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Retail sales tumble further than expectedRetail sales fell more than expected, by 0.6 per cent, between April and May as shoppers cut back on spending across the board. Source: Latest Business News from Times Online | 18 Jun 2009 | 11:44 am Dems to push through banking overhaul quickly (AP)
Source: Yahoo! News: Business | 18 Jun 2009 | 11:43 am Top Analyst Upgrades (ANF, KOF, HTZ, HEW, ING, LNC, VZ)These are the top analyst upgrades and positive research calls we have seen from Wall Street this Thursday morning with about two hours until the market opens: Abercombie & Fitch (ANF) Raised to Buy at SunTrust Robinson Humphrey. Coca-Cola FEMSA (KOF) Raised to Hold at Deutsche Bank. Hertz (HTZ) Raised to Outperform at Wachovia. Hewitt (HEW) Raised to Neutral [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 18 Jun 2009 | 11:41 am BofA paying big bonuses to retain bankers: report (Reuters)
Source: Yahoo! News: Business | 18 Jun 2009 | 11:41 am Brilliant McGyver Product
Source: Business Pundit | 18 Jun 2009 | 11:39 am Top Analyst Downgrades (T, ADP, GNTX, HAR, JCI, PAYX, YRCW)These are the top pre-market analyst downgrades or cautious research calls we have seen from Wall Street this Thursday morning with about two hours until the market opens: AT&T (T) Started as Sell at Pali Research. Automatic Data (ADP) Cut to Neutral at JPMorgan. Gentex (GNTX) Cut to Neutral at Baird. Harman (HAR) Cut to Underperform at Baird. Johnson Controls [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 18 Jun 2009 | 11:38 am 500,000 in line on Fri. for an iPhone?Source: Business and financial news - CNNMoney.com | 18 Jun 2009 | 11:35 am Stock futures mixed as traders look to Washington (AP)
Source: Yahoo! News: Stock Markets News | 18 Jun 2009 | 11:33 am Report card on Obama finance fixNow that President Obama has presented his plan to fix the way the U.S. regulates finance, it's time to assess if the plan will work. The 85-page "white paper" his Treasury Department released lays out the specifics. Now Congress will begin its ugly process of turning the proposals into law. There are some good ideas here. There's also a whole lot that may make Wall Street howl in protest.Source: Business and financial news - CNNMoney.com | 18 Jun 2009 | 11:30 am Stock futures flat before data, Geithner testimony (Reuters)
Source: Yahoo! News: Stock Markets News | 18 Jun 2009 | 11:26 am Stock futures flat before data, Geithner testimony (Reuters)
Source: Yahoo! News: Business | 18 Jun 2009 | 11:26 am Stock woes set to continueU.S. stocks were poised for a mostly lower open Thursday, with the economy and the quarterly expiration of options and futures contracts weighing on investors.Source: Business and financial news - CNNMoney.com | 18 Jun 2009 | 11:24 am Sir Fred Goodwin bows to pressure and will return half of £703,000 annual pensionSir Fred Goodwin, the former chief executive of Royal Bank of Scotland (RBS), has bowed to public pressure and agreed nearly halve his controversial £17 million pension deal. Source: Latest Business News from Times Online | 18 Jun 2009 | 11:20 am 'The banks are not making it easy'Homeowners are having mixed results applying for president's foreclosure prevention plan. The tribulations and triumphs of those trying to get loans modified or refinanced.Source: Business and financial news - CNNMoney.com | 18 Jun 2009 | 11:18 am Medtronic paid doctor accused of false study: reportNEW YORK (Reuters) - Medical device maker Medtronic Inc paid almost $800,000 in consulting fees to a former U.S. Army surgeon accused of fabricating a key study, according to published reports.Source: Reuters: Business News | 18 Jun 2009 | 11:17 am Medtronic paid doctor accused of false study: report (Reuters)Reuters - Medical device maker Medtronic Inc paid almost $800,000 in consulting fees to a former U.S. Army surgeon accused of fabricating a key study, according to published reports.Source: Yahoo! News: Business | 18 Jun 2009 | 11:17 am Pub firm seeks £176m for growthPub and brewing firm Marston's says it wants to raise £176m, largely to fund the purchase and building of new pubs.Source: BBC News | Business | World Edition | 18 Jun 2009 | 11:15 am London Markets: Oil producers, retailers decline in lower LondonBritish shares weaken on Thursday, with oil producers lower and retailers under pressure after weak sales data for May.
Source: MarketWatch.com - Top Stories | 18 Jun 2009 | 11:15 am BA union backs pay cut for pilotsPilots at British Airways have been asked by their own trade union negotiators to accept a pay cut and work longer hours.Source: BBC News | Business | World Edition | 18 Jun 2009 | 11:13 am Currencies: Dollar edges higherThe U.S. dollar edges higher against the Japanese yen, regaining some of the ground it lost a day earlier as traders rethink their stance on the greenback’s worth.
Source: MarketWatch.com - Top Stories | 18 Jun 2009 | 11:13 am One thing not to worry aboutDuring a recent speech, money manager Van Hoisington, president of Hoisington Investment Management, asked his audience of sophisticated investors to raise a hand if they thought inflation was going to be a problem sooner or later.Source: Business and financial news - CNNMoney.com | 18 Jun 2009 | 11:10 am European stocks lower, London hit by poor data (AFP)
Source: Yahoo! News: Stock Markets News | 18 Jun 2009 | 11:10 am Stimulus is working in ChinaChina can expect 7.2% growth in 2009, according to the World Bank, which says the country's fiscal policies in the face of a global financial slowdown have kept the Chinese economy "growing respectably."Source: Business and financial news - CNNMoney.com | 18 Jun 2009 | 11:09 am Iran watchdog calls emergency meetingIran's constitutional watchdog has asked the candidates who dispute the results of Friday's presidential election to attend an "emergency meeting" on Saturday in an apparent effort to contain the biggest popular outcry since the 1979 Islamic RevolutionSource: Financial Times - US homepage | 18 Jun 2009 | 11:07 am Mubadala in GE deal, seeks partnershipsPARIS (Reuters) - Abu Dhabi state investment agency Mubadala Development said on Wednesday it was interested in partnerships with leading aerospace groups but denied a report it planned to take stakes in major European aerospace companies.Source: Reuters: Business News | 18 Jun 2009 | 11:06 am Mubadala in GE deal, seeks partnershipsPARIS (Reuters) - Abu Dhabi state investment agency Mubadala Development said on Wednesday it was interested in partnerships with leading aerospace groups but denied a report it planned to...Source: RSS feed - channel BNewsBusiness | 18 Jun 2009 | 11:06 am UK retail sales fall back in MaySales in the UK's shops and stores fell by 0.6% in April from May, driven by falls in clothing and footwear.Source: BBC News | Business | World Edition | 18 Jun 2009 | 11:03 am Movers & Shakers: Thursday's biggest gaining and declining stocksStocks expected to move significantly in trading on Thursday include AutoZone, Borland, Cadbury, NYSE Euronext, Sotheby's and Vonage.
Source: MarketWatch.com - Top Stories | 18 Jun 2009 | 10:58 am U.S. stock index futures mixed; eyes on banks(Reuters) - Dow Jones futures rose 0.1 percent and S&P 500 futures also rose 0.1 percent while Nasdaq futures fell 0.2 percent by 0913 GMT, suggesting a mixed start for U.S. stock markets on Thursday.Source: Reuters: Business News | 18 Jun 2009 | 10:53 am Bing could be a contenderRead full story for latest details.Source: Business and financial news - CNNMoney.com | 18 Jun 2009 | 10:47 am Former RBS boss Sir Fred Goodwin to hand back controversial pension topupThe former boss of Royal Bank of Scotland is to make a concession on his controversial £703000 annual pension.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 Jun 2009 | 10:46 am NYSE and DTCC in derivatives clearing launchNYSE Euronext and The Depository Trust & Clearing Corporation plan to launch the first clearing service for US fixed income derivatives in the second quarter of next yearSource: Financial Times - US homepage | 18 Jun 2009 | 10:43 am US debt rating maintained at highest level by S&PCredit ratings agency Standard & Poor's said Thursday it is unlikely to lower its rating on the U.S. government in the near-term despite noting a "significant" weakening in public finances.Source: RSS feed - channel BNewsBusiness | 18 Jun 2009 | 10:42 am Fiat: restructuring of auto industry necessaryFiat, which has recently taken a controlling stake in Chrysler, called Thursday for a "serious restructuring" of the auto industry, saying the global crisis has worsened the problem of...Source: RSS feed - channel BNewsBusiness | 18 Jun 2009 | 10:40 am Lenders mull offer for bankrupt Delphi: report(Reuters) - Bankrupt U.S. auto parts maker Delphi Corp's debtor-in-possession (DIP) lenders are mulling an offer for the company, the New York Post said, citing a person familiar with the matter.Source: Reuters: Business News | 18 Jun 2009 | 10:39 am King and Darling clash on banksThe Bank of England governor and the chancellor clash on what needs to be done to control banks and prevent another crisis.Source: BBC News | Business | World Edition | 18 Jun 2009 | 10:38 am Report: Health care costs to rise 9 pct in 2010Employers who offer health insurance coverage could see a 9 percent cost increase next year, and their workers may face an even bigger hit, according to a report from consulting firm...Source: RSS feed - channel BNewsBusiness | 18 Jun 2009 | 10:38 am Poll: Many worried about paying for health careHealth care costs are weighing heavily on Americans, with nearly half of those polled in a new survey saying they're worried about paying for future care. In the survey, nearly one in...Source: RSS feed - channel BNewsBusiness | 18 Jun 2009 | 10:37 am Airbus extends air show order lead over BoeingAirbus extended its lead over arch-rival Boeing Co. in the hunt for orders at the Paris Air Show on Thursday with the signature of two deals with Chinese and Hungarian airlines. On the...Source: RSS feed - channel BNewsBusiness | 18 Jun 2009 | 10:34 am Worries spark flight from Asia; Shanghai risesAsian markets end mostly lower as the continued resilience of the Japanese yen hurts exporters’ shares in Tokyo, while profit-taking in the banking sector weighs on Hong Kong. Rio Tinto is a notable decliner. Shanghai bucks the bearish regional trend.
Source: MarketWatch.com - Top Stories | 18 Jun 2009 | 10:33 am Pier 1 posts profit on gain(Reuters) - Home furnishings retailer Pier 1 Imports Inc posted a first-quarter profit versus a prior year loss, due to a gain on the repurchase of debt.Source: Reuters: Business News | 18 Jun 2009 | 10:24 am Pier 1 posts profit on gain (Reuters)Reuters - Home furnishings retailer Pier 1 Imports Inc posted a first-quarter profit versus a prior year loss, due to a gain on the repurchase of debt.Source: Yahoo! News: Business | 18 Jun 2009 | 10:24 am Pier 1 posts profit on gain(Reuters) - Home furnishings retailer Pier 1 Imports Inc posted a first-quarter profit versus a prior year loss, due to a gain on the repurchase of debt.Source: RSS feed - channel BNewsBusiness | 18 Jun 2009 | 10:24 am S&P Says US Debt Is Still “AAA”S&P says it does not like the huge rise in US government indebtedness. But, it clearly thinks the Treasury can make its debt service and eventually pay those hundreds of billions of dollars back. According to the AP, “Credit ratings agency Standard & Poor’s said Thursday it is unlikely to lower its rating on the U.S. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 18 Jun 2009 | 10:21 am SATNAVS get Personal and a lot More Accurate!LONDON, June 18 /PRNewswire/ -- - Journey Dynamics, Traffic Technology Provider, Launches Driver Personalisation Technology - MyDrive - for Superior Routing...Source: RSS feed - channel BNewsBusiness | 18 Jun 2009 | 10:21 am Deutsche, Morgan tapped for AIA IPO role: sourcesHONG KONG (Reuters) - Bailed out U.S. insurer American International Group has chosen Deutsche Bank and Morgan Stanley as joint global coordinators for the more than $4 billion IPO of its Asian life insurance unit, banking sources said on Thursday.Source: Reuters: Business News | 18 Jun 2009 | 10:20 am Deutsche, Morgan tapped for AIA IPO role: sources (Reuters)Reuters - Bailed out U.S. insurer American International Group has chosen Deutsche Bank (DBKGn.DE) and Morgan Stanley as joint global coordinators for the more than $4 billion IPO of its Asian life insurance unit, banking sources said on Thursday.Source: Yahoo! News: Business | 18 Jun 2009 | 10:20 am Rio Tinto Signs Legal Services Outsourcing Agreement With CPA GlobalMajor Cost Savings Projected From New Approach to Legal Work ALEXANDRIA, Virginia, June 18 /PRNewswire/ -- Rio Tinto today announced that it has entered into a legal...Source: RSS feed - channel BNewsBusiness | 18 Jun 2009 | 10:18 am Steel industry seeks answers on recovery prospects (Reuters)Reuters - The tortuous question of when ailing steel demand might recover from the global economic downturn is likely to dominate talks at an industry gathering in New York next week.Source: Yahoo! News: Business | 18 Jun 2009 | 10:12 am Steel industry seeks answers on recovery prospectsLONDON/NEW YORK (Reuters) - The tortuous question of when ailing steel demand might recover from the global economic downturn is likely to dominate talks at an industry gathering in New York next week.Source: Reuters: Business News | 18 Jun 2009 | 10:12 am Steel industry seeks answers on recovery prospectsLONDON/NEW YORK (Reuters) - The tortuous question of when ailing steel demand might recover from the global economic downturn is likely to dominate talks at an industry gathering in New...Source: RSS feed - channel BNewsBusiness | 18 Jun 2009 | 10:12 am Shire, J&J win key drug data case at top EU courtLUXEMBOURG (Reuters) - Shire and Johnson & Johnson won the backing of Europe's highest court on Thursday in their battle for data exclusivity against a generic rival for Alzheimer's drug Reminyl, the court said.Source: Reuters: Business News | 18 Jun 2009 | 10:11 am World markets weighed down by recovery concerns (AP)
Source: Yahoo! News: Stock Markets News | 18 Jun 2009 | 10:10 am UK public borrowing hits record as tax receipts slumpPublic borrowing reaches a record £19.9bn for the month of May new figures showed.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 Jun 2009 | 10:07 am Indications: Stock index futures signal flat start for Wall St.U.S. stock index futures are narrowly mixed Thursday.
Source: MarketWatch.com - Top Stories | 18 Jun 2009 | 10:07 am Bankers rally around troubled watchdogNo one said selling a regulatory reform package would be easy.Source: Business and financial news - CNNMoney.com | 18 Jun 2009 | 10:04 am Bank Of American (BAC) Still Making Millionaires Out Of EmployeesBank of America’s (BAC) addiction to giving its senior employees huge bonuses has not ended. These used to be based on “performance.” A banker who created toxic asset products that could be sold to clients for tens of billions of dollars was rewarded with a multi-million bonus. He did make the firm money, after all. The [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 18 Jun 2009 | 10:03 am Mortgage lending fall undermines recovery hopesThe value of home loans granted by banks and building societies fell by 58 per cent in the year to May as homeowners shunned re-mortgaging deals. Source: Latest Business News from Times Online | 18 Jun 2009 | 10:03 am Ford's reversal of fortuneFor much of the last year, Ford Motor has been the strongest U.S.-based automaker.Source: Business and financial news - CNNMoney.com | 18 Jun 2009 | 10:02 am Public borrowing hits record high of £20bnPublic borrowing hit a record £19.9 billion in May as the recession continues to take its toll, official figures revealed this morning. Source: Latest Business News from Times Online | 18 Jun 2009 | 9:48 am China’s Growth Roars Back?A number of economists believe that GDP growth in China is a mirage. The nation’s $585 billion stimulus package is allowing factories to produce at levels that they could not normally afford with the nation’s exports down so much. The central government is also flooding the country with liquidity making its easier for businesses to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 18 Jun 2009 | 9:43 am Public borrowing at record levelsUK public sector borrowing was the highest on record in May at £19.9bn, the Office for National Statistics says.Source: BBC News | Business | World Edition | 18 Jun 2009 | 9:38 am Car parts firm in £423m cash callPlane and car engineering firm GKN says it plans to raise £423m through a rights issue in order to bolster its finances.Source: BBC News | Business | World Edition | 18 Jun 2009 | 9:31 am US Weapons To Fight The Trade GapThe United States needs to find ways to cut its trade gap by raising exports. Rising exports tend to mean more manufacturing in the US. Manufacturing increases tend to create jobs. According to Reuters, weapons shipments to foreign governments are reaching unprecedented levels. “Sales in the first half reached $27 billion, some 60 percent of the year’s expected total, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 18 Jun 2009 | 9:28 am Swiss central bank focused on halting franc riseThe Swiss National Bank says it is prepared to wade back into currency markets if needed to halt a rise by the Swiss franc.
Source: MarketWatch.com - Top Stories | 18 Jun 2009 | 9:26 am Europe Markets: ING Group, Xstrata buck trend in weak EuropeEuropean shares weaken on Thursday; ING and Xstrata buck trend.
Source: MarketWatch.com - Top Stories | 18 Jun 2009 | 9:21 am The Housing “Recovery” Comes To An EndThe Mortgage Bankers Association Weekly Mortgage Applications Survey for last week is grim reading. Interest rates in the US are rising, some believe due to the need for the Treasury to consistently be in the market to borrow money to finance the national debt. Loan application volume dropped 16% last week compared to the week [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 18 Jun 2009 | 9:05 am BofA paying big bonuses to retain bankers: paper(Reuters) - Bank of America Corp has been paying millions in bonuses in order to lure talent and retain investment bankers the company views as vital, the New York Post reported, citing sources.Source: Reuters: Business News | 18 Jun 2009 | 9:02 am UK retail sales hit by unemployment fearsThe fear of unemployment kept British consumers away from the high street last month figures released on Thursday suggested.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 Jun 2009 | 9:01 am Brown to battle Brussels over EU bank regulatorBritain will today come under pressure in Brussels to cede authority over the City of London to a pan-European financial regulator that would oversee British regulators such as the Bank of England and the Financial Services Authority. Source: Latest Business News from Times Online | 18 Jun 2009 | 9:01 am The Fail-Safe Financial Market Regulation PlanFacing the blank sheet of paper that will eventually be the chronicle of his life in government and the success or failure of the Administration’s programs to radically overhaul the regulation of the financial world, Larry Summers, the intemperate former President of Harvard, said something that he and his colleagues will regret. “Every important problem [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 18 Jun 2009 | 8:56 am European stocks rise at open (AFP)
Source: Yahoo! News: Stock Markets News | 18 Jun 2009 | 8:56 am Capital One savers to be transferred to Skipton Building SocietyCapital One is to exit the deposit market following the sale of its savings business to Skipton Building Society for an undisclosed sum.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 Jun 2009 | 8:54 am UK mortgage lending down 58pc in May to £10.3bnUK gross lending for mortgages fell 58pc yearonyear to £10.3bn in May the Council of Mortgage Lenders said on Thursday.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 Jun 2009 | 8:53 am Mortgage lending falls back againMortgage lending fell back in May, according to the latest figures from the Council of Mortgage Lenders.Source: BBC News | Business | World Edition | 18 Jun 2009 | 8:45 am NYSE, DTCC plan derivatives joint ventureNYSE Euronext says Thursday that it plans to form a joint venture with The Depository Trust & Clearing Corp., in a move that could help it take advantage of tighter regulatory controls on derivatives trading.
Source: MarketWatch.com - Top Stories | 18 Jun 2009 | 8:32 am GKN taps investors for £423m to ease financesGKN, the troubled car component-maker, this morning announced plans to raise £423 million in a rights issue to shore up its finances and pay down debt. Source: Latest Business News from Times Online | 18 Jun 2009 | 8:31 am Striking successLockheed's fighter jet is set to corner the marketSource: BBC News | Business | World Edition | 18 Jun 2009 | 8:29 am Airbus snares China Eastern order for 20 A320 jetsAirbus scored another coup on Thursday as China Eastern Airlines Corp. said it intended to buy 20 new A320 jets list-priced at about $1.45 billion as it anticipates rising passenger demand on short- and medium-range flights.
Source: MarketWatch.com - Top Stories | 18 Jun 2009 | 8:24 am Indian inflation turns negativeInflation in India has turned negative for the first time in more than 30 years, official figures show.Source: BBC News | Business | World Edition | 18 Jun 2009 | 8:23 am World Bank raises growth forecast for ChinaBank raised growth forecast for China from 6.5pc to 7.2pc due to higher state spending but warns it cannot not be sustained without reforms.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 Jun 2009 | 8:14 am Media Digest 6/17/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: Obama proposed sweeping reform for financial industry. Reuters: A number of large banks repaid TARP. (JPM)(GS)(BBT)(COP)(STT)(AXP)(USB) Reuters: Consumer prices show inflation is in check. Reuters: China could still be a big buyer of US debt. Reuters: NYSE will create a derivatives clearing house. Reuters: Chrysler will start production at seven plants. Reuters: Rising interest rates hurt demand for US mortgages. Reuters: US [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 18 Jun 2009 | 8:07 am Cadbury sees pickup in business, confirms guidanceBritish confectioner Cadbury says business picked up in April and May after a slow start to the year.
Source: MarketWatch.com - Top Stories | 18 Jun 2009 | 7:34 am Asia Market And Europe Open 6/18/2008Markets in Asia were mixed The Nikkei fell 1.4% to 9,704. Honda (HMC) dropped due to the dollar. HSBC (HBC) and other banks were down. The Hang Seng was off 1.2% to 17,861. The Shanghai Composite was up 1.6% to 2,854. At the open in Europe, the FTSE was up .2% to 4,288. Rio Tinto (RTP) fell. The Dax [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 18 Jun 2009 | 7:29 am China Eastern makes Airbus orderChina Eastern Airlines agrees to buy 20 Airbus A320 aircraft, despite having cancelled orders earlier in the year.Source: BBC News | Business | World Edition | 18 Jun 2009 | 7:23 am Britons love of chocolate helps CadburyThe maker of Dairy Milk and Trident chewing gum is launching new products later this year.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 Jun 2009 | 7:23 am Marston's to raise £176m in rights issue to buy land for new pubsMarston's the brewer of Pedigree beer has unveiled plans for an heavily discounted 11for10 rights issue to raise £176m to expand.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 Jun 2009 | 7:19 am NZ stocks: Market closes higherThe New Zealand sharemarket put runs on the board against the run of play in Asian markets, mostly due to strength in Telecom and Fletcher Building. Telecom rose 10c to 269 on top of a 2c gain yesterday, while Fletcher Building...Source: New Zealand Herald - Business | 18 Jun 2009 | 7:02 am AIG ex-chief Greenberg 'was angry' about losing jobFormer CEO Maurice 'Hank' Greenberg defends taking over a retirement bonus fund after his 2005 ouster. AIG is trying to recover the fund in federal court. ...Source: RSS feed - channel BNPaperBusiness | 18 Jun 2009 | 7:00 am U.S. broadband adoption rate rises to 63% of adultsThe number of Americans with fast Internet connections was up nearly 15% in April from a year before, a survey by the Pew Research Center's Internet and American Life Project finds. ...Source: RSS feed - channel BNPaperBusiness | 18 Jun 2009 | 7:00 am Major U.S. airlines raise round-trip fares $20The higher prices, initiated June 10 by Delta and US Airways, gradually were matched by other carriers in the first broad increase this year. ...Source: RSS feed - channel BNPaperBusiness | 18 Jun 2009 | 7:00 am Foul play: the charade in college basketballIn the great circle of life known as the professional sports league calendar, we're about to follow up the crowning of the NBA champions with the ritual of the NBA draft .Source: RSS feed - channel BNPaperBusiness | 18 Jun 2009 | 7:00 am Foul play: the charade in college basketballIn the great circle of life known as the professional sports league calendar, we're about to follow up the crowning of the NBA champions with the ritual of the NBA draft .
Source: L.A. Times - Business | 18 Jun 2009 | 7:00 am Federal regulator is blamed in bank failuresThe Office of Thrift Supervision botched its oversight of Downey Savings & Loan and PFF Bank & Trust, say reports from the Treasury Department's inspector general.A federal thrift regulator bungled its oversight of Downey Savings & Loan, allowing the Newport Beach thrift to pile on billions of dollars in high-risk mortgages and eventually collapse, according to a government report.
Source: L.A. Times - Business | 18 Jun 2009 | 7:00 am Wall Street isn't buying Obama's reform planBanks and other firms are quick to attack Obama's consumer-friendly overhaul of financial rules. The stage is set for a legislative battle, with Wall Street turning to allies in Congress.At its core, President Obama's overhaul of regulations for the financial industry seeks a fundamental change: Make the federal bureaucracy work for consumers, not just Wall Street. And Wall Street, not surprisingly, doesn't like it.
Source: L.A. Times - Business | 18 Jun 2009 | 7:00 am Forecast for California: gradual clearingChapman University economists say recovery is imminent, but it will take until 2010 for the benefits to become evident to many because the state is in such deep trouble.An economic recovery will begin in the second half of this year, but many Californians won't feel the benefits until 2010, forecasters from Chapman University said Wednesday.
Source: L.A. Times - Business | 18 Jun 2009 | 7:00 am U.S. broadband adoption rate rises to 63% of adultsThe number of Americans with fast Internet connections was up nearly 15% in April from a year before, a survey by the Pew Research Center's Internet and American Life Project finds.The number of Americans with fast Internet connections continues to swell even as the nation's economy lumbers along at dial-up speed.
Source: L.A. Times - Business | 18 Jun 2009 | 7:00 am 10 large banks repay $68 billion in bailout fundsThe banks, which received the money under the Troubled Asset Relief Program, received permission last week from federal regulators to return the fundsTen big banks made good Wednesday on their promises to repay $68 billion in government capital received under the Troubled Asset Relief Program.
Source: L.A. Times - Business | 18 Jun 2009 | 7:00 am Ad rate stalemate freezes usually hot TV network sales timeAdvertisers want TV broadcasters, including ABC, CBS and NBC, to cut prices as much as 15% compared with 2008. Disagreement is delaying the start of the so-called upfront market.June is typically the time of year when the broadcast networks ring up billions of dollars in commercial sales for the coming television season. But this hasn't been a typical year.
Source: L.A. Times - Business | 18 Jun 2009 | 7:00 am Southern California home prices rise slightly in MayThe median price was $249,000, which is up less than 1% from $247,000 in April. It was the first month-to-month gain since July 2007.Southern California's median home price rose slightly in May for the first time in nearly two years. But the increase was more reflective of a change in the types of homes sold than an end to falling values, a real estate research firm reported Wednesday.
Source: L.A. Times - Business | 18 Jun 2009 | 7:00 am Pacific Sunwear selects ex-Vans chief to be CEOGary H. Schoenfeld brings surf-and-skate experience to PacSun, which has been losing money.Teen specialty retailer Pacific Sunwear of California Inc. named former Vans Inc. CEO Gary H. Schoenfeld to its chief executive post Wednesday.
Source: L.A. Times - Business | 18 Jun 2009 | 7:00 am CalPERS plan to spread out losses is OKdThe pension system's board agrees to temporarily ease payments for schools and local governments. Despite opposition...Source: RSS feed - channel BNPaperBusiness | 18 Jun 2009 | 7:00 am Stocks mostly fall on bank ratings, FedEx warningFinancial shares sink after Standard & Poor's downgrades the debt of 18 banks. Meanwhile, FedEx's weak profit forecast gives investors new reasons to worry about the economy. ...Source: RSS feed - channel BNPaperBusiness | 18 Jun 2009 | 7:00 am Consumer price index rises less than expected in MayThe gauge edges up a seasonally adjusted 0.1% , below analysts' expectations of a 0.3% rise. That will make it easier for the Federal Reserve to keep a key short-term interest rate near zero. ...Source: RSS feed - channel BNPaperBusiness | 18 Jun 2009 | 7:00 am 10 large banks repay $68 billion in bailout fundsThe banks, which received the money under the Troubled Asset Relief Program, received permission last week from federal regulators to return the funds ...Source: RSS feed - channel BNPaperBusiness | 18 Jun 2009 | 7:00 am Pacific Sunwear selects ex-Vans chief to be CEOGary H. Schoenfeld brings surf-and-skate experience to PacSun, which has been losing money. Teen specialty retailer...Source: RSS feed - channel BNPaperBusiness | 18 Jun 2009 | 7:00 am Ad rate stalemate freezes usually hot TV network sales timeAdvertisers want TV broadcasters, including ABC, CBS and NBC, to cut prices as much as 15% compared with 2008. Disagreement is delaying the start of the so-called upfront market. ...Source: RSS feed - channel BNPaperBusiness | 18 Jun 2009 | 7:00 am NYSE to create fixed income derivatives clearing house (Reuters)
Source: Yahoo! News: Business | 18 Jun 2009 | 6:49 am NYSE to create fixed income derivatives clearing house (Reuters)
Source: Yahoo! News: Stock Markets News | 18 Jun 2009 | 6:49 am NYSE to create fixed income derivatives clearing house(Reuters) - NYSE Euronext said it had signed a deal with Depository Trust & Clearing Corp (DTCC) to form a joint venture for clearing U.S. fixed income derivatives.Source: Reuters: Business News | 18 Jun 2009 | 6:49 am Tips for gap year travellersWith high unemployment a gap year might be preferable until the job situation improves.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 Jun 2009 | 6:32 am Public finances set to show borrowing has doubledThe bleak state of the public finances will be underlined on Thursday as borrowing soars to almost double the levels seen a year ago.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 Jun 2009 | 6:01 am TSB cuts home loan rates to under 6pcTSB Bank is cutting its two-year fixed home loan rate to 5.99 per cent to stimulate demand for home loans. The Taranaki-based trust-owned bank, which returns its profits to the community, said it funds its mortgage lending entirely...Source: New Zealand Herald - Business | 18 Jun 2009 | 5:55 am Currency: Dollar firm, little changedThe New Zealand dollar consolidated in a fairly narrow range in its domestic session after rising on Wednesday night. By 5pm the NZ dollar was buying US63.02c, little changed from US63.05c at 5pm yesterday. Reserve Bank of New...Source: New Zealand Herald - Business | 18 Jun 2009 | 5:43 am Obama's plan to overhaul financial regulations is seen abroad as a first stepForeign investors and analysts welcome the proposal but take a wait-and-see attitude, partly because crucial details have yet to be worked out.The Obama administration's proposal to overhaul financial regulations, aimed in part at restoring global confidence in America's economic system, triggered a welcome but largely wait-and-see response from overseas investors and analysts.
Source: L.A. Times - Business | 18 Jun 2009 | 4:58 am AIG picks Morgan and Deutsche for Asian IPOMorgan Stanley and Deutsche Bank have been chosen as the global co-ordinators for the $5bn-plus initial public offering of American International Group's Asian life assurance unitSource: Financial Times - US homepage | 18 Jun 2009 | 4:45 am Jail time for business cartels mootedCommerce Minister Simon Power is considering the possibility of jail sentences for those operating price-fixing cartels. Power appeared before the commerce select committee today and was quizzed at length about the investigation...Source: New Zealand Herald - Business | 18 Jun 2009 | 3:30 am Obama unveils overhaul plan for US financial systemWASHINGTON - President Barack Obama has unveiled a systemwide regulatory overhaul of the US financial system, a move he hopes will restore confidence and prevent a repeat of the worst crisis to hit Wall Street in seven decades. The...Source: New Zealand Herald - Business | 18 Jun 2009 | 3:00 am Optus signs $127m contract with ABCSYDNEY - Optus has signed a contract worth more than A$100 million ($126.9 million) to extend its work with the Australian Broadcasting Corporation (ABC) for eight years. The new contract will see Optus continue to be involved...Source: New Zealand Herald - Business | 18 Jun 2009 | 2:45 am Orcon puts the boot into broadband decisionThe days of improving broadband price, speed and service may be coming to an end following the release of conditions for sub-loop unbundling, the boss of telco Orcon warns. A sub-loop determination from the Commerce Commission...Source: New Zealand Herald - Business | 18 Jun 2009 | 2:30 am Home loans become more affordable - studyFor the first time this year, the dream of owning a home has moved within the reach of average New Zealanders, instead of moving further away. The BNZ Home Loan Affordability measure improved in May from April, which was the first...Source: New Zealand Herald - Business | 18 Jun 2009 | 2:00 am Meridian Energy launches review of core operationsState-owned enterprise Meridian Energy is carrying out a strategic review of its core operations, as the Government looks for profit and productivity improvements from the SOEs. Meridian communications director Alan Seay said the...Source: New Zealand Herald - Business | 18 Jun 2009 | 12:27 am Quattrone back in spotlight over Data Domain battleThe bidding war for data storage company Data Domain has put Frank Quattrone, once Silicon Valley's most prominent banker, back at the centre of a tech industry financial battleSource: Financial Times - US homepage | 18 Jun 2009 | 12:26 am Clinton clashes with Israelis over settlersThe US secretary of state and Israel's foreign minister disagreed on the US call for a freeze on settlement growth and Israel's contention that the Bush administration had signalled that some expansion was permissibleSource: Financial Times - US homepage | 18 Jun 2009 | 12:24 am Banks sign up to home insulation schemeAll the major banks have agreed to participate in a home insulation programme which starts next month, Prime Minister John Key said today. The Government announced in May's budget $323 million over four years to retrofit 180,000...Source: New Zealand Herald - Business | 18 Jun 2009 | 12:06 am Rio Tinto’s legal switch puts pressure on LondonRio Tinto has hired a team of lawyers in India to try to reduce its annual £60 million legal bill by 20 per cent. The move will send a shudder through Britain’s commercial legal market, which earns billions of pounds a year in fees from big banks and multinationals. The Anglo-Australian miner, with CPA Global, a legal outsourcing group, has recruited 12 lawyers in Delhi to work for it on tasks such as reviewing documents and drafting contracts. Source: Latest Business News from Times Online | 18 Jun 2009 | 12:05 am Boston Globe bidder will work with unionOne of three parties interested in buying the Boston Globe is understood to be willing to work with the US newspaper's largest union to structure a buy-out from the New York TimesSource: Financial Times - US homepage | 18 Jun 2009 | 12:02 am Mervyn King presses his case to limit size of banksThe Governor of the Bank of England put himself on a collision course with the Government and the City again last night by laying out radical plans for clamping down on banks. Source: Latest Business News from Times Online | 18 Jun 2009 | 12:00 am Write-Offs: 06.17.09$$$ Jamie Dimon could've enclosed a nice note with the TARP check he sent the government, like Lloyd Blankfein did, or written "suck it" in magazine clippings, or enclosed pictures of him doing T. Geith's wife. Instead, he had a minion shove the money in a bag which Dealbook notes, "didn't include any comment from the firm's chief executive." That's what you call cold. Ice cold. [Dealbook] $$$ "The recession is great." [Forbes via AWL] $$$ Lisa Maria Falcone: The Lost Interview [Cityfile] 
Sponsored Topics: Lloyd Blankfein - Troubled Asset Relief Program - Jamie Dimon - Business - Goldman Sachs Source: Dealbreaker | 18 Jun 2009 | 12:00 am Green groups see red as BP plans the closure of its alternative energy officeBP is planning to shut the London base of its alternative energy business in a move that provoked fresh anger yesterday from environmental groups. Source: Latest Business News from Times Online | 18 Jun 2009 | 12:00 am The £1 million book is saved as management buys out Kraken OpusThe team behind the production of the world’s most expensive sports, arts and fashion books, which sell for up to £1 million, have led a management buyout of their company after a shortfall in funding. Source: Latest Business News from Times Online | 18 Jun 2009 | 12:00 am DealBreaker Comment(s) Of The Day
Sponsored Topics: Peanut gallery - Coke - Home - Business - Coca-Cola Source: Dealbreaker | 17 Jun 2009 | 11:55 pm Facebook hit by privacy blowEuropean privacy regulators could be about to throw a spanner into the works of attempts by social networking sites such as Facebook to find new ways to increase profits as they try to restrict the way internet groups release personal dataSource: Financial Times - US homepage | 17 Jun 2009 | 11:38 pm US groups face regulatory revampBig US companies ranging from Wall Street banks to insurers, investment groups and General Electric faced fundamental changes in the business environment as President Barack Obama proposed what could be the biggest regulatory revamp since the 1930sSource: Financial Times - US homepage | 17 Jun 2009 | 11:31 pm Dear Cantillion CrewRe: Cantillion Capital Closing Up Shop, letter from von Mueffling: 17 June 2009
Sponsored Topics: Hedge fund - Business - Investing - Funds - Investor Source: Dealbreaker | 17 Jun 2009 | 11:19 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 before kicking into a big rally this spring. The numbers are the closing levels for the Dow:Source: Yahoo! News: Stock Markets News | 17 Jun 2009 | 11:07 pm Sanofi to donate 100m swine flu vaccinesFrench pharmaceutical group Sanofi-Aventis pledges to donate 100m doses of its swine flu vaccine to developing countriesSource: Financial Times - US homepage | 17 Jun 2009 | 10:47 pm The Administration's Arbitrary ABS Regulatory Proposal
Wall Street Calls Obama's Mortgage-Market Debt Plan a Burden [Bloomberg]
Sponsored Topics: Business - Term Asset-Backed Securities Loan Facility - Federal Reserve System - Asset-backed security - Commercial mortgage-backed security Source: Dealbreaker | 17 Jun 2009 | 10:33 pm Giving Up Certain Goals and Sexy Shoes
I spent last week working on something I love that doesn’t pay very well. Okay - at this point it doesn’t pay at all, but that’s not the point. Taking that much time to focus on the one thing that I know to be the work I’m supposed to do made all those other goals strikingly obvious. Early in the week a friend suggested I complete a small task that had the potential increase the success of one of my projects profoundly. It would have taken about thirty minutes, but I resisted - wholeheartedly. No, I didn’t have time for that. No, I didn’t want to mess with that. No, what the hell do you know about my business anyway - stop giving me suggestions that are only going to add to my over-bloated workload. I bordered on hostile. It became clear that I had no love for that project, even though its moderate success had been a goal I’d worked hard to achieve. Now it just pestered me with its demands and lack of connection to my ‘real’ work. But damn, did it pay. And mama always likes new shoes. But I let it go to make room for other goals, more important and satisfying goals. So here I am, back to looking for mark downs on meat and just-saying-no to shoes that stop traffic. And I’m working toward the goal that matters. How about you? Image Credit: bbaunach, Flickr
Source: Business Pundit | 17 Jun 2009 | 10:14 pm Hear: Reform SchoolOn today's Planet Money: President Barack Obama unveiled his plan for overhauling regulation of the U.S. financial system. We get responses from: -- Lobbyist Scott Talbott of the Financial Services Roundtable, who represents a lot of big banks and loves the plan. -- Lobbyist Diane Casey-Landry of the American Bankers Association, who represents a lot of small bankers and thinks that for them, the plan creates costly redundant legislation. -- Representative Brad Miller (D-N.C.), who says some redundancy is good -- it works for NASA's space missions. -- Representative John Campbell (R-Calif.), who likes some of the plan but says it gives too much power to the Federal Reserve. -- Columbia economist Charles Calomiris, who says the whole thing is a big disappointment. Bonus: Photo evidence of boom times on the way, and a correction. Download the podcast; or subscribe. Intro music: American Analog Set's "Hard To Find." Find us: Twitter/ Facebook/ Flickr. 
Seen on McKinney Avenue in Dallas. Mark Moniot Mark Moniot e-mails us a picture, with the subject line: "How I know the recession is over . . . " I cropped out the stack of blank applications for Jedi Barista. Correction: On Friday's podcast, we used a clip that AP identified as Iranian President Mahmoud Ahmadinejad. We can now say for sure that it's not the voice of Ahmadinejad. We can't confirm this ourselves, but a couple of listeners, including Karan Makvandi, say that it's the voice of his opponent, Mir Hussein Mousavi and that he's talking about protecting Iranians' votes. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Jun 2009 | 9:53 pm New BlackBerry TourThe smartphone wars are heating up with recent launches of the Apple iPhone 3GS and Palm Pre, and Research In Motion is determined to stay in the game.Source: Business and financial news - CNNMoney.com | 17 Jun 2009 | 9:49 pm How the major stock indexes fared on Wednesday (AP)AP - A cautious forecast from FedEx Corp. and a ratings downgrade of 18 banks gave investors new reasons to worry about the economy. Stocks mostly fell Wednesday, though health and technology stocks posted gains after a widespread slide in stocks earlier in the week.Source: Yahoo! News: Business | 17 Jun 2009 | 9:38 pm How the major stock indexes fared on Wednesday (AP)AP - A cautious forecast from FedEx Corp. and a ratings downgrade of 18 banks gave investors new reasons to worry about the economy. Stocks mostly fell Wednesday, though health and technology stocks posted gains after a widespread slide in stocks earlier in the week.Source: Yahoo! News: Stock Markets News | 17 Jun 2009 | 9:38 pm This Is Why California Is Not Getting Bailed Out
No word yet on who will be paying for Kobe's victory parade. L.A.'s Broke but Still Wants a Party [WSJ]
Sponsored Topics: Kobe - Los Angeles - Los Angeles Lakers - Antonio Villaraigosa - Victory parade Source: Dealbreaker | 17 Jun 2009 | 8:45 pm Presented By:Source: Dealbreaker | 17 Jun 2009 | 8:41 pm Citi Will Not Tolerate Your Tardy Ass, But C-on-C Violence Is A-Okay (Update)God love this bank. Citi has a back/middle office in Warren, NJ and also (this'll make sense in a second) buses that go back/forth between there and its other NYC offices for employees.
Sponsored Topics: New York City - New Jersey - Business - Citibank - Financial services Source: Dealbreaker | 17 Jun 2009 | 8:41 pm Where Did Regulator Shopping Come From?Today President Obama announced his plans to make it harder to for companies to "shop for the regulator of their choice." Maximilian M raises this very good question: What was the rationale behind allowing regulator shopping in the first place? The (sort of) simple answer is that we've added layer after layer to our regulatory system over many years. No one ever sits down and says, "This would be the absolute best system of regulation for us right now." Instead, every couple of decades (preferably in a time of crisis), we add an agency and tweak some rules, ultimately creating an incredibly complicated system. Companies (and their regulators) have often argued that a complex system is necessary because the financial industry is increasingly complicated. There are different kinds of financial institutions (banks, savings and loans, etc) and they need regulators who understand what they do. Lawrence Kaplan, of Paul Hastings legal, sends over this quick regulatory history: National banks are the oldest type of financial institutions, dating back to Alexander Hamilton and the 1st Bank of the U.S. (Marbury v. Madison fame). States also started chartering banks in competition with national banks. Savings and loan societies formed over time as a way to encourage thrift (savings) and in the 1930's as part of the Great Depression the Federal Home Loan Bank system was created to help finance mortgage loans. In 1956 the Federal Reserve began to regulate companies that owned banks (bank holding companies) and bank holding companies could only engage in banking related activities. In 1999, the Office of Thrift Supervision was the successor to the Federal Home Loan Bank Board. Some charters are specific (thrifts - 65% of assets in qualified thrift investments, e.g., home mortgage, credit cards), national banks (uniform interstate operations) -- others are more general commercial banks. Regulatory approaches differ. The free market determined what was the appropriate charter -- a concept called "charter choice." In some ways having regulators compete with each other improved regulation -- test marketing of regulatory policies/procedures could be done without impacting the whole industry -- there was as type of check and balance among the agencies. On the other hand the competition is frequently viewed as regulatory arbitrage with the hope for less regulation. The new administration plan eliminates arbitrage between OTS and OCC but not between the feds and state charters. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Jun 2009 | 8:40 pm Who Wants To Work At A Hedge Fund?Hey hey hey my girlies (and boyzies who don't mind doing women's work*). Do you want to assist in the administration of a very successful and prestigious hedge fund? Is you smart? Is you hungry? Is you prepared to get it done right, the first time? Is you ambitious but sufficiently submissive to not correct your boss when he screws up simple grammar and spelling? Then read on.
Sponsored Topics: Hedge fund - Business - Investing - Funds - Information and Service Providers Source: Dealbreaker | 17 Jun 2009 | 8:28 pm What Kind Of Sharks Are Bank Of America Sharks?
Update: We called up Charlie Gasparino, who's also featured in the documentary, to see if he knew what kind of shark a Bank of America shark would be. Sayeth CG: "I love Andrew Sorkin, I think he's a great reporter, but I didn't get the shark comment. Sharks don't get bullied into doing one day of due diligence. Sharks don't assume billions of dollar of losses on their books. Sharks don't agree to outlandish executive pay." (Chaz also told us, when asked if he had an other issues with the show, "I thought they softpedalled John Thain's statements on Merrill's finances over the year, and what they did to the market.")
Sponsored Topics: Bank of America - Andrew Ross Sorkin - Business - Wall Street - Frontline Source: Dealbreaker | 17 Jun 2009 | 7:54 pm Oil rises on stock market, U.S. inventory data (Reuters)
Source: Yahoo! News: Stock Markets News | 17 Jun 2009 | 7:27 pm King tells City change is necessary'We who work in the financial sector have much to do to regain the trust of those who work outside it.' says central bank headSource: Financial Times - US homepage | 17 Jun 2009 | 7:22 pm AIG Wants Hank On That Wall
Sponsored Topics: American International Group - Hank Greenberg - AIG - Deferred compensation - Business Source: Dealbreaker | 17 Jun 2009 | 7:10 pm Danone Raised to `Neutral' at UBSSource: Bloomberg - All Podcasts | 17 Jun 2009 | 7:08 pm Pickens Says U.S. Doesn't Need to Be `Captured' by Foreign OilSource: Bloomberg - All Podcasts | 17 Jun 2009 | 6:50 pm Chopra Says U.S. Is Spending $20 Billion on Technology ResearchSource: Bloomberg - All Podcasts | 17 Jun 2009 | 6:48 pm Odland Says Banks Should Focus on Small Business LendingSource: Bloomberg - All Podcasts | 17 Jun 2009 | 6:34 pm Suddenly Empty: America's Closing Car Dealerships
This slideshow requires version 8 or higher of the Adobe Flash Player. Get the latest Flash Player. TEXT. Having trouble with the slideshow? Try this one.As automakers wade through bankruptcy and thousands of car dealerships are closing down, you've sent in photos and stories of the closings in your communities. Of course, we're always looking for more. Add your own photos of empty dealers to our Flickr pool or Facebook page, Twitpic them and make sure to let us know on Twitter, or e-mail them. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 17 Jun 2009 | 6:09 pm Financial Times Admits Recession Tracks Great Depression
For some reason, the mainstream media has thus far avoided calling the current recession another Great Depression. Today, however, the Financial Times took a leap to the dark side with an article entitled “The recession tracks the Great Depression.” Here’s what they had to say: Two economic historians, Barry Eichengreen of the University of California at Berkeley and Kevin O’Rourke of Trinity College, Dublin, have provided pictures worth more than a thousand words (see charts). In their paper, Profs Eichengreen and O’Rourke date the beginning of the current global recession to April 2008 and that of the Great Depression to June 1929. So what are their conclusions on where we are a little over a year into the recession? The bad news is that this recession fully matches the early part of the Great Depression. The good news is that the worst can still be averted. First, global industrial output tracks the decline in industrial output during the Great Depression horrifyingly closely. Within Europe, the decline in the industrial output of France and Italy has been worse than at this point in the 1930s, while that of the UK and Germany is much the same. The declines in the US and Canada are also close to those in the 1930s. But Japan’s industrial collapse has been far worse than in the 1930s, despite a very recent recovery. Second, the collapse in the volume of world trade has been far worse than during the first year of the Great Depression. Indeed, the decline in world trade in the first year is equal to that in the first two years of the Great Depression. This is not because of protection, but because of collapsing demand for manufactures. Third, despite the recent bounce, the decline in world stock markets is far bigger than in the corresponding period of the Great Depression. The two authors sum up starkly: “Globally we are tracking or doing even worse than the Great Depression … This is a Depression-sized event.” Bravo to the FT for tearing the verbal padding off the current situation. I’ve caught slivers of comparisons with the Great Depression in the MSM, but haven’t yet seen an article this bold. I wonder if other outlets will take the dialectical leap from “such-and-such is the worst since the Great Depression” to “the whole economy looks like it’s experiencing another Great Depression.”
Source: Business Pundit | 17 Jun 2009 | 5:44 pm U.S. Commerce Secretary Locke Discusses New ProgramsSource: Bloomberg - All Podcasts | 17 Jun 2009 | 5:25 pm iPhone 3.0 Update is LiveTech Fragments has the details on the iPhone 3.0 update that just went live: As we anticipated the iPhone 3.0 OS upgrade has been officially released by Apple. Everyone, start your iTunes! However, be ready for a long wait as the Apple servers will be completely slammed with users attempting to upgrade to the new OS. If you don’t snatch the OS 3.0 update today, you might as well wait until next week because I’m sure the Apple servers will even be extra busy tomorrow and over the weekend with new iPhone 3G S users wanting to get in on the action! How To Update/Upgrade To iPhone 3.0 OS 1. Launch iTunes.
Source: Business Pundit | 17 Jun 2009 | 5:24 pm Why more engineers are losing jobsEven in a recession, a lot of people think tech jobs are a safe bet. But American engineers are losing their jobs faster than any other professional sector. Janet Babin reports.Source: Marketplace | 17 Jun 2009 | 5:11 pm Moment of truth for MySpaceSocial networking site MySpace.com is cutting staff and trying to recapture the magic of its glory days. Rico Gagliano reports.Source: Marketplace | 17 Jun 2009 | 5:11 pm Only public option will save health costsThere is a big debate in Congress over the health care system overhaul and whether the government should offer a public insurance option. Commentator Robert Reich says there's only one choice.Source: Marketplace | 17 Jun 2009 | 5:11 pm Slow recovery rate for many U.S. citiesA report from the Brookings Institution says that only about 10 of the top 100 cities in the U.S. show signs of economic health. The institution's Alan Berube talks with Kai Ryssdal about how the nation's cities are recovering.Source: Marketplace | 17 Jun 2009 | 5:11 pm Losses on Kinko's puts FedEx in red inkFedEx is reporting more than $800 million in losses for the most recent quarter due to slow manufacturing and gas prices. But the acquisition of Kinko's may also have something to do with it. Joel Rose reports.Source: Marketplace | 17 Jun 2009 | 5:11 pm New agency to protect consumersPart of the financial system overhaul includes plans for the creation of a new agency, the CFPA, to protect consumers from predatory lenders that hide behind complex contracts and confusing sales pitches. Jeremy Hobson reports.Source: Marketplace | 17 Jun 2009 | 5:11 pm Federal Reserve to oversee risksThe Obama administration's regulation plan would give the Federal Reserve powers to oversee any institution that could pose a risk. Amy Scott reports.Source: Marketplace | 17 Jun 2009 | 5:10 pm Obama issues financial regulation planAfter much speculation, the Obama administration has unveiled its plans to regulate the financial system. John Dimsdale reports what the Financial Regulatory Reform Plan entails.Source: Marketplace | 17 Jun 2009 | 5:10 pm Yglesias: Curb Your EnthusiasmMatthew Yglesias of Think Progress says the Obama regulatory reform plan is strong on a couple of points. Yglesias likes the creation of a Consumer Financial Protection Agency (a sentiment we're not hearing much of in here), and he likes the plan for giving regulators more leeway for resolving the problems of "too big to fail" institutions. But don't get your hopes up, he writes: Our past two bubbles have brought extremely low unemployment, and created huge quantities of paper wealth that individuals became psychologically anchored to. You can give regulators all the statutory authority you like, and the fact remains that there's bound to be enormous reluctance to actually pull the trigger. It's always hard to get government to clamp down on activities that very rich and powerful people want to engage in. When you're talking about doing so in a way that could also jeopardize the jobs and 401(k)s of a mass public, well, it's very hard. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Jun 2009 | 4:59 pm London stocks down at close (AFP)
Source: Yahoo! News: Stock Markets News | 17 Jun 2009 | 4:34 pm Watson Pharmaceuticals Buys Arrow Group for $1.75bn
Watson Pharmaceuticals Inc. agreed to buy closely held Arrow Group for $1.75 billion in cash and stock, gaining more than 100 generic medicines. Watson, (which gained more than 100 generic medicines through the deal, is) the second-largest U.S. maker of generic drugs. (The company) agreed to pay $1.05 billion in cash and issue about 16.9 million common shares, as well as $200 million in preferred stock, Corona, California based-Watson said today in a statement. The transaction is scheduled to close in the second half of 2009 and would boost earnings in 2010, Watson said. The company added to a wave of deals involving generic-drug makers. Daiichi Sanko Co. bought a controlling stake in India’s Ranbaxy Laboratories Ltd. for $5 billion in November and New York-based Pfizer Inc. licensed more than 150 generic treatments this year from India’s Aurobindo Pharma Ltd. and Claris Lifesciences Ltd. “The acquisition of Arrow will mark a significant milestone in realizing our strategic vision to expand our global footprint and leverage our assets across many developed and emerging markets around the world,” said Watson Chief Executive Officer Paul Bisaro, in the statement. Why has the pharma industry been so heavy on M&A lately? According to this report, it has to do with stock valuation: With sales growth rates expected to fall below their historic levels, Big Pharma must act to bolster its performance out to 2012 if it is to maintain the investment community’s valuation of its stocks. One mechanism for plugging the sales growth rate gap and fulfilling investors’ ‘growth imperative’ is M&A activity. Pharma companies may be able to assuage that “growth imperative” until their dreaded patent cliff hits in 2011. That year, billions of dollars’ worth of drugs will go off patent. Pharma companies are scurrying to cut their losses before the fact. But what happens next? Consolidating to gain scale, which in turn offers (temporary) solid footing in the industry, isn’t going to get pharma companies anywhere. GM and Chrysler recently demonstrated what happens when you prioritize size over strategy. And I doubt that all of these companies have their strategic ducks in a row. I wonder how bad the shakeout will be, when it finally hits.
Source: Business Pundit | 17 Jun 2009 | 4:23 pm Conoco's Mulva Says Alternative Energy Won't Replace Oil SoonSource: Bloomberg - All Podcasts | 17 Jun 2009 | 4:20 pm Silvia Says Financial Regulation Will Increase Cost of CreditSource: Bloomberg - All Podcasts | 17 Jun 2009 | 4:19 pm Levitt Says New Consumer Agency Will Lack Enforcement PowerSource: Bloomberg - All Podcasts | 17 Jun 2009 | 4:18 pm More Dough For Your GrubOne effect of the recession, as you can see from this chart, was that food prices fell from their record highs during mid-2007 to mid-2008. Now, according to the United Nations' Food and Agriculture Organization, food prices are starting to grow again. The 6 percent increase in between April and May is the second-highest jump since the FAO began to track the numbers in 1990. FAO economists have said that food commodity prices usually strengthen with a general economic recovery, so this could be a positive sign for the economy. If food prices continued to rise this fast, it would be bad news for people on the margins, who suffered when prices peaked last year. The Organization for Economic Cooperation and Development warns that "[F]ood insecurity and hunger is a growing problem for the world's poor." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Jun 2009 | 3:54 pm SEPTA Removes Hilarious Hoax Signs
Pranksters slipped face “Notice to the Public” signs into Philadelphia’s Frankford-Market El regional train yesterday. (See above for an example of a sign.) The Philadelphia Inquirer has more: One or more hoaxsters - or jokesters - started posting the signs as early as last week, SEPTA spokesman Andrew Busch said. Soon, pictures of the official-looking posters were showing up on blogs, Twitter, and Facebook. The messages broadly lampooned the transit system and its riders, so SEPTA had the notices removed. “We do find the message very offensive in general,” not just the anti-SEPTA parts, Busch said. Offensive…and pretty dang funny.
Source: Business Pundit | 17 Jun 2009 | 3:29 pm Elliott: Reform Not Bold EnoughDouglas Elliott of the Brookings Institute says the proposed regulatory form is fine enough but left out "bolder steps." Elliott considers the lonely death of the Office of Thrift Supervision and says it's not enough. There are significantly too many bank regulators in the United States. Different banks and bank-like institutions are regulated by: state regulators; the Office of the Comptroller of the Currency (OCC); the Federal Reserve; the Office of Thrift Supervision; the National Credit Union Administration; and, for certain important purposes, the Federal Deposit Insurance Corporation (FDIC). It appeared earlier that the administration would propose significantly reducing the number of bank regulators, perhaps to as few as a single regulator. This thought appears to have died in the face of intense opposition by many in Congress and elsewhere. No one would design the banking regulatory system the way it is now if they were starting from scratch, but there are many entrenched interests who do not want the present system to change. The Office of Thrift Supervision is the only regulator who appears to have lacked the institutional support to retain their separate existence. The administration has proposed merging them with, and effectively into, the OCC. This move makes sense, but does not provide nearly the advantages the broader consolidation would have brought. Different regulators will inevitably have different approaches, especially as they are generally given substantial independence in order to reduce the politicization of regulatory decisions. These differing approaches can reduce the effectiveness of systemic regulation, in part by opening up the possibility of "regulatory arbitrage," where financial groups put their various activities into the affiliates which have the softest regulatory requirements. It is true that tighter regulation of consolidated groups at the holding company level will reduce the ability to arbitrage the regulators, but it is unlikely to entail supervision as detailed as that which will occur at the level of the regulated subsidiaries. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Jun 2009 | 3:05 pm Turley Sees Momentum Toward Global Accounting StandardsSource: Bloomberg - All Podcasts | 17 Jun 2009 | 2:54 pm Russ Roberts: 'I Don't Get It'President Obama's plan for overhauling financial regulation includes a proposal that lenders keep some skin in the game by hanging on to 5 percent of the risk they securitize. They couldn't just bundle and slice loans for investors and wash their hands of it. George Mason economist Russ Roberts says he doesn't quite get it: Here's my guess. Securitization has gotten a bad name because banks originated loans with no incentive to be careful. So to keep securitization going, we have to force people to take a stake. But maybe we should have less securitization. This does not seem to be on the table. Why not? Could it be because some one has hopes of making money on it again? » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Jun 2009 | 2:50 pm Bank Lobby Loves Reg ReformOne way to gauge a proposal like President Obama's plan for overhauling regulation of the financial system is to look at who likes it and who objects. In this case, the bankers like it -- a lot. From the Financial Services Roundtable, which represents a hundred of America's largest banking institutions: The Financial Services Roundtable applauds the Administration's announcement of a proposal for modernizing regulation of the financial services industry. Our economic recovery depends on these reforms. The Roundtable has long advocated regulatory reform, and believes reform must be comprehensive, creative and bold. "It is important to strengthen the system to protect the consumer, the industry and the economy," said Steve Bartlett, President and CEO for the Roundtable. The Roundtable supports many of the Administration's proposals, like the creation of a systemic risk oversight authority that is able to look at the entire financial structure, and can target systemically important practices and activities. The past two years have clearly demonstrated what happens when risk is not properly assessed in our industry. As such, we also support the creation of a national resolution authority to adequately prepare for the orderly resolution of failing institutions. The financial services industry does not necessarily need more regulation, but rather more effective regulation. The six principles set forth in the Administration proposal represent a strong recognition of the need to modernize insurance regulation. The Roundtable applauds the initial legislative proposal of an Office of National Insurance, but believes we must go farther. The ideals of consolidated supervision, consistent consumer protection, uniform regulatory treatment, among others, necessitate the enactment of a comprehensive, uniform federal charter. State regulation has simply failed to keep pace with what, today, is a national and international business. Taxpayers and insurance consumers can no longer afford the price of this failure. The Roundtable is opposed to the creation of the Consumer Financial Protection Agency because it will not adequately serve the best interests of consumers and their financial institutions. The Roundtable opposes separating the regulation of the entity from the regulation of the products, as each regulator will only have half of the information. Under the Roundtable's regulatory plan, an existing regulator could better serve both needs. Additionally, the possibility of fifty state regimes will needlessly increase confusion and the cost of products. When a financial services company is regulated for safety and soundness, the consumer is always best served. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 Jun 2009 | 2:42 pm Kilduff Sees Oil at $80 a Barrel By End of yearSource: Bloomberg - All Podcasts | 17 Jun 2009 | 2:27 pm A Teacher's Last MomentsMartin writes: I lost my job as a teacher here in CA. Laid off due to our economy, to make it short. Anyway, yesterday I went in to pack up the last of my belongings and hand in my keys. After moving my belongings out I was waiting for my wife to arrive to haul me and my stuff home. Sitting on my desk was the collection of Boxtops For Education that my Kindergarten students collected so diligently and turned in so proudly. ($0.10 each) So there I was, let go due to budget problems, my very last moments as a teacher, counting out bundles of coupons to help the school pay for balls and paper next year. It really struck me as ironic and sad. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 17 Jun 2009 | 1:48 pm Random Funny Cat Picture
Source: Business Pundit | 17 Jun 2009 | 11:24 am
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