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Moving on the Cheap: 6 Tips for Cutting Costs (Deal of the Day)As if packing all your possessions, forwarding the mail and cleaning out decades of junk wasn't stressful enough, just wait until you see the mover's bill. Of course, the damage will depend on the amount of stuff you have and where you're moving. Transporting the contents of a one-bedroom apartment from New York to Milwaukee next month, for example, generated mover bids of $3,500 to $4,500 on moving-jobs marketplace CityMove.com. Estimates for packing and moving items in a two-bedroom home from Philadelphia to Cherry Hill, N.J., in March, meanwhile, ranged from $2,420 to $15,000. And as many consumers find out at some point in their lives, moving isn't without its potential pitfalls, no matter how much you pay. Complaints about moving companies were up nearly 6% last year, according to the Better Business Bureau. Problems ranged from no-shows and damaged furniture to so-called rogue moving companies who waited until every last bit of clients' possessions were on the truck to demand double or triple the original estimate. Whether you're moving across the street or across the country, here are six ways to cut moving costs and protect yourself and your belongings: Shop aroundMoving costs can vary wildly so be sure to get estimates from at least three moving companies before you hire someone. Free site CityMove.com lets consumers put out a call for bids, which registered movers can then respond to. (Make sure estimates include how long the job will take so you can effectively compare flat-fee and hourly bids.) Also ask the mover to inspect your home and goods in person ahead of time to make sure there aren't any surprise charges come moving day, says Jon Katz, chief marketing officer for Flat Rate Moving. And inquire about any other fees that could come into play, and under what circumstances. Some movers, for example, pay any parking or traffic tickets incurred during the move, while others pass them along to the customer. Conduct a background checkPicking a mover based solely on price is a big mistake, warns Allison Southwick, spokeswoman for the Better Business Bureau. Make sure the company you pick doesn't have a reputation for showing up late, damaging items in transit or — worst of all — demanding more money while your stuff is held hostage on the moving truck. Check BBB.org and Yelp.com for consumer reviews, and ask the moving company for three recent customers to call. Your state's public service commission should also be able to tell you if a mover is licensed and in good standing. Pare back on belongingsWhether a moving estimate is based on weight or a per-hour rate, more stuff almost always results in a bigger bill. As you pack, weed out items to sell at a yard sale, donate to charity or throw out, says John Buckles, president of Caring Transitions, a company that helps seniors with moving and downsizing. Not only will you save money on the move itself, but you'll also get some cash back in the form of yard-sale proceeds or tax deductions. Reduce the mover's workload"Every time a mover has to go into the house, that's more time [you're paying for]," says Jon Sorber, executive vice president of Two Men and a Truck. Move un-packable items like lamps and houseplants on your own — or at least carry them out to the moving van. Also, disassemble items like bed frames before movers arrive so you don't have to pay for the time it takes them to do it, he says. Know what's coveredSome homeowners insurance policies cover belongings in transit, so check before paying for coverage from your mover, says Sorber. Moving company policies typically pay out by pound, rather than by the item's value. For example, coverage at the common rate of 60 cents per pound would reduce the value of a $900, 51-pound Sony flat-screen TV to $31. Such policies are also pricey, costing up to 1.5% of your possessions' declared value. Someone moving $25,000 worth of stuff could save $375 with a quick call to their insurer. Of course, if your belongings aren't covered by a homeowner's policy then getting coverage from your mover is better than nothing, says Sorber. Grab the tax breakThe IRS allows consumers to deduct all the costs of a job-related move, provided you meet certain criteria. You must move within a year of starting the new job and remain employed for at least 39 weeks after the move. The new job must also be at least 50 miles further away from home than your old job. SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
Source: SmartMoney.com | 23 Jun 2009 | 4:00 am Sir Stuart Rose waives £1m after bonus backlashSir Stuart Rose has waived more than £1 million in Marks & Spencer shares after a shareholder backlash against his long-term incentive plan. Source: Latest Business News from Times Online | 22 Jun 2009 | 4:04 pm Fed meet leaves investors cautiousWeaker crude oil prices and tension ahead of the US Federal Reserve meeting got Wall Street off to a poor start today. Source: Latest Business News from Times Online | 22 Jun 2009 | 3:41 pm Bankers Still Raking It InThe Financial Times (sub. req'd) is reporting that despite the year's economic upheaval many investment bankers are still commanding top salaries. From the FT: Partly driven by a need to hold on to good staff -- and partly to offset the threat of bonus taxes or caps in the US -- UBS, Merrill and Morgan Stanley have all increased their basic pay substantially. Citi now plans to do the same. According to insiders and rivals, market salary rates for managing directors have jumped from about $250,000 only a few months ago, to closer to $400,000. Meantime, the Guardian reports that Goldman Sachs employees are set to receive the biggest bonuses the firm has ever given out. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 22 Jun 2009 | 3:40 pm Eating Out With Warren Buffett Event In Bargain Bin This Year?The Guardian reports that the annual auctioning of lunch with Warren Buffett, with proceeds going to the Glide Foundation, may not fetch as much cash this time around. In previous years the thing went for $650,000 and over $2 million, took place on vintage a Russ Meyer set and included dessert (Oreo Blizzards) being served off a stripper's tits. Now that the Oracle of O has "failed to cover himself in glory" people may be less willing to shell out for three hours of aberrant sex fetish and folksy business wisdom, even if it does include O Cubed's personal collection of Becky Quick money shots. The auction kicked off last night with the current bid at just $31,000. 
Sponsored Topics: Warren Buffett - Glide Foundation - Auction - Business - United States Source: Dealbreaker | 22 Jun 2009 | 3:29 pm Investor Not Amused at "Conservative" Subprime CallRussian-American investor, Len Blavatnik, whose industrial holding company, Access Industries, reportedly lost $98 million on subprime investments wants to have a word with the House of Dimon. Blavatnik alleges his JPM banker, Ted Ufferfilge, had a unique interpretation of a conservative, low-risk strategy for his investments is suing JPM for his losses. When the subprime market started to tank and Blavatnik wanted out, Ufferfilge gave him those soothing words of wisdom- the investments were "money good". JPM points out that anybody vulnerable enough to wind up in subprime investments qualifies as a "sophisticated investor" and therefore the lawsuit is frivolous.
Company Is Planning to Sue Chase Over Investment Losses [NYT]
Sponsored Topics: Len Blavatnik - Access Industries - Premier League - Scottish Premier League - Business Source: Dealbreaker | 22 Jun 2009 | 3:15 pm M&S boss to forgo part of bonusMarks and Spencer executive chairman Sir Stuart Rose offers to waive one-third of his long-term bonus award.Source: BBC News | Business | World Edition | 22 Jun 2009 | 3:11 pm Solar Players Looking Again Like Leveraged Oil Trades (FSLR, STP, SPWRA, LDK, ENER, TAN, PBW, CSIQ)Investing in solar and alternative energy stocks comes with many risks. We have often referred to many of these as being essentially nothing more than very leveraged speculative oil investments because when energy prices are low most of these are not competitive at all on a cost structure. The drop of $2.62 to $66.93 in [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jun 2009 | 3:05 pm Apple sells 1 million 3GS iPhones in debut weekendApple says it's sold more than 1 million of its new 3GS iPhones in the first three days since they went on sale.
Source: MarketWatch.com - Top Stories | 22 Jun 2009 | 3:01 pm Tech Stocks: Apple, other tech stocks find going rough earlyTechnology stocks suffer early losses, as even Apple loses ground in spite of reporting strong initial sales of the newest version of the iPhone 3GS. An upward revision in its quarterly revenue forecast propels Marvell Technology higher.
Source: MarketWatch.com - Top Stories | 22 Jun 2009 | 3:00 pm Kodachrome Goes the Way of the Camera Obscura
Kodachrome, the film invented in 1935 by Kodak, will retire this year. The LA Times has more: Eastman Kodak Co., the photography pioneer whose Kodachrome film inspired Paul Simon’s 1973 hit of the same name, said it will retire the 74-year-old product this year after sales dwindled and most labs stopped processing it. Revenue from Kodachrome represents “a fraction of one percent” of Kodak’s total sales of still-picture films, the company said today in a statement. Kodak derives 70 percent of its revenue from commercial and consumer digital businesses. The Rochester, New York-based company has seen its profitable film business “evaporate” as digital cameras gained dominance, Chief Executive Officer Antonio Perez said earlier this year. The company lost $4.53 billion in market value in 2008 as it struggled to show investors it had a place in the new technology. Photofinishing labs that process Kodachrome film have dwindled to one worldwide, Dwayne’s Photo in Parsons, Kansas, Kodak said. The lab will offer processing for the film through 2010, and Kodak estimates Kodachrome film supplies will last until “early fall” of this year, according to the statement. Steve McCurry, the photojournalist who captured the legendary portrait of the Afghan girl on Kodachrome a quarter of a century ago, will have the privilege of shooting one of the last rolls. Like Pontiac’s demise earlier this year, Kodachrome’s departure marks the end of an icon. Necessary, but sad.
Source: Business Pundit | 22 Jun 2009 | 2:53 pm Wall Street extends losses, S&P 500 off 2 percent (Reuters)
Source: Yahoo! News: Business | 22 Jun 2009 | 2:50 pm Wall Street extends losses, S&P 500 off 2 percent (Reuters)
Source: Yahoo! News: Stock Markets News | 22 Jun 2009 | 2:50 pm Setanta live games up for grabsBids close on Monday for the 46 live English Premier League games that were to have been shown by Setanta.Source: BBC News | Business | World Edition | 22 Jun 2009 | 2:49 pm Metals Stocks: Gold falls to six-week low on crude, dollarGold futures fell to the lowest level in nearly six weeks, as falling oil prices and a stronger U.S. dollar reduced the precious metal's appeal as a hedge against inflation and a weaker currency.
Source: MarketWatch.com - Top Stories | 22 Jun 2009 | 2:49 pm RBS boss set for £9.6m pay dealRBS, which is 70% taxpayer-owned, is set to announce a lucrative pay deal for its boss Stephen Hester.Source: BBC News | Business | World Edition | 22 Jun 2009 | 2:47 pm Stocks smacked by global fearsWorries about the economic slowdown dragged on stocks Monday morning, after the World Bank said the global recession has worsened.Source: Business and financial news - CNNMoney.com | 22 Jun 2009 | 2:47 pm Telecom Stocks: Level 3 jumps, Alcatel-Lucent sinksShares of Level 3 Communications Inc. surged Monday while Verizon Communications Inc. and Sprint Nextel Corp. also edged higher. Yet Alcatel-Lucent and most other telecommunications stocks retreated along with the broader U.S. market.
Source: MarketWatch.com - Top Stories | 22 Jun 2009 | 2:45 pm Financial Stocks: Financial sector retreats, E-Trade exchanges debtFinancial stocks retreat Monday following a debt exchange announcement by E-Trade Financial Corp.
Source: MarketWatch.com - Top Stories | 22 Jun 2009 | 2:45 pm Futures Movers: Crude falls 4% on demand concernsCrude-oil futures edge lower, holding their ground below the $70-a-barrel level on concerns over weak demand.
Source: MarketWatch.com - Top Stories | 22 Jun 2009 | 2:42 pm World Bank sees deeper and longer slumpThe global recession will be deeper and longer than expected said the World Bank today which is forecasting a harsher downturn this year as the famine in private sector investment cripples recovery among developing countries. Source: Latest Business News from Times Online | 22 Jun 2009 | 2:41 pm US stocks fall on recession worriesUS stocks fell sharply in early trade as the dollar strengthened and commodity prices slipped on worries over the pace of global economic recoverySource: Financial Times - US homepage | 22 Jun 2009 | 2:41 pm Car Buyers Spurn GM, Ford as Japan Brands Retain AuraU.S. automakers spent much of this decade retooling their lineups to offer cars rivaling Toyota Motor Corp.'s Camry and Honda Motor Co.'s Accord. Now comes the challenge of winning over consumers.Source: RSS feed - channel BNPaperBusiness | 22 Jun 2009 | 2:41 pm Car Buyers Spurn GM, Ford as Japan Brands Retain AuraU.S. automakers spent much of this decade retooling their lineups to offer cars rivaling Toyota Motor Corp.'s Camry and Honda Motor Co.'s Accord. Now comes the challenge of winning over consumers.
Source: L.A. Times - Business | 22 Jun 2009 | 2:41 pm Beazley Expands Healthcare Team with Appointment of Tom McNallyCHICAGO, June 22 /PRNewswire-FirstCall/ -- Beazley Group (BEZ.L) today announced the addition of Tom McNally to its miscellaneous medical healthcare team, expanding the insuranceSource: RSS feed - channel BNewsBusiness | 22 Jun 2009 | 2:40 pm Harris Private Bank(TM) Expands Team in SeattleSEATTLE, June 22 /PRNewswire/ -- Harris Private Bank is pleased to announce the addition of three new wealth management specialists to the Seattle office of The Harris Bank N.A.,Source: RSS feed - channel BNewsBusiness | 22 Jun 2009 | 2:39 pm Wall Street falls on economic worries, energy sharesNEW YORK (Reuters) - Stocks slid on Monday as investors questioned the strength of an economic recovery, while energy shares were dragged down by lower oil prices.Source: Reuters: Business News | 22 Jun 2009 | 2:37 pm Retail Stocks: Retail stocks fall; Walgreen profit misses targetRetail stocks head lower with the broader markets to start the week, with Walgreen drawing investor scrutiny as the drugstore chain’s third-quarter profit drops more than analysts had estimated.
Source: MarketWatch.com - Top Stories | 22 Jun 2009 | 2:37 pm Enbridge to build pipeline for Imperial's KearlCALGARY, Alberta, June 22 (Reuters) - Enbridge Inc said on Monday it won the right to build a pipeline system serving Imperial Oil Ltd's Kearl oil sands project, though the cost and size of the line...Source: RSS feed - channel BNewsBusiness | 22 Jun 2009 | 2:36 pm BullMarket.com Updates Outlook on Education StocksPRINCETON, N.J., June 22 /PRNewswire/ -- BullMarket.com ( href="http://www.bullmarket.com/">http://www.bullmarket.com ), an online investment newsletter focused on long-termSource: RSS feed - channel BNewsBusiness | 22 Jun 2009 | 2:35 pm Before It Gets BetterThe economy may not be doing as well as some thought. This morning, the World Bank changed its forecast for global growth to a 2.9 percent decline -- a more gloomy prediction than their previous forecast of a 1.7 percent decline. Essentially, the bank is saying that things are going to get worse before they get better, largely because of shrinking investment into developing nations. The United Nations General Assembly will be holding a conference on the global recession's impact on these developing nations later this week -- and we'll be there to find out exactly how hard they've been hit and how they hope to recover. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 22 Jun 2009 | 2:34 pm Insurers Join Other Businesses In New Coalition To Develop New Global Accounting Standards To Address Financial CrisisNEW YORK, June 22 /PRNewswire-USNewswire/ -- The Group of North American Insurance Enterprises (GNAIE) has joined a new coalition of trade associations, representing all sectors of...Source: RSS feed - channel BNewsBusiness | 22 Jun 2009 | 2:34 pm Lufthansa settles row over bmi purchaseLufthansa has struck a new agreement to buy bmi from Sir Michael Bishop, the British airline's majority shareholder. Source: Latest Business News from Times Online | 22 Jun 2009 | 2:33 pm Kodak ends film made famous by Paul SimonEastman Kodak Co. said Monday that is retiring Kodachrome color film after 74 years on the market.Source: Business and financial news - CNNMoney.com | 22 Jun 2009 | 2:32 pm NI Technology Research Identifies Targets for Tech Sector ConsolidationPRINCETON, N.J., June 22 /PRNewswire/ -- Next Inning Technology Research ( href="http://www.nextinning.com">http://www.nextinning.com ), an online investment newsletter...Source: RSS feed - channel BNewsBusiness | 22 Jun 2009 | 2:32 pm Major Emerging Market Investors Want More Disclosure on ESG Issues, Global Survey FindsBrazil and South Africa Recognized for Most Progress on ESG Disclosure; Survey Respondents Represent $130 Billion in Emerging Market Assets NEW YORK and LONDON, June...Source: RSS feed - channel BNewsBusiness | 22 Jun 2009 | 2:30 pm Bill Gates on Bill GatesIt's certainly a unique father-son relationship. The man who created one of the largest fortunes in history, now in his second career as a philanthropist, has his dad working for him as co-chair of the world's largest charitable organization -- the $27.5 billion Bill & Melinda Gates Foundation. Actually, this is a second act for both men. Bill Gates, 53, stepped down from day-to-day work at Microsoft last June, while his father, Bill Gates Sr., 83, retired from the prominent Seattle law firm Preston Gates & Ellis (now known as K&L Gates), in 1998. These days both men give counsel to each other, but for years, of course, Dad doled out indispensable advice to his son. I recently sat down with this unlikely buddy act in the famed Leonard Bernstein suite at the Hôtel de Crillon on Paris's Place de la Concorde to ask them about the best advice they ever got.Source: Business and financial news - CNNMoney.com | 22 Jun 2009 | 2:28 pm Nationwide raises mortgage rates for second time in fortnightBritain's biggest building society is increasing the cost of its fixedrate mortgages for the second time in two weeks.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jun 2009 | 2:28 pm Graduate From Jack Welch's Online Business School
Mr. Welch says he was initially skeptical of online education, but has been impressed by the Apollo Group Inc.'s University of Phoenix, which has nearly 400,000 students, and Mr. Clifford's Grand Canyon University. Last fall, he called Mr. Clifford and said he wanted a role in Chancellor. Will you get to take classes in the art of throwing scalding hot coffee on people who cut you off in the parking lot, like you would at HBS? No. And for some of you, that's probably a dealbreaker. What you will get is "a real education," according to Welch, who adds, "I think."
Sponsored Topics: Jack Welch - Grand Canyon University - University of Phoenix - Education - Squawk Box Source: Dealbreaker | 22 Jun 2009 | 2:28 pm Steve Jobs received liver transplant: reportSAN FRANCISCO (Reuters) - Apple Chief Executive Steve Jobs underwent a liver transplant operation about two months ago and is expected to return to work by the end of June, The Wall Street Journal reported on Saturday.Source: Reuters: Business News | 22 Jun 2009 | 2:27 pm PA Banking Department Announces Multi-State Settlement With TBW Mortgage CorporationCompany ordered to modify mortgages and pay $9 million in fines HARRISBURG, Pa., June 22 /PRNewswire-USNewswire/ -- Secretary of Banking Steve Kaplan announced...Source: RSS feed - channel BNewsBusiness | 22 Jun 2009 | 2:27 pm Why GM won't pay its ad billGeneral Motors owes hundreds of millions of dollars to major suppliers who have never made an auto part, rubber tire or sheet of steel -- and they're not likely to get paid anytime soon.Source: Business and financial news - CNNMoney.com | 22 Jun 2009 | 2:26 pm The Ritz-Carlton Club and Residences, Kapalua Bay Welcomes Members and OwnersKAPALUA RESORT, Hawaii, June 22 /PRNewswire/ -- The Ritz-Carlton Club and Residences, Kapalua Bay, the highly anticipated residential development, is now open on a 24-acre...Source: RSS feed - channel BNewsBusiness | 22 Jun 2009 | 2:26 pm New Issue-BP Capital prices 500 mln stg 2014 bondJune 22 (Reuters) -Following are terms and conditions of aSource: RSS feed - channel BNewsBusiness | 22 Jun 2009 | 2:25 pm Stimulus dollars at work: Putting out firesSource: Business and financial news - CNNMoney.com | 22 Jun 2009 | 2:25 pm Kodak Retires Kodachrome Color Film After 74-Year RunEastman Kodak Co., the photography pioneer whose Kodachrome film inspired Paul Simon's 1973 hit of the same name, said it will retire the 74-year-old product this year after sales dwindled and most labs...Source: RSS feed - channel BNPaperBusiness | 22 Jun 2009 | 2:25 pm London Markets: Anglo American climbs in weak London on approachAnglo American shares managed to buck a lower mining sector on Monday, with the metals giant advancing receiving a takeover approach from rival Xstrata.
Source: MarketWatch.com - Top Stories | 22 Jun 2009 | 2:25 pm Kodak Retires Kodachrome Color Film After 74-Year RunEastman Kodak Co., the photography pioneer whose Kodachrome film inspired Paul Simon's 1973 hit of the same name, said it will retire the 74-year-old product this year after sales dwindled and most labs stopped processing it.
Source: L.A. Times - Business | 22 Jun 2009 | 2:25 pm Energy Stocks: Oil services lead big losses amid broad weaknessOil-service shares lead significant losses in the energy sector to start the week, marking a lackluster start to the summer amid a pullback in prices for crude oil.
Source: MarketWatch.com - Top Stories | 22 Jun 2009 | 2:23 pm Movers & Shakers: Monday's biggest gaining and declining stocksStocks that are moving significantly in Monday's trading include Anglo-American, Goodyear and Specialty Underwriters Alliance.
Source: MarketWatch.com - Top Stories | 22 Jun 2009 | 2:23 pm Aviva quits Australia with £450m sale to bolster capitalAviva has sold its Australian insurance and pension operations to National Australia Bank in a A925m £452m deal that will bolster its financial strength and give it the firepower to make acquisitions in India and China.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jun 2009 | 2:22 pm Job makeover: Go from fired to hiredIn today's challenging economy, odds are you belong to one of two camps: You have already lost your job or you're worried that you could. Either way, you're feeling the stress of the highest unemployment rate in more than a quarter of a century and wondering what you should be doing now to improve your career prospects.Source: Business and financial news - CNNMoney.com | 22 Jun 2009 | 2:15 pm Revenue warning over scam noticeThe UK's tax body warns people to ignore a fraudulent e-mail that suggests recipients are able to receive money from HMRC.Source: BBC News | Business | World Edition | 22 Jun 2009 | 2:11 pm Stocks pull back as global economic worries riseNEW YORK -- Lowered expectations for the global economy are giving investors more to be wary about.Source: RSS feed - channel BNPaperBusiness | 22 Jun 2009 | 2:10 pm Stocks pull back as global economic worries riseNEW YORK -- Lowered expectations for the global economy are giving investors more to be wary about.
Source: L.A. Times - Business | 22 Jun 2009 | 2:10 pm How Microsoft (MSFT) Makes It Back To $35Microsoft traded at over $35 in late 2007. It has not traded anywhere near that level since early 2008. Most analysts blame a poor reception for the company’s latest operating system, Vista, and concerns that the firm’s pursuit of Yahoo! (YHOO) and Google (GOOG) in the search market will continue to fail no matter how [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jun 2009 | 2:02 pm Bain Capital to take $417m stake in GomeBain Capital, the US private equity group, announced that it would invest $417m to take a stake in Gome Electrical Appliances, a leading Chinese retailerSource: Financial Times - US homepage | 22 Jun 2009 | 2:02 pm Goldman Sachs on pace for record bonuses: reportNEW YORK (Reuters) - Goldman Sachs Group Inc is on pace to make record bonus payouts after a robust first half, the Guardian newspaper reported on Sunday.Source: Reuters: Business News | 22 Jun 2009 | 2:01 pm Levitt Says Apple `Got It Right' on Job's Health DisclosureSource: Bloomberg - All Podcasts | 22 Jun 2009 | 2:01 pm World markets weighed down by World Bank warning (AP)
Source: Yahoo! News: Stock Markets News | 22 Jun 2009 | 1:59 pm Stocks pull back as global economic worries rise (AP)
Source: Yahoo! News: Stock Markets News | 22 Jun 2009 | 1:57 pm Gas prices fall after 54 daysThe price of a gallon of gas dipped Monday, snapping a 54-day run-up.Source: Business and financial news - CNNMoney.com | 22 Jun 2009 | 1:57 pm Share tips: buy Tesco sell SainsburyMore share tips compiled by Hargreaves Lansdown. Also covered: Whitbread Harvey Nash Halma and Taylor Wimpey.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jun 2009 | 1:57 pm 'I'm glad we got laid off'From a half-price deck to spending time with the kids to traveling around the country in pursuit of the best party, these people are making the most of the downturn.Source: Business and financial news - CNNMoney.com | 22 Jun 2009 | 1:56 pm Apple: 1 million new iPhones soldSource: Business and financial news - CNNMoney.com | 22 Jun 2009 | 1:43 pm Blavatnik to sue JPMorgan over investment losses: report(Reuters) - U.S. billionaire Len Blavatnik is planning to file a lawsuit against JPMorgan Chase on Monday, accusing the bank of mismanaging an investment account that held $1 billion in assets owned by Blavatnik's industrial holding company, Access Industries, the New York Times said.Source: Reuters: Business News | 22 Jun 2009 | 1:38 pm Anglo jumps after Xstrata seeks merger talksLONDON (Reuters) - Shares in Anglo American Plc jumped as much as 12 percent on Monday after rival Xstrata Plc sought talks about a merger of equals to better compete in a consolidating mining sector.Source: Reuters: Business News | 22 Jun 2009 | 1:34 pm Apple: More than 1M new-model iPhones soldNEW YORK -- Apple Inc. sold more than a million units of its latest iPhone model in the first three days, making it the most successful model yet.Source: RSS feed - channel BNPaperBusiness | 22 Jun 2009 | 1:33 pm Apple: More than 1M new-model iPhones soldNEW YORK -- Apple Inc. sold more than a million units of its latest iPhone model in the first three days, making it the most successful model yet.
Source: L.A. Times - Business | 22 Jun 2009 | 1:33 pm Obama’s Regulatory Changes Are HopelessJohn Tamny of RealClearMarkets In a major speech last week in which he rolled out his vision for financial regulatory reform, President Barack Obama said he has “always been a strong believer in the power of free markets.” Nice rhetoric for sure, particularly given a series of proposals meant to hamstring natural market activity while surely [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jun 2009 | 1:30 pm If Apple’s Disclosure Practice Becomes Corporate America’s Norm… (AAPL)Apple Inc. (NASDAQ: AAPL) is holding up rather well when you consider the weekend news that Steve Jobs had a liver transplant. Unless you are Steve Jobs himself, the bad news isn’t that Jobs had a liver transplant. It is that the transplant was about two months ago. Whether or not the company MUST disclose [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jun 2009 | 1:28 pm UK announces £5m aid for ZimbabweBritish Prime Minister Gordon Brown announces the UK will provide an extra £5m ($8m) of transitional aid to Zimbabwe.Source: BBC News | Business | World Edition | 22 Jun 2009 | 1:12 pm Walgreen profit slips on inventory revampCHICAGO (Reuters) - Walgreen Co posted a slightly lower quarterly profit that fell short of expectations as it spent on overhauling its product assortment, while shoppers focused on buying only necessities.Source: Reuters: Business News | 22 Jun 2009 | 1:05 pm Walgreen profit slips on inventory revamp (Reuters)
Source: Yahoo! News: Business | 22 Jun 2009 | 1:05 pm Xstrata in talks with Anglo AmericanSwiss-based miner Xstrata said it believed a merger with rival Anglo American was 'highly compelling' and would provide 'enhanced scale and financial flexibility to fund future growth'Source: Financial Times - US homepage | 22 Jun 2009 | 1:03 pm Echo boomers a lifeline for embattled U.S. housingNEW YORK (Reuters) - The children of baby boomers will eventually resuscitate the pummeled U.S. housing market, Harvard University said on Monday, but in the meantime, limits on income and credit are sustaining the three-year bust.Source: Reuters: Business News | 22 Jun 2009 | 12:49 pm Nigeria may allow bank investmentNigeria's central bank has indicated that it is prepared to lift a long-standing ban on foreign ownership of its banks.Source: BBC News | Business | World Edition | 22 Jun 2009 | 12:49 pm How pay for RBS chief Stephen Hester stacks up against rivalsThe new pay deal for Stephen Hester the chief executive of the Royal Bank of Scotland was criticised on Monday by unions. Here is how the likely package for Mr Hester compares with those of other bank chiefsSource: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jun 2009 | 12:47 pm Wildcat strikes spread over Lindsey oil refinery sackingsWildcat strikes spread across Britain today as another 500 contractors walked out in a show of sympathy for workers sacked at the Total oil refinery in Lincolnshire. Source: Latest Business News from Times Online | 22 Jun 2009 | 12:44 pm Recession takes bite out of brand loyalty: studyLOS ANGELES (Reuters) - The U.S. recession is taking a bite out of national brand loyalty in products ranging from Advil pain reliever and Green Giant frozen vegetables to Jif peanut butter, according to a study released on Monday.Source: Reuters: Business News | 22 Jun 2009 | 12:42 pm Virgin celebrates 25 years with $2.1bn order$Sir Richard Branson announced a $2.1 billion order for new aircraft today as he celebrated Virgin Atlantic$’s 25th anniversary. Source: Latest Business News from Times Online | 22 Jun 2009 | 12:39 pm SIRIUS XM Unit Raises More Cash (SIRI)SIRIUS XM Radio Inc. (NASDAQ: SIRI) has announced this morning that its XM Satellite Radio Inc. wholly owned indirect subsidiary is offering $350 million in principal amount of Senior Secured Notes. What is interesting is the reception shares are getting. The net proceeds from the offering will be used to repay all amounts outstanding under its [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jun 2009 | 12:37 pm Opening Bell: 06.22.09Goldman Sachs May Pay Record Bonuses (Guardian) AIG Trading Partners Put Squeeze On Insurer Before Bailout (Bloomberg) Bankers' Pay Soars In Attempt To Halt Exodus (FT) Morgan Stanley Topples Goldman As M&A Leader (NYP) Berne says U.S ready to move in UBS tax case (Reuters) Hedge Funds Boost Profile In Lobbying (WSJ) RBS To Incentivize CEO (Telegraph) Bill Gross Is On Treasury's Speed Dial (NYT)
Sponsored Topics: Bank of America - Switzerland - United States - Business - UBS AG Source: Dealbreaker | 22 Jun 2009 | 12:30 pm Anglo jumps after Xstrata seeks merger talks (Reuters)
Source: Yahoo! News: Business | 22 Jun 2009 | 12:21 pm Tiger Woods: Best advice I ever gotSource: Business and financial news - CNNMoney.com | 22 Jun 2009 | 12:19 pm Brighter Morning for Chip Stocks (INTC, MRVL, ALTR, PWER, TXN)We are seeing a mixed lot of news in chip-land for semiconductor stocks this morning, but the news we have seen so far looks like it is getting the week off to a more stable start for the chip sector. We have news from or on stocks of Intel Corp. (NASDAQ: INTC), Marvell Technology Group [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jun 2009 | 12:14 pm Merced: Ghost Town, USA (BusinessWeek Online)BusinessWeek Online - The housing crisis is creating ghost towns of once-bustling communities like Merced. In largely abandoned neighborhoods, paved sidewalks and driveways lead to empty lots strewn with utility coils. Unfinished frames with rotting rafters and rusted hinges sit alongside occupied homes. Roughly 40% of the homes in Merced are considered distressed, meaning owners are behind on their mortgage payments or can't make them at all. The toll is expected to rise, even though California extended its moratorium on foreclosures for another 90 days.Source: Yahoo! News: Business | 22 Jun 2009 | 12:08 pm Thames Water profits up but warns on 2009Thames Water, the UK’s largest water company, has reported a 4 per cent rise in full year pre-tax profits but warned of a challenging year ahead amid the recession. Source: Latest Business News from Times Online | 22 Jun 2009 | 12:07 pm CML reduces forecast for home repossessionsFewer homeowners are expected to face repossession this year than originally predicted, the Council of Mortgage Lenders (CML) said today. Source: Latest Business News from Times Online | 22 Jun 2009 | 11:58 am Yell shares plunge on covenant breach warningShares in Yell, the debt-laden publisher of the Yellow Pages, fell 9 per cent today after warning that it might need to renegotiate its financial covenants for a second time. Source: Latest Business News from Times Online | 22 Jun 2009 | 11:50 am Japan Airlines to receive bailoutJapan Airlines is to receive emergency state funding after being hit by the economic downturn.Source: BBC News | Business | World Edition | 22 Jun 2009 | 11:46 am Bad Directions
Source: Business Pundit | 22 Jun 2009 | 11:41 am Repossession risk 'overestimated'The Council of Mortgage Lenders cuts its forecast for the number of homes expected to be repossessed in 2009 to 65,000.Source: BBC News | Business | World Edition | 22 Jun 2009 | 11:38 am Steve Jobs received liver transplant: report (Reuters)Reuters - Apple Chief Executive Steve Jobs underwent a liver transplant operation about two months ago and is expected to return to work by the end of June, The Wall Street Journal reported on Saturday.Source: Yahoo! News: Business | 22 Jun 2009 | 11:38 am XstrataAnglo American tieup: what the analysts sayAnglo American shares have jumped after news that rival miner Xstrata is seeking a £41bn tieup between the two companies. Below are analysts' views on the benefits and pitfalls of a deal:Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jun 2009 | 11:37 am Sec'y Sebelius argues US health care too expensive (AP)
Source: Yahoo! News: Stock Markets News | 22 Jun 2009 | 11:29 am Anglo shares jump on merger talkShares in mining group Anglo-American rise by close to 10% after a merger approach from rival Xstrata.Source: BBC News | Business | World Edition | 22 Jun 2009 | 11:28 am Top 10 Analyst Upgrades & Downgrades (ACN, ASCA, KMX, DNDN, FRO, MEOH, PGR, VRSN, WAT)These are the top ten analyst upgrades and downgrades we have seen from Wall Street early this Monday morning with more than two hours until the market opens: Accenture (ACN) Raised to Positive at Susquehanna. Ameristar Casinos (ASCA) Raised to Overweight at JPMorgan. CarMax (KMX) Cut to Hold at Deutsche Bank. Dendreon (DNDN) Raised to Hold from Sell at [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jun 2009 | 11:23 am Sipps: weigh up the pros and consSelfinvested personal pensions are back in focus again with the regulator launching an investigation into the popular flexible plans.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jun 2009 | 11:22 am European stocks slide (AFP)
Source: Yahoo! News: Stock Markets News | 22 Jun 2009 | 11:19 am China Metallurgical prepares $2.7bn IPOThe diversified resources conglomerate is preparing a blockbuster double stock market listing in Hong Kong and Shanghai later this yearSource: Financial Times - US homepage | 22 Jun 2009 | 11:13 am 'Vanilla' home loans could benefit borrowers (AP)
Source: Yahoo! News: Business | 22 Jun 2009 | 11:11 am Comment: we are all at the mercy of economic punditsNever has dry data seemed so pertinent to our daily lives as it is today.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jun 2009 | 11:02 am Xstrata may need to switch tactics on Anglo AmericanXstrata is putting a friendly face on its proposal for a £41 'merger of equals' with Anglo American.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jun 2009 | 10:49 am Japan Airlines gets $1bn government bailout$Japan Airlines, the loss-making Asian giant, is to receive a $1 billion government-backed loan to tide it over while management struggles to concoct a $“crisis plan” to save the company. Source: Latest Business News from Times Online | 22 Jun 2009 | 10:47 am Good News For GE (GE): Siemens See Stimulus RevenueIt should be considered significant good news for GE (GE) that Siemens (SI) says its revenue from global stimulus packages would be huge. According to Reuters, the conglomerate claims that it expects new orders due to efforts to improve the economy to be close to $31 billion. Much of this money will be spent on [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jun 2009 | 10:27 am Unions attack £9.6m pay deal for RBS chief Stephen HesterReported £9.6m pay deal for Stephen Hester draws stinging rebuke from unions.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jun 2009 | 10:26 am Debt woes hit Independent sharesNewspaper publisher Independent News & Media confirms it needs to raise money to pay off an outstanding bond.Source: BBC News | Business | World Edition | 22 Jun 2009 | 10:15 am What If Companies Don’t Hire People Back?It is normal for businesses to hire people back after a recession. The improvement in employment usually lags GDP recovery, but the trend is part of a normal cycle that comes at the end of an economic downturn. The current recession has been so brutal that a number of normal trends may not apply. The Wall Street Journal [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jun 2009 | 10:03 am Hundreds of Moussavi backers arrestedState radio said 457 supporters of Mir-Hossein Moussavi were arrested in the weekend's protests against the disputed Iranian presidential election, while the opposition leader urged people to keep up their peaceful protests and the authorities said an excess of votes over eligible voters in some areas did not indicate irregularitiesSource: Financial Times - US homepage | 22 Jun 2009 | 10:02 am The Jack Welch College Opens For BusinessJack Welch, former head of GE (GE), is too old to be a CEO and is overexposed as an “on air” pundit who spends his time giving opinions on CNBC. He has come up with something new to do while he writes his next book about how to be a good manager. He will put his [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jun 2009 | 9:45 am Independent News ? Media plans rights issueThe publisher of the Independent hopes to raise 60 million euros £51m as it seeks to cut its debt.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jun 2009 | 9:39 am Mining deal not enough to stop FTSE lossesA resurrection of dealmaking activity in the mining sector was not enough to keep the FTSE 100 positive on Monday. European investors got their first chance to react to news of Xstrata's proposal of a...Source: RSS feed - channel BNPaperBusiness | 22 Jun 2009 | 8:54 am World stocks slip (Reuters)
Source: Yahoo! News: Stock Markets News | 22 Jun 2009 | 8:36 am Segro launches deeply discounted offer for BrixtonBrixton, the commercial property company, has agreed to accept an offer from larger rival Segro that values the industrial property group at 170m, or nearly 40 per cent less than its market capitalisation...Source: RSS feed - channel BNPaperBusiness | 22 Jun 2009 | 8:01 am NAB buys Aviva's Australia businessAviva on Sunday night agreed to sell its Australian life and wealth management businesses to National Australia Bank for up to A$925m (450m).The UK insurer, which put the business up for sale this year...Source: RSS feed - channel BNPaperBusiness | 22 Jun 2009 | 7:59 am Xstrata in talks with Anglo AmericanXstrata, the Swiss-based miner, has proposed a "merger of equals" with its rival, Anglo American, in a move that could set off another wave of consolidation in the international mining industry. Xstrata,...Source: RSS feed - channel BNPaperBusiness | 22 Jun 2009 | 7:33 am Fed mulling revamp of repo market: reportLONDON (Reuters) - The Federal Reserve is considering creating a utility to replace the Wall Street banks that handle U.S. repo market transactions, the Financial Times reported on Monday, citing people familiar with the matter.Source: Reuters: Business News | 22 Jun 2009 | 7:20 am Fed mulling revamp of repo market: report (Reuters)Reuters - The Federal Reserve is considering creating a utility to replace the Wall Street banks that handle U.S. repo market transactions, the Financial Times reported on Monday, citing people familiar with the matter.Source: Yahoo! News: Business | 22 Jun 2009 | 7:20 am Australian stocks: Heavyweights drive market higherPERTH - The Australian share market closed higher, with heavyweights BHP Billiton and National Australia Bank (NAB) driving the gains. The benchmark S&P/ASX200 index was up 18.6 points, or 0.48 per cent, at 3,918.2 points, while...Source: New Zealand Herald - Business | 22 Jun 2009 | 7:06 am 'The Proposal' gets a big 'yes' at the box officeThe Sandra Bullock comedy finishes No. 1 with $34.1 million in its opening weekend. "The Hangover," an R-rated...Source: RSS feed - channel BNPaperBusiness | 22 Jun 2009 | 7:00 am Platinum deal for Delphi may face detourThe private equity firm's $3.6-billion offer is opposed by creditors of the parts maker. Other suitors may emerge. ...Source: RSS feed - channel BNPaperBusiness | 22 Jun 2009 | 7:00 am Platinum deal for Delphi may face detourThe private equity firm's $3.6-billion offer is opposed by creditors of the parts maker. Other suitors may emerge.Platinum Equity, the Beverly Hills investment firm, is hitting a few speed bumps in its quest to buy bankrupt auto parts maker Delphi Corp.
Source: L.A. Times - Business | 22 Jun 2009 | 7:00 am Kroger feasts amid a supermarket famineAs Wal-Mart, Costco and other big discounters eat into other chains' sales, the parent of Ralphs and Food 4 Less sees gains.Anne Marie Sablock said she regularly drives past an Albertsons, a Whole Foods Market and several other supermarkets to shop at the Ralphs on Pacific Coast Highway in Long Beach.
Source: L.A. Times - Business | 22 Jun 2009 | 7:00 am DVD slump might weaken 'Half-Blood Prince' salesThough the 'Harry Potter' films have been huge DVD sellers, each sequel has sold fewer units than its predecessor -- and raised the bar of profitability that much higher for Warner Bros.Harry Potter, the teen wizard whose films have generated billions of dollars and become one of Hollywood's biggest franchises, is known for battling the evil Lord Voldemort. Now he's about to confront an even darker foe: A soft DVD market.
Source: L.A. Times - Business | 22 Jun 2009 | 7:00 am Consumer spending returns to the spotlightInvestors will closely watch reports on personal spending and incomes in May and consumer sentiment in June.Americans may have poured money back into stocks this year, but market watchers worry that they aren't spending enough on other things -- such as clothes, cars and computers.
Source: L.A. Times - Business | 22 Jun 2009 | 7:00 am 'The Proposal' gets a big 'yes' at the box officeThe Sandra Bullock comedy finishes No. 1 with $34.1 million in its opening weekend."The Hangover," an R-rated comedy about a lost weekend of intense male bonding in Las Vegas, might have ruled the box office so far this month, but it seems that moviegoers were ready for the softer side of funny.
Source: L.A. Times - Business | 22 Jun 2009 | 7:00 am Healthcare reform puts a price on quality of lifeAs the Clinton White House discovered to its grief more than a decade ago, and the Obama White House is learning, no minefield of American politics is as uncharted and explosive as healthcare reform.
Source: L.A. Times - Business | 22 Jun 2009 | 7:00 am NZ stocks: Market posts modest gainsThe New Zealand sharemarket posted modest gains but brokers said it was a mixed performance on the first day of a new trading week. The benchmark NZSX-50 index closed up 10.641 points, or 0.382 per cent, at 2794.914. Turnover was...Source: New Zealand Herald - Business | 22 Jun 2009 | 6:20 am Currency: Dollar retreats after weekend riseThe New Zealand dollar today retreated from the US64.84c level it rose to during the weekend. It was US63.95c at 5pm, down from the US64.34c at 8am and little changed from the US63.85c at 5pm on Friday. There are some big events...Source: New Zealand Herald - Business | 22 Jun 2009 | 5:20 am Former GE CEO Welch backs online university: reportPHILADELPHIA (Reuters) - Jack Welch, the former chief executive of General Electric Co, is buying a stake in an online university and will take an active role in planning curriculum, The Wall Street Journal reported on Sunday.Source: Reuters: Business News | 22 Jun 2009 | 5:19 am Is This a Better Bond?
States and municipalities have jumped on a new bond program, selling $12 billion of Build America Bonds in the two months since the program began in mid-April. The issuers have benefited from lower borrowing costs. What’s in it for individual investors? So far, not much. The Build America Bonds were tucked into President Obama’s stimulus plan to lower borrowing costs for states an municipalities in their time of need. But as with much of the stimulus plan, they’re a bit confusing and may not be the boon they initially seemed to investors. SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
Source: SmartMoney.com | 22 Jun 2009 | 4:00 am Equities Take Another Step Back (Market Update)News at a Glance
The LowdownA potential merger in the mining industry and an optimistic forecast from an investing titan were not enough to lift traders' spirits on Monday. Stocks began the week lower, as traders showed more concern over the broader economy ahead of a busy week of economic data and the latest decision on interest rates from the Federal Reserve. By 9:39 a.m., the Dow Jones Industrial Average had given up 78 points at 8462. The Nasdaq had dropped 21 to 1806, and the S&P 500 had slipped 11 to 910. Commodities remained the major weight on the market. Energy and materials stocks fell sharply as demand for oil and metals remained in doubt. On the Nymex, oil prices continued to slide. By 9:32 a.m., crude traded down $1.67 at $67.88 a barrel. In economic news, the World Bank lowered its forecast for 2009. The bank cut its outlook to a global contraction of 2.9%, down from a prior estimate of 1.7%. Still, some investors saw signs of optimism; billionaire financier George Soros said the days would grow rosier from here on out. "Decidedly the worst is already behind us," Soros said in an interview with Polish news channel TVN24 over the weekend. World markets were a mixed bag. In Asia, Japan's Nikkei finished up 0.4%, while Hong Kong's Hang Seng picked up 0.8%. In Europe, the U.K.'s FTSE gave back 1.4% in afternoon trading. During the last week, the Dow lost 260 points, or roughly 2.9%, as the rally faded amid falling commodities prices and concern over the pace of the economic recovery. Later this week, traders will wrestle key housing data, an update on personal spending and the latest word on interest rates and inflation from the Federal Reserve. The Fed hands down its policy statement on Wednesday after a two-day meeting. Corporate News
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Source: SmartMoney.com | 22 Jun 2009 | 4:00 am Are We In Store for a Regulatory Recovery?Last week, our pundits were hit with another round of mixed economic data. But what really got their attention was a sweeping new White House regulatory plan for the financial sector. That one-two combination cooled off a stock market rally that had been going on since early March. Indeed, the Dow Jones Industrial Average dropped almost 300 points. If it wasn’t already, it is now crystal clear government intervention will be part of any economic recovery that occurs over the next few years. The White House plan will impact everything from credit cards to sophisticated securitization transactions. If the ideas are carried out well, market watchers say the initiatives could put a brake on inflation fears, continue to stimulate the economy and temper market expectations that have led to a one third uptick in the S&P 500 on the flimsiest of positive news. If done wrong, though, the plans will be a drag on an economy that still has a long way to improve. All that leaves a considerable amount of uncertainty. "In short, the economy is trying to right itself but has a few more months to travel before real growth arrives," Morgan Keegan economist Donald Rarajczak wrote Monday. "I think no more major shocks are likely, but removal of life support remains premature.” Reactions to the Obama administration plan divided our pundits and drew some heated comments. David Hendler, of CreditSights, said that the proposals will impact stocks and the economy. But, he added, the White House is not out to take down big banks so much as inhibit the "shadow banking" system responsible for much of the current crisis. "Our sense is that, rather than downsizing the banking system, the Obama proposal aims to put more institutions under the auspices of the strict oversight that banks are accustomed to," he wrote Wednesday. "We feel the administration is focused on eliminating the potential for players not under the bank regulatory umbrella to create and propagate more aggressive financial products and services." Not all of our pundits were so kind, though. "If these proposals are implemented, there is no question the operating costs of a bank will rise," Rochdale Secruties banking analyst Richard Bove wrote Wednesday. "The profitability of core banking products will fall, the secular growth rate of the industry will be lowered, and the return on investment in the industry will plummet. Economic growth in this country will be inhibited. Financing will be unusually hard to obtain." The government proposals may not be the only obstacles to growth. Market watchers are also keeping a close eye on unemployment, housing and other economic data. Bond yields, in particular, have become a new concern. There's a divergence of views on inflation and rising bond yields, which are linked to fears that the cost of the stimulus will drive up prices without getting the economy going. Regardless, most experts think the Federal Open Market Committee, the body that sets interest rates, will likely stay put on rates when it meets this week. "We believe it is premature to assume the Fed will increase interest rates by year-end as we still view the banking system (not withstanding TARP repayments) and the economy to be very fragile," wrote Larry Adam, chief investment strategist at Deutsche Bank Private Wealth Management, on June 15. "As a result, realization that current market expectations are overly optimistic should drive 10-year Treasury yields modestly lower." For now, stock market investors must warm up to the idea trading could be range-bound for quite some time. Jeffrey Kleintop, chief market strategist at LPL, says good old profits may be the only thing that can kick-start this market. “It is likely to take rising earnings to fuel the next leg of the rally," he wrote last week. Investors may have to settle for putting their money in defensive plays like health-care stocks. But, warns Strategas Research Partners analyst Nichlas Bohnsack, “as a more sustained recovery takes hold, a rotation away from the defensive trade makes sense." SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
Source: SmartMoney.com | 22 Jun 2009 | 4:00 am World Bank warns on emerging marketsDeveloped nations are misguided in focusing efforts to boost their own economies because the health of emerging markets is fundamental for a return to global growthSource: Financial Times - US homepage | 22 Jun 2009 | 3:30 am APN completes $125 million equity raisingSYDNEY - APN News & Media Ltd has completed an equity sale to raise A$99 million ($125.5 million). The funds from the one-for-five entitlement offer, announced on May 19, will be used to reduce APN's debt and strengthen its balance...Source: New Zealand Herald - Business | 22 Jun 2009 | 2:30 am Monthly migration gain at six year-highMore people are moving to New Zealand than are shifting away, latest statistics reveal. New Zealand's population gain through migration reached a seasonally adjusted six-year high in May. Statistics New Zealand (SNZ) today said...Source: New Zealand Herald - Business | 22 Jun 2009 | 2:00 am Visitors from Australia top one million markAnnual visitor arrivals from Australia topped one million for the first time in the year to May, despite the global economy plunging into its worst downturn in decades. Publishing the data today, Statistics New Zealand (SNZ) said...Source: New Zealand Herald - Business | 22 Jun 2009 | 12:30 am Graeme Hart in Asciano move - reportA tilt at Australian rail and port operator Asciano by New Zealand's richest man Graeme Hart is the latest move in the merger and acquisition king's strategy book. Australian media reported this week that Hart put in a complex...Source: New Zealand Herald - Business | 22 Jun 2009 | 12:00 am Bidders keen on lunch with billionaire BuffettLast year's winning bid for lunch with legendary investor Warren Buffett topped US$2.1 million ($3.3 million), but given the economic turmoil, it's questionable this year's bidding will approach that level. Yet Buffett has built...Source: New Zealand Herald - Business | 22 Jun 2009 | 12:00 am NAB buys arm of AvivaThe National Australia Bank (NAB) has acquired Aviva Australia Holdings' wealth management business for A$825 million ($1.1 billion). NAB said the purchase includes Aviva's life insurance operations and investment platform, called...Source: New Zealand Herald - Business | 21 Jun 2009 | 11:30 pm Iacocca speaks out about carmakers' bailoutDETROIT - Former Chrysler CEO Lee Iacocca has some advice for the people who are running his old company, and those who will lead the new General Motors: Get the government out of your business as soon as possible. Iacocca, a slick...Source: New Zealand Herald - Business | 21 Jun 2009 | 11:00 pm Bankers' pay soars in attempt to halt exodusWall Street names that have been among the most buffeted in recent months – Merrill Lynch, UBS and Citigroup – are hiking pay for their top investment bankers in an attempt to stop an exodus of talentSource: Financial Times - US homepage | 21 Jun 2009 | 10:31 pm Nigeria to lift ban on foreign bank takeoversNigeria is to lift a ban on foreign takeovers of its banks, breaking a decades-old legacy of protectionism to open Africa's biggest untapped market for financial services to international competitionSource: Financial Times - US homepage | 21 Jun 2009 | 9:33 pm Fed plans repo markets revampThe US Federal Reserve is considering dramatic changes to the giant repurchase markets where banks around the world raise overnight dollar loans, including creating a utility to replace the Wall Street banks that handle transactionsSource: Financial Times - US homepage | 21 Jun 2009 | 9:31 pm Brands left to ponder price of loyaltyBig brands' best customers have been defecting in droves since the beginning of the US recession, a two-year analysis of 685 grocery and pharmacy-stocked brands foundSource: Financial Times - US homepage | 21 Jun 2009 | 9:31 pm What are investors waiting for? Consumers. (AP)
Source: Yahoo! News: Stock Markets News | 21 Jun 2009 | 5:54 pm
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