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AIG prices secondary offer of Transatlantic sharesAmerican International Group Inc. said late Thursday it priced a secondary public offering of 26 million shares of Transatlantic Holdings Inc. at $38 each. The offering would raise...Source: RSS feed - channel BNewsBusiness | 5 Jun 2009 | 11:12 am Darling to stay at Treasury in reshuffleAlan Johnson is to become home secretary and John Hutton is to quit as defence secretary in a reshuffle as Gordon Brown fights for his political life following James Purnell's call on him to 'stand aside' to give Labour a chance of winning the next electionSource: Financial Times - US homepage | 5 Jun 2009 | 11:01 am Gold investing options have something for everyoneGold investors face a wide range of investment options to make their bets on the precious metal.
Source: MarketWatch.com - Top Stories | 5 Jun 2009 | 11:01 am Commodities Corner: Gold gets ahead at the expense of the U.S. dollarThe U.S. dollar's appeal around the globe is souring and the greenback's decline is polishing the outlook for gold.
Source: MarketWatch.com - Top Stories | 5 Jun 2009 | 11:01 am Friday's Stocks Making News: ANF, AAPL, BAC, CVX, COWN Issued by Stock PreacherNEW YORK, June 5 /PRNewswire/ -- StockPreacher.com announces the availability of Trade Alerts on stocks making news today. Investors can view all...Source: RSS feed - channel BNewsBusiness | 5 Jun 2009 | 11:00 am Learning Curve's(R) Highly-Anticipated Super WHY! Product Line Arrives at Toys'R'US Stores NationwideNew line of interactive toys combines key elements of literacy-powered preschool TV series with imaginative play OAK BROOK, Ill., June 5 /PRNewswire/ -- After...Source: RSS feed - channel BNewsBusiness | 5 Jun 2009 | 11:00 am Stocks set for higher openU.S. stocks were set for a higher open Friday, ahead of a government report that is expected to offer signs of stabilization in the labor sector.Source: Business and financial news - CNNMoney.com | 5 Jun 2009 | 10:56 am US stock futures up ahead of May unemployment dataU.S. stock futures are higher as investors anxiously await the government's tally on job losses in May for signs on the state of the economy. Economists are expecting the Labor...Source: RSS feed - channel BNewsBusiness | 5 Jun 2009 | 10:55 am US stock futures up ahead of May unemployment data (AP)
Source: Yahoo! News: Stock Markets News | 5 Jun 2009 | 10:55 am Oil eases ahead of jobs reportRead full story for latest details.Source: Business and financial news - CNNMoney.com | 5 Jun 2009 | 10:44 am Russia: more state ownership in economy inevitableRussian President Dmitry Medvedev said Friday that an increase in state ownership was inevitable in some sectors of the economy hurt by the global downturn, but promised it would be...Source: RSS feed - channel BNewsBusiness | 5 Jun 2009 | 10:39 am World markets up on mining stocks before jobs dataWorld stock markets rose Friday ahead of key U.S. jobs data, with mining companies in strong demand after Rio Tinto PLC scrapped its $19.5 billion deal with China's Chinalco and opted...Source: RSS feed - channel BNewsBusiness | 5 Jun 2009 | 10:38 am World markets up on mining stocks before jobs data (AP)
Source: Yahoo! News: Stock Markets News | 5 Jun 2009 | 10:38 am LDV managers in lastditch plea to governmentManagers at van maker LDV on Friday issued a lastditch plea to the Government to help rescue the company or see thousands of jobs axed at a huge cost to the economy.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 5 Jun 2009 | 10:35 am German central bank: economy to stagnate in 2010Germany's economy will shrink by 6.2 percent this year and stagnate in 2010, the country's central bank said Friday, delivering a forecast more pessimistic than that of the government. ...Source: RSS feed - channel BNewsBusiness | 5 Jun 2009 | 10:35 am UK factory gate prices fall after 20pc drop in fuel costsA record plunge in fuel costs sent factory gate prices what manufacturers sell to their first annual fall in almost seven years during May official figures showed on Friday.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 5 Jun 2009 | 10:32 am Jobs rebound faces a roadblockThe last thing the battered U.S. labor market needs are the current problems at GM and Chrysler.Source: Business and financial news - CNNMoney.com | 5 Jun 2009 | 10:31 am Step-by-step coverage from Lloyds' AGMMiles Costello and Joanna Geary provide real-time coverage of the Lloyds AGM from Glasgow. Source: Latest Business News from Times Online | 5 Jun 2009 | 10:31 am American Woodmark Corporation Announces Fourth Quarter ResultsWINCHESTER, Va., June 5 /PRNewswire-FirstCall/ -- American Woodmark Corporation (Nasdaq: AMWD) today announced results for the fourth quarter of its fiscal year 2009, ended AprilSource: RSS feed - channel BNewsBusiness | 5 Jun 2009 | 10:30 am Oil steady after approaching $70Oil was steady around $69 a barrel Friday after approaching $70 the day before, when the first drop in U.S. weekly unemployment claims in five months provided another sign that demand for...Source: RSS feed - channel BNewsBusiness | 5 Jun 2009 | 10:27 am Apple’s (AAPL) Luckiest Day: Jobs’ Three ChallengesAnalysts have said that Apple (AAPL) does not need Steve Jobs. Apple shares are up 60% since he took a break to work on his health with his doctors. Because the form of cancer he has can be particularly deadly, a large number of investors believed that he would never be back. The Apple board [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 5 Jun 2009 | 10:25 am Sir Alan Sugar to become 'Enterprise Tsar'Sir Alan Sugar will take up a job as "Enterprise Tsar' in Gordon Brown's Government paving the way for a peerage for the British entrepreneur.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 5 Jun 2009 | 10:25 am Citi's Pandit may face FDIC-led shakeupThe Federal Deposit Insurance Corp. wants to move around top management at Citigroup, putting Chief Executive Vikram Pandit in a precarious position, according to a report published Friday.Source: Business and financial news - CNNMoney.com | 5 Jun 2009 | 10:25 am Rio dumps Chinalco for iron ore tie-up with BHPMELBOURNE/LONDON (Reuters) - Miner Rio Tinto spurned $19.5 billion of funding from China on Friday in favor of a cost-saving iron ore joint venture with rival BHP Billiton and a share sale to slash its debts.Source: Reuters: Business News | 5 Jun 2009 | 10:22 am Rio dumps Chinalco for iron ore tie-up with BHP (Reuters)
Source: Yahoo! News: Business | 5 Jun 2009 | 10:22 am Wealth workout: banks turn their backs on our Isa moneyIsa rates are falling but there are better returns available on fixedterm bonds.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 5 Jun 2009 | 10:15 am As Housing Market Struggles Increase, Home Sellers Slash PricesAnalysts watching the housing market are about to see whether falling real estate prices will bring buyers back into the market. Many home shoppers believe that the value of houses will fall another 10% to 15%, especially in the weakest markets such as Florida and California. Rising mortgage rates will also make the sale of homes [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 5 Jun 2009 | 10:13 am Rio Tinto to raise $15.2bn in share saleRio Tinto launched a deeply-discounted $15.2bn rights issue, scrapped a proposed $19.5bn tie-up with Chinalco and struck a joint venture deal with arch rival BHP Billiton in a string of announcements that will transform the mining group's long term futureSource: Financial Times - US homepage | 5 Jun 2009 | 10:11 am Russia to step up state ownershipRussia's president says increased state intervention in the country's economy during the global downturn is "inevitable".Source: BBC News | Business | World Edition | 5 Jun 2009 | 10:05 am Movers & Shakers: Friday's biggest moving stocksWal-Mart, Rio Tinto, Citigroup among stocks moving in Friday's action.
Source: MarketWatch.com - Top Stories | 5 Jun 2009 | 10:00 am Western Refining Announces Pricing and Increased Size of Concurrent Common Stock and Convertible Senior Notes OfferingsEL PASO, Texas, June 5 /PRNewswire/ -- Western Refining, Inc. (NYSE: WNR) today announced that it increased its previously announced public offering of common stock to 20,000,000Source: RSS feed - channel BNewsBusiness | 5 Jun 2009 | 10:00 am Pound falls as UK political tension mountsThe pound lost ground on Friday amid continued political uncertainty in the UK as the leadership of prime minister Gordon Brown remained in the balance. Mr Brown received a further blow as the third cabinet...Source: RSS feed - channel BNPaperBusiness | 5 Jun 2009 | 9:59 am Banks lead European bourses higherBanks lead European indices higher on Friday after US financial stocks surged in late trading overnight.Austria's Erste Bank led the banking sector, gaining 4.9 per cent to 20.00. BNP Paribas upgraded...Source: RSS feed - channel BNPaperBusiness | 5 Jun 2009 | 9:58 am Oil prices head back towards $70Prices are heading towards $70 a barrel, a new seven-month high, amid fresh economic hopes and rising stock marketsSource: BBC News | Business | World Edition | 5 Jun 2009 | 9:56 am FDIC Ready To Undermine Citigroup’s (C) New BoardThe Fed and the Treasury have put pressure on Citigroup (C) to create a new board of directors. Richard Parsons, the bank’s chairman, is well on his way to doing that. The hopes are that a new board with more members who have backgrounds in banking and finance will be better able to steer the company [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 5 Jun 2009 | 9:55 am Oil maintains challenge on $70 markCrude oil prices maintained their assault on the $70 a barrel mark on Friday while base metals rose and gold consolidated around the $980 an ounce level as commodity markets stayed on course for a strong...Source: RSS feed - channel BNPaperBusiness | 5 Jun 2009 | 9:54 am Indications: U.S. stock futures higher ahead of payroll dataU.S. stock futures were trading modestly higher on Friday, cautiously rising on hopes that key jobs figures due later on Friday will support the view of an economic recovery.
Source: MarketWatch.com - Top Stories | 5 Jun 2009 | 9:54 am Asian markets follow Wall Street higherFollowing a positive day in the US market, which was driven by gains in the banking and energy sectors, Asian equities were broadly higher at the close on Friday.Australia was in the spotlight again, with...Source: RSS feed - channel BNPaperBusiness | 5 Jun 2009 | 9:51 am Countrywide's Mozilo accused of fraudThe Securities and Exchange Commission on Thursday filed securities fraud charges against former Countrywide Chief Executive Angelo Mozilo and two other former executives.Source: Business and financial news - CNNMoney.com | 5 Jun 2009 | 9:46 am Fears over Latvia currency remainThe Latvian government says markets will stabilise once it has reached a deal with lenders, but fears remain it will have to devalue its currency.Source: BBC News | Business | World Edition | 5 Jun 2009 | 9:44 am Carphone Warehouse to split business in a yearCarphone Warehouse aims to separate its telecoms and retail businesses in the next year as it reported annual earnings which met forecasts.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 5 Jun 2009 | 9:43 am U.S. FDIC eyes Citi top management shake-up: report (Reuters)Reuters - The Federal Deposit Insurance Corp is aiming at a shake-up of Citigroup Inc's top management, including replacing Chief Executive Vikram Pandit, the Wall Street Journal said, citing people familiar with the matter.Source: Yahoo! News: Business | 5 Jun 2009 | 9:38 am U.S. FDIC eyes Citi top management shake-up: reportBANGALORE (Reuters) - The Federal Deposit Insurance Corp is aiming at a shake-up of Citigroup Inc's top management, including replacing Chief Executive Vikram Pandit, the Wall Street Journal said, citing people familiar with the matter.Source: Reuters: Business News | 5 Jun 2009 | 9:38 am Britain's Brown scrambles to save jobBritish Prime Minister Gordon Brown on Friday began a reshuffle of his cabinet in a last-ditch bid to save his own job and beat back a challenge by members of his Labour Party fearful of an electoral massacre in the next general election.
Source: MarketWatch.com - Top Stories | 5 Jun 2009 | 9:38 am Why The West Hates Chinese InvestmentsThe developed countries are beginning to view China as one large vulture fund which bankrolls companies that it controls to buy up key overseas asset at prices undermined by the recession. The resulting tensions may end up being more severe than a trade war. Australian mining and metals giant Rio Tinto (RTP) has dumped a deal [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 5 Jun 2009 | 9:37 am Sterling slides after Purnell resignationSterling continued to fall on Friday as currency markets took fright at the resignation of a fifth Government minister.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 5 Jun 2009 | 9:36 am Pound slides on political turmoilThe pound falls against the dollar and euro, hit by uncertainty over the UK's political situation after a third minister resigns.Source: BBC News | Business | World Edition | 5 Jun 2009 | 9:36 am Stock futures signal gains ahead of jobs data (Reuters)
Source: Yahoo! News: Stock Markets News | 5 Jun 2009 | 9:35 am Stock futures signal gains ahead of jobs data(Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Friday, ahead of key monthly jobs data.Source: Reuters: Business News | 5 Jun 2009 | 9:35 am Stock futures signal gains ahead of jobs data (Reuters)
Source: Yahoo! News: Business | 5 Jun 2009 | 9:35 am Currencies: British pound tumbles as Brown scramblesPolitical turmoil keeps the British pound under pressure Friday as Prime Minister Gordon Brown begins a reshuffle of his cabinet.
Source: MarketWatch.com - Top Stories | 5 Jun 2009 | 9:32 am Manufacturing prices ease in MayUK factory gate prices and input costs both fell in the year to May, suggesting that inflationary pressures are still easing.Source: BBC News | Business | World Edition | 5 Jun 2009 | 9:31 am Blackstone, Nomura lose out in new Rio dealRio Tinto’s about-turn over a Chinalco tie-up is bad news for Blackstone and Nomura, which had been in line to collect a healthy slice of advisory fees from the $19.5 billion deal, though Goldman Sachs has found a way to get in on the action.
Source: MarketWatch.com - Top Stories | 5 Jun 2009 | 9:16 am GM to help finance buyout of DelphiRead full story for latest details.Source: Business and financial news - CNNMoney.com | 5 Jun 2009 | 9:05 am London Markets: Rio Tinto shares surge in higher LondonRio Tinto shares soar, with investors eyeing the firm’s announcement that it will reject a Chinese investment deal.
Source: MarketWatch.com - Top Stories | 5 Jun 2009 | 9:01 am In the RedWill Liverpool win extra time for loan payments?Source: BBC News | Business | World Edition | 5 Jun 2009 | 9:00 am GM hopes to make profit in 2011US carmaker General Motors hopes to return to profit in 2011 after emerging from bankruptcy protection, court papers show.Source: BBC News | Business | World Edition | 5 Jun 2009 | 8:52 am Major pollutionPeruvian smelter problem nears conclusionSource: BBC News | Business | World Edition | 5 Jun 2009 | 8:51 am Pound slides on political instabilitySterling tumbled against the dollar and the euro today on worsening political instability after James Purnell, the Work and Pensions Secretary, stepped down from the Cabinet. Source: Latest Business News from Times Online | 5 Jun 2009 | 8:51 am The Pace Of Job Creation Needs To Be AcceleratedThe most significant and measurable failure of the economic stimulus package, the so-called American Recovery and Reinvestment Act of 2009, is its inability to quickly create jobs. The $787 billion set of programs, which President Obama signed into law in February, have done little that is tangible so far, a fact even the Administration would [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 5 Jun 2009 | 8:49 am Carphone targets 2010 split as profit leapsLONDON (MarketWatch) - Carphone Warehouse on Friday said it plans to split apart by July 2010 as the company reported a big fiscal year profit jump on selling half of its consumer electronics business to Best Buy.
Source: MarketWatch.com - Top Stories | 5 Jun 2009 | 8:46 am Stocks, oil rise ahead of U.S. jobs dataLONDON (Reuters) - World stocks rose toward this week's 7-1/2 month high on Friday as resource stocks rallied after oil prices surged past $69 a barrel and optimism grew about an improving U.S. labor market ahead of key jobs data.Source: Reuters: Business News | 5 Jun 2009 | 8:45 am Stocks, oil rise ahead of U.S. jobs data (Reuters)
Source: Yahoo! News: Business | 5 Jun 2009 | 8:45 am London stocks advance (AFP)
Source: Yahoo! News: Stock Markets News | 5 Jun 2009 | 8:44 am BHP Billiton pounces on failed Chinalco dealLONDON (MarketWatch) - BHP Billiton may emerge as the winner from Rio Tinto's failed deal to sell assets and stock to Chinalco, as stock in the metals company jumped close to 10% in early London action.
Source: MarketWatch.com - Top Stories | 5 Jun 2009 | 8:41 am Steve Jobs back at Apple soon?The Wall Street Journal is reporting that Steve Jobs should be able to return to work before the end of June, as scheduled. But the report made it seem that his health was worse than Apple let on in January.Source: Business and financial news - CNNMoney.com | 5 Jun 2009 | 8:33 am Rio Tinto scraps China firm dealAnglo-Australian mining giant Rio Tinto scraps a deal with China's Chinalco in favour of a tie-up with rival BHP Billiton.Source: BBC News | Business | World Edition | 5 Jun 2009 | 8:33 am Gordon Brown forced into full retreat on Cabinet reshuffleJames Purnell quits | The resignation letter | Analysis: Blairite high-flyer risks all | Leading article | Comment: Peter Riddell | Rachel Sylvester | Camilla Cavendish | Comment central blog | Latest from the elections Source: Latest Business News from Times Online | 5 Jun 2009 | 8:31 am $19.5 billion mining deal collapsesRead full story for latest details.Source: Business and financial news - CNNMoney.com | 5 Jun 2009 | 8:26 am Rio Tinto's failed Chinalco deal greeted with relief in AustraliaThe collapse of the deal between Rio Tinto the AngloAustralian miner and Chinalco the Chinese stateowned aluminium company has been greeted by a large sigh of relief in Australia.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 5 Jun 2009 | 8:20 am Hornby scraps dividend as weak pounds saps profitsHornby the British maker of model trains scrapped its final dividend after the weak pound and supply problems pushed fullyear profits down 30pc.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 5 Jun 2009 | 8:13 am To Pre or not to Pre?Copeland: Here's how we are going to break this review down. I am a Blackberry user. I have the Bold. It's a silly name, but I never reference it public ("Where's my bold?" See -- silly). My colleague Jon Fortt is an iPhone user/lover. The reason I point this out, is that Blackberry users and iPhone users are likely to have different reactions to Palm's shiny new Pre.Source: Business and financial news - CNNMoney.com | 5 Jun 2009 | 8:04 am Media Digest 6/5/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: Rio Tinto (RTP) has killed a deal with Chinalco for one with BHP (BHP). Reuters: US regulators insisted JP Morgan (JPM) and Amex (AXP) raise money to exit the TARP. Reuters: Countrywide’s Mozilo was charged with fraud. Reuters: The suspense is building ahead of one of Apple’s (AAPL) big annual events. Reuters: The FDIC wants a management shake-up [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 5 Jun 2009 | 8:02 am Lloyds braces for shareholder anger at AGMLog on to follow The Times step by step coverage of Lloyds AGM from 11.00am onwards Source: Latest Business News from Times Online | 5 Jun 2009 | 8:01 am Hummer buy seen a rocky road for obscure China firmBEIJING/SHANGHAI (Reuters) - A little-known Chinese heavy machinery maker could face a bumpy road ahead in its quest to buy General Motors' Hummer brand, facing pitfalls ranging from regulatory to financing issues.Source: Reuters: Business News | 5 Jun 2009 | 8:01 am Luxury vacations for lessThere's a name for what ails you, and it's called "luxury guilt." Even if you can afford to travel, you reason, isn't it wrong to indulge when times are so tough? Well, if you haven't been swayed by the open-your-wallet, shorten-the-recession argument, how about this one: You may be missing a rare chance to visit some of the finest hotels on the planet at prices you aren't likely to see over the next decade. The deals now are better than in the aftermath of the Asian economic crisis, 9/11, or SARS, says Jan Freitag, vice president of Smith Travel Research, making travel to just about any place in the world from 30% to 50% more affordable than last year. One note: If you don't find these rates on the hotel website, call to book.Source: Business and financial news - CNNMoney.com | 5 Jun 2009 | 7:56 am Rio Tinto leads FTSE higherLondon's FTSE 100 bounced at the open on Friday, with miners recovering after Rio Tinto led the sector lower in the previous session.The Australia-based miner led the gainers on Friday as investors welcomed...Source: RSS feed - channel BNPaperBusiness | 5 Jun 2009 | 7:40 am Currency: Dollar consolidates over US63cThe New Zealand dollar showed some composure on Friday, closing near where it opened. Around 5pm today the NZ dollar was buying US63.48c, little changed from US63.42 at 8am, and up from US62.97c at 5pm yesterday. Dealers said...Source: New Zealand Herald - Business | 5 Jun 2009 | 7:28 am Asia Markets And Europe Open 6/5/2009Markets in Asia were mixed. The Nikkei rose 1% to 9,766. The Hang Seng was up .1% to 18,516. The Shanghai Compsite fell .5% to 2,754. At the open in Europe, the FTSE was up .8%. The Dax rose .8% to 5,201. The CAC was up 1% to 3,346. Data from MarketWatch and Reuters. 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 | 5 Jun 2009 | 7:22 am Carphone to split by July 2010Mobile phone retailer Carphone Warehouse says it will complete the separation of its TalkTalk business by July 2010Source: BBC News | Business | World Edition | 5 Jun 2009 | 7:21 am Bellway eyes land deals as it prepares for summer lull in house salesBellways the British housebuilder said on Friday it is looking at selected land acquisitions despite market conditions remaining tough as it gears itself for a summer lull.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 5 Jun 2009 | 7:12 am Rio Tinto rights issue: main pointsRio Tinto has ditched a deal with Chinalco designed to help reduce its debt pile. Instead the miner plans to raise 15.2bn in a rights issue and set up a joint venture with rival BHP Billiton.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 5 Jun 2009 | 7:05 am Universal Pictures plans a summer without sequelsThe movie studio's move runs counter to conventional industry wisdom, which dictates that youth-dominated summer audiences often embrace familiar popcorn fare more readily than untested concepts.Universal Pictures doesn't have any big sequels or franchise movies on tap this summer. And the studio thinks that's fine.
Source: L.A. Times - Business | 5 Jun 2009 | 7:00 am Walgreen, CVS add healthcare services to in-store clinicsCare has grown to include treatment of skin conditions, asthma and sprains. The offerings by retail operators raise concerns among doctors. ...Source: RSS feed - channel BNPaperBusiness | 5 Jun 2009 | 7:00 am Mortgage rates rise above 5%Average rates on 30-year fixed-rate mortgages rose to 5.29% this week from 4.91% a week earlier, mortgage company Freddie Mac said. It was the highest weekly average in nearly six months and the first time rates were above 5% since the week of March 12.
Source: L.A. Times - Business | 5 Jun 2009 | 7:00 am The 2010 Jaguar XFR: Hel-looo Kitty!The genius of this super-sedan lies in its sheer will to be different. What we have here is stagecraft.The players in the super-sedan market have much in common -- gorgeous exteriors, heroic wheels and tires, state-of-the-art-electronics and more cowhide and horseflesh than the back lot of the old Republic Pictures.
Source: L.A. Times - Business | 5 Jun 2009 | 7:00 am Wikipedia blocks access from Church of Scientology in L.A.The Internet encyclopedia aims to stop pro-Scientology revisions of articles. Some critics of the religion have also been banned. The moves raise free-speech concerns.The Internet encyclopedia Wikipedia has blocked all contributions from computers at the Church of Scientology's Los Angeles headquarters to stop users there from revising articles to reflect a pro-Scientology viewpoint.
Source: L.A. Times - Business | 5 Jun 2009 | 7:00 am Countrywide's Angelo Mozilo is target of federal lawsuitThe company's co-founder -- along with two former associates -- is accused of failing to tell shareholders how far lending standards had declined at the mortgage lender as the housing boom went bust.Regulators took on the mortgage industry's best-known figure Thursday, accusing former Countrywide Financial Corp. Chief Executive Angelo Mozilo of hiding his alarm about risky loans the company was making at the height of the housing boom while he was reaping nearly $140 million in profits on stock sales.
Source: L.A. Times - Business | 5 Jun 2009 | 7:00 am E3 is action-packed againThe video game expo roars back into Los Angeles after two low-key years. Buzz surrounds God of War III, DJ Hero, The Beatles: Rock Band, Wii Sports Resort, Your Shape and Star Wars: The Old Republic.This year, the orcs and elves returned to the City of Angels. And they brought money with them -- more than $15 million in direct spending on taxi rides, hotel rooms, wine and sushi, among other things.
Source: L.A. Times - Business | 5 Jun 2009 | 7:00 am Bank, energy stocks lift marketStocks rose for the fifth time in six days Thursday, lifted also by a surprise drop in the number of U.S. workers collecting unemployment benefits. ...Source: RSS feed - channel BNPaperBusiness | 5 Jun 2009 | 7:00 am Activision sues rival over Brutal LegendThe firm is trying to block Electronic Arts' release of the video game, alleging that it had the rights to it.On the show floor at the Electronic Entertainment Expo this week, Electronic Arts' Brutal Legend has been one of the hottest and most heavily promoted video games. Behind the scenes, however, the game is at the center of a brewing legal war.
Source: L.A. Times - Business | 5 Jun 2009 | 7:00 am Walgreen, CVS add healthcare services to in-store clinicsCare has grown to include treatment of skin conditions, asthma and sprains. The offerings by retail operators raise concerns among doctors.Amid the economic downturn and slow growth for retail and outpatient medical care services, pharmacy giants Walgreen Co. and CVS Caremark Corp. are rolling out new specialized services at their in-store clinics, going beyond treatment of routine maladies.
Source: L.A. Times - Business | 5 Jun 2009 | 7:00 am Retailers report May sales declinesSales fall 4.6% in the month compared with the same period last year. Department stores and teen apparel chains, especially those selling higher-end merchandise, fare the worst. ...Source: RSS feed - channel BNPaperBusiness | 5 Jun 2009 | 7:00 am $1.3-billion tax-shelter scam allegedTwo executives of a defunct Seattle fund manager and an L.A. attorney are indicted after a federal probe.Two principals of defunct Seattle investment management firm Quellos Group and a Los Angeles lawyer were indicted in a tax shelter scheme that allegedly created more than $1.3 billion in fraudulent losses for prominent clients, including media mogul and billionaire investor Haim Saban.
Source: L.A. Times - Business | 5 Jun 2009 | 7:00 am Activision sues rival over Brutal LegendThe firm is trying to block Electronic Arts' release of the video game, alleging that it had the rights to it. ...Source: RSS feed - channel BNPaperBusiness | 5 Jun 2009 | 7:00 am Retailers report May sales declinesSales fall 4.6% in the month compared with the same period last year. Department stores and teen apparel chains, especially those selling higher-end merchandise, fare the worst.U.S. retailers reported unexpectedly poor sales last month as consumers spent frugally at stores including Costco and Saks.
Source: L.A. Times - Business | 5 Jun 2009 | 7:00 am The 2010 Jaguar XFR: Hel-looo Kitty!The genius of this super-sedan lies in its sheer will to be different. What we have here is stagecraft. The players...Source: RSS feed - channel BNPaperBusiness | 5 Jun 2009 | 7:00 am NZ stocks Market rises, leaders mixedThe New Zealand sharemarket rose today but many eyes were on the Australian market's resource stocks. The benchmark NZSX-50 rose 18.795 points, or 0.668 per cent, to 2834.508. Turnover was worth $96.4 million. There were 55 rises...Source: New Zealand Herald - Business | 5 Jun 2009 | 6:44 am SEC charges ex-Countrywide CEO Mozilo with fraud (AP)
Source: Yahoo! News: Business | 5 Jun 2009 | 5:36 am SEC charges ex-Countrywide CEO Mozilo with fraud (AP)
Source: Yahoo! News: Stock Markets News | 5 Jun 2009 | 5:36 am U.S. dismissed JPMorgan, Amex's TARP objections: report (Reuters)Reuters - Dismissing strong objections from JPMorgan Chase and American Express Co executives, U.S. regulators insisted the banks raise equity this week before repaying bail-out funds, the Financial Times reported.Source: Yahoo! News: Business | 5 Jun 2009 | 4:18 am U.S. dismissed JPMorgan, Amex's TARP objections: report(Reuters) - Dismissing strong objections from JPMorgan Chase and American Express Co executives, U.S. regulators insisted the banks raise equity this week before repaying bail-out funds, the Financial Times reported.Source: Reuters: Business News | 5 Jun 2009 | 4:18 am Futures Climb Ahead of Jobs Report (Market Update)News at a Glance
The LowdownWall Street was cautiously optimistic Friday morning, but that sentiment was contigent on economic data due out shortly. Stocks were poised to open higher, though traders were prepared for a reversal, depending on the content of the upcoming May jobs report. Shortly before 6:45 a.m., Dow, Nasdaq and S&P 500 futures traded above fair value. The May employment report is widely seen as a critical point for the most recent rally, which has been driven largely by strong manufacturing data abroad. Many economists believe the recovery will suffer a setback before it can be allowed to continue, and some believe this could be the moment it all turns back around. The unemployment rate is projected to have risen to 9.2% in May, up from 8.9% in April. However, the decline in payrolls is expected to have slowed, suggesting a bottom. In corporate news, JPMorgan Chase (JPM) and American Express (AXP) may have been under government pressure to raise capital earlier this week, despite having passed their federal stress tests. The Federal Reserve forced the firms to raise their capital levels before setting aside money to repay loans taken out as part of the Troubled Asset Relief Program, The Financial Times reported. Energy prices were a bit lower ahead of the employment report. By 6:41 a.m., oil traded down 29 cents at $68.52 a barrel. World markets were mostly higher. In Asia, Japan's Nikkei and Hong Kong's Hang Seng each picked up about 1.0%. In Europe, the U.K.'s FTSE rose 1.3% in midday trading. Corporate News
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Source: SmartMoney.com | 5 Jun 2009 | 4:00 am Bollard to leave rates unchanged next week, say economistsASB economists are predicting the Reserve Bank to hold official interest rates steady at 2.5 per cent when it makes a decision next Thursday. In an outlook published today, bank chief economist Nick Tuffley also raises the possibility...Source: New Zealand Herald - Business | 5 Jun 2009 | 3:13 am Rio Tinto shuns China for BHP joint ventureRio Tinto today risked the future of its relationship with China, its biggest customer, after dumping a $19.5 billion ($£12.2 billion) deal with Chinalco, the state-owned metals giant, and signing a joint venture with BHP Billiton, its bitter rival. Source: Latest Business News from Times Online | 5 Jun 2009 | 2:46 am Countrywide's Mozilo charged with fraudLOS ANGELES/WASHINGTON (Reuters) - Angelo Mozilo, who built the largest U.S. mortgage lender, was charged with securities fraud and insider trading on Thursday, making him the most prominent defendant in investigations into the U.S. subprime mortgage crisis and housing bust.Source: Reuters: Business News | 5 Jun 2009 | 2:34 am Countrywide's Mozilo charged with fraud (Reuters)Reuters - Angelo Mozilo, who built the largest U.S. mortgage lender, was charged with securities fraud and insider trading on Thursday, making him the most prominent defendant in investigations into the U.S. subprime mortgage crisis and housing bust.Source: Yahoo! News: Business | 5 Jun 2009 | 2:34 am Wal-Mart to add 22,000 jobs in U.S.BENTONVILLE, Arkansas (Reuters) - Discounter Wal-Mart Stores Inc says it will add more than 22,000 jobs in its U.S. namesake stores in 2009.Source: Reuters: Business News | 5 Jun 2009 | 2:32 am US retailers disappoint as consumers hold backUS retailers suffered a disappointing month of sales in May as shoppers continued to spend conservatively and hunt for bargainsSource: Financial Times - US homepage | 5 Jun 2009 | 2:29 am Chrysler sale heads to appeals court on FridayNEW YORK (Reuters) - A U.S. federal appeals court on Friday will hear arguments that Chrysler LLC's sale to a group including Italian carmaker Fiat SpA and the U.S. government violates long-standing bankruptcy law and should not be allowed to go forward.Source: Reuters: Business News | 5 Jun 2009 | 1:59 am GM to give over $2.5 billion for Delphi buyout: reportNEW YORK (Reuters) - General Motors Corp will give more than $2.5 billion of the $3.6 billion needed for Platinum Equity to gain control of bankrupt car parts supplier Delphi Corp , the Wall Street Journal said, citing a source.Source: Reuters: Business News | 5 Jun 2009 | 1:43 am ASB first to raise 5 year mortgages back to 8 per centASB has become the first bank this year to raise its five year mortgage rate back up to 8 per cent. ASB raised its longer term rates by between 20 and 50 basis points (bps) in the wake of sharp moves higher in longer term wholesale...Source: New Zealand Herald - Business | 5 Jun 2009 | 12:30 am ECB slashes forecasts for eurozoneThe European Central Bank spurned pressure for more radical action to jumpstart the eurozone economy yesterday, sticking to a gradual, step-by-step strategy despite savagely cutting its forecasts for the 16-nation bloc. Source: Latest Business News from Times Online | 5 Jun 2009 | 12:00 am Sacked M&S head earned £1m-plus for 112 daysSteven Esom, the former head of food at Marks & Spencer, was paid more than £1 million for only 112 days’ work on its board, the annual report revealed. Source: Latest Business News from Times Online | 5 Jun 2009 | 12:00 am Bridgecorp investors lose $106m more as Fiji takes over Momi BayThe Fiji National Provident Fund is taking over the Momi Bay resort project in an attempt to claw back its $F80 million ($61.3m) investment. Fiji National Provident Fund chairman Parmesh Chand told the Fiji Times today that the...Source: New Zealand Herald - Business | 5 Jun 2009 | 12:00 am Liverpool hit by red alert over soaring cost of debtsThe full extent of Liverpool’s financial troubles is laid bare today in a stark warning from the club’s auditors about the struggle to meet soaring interest payments. Source: Latest Business News from Times Online | 5 Jun 2009 | 12:00 am Morrison joins final salary pension exodusEmployers were warned last night not to use the recession as an excuse to water down staff pensions after Wm Morrison became the third blue-chip company this week to take the axe to its final salary scheme. Source: Latest Business News from Times Online | 5 Jun 2009 | 12:00 am There’s a glow in Signet’s salesDiamonds are a girl’s best friend, even in the recession — a message brought home when Signet revealed its latest results. The jeweller’s share price jumped on both sides of the Atlantic after a better than expected first quarter. Despite the downturn in America, which provides about 80 per cent of Signet’s business, it made a net profit of $26.3 million ($£16.2 million), or 31 cents a share, for the 13 weeks to May 2, compared with $25.7 million, or 30 cents a share, a year earlier.$ Source: Latest Business News from Times Online | 5 Jun 2009 | 12:00 am Countrywide's Mozilo charged with fraud (Reuters)Reuters - Angelo Mozilo, who built the largest U.S. mortgage lender, was charged with securities fraud and insider trading on Thursday, making him the most prominent defendant so far in investigations into the U.S. subprime mortgage crisis and housing bust.Source: Yahoo! News: Stock Markets News | 4 Jun 2009 | 11:41 pm US retailers report May sales declines (AP)
Source: Yahoo! News: Business | 4 Jun 2009 | 11:28 pm Apple to launch cut-price version of iPhoneApple plans to introduce a cheaper version of its popular iPhone as soon as Monday, in a move that could dramatically increase the company's share of the market for web-surfing devicesSource: Financial Times - US homepage | 4 Jun 2009 | 11:26 pm SEC charges Countrywide executivesThe Securities and Exchange Commission filed civil fraud charges against Angelo Mozilo, the former Countrywide chief executive, and his two top lieutenants, alleging that they misled investors about the financial condition of the mortgage company in the months leading up to its sale to Bank of AmericaSource: Financial Times - US homepage | 4 Jun 2009 | 11:25 pm Write-Offs: 06.04.09$$$ Madoff's Fundraiser Jaffe Emerges From Cave [Cityfile] $$$ Thoughts from Chairman Ben [NYT] $$$ Could Mitt Romney Fix GM? [Dealbook] $$$ Mozilo lawyer: SEC allegations are "baseless" $$$ Bank of America forces out risk chief after bailout [Reuters] 
Sponsored Topics: Business - US Securities and Exchange Commission - Bernard Madoff - Bank of America - Reuters Source: Dealbreaker | 4 Jun 2009 | 11:03 pm Tight security for Tiananmen anniversaryAbout 150,000 people gathered in Hong Kong to mark the 20th anniversary of the 1989 Tiananmen massacre, but Beijing was locked down as police and security agents swarmed through the streetsSource: Financial Times - US homepage | 4 Jun 2009 | 11:00 pm NZ Shares: Local market ahead earlyA 1.5 per cent rise in top stock Telecom helped pull the New Zealand sharemarket ahead early, following moderate gains in United States equities. US stocks rose as a brokerage's upbeat view on US banks drove a run-up in financials,...Source: New Zealand Herald - Business | 4 Jun 2009 | 10:46 pm Summary Box: Mozilo accused of civil fraud (AP)AP - FORMER COUNTRYWIDE CEO CHARGED: The government has accused Angelo Mozilo and two other former executives of the fallen mortgage lender of civil fraud and insider trading. The three dispute the civil charges by the Securities and Exchange Commission.Source: Yahoo! News: Stock Markets News | 4 Jun 2009 | 10:30 pm Fed dismisses Tarp objectionsUS regulators insisted that JPMorganChase and American Express raise equity this week before repaying bail-out funds, in spite of strong objections from executives who claimed the banks did not need the money, people close to the situation saidSource: Financial Times - US homepage | 4 Jun 2009 | 10:29 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 | 4 Jun 2009 | 10:25 pm Stephen Roach Says Global Recession Likely to PersistSource: Bloomberg - All Podcasts | 4 Jun 2009 | 10:23 pm UBS To Return To Profitability One Chafed Ass, Pile Of Garbage At A TimeUBS apparently sent out a memo last Friday eliminating the majority of its trash cans. Previously, they had mini-wastebaskets at each desk and now only one can per floor. And speaking of cans-- an unhappy employee notes the Swiss have "downgraded to single ply TP."
Sponsored Topics: Waste container - Recreation - Food and Drink Related - Collecting - Beer Source: Dealbreaker | 4 Jun 2009 | 10:10 pm Younger Kiwis wary of new debtYounger New Zealanders are increasingly wary of taking on more debt, says the country's largest credit reporting company Veda Advantage. Looking at credit applications, which include hire purchase, credit cards, personal loans...Source: New Zealand Herald - Business | 4 Jun 2009 | 10:00 pm Financial, energy stocks pull market higher (AP)
Source: Yahoo! News: Stock Markets News | 4 Jun 2009 | 9:59 pm Financial, energy stocks pull market higher (AP)
Source: Yahoo! News: Business | 4 Jun 2009 | 9:59 pm Crude leads rally with charge towards $70Crude oil prices rose more than $1, rebounding after a sharp fall in the previous session and leading a rally across commodity marketsSource: Financial Times - US homepage | 4 Jun 2009 | 9:44 pm Remember What We Said About Thinking Before You Comment?We weren't kidding, bitches! According to FT Alphaville, clearly giving you people far too much credit than is due, a comment lefty by "sugardaddy" this morning caused the Sterling to "jackknife...falling from 1.64 to the dollar to a low of 1.61 and moving above 0.87 to the euro."
Sponsored Topics: Financial Times - Business - FT Alphaville - Media - European Union Source: Dealbreaker | 4 Jun 2009 | 9:37 pm Turners & Growers attacks "outdated monopoly" kiwifruit tradeTurners & Growers has used its 88th annual meeting today as a platform to attack the monopoly export of kiwifruit outside Australasia. In doing so, chairman Tony Gibbs evoked history, arguing his company gave kiwifruit its name...Source: New Zealand Herald - Business | 4 Jun 2009 | 9:30 pm Derivatives World About To Get Rude Awakening From CFTC
Regarding the highly scrutinized world of customized derivatives, Gensler set out four criteria for determining whether or not a derivative contract qualifies as customized and therefore avoids the requirement of trading through an exchange:
And so it begins.
Sponsored Topics: Gary Gensler - Commodity Futures Trading Commission - Derivative - Business - United States Senate Committee on Agriculture Nutrition and Forestry Source: Dealbreaker | 4 Jun 2009 | 9:23 pm Jobless Benefits Draining StatesProPublica runs the numbers on jobless benefits and how the states are handling them: Fourteen states have simply run out of money to pay benefits and been forced to borrow from Washington a total of more than $8 billion. That number is almost certain to grow as more states reach the brink. If they are not able to pay that amount back before 2011, which most will not be able to do, they face paying hundreds of millions of dollars in interest. Among the hardest hit: California and the automobile-heavy Midwest. Bonus: Homeowners fed up with government's loan modification program. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 4 Jun 2009 | 9:21 pm Sainsbury Raised to `Overweight' at Morgan StanleySource: Bloomberg - All Podcasts | 4 Jun 2009 | 9:19 pm SEC Officially Charges Angelo Mozilo With Insider Trading
Sponsored Topics: AngeloMozilo - CountrywideFinancial - U.S. Securities and Exchange Commission - InsiderTrading - Business Source: Dealbreaker | 4 Jun 2009 | 9:07 pm Ken Lewis Asked To Testify On Threat Of Busted Knee-Caps
Let's back the truck up for a sec: the Journal reported in April that during his February sit-down with Andrew Cuomo, Lewis told Andy he was "urged to keep quiet while the two sides negotiated government funding to help BofA absorb Merrill and its huge losses," and that later in his testimony, Lewis described a conversation with Paulson, in consultation with Bernanke, in which the Treasury secretary made it clear that Mr. Lewis's own job was at stake (which, hilariously, happened over the phone while Bald was out on a bike ride). Then Steve Liesman rode in to defend Bernanke's honor, saying a government official told him Bernanke never ever told Lewis not to disclose the losses prior to the deal going through. Later that day, Cuomo came out and was all "Paulson did the dirty work, but it was at the behest of Bernanke. And by the close of business, Paulson had issued a statement saying hell to the yes I threatened the guy, but Bernanke had nothing to do with it.
Sponsored Topics: Merrill Lynch - Andrew Cuomo - Bank of America - Ben Bernanke - United States Secretary of the Treasury Source: Dealbreaker | 4 Jun 2009 | 9:01 pm NZ Dollar: Kiwi back to where it started 24 hrs agoThe New Zealand dollar opened locally little changed against the greenback from its level 24 hours earlier, but the journey between the two points was bumpy. Around 8am today the kiwi was buying US63.42c, up from US62.97c at 5pm...Source: New Zealand Herald - Business | 4 Jun 2009 | 9:01 pm How the major stock indexes fared on Thursday (AP)AP - Stocks rose for the fifth time in six days following a rally in financial and energy shares. Analysts have upgraded bank stocks and oil prices hit fresh highs for the year. Investors gained some confidence in the prospects for the overall economy after the number of workers continuing to receive unemployment benefits unexpectedly fell for the first time in 20 weeks.Source: Yahoo! News: Stock Markets News | 4 Jun 2009 | 8:45 pm Dollar playing havoc with commoditiesA green shoots recovery seen in rising international commodity prices is being eaten away by the value of the kiwi dollar, according to data from ANZ bank. The ANZ Commodity Price Index, which measures a basket of products in the...Source: New Zealand Herald - Business | 4 Jun 2009 | 8:30 pm UBS In Trouble Yet Again
You can just hear Mary Schapiro sharpening her blade. UBS Sold Unsuitable Lehman Securities, New Hampshire Alleges [Bloomberg]
Sponsored Topics: New Hampshire - UBS AG - Lehman Brother - Banking in Switzerland - United States Source: Dealbreaker | 4 Jun 2009 | 8:01 pm Insider Trading Civil Fraud Charge For Angelo Mozilo Coming Right Up
Mozilo sold hundreds of millions in Countrywide's stock in late 2006 and 2007, and stands accused by the SEC of remaining publicly upbeat about this company's prospectus during that period, while he knew things were not good in Counrywide's business. How the SEC intends to prove that is unclear, but Mozilo's change to a 10-B 5-1 plan under which he systematically sold stock may be used as evidence of his culpability. Mozilo allegedly established one 10-B 5-1 plan in October of '06 and another in December of '06 and then revised the October plan in February of '07 so that he could increase his sale of Countrywide stock. Earlier: WSJ: SEC Staff Recommending Filing Civil Fraud Charges On Angelo Mozilo's Ass
Sponsored Topics: AngeloMozilo - CountrywideFinancial - InsiderTrading - Business - U.S. Securities and Exchange Commission Source: Dealbreaker | 4 Jun 2009 | 7:58 pm Delong Says Biotechnology Will Drive U.S. GrowthSource: Bloomberg - All Podcasts | 4 Jun 2009 | 7:53 pm Trichet defends ECB independenceThe European Central Bank head stressed the bank's "fierce independence" in a thinly veiled rebuke to Angela Merkel, who had accused it of bowing to international pressureSource: Financial Times - US homepage | 4 Jun 2009 | 7:53 pm Even Porn Gets Self Promotion Via Apple WWDC (AAPL)Everyone loves to follow Apple Inc. (NASDAQ: AAPL), particularly ahead of its big investor and developer conferences. And if you track the top website rankings of the top 100 and top 1,000 overall websites by popularity, you know that if it isn’t everyone loving porn it is a large percentage of the online population. Sometimes [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 Jun 2009 | 7:32 pm Global food import bill set to fallThe world's food import bill will drop this year by about a fifth as agricultural commodities trade well below last year's all time highs, the United Nations' Food and Agriculture Organisation said on a reportSource: Financial Times - US homepage | 4 Jun 2009 | 7:20 pm Finally Calling Those ReferencesThis morning we got word that the unemployment rolls are down. Now comes this letter from Rondal: Over the past three days, I have had two calls from prospective employers looking for references on former colleagues of mine. I learned yesterday that one got the job, and I heard today that the other has an interview scheduled for this afternoon. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 4 Jun 2009 | 7:15 pm Doodles On A Catastrophe
How My CDO Self-Destructed The above comes from a folder of documents I have on my desk for this big story we've been working on. It was scribbled down for me by Jim Finkel, who helped put together some of those complicated collateralized debt obligations (now known as toxic assets.) Finkel runs a company called Dynamic Credit, and he was explaining how the CDOs started to self-destruct when the subprime market fell apart. Finkel told us he remembers watching the computer screen as the rating agencies lowered their ratings for hundreds of mortgage bonds. The phones were unusually quiet, he told us. Everyone was watching the screens. It was, he says, "like some kind of whispering death wind blowing through the room." It's been argued that the rating agencies, had they done their job, could have put the brakes on the whole crisis, by not giving so many of these bonds their top AAA rating. We'll have a story this Friday on Morning Edition, and a much longer one this weekend on This American Life. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 4 Jun 2009 | 7:12 pm Angelo Mozilo Charged With Insider Trading (BAC)CNBC’s David Faber just reported that the SEC will be charging former Countrywide CEO Angelo Mozilo with insider trading and disclosure violations for stock sales from 2006 and beyond. Interestingly enough, Faber noted that criminal charges will NOT accompany the charges. Former executives Sambol and Sieracki are also to be charged with failure to disclose [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 Jun 2009 | 7:03 pm Presented By:Source: Dealbreaker | 4 Jun 2009 | 7:02 pm Lehman Brothers High Coming SoonWilbraham & Monson Academy, a boarding school in Massachusetts, [and alma mater of Dick Fuld] will officially unveil a classroom that simulates a stock-market trading floor. "Students can use state-of-the-art financial-markets software to learn to research, analyze, and decipher patterns in the context of a financial trading environment," the school said. "Class discussions will complement the analysis, focusing on issues such as business ethics, economic development, and the interconnected global financial system." High School Trading Floor Offers Finance Lab to Students [WSJ via The Deal]
Sponsored Topics: Ben Bernanke - Federal Reserve System - Business - Chairman of the Federal Reserve - Stock market Source: Dealbreaker | 4 Jun 2009 | 7:02 pm Kubarych Says Ford, GM May Eventually Merge to SurviveSource: Bloomberg - All Podcasts | 4 Jun 2009 | 7:00 pm GM's Young Says New Company Will Be Smaller, FocusedSource: Bloomberg - All Podcasts | 4 Jun 2009 | 6:48 pm Bing Referring More Traffic Than Yahoo
I received a tip today that Bing referrals were outperforming Yahoo referrals on several major websites. If that keeps happening, it would make Bing the second largest referrer on the Web. For example, my source said that on one site, Bing was sending about 20% of searches, while Yahoo was sending around 15%. On this blog, Bing is referring 9% of searches, while Yahoo is sending 7%. I looked at a couple of other sources, and found mention of the same thing. This never happened when Microsoft released its Live search. What gives? Is Bing actually gaining market share, or are people just testing the search engine out? Either way, this bodes well for Bing, especially in its quest to gain market share from Yahoo.
Source: Business Pundit | 4 Jun 2009 | 6:19 pm CBC's Cherry Says Hockey League Is Economically StrongSource: Bloomberg - All Podcasts | 4 Jun 2009 | 5:45 pm Now With More FatAlan Cordova dialed up the latest stats on what Americans are eating, courtesy of the U.S. Department of Agriculture. And yes, I've got a salt-and-vinegar potato chips problem. Also a Twix one. But after the jump, check out the increase in fat being added to food -- you know, just added in. Finally, where the fat in our food is coming from. My grandmother's generation used shortening. That's on the wane, along with margarine, in a big way.
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 4 Jun 2009 | 5:38 pm Schlosstein Says U.S. States, Cities Face `Scary' TimesSource: Bloomberg - All Podcasts | 4 Jun 2009 | 5:29 pm Intel to Purchase Wind River Systems for $884 Mil
In a move to diversify, Intel will acquire embedded software company Wind River Systems for $884 million, or common stock at $11.50/share. TechCrunch has more: The acquisition is expected to close this summer, subject to certain regulatory approvals and other conditions specified in the definitive agreement, and will result in Wind River to become a full subsidiary of Intel under its Software and Services Group umbrella. Wind River has more than 1,600 employees and operations in more than 15 countries, and last reported annual revenues of $359.7 million. Smart move. Desktop/laptop prices keep decreasing, so Intel needs to get itself “inside” other devices. Interestingly, Wind River already competes directly with Microsoft’s Windows CE, so the move also positions Intel against its partner.
Source: Business Pundit | 4 Jun 2009 | 5:11 pm UBS's Donovan Sees ECB Expanding and Continuing StimulusSource: Bloomberg - All Podcasts | 4 Jun 2009 | 5:11 pm State unemployment funds go bustUnemployment insurance is meant to be a safety net for laid-off workers. But so many people are claiming benefits that state unemployment trust funds are broke, or close to it. Mitchell Hartman reports in collaboration with the investigative newsroom Pro Publica.Source: Marketplace | 4 Jun 2009 | 5:07 pm Refiners’ Second Take: Valero’s Risk of Irreparable Harm (VLO, MRO, HES, TSO, SUN, TOT, VSUNQ)Valero Energy Corp. (NYSE: VLO) may have caused some irreparable harm to itself and to shareholders this week. Losing money is just not something that the investing public was ready to stomach. Dumping news of a large secondary offering right on top of projecting a loss was no different than pouring salt and peroxide on [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 Jun 2009 | 5:06 pm Derivatives regulation worries dealersThe regulator of the futures trading industry is proposing new rules for trading financial contracts known as derivatives. John Dimsdale reports that big wheelers and dealers are now fretting about overreaching regulation.Source: Marketplace | 4 Jun 2009 | 4:53 pm Battle brewing to make United planesUnited Airlines is taking advantage of low prices in a down economy. The airline wants to add 150 planes to its fleet, and has asked two manufacturers to come up with the best price. Ashley Milne-Tyte reports.Source: Marketplace | 4 Jun 2009 | 4:53 pm Tax preparers may now need a licenseThe Internal Revenue Service is considering new standards for paid tax preparers, like requiring them to be licensed. Steve Henn reports.Source: Marketplace | 4 Jun 2009 | 4:53 pm Can Palm Pre compete with the iPhone?The Palm Pre smartphone that goes on sale soon is a must-succeed product for Palm, which has struggled in the digital market. What are its chances of success? Stacey Vanek-Smith reports.Source: Marketplace | 4 Jun 2009 | 4:53 pm What's big at the electronics expo?Gadget guru Kevin Pereira and Kai Ryssdal tour the E3 expo in Los Angeles and discuss the latest products and developments in technology and electronics.Source: Marketplace | 4 Jun 2009 | 4:53 pm Youth crucial to Middle East economyYoung workers in the Middle East are having trouble finding work, even those who are educated. Navtej Dhillon of the Brookings Institute talks with Kai Ryssdal about why youth inclusion is so important there.Source: Marketplace | 4 Jun 2009 | 4:53 pm North Sees Positive Signs in U.S. Consumer ConfidenceSource: Bloomberg - All Podcasts | 4 Jun 2009 | 4:48 pm Cantor's Pope Says U.K. Political Turmoil Won't Hurt MarketsSource: Bloomberg - All Podcasts | 4 Jun 2009 | 4:43 pm Seeing Less In Oakland
Kinda, sorta done. George Feil George Feil writes from Oakland, Calif.: This project, a five story apartment building with a garage, was started over a year ago, and has gone through its fits and starts. The last wave of construction stopped two months ago, but only after most of the exterior construction was completed. After the jump, what's left of the view from his window.  The view from his window George Feil "I'm looking down onto the balcony of the apartment below, which has been completely walled off," Feil writes. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 4 Jun 2009 | 4:41 pm Shopping Keeps Dropping
Spotted in Boulder, Co. Jason Arentz Goldman Sachs and the International Council of Shopping Centers are reporting that same-store sales, meaning sales at stores open at least a year, fell 4.6 percent last month. Analysts had predicted a drop of 3 percent. Check out individual store performance over at the WSJ's Real Time Economics blog. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 4 Jun 2009 | 4:20 pm 'Feeble Green Shoots'Financial proofreader Leah Casner sent this Recession Haiku the other day: Heavy cloud laden And yes, she'd just been laid off. The news this morning is that the number of people on unemployment insurance dipped last week for the first time 20 weeks, by 15,000, to 6.7 million. Considering that economists expect unemployment for May to top 9 percent -- the number's out tomorrow -- it's no surprise that Ian Shepherdson writes, "Feeble green shoots don't stop companies laying off staff, still less actually starting to hire again." Hang in there, folks. We've got a ways to go on this one. Bonus: The person who took that picture up there just got another job. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 4 Jun 2009 | 3:25 pm Easy Investment Advice
Source: Business Pundit | 4 Jun 2009 | 11:33 am Microsoft Will Move More Employees Offshore if Obama Proposals Pass
The Times of India reports on how Microsoft will move employees offshore if President Obama’s plan to outlaw tax breaks for offshore companies passes: US tax rules let companies defer paying corporate rates as high as 35 per cent on most types of foreign profits as long as that money remains invested overseas. Obama says he wants to end such incentives to keep foreign profits tax-deferred so that companies would invest them in the US. While the rules were designed in 1997 to protect US companies from paying excessive tax to other governments, Obama administration officials say it has evolved into a way to duck US liabilities. “It makes US jobs more expensive,” Steve Ballmer said in an interview. “We’re better off taking lots of people and moving them out of the US as opposed to keeping them inside the US.” Altering the rule, which Obama dubbed a “loophole,” would generate $86.5 billion in new revenue by 2019, the administration says. Obama has said his proposals would protect or create jobs in the United States. (Symantec CEO John W.) Thompson called the Obama proposals “counterintuitive” to the administration’s other stated goals of fostering an innovation-oriented economy. “It is a little bit ironic that most of our most significant trading partners and partners globally have taken the tack that they’ll reduce corporate tax rates to stimulate economic growth and not raise corporate tax rates,” Thompson said. Ballmer said that, while the Obama proposals would preserve expense deductions related to research and experimentation costs, the overall deduction limits for companies that defer tax on foreign profits would raise the cost of employing US workers. Fiduciary responsibility to shareholders would require Microsoft to cut costs, he said, meaning many jobs would be moved out of the country. Obama also needs to propose reducing the corporate tax rate at home. Otherwise, companies have no incentive to stay here.
Source: Business Pundit | 4 Jun 2009 | 10:39 am Forbes Celebrity 100 Ranks Most Powerful Celebs
Forbes recently released its annual Celebrity 100 list, which uses both money and fame to rank the 100 most powerful celebrities of the year. Here are the top 10: 1. Angelina Jolie — $27 mil Celebs are still raking in unbelievable amounts of money due to long-term contracts, but Forbes says that next year, the recession might catch up with them. See the full list here.
Source: Business Pundit | 4 Jun 2009 | 10:10 am
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