Stocks fall after poor jobs report

NEW YORK -- Stocks fell Thursday morning after a new report showed more job losses than expected in June.

Source: L.A. Times - Business | 3 Jul 2009 | 7:00 am

Four Ways Of Looking At The New Job Loss Numbers

Several of you have asked whether today's report from the Bureau of Labor Statistics is good news or bad news.

First, the good news, such as it is: The jobless rate for June ticked up by just .1 percent, to 9.5. The last report, for May, showed a jump of .5 percent.

You can also consider the overall number of jobs lost last month. Economists had expected to see 365,000 jobs cut. Instead, employers canned 467,000 people. That's a gulp.

Personally, I'm struck by how long people are remaining out of work -- a figure that has steadily increased with the recession. We're up to an average of 24.5 weeks for the average job search, two weeks longer in than last month's report. "[B]road job losses are effectively making unemployment a way of life for millions," the New York Times reports. That's pure misery on a Saltine cracker.

You could also look at what's happening to wages, which are flat, flat, flat. Ian Shepherdson of High-Frequency Economics writes, "[O]minously, hourly earnings were unchanged for the second time in three months." He predicts, "Wages will soon be
falling outright, a classic deflation signal."

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Source: NPR Blogs: Planet Money | 2 Jul 2009 | 2:36 pm

Greene King positive despite 15% profit fall

Greene King, the acquisitive brewer and pubs company, today posted a 15 per cent fall in annual pre-tax profits to £118.5 million but said that sales in recent weeks were encouraging.


Source: Latest Business News from Times Online | 2 Jul 2009 | 2:34 pm

Wesley Clark: Ethanol's field general

If ever there were an industry in need of a general, it's the ethanol industry. Already under siege from food companies blaming biofuels for rising grocery prices, ethanol companies are now seeing their profit margins crushed by falling prices for their product. Compounding the problem, many environmentalists -- who five minutes ago seemed to be in ethanol's corner -- have turned against the corn-based fuel.
Source: Business and financial news - CNNMoney.com | 2 Jul 2009 | 2:23 pm

California declares state of fiscal emergency

Arnold Schwarzenegger, the governor of California, has declared a state of fiscal emergency as the state faces a cash shortage expected to hit $6.5bn in coming months.$


Source: Latest Business News from Times Online | 2 Jul 2009 | 2:23 pm

Vodafone and Carphone end dispute

Carphone Warehouse is to restart selling Vodafone mobile phone contracts, three years after Vodafone pulled the products from the retailer.
Source: BBC News | Business | World Edition | 2 Jul 2009 | 2:22 pm

New GM, old faces

General Motors CEO Fritz Henderson has argued this week that a bankruptcy court needs to approve plans to create a new GM, one unburdened by many of the contracts and liabilities of the past.
Source: Business and financial news - CNNMoney.com | 2 Jul 2009 | 2:19 pm

ECB holds key rate at all-time low

The European Central Bank leaves its key lending rate unchanged at an all-time low of 1%.

Source: MarketWatch.com - Top Stories | 2 Jul 2009 | 2:19 pm

Economic Report: U.S. May factory orders climb by 1.2%

Orders for U.S.-made factory goods rise by the largest amount in close to a year, climbing 1.2% for May on a big jump in orders for transportation equipment.

Source: MarketWatch.com - Top Stories | 2 Jul 2009 | 2:18 pm

Metals Stocks: Gold falls on stronger dollar, jobs data

NEW YORK (MarketWatch) -- Gold futures fell Thursday, moving below $930 an ounce as the U.S. dollar strengthened against most of its rivals after a disappointing U.S. jobs report, reducing gold's appeal as an investment alternative.

Source: MarketWatch.com - Top Stories | 2 Jul 2009 | 2:16 pm

Vital Signs: What a tax on health benefits may mean for you

A tax break that many workers don’t even realize they have -- the exclusion from taxable income of their employer-provided health benefits -- has become a pawn in the health-care reform chess game.

Source: MarketWatch.com - Top Stories | 2 Jul 2009 | 2:15 pm

Wall Street falls 2 percent as economic worries weigh (Reuters)

Reuters - Stocks were near session lows on Thursday, with major indexes down more than 2 percent, as jitters about a larger-than-expected fall in nonagricultural payrolls overshadowed a rise in a measure of future industrial output.

Source: Yahoo! News: Business | 2 Jul 2009 | 2:14 pm

Wall Street falls 2 percent as economic worries weigh (Reuters)

Reuters - Stocks were near session lows on Thursday, with major indexes down more than 2 percent, as jitters about a larger-than-expected fall in nonagricultural payrolls overshadowed a rise in a measure of future industrial output.

Source: Yahoo! News: Stock Markets News | 2 Jul 2009 | 2:14 pm

CA-CANADA Summary (Reuters)

Reuters - Toronto's main stock index opened lower on Thursday as commodity prices faltered and U.S. data showed more job losses than expected in June, adding to concerns about the pace of economic recovery. At 9:33 a.m., the S&P/TSX composite index was down 112.09 points, or 1.08 percent, at 10,262.82.
Source: Yahoo! News: Stock Markets News | 2 Jul 2009 | 2:08 pm

TSX falls on weak resources, U.S. jobs data (Reuters)

Reuters - Toronto's main stock index opened lower on Thursday as commodity prices faltered and U.S. data showed more job losses than expected in June, adding to concerns about the pace of economic recovery.
Source: Yahoo! News: Stock Markets News | 2 Jul 2009 | 2:07 pm

Stocks fall as June job losses exceed estimates (AP)

AP - Stocks fell Thursday morning after a new report showed more job losses than expected in June.

Source: Yahoo! News: Stock Markets News | 2 Jul 2009 | 2:07 pm

Tech Stocks: Techs sink as broader market falls on jobs news

Tech sector tumbles amid broad market slide following grim news about rising unemployment in the United States.

Source: MarketWatch.com - Top Stories | 2 Jul 2009 | 2:05 pm

Factory orders rise more than expected in May

Orders to U.S. factories jumped in May by the largest amount in nearly a year, further evidence that the nosedive in manufacturing is nearing an end. The Commerce Department says total...
Source: RSS feed - channel BNewsBusiness | 2 Jul 2009 | 2:04 pm

UMH Properties, Inc. Renews Share Repurchase Program

FREEHOLD, N.J., July 2 /PRNewswire-FirstCall/ -- The Board of Directors of UMH Properties, Inc. (NYSE Amex: UMH) at its meeting held on June 23, 2009, renewed its approval of a...
Source: RSS feed - channel BNewsBusiness | 2 Jul 2009 | 2:03 pm

Someone's Going To Give Himself A Hernia

Part II

I'm Dennis Kneale, it is 8 o'clock on a Wednesday of the July 4th holiday weekend and the great recession is still over

I started this anti recession rant one week ago and I'll tell you every day another new indicator of hope emerges to bolster my contrarian call

This recession is ending right here right now

We've got a couple more encouraging numbers today and I'll get to them in a moment but first I gotta say, ouch!

Last night, on this show, I stirred up an angry hornets nest in the blogs

You know when I criticized their mean-spirited negativity and bashed them for hiding behind the cowardly cloak of anonymity

I called them dickweeds, a form of pondscum

They have howled with outrage across the blogosphere

Blog sites like Dealbreaker, Gawker, Huffington Post, Business Insider, Zero Hedge, Annuity IQ and more have incited an online mob to rush to their defense

One result: when you enter my name into Google, 'dennis kneale cnbc' shows up first

In the number two position, rising w a bullet 'dennis kneale idiot' 14,000 entries and counting

Hundreds of posts went up today, some made veiled death threats, others issued more transparent calls for lesser violence

They're gonna "breaka my face," and "give me good wuppin'"

On Dealbreaker there was this: "DK needs to be put in a burlap sack and beaten with reeds"

Thanks for that

Funny stuff guys

Apparently they see a resemblance between me and Beaker

I gotta say frankly i think i look more l like Dexter or Dilbert

Here's an erudite post in Business Insider blog: "Kneale is functionally retarded"

I haven't heard that since like sixth grade

I also gotta say, way too many homoerotic and anti-gay comments

What is wrong with you guys?

Are you still ten years old and bullying kids on the playground?

But, this bitter backlash has given me pause

Maybe I painted with too broad a brush?

Perhaps I was unduly harsh?

And then it came to me: No I wasn't!

I'm not sorry at all!

I meant every word of it!

I don't bother reading the vitriol spewing out from these miscreants and digital imbeciles
but apparently they're watching me

Nanny nanny boo boo

Bloviating bloggers and their complainers: I welcome their complaint and dissent

But I gotta ask: why are they so threatened by holding out a little hope?

Sponsored Topics: Hernia - Surgery - Health - Conditions and Diseases - Digestive Disorders
Source: Dealbreaker | 2 Jul 2009 | 2:00 pm

The Conference Board Issues Guide to Effective Evidence-Based Human Resources

NEW YORK, July 2 /PRNewswire/ -- Evidence-Based Human Resources can play a major role in helping companies successfully manage their global talent in today's highly competitive
Source: RSS feed - channel BNewsBusiness | 2 Jul 2009 | 2:00 pm

US unemployment soars as rate hits 26-year high

US employers sacked far more workers than expected in June, pushing the country's unemployment rate to a 26-year high of 9.5 per cent.


Source: Latest Business News from Times Online | 2 Jul 2009 | 1:58 pm

Currencies: U.S. dollar mixed after June jobs data disappoint

Disappointing U.S. jobs data spark moves in the foreign-exchange market, with the dollar losing ground against the Japanese yen but trading higher against the euro.

Source: MarketWatch.com - Top Stories | 2 Jul 2009 | 1:56 pm

Job market takes turn for worse

The battered U.S. labor market took a step backwards last month as employers trimmed more jobs from their payrolls in June, according to a government report Thursday.
Source: Business and financial news - CNNMoney.com | 2 Jul 2009 | 1:51 pm

Stocks fall as June job losses exceed estimates

Stocks fell early Thursday after a new report showed more job losses than expected in June. The U.S. unemployment rate also hit a 26-year high, following a similarly weak reports on jobs
Source: RSS feed - channel BNewsBusiness | 2 Jul 2009 | 1:48 pm

U.S. job losses accelerate, jobless rate hits 9.5 percent

WASHINGTON (Reuters) - U.S. employers cut 467,000 jobs in June, far more than expected, while the unemployment rate rose to 9.5 percent, the government said on Thursday in a report that showed a labor market continuing to struggle with a deep recession.
Source: Reuters: Business News | 2 Jul 2009 | 1:48 pm

U.S. job losses accelerate, jobless rate hits 9.5 percent (Reuters)

Reuters - U.S. employers cut 467,000 jobs in June, far more than expected, while the unemployment rate rose to 9.5 percent, the government said on Thursday in a report that showed a labor market continuing to struggle with a deep recession.

Source: Yahoo! News: Business | 2 Jul 2009 | 1:48 pm

Exelon raises hostile bid for NRG to $7.5 billion

NEW YORK (Reuters) - Exelon Corp raised its hostile takeover bid for independent power producer NRG Energy Inc by more than 12 percent to $7.45 billion on Thursday to sway investors ahead of NRG's annual meeting.
Source: Reuters: Business News | 2 Jul 2009 | 1:47 pm

US economy sheds 467,000 jobs

The US economy shed another 467,000 jobs last month, signalling aggressive government stimulus measures are failing to unshackle the labour force from the grips of the recession, official figures showed
Source: Financial Times - US homepage | 2 Jul 2009 | 1:47 pm

Pharmacy sales hold up Walgreen, Rite-Aid in June

Prescriptions seemed to be holding up the drugstore business last month as two sector giants reported brisk sales in the pharmacy sector but declines at the front end.

Source: MarketWatch.com - Top Stories | 2 Jul 2009 | 1:44 pm

Stocks tumble on jobs data

Stocks opened lower Thursday, the end of a holiday-shortened week, after a dismalmonthly jobs report quashed hopes for a near-term recovery.
Source: Business and financial news - CNNMoney.com | 2 Jul 2009 | 1:43 pm

'Rogue trading' costs London oil broker 10m

A suspected rogue trader has allegedly caused 10m £6m of losses at the London office of PVM Oil Futures the world's biggest broker of overthecounter oil derivatives.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Jul 2009 | 1:41 pm

Elan rallies as J&J to invest $1 billion-plus

Johnson & Johnson plans to make a $1 billion investment in Irish drugmaker Elan . in exchange for commercial rights to its experimental Alzheimer’s disease medications, and will further fund development efforts in this area up to $500 million.

Source: MarketWatch.com - Top Stories | 2 Jul 2009 | 1:41 pm

E-Trade to exchange $1.7 bln of debt

NEW YORK (MarketWatch) -- E*Trade Financial Corp. said it will exchange more than $1.7 billion in convertible debentures after about $1.83 billion in senior notes were tendered to its debt-exchange offer.

Source: MarketWatch.com - Top Stories | 2 Jul 2009 | 1:39 pm

Wall Street opens lower, hit by jobs data

NEW YORK (Reuters) - Stocks opened lower on Thursday after payrolls data showed more Americans than expected lost their jobs in June, dimming hopes that the economy may be heading out of recession quickly.
Source: Reuters: Business News | 2 Jul 2009 | 1:38 pm

U.S. unemployment rate at 9.5%, a 26-year high

In June, 467,000 jobs are lost; analysts had predicted 350,000. Despite positive signs for the economy in recent weeks, the report is evidence that the jobs market remains troubled.

The nation's unemployment rate edged up to a 26-year high of 9.5% in June as employers slashed nearly half a million jobs over the month across a wide spectrum of industries, the Labor Department reported today.

Source: L.A. Times - Business | 2 Jul 2009 | 1:37 pm

US job losses worse than expected

The number of jobs lost in the US last month came in at 467,000, which is much more than had been expected.
Source: BBC News | Business | World Edition | 2 Jul 2009 | 1:36 pm

Stocks fall at open after poor jobs report

Stocks are falling in the opening moments of trading after a new report showed more job losses than expected in June. The U.S. report Thursday follows a similar weak jobs report from...
Source: RSS feed - channel BNewsBusiness | 2 Jul 2009 | 1:35 pm

Euro interest rates kept on hold

The European Central Bank keeps its key interest rate unchanged at 1% following its monthly meeting.
Source: BBC News | Business | World Edition | 2 Jul 2009 | 1:33 pm

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.

Source: MarketWatch.com - Top Stories | 2 Jul 2009 | 1:31 pm

Critical Alerts for X, JNPR, ALL, JNS, and LIFE Released By Seven Summits Research

CHICAGO, July 2 /PRNewswire/ -- Seven Summits Research issues PriceWatch Alerts for key stocks. Seven Summits Strategic Investments' PriceWatch Alerts are...
Source: RSS feed - channel BNewsBusiness | 2 Jul 2009 | 1:31 pm

Critical Alerts for AMZN, VLO, VMW, DF, and AEE Released by Seven Summits Research

CHICAGO, July 2 /PRNewswire/ -- Seven Summits Research issues PriceWatch Alerts for key stocks. Seven Summits Strategic Investments' PriceWatch Alerts are...
Source: RSS feed - channel BNewsBusiness | 2 Jul 2009 | 1:31 pm

RTS to Roll Out High-Speed Access to Xetra

One of First Technology Providers to Offer New Optional Access for High Frequency Traders along with New Xetra Platform 10.0 CHICAGO and FRANKFURT, July 2...
Source: RSS feed - channel BNewsBusiness | 2 Jul 2009 | 1:30 pm

Bank of England's Prof David Miles says worst house price falls over

The worst of the UK house price falls may be over a Bank of England policymaker and mortgage market expert told MPs on Thursday.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Jul 2009 | 1:20 pm

Oil falls towards $67, focus on weak U.S. economy

LONDON (Reuters) - Swelling gasoline stocks and a far bigger than expected rise in U.S. unemployment drove oil markets down around $2 on Thursday toward $67 a barrel.
Source: Reuters: Business News | 2 Jul 2009 | 1:20 pm

CONTECH Acquires Thompson Culvert Company

New acquisition positions CONTECH for future growth WEST CHESTER, Ohio, July 2 /PRNewswire/ -- CONTECH Construction Products Inc. announced today that it had acquired the...
Source: RSS feed - channel BNewsBusiness | 2 Jul 2009 | 1:18 pm

CME Group Volume Averaged 11.4 Million Contracts Per Day in June 2009, Up 6 Percent From May 2009

- Highest monthly volume to date in 2009 for interest rates, FX, commodities and alternative investments product lines - Double-digit quarterly sequential growth in interest rates,
Source: RSS feed - channel BNewsBusiness | 2 Jul 2009 | 1:15 pm

Exelon raises hostile bid for NRG to $7.5 billion (Reuters)

Reuters - Exelon Corp raised its hostile takeover bid for independent power producer NRG Energy Inc by more than 12 percent to $7.45 billion on Thursday to sway investors ahead of NRG's annual meeting.

Source: Yahoo! News: Business | 2 Jul 2009 | 1:14 pm

No One Coming In To Work At Citi Today

Vikula was hoping to cut out early and beat the traffic anyway so, good, this works out nicely.*

To: Employees on the 4th floor of 390 Greenwich St.

From: Citi Health Services

Sent: Wed Jul 01 13:18:27 2009

Subject: Probable H1N1 Case at 390 Greenwich St.

We have learned that an employee at our location has been diagnosed with a probable case of H1N1 Flu. The employee was in the office today, and at that time was showing some symptoms of H1N1 Flu. Please note that, due to medical privacy concerns, we cannot provide additional information as to the identity of the employee who has become ill. We are asking that employees on the floor take special care to ensure you are:

* Taking appropriate protective measures to prevent becoming ill and/or
spreading illness to others.

* Staying home from work if you begin demonstrating flu-like symptoms.

*Yes, we are fully aware that Pandito doesn't work out of Greenwich Street but obviously he's going to take this warning and run with it. He's got like 1 personal day left this year.

Sponsored Topics: Influenza A virus subtype H1N1 - Health care - Influenza - Greenwich Street - Greenwich
Source: Dealbreaker | 2 Jul 2009 | 1:10 pm

California on brink of IOUs

Here come the California IOUs, again.
Source: Business and financial news - CNNMoney.com | 2 Jul 2009 | 1:09 pm

Gordon Ramsay suffers profit nightmare

The TV chef Gordon Ramsay, who admitted recently that ambition almost brought his restaurant empire crashing down, suffered a kitchen nightmare last year as profits at his group fell by almost 90 per cent.


Source: Latest Business News from Times Online | 2 Jul 2009 | 1:06 pm

US stocks set to slide on jobs report

US stocks looked set to finish a shortened week on a disappointing note on Thursday morning as data showed many more people lost their jobs during June than expected
Source: Financial Times - US homepage | 2 Jul 2009 | 1:01 pm

ECB holds rates at record low, to take stock of actions

FRANKFURT (Reuters) - The European Central Bank kept euro zone interest rates at 1.0 percent on Thursday, and markets expect it to hold them at the all-time low for much of next year to help repair the region's economy.
Source: Reuters: Business News | 2 Jul 2009 | 12:59 pm

London broker falls foul of $10m rogue trader$

PVM Oil Futures, a London-based oil broker, has lost almost $10 million after falling foul of a rogue trader, it emerged today.$


Source: Latest Business News from Times Online | 2 Jul 2009 | 12:54 pm

Twitter followers 'can be bought'

Twitter users can now buy followers to boost the audience for the messages they send via the micro-blogging service.
Source: BBC News | Business | World Edition | 2 Jul 2009 | 12:52 pm

'Rogue trader' costs PVM $10m

Oil broker PVM Oil Futures said it lost 'a little under $10 million' due to unauthorised trading earlier this week
Source: Financial Times - US homepage | 2 Jul 2009 | 12:52 pm

'Rogue trader' costs PVM $10m

PVM Oil Associates, the world's largest over-the-counter oil brokerage, said on Thursday it had lost just under $10m after one of its employees engaged in "unauthorised trading" in Brent futures. "PVM...
Source: RSS feed - channel BNPaperBusiness | 2 Jul 2009 | 12:52 pm

Opening Bell: 07.02.09

Big Pay Packages Return To Wall Street (WSJ)
Viva La 2007! "Goldman Sachs Group Inc. is on track to pay out as much as $20 billion this year, or about $700,000 per employee. That would be nearly double the firm's $363,000 average last year, and slightly higher than the $661,000 for the average Goldman employee in fiscal 2007, according to analyst estimates reviewed by The Wall Street Journal."

Merrill exec sounds bullish on future of BofA merger (Charlotte Observer)
Dan Sontag looks on the bright side re: Bank of Amerillwide. The future couldn't be possibly worse than the last several months, which were not unlike having hot coffee thrown on one's face during a parking lot brawl, an experience so traumatizing that no one wants to talk about it anymore. "People are really starting to move forward here," Sontag said in an interview with the Observer this week. "I see my group not wanting to talk about the rearview mirror as much."

Treasury To Name 9 Toxic Managers (WSJ)
The fate of the economy rests in your Power Point skills: "Potential managers made presentations to the government that were designed to measure whether they could handle the job. Firms considered include BlackRock Inc., Allianz SE's Pacific Investment Management Co., or Pimco; TCW Group; and Wellington Management, although it isn't clear who made the final cut."

Singh Hangs Up Stanford Logo (NYP)
Apparently he's not the man we thought he was. Two confidential things to Vijay: 1) you were paid to wear that thing, so god damn, you should have to wear it and 2) even after the 150 year sentence, the canasta player sponsored by Madoff Securities continues to sport his MadSec. Personally, we're typing this from a Bills Jersey which we'll continue to wear until the Big Guy is free. That's called loyalty, something you know nothing about.

Risk Cuts at Morgan May Lead to a Loss (NYT)
Sounds like it's time to give this guy a second shot.

Staffer At SEC Had Warned On Madoff (Washington Post)
"Genevievette Walker-Lightfoot, a lawyer in the SEC's Office of Compliance Inspections and Examinations, sent e-mails to a supervisor, saying information provided by Madoff during her review didn't add up and suggesting a set of questions to ask his firm, documents show. But with the agency under pressure to look for wrongdoing in the mutual fund industry, she wasn't able to continue pursuing Madoff, according to documents and two people familiar with the investigation, and her team soon concluded its work on the probe. Walker-Lightfoot's supervisors on the case were Mark Donohue, then a branch chief in her department, and his boss, Eric Swanson, an assistant director of the department and Bernie's nephew-in-law."

"Bon" or "Non" Appétit? (PIMCO)
Bill Gross's buzz kill of the morning: "Greed will come again. But for now, the trend is the other way and it promises to persist for a generation at a minimum."

Sponsored Topics: Bernard Madoff - US Securities and Exchange Commission - Business - Wall Street Journal - BlackRock
Source: Dealbreaker | 2 Jul 2009 | 12:52 pm

Unemployment rate hits 9.5% in June

Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5%, suggesting that the economy's road to recovery will be bumpy.
Source: RSS feed - channel BNPaperBusiness | 2 Jul 2009 | 12:51 pm

Oil drops after US inventory increase

Oil fell as the market continued to digest US government data showing a large increase in gasoline stocks, increasing worries that consumer demand was flagging and the energy markets had been overbought
Source: Financial Times - US homepage | 2 Jul 2009 | 12:49 pm

J&J buys $1 billion Elan stake, gains Alzheimer's R&D

LONDON (Reuters) - Johnson & Johnson is to take over most of Elan Corp's Alzheimer's research and invest $1 billion in new Elan equity in exchange for an 18.4 percent stake in the Irish drugmaker, the companies said on Thursday.
Source: Reuters: Business News | 2 Jul 2009 | 12:45 pm

J&J buys $1 billion Elan stake, gains Alzheimer's R&D (Reuters)

Reuters - Johnson & Johnson is to take over most of Elan Corp's Alzheimer's research and invest $1 billion in new Elan equity in exchange for an 18.4 percent stake in the Irish drugmaker, the companies said on Thursday.

Source: Yahoo! News: Business | 2 Jul 2009 | 12:45 pm

Misguided Optimism in Double-Digit Unemployment Rates

The Labor Department has a slew of data on the employment front this morning.  Actually, it is the unemployment front.  The data for unemployment in the month of June showed an unemployment rate of 9.5%.  The bad news comes in the form of the change in non-Farm Payrolls, which came in at-467,000.  Where this gets [...]

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Source: 24/7 Wall Street | 2 Jul 2009 | 12:37 pm

Next Time Your Restaurant Service Sucks, Try This

Source: Business Pundit | 2 Jul 2009 | 12:36 pm

Trinity Mirror to close nine Midlands newspapers

Trinity Mirror, the newspaper group that owns the Daily Mirror, has announced plans to close nine local newspapers in the Midlands resulting in the loss of up to 120 jobs. The news come amid a severe downturn...
Source: RSS feed - channel BNPaperBusiness | 2 Jul 2009 | 12:36 pm

At least six dead in Pakistan bus attack

At least six people were killed and more than 15 injured when a suspected Taliban suicide bomber rammed his motorcycle into a government bus in Rawalpindi, the military's garrison city just outside Islamabad
Source: Financial Times - US homepage | 2 Jul 2009 | 12:32 pm

JPMorgan Solar Picks and Pans (ENER, ESLR, FSLR, ASTI, SPWRA)

JPMorgan has decided to make some key solar ratings changes this morning.  The firm is cautious on the valuation of some in the position of a declining market trend right now, but there are some key takeaways here that are up as well.  Energy Conversion Devices, Inc. (NASDAQ: ENER) and Evergreen Solar Inc. (NASDAQ: ESLR) [...]

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 24/7 Wall Street | 2 Jul 2009 | 12:22 pm

The iPhone App Store takes a bad turn

Source: Business and financial news - CNNMoney.com | 2 Jul 2009 | 12:14 pm

Crackdown on credit card cheques

Unwanted credit card cheques will be banned and a new post created to help consumers get refunds, the government says.
Source: BBC News | Business | World Edition | 2 Jul 2009 | 12:12 pm

ECB holds rate at record-low 1%

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 2 Jul 2009 | 12:04 pm

Will digital health care save billions?

Getting an electronic health record system in place by 2014? Tough.
Source: Business and financial news - CNNMoney.com | 2 Jul 2009 | 12:04 pm

Argos owner hit with protest vote over bonuses

Home Retail Group (HRG), the owner of Argos and Homebase, was dealt a blow by shareholders this morning after more than a third of investors voted against a controversial bonus scheme.


Source: Latest Business News from Times Online | 2 Jul 2009 | 12:02 pm

More defaults expected on loans

Defaults on loans have risen and are expected to increase in the coming months, a Bank of England survey finds.
Source: BBC News | Business | World Edition | 2 Jul 2009 | 12:02 pm

World stocks down ahead of key US jobs data (AP)

AP - World stocks mostly fell Thursday as investors braced for a crucial U.S. jobs report that could set the tone in markets for the coming few days at least.

Source: Yahoo! News: Stock Markets News | 2 Jul 2009 | 11:58 am

A Simple Economic Fix

This is from an article in the St. Petersburg Times Newspaper on Sunday.

The Business Section asked readers for ideas on, “How Would You Fix the Economy?”

I think this guy nailed it!

Dear Mr. President,

Please find below my suggestion for fixing America ’s economy. Instead of giving billions of dollars to companies that squander the money on lavish parties and unearned bonuses, use the following plan. You can call it the Patriotic Retirement Plan:

There are about 40 million people over 50 in the work force - Pay them $1 million apiece severance for early retirement with the following stipulations:

1.) They MUST retire. Forty million job openings - Unemployment fixed.

2.) They MUST buy a new American Car. Forty million cars ordered - Auto Industry fixed.

3.) They MUST either buy a house or pay off their mortgage - Housing Crisis fixed.

It can’t get any easier than that!

P.S. If more money is needed, have all members in Congress and their constituents pay their taxes …

Source: Business Pundit | 2 Jul 2009 | 11:58 am

EADS wins giant Saudi border deal

Defence and aerospace group EADS wins a contract worth an estimated $2.27bn (£1.4bn) to help Saudi Arabia improve its border security.
Source: BBC News | Business | World Edition | 2 Jul 2009 | 11:56 am

EU blamed over German bank woes

A German minister blames the European Union for problems in the state Landesbank banking system.
Source: BBC News | Business | World Edition | 2 Jul 2009 | 11:55 am

Treasury to name up to 9 managers for toxic-asset plan: source

NEW YORK (Reuters) - The Treasury Department is expected to name as many as nine fund managers to operate the long-awaited Public-Private Investment Program (PPIP) to cleanse banks of toxic assets, a person familiar with the plan said on Wednesday.
Source: Reuters: Business News | 2 Jul 2009 | 11:53 am

Pru UK boss quits after losing out on top job

Nick Prettejohn has quit as the head of the Prudential's UK business after three and a half years after losing out to Tidjane Thiam for the chief executive's job.


Source: Latest Business News from Times Online | 2 Jul 2009 | 11:50 am

ECB leaves rates unchanged at 1%

Eurozone official interest rates were left unchanged at 1 per cent by the European Central Bank as policymakers await signs of the region's economic recovery gaining momentum
Source: Financial Times - US homepage | 2 Jul 2009 | 11:45 am

Repsol receives offers for Argentine arm

Spanish oil company Respol confirms it has received several offers for a stake in YPF, its Argentine unit
Source: Financial Times - US homepage | 2 Jul 2009 | 11:36 am

Repsol receives offers for Argentine arm

Repsol YPF, the Spanish oil group, on Thursday confirmed that it had received offers to buy part of YPF, its Argentine company, in a putative deal that could be worth billions of euros and ultimately help...
Source: RSS feed - channel BNPaperBusiness | 2 Jul 2009 | 11:36 am

Top Analyst Upgrades and Downgrades (BCSI, CSCO, CAL, DAL, DYN, HA, MTL, SRE, LUV, TTM)

These are the top pre-market analyst upgrades and downgrades we have seen this Thursday.  There are going to be fewer and fewer research notes from now to what is most likely Tuesday morning as Friday is a holiday and Monday is being taken off by so many investment and research personnel. Blue Coat Systems (BCSI) Started [...]

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Source: 24/7 Wall Street | 2 Jul 2009 | 11:31 am

Burning out

Budget busts mean damp squibs in the US on 4 July
Source: BBC News | Business | World Edition | 2 Jul 2009 | 11:29 am

Banks prepare to lend again as 'worst passes'

The newest member of the Bank of England's Monetary Policy Committee has sounded a cautiously optimistic note about the prospects of a UK recovery as official figures suggest that banks are preparing to lend again.


Source: Latest Business News from Times Online | 2 Jul 2009 | 11:28 am

Pensions 'threat' to Royal Mail

Failure to resolve the Royal Mail's huge pension deficit threatens the UK's universal postal service, it has been claimed.
Source: BBC News | Business | World Edition | 2 Jul 2009 | 11:27 am

Chinalco buys $1.5bn Rio Tinto shares

China's state-controlled Chinalco on Thursday confirmed it had taken up its full entitlement to Rio Tinto's $15.2bn share issue to maintain its 9 per cent shareholding in the miner, despite the soured...
Source: RSS feed - channel BNPaperBusiness | 2 Jul 2009 | 11:24 am

N Korea raises tension with launch

North Korea test-fired two short-range missiles, further stoking tension in the region that was already high due to Pyongyang's nuclear test and threats to boost its nuclear arsenal in response to UN sanctions
Source: Financial Times - US homepage | 2 Jul 2009 | 11:12 am

O2 wins exclusive UK rights to Palm Pre

O2 has secured exclusive rights to the Palm Pre the latest hitech mobile phone which is regarded as the most serious challenger to Apple's iPhone.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Jul 2009 | 10:50 am

Irresponsible credit card companies targeted in consumer shakeup

Plans to stop banks and other lenders in Britain offering irresponsible loans and credit cards have been unveiled.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Jul 2009 | 10:38 am

16 Catalogs Still Worth Ordering In The Internet Age

The internet has made life better in an inconceivable number of ways, but at the same time there are still some things that spark nostalgia for pre-internet days. Recently I got to thinking about the mail order catalog. While it still exists, the catalog has definitely faded into the background of commercial activity a little bit. It might be because I’m a magazine junkie, and catalogs are essentially magazines that only contain ads, but I used to love subscribing to various catalogs. I was never into the general item catalogs quite as much; most of the fun came from learning more about a particular hobby or niche, or discovering entirely new products that you never even imagined existed. And best of all of course, catalogs have, for the most part, always been cheap, at most costing a nominal shipping charge.

Most people have moved from buying from catalogs to online ordering, but the internet still hasn’t managed to kill off all catalogs just yet. Here are 16 that are still worth taking a look at:

McMaster-Carr

The McMaster-Carr catalog is basically everything you would need to build and run an industrial or commercial company in one giant catalog that contains nearly a half million products. If you’ve got an engineering fetish or are just curious to know more about how the industrialized world is built the McMaster-Carr catalog is for you.

Website: McMaster-Carr
To order a catalog you first need to make a purchase (they only mail them to customers, and even then it can take awhile), but their website replicates their catalog.

Edmund Scientific

Edmund Scientific has been around for decades with all sorts of scientific offerings. Fantastic offering for kids interested in science (or kids you are trying to interest in science), but also not a bad read for an adult who still has some kid in them.

Website: Edmund Scientific
To Order A Edmund Scientific Catalog

B&H

B&H Photo Video is the largest non-chain photo and video store in the United States. They operate physical locations in New York city but also have a thriving website, despite the fact that it is shut down during Jewish holidays and once a week for Shabbat (the company was founded and is run by Hasidic Jews). The company puts out massive seasonal catalogs as well as niche catalogs on subjects like pro audio and pro video. If you’re an AV buff then B&H almost certainly puts out a catalog you’d be interested in.

Website: B&H Photo Video
To Order A B&H Catalog

Cabela’s

Cabela’s is one of the largest direct mail order companies in the world, shipping over 100 million catalogs a year. They actually have their hands in all sorts of things, including ridiculously gaudy storefront locations that are the equivalent of an outdoorsman’s Disneyland (their Kansas City location attracts four million visitors a year), and hunting video games that you’ve probably seen at your local Wal-Mart. Cabela’s has multiple catalogs, and will even send them hardbound if you spend enough money with them.

Website: Cabela’s
To Order A Cabela’s Catalog

Emigre

I’ve met quite a few designers who are typeface/font junkies, and all of them loved the Emigre catalog. Emigre has been developing typefaces since 1984 and also have some other offerings including things like wrapping paper and posters. Perfect catalog for designers as mentioned, or for people who simply love beautiful, well designed things.

Website: Emigre
To Order An Emigre Catalog

Lehman’s

Lehman’s Hardware is a store located in the heart of Amish country in Kidron, Ohio. Originally it mostly sold Amish merchandise, but it eventually became world renowned as a seller of non-electric tools and appliances. Business has been booming for them lately with the movement towards sustainable culture, and it doesn’t hurt that obviously all of Lehman’s products are as “green” as you can get. The catalog for Lehman’s is 168 pages in size and offers over 2,500 items.

Website: Lehman’s
To Order A Lehman’s Catalog

Dick Blick

Another niche offering, the Dick Blick catalog is the bible of art supplies. If you have any interest at all in art and creative expression this catalog will inspire and give you ideas.

Website: Dick Blick
To Order A Dick Blick Catalog

American Science & Surplus

American Science & Surplus is a surplus retailer that sells educational items. If you enjoy Woot you’ll be a big fan of American Science & Surplus’ dryly humorous product descriptions. One of the best pure reads on the list, and since it features oddball items there’s almost certainly something here for everyone’s interest.

Website: American Science & Surplus
To Order An American Science & Surplus Catalog

Musician’s Friend

Much like Dick Blick, but for musician’s, Musician’s Friend is generally looked at as the bible of musical products. If you’re a musician and want to do a little daydreaming this is the catalog for you.

Website: Musician’s Friend
To Order A Musician’s Friend Catalog

Things You Never Knew Existed

Things You Never Knew Existed pretty much does what it says on the tin. The catalog contains a myriad collection of items that will probably have you asking how any of the items even got manufactured, let alone who would buy them, but it’s still a good read just for the sheer excess on display. Also if you have kids they’ll probably like it, so there’s that.

Website: Things You Never Knew Existed
To Order A Things You Never Knew Existed Catalog

Van Dyke’s Taxidermy

Unless you’re an avid hunter (or maybe you want to stuff and display your dearly beloved Golden Retriever) the Van Dyke’s Taxidermy catalog probably won’t be a regular read for you. But as a once off it’s a pretty fascinating look into a practice that is falling by the wayside. Plus anything that has the top level product category “Glass Eyes” has to be worth checking out at least once.

Website: Van Dyke’s Taxidermy
To Order A Van Dyke’s Taxidermy Catalog

REI Outdoors

On first glance this might look like a Cabela’s clone, but REI focuses more on camping and sports activities, and less on killing wildlife. REI offers a couple of catalogs, the standard products book, and a catalog of vacation packages from it’s REI Adventures travel brand.

Website: REI Outdoors
To Order A REI Outdoors Catalog

Duluth Trading

Another catalog worth reading for the clever product descriptions, Duluth Trading sells work wear and durable clothing, some of which is quite innovative. This is the company that solved plumber’s butt. Ok so the solution was kind of obvious, but you still have to respect the marketing.

Website: Duluth Trading
To Order A Duluth Trading Catalog

Hammacher Schlemmer

The oldest continuously published catalog in the United States (founded in 1848), Hammacher Schlemmer sends out over 30 million catalogs a year. In the end Hammacher Schlemmer is kind of a higher end and more adult Things You Never Knew Existed, which isn’t necessarily a bad thing.

Website: Hammacher Schlemmer
To Order A Hammacher Schlemmer Catalog

The J. Peterman Company

Made famous in Seinfeld, The J. Peterman Company is known for it’s lengthy product descriptions making this another catalog worth actually “reading”. The company also offers interesting one of a kind items such as this East German periscope.

Website: J Peterman
To Order A The J. Peterman Company Catalog

MAT Electronics

We live in a pretty disposable culture these days, but if you’d like to change that in your own small way then the MAT Electronics catalog is for you. Microwave oven on the fritz? MAT Electonics has you covered. This is true for all sorts of electronics making this a must have for the aspiring tinkerer. If you’re into sustainable culture the MAT Electronics catalog paired with the Lehman’s Hardware catalog would have you covered for just about any scenario. If you’re handy a small business could probably be started with nothing more than MAT as a supplier, buying broken items and fixing them up to sell.

Website: MAT Electronics
To Order A MAT Electronics Catalog

Source: Business Pundit | 2 Jul 2009 | 10:33 am

Optimism about the economy stalls - poll

A new national poll indicates that nearly half of all Americans think the economy has stabilized, but only one in eight believes that a recovery has started.
Source: Business and financial news - CNNMoney.com | 2 Jul 2009 | 10:27 am

Gold investors add 43pc to holdings of bullion

Gold investors increased their holdings of bullion at a major dealer by more than 40pc in the first six months of the year.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Jul 2009 | 10:12 am

Another Brilliant Search Move From Microsoft: Bing To Include Tweets

Bing is arguably the best search product Microsoft (MSFT) has ever launched. It has gotten good to excellent reviews. A number of internet reseach firms show that Bing is picking up market share from Google (GOOG) and Yahoo! (YHOO). Microsoft is paying a price for Bing, one that is well beyond its development costs. The world’s [...]

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Source: 24/7 Wall Street | 2 Jul 2009 | 10:08 am

Anti-Smoking Drugs Could Cause Suicide (PFE)(GSK)

It is hard to say whether a person is better off stopping smoking and lessening their chances of a heart attack or killing themselves.  Some of the anti-smoking drugs from Pfizer (PFE) and GlaxoSmithKline (GSK) can have terrible side effects.  The drugs are Chantix, made by Pfizer, and Zyban, made by GlaxoSmithKline. Inexplicably, the FDA [...]

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Source: 24/7 Wall Street | 2 Jul 2009 | 9:59 am

British banks expect to increase lending this quarter

Lenders say they will increase the amount of credit to households this quarter according to a new survey from the Bank of England.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Jul 2009 | 9:47 am

K-Mart To Offer Discounts To The Unemployed

Several car companies have offered to make monthly payments for new auto buyers who lose jobs. Hyundai even has a program to take some vehicles back if their owners can’t find work. The K-Mart division of Sears (SHLD) is joining the parade of firms hoping to aid those down on their luck. According to the FT, [...]

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Source: 24/7 Wall Street | 2 Jul 2009 | 9:46 am

Virgin Atlantic to cut flights and jobs

Virgin Atlantic, the UK long-haul airline controlled by Sir Richard Branson, is cutting capacity by seven per cent in the coming winter season and is planning to axe around 600 jobs or close to eight per...
Source: RSS feed - channel BNPaperBusiness | 2 Jul 2009 | 9:42 am

Obama widens mortgage refi program

The Obama administration is widening its mortgage refinancing program to allow more borrowers hit hard by falling home prices to take part.
Source: Business and financial news - CNNMoney.com | 2 Jul 2009 | 9:41 am

Confirmed: Goldman Sachs (GS) Workers Could Make $700,000 Each

Goldman Sachs (GS) recently said that media reports that its employees would make huge sums based on the firm’s 2009 earnings were not true. It turns out that they probably are. In an article in The Wall Street Journal, the paper says Goldman “is on track to pay out as much as $20 billion this [...]

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Source: 24/7 Wall Street | 2 Jul 2009 | 9:34 am

Paying For Ethics

The SEC’s inspector general has suggested to Congress that the government should pay a bounty to individuals who turn in financial felons, a new wrinkle among the attempts to keep fraud out of the system. According to the FT, the agency’s comments included the observation that “Although the bounty system has been in place at [...]

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Source: 24/7 Wall Street | 2 Jul 2009 | 9:01 am

Phase II Of The Recession Looms In 2010

The recovery seemed so certain just a month ago. The American economy would be out of the recession before the end of the year. A number of arrows have pointed in that direction. The May unemployment figures were tame despite the ongoing human toll of rising job losses. Housing prices are not plunging at the [...]

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Source: 24/7 Wall Street | 2 Jul 2009 | 8:54 am

Telefnica tests line for T-Mobile UK bid

The prospect of a bidding war for T-Mobile UK was looming on Wednesday night after it emerged that Telefnica is looking at the case for buying Britain's fourth largest mobile phone operator.Spain's leading...
Source: RSS feed - channel BNPaperBusiness | 2 Jul 2009 | 8:46 am

StanChart names Peace as chairman

John Peace has been confirmed as permanent chairman of Standard Chartered. Mr Peace, one of the contenders for the job at the bank alongside Sir Win Bischoff - who is being lined up for the chairmanship...
Source: RSS feed - channel BNPaperBusiness | 2 Jul 2009 | 8:41 am

Beijing Automotive plans Opel bid: report

(Reuters) - Beijing Automotive Industry Holding Co plans to present a detailed bid for General Motors Corp's Opel unit in Europe within the next few days, The Wall Street Journal reported, citing a person familiar with the matter.
Source: Reuters: Business News | 2 Jul 2009 | 8:36 am

Greene King sales accelerate in hot weather holds dividend

Greene King the pub owner and brewer said sales growth has picked up in recent weeks helped by warm summer weather and bucked the trend in the pub sector to hold its dividend.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Jul 2009 | 8:11 am

Media Digest 7/2/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   California declared a financial emergency. Reuters:   An SEC attorney raised concern about a Madoff report in 2004. Reuters:   Auto parts supplier Lear filed for bankruptcy. Reuters:   NYC apartment sales are down more than 50%. Reuters:   Beijing Automotive will bid for Opel. Reuters:   GM told a judge asset sales was its only option. Reuters:   The Treasury will name 9 managers for [...]

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Source: 24/7 Wall Street | 2 Jul 2009 | 8:04 am

Rio Tinto right issue sees strong UK takeup

Rio Tinto saw strong take up by UK investors of its heavily discounted 15.2bn £9.2bn rights offer to cut its huge debt burden.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Jul 2009 | 7:57 am

Greene King toasts sunny weather

Greene King, the brewer and pub owner, on Thursday said that recent trading had been strong, partly thanks to sunny weather and increased spending from mortgage borrowers benefiting from lower interest...
Source: RSS feed - channel BNPaperBusiness | 2 Jul 2009 | 7:52 am

California is turning to funny money to solve crisis

California is short on cash so it plans to issue IOUs instead.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Jul 2009 | 7:16 am

Fourth of July parties may set sales alight

More are expected to celebrate the holiday this year than in 2008, according to a National Retail Federation survey. That's good news for stores.

Shoppers stiffed Mom, Dad and the Easter Bunny but appear to be giving Uncle Sam extra love this Fourth of July.

Source: L.A. Times - Business | 2 Jul 2009 | 7:00 am

Solar energy helps to power huge ship at Port of Long Beach

The solar array, which provides 10% of the energy used by the M/V Auriga Leader while she is docked, is part of a demonstration project to reduce diesel emissions.

The huge car carrier ship called the M/V Auriga Leader idled at the Port of Long Beach, burning through enough electricity to power 100 homes as workers loaded and unloaded a fleet of Toyotas.

Source: L.A. Times - Business | 2 Jul 2009 | 7:00 am

Mercury General using guise of benevolence to assault Prop. 103

The auto insurer's alter ego, Californians for Fair Auto Insurance Rates, is sponsoring a bill that it says will surely lower our insurance bills.

The art of setting automobile insurance rates is incomprehensible to most of us civilians. Liability coverage, comprehensive insurance, assigned risk pools, discounts, surcharges . . . the list goes on. Just try to figure out how your carrier arrived at the figure at the bottom of your itemized bill -- I know nuclear physicists who can't do that math.

Source: L.A. Times - Business | 2 Jul 2009 | 7:00 am

San Diego's Mission Bay looking for Fourth of July boost

The tourist mecca has been suffering, but hotel owners and merchants are hoping that a slew of discounts and the nation's birthday celebration will kick-start summer.

Here in San Diego's Mission Bay -- a nearly 7-square-mile playground of amusement parks, beaches, marinas, restaurants, hotels and souvenir shops -- the words on the lips of merchants and hotel owners are "Fourth of July weekend."

Source: L.A. Times - Business | 2 Jul 2009 | 7:00 am

SEC investigator raised Madoff suspicions in 2004 to no avail

With the agency under pressure to look for wrongdoing in the mutual fund industry, Genevievette Walker-Lightfoot wasn't able to pursue the case, sources say. ...
Source: RSS feed - channel BNPaperBusiness | 2 Jul 2009 | 7:00 am

Consumer fraud charges filed against five Van Nuys companies

The cases are part of a federal crackdown dubbed Operation Short Change. The FTC says the firms allegedly made $300 million by selling fraudulent programs related to real estate or online businesses.

The recession has killed jobs by the millions, but it's been a boon to one sector of the population: con artists.

Source: L.A. Times - Business | 2 Jul 2009 | 7:00 am

Carmakers say June sales report is a sign of progress

Sales in the U.S. declined 28% last month compared with June 2008. But that's the smallest drop since September.

For a key indicator of industrial strength and consumer confidence, a 28% year-over-year decline would seem nothing short of disastrous.

Source: L.A. Times - Business | 2 Jul 2009 | 7:00 am

Veterans to be trained for green jobs under U.S. program

Seventeen groups nationwide, including the Long Beach office of United States Veterans Initiative -- which will receive $500,000 -- have been awarded grants to train and find jobs for veterans.

A veterans outreach organization in Long Beach was named one of 17 groups nationwide Wednesday to receive a share of $7.5 million to train veterans for green jobs.

Source: L.A. Times - Business | 2 Jul 2009 | 7:00 am

Hiring might not rebound in an economic recovery

After upheaval in the auto and financial sectors, many workers may find the jobs they lost are gone forever.

Even as the nation's economy begins clawing its way out of the worst recession in 60 years, there are growing signs that this recovery could come with an unsettling twist: The wheels of commerce may begin to turn again without any substantial boost in jobs.

Source: L.A. Times - Business | 2 Jul 2009 | 7:00 am

Australian stocks: Market closes flat after early gains

MELBOURNE - The Australian share market closed flat after earlier gains were whittled back despite gains in resources sector gains and a positive lead from Wall Street. At 1615 AEST, the benchmark S&P/ASX200 index was up 3.3 points,...
Source: New Zealand Herald - Business | 2 Jul 2009 | 6:58 am

Asian markets cautious ahead of US jobs report

Asian stocks were mostly higher Thursday but buying was restrained by caution ahead of a key US jobs report that could shed light on the pace of recovery in the world's largest economy.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Jul 2009 | 6:36 am

NZ stocks: Market drifts lower

The New Zealand sharemarket drifted lower today and was deemed to be lacking direction by brokers. The benchmark NZSX-50 index closed down 12.184 points, or 0.438 per cent, at 2768.185 after initially opening higher. There were...
Source: New Zealand Herald - Business | 2 Jul 2009 | 6:26 am

Jobless Rate Nearly Steady, But Finding New Work Takes Longer

Unemployment hit 9.5 percent in June, the Bureau of Labor Statistics reports. That's compared to 9.4 percent in May and a tick less than the 9.6 percent some economists expected. The broadest measure of unemployment -- U-6, which includes people who'd like a job but have given up looking -- reached 16.5 percent, compared to 16.4 percent in May. All told, employers cut 467,000 jobs in June, or 100,000 more than economists expected. The job market hasn't been this bad since August 1983.

As of June, the average job search was clocking in at 24.5 weeks. That's compared to 22.5 in May.

So we have almost the same rate of joblessness, but it's taking longer to replace a job that's been lost. From the BLS:

The number of long-term unemployed (those jobless for 27 weeks or more) increased by 433,000 over the month to 4.4 million. In June, 3 in 10 unemployed persons were jobless for 27 weeks or more.

After the jump, woe to bankers, car dealers and journalists.

The BLS noted where jobs were lost:

Retail trade employment edged down in June (-21,000); job losses in retail trade have moderated in the past 3 months. Over the month, job losses continued in automobile dealerships (-9,000). Employment continued to fall in wholesale trade (-16,000).

In June, financial activities employment continued to decline (-27,000). Since the start of the recession, this industry has lost 489,000 jobs. In June, employment declined in credit intermediation and related activities (-10,000) and in securities, commodity contracts, and investments (-6,000).

The information industry lost 21,000 jobs over the month and 187,000 since the start of the recession. Publishing accounted for about half of the employment decline in the information industry during the recession.

Health care employment increased by 21,000 in June. Job gains in health care have averaged 21,000 per month thus far in 2009, down from an average of 30,000 per month during 2008. Employment in federal government fell by 49,000 in June, largely due to the layoff of workers temporarily hired to prepare for Census 2010.

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Source: NPR Blogs: Planet Money | 2 Jul 2009 | 6:21 am

SEC lawyer raised alarm about Madoff: report (Reuters)

Reuters - A U.S. Securities and Exchange Commission lawyer warned about irregularities at Bernard Madoff's financial management firm as far back as 2004, The Washington Post reported on Thursday, citing agency documents and sources familiar with the investigation.

Source: Yahoo! News: Stock Markets News | 2 Jul 2009 | 5:48 am

SEC lawyer raised alarm about Madoff: report

WASHINGTON (Reuters) - A U.S. Securities and Exchange Commission lawyer warned about irregularities at Bernard Madoff's financial management firm as far back as 2004, The Washington Post reported on Thursday, citing agency documents and sources familiar with the investigation.
Source: Reuters: Business News | 2 Jul 2009 | 5:48 am

Currency: Dollar falls as dairy prices ease

The New Zealand dollar was testing support at US63.80c late today with dealers citing Fonterra's latest internet auction as a factor. The NZ dollar was US63.79c at 5pm from US64.44c at the same time yesterday. It fell during the...
Source: New Zealand Herald - Business | 2 Jul 2009 | 5:29 am

TV3 convicted of Rugby World Cup advertising breach

TV3 has escaped any serious financial penalty for breaking the Sunday advertising law during the 2007 Rugby World Cup. The network faced up to $300,000 in fines, but the Auckland District Court today ordered it should only pay...
Source: New Zealand Herald - Business | 2 Jul 2009 | 4:30 am

Dairy prices fall in June commodity index

A 13.5 per cent increase in the price of sawn timber in June helped counter a 3.3 per cent decline in dairy prices in an index of New Zealand commodity prices. The ANZ Commodity Price Index increased 0.2 per cent in June from the...
Source: New Zealand Herald - Business | 2 Jul 2009 | 4:01 am

Ginnie Mae Bonds, Student Loans, Finding a Planner (Ask SmartMoney)

QUESTION: I like the yields on GNMA bonds. What are the risks?
—Frank Summers, Santa Ana, Calif.

Anyone tracking bonds backed by “Ginnie Mae” mortgages (from the Government National Mortgage Association) is likely wondering, “What mortgage meltdown?”

Ginnie Mae creates mortgage-backed securities consisting primarily of loans guaranteed by the Federal Housing Administration, which typically backs loans to folks with shaky credit and small down payments. These bonds have had an impressive run: The Barclays Capital U.S. MBS Fixed Rate GNMA index has an 8.6 percent one-year total return, compared with 8 percent for the intermediate Treasury bond index.

Despite their government backing, Ginnie Mae bonds carry slightly more risk than Treasurys. When a mortgage is paid back early (because the homeowner has moved, refinanced or was foreclosed upon), for instance, you’ll get your money back but miss out on future interest payments. You could then buy a new GNMA bond, but if mortgage rates have fallen, you’re stuck with a lower yield. “That’s a heightened risk right now,” says Ronald Reardon, a principal in Vanguard’s fixed-income department, noting that the Obama administration wants to keep mortgage rates low. If you decide to go this route, consider a low-fee mutual fund. And beware that the recent Ginnie Mae rally may be on the verge of downsizing.

QUESTION: My son, who graduated in 2005, has $60,000 in private student loans. Can he consolidate them?
—Bill Lee, Iola, Kan.

Yes, though it’s not as easy as it used to be. Private student loans can be consolidated only through private student-loan providers that specifically offer the service—and now, thanks to the credit crunch, that’s just four firms, says Mark Kantrowitz, publisher of FinAid.org, which offers a list of providers on its Web site.

Interest rates on private loans are variable and tied to another rate, like the three-month London Interbank Offering Rate (currently 0.66 percent), plus an additional 4 to 14 percent. It takes a 100-point improvement in a borrower’s credit score to garner better terms, though. Also, private loans can’t be consolidated with Federal student loans, which carry lower fixed rates.

QUESTION: How do you choose a financial planner? I don’t know where to start.
—Tania Giordani, Chicago

Start with a recommendation from someone in a similar financial situation, then tackle the due diligence. Believe it or not, anyone can call himself a financial planner or adviser, though he’ll need certain credentials for some tasks. Almost anyone offering to buy and sell securities for your account, for instance, needs to be a registered investment adviser with the Securities and Exchange Commission. Some planners work for insurance firms, which means they’re beholden to state insurance laws. Certified financial planners have met certain work requirements, passed an exam and agreed to follow the CFP Board of Standards’s ethics code.

Cost is also a consideration. Some planners charge a fee (either a flat fee or a percentage of assets), others are paid by commission, and some use a combo approach. “Obviously, if you want advice, you should expect to pay for it,” says Barbara Roper, director of investor protections for the Consumer Federation of America. “Just make sure the advice benefits you, not the salesperson.”

Finally, a preliminary meeting is usually free of charge. Ultimately, it comes down to chemistry. If it feels like a fit, you’ve found your planner.

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Source: SmartMoney.com | 2 Jul 2009 | 4:00 am

Tempting Targets: 5 Stocks Priced for a Takeover (Screens)

Companies don't seem interested in buying rivals at the moment, despite the comparatively low prices they could pay for them. That bodes poorly for stocks in general, but investors can still use the math of takeover pros to find bargains.

U.S. shares are 27% cheaper than a year ago, even after climbing 15% in the second quarter. During the first half, though, the value of announced acquisitions in the U.S. fell 45% from a year earlier, according to data provider Dealogic. TrimTabs, an investment research group, calls the second quarter the most bearish it has seen since it started tracking data in 1995, in terms of companies' zeal for selling new shares to the public and their reluctance to spend cash to buy either their shares or entire companies.

Investors should read that as a sign of stock-market pessimism among company managers, which signals poor market returns to come, according to TrimTabs. Perhaps that makes now a good time to raise cash, or at least trade pricey stocks for cheap ones. To the latter end, I've listed five companies below that corporate suitors might think are good deals right now, if they weren't so reluctant to spend. Some of the traits that can make a company a potential takeover target can also make it a promising stock. Chief among them is a modest price.

The companies have, in the parlance of merger and acquisition pros, low EV/Ebitda ratios. EV is enterprise value, which is what an investor would pay to buy a company in its entirety and repay all of its debt. Ebitda stands for earnings before interest, taxes, depreciation and amortization. It's a measure of underlying profit potential that allows for tidy comparisons of companies. A low EV/Ebitda ratio, then, means a company had a modest takeover price relative to its earnings potential. The companies on my list also generate free cash, something acquiring firms like to see.

BJ's Wholesale Club (BJ) shares have climbed 31% over the past five years, vs. an 18% decline for the S&P 500. They now sell for 13 times forward earnings, vs. more than 16 times earnings for the index. Sales and profits for BJ's are rising at the moment, as consumers forsake full-price shops for discount clubs. The company has low profit margins relative to peers like Costco (COST), but also increasing margins, which together suggest both improvement and room for more of it.

Dell (DELL) has suffered sharp sales declines of late, but it has reduced corporate expenses and still produces impressive returns on equity, the mark of an efficient company. In the absence of a global economic recovery, the chief appeal of the stock for investors is a low price. Subtracting the company's sizable cash balance from its stock price, shares go for about 10 times forward earnings.

Listed below are details on these two companies and three others.