedown-affected $21 million loss last year. The company's finance subsidiary was placed in receivership on April 10, 2008....Source: New Zealand Herald - Business | 29 May 2009 | 6:30 pm In Boston, A Pit Replaces A Store
The new ghost town. Justin Viglianti Justin Viglianti, an architect in the Boston area, sends a picture from that city's Downtown Crossing. He writes: What you see is the crater that was the famous Filene's Department Store. If you're not familiar, a few years ago there was a big push to get more residences into the heart of Downtown Boston. The area would turn into a ghost town after 6PM, evidence that Boston was becoming or maybe has always been a very car-centric commuter city. So with help from the Mayor's office this site was to be a huge tower of businesses, restaurants, a theater, and apartments that would make Downtown a destination again. But when the economy hit bottom and the housing sector took a nose dive into deep debt, the project stopped. This hole has been festering for 6 months at least with no plans of remedy anytime soon. I go by here everyday and it just kills me that it's become the exact thing the city was trying to avoid, a deterrent for street life, for business, for anything beneficial to the city of Boston. I look at this from the perspective of an architect, not an economist, but I can see that there are definite parallels here between housing, money, and quality of life. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 29 May 2009 | 5:58 pm This Week’s Weird Jobs
Anyone looking for a job these days knows the pickings are lean, to say the least. But a housekeeper intern? I think this week’s first item redefines the low-wage job: 1. Wyoming: HOUSEKEEPER / LAUNDRY Intern WANTED Candidates must be Energetic, efficient, flexible Duration：3 months Since when do housekeepers need internships? Strange. 2. Tokyo: Patient Financial Representative! Seeking Female Assistant But no food, ok? 4. Gloucestershire: Do you have a black cat? We are a television production team from New York shooting in Gloucestershire England. We need a black cat for the shoot. we are willing to pay 100 pounds for the day. Thank you! Vacancies Exist in the following job offer interested candidate should contact us immediately for job description. In return, we will spam you into oblivion. Happy Friday!
Source: Business Pundit | 29 May 2009 | 5:46 pm Rig Counts Finally Chasing $60 and $65 Oil (BHI, USO, OIH, SLB)It seems that the steady rise in oil prices is finally starting to support some stability in rig counts. We just got some fresh weekly rig count data from Baker Hughes Inc. (NYSE: BHI) supporting some stability. Prior weekly data was mixed on whether rig counts were really stabilizing, but the current data speaks for [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 29 May 2009 | 5:34 pm Tenon updates forecastWood products company Tenon is forecasting earnings before interest, tax, depreciation and amortisation in the range of US$10 million ($15.8 million) to US$11 million in the year to June 30, 2009. The update came in a statement...Source: New Zealand Herald - Business | 29 May 2009 | 5:30 pm Marketers Manage Bad Blogger Press with Trade Groups
Reading this article last week about the FTC’s looming ‘crack down’ on paid blog posts prompted me to check out the bloggers’ trade groups mentioned in the article. I find it all a bit silly that we think we need to protect blog readers from advertising that is not ’transparent’. If you’re reading your favorite mommy blogger and she goes on and on about a particular laundry soap, she might be getting paid to do that and she might not. Same goes for the latest and greatest book/car/financial advisor. Who cares? Are we really that naive? I don’t think so. But back to my point…. the trade groups. Word of Mouth Marketing AssociationThe Word of Mouth Marketing Association(WOMMA) has created a simple list of ethics for marketers to follow when interacting with bloggers:
They have also developed a full blown manual on word of mouth marketing ethics here. The Blog Council The Blog Councilhas a similar list of best practices for bloggers relations (note: these go to 11): Focus: Best practices for how businesses interact with external blogs and bloggers.
This is part of the Blog Council’s larger Disclosure Best Practices Toolkit licensed under Creative Commons and designed to be used, distributed, and modified with no restrictions other than attribution. Pretty similar, and all good stuff. It’s easy to see why marketers are creating this type of self-regulation. They must protect their deep corporate pockets. How will bloggers differentiate themselves as the ones big business wants to do business with?
Source: Business Pundit | 29 May 2009 | 5:18 pm Dave Ramsey talks debt-free livingPaying off debt can be very difficult, but it's not impossible. Tess Vigeland talks to Dave Ramsey, author of "Total Money Makeover," about how to get rid of debt forever.Source: Marketplace Money | 29 May 2009 | 5:15 pm Crises test resilience of Burma's farmersAfter a year of misfortune, which began with Cyclone Nargis, millions of rice producers now face ruin as moneylenders profit and setbacks mountSource: Financial Times - US homepage | 29 May 2009 | 5:14 pm Straight StoryTess Vigeland and economics editor Chris Farrell talk about whether it's risky to take a vacation in such a tumultuous economic climate.Source: Marketplace Money | 29 May 2009 | 5:13 pm Troubled Banks, Private Equity, Buyouts & Regulation (GS, MS, BX, BKUNA)There remains an issue about what to do with troubled banks, and the regulations over who can own banks and at what percentages only add more questions rather than answers. FDIC Chairman Sheila Bair and other regulators are still trying to craft a formal policy on how to deal with private equity and the ownership [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 29 May 2009 | 5:12 pm Good credit not immune to cutsBanks continue to cut credit lines, even for people with almost perfect credit histories. Stacey Vanek-Smith talks to one couple caught in their bank's blanket credit policy.Source: Marketplace Money | 29 May 2009 | 5:07 pm Home appraisal sites track declineWeb sites that estimate housing value are all over the Internet, but what good do they do? Tess Vigeland talks to Nic Retsinas, director of Harvard's Joint Center for Housing Studies, about what role these sites play in the housing market.Source: Marketplace Money | 29 May 2009 | 4:58 pm Social media gets the job done at workIn many workplaces, watching YouTube or browsing Facebook is a no-no. But some companies like IBM are starting to encourage employees to use social media while on the job. Devin Dwyer reports.Source: Marketplace | 29 May 2009 | 4:51 pm Weekly Wrap: GM's bondholders, bondsReuters blogger Felix Salmon and the Wall Street Journal's Heidi Moore talk with Kai Ryssdal about GM's bondholder offer and the interesting action in the bond market this week.Source: Marketplace | 29 May 2009 | 4:51 pm Next step for Kennedy health care planSen. Edward Kennedy is circulating a draft of his health care reform plan. Reporter Steve Henn talks with Kai Ryssdal about how much it will cost, what people are saying about it, and what comes next for the measure.Source: Marketplace | 29 May 2009 | 4:50 pm Malawi finds economic successAfrica's reputation may bring to mind starving children or civil wars. Not political stability or economic growth. But one country is shaking off its old reputation. Gretchen Wilson reports.Source: Marketplace | 29 May 2009 | 4:50 pm Starbucks brews up rent reductionStarbucks is trying to cut costs, negotiating with some landlords to reduce rent for its stores by as much as 25 percent. Amy Scott reports.Source: Marketplace | 29 May 2009 | 4:50 pm FDIC limits weak banks' interest ratesThe FDIC says it will stop weak banks from luring customers with interest rates that exceed the going market rate. As Janet Babin reports, it could save a lot of money in the long run.Source: Marketplace | 29 May 2009 | 4:49 pm Are we at the bottom yet?Trying to figure out if we've reached the bottom seems to be every pundit's new favorite game. Kai Ryssdal reviews where we stand in the housing, manufacturing, and banking industries.Source: Marketplace | 29 May 2009 | 4:49 pm News Corp. Raised to `Overweight' at JPMorganSource: Bloomberg - All Podcasts | 29 May 2009 | 4:49 pm AEI's Reinhart Sees Fed Taking Greater Inflation RiskSource: Bloomberg - All Podcasts | 29 May 2009 | 4:41 pm Freightways offer trimmedShareholders seeking to buy Freightways shares via a shareholder purchase plan will be able to buy only a small amount of shares they applied for. The company said the offer was oversubscribed by 1040 per cent. Applications...Source: New Zealand Herald - Business | 29 May 2009 | 4:30 pm Levitt Says Independent SEC Needed to Restore ConfidenceSource: Bloomberg - All Podcasts | 29 May 2009 | 4:15 pm FTSE 100 shares rise (AFP)
Source: Yahoo! News: Stock Markets News | 29 May 2009 | 4:13 pm MetLife CEO says insurers need voice in Washington (Reuters)
Source: Yahoo! News: Business | 29 May 2009 | 4:10 pm Budget 09: Verdict from business on frontlineIt may be seen by some as a poetic sign of the times that the Vero Excellence in Business Support Supreme Award was won this week by the Insolvency and Trustee Service. Certainly the Government agency has been kept busy with a...Source: New Zealand Herald - Business | 29 May 2009 | 4:00 pm ING's latest offer slated by advisersInvestors and financial advisers have labelled ING's latest frozen funds offer disgraceful and say it has removed any credibility the company still had with them. ING on Thursday revealed a revamped offer to the 8000 investors...Source: New Zealand Herald - Business | 29 May 2009 | 4:00 pm Caution silences Kawarau developerNigel McKenna, the Auckland developer of Queenstown's troubled $1 billion hotel project, is a man of many visions. Eighteen months ago, he was untroubled as he drove down Auckland's Southern Motorway in his navy Bentley Continental. Stopping...Source: New Zealand Herald - Business | 29 May 2009 | 4:00 pm Merkel seeks US help to keep Opel afloatGermany's foreign minister sought support yesterday from US Secretary of State Hillary Clinton in securing the future of General Motors' Opel unit after talks stalled over new financing complications. Germany had hoped to secure...Source: New Zealand Herald - Business | 29 May 2009 | 4:00 pm Brian Gaynor : Property syndicates not for faint of heartOnce again a large number of deadly minefields are being laid for New Zealand investors. This time it is property syndicates, also known as proportional title syndicates. These schemes, which have proliferated in recent months,...Source: New Zealand Herald - Business | 29 May 2009 | 4:00 pm Foster's turns to Asia for fundsFoster's Group, the maker of Victoria Bitter beer and Penfolds wine, and other Australian companies are turning to Asia for loans as some United States and European banks cut back on lending in the country. "Pricing out of Asia...Source: New Zealand Herald - Business | 29 May 2009 | 4:00 pm GDP Down, Less Than PredictedThe Commerce Department says the country's gross domestic product fell at a seasonally adjusted annual rate of 5.7 percent in the first quarter of 2009. A 6.1 percent GDP drop had been predicted. From the Commerce Department: The smaller decrease in real GDP in the first quarter than in the fourth reflected a larger decrease in imports, an upturn in PCE (personal consumption expenditures) for durable goods, and a smaller decrease in PCE for nondurable goods that were partly offset by larger decreases in private inventory investment and in nonresidential structures and a downturn in federal government spending. Consumer spending, which makes up a significant part of GDP, increased 1.5 percent this quarter, after a 4.3 percent drop in the fourth quarter. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 29 May 2009 | 3:32 pm Bryson Calls Treasury Market World's Deepest, Most LiquidSource: Bloomberg - All Podcasts | 29 May 2009 | 3:26 pm U.S. FHA to apply $8,000 credit to home buying costs (Reuters)
Source: Yahoo! News: Business | 29 May 2009 | 3:01 pm Wolkonowicz Is Much More Bullish on GM than ChryslerSource: Bloomberg - All Podcasts | 29 May 2009 | 2:53 pm GM BREAKS THE BUCK (GM)General Motors Corporation (NYSE: GM) is soon to cease being a public stock for some time, if all the recent reporting and all the jaw-boning is correct. The stock itself is showing fresh evidence of this by doing what previously would have seemed the unthinkable…. GM BROKE THE BUCK! Shares are down at $0.96 and [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 29 May 2009 | 2:45 pm Tata profits hit by drop in salesProfits at India's Tata Motors fall by 50% as the global economic slowdown hits demand for cars and trucks.Source: BBC News | Business | World Edition | 29 May 2009 | 2:37 pm Silver Trumping Gold as Inflation Hedge (SLV, JJC, GLD)Since the beginning of the year, the price for copper has nearly doubled, silver has risen by nearly a third, and gold has added more than 20%. Silver is in the process of having one of its best performances in a month. Gold at $970.00 an ounce has a nice ring to it, but the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 29 May 2009 | 2:30 pm Gold Miners Staging Breakouts (GDX, AU, GOLD, RGLD, ABX, AUY, GG, NEM)Gold has been making a serious comeback and many are talking about the $1,000 per ounce level again as being ahead shortly. This latest run is with energy prices screaming, the US Dollar getting pounded again, and with the fears that all this new money being printed is going to create much higher inflation down [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 29 May 2009 | 2:16 pm The Economy of North KoreaOn today's podcast we're talking to Curtis Melvin about his excellent blog on North Korea's economy. My first thought was, hunh, they have an economy? And, of course, they do. It's a strange one: an official, top-down Stalinist centrally controlled system alongside a chaotic, bottom-up and awfully meager market system. Melvin created a great plug-in for Google Earth that identifies key features in North Korea. You can see the huge estates of the elite and the explosive growth of public markets. You can compare the nice neighborhoods in big cities to the near absence of development in the North East mountains. He says you can actually get a really good sense of the tensions within North Korea from any computer with an internet connection. Melvin has been a tourist to North Korea twice. But he says he's learned a lot from his home in Virginia by exploring Google Earth and YouTube. Some basics: the farther a place is from Pyongyang, the more market activity is going on. The road system seems to be almost entirely devoted to linking the elite neighborhoods in various cities. If you aren't an elite, you probably live on an unpaved road. The border with China is shockingly porous, allowing a lot of black market smuggling of cell phones, video cameras, DVD players, etc. One YouTube video was clearly shot secretly, the video tape is in a bag. The market is pretty primitive but, I have to say, more advanced than I expected. It's just people setting up simple stands under a roof selling food they made or raised like veggies and noodles and stuff. But I didn't expect it to be so formal: clear rows of stands, a roof. I thought it would just be a bunch of people standing in a field or something. Melvin explains that even this basic market is pretty radical stuff. It means that North Koreans are able to earn their own living and sell their own wares at prices they determine (sometimes). It's a huge break from the strict Stalinist past. He also says the North Korean regime has done a good job (not morally good, just effective) of preventing these new market players from immediately challenging their power. Basically, they set the system up so that the market folks benefit from the regime through corruption. Listen later today. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 29 May 2009 | 2:06 pm Why the Sunshine in Solar Stocks? (STP, CSIQ, YGE, ENER, USO, BTU)Suntech Power Holdings Co., Ltd. (NYSE:STP) closed its follow-on offering of 23 million ADSs on May 28th. The price per ADS was $12.50, and the company raised net proceeds of about $277 million. Suntech shares hit a high of more than $16/ADS yesterday before closing at $15.44, nearly $3 more than the follow-on offering price. And [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 29 May 2009 | 1:28 pm US economy shrinks at slower paceThe US economy shrank by 5.7% in the first quarter of 2009, less than had previously been estimated by official figures.Source: BBC News | Business | World Edition | 29 May 2009 | 12:52 pm Q1 GDP, When Less-Bad Is Just Less-BadThis morning came the Q1-2009 revision to the nation’s Gross Domestic Product from the Commerce Department, and the recession is still going. The original figure of -6.1% GDP was revised to a lower -5.7%. This sounds better on the surface until you compare it to the Dow Jones estimates showing an expectation for a reading [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 29 May 2009 | 12:41 pm Uniform Indicators Show No Employment Recovery (CTAS)Many investors use companies such as Cintas Corp. (NASDAQ: CTAS) as a bogey of the economy, particularly for the employment sector. There is a simple reason here: it provides corporate uniforms and related business services. It is a direct tell on what is going on in the employment sector at major services and manufacturing companies [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 29 May 2009 | 12:31 pm Anglo Irish gets aid from DublinThe Irish government announces it will inject 4bn euros into Anglo Irish Bank after the lender reported big half yearly losses.Source: BBC News | Business | World Edition | 29 May 2009 | 12:00 pm Cruel necessityA child's income is vital for families in BangladeshSource: BBC News | Business | World Edition | 29 May 2009 | 11:49 am Why the Military Shouldn’t Go Green
Source: Business Pundit | 29 May 2009 | 11:43 am Top Analyst Downgrades (BKC, JNJ, LVLT, NETL)These are the few top pre-market analyst downgrades or cautious research calls from Wall Street firms this Friday morning with about two hours until the market opens: Burger King (BKC) Cut to Hold at Citigroup. Johnson & Johnson (JNJ) Started as Neutral at Piper Jaffray. Level 3 Communications (LVLT) Cut to Sell at UBS. NetLogic (NETL) Started as Neutral [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 29 May 2009 | 11:39 am Big drop in global server salesWorldwide server sales fell 24.5% in the first quarter of 2009, according to market research firm IDC.Source: BBC News | Business | World Edition | 29 May 2009 | 11:06 am
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