'My Very Own Stimulus'

Clay from Maryland writes:

I think did everything right. (and I'm pretty lucky) I live within my means and put 20% down when I bought my home in 1999. I have a 14-year old truck, a steady job and a 1 mile commute. After this latest meltdown and the interest rates dropped I took advantage of the situation and enacted my very own stimulus program.

Even with the recent drop in home prices my home is still worth double what I paid for it. So I got a re-fi (30 yr fixed) and pulled out some cash. I am now taking advantage of every tax credit and incentive I can get my hands on -- new Energy Star appliances, new energy efficient heating and a/c units. And to top it off, I'm even putting on solar panels.

I've calculated that the spending I'm doing now will have a pay-off of about 10 years. After that the utilities savings are free money. And since all my stuff was about 20 years old it was time to replace anyway.

I feel that the government is finally putting enough incentives out there that folks like me with money in the (FDIC insured) bank and a bit of fiscal savvy are going to get the economy going again.

I'm even thinking about using my 14-year old truck in the cash-for-clunkers program to get a Hybrid. Taking yet another few thousand bucks from Uncle Obama.

Bottom line. There are opportunities out there that I don't think will be coming our way again anytime soon.

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Source: NPR Blogs: Planet Money | 25 Jun 2009 | 4:22 pm

Tying Spending To Housing

Amir Sufi and Atif Milan of the University of Chicago Booth School of Business argue in today's Wall Street Journal that the recent decrease in consumer spending has been directly fueled by a drop in housing prices. The article is a response to a piece last week by Charles Calomiris and several other economists which suggested the relationship between the two has been overstated. From Sufi and Mian:

...We find striking results: from 2002 to 2006, homeowners borrowed $0.25 to $0.30 for every $1 increase in their home equity. Our microeconomic estimates suggest a large macroeconomic impact: withdrawals of home equity by households accounted for 2.3% of GDP each year from 2002 to 2006.

Our results demonstrate that homeowners in high house price areas borrowed heavily against the rise in home equity from 2002 to 2006. We also provide evidence that real outlays were a likely use of borrowed funds. Money withdrawn from home equity was not used to buy new homes, buy investment properties, or invest in financial assets. In fact, homeowners did not even use home equity withdrawals to pay down expensive credit card debt! These facts suggest that consumption and home improvement were the most likely use of borrowed funds, which is consistent with Federal Reserve survey evidence suggesting home equity extraction is used for real outlays.

The bottom line for Sufi and Mian is clear, unless the housing market recovers, consumer spending will continue to fall.

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Source: NPR Blogs: Planet Money | 25 Jun 2009 | 3:40 pm

Stocks reverse early losses, move slightly higher (AP)

AP - Investors are shrugging off an unexpected rise in jobless claims and cautiously buying stocks.

Source: Yahoo! News: Stock Markets News | 25 Jun 2009 | 3:25 pm

Bernanke denies making threats to BofA

Federal Reserve Chairman Ben Bernanke denied accusations Thursday that he pressured Bank of America to follow through on its controversial purchase of Merrill Lynch or risk having top management removed.
Source: Business and financial news - CNNMoney.com | 25 Jun 2009 | 3:23 pm

Wall Street boosted by retailers, home builders (Reuters)

Reuters - Stocks rose on Thursday as investors held out hope the economic deterioration was receding and positive news boosted consumer and home builder shares.

Source: Yahoo! News: Stock Markets News | 25 Jun 2009 | 3:22 pm

Bernanke: Fed didn't act improperly on Merrill

Fed Chairman Ben Bernanke defends the central bank’s involvement in Bank of America’s controversial acquisition of Merrill Lynch, saying the central bank acted with integrity and did not apply any undue pressure to complete the merger.

Source: MarketWatch.com - Top Stories | 25 Jun 2009 | 3:21 pm

Businesses' bartering bonanza

Tina Ames owns the Craftsmen Cafe, a Clarence, N.Y. eatery that specializes in organic comfort fare such as chicken soup and apple pie. Recently she needed to replace her restaurant's roof, a $7,000 job. Ames was loath to part with that much cash and didn't want to take out a loan.
Source: Business and financial news - CNNMoney.com | 25 Jun 2009 | 3:19 pm

Wall Street boosted by retailers, home builders (Reuters)

Reuters - Stocks rose on Thursday as investors held out hope the economic deterioration was receding and positive news boosted consumer and home builder shares.

Source: Yahoo! News: Business | 25 Jun 2009 | 3:17 pm

Market Snapshot: Stock index's drop below 200-day spells gloom

Signs of distress are showing up in the 200-day moving average, one of the most widely watched technical indicators used to track stocks, giving investors on the sidelines one more reason to hold their cash tight.

Source: MarketWatch.com - Top Stories | 25 Jun 2009 | 3:16 pm

Jobs picture dims and overshadows improved GDP (Reuters)

Reuters - Fresh signs of weakness in U.S. job markets on Thursday underlined the strains faced by a recession-struck U.S. economy that contracted slightly less in the first quarter than previously thought.

Source: Yahoo! News: Business | 25 Jun 2009 | 3:13 pm

Stamenkovic Sees 10-Year Notes Remaining in 3.5% to 4% Range

Source: Bloomberg - All Podcasts | 25 Jun 2009 | 3:11 pm

Stocks turn higher

Stocks erased losses, turning higher Thursday morning as investors shrugged off worries about the morning's weaker-than-expected jobless claims report and scooped up commodity and retail shares.
Source: Business and financial news - CNNMoney.com | 25 Jun 2009 | 3:11 pm

Airline Stocks: Airline stocks mixed with IATA data

Airline stocks post solid gains after an international trade group says it sees new signs of stability in passenger and air-freight demand.

Source: MarketWatch.com - Top Stories | 25 Jun 2009 | 3:05 pm

Amazon Warns State of California to Back Off

This week Amazon.com Inc. sent a letter to California legislators threatening to sever business relationships with affiliates in the state if they passed a law forcing the Seattle based company to collect and remit California sales tax.

Last week Amazon sent letter to North Carolina and Hawaii as they got closer to passing similar legislation. The states are looking to require e-commerce companies with online affiliates in their state to collect tax. These affiliates receive commission from sales that are the result of links on their own websites. According to the WSJ, the letter sent to California Gov. Arnold Schwarzenegger and leaders in state government called the proposed law, AB 178, unconstitutional and said it ”ultimately would require sellers with no physical presence in California to collect sales tax merely on the basis of contracts with California advertisers” .

Geoffrey A. Fowler reports:

Assemblywoman Nancy Skinner, a Democrat, said that the law could raise nearly $150 million in revenue for the state when she proposed it in February. The California law is based on one passed by New York last year, which Amazon and Overstock.com Inc. have challenged in court. Ms. Skinner’s bill is still pending its first hearing in committee.

Aside from desperately needed revenue for the State of California, the new tax law is hoped by some to ‘level the playing field’ between brick and mortar stores and online retailers. They cite boarded up store fronts and struggling local economies.

I don’t know about you, but when I buy online, it’s not because I’m saving the 10% sales tax (yes, where I live it’s just under that). It’s because shopping online is convenient. It’s time efficient. Sure I might save a little on with the discounts and tax savings, but I make up for it in impulse purchases and shipping costs.

Do online retailers really have a competitive advantage, and if so, does it have anything to do with sales taxes?

Image Credit: Robert Scoble, Flickr

Source: Business Pundit | 25 Jun 2009 | 3:03 pm

FSA bans commission for advisers

Financial advisers are to be banned from receiving commission for selling investment, pension and life assurance products from 2012, under radical new rules announced by the Financial Services Authority
Source: Financial Times - US homepage | 25 Jun 2009 | 3:02 pm

Bernanke says he didn't bully BofA to buy Merrill

WASHINGTON (AP) -- Federal Reserve Chairman Ben Bernanke told Congress today he didn't pressure Bank of America into acquiring Merrill Lynch in a deal that ultimately cost taxpayers $20 billion.
Source: RSS feed - channel BNPaperBusiness | 25 Jun 2009 | 3:02 pm

Bernanke says he didn't bully BofA to buy Merrill

WASHINGTON (AP) -- Federal Reserve Chairman Ben Bernanke told Congress today he didn't pressure Bank of America into acquiring Merrill Lynch in a deal that ultimately cost taxpayers $20 billion.

Source: L.A. Times - Business | 25 Jun 2009 | 3:02 pm

Live Blogging Bernanke On BAC

10:05 According to prepared a statement from the Beard, the Fed acted with "the highest integrity," he never told BAC management that action (like firing Lewis/killing him) would be taken if the MAC was invoked, and you bitches got nothing.

10:08 Rep. Edolphus Towns is getting kinky with his opening remarks. "It's time to lift the shroud of secrecy on the Fed and stick a flashlight where the sun don't shine."

10:12 Rep Issa wants to give Bernanke "a full and complete opportunity" to prove he's not a criminal. Issa is in desperate need of a better speech writer. I'm not going to be volunteering my services, as my loyalties lie with B-nanke, but perhaps some slithering virus might like the job.

10:15 Bernanke looks confident, as do the the 16 year olds behind him. Paulson was allegedly going to show up today but he's not seated at the table, meaning it's possible he's going to make a surprise entrance halfway through to fuck some Congressional asses up.

10:22 Mic trubs. Can you heard me now? Now? How's that? Can you hear me? (The kids behind Beard find the technical difficulties hilarious, as does Towns.)

10:26 Everything under control, prepared remarks being read. Blondie w/ Bangs is totally bored, can barely stifle yawns. Perhaps she'd be more entertained if B-nankes opened with this: "You have a particular grace and calm that I adore. You have a level of sophistication that is so fitting with your beauty. I could digress and say that you have the ability to give magnificently gentle kisses, or that I love your tan lines or that I love the curves of your hips, the erotic beauty of you holding yourself (or two magnificent parts of yourself) in the faded glow of night's light -- but hey, that would be going into the sexual details we spoke of at the steakhouse at dinner -- and unlike you I would never do that!"

10:30 Confidential to the minor next to Blondie: are you daring to a) close your eyes b) smirk to your pal stage left? All while the Fed chair is talking?

10:33 Is kid a few rows behind Blondie is attempting to come off reflective by tapping fingers on pursed lips? Or seduce Kucinich?

10:36 Bernanke promised Lewis no specific amount to complete deal, though he did dangle a case of Boone's on a stick in front of K to the L's face while mouthing "you want it? come and get it."

10:39 WHAT IS HAPPENING ON THE RIGHT SIDE OF THE ROOM? Has Bald entered the hizzous??

10:41 When Issa, who, in our professional opinion is getting way ahead of himself and is set to shoot his load with hours to go, told Bernanke he could make his point "briefly," should Beard have gone with the Danza slap, clown face, or other?

10:47 Yes, Beard and his boys have asked Bank of America to reexamine it's board and possibly make changes, and yes, if we're going to be superficial, Kucinich is at the back of the pack when it comes to League Tables: How hot is the congressional staffer sitting behind you, though perhaps he has does some good stuff with his tongue.

10:50 Rep whose name I missed is trying to spice this thing up. "Is Mr. Lewis lying? Did he lie? Is he lying?" Pipsqueak next to Blondie likes this.

10:53 While "I'm sure I can't remember" is a good response to "Are you sure you can't remember?" B-squared probably should've gone with "Kiss my ass and suck my dick... everyone" and walked out of the room.

10:59 Rep Jim Jordan is taking us back, way back, to the day in October Paulson rounded up all the CEOs in a room and suggested he'd put caps in all their asses if the TARP money wasn't accepted. Apparently this is to establish a history of intimidation, in which case, why stop there? It's common knowledge Hank cut his teeth the summer between high school and college working as a bike cop, and would regularly wear short cut loosely enough that he could dangle his Paulsons in people's faces in such a way that implied, "Do not fuck with my shit."

11:05 Tiger print, possibly a gal pal of Dick Fuld, doesn't get why Lehmans (both of them) was allowed to fail.

Yessss. First instance of "I'm not a [insert profession here]," a longstanding tradition of Congressional Hearings. There's a 10-spot in it for Beard if he mixes it up today with "I'm not a Brazilian waxer," "I'm not an irrigation specialist," "I'm not a publicly elected sucker of cock," etc.

11:09 Bernanke doesn't give a rat's ass about the SEC and he's got no regrets [turns around to lady behind him, "Only that I didn't take you to Argentina when I had the chance, sweet cheeks."]

Sponsored Topics: Ben Bernanke - Edolphus Towns - Federal Reserve System - Merrill Lynch - Bank of America
Source: Dealbreaker | 25 Jun 2009 | 3:00 pm

BA workers offer to work unpaid

Just under 7,000 British Airways staff have volunteered for unpaid leave, part-time working or unpaid work.
Source: BBC News | Business | World Edition | 25 Jun 2009 | 3:00 pm

Cheque guarantee card demise date

A timeline has been set for the first time to bring about the end of cheque guarantee cards, an industry body reveals.
Source: BBC News | Business | World Edition | 25 Jun 2009 | 2:59 pm

Futures Movers: Oil rises as rebels attack Nigeria pipeline

Crude futures trend back toward $69 a barrel, as energy traders digest lackluster economic data that raise fresh questions about demand for fuel.

Source: MarketWatch.com - Top Stories | 25 Jun 2009 | 2:59 pm

Bernanke defends Fed on Merrill deal

Ben Bernanke, chairman of the Federal Reserve, faced a stiff test as a Congressional committee examined his behaviour in the run up to the acquisition of Merrill Lynch by Bank of America
Source: Financial Times - US homepage | 25 Jun 2009 | 2:51 pm

Bernanke defends Fed on bank deal

The head of the US Federal Reserve says it acted with "integrity" in Bank of America's takeover of Merrill Lynch.
Source: BBC News | Business | World Edition | 25 Jun 2009 | 2:49 pm

Biotech Stocks: Biotechs set early bullish pace; Jazz shares rally

Biotechnology stocks make early gains as shares of Jazz Pharmaceuticals soared on positive late-stage clinical data for sodium oxybate, its drug candidate for treating fibromyalgia.

Source: MarketWatch.com - Top Stories | 25 Jun 2009 | 2:49 pm

Morning Roundup: Up And Down

Two bits of economic data from the government today: the Bureau of Economic Analysis released the Gross Domestic Product numbers for the first quarter of 2009, and the Department of Labor released new unemployment insurance claims for the week ending June 20.

The first-quarter GDP decreased at a rate of 5.5 percent from the fourth quarter of 2008. Not great news, but an improvement over the previous quarter's 6.3 percent drop. Also on the plus side: the first-quarter shrinkage is lower than the 5.7 percent rate initially expected.

The bad news? Unemployment numbers are up. The number of new claims rose last week by 15,000 to 627,000. The total number of people collecting unemployment also rose, by 29,000, to 6.74 million.

Looks like it might take a while to recover from this economic crisis. But you knew that.

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Source: NPR Blogs: Planet Money | 25 Jun 2009 | 2:48 pm

Mortgages: Mortgage rates settle down after volatile month

Mixed economic reports on the state of the housing market caused mortgage rates to move little or remain flat this week, Freddie Mac’s chief economist said on Thursday, following four weeks of volatile ups and downs.

Source: MarketWatch.com - Top Stories | 25 Jun 2009 | 2:44 pm

Presented By: When Value Is On Your Itinerary

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Source: Dealbreaker | 25 Jun 2009 | 2:40 pm

The Proposal To Bring Back Buy-And-Hold

Former IBM CEO Lou Gerstner is not making any new friends on trading desks. Gerstner bemoans Wall St.'s focus on short term trading rewards but goes one step further and offers a modest proposal to solve the problem. In his utopia, day traders would pay an 80% tax on gains, individuals holding investments for 6 months would pay a paltry 60%, and for those willing to hold on for 5 years, you'd pay nothing (presumably to match the gain).

Gerstner Says Short-Term Gains Should Be Taxed at 80% [Bloomberg]

Sponsored Topics: Business - Bloomberg L.P. - IBM - Investing - Day trading
Source: Dealbreaker | 25 Jun 2009 | 2:40 pm

CANADA STOCKS-TSX heads higher as oil, gold strengthen

* Energy sector, up 1.9 percent, leads rally (Adds details, quotes)
Source: RSS feed - channel BNewsBusiness | 25 Jun 2009 | 2:39 pm

A warning bell on California's debt

Known for his early warnings on Bear Stearns and Lehman Brothers, analyst Martin Weiss of Weiss Research is now sounding the alarm about state of California municipal bonds.
Source: Business and financial news - CNNMoney.com | 25 Jun 2009 | 2:38 pm

Gas prices: Americans struggle to cope

The recent spike in gasoline prices comes at a time when many Americans are still reeling from the economic downturn. Here is how some people are responding to the return of pain at the pump.
Source: Business and financial news - CNNMoney.com | 25 Jun 2009 | 2:38 pm

UPDATE 1-York Pharma in fresh merger talks - source

* Analyst speculates that may be Sinclair, Futura, IS Pharma
Source: RSS feed - channel BNewsBusiness | 25 Jun 2009 | 2:36 pm

Wall Street boosted by retailers and home builders

NEW YORK (Reuters) - Stocks rose on Thursday as investors held out hope the economic deterioration was receding, boosting the consumer, technology and home builder sectors.
Source: Reuters: Business News | 25 Jun 2009 | 2:36 pm

Oil rises above $69 on Commerce Department report

Oil prices rose above $69 a barrel Thursday after the government said that the economy may be faring better than previously thought. In a revised reading on gross domestic product in the
Source: RSS feed - channel BNewsBusiness | 25 Jun 2009 | 2:33 pm

Bernanke pushes back on BofA, Merrill deal charges (Reuters)

Reuters - Federal Reserve Chairman Ben Bernanke on Thursday pushed back hard against accusations the Fed threatened Bank of America executives if they halted a merger with Merrill Lynch or pressured them to withhold bad news about the troubled investment bank.

Source: Yahoo! News: Business | 25 Jun 2009 | 2:33 pm

Bernanke pushes back on BofA, Merrill deal charges

WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke on Thursday pushed back hard against accusations the Fed threatened Bank of America executives if they halted a merger with Merrill Lynch or pressured them to withhold bad news about the troubled investment bank.
Source: Reuters: Business News | 25 Jun 2009 | 2:33 pm

Oil rises towards $70 on Nigeria attack

LONDON (Reuters) - Oil rose toward $70 a barrel on Thursday after Nigeria's main militant group shut down one of Royal Dutch Shell's pipeline junction points, heightening concerns about supplies from the region.
Source: Reuters: Business News | 25 Jun 2009 | 2:32 pm

Retail sector lifts mood on Wall Street

US stocks made a modest rise on Thursday morning as pressure from jobless figures was outweighed by optimism from retailers
Source: Financial Times - US homepage | 25 Jun 2009 | 2:30 pm

Commodities Corner: Can China's demand news be oil's savior?

Analysts question whether China’s healthy appetite for crude will last, and cast doubt on whether its demand can single-handedly offset an expected global drop-off in consumption this year.

Source: MarketWatch.com - Top Stories | 25 Jun 2009 | 2:30 pm

UPDATE 2-Dress Barn to buy Tween Brands in $157 mln stock deal

* Tween's shares up 28 pct; Dress Barn up 8 pct (Recasts; adds terms, background, details on management)
Source: RSS feed - channel BNewsBusiness | 25 Jun 2009 | 2:29 pm

Stocks reverse early losses, move slightly higher

Investors are shrugging off an unexpected rise in jobless claims and cautiously buying stocks.

Source: L.A. Times - Business | 25 Jun 2009 | 2:28 pm

Stocks reverse early losses, move slightly higher

Investors are shrugging off an unexpected rise in jobless claims and cautiously buying stocks.
Source: RSS feed - channel BNPaperBusiness | 25 Jun 2009 | 2:28 pm

Movers & Shakers: Thursday's biggest gaining and declining stocks

Stocks expected to move significantly in trading on Thursday include Bed Bath & Beyond, CKE Restaurants, Elbit Systems, Goldman Sachs, Hertz, Lennar, McCormick, Morgan Stanley, Nike, Red Hat and Seagate.

Source: MarketWatch.com - Top Stories | 25 Jun 2009 | 2:28 pm

Gazprom seals $2.5bn Nigeria deal

Gazprom signs a $2.5bn deal with Nigeria's NNPC, which could boost Russia's control over European energy supplies.
Source: BBC News | Business | World Edition | 25 Jun 2009 | 2:27 pm

The Hanover Names John Casper Regional President

WORCESTER, Mass., June 25 /PRNewswire-FirstCall/ -- The Hanover Insurance Group today announced that it has named John Casper regional president of its emerging western region,...
Source: RSS feed - channel BNewsBusiness | 25 Jun 2009 | 2:26 pm

PennyStockOfficial.com Issues Technical Trade Alerts on Market Movers Today: MOT, F, LVS, YHOO, HPQ, LOW

ROCHESTER, N.Y., June 25 /PRNewswire/ -- href="http://www.pennystockofficial.com/">PennyStockOfficial.com is pleased to offer its stock alerts service to the investing...
Source: RSS feed - channel BNewsBusiness | 25 Jun 2009 | 2:25 pm

Lennar posts loss, but investors see improvement

Lennar reports a slightly deeper quarterly loss on continuing weakness in the housing market. The results are sufficiently encouraging that investors bid the home builder's shares solidy higher.

Source: MarketWatch.com - Top Stories | 25 Jun 2009 | 2:25 pm

Corus 'cutting more UK steel jobs'

Steelmaker Corus is to cut about 2,000 more jobs at plants at Scunthorpe, Rotherham and on Teesside.
Source: BBC News | Business | World Edition | 25 Jun 2009 | 2:24 pm

Tech Stocks: Tech stocks find gains in early going

SAN FRANCISCO (MarketWatch) - Technology stocks showed some signs of life in early trading Thursday as the sector overcame some initial market trepidation over the latest rise in first-time unemployment benefits.

Source: MarketWatch.com - Top Stories | 25 Jun 2009 | 2:23 pm

Health care debate making you sick? Read this

Rx: Health reform.
Source: Business and financial news - CNNMoney.com | 25 Jun 2009 | 2:22 pm

Corus cuts a further 2,000 jobs

Corus, Europe's second-largest steel group, said today that it would cut a further 2,000 jobs, mostly in the UK, in the latest blow for the beleaguered British steel industry.


Source: Latest Business News from Times Online | 25 Jun 2009 | 2:22 pm

UPDATE 1-Seabridge Gold to sell Red Mountain stake to BonTerra

* To use funds to advance KSM, Courageous Lake properties
Source: RSS feed - channel BNewsBusiness | 25 Jun 2009 | 2:21 pm

Banro closes CDN$100,001,700 financing

TORONTO, June 25 /PRNewswire-FirstCall/ - Banro Corporation ("Banro" or the "Company") (NYSE AMEX - "BAA"; TSX - "BAA") is pleased to...
Source: RSS feed - channel BNewsBusiness | 25 Jun 2009 | 2:21 pm

UPDATE 1-Infineon ups Q3 outlook, shares rise

* Says sees Q3 sales increase in low-teen percentage vs Q2
Source: RSS feed - channel BNewsBusiness | 25 Jun 2009 | 2:19 pm

Clunkers...Where's my $4,500?

If you think the new "Cash for Clunkers" law is going to help you buy a new car, you're probably wrong.
Source: Business and financial news - CNNMoney.com | 25 Jun 2009 | 2:18 pm

Stocks reverse early losses, move slightly higher

Investors are shrugging off an unexpected rise in jobless claims and cautiously buying stocks. Initially, investors sent stocks lower after the government said new claims for...
Source: RSS feed - channel BNewsBusiness | 25 Jun 2009 | 2:18 pm

Hertz Predicts Return to Profit as Car Rental Demand Steadies

Hertz Global Holdings Inc., the second-largest U.S. rental-car company, said it will return to profit in the second quarter as demand for autos has stabilized.

Source: L.A. Times - Business | 25 Jun 2009 | 2:16 pm

Hertz Predicts Return to Profit as Car Rental Demand Steadies

Hertz Global Holdings Inc., the second-largest U.S. rental-car company, said it will return to profit in the second quarter as demand for autos has stabilized.
Source: RSS feed - channel BNPaperBusiness | 25 Jun 2009 | 2:16 pm

Kimberly-Clark to cut about 1,600 jobs

CHICAGO (Reuters) - Kimberly-Clark Corp said on Thursday that it would cut about 1,600 salaried jobs, or roughly 3 percent of its workforce, as it tries to trim costs and respond faster to rivals and store brands.
Source: Reuters: Business News | 25 Jun 2009 | 2:13 pm

FSA sounds death-knell for commission

The chief City watchdog today confirmed it was set to ban all commission-based advice in a move that will sound the death-knell for the old style adviser industry.
Source: Latest Business News from Times Online | 25 Jun 2009 | 2:10 pm

Bacon saves Marriott $2 million a year

Next time you order breakfast at a Marriott, you may notice something new about the bacon. Instead of being served in identical six-inch strips, it now comes in an assortment of sizes. That's because senior executives of Marriott, after sampling four or five varieties of bacon in a blind taste test, found that an irregular cut, which costs less, tastes just as good as the rectangular slices traditionally served in the company's hotels. Although J.W. "Bill" Marriott Jr., the company's longtime chairman and chief executive, had his doubts, he approved the new specifications when he learned that they would save about $2 million a year. "Times are changing," says the 77-year-old CEO.
Source: Business and financial news - CNNMoney.com | 25 Jun 2009 | 2:10 pm

'Rewriting' claim on bank charges

Banks are "cosmetically rewriting" their terms and conditions to disguise the penal nature of their overdraft charges, a court hears.
Source: BBC News | Business | World Edition | 25 Jun 2009 | 2:09 pm

Barney Frank Wants Fannie Mae and Freddie Mac To Chill With The Lending Standards

Related: "It's You, You Big Fat Toad, YOU!"

Sponsored Topics: Barney Frank - Fannie Mae - Freddie Mac - Condo Borrowers - United States House Committee on Financial Services
Source: Dealbreaker | 25 Jun 2009 | 2:05 pm

Short Sellers Pile Harder Into Large Solar Stocks (FSLR, STP, LDK, SPWRA, ENER, SOLR, JASO)

Short Selling looked higher in some of the key solar and alternative energy stocks.  Of the top 7 solar stock plays we track by market cap, six of the seven saw increased short selling for June 15 from May 29: First Solar, Inc. (NASDAQ: FSLR) 7,659,466 shares short, a gain of 9.5% from 6,995,776. Suntech Power Holdings [...]

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Source: 24/7 Wall Street | 25 Jun 2009 | 1:56 pm

U.S. economy contracts less but jobless claims up

WASHINGTON (Reuters) - The U.S. economy shrank slightly less in early 2009 than previously thought, the government reported on Thursday, though there was widespread weakness in activity and demand was soft.
Source: Reuters: Business News | 25 Jun 2009 | 1:55 pm

How to invest for the rest of your life

Question: I'm a 56-year-old teacher and my husband recently passed away. I don't own a home or have a pension or any investments, but I will receive a considerable sum from my husband's life insurance policy. My question is how should I invest this money? A financial adviser at my credit union wants me to put it into a variable annuity, but I've heard that this type of annuity is good only for the person selling it. What should I do? --Val, California
Source: Business and financial news - CNNMoney.com | 25 Jun 2009 | 1:54 pm

Young Enterprise: Blue Moon video

The Blue Moon team explain their business idea.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 25 Jun 2009 | 1:49 pm

Young Enterprise: Midas video

The Midas team explain their business idea.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 25 Jun 2009 | 1:47 pm

Lennar loss widens; new home sales up sequentially

(Reuters) - U.S. homebuilder Lennar Corp posted a wider year-over-year quarterly net loss, but saw a sequential rise in new home sales and orders, sending its shares up almost 10 percent in early trade.
Source: Reuters: Business News | 25 Jun 2009 | 1:47 pm

Kimberly-Clark to cut 1,600 jobs

DALLAS -- Kimberly-Clark Corp. said today it will cut 1,600 jobs, or 3 percent of its global work force, as it slims down in the tough economy.
Source: RSS feed - channel BNPaperBusiness | 25 Jun 2009 | 1:47 pm

Kimberly-Clark to cut 1,600 jobs

DALLAS -- Kimberly-Clark Corp. said today it will cut 1,600 jobs, or 3 percent of its global work force, as it slims down in the tough economy.

Source: L.A. Times - Business | 25 Jun 2009 | 1:47 pm

China's new tech frontier

At phone operator Movistar's sales offices in Buenos Aires, customers line up to buy high-speed wireless services to access the web on their mobile phones. Most Argentines don't realize, though, that the company providing the gear for their broadband connections isn't a longtime supplier to Latin America like Alcatel-Lucent, Ericsson, or Motorola, but a relative newcomer called Huawei.
Source: Business and financial news - CNNMoney.com | 25 Jun 2009 | 1:41 pm

Young Enterprise: Yuna video

The Yuna team explain their idea for a business.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 25 Jun 2009 | 1:40 pm

Young Enterprise: Jargon video

The Jargon team explains their business idea.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 25 Jun 2009 | 1:38 pm

US economy contracts by revised 5.5%

The US economy continued to contract in the first quarter of this year, but at a slower pace than previously thought, official figures showed
Source: Financial Times - US homepage | 25 Jun 2009 | 1:34 pm

Young Enterprise: Anyone Company video

The Anyone Company explain their business idea.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 25 Jun 2009 | 1:34 pm

Young Enterprise: Bijoux video

The Bijoux team explain their idea.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 25 Jun 2009 | 1:31 pm

Young Enterprise: Eclectic video

The team Eclectic explain their business idea.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 25 Jun 2009 | 1:27 pm

Target Core Brand Re-Launch, All About Lower Prices (TGT, WMT)

Target Corporation (NYSE: TGT) was hurt as the recession took hold and customers had to go searching for cheaper and cheaper products.  Wal-Mart Stores (NYSE: WMT) was the winner there.  Now Target is aiming to fight back with cheaper products of its own brand, the “up & up” brand. This brand is more than 800 products [...]

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Source: 24/7 Wall Street | 25 Jun 2009 | 1:27 pm

Russia orders Politkovskaya suspects' retrial

Russia's supreme court overturned a not-guilty verdict for three men charged in connection with the 2006 slaying of Anna Politkovskaya and ordered a new trial
Source: Financial Times - US homepage | 25 Jun 2009 | 1:27 pm

Microsoft says Vista buyers to get free Windows 7

SEATTLE -- Microsoft Corp. said today that prices for the Windows 7 computer operating system are largely in line with those for Vista, and that people who buy PCs before the new system goes on sale in October will get free upgrades.

Source: L.A. Times - Business | 25 Jun 2009 | 1:24 pm

Microsoft says Vista buyers to get free Windows 7

SEATTLE -- Microsoft Corp. said today that prices for the Windows 7 computer operating system are largely in line with those for Vista, and that people who buy PCs before the new system goes on sale in...
Source: RSS feed - channel BNPaperBusiness | 25 Jun 2009 | 1:24 pm

US economy better than expected

The US economy shrank at an annualised rate of 5.5% in the first three months of 2009, better than previously thought.
Source: BBC News | Business | World Edition | 25 Jun 2009 | 1:21 pm

U.S. GDP contracts less in Q1, demand still soft

WASHINGTON (Reuters) - The U.S. economy shrank slightly less in early 2009 than previously thought, the government reported on Thursday, though there was widespread weakness in activity and demand was soft.
Source: Reuters: Business News | 25 Jun 2009 | 1:18 pm

New jobless claims rise unexpectedly to 627,000

WASHINGTON -- The number of people filing new jobless claims jumped unexpectedly last week, and the total unemployment benefit rolls rose to more than 6.7 million.

Source: L.A. Times - Business | 25 Jun 2009 | 1:07 pm

New jobless claims rise unexpectedly to 627,000

WASHINGTON -- The number of people filing new jobless claims jumped unexpectedly last week, and the total unemployment benefit rolls rose to more than 6.7 million.
Source: RSS feed - channel BNPaperBusiness | 25 Jun 2009 | 1:07 pm

Lennar posts slightly larger 2nd-quarter loss

MIAMI -- Lennar Corp. reported a slightly larger second-quarter loss than a year ago today as the homebuilder took some writeoffs to adjust land and inventory values and dealt with fewer home deliveries and a drop in new orders.

Source: L.A. Times - Business | 25 Jun 2009 | 1:06 pm

Lennar posts slightly larger 2nd-quarter loss

MIAMI -- Lennar Corp. reported a slightly larger second-quarter loss than a year ago today as the homebuilder took some writeoffs to adjust land and inventory values and dealt with fewer home deliveries...
Source: RSS feed - channel BNPaperBusiness | 25 Jun 2009 | 1:06 pm

Economy dips at slightly lower 5.5 percent pace

WASHINGTON-- The economy tumbled at a 5.5 percent pace in the first quarter, but appears to be doing better now.
Source: RSS feed - channel BNPaperBusiness | 25 Jun 2009 | 1:04 pm

Economy dips at slightly lower 5.5 percent pace

WASHINGTON-- The economy tumbled at a 5.5 percent pace in the first quarter, but appears to be doing better now.

Source: L.A. Times - Business | 25 Jun 2009 | 1:04 pm

Another 24/7 Wall St. CEO To Go Goes Away (BSX)

Boston Scientific Corporation (NYSE: BSX) is finally getting free from President and Chief Executive Officer Jim Tobin.  This was one our top 10 CEO’s to go for 2009 as his tenure has been less than good.  It almost seemed that his need to go was going to be masked by the recession, but Tobin’s lack [...]

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Source: 24/7 Wall Street | 25 Jun 2009 | 1:01 pm

AIG spins off units to cut its NY Fed debt

AIG said it would give the Federal Reserve Bank of New York stakes in two of its life assurance units in order to cut the debt it owes to the bank by $25bn
Source: Financial Times - US homepage | 25 Jun 2009 | 1:01 pm

Chinese oil refiner in record bid

Sinopec makes a $7.2bn bid for oil firm Addax, to boost its business in Africa and the Middle East.
Source: BBC News | Business | World Edition | 25 Jun 2009 | 12:52 pm

IMF sees drag on Irish growth until 2014

Ireland faces a deeper recession than any advanced economy while the collapse of the property market and related stress in the banking sector will continue to be a drag on growth until at least 2014, the IMF says
Source: Financial Times - US homepage | 25 Jun 2009 | 12:44 pm

People Don’t Scale. How Does That Affect Social Media?

Jeremiah Owyang describes how many top/celebrity bloggers use virtual assistants to tweet, man their Facebook accounts, even answer their emails. The reason they do this is that humans don’t scale:

Many of the top social media news blogs are on a race to see who can publish the fastest, why? whoever gets the earliest time stamp often gets the credit and links from other blogs, and will risest fastest on the techmeme tower or google news gauge. As a result, many of these blogs will publish the headline, then adjust, edit, format, punctuate, and add links to the post in real time.

A few authors that have published one of the thousands of social media books outsource their content to ghost writers who create the majority of the content. Although it’s the headlining author’s name that drives book sales, in many cases they don’t actually write the content.

Many of the top celebrities or top social media names don’t even write their own blog posts and tweets, they may outsource it to others.

So what does this mean? It means the social media space is starting to look like just about every other industry that starts to get mainstream. Social media is often the premise built on 1:1 relationships, and even with technology, that clearly doesn’t scale, and I can relate.

This is an interesting look at social media not as an intimate, organic movement, but as an industry. Chris Saad posted an interesting reply to Jeremiah’s post, claiming that the people using ghostwriters are missing a main point of social media, which is to be authentic.

What do you think?

Source: Business Pundit | 25 Jun 2009 | 12:41 pm

Opening Bell: 06.25.09

Fed Emails Bash BofA Chief In Tussle Over Merrill Deal (WSJ)
Earlier that day, Mr. Bernanke had weighed in on the threat to pull out of the Merrill deal: "I think the threat to use the MAC is a bargaining chip, and we do not see it as a very likely scenario at all," he wrote in a Dec. 21 email to a selection of Fed governors.

He also urged preparations be made "so that we can explain to [Bank of America] with some confidence why we think it would be a foolish move and why regulators will not condone it."

New TARP Chief: Economy on Mend, But Vigilance Needed (Reuters)
"I'm confident that very soon we'll be launching [public-private] partnerships," Allison said. "Some time between now and 100 years from now."

AIG To Repay Debt Through IPOs (WSJ)
$25 billion down, $25 trillion to go.

Cuomo Recused Himself Over Money Manager in Pension Fund Probe (Bloomberg)
A paragon of virtue and ethics!

AQR hedging its bets with big mutual fund plan (Reuters)
"We don't want to be theoretical academics. We want to be the guys who demystify alternative (investments) and tell people what's under the wizard's hat," co-founder David Kabiller said.

Read e-mails between Sanford, woman (The State)
"Since our first meeting there in a wind swept somewhat open air dance spot in Punta del Este, I felt that you had that same rare attribute. Above all else I love that inner beauty about you...You have a particular grace and calm that I adore. You have a level of sophistication that is so fitting with your beauty. I could digress and say that you have the ability to give magnificently gentle kisses, or that I love your tan lines or that I love the curves of your hips, the erotic beauty of you holding yourself (or two magnificent parts of yourself) in the faded glow of night's light -- but hey, that would be going into the sexual details we spoke of at the steakhouse at dinner -- and unlike you I would never do that!"

Sponsored Topics: Bank of America - Troubled Asset Relief Program - Mutual fund - Business - American International Group
Source: Dealbreaker | 25 Jun 2009 | 12:37 pm

The Jobless Double-Dip

The Labor Department has released its latest data on weekly jobless claims.  The figure  came in at 627,000, a gain of 15,000.  We had a Dow Jones consensus looking for 605,000 and Bloomberg had 613,000 listed as the consensus estimates.  We also saw a revision here on the prior week’s claims to 612,000 from a [...]

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Source: 24/7 Wall Street | 25 Jun 2009 | 12:34 pm

Unite presses Barclays to explain pension move

Barclays came under pressure today as Unite, the trade union, suggested that the reason for its bombshell decision this month to close its final salary pension scheme was because it was in greater financial difficulty than was generally thought.


Source: Latest Business News from Times Online | 25 Jun 2009 | 12:33 pm

BP names Svanberg as chairman

Oil major BP has appointed Ericsson chief executive Carl-Henric Svanberg to succeed Peter Sutherland as chairman. Drawing a lengthy search for a replacement to Mr Sutherland to a close, BP said Mr Svanberg would take up his position in January 2010
Source: Financial Times - US homepage | 25 Jun 2009 | 12:27 pm

Goldman Sachs Mixes Calls in Oil and Utilities (RIG, PTEN, HAL, OIS, NBR, DO, FTI, WR, NRG, NVE)

Goldman Sachs has made several key upgrades and downgrades this morning in the utility sector and in the oil patch.  While the utility sector was raised to attractive, some of the other calls seem more mixed on the surface in the oil patch. Transocean (NYSE: RIG) was one of the few real upgrades as shares were [...]

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Source: 24/7 Wall Street | 25 Jun 2009 | 12:22 pm

Without Excusing Geithner, This Is Bush’s Inflation

By John Tamny of RealClearMarkets The recent spike in U.S. Treasury yields has generated renewed commentary about the specter of inflation. It’s even being asked if we’re repeating the inflationary mistakes of the late ’70s that occurred on Jimmy Carter’s watch.   In some ways Treasury Secretary Geithner added gasoline to the fire with his much laughed at [...]

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Source: 24/7 Wall Street | 25 Jun 2009 | 12:20 pm

AIG to spin off two units, cut government debt

NEW YORK (Reuters) - American International Group Inc , which received $180 billion of taxpayer bailouts, said it will give the government stakes in two big life insurance units that it plans to spin off.
Source: Reuters: Business News | 25 Jun 2009 | 12:11 pm

AIG to spin off two units, cut government debt (Reuters)

Reuters - American International Group Inc , which received $180 billion of taxpayer bailouts, said it will give the government stakes in two big life insurance units that it plans to spin off.

Source: Yahoo! News: Business | 25 Jun 2009 | 12:11 pm

Toyota chief promises more responsive carmaker

Akio Toyoda, new chief executive of Toyota Motor, pledged to bring a more responsive management style to the Japanese carmaker, which is facing its biggest crisis in six decades
Source: Financial Times - US homepage | 25 Jun 2009 | 12:07 pm

Toyota chief promises more responsive carmaker

Akio Toyoda, the new chief executive of Toyota Motor, on Thursday pledged to bring a looser, more responsive management style to the giant Japanese automaker, which is facing its biggest crisis since Sakichi...
Source: RSS feed - channel BNPaperBusiness | 25 Jun 2009 | 12:07 pm

Twitter breaks into web Top 40 as UK's fastest growing website

Twitter is the UK’s fastest growing website, breaking into the top 40 most visited sites in Britain for the first time.


Source: Latest Business News from Times Online | 25 Jun 2009 | 12:07 pm

Downgrading First Solar (FSLR, TAN)

First Solar, Inc. (NASDAQ: FSLR) is going to be down early this morning after Canaccord Adams decided to grade the stock.  The brokerage firm decided to cut the rating to Hold from Buy, and the price target is $180.00.   This could have implications for the solar ETF, Claymore/MAC Global Solar Energy (NYSE: TAN). The downgrade [...]

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Source: 24/7 Wall Street | 25 Jun 2009 | 12:04 pm

Dawson Holding fighting off creditors

Dawson Holdings the struggling newspaper distributor is seeking a sixweek breathing space from its creditors after losing £500m of contracts this year according to sources.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 25 Jun 2009 | 11:58 am

Moussavi vows not to back down

Mir-Hossein Moussavi, Iran's opposition leader, has vowed to resist pressure to back down as the government crackdown intensifies, warning that the government was facing a "crisis of legitimacy"
Source: Financial Times - US homepage | 25 Jun 2009 | 11:53 am

This Man is a Master Napper

Source: Business Pundit | 25 Jun 2009 | 11:47 am

Shinsei and Aozora in merger talks

Shinsei and Aozora Bank are in discussions to merge their operations in a move that could create Japan's sixth-largest banking group with assets of about Y18,000bn ($188.7bn).Shinsei, which is 33 per cent...
Source: RSS feed - channel BNPaperBusiness | 25 Jun 2009 | 11:44 am

Top Analyst Upgrades and Downgrades (GLW, CPN, DYN, DE, EIX, IR, LM, STX, SLM, WOOF)

These are this Thursday’s top ten independent analyst calls with upgrades, downgrades and initiations from Wall Street brokerage firms with more than two hours until the market opens: Corning (GLW) Started as Outperform at Morgan Keegan. Calpine (CPN) Cut to Underperform at Jefferies. Dynegy (DYN) Cut to Underperform at Jefferies. Deere (DE) Raised to Neutral at Goldman Sachs. Edison (EIX) [...]

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Source: 24/7 Wall Street | 25 Jun 2009 | 11:37 am

Apple Store Approves Vibrator iPhone App

It was just a matter of time, I guess. XBiz has more:

The app is called MyVibe, and it presses the iPhone’s vibrating ringer function into duty as a personal stimulator. The app comes with a memory function and the ability to store more than 100 different vibe settings.

MyPleasure CEO Dr. Sandor Gardos said that he and his team want to bring vibrators to everyone.

“At MyPleasure, we believe that vibrators are a healthy, fun and safe way for women and men to explore their sexuality and enhance their sex lives,” he said. “Our company is devoted to enhancing people’s lives through sex. One way we accomplish this is by making sex toys more accessible and the MyVibe is a playful way to do this.”

Although Apple chieftain Steve Jobs has roundly rejected the idea of adult apps for the iPhone since its 2007 release, companies far and wide have been building softcore apps for it. The latest version of the iPhone OS includes parental controls, sparking speculation that Apple may cave and finally allow adult apps.

Source: Business Pundit | 25 Jun 2009 | 11:09 am

Spanish banks to get €90 billion bailout

A €90 billion (£76.9 billion) bailout fund for healthy as well as struggling Spanish financial institutions is expected to be approved tomorrow.


Source: Latest Business News from Times Online | 25 Jun 2009 | 11:07 am

Billions in benefits go unclaimed

Up to £10.5bn in income-related benefits went unclaimed in Britain in 2007-8, government figures reveal, a rise from a year earlier.
Source: BBC News | Business | World Edition | 25 Jun 2009 | 10:55 am

RBS rises on broker upgrade

Royal Bank of Scotland was the biggest blue-chip riser this morning after Cazenove upgraded the majority taxpayer owned bank to "outperform".


Source: Latest Business News from Times Online | 25 Jun 2009 | 10:52 am

China's NDRC against Tengzhong bid for Hummer: report

BEIJING (Reuters) - China's top economic planning agency is likely to reject Sichuan Tengzhong's bid to buy the Hummer brand from bankrupt General Motors Corp , state radio reported on Thursday.
Source: Reuters: Business News | 25 Jun 2009 | 10:43 am

Comment: We all know the pension system is broken. The question is how to fix it

Just because final salary pensions are disappearing it shouldn't mean the pension system as a whole is beyond repair.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 25 Jun 2009 | 10:35 am

Corus set to axe more than 2000 jobs

Industry hit by a fresh jobs blow as steelmaker prepares to axe posts following a slump in demand.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 25 Jun 2009 | 10:30 am

Google access disrupted in China

Access to Google has been disrupted in parts of China, amid a row over what internet users can view.
Source: BBC News | Business | World Edition | 25 Jun 2009 | 10:26 am

European markets down as Fed enthusiasm wanes (AP)

AP - European stock markets fell modestly Thursday as early enthusiasm over the U.S. Federal Reserve's latest policy statement dissipated amid concerns that borrowing costs may rise sooner than many investors were predicting.

Source: Yahoo! News: Stock Markets News | 25 Jun 2009 | 10:26 am

Toyota (TM): No Industry Recovery On The Horizon

Toyota (TM) says that the global automotive industry is facing two more lean years. It expects to lose more money this fiscal year than it did last and to run most of its factories at well below their capacity. Toyota will survive another two years of hard time because of its balance sheet. The same may [...]

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Source: 24/7 Wall Street | 25 Jun 2009 | 10:11 am

China: Google (GOOG) Is A Pornographer

China wants PC companies to install screening software so that certain material from the web is censored. The central government of the most populous nation does not think that is enough. About a week after accusations flooded in from all over the world that Microsoft’s (MSFT) new Bing search engine made access to online pornography too [...]

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Source: 24/7 Wall Street | 25 Jun 2009 | 10:03 am

Clinton Cards buys 196 Birthdays stores

Clinton Cards has bought 196 stores from the administrator of Birthdays for £3.5 million, safeguarding the jobs of 1,450 workers.


Source: Latest Business News from Times Online | 25 Jun 2009 | 9:12 am

Dispute over Nina Wang's will reveals love of model helicopters and feng shui

The dispute over the will of Nina Wang, Asia’s richest businesswoman, intensified with the first testimony from her feng shui adviser who appeared after her death with a will leaving him her entire fortune.


Source: Latest Business News from Times Online | 25 Jun 2009 | 8:51 am

Toyota's new boss warns of two more tough years

TOKYO (Reuters) - Toyota Motor Corp's new president, the grandson of the group's founder, warned on Thursday the auto industry faces another two tough years as he outlined his strategy to return the world's No.1 car company to profit.
Source: Reuters: Business News | 25 Jun 2009 | 8:44 am

Toyota's new boss warns of two more tough years (Reuters)

Reuters - Toyota Motor Corp's new president, the grandson of the group's founder, warned on Thursday the auto industry faces another two tough years as he outlined his strategy to return the world's No.1 car company to profit.

Source: Yahoo! News: Business | 25 Jun 2009 | 8:44 am

DSG still suffers as consumers cut spending

DSG International, the owner of Currys and PC World, reported a full year pre-tax loss of £140 million today as consumers reined in spending amid the recession and warned of another difficult year.


Source: Latest Business News from Times Online | 25 Jun 2009 | 8:20 am

Australian stocks: Resources sector leads market higher

SYDNEY- The Australian share market closed higher for the second day running, led by gains in the resources sector on the back of higher commodity prices. The benchmark S&P/ASX200 index was up 49 points, or 1.29 per cent, at 3,856,...
Source: New Zealand Herald - Business | 25 Jun 2009 | 7:50 am

BP chooses Ericsson chief as new chairman

BP’s lengthy hunt for a new chairman ended today with the appointment of Carl-Henric Svanberg, the chief executive of Ericsson, the Swedish telecoms company, to replace Peter Sutherland.


Source: Latest Business News from Times Online | 25 Jun 2009 | 7:09 am

Apple's silence on Steve Jobs' health may have broken federal securities rules

Firms aren't required to disclose medical details about executives, lawyers say. But they are required to divulge 'material' information investors should know before buying or selling stock.

Steve Jobs' medical condition turned out to be more serious than Apple Inc. officials had previously acknowledged -- and that has analysts and legal experts questioning whether the company ran afoul of federal securities rules.

Source: L.A. Times - Business | 25 Jun 2009 | 7:00 am

Tourism industry is L.A. County's No. 1 job generator, report shows

But that's not necessarily a good thing: Tourism and hospitality do not pay out as much in wages and salaries as do other industries such as trade and manufacturing, both of which are struggling.

Tourism has surpassed international trade as Los Angeles County's top industry in a new ranking that reflects the growing effect of hotels, shops and restaurants as job creators in Southern California.

Source: L.A. Times - Business | 25 Jun 2009 | 7:00 am

NZ stocks: Market posts gains across board

The New Zealand sharemarket posted solid gains across a broad range of shares today. The leaders were among the stocks to rise, which helped the index along, on a day in which economic data had a higher profile than corporate news. The...
Source: New Zealand Herald - Business | 25 Jun 2009 | 6:27 am

China retailer to buy into Japan's Laox (AFP)

AFP - Chinese retail chain Suning Appliance Co said it planned to buy a stake in struggling Japanese consumer electronics retailer Laox for 800 million yen (8.4 million dollars).

Source: Yahoo! News: Business | 25 Jun 2009 | 5:43 am

Currency: Dollar little changed, awaits GDP data

The New Zealand dollar market was unruffled by current account data today and is waiting for March quarter gross domestic product data tomorrow. The local currency rose as high as US64.85c on Wednesday night but had fallen back...
Source: New Zealand Herald - Business | 25 Jun 2009 | 5:21 am

World's richest wealth fell 20pc last year

NEW YORK - The world's population of millionaires shrank dramatically last year, as the global economic crisis took its toll on the wealthy, according to a report by Merrill Lynch Global Wealth Management and consulting firm Capgemini. The...
Source: New Zealand Herald - Business | 25 Jun 2009 | 4:00 am

Broker Talk: Who Hit 'Pause' on the Rally? (Broker Talk)

After a long run-up, stocks just had their first down week since May. The economic data are mixed and buyers are taking a break. But for how long?

Who’s Talking: Bill Ralls, senior vice president of investment services, Fidelity

The Gist: The biggest question on investors’ minds is whether the stock market surge over the past three months actually reflects the underlying health of the U.S. economy, or if people are confusing a market rally with economic recovery. Ralls thinks it’s too early to tell.

There are some signs of an economic recovery beyond the stock market, Ralls says, particularly in specific regions. The Federal Reserve Bank of Philadelphia, for instance, released a survey last week that found business conditions in the Philadelphia area to be the best they’ve been since last September. Nationally, sales of existing homes rose in May. But investors worry that the government intervention in the housing market (by keeping mortgage rates low and giving first-time home buyers an $8,000 tax credit) may be inflating the strength of the country’s economic recovery—and contributing to an unsustainable trend.

Ralls also points to some other troubling facts: U.S. factories are “running idle” (they’re currently utilized less than any point since 1967) and unemployment, at 9.4%, is at a 26-year high. And there’s more uncertainty to come, he says. Massive government spending by the U.S. and governments abroad still needs time to work through the global economy, and the market now needs to “analyze and digest” the financial regulation reforms the White House announced last week. So, the drop in the market last week wasn’t a declarative end to the rally, Ralls concludes, but “investors should stay braced for a bumpy ride.”

Who’s Talking: Jeffrey Saut, chief investment strategist, Raymond James

The Gist: The market will trade “sideways” this summer, putting off any sharp gains. But not to worry: The economy will look better than expected by year-end as government stimulus kicks in.

Last week Jeffrey Saut said it was a mistake to get too bearish on equities. Three days later, on June 18, he said “caution is warranted” and that the market could see “a deep downside correction.” Saut’s recent commentary, it seems, is nearly as confusing as the market itself. So what does he really think? “We too are somewhat confused,” he says.

Saut explains that any 40 percent market run-up, such as the one we saw over the past three months, is likely to be followed by a correction. But if history is any judge, that doesn’t mean it’s time to go bearish again. In the 2003 downturn, the market bottomed in March at 800, and then the S&P 500 ran up to a June high of roughly 1000, explains Saut. For the rest of the summer, the market “flopped and chopped,” he says, but it “never gave back more than 6%.” By September, the market was climbing again and continued its upward trend through the 2004 new year.

Saut doesn’t envision sharp growth after the summer, though. At their current prices, stocks would need solid economic growth to drive their gains, he says. And that kind of growth is unlikely considering the most companies would need to fuel business growth. That financing usually comes in the form of corporate borrowing, and the country is in a “debt deleveraging mindset.”

But, Saut says, the economy will look better than most think by year-end because of government programs and incentives. The question, then, is whether last week’s market ‘wilt’ is the start of the correction Saut predicts. Perhaps, he says and that is why he remains “cautious” but not “too bearish.” The first stage of a rally, he explains, is typically driven by liquidity, after which the markets tend to “rest” until economic recovery shows itself, which typically spurs another rally.

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Source: SmartMoney.com | 25 Jun 2009 | 4:00 am

Stocks Higher Despite Unemployment Letdown (Market Update)

News at a Glance

• Unemployment Disappoints: Weekly jobless claims hit 627k.
• Erratic Trading: Stocks waver on economic data, earnings.
• Blow Softened: Q1 GDP revised to -5.5% from -5.7%.
• BofA In Order: Transactions in place to meet capital requirement.

The Lowdown

Wall Street remained tepid on economic concern Thursday.

The major indexes wavered, as traders wrestled with a slightly improved reading on economic contraction, disappointing labor data and the latest round of corporate earnings. By 10:06 a.m., the Dow Jones Industrial Average had risen 40 points to 8340. The Nasdaq had picked up 15 at 1807, and the S&P 500 had climbed 6 to 907.

Broader economic conditions appeared a bit better in the rear-view mirror, although not by much. The decline of the first-quarter gross domestic product was revised to -5.5%, compared to an earlier estimate of -5.7%.

In other economic news, the number of people filing for unemployment benefits for the first time rose last week to 627,000, up from the prior week and well above economists' estimates of 600,000. In the prior week, continuing claims dropped for the first time since the week ended Jan. 3, but today's data appeared to dash hopes that a jobs recovery was firmly underway.

Asian markets rose earlier on the Fed's decision, but European markets slumped as investors frowned on a report from the International Monetary Fund that warned Ireland was “especially vulnerable” to recent global market turmoil “given its serious internal imbalances.”

Oil prices edged up Thursday morning. By 9:54 a.m., crude traded up 57 cents at $69.24 a barrel.

Corporate News

• ConAgra (CAG) reported fourth-quarter net income of $174.7 million, or 39 cents a share, down from $201.3 million, or 41 cents a share, in the year-ago period. Last year, the food company had benefited from the sale of its commodity-trading division. Excluding one-time items, ConAgra earned 41 cents a share, which was in line with Wall Street estimates.
• Bank of America (BAC) said Thursday the firm has raised more than the $33.9 billion required by the government to meet new capital standards. Though some of the transactions will not be made official until the end of the week, BofA said a debt exchange and the conversion of prefered shares to common stock will lift the firm above the capital benchmark established by the federal stress test last month.
• American International Group (AIG) plans to spin off two divisions and offer the U.S. government a stake in each to pay down a portion of its debt, the troubled insurance giant said. Taxpayers will become part-owners of AIG's American International Assurance and American Life Insurance units.

The Economy

• The contraction of the first-quarter gross domestic product was revised to final reading of 5.5%, compared to an earlier reading of 5.7%, the Commerce Department said. Economists had expected no change from the previous estimate. REPORT
• Initial jobless claims rose to 627,000 last week, up from a revised 612,000 in the prior week, the Labor Department said. Economists had expected the number of first-time filings for state unemployment benefits to slip to 600,000. REPORT

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Source: SmartMoney.com | 25 Jun 2009 | 4:00 am

A Globe-Trotter's Guide to Investing

GARY MOTYL, THE CHIEF INVESTMENT OFFICER OF the $90 billion Templeton Global Equity Group, part of San Mateo, Calif.-based Franklin Resources (BEN), is upbeat about the likelihood of a global economic recovery and a rebound in stocks after the meltdowns of the past year. Risks remain, but with equities trading near record-low valuations, now is a good time to buy, he says.

Motyl joined Templeton in 1981, as the third investment professional hired by the firm's fabled founder, the late Sir John Templeton. Today he manages several mutual funds and separate-account portfolios for institutional investors, in addition to serving as CIO. Barron's recently talked with him about the outlook for global equity markets. To learn why he is optimistic, read on.

Barron's: Stocks have had a rousing rally in recent months, not only in the U.S. but overseas, especially in Asia. Will it continue?

Motyl: The strong rebound in global markets reflects investor recognition of the historically low valuations at which equities have been trading since the start of 2009. This, together with evidence the global economy is bottoming, aided by unprecedented stimulus packages in almost every developed and emerging-market country, has set the stage for a significant recovery.

So the stimulus measures taken by governments are working?

Yes. There have been hundreds of individual policy initiatives announced in the past year, and it looks as though they are beginning to have an impact on economic activity. While some of the problems created in the last cycle will take several years to be resolved fully, and economic reports are likely to be mixed for a while, several indicators have turned positive recently.

Consumer confidence, for instance.

Measures of consumer sentiment have increased in countries such as the U.S., Taiwan, Sweden, Japan, South Korea and Belgium. This has been reinforced by improving manufacturing data from Hong Kong, China, Russia, and India, while GDP numbers for China and India have posted high-single-digit gains. It also appears the inventory cycle is poised to reverse. In late '08 and early '09 inventories of many goods -- raw materials, consumer electronics, clothing, pharmaceuticals -- were drawn down. There is a need to replenish those inventories, which should give a nice lift to near-term economic numbers.

Some economists fear excessive stimulus will lead to hyperinflation in coming years. Does this worry you?

Although the size of the stimulus programs and injections of liquidity around the world are cause for concern, and commodity prices have moved sharply higher. Excess capacity still exists in many industries. This, combined with high unemployment rates, should act to contain inflation for the foreseeable future.

Does that give you encouragement about the outlook for global equities?

We are optimistic on a longer-term basis. However, while still selling below historical levels on a number of metrics, equities have advanced aggressively in recent weeks, particularly in emerging markets, and significant crosscurrents will persist. Volatility has moderated from the levels of late last year, but likely will remain a feature of the market and not return to the unusually low levels that existed from 2002 through early 2007.

You have studied global equities for three decades. Have the past two or three years been the worst?

This period has been right up there with the global recession and bear market of 1974-1976, and perhaps has been even worse. That's because this time both the global economy and stock markets around the world have suffered tremendously. As in the 1970s, Wall Street is undergoing cataclysmic change. It has been very painful, especially if you look at established firms going out of business, record numbers of job losses, and a number of financial products essentially going away. Whether you're talking about Wall Street or the City of London or any other global financial center, the nature of the business has changed dramatically. That's one of the challenges investors have to deal with. How we all adjust to it will determine who survives and who doesn't.

How badly has your group been hit by the decline in global markets in the past two years?

Market depreciation was the largest driver of the significant drop in our assets. While redemptions also contributed, we have done a good job of stressing to our clients that investing with Templeton requires a long-term commitment. We've been through many different market cycles in the past 60 years, and it has never changed the way we look for undervalued securities across the globe, with a long-term perspective. In good times and bad, we look for and buy quality businesses at a discount. And we hold on to the stocks we find.

What sorts of returns do you expect in the next year or two?

The market has enjoyed a nice bounce off levels that were extremely depressed. But again, valuations remain pretty low historically; there still is opportunity out there. Investors can expect an annualized return of 8% or 9% over the next five years in global equities.

Which foreign markets are showing the most life?

Emerging markets such as China, Brazil and Russia have made big moves off the bottom and are recovering. There has been a lot of enthusiasm for emerging markets.

Which sectors or themes are most popular?

Since early March, many investors have gone back into sectors such as commodities and industrial materials, and in technology, semiconductors. They have also returned to consumer cyclicals such as retail stocks. Our biggest weightings as of March 31 were health care [16.28%], financials [15.73%], information technology [13.26%], telecommunications services [11.74%], consumer discretionary [10.22%] and energy [10.16%]. The rest was in industrials [9.41%], consumer staples [6.71], materials [3.66%] and utilities [2.84%].

What is the breakdown by region?

Our largest market is Europe, with 49.76% of our assets. Next is North America, with 32.89%, followed by Asia, at 12.82%; Latin America, 2.52%; Australia/New Zealand, 1.1%, and the Mideast/Africa, at 0.91%.

Which sectors look most attractive?

Telecommunications stocks are selling at low multiples of earnings. These companies have good cash-flow characteristics and many have high dividend yields. And, because the market was concerned about certain things, they had very low valuations. On a long-term basis, these stocks should continue to do well.

We like and own Telefonica [TEF], which is based in Spain, but is one of the world's leading telecom companies. It has significant operations not only in Spain but across Europe, and a good business in Latin America. It also has a good mix of fixed and wireless assets. The stock has been under pressure because of concerns about the slowdown in the Spanish economy. One area that bears mention, however, is the company's exposure in Venezuela. This is a profitable business, but with obvious political and currency risk. But Telefonica management is one of the best in the industry, with a consistent track record of growing the dividend. The current yield exceeds 6%. Moderate-single- digit growth in net income, together with share buybacks, should enable the high- yielding shares to produce a solid total return in the next several years.

What else interests you in the sector?

China Telecom [CHA] has had a nice recovery after being hit pretty hard last year. The company has made a positive start in recruiting subscribers to its newly acquired CDMA mobile business. The market has become more comfortable about the prospects for turning around the mobile business, which would augment the value of the stock. It is trading largely on the value most people attribute to the company's fixed-line business.

What about big positions in health care?

Our weighting in pharmaceuticals is the heaviest in 20 or 25 years. Novartis [NVS] is a big position. It is a bit of a different animal than some of the pure pharmaceuticals, given 30% of its total business is non-pharmaceuticals, mainly generics and products aimed at consumer health, animal health and vision care. Based in Switzerland with operations globally, the company reported revenue of $41.5 billion in 2008. The stock is undervalued because investors are focused on short-term issues confronting the company and the industry. The shares have been depressed this year by unfavorable currency movements, manufacturing issues in the generics division, and worries over the shape of U.S. health-care reform. In addition, investors have been selling defensive stocks to fund purchases of economically sensitive companies.

What is the valuation?

Novartis trades for 11.3 times consensus 2009 earnings estimates and yields 4.3%. In the next five years, non-pharmaceutical revenues are forecast to increase from 30% to 50% of company revenue, providing a degree of stability to earnings and cash flow. The company has a number of promising drugs in development that could increase earnings over a five-year horizon, and management has cost-cutting options that could help preserve earnings through the 2011-12 patent expiration of two key drugs.

How about technology stocks? What do you like there?

Most of our tech exposure is outside of semiconductors and focused on software and services. The semiconductor exposure we've had in the past five or six years has been in Asia, mainly Korea and Taiwan, where we have been able to buy semiconductor stocks at 10, 11, 12 times earnings with four, five and six percent dividend yields. They almost look like pharma stocks.

One of our bigger semiconductor holdings is Samsung Electronics [005930. South Korea]. It has benefited from a market shift toward early-cycle stocks, evidence of inventory restocking and signs of better demand in China, particularly for handsets. Samsung is also a beneficiary of problems at handset competitors Sony/ Ericsson and Motorola [MOT]. Taiwan Semiconductor [TSM] benefits from similar factors. Its utilization rates, which troughed recently in the low-30% range, are now approaching 70%.

You own Cisco, too. How is it doing?

We've always liked Cisco Systems [CSCO], the world's leading supplier of networking equipment. It had $39.5 billion of revenue in fiscal 2008, ended July. However, it rarely has sold at a valuation level that meets our criteria. The price/earnings multiple peaked above 100 times in 2000, and currently rests at 14 times fiscal 2009 forecasts. The free-cash-flow yield is 11.5%, based on fiscal 2008 earnings. The stock is undervalued as investors worry about...economic weakness, and underestimate Cisco's ability to benefit from secular trends in video conferencing, wireless data and streaming video. All will require continued investment in Internet and networking infrastructure.

Templeton owns media stocks, which have few fans these days. What appeals to you about these businesses?

A number of media companies in Europe and the US. have valuation characteristics similar to the tech and other stocks we've been talking about: undervalued cash flow and good balance sheets. They were leaders in the TMT [telecom-media-technology]-bubble cycle of the late 1990s, but have recovered and rectified the imbalances in their valuations. We have a fairly significant position in Vivendi [VIV.France], which provides us with exposure to the telecom as well as the cable area. The stock is out of favor due to investors' dash for cyclicality, but the valuation is extremely cheap. The company trades for eight times 2009 estimated earnings, has a 12% free-cash-flow yield, a well-supported 7% dividend yield and a strong balance sheet. If you strip out the value of its listed stakes in Activision Blizzard [ATVI] and Maroc Telecom [IAM.Morocco], and benchmark SFR [a French mobile-phone company] against telecom peers, that leaves the rest of Vivendi's media assets [Canal+, Universal Music Group and NBC Universal] at just 2.5 times 2009 earnings. Comparative media franchises are trading at seven to eight times earnings.

Is Vivendi your largest media holding?

Our largest holding is Comcast [CMCSA]. It had been hurt by investor concerns about the company's use of cash flow for capital expenditures to build out its broadband network. But those concerns are receding as capital spending has slowed and penetration has reached high levels. Comcast has strong free cash flow, which now can be used for shareholder returns. The company looks undervalued on a number of measures. On 2009 and 2010 estimated EV/Ebitda [enterprise value to earnings before interest, taxes, depreciation and amortization], it trades for 4.9 times and 4.7 times, respectively. This is at the extreme low end of the historical range, going back to 1991. It's more than two standard deviations below the average of about nine times [excluding the TMT-bubble highs], and looks cheap relative to the market.

Historically, cable stocks haven't looked cheap on a P/E basis. But as growth slows and margins expand, this is changing. Comcast is trading at 13 times and 11 times consensus 2009 and 2010 earnings estimates. The dividend yield is a modest 1.9%, as a payout was put in place a year ago. But dividends could grow nicely in coming years.

With more than 15% of the portfolio in financials, what are you buying?

We went into the global downturn underweight in financials. Since then we've found some good opportunities, although we aren't wildly overweight. We like insurance companies like Munich Re [MUV2.Germany], the world's second-largest reinsurer. The company avoided the toxic-asset problems that plagued many peers, and has a high-grade investment portfolio. Pricing in reinsurance will be favorable in the next two years. The stock is trading at 0.9 times book value and yields 5.5%. The company recently acquired specialty insurer Hartford Steam Boiler Group from American International Group [AIG] for cash, at an attractive 1.25 times book value and 4.5 times normalized 2008 earnings. Munich Re has long-term earnings power of more than 20 euros per share.

We are more circumspect on banks but like JPMorgan Chase [JPM] and Bank of New York Mellon [BK]. Investors still need to be careful, especially given the sharp run-up some of these stocks have had in the past few months.

Thanks, Gary.

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 | 25 Jun 2009 | 4:00 am

Cute Sayings, but Bad Advice (On the Street)

Choose math, not maxims, when it’s time to make financial decisions. Plenty of terse, oft-repeated sayings give the impression of wisdom but can lead to costly mistakes.

Those who say “renters throw money down the drain” sum things up neatly, but fail to consider that sometimes house prices rise to the point where renting is a better deal. (I argued prices had done just that in April 2007. Since then, they’ve fallen nationwide by an average of 30%.)

You’ve heard perhaps that “education is the best investment you can make.” If we’re talking about learning, strictly speaking, and about the intangible benefits thereof, you can’t go wrong with that advice. But if we’re talking about the financial rewards of pursuing a traditional four-year college degree at today’s bloated tuition prices, I disagree. Today’s average degree-seeker should be prepared to lose money on their investment relative to the average high school graduate who goes to work and saves, I recently argued. (I’m for changing the system, not necessarily skipping college.)

Wall Street is overflowing with misleading proverbs. “Buy best of breed,” stock pickers often say. They mean we should buy shares of companies that are top performers in their industries. Such companies tend to have produced excellent stock returns on their way to becoming No. 1. The problem is, there’s little evidence to suggest they continue to outperform—and plenty of evidence to the contrary. One sign of company dominance is a high profit margin, or the percentage of sales that are left as profits after expenses are paid. Profit margins, studies have long shown, tend to mean-revert. That is, extraordinarily high margins tend to fall, since successful companies eventually lure competitors. Meager profit margins tend to rise, since investors will only suffer them for so long before demanding change. All this isn’t to say that top companies can’t provide handsome stock returns, but a modest valuation is a much better predictor than mere status.

Here’s a colorful one: “Bulls and bears make money, but pigs get slaughtered.” That’s meant to caution stock investors to sell winners before it’s too late. Research in behavioral finance shows most investors have no trouble doing that; in fact, they tend to sell winners far too early and clutch losers for too long. It’s human nature: We like to postpone events that cause a sense of loss, while hastening ones that bring pride. All else held equal, though, investors are better off holding winners. Share price momentum is a powerful predictor of future performance. So stay slightly piggish.

On a related note, forget about “buy low, sell high.” Stocks hitting fresh 52-week highs are especially likely to keep rising. They won’t do so forever, and valuations surely matter, but think carefully before discarding stocks on the way up. Investors would be better served by a saying that’s less terse but more informative, like “favor low valuations and be wary of high ones, all while paying attention to recent trading momentum.”

Perhaps someone told you that stocks were driven higher the other day by “more buyers than sellers.” Not likely. Each trade must have a buyer and a seller. For the same reason, the existence of “cash on the sidelines” doesn’t necessarily bode well for the stock market, if by “cash” we mean Treasury bonds and money-market accounts (which invest in short-term, ultra-safe bonds). For someone to sell those bonds, someone else must buy, in the absence of net redemptions by the issuer. What matters most for stocks and bonds is the eagerness of buyers versus sellers, not the number.

Some quickies:

“Cash is king.” Not in cases where steep, recurring government deficits raise the possibility of new money creation, and devaluation.

“Buy the rumor, sell the news.” Do neither, unless you’re gambling. Investors should focus on the numbers.

“Sell in May and go away.” You need at least two things to validate a stock strategy: an abundance of historical proof and a logical explanation of why it still works. I’ve seen neither for this one. (That said, stocks looked a bit pricey to me toward the end of this May.)

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 | 25 Jun 2009 | 4:00 am

The 401(k) Rollover Conundrum

According to most brokers and fund companies, the best move for anyone switching jobs or retiring is to transfer their 401(k) money into a rollover IRA. How do we know? Just ask them.

There’s an expected $2.3 trillion in potential rollover money up for grabs in the next five years, and these companies—which make their money off the assets they manage—all want a piece of that. Check virtually any of their Web sites and you’ll find helpful calculators or educational materials instructing investors as to why a rollover is their best option.

Trouble is, that’s not always the case. Sure, taxes and penalties make cashing out a 401(k) an unappealing option. But some companies seem to posit that rolling your balance into an IRA is always the best choice. In fact, they rarely even mention the possibility of keeping your money in your old 401(k). Fidelity’s “rollover evaluator” tool, for example, asks four questions, then offers a recommendation—and regardless of the information an investor gives, the answer is always the same: “Roll your 401(k) into a Rollover IRA.” (The tool has since been taken off the site “for maintenance,” the company says.) Schwab’s pros-and-cons grid suggests that there’s little difference between rolling over your balance and leaving it in your employer’s plan; T. Rowe Price’s Web site highlights the comparison between an IRA and a cash distribution, with little mention of other options.

That’s just plain bad advice, says Alison Borland, a consultant in the defined contribution practice at management-consulting firm Hewitt Associates. Investors in a 401(k) plan often pay much lower fees than retail investors—sometimes half as much. That may be just 45 cents on every $100 invested, but over time those pennies add up. In fact, a 35-year-old with about $100,000 could, by the time she’s 70, have paid an additional $116,250 in fees by switching to a rollover IRA, Borland says. But no one tells employees that, she adds: “There’s no nice chart that pops up and says, ‘By the way, you’re going to pay higher fees and earn less in investment returns—are you okay with that?’”

For their part, fund companies say their materials aren’t intended to be comprehensive, and a Fidelity spokesperson says its tool isn’t supposed to be an investment recommendation. Indeed, there are compelling reasons to roll over—if, say, you’ll have better investment or estate-planning options with an IRA, says Patti Brennan, a financial planner in West Chester, Pa. But to figure out what’s in your best interest, experts say, you may need a better friend than your fund company.

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 | 25 Jun 2009 | 4:00 am

Commissioner calls for smarter 'smart meters'

Nearly 1.3 million households are expected to have "smart" electricity meters installed by 2012 - but the nation's environmental watchdog today warned most of those meters will not be smart enough. "I heard mutterings that the...
Source: New Zealand Herald - Business | 25 Jun 2009 | 3:30 am

Dunne promises new online tax payments to IRD

Inland Revenue is planning to introduce a system similar to on-line banking so taxpayers can keep track of their accounts and make payments easily, Revenue Minister Peter Dunne said today. He was responding to a

The height of German inflation. natehofer via Flickr

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