Screen Survivors

10 Things Your iPod Won't Tell You (10 Things) 1. “It’s good to be king—but my reign may be coming to an end.” Since launching the iPod in 2001, Apple has been the undisputed leader in digital music players, owning 70 percent of the market. What has set the iPod apart is not only its hip, user-friendly design but also its companion iTunes music store, the first online audio megamart, offering an ever-expanding catalog of songs for purchase at the click of a mouse. This two-pronged approach has given Apple a huge lead over competitors; so far the company has sold over 120 million iPods and more than 4 billion songs on iTunes. But the iPod’s days at the top may be numbered. At issue is Apple’s proprietary format, which up until recently has made iTunespurchased music incompatible with other non-iPod MP3 players. According to Chris Crotty, former senior analyst for consumer electronics at iSuppli, such closed systems either move toward compatibility or get surpassed by the competition. Apple has seen the writing on the wall—in January 2009, it unveiled its plan to make it easier for consumers to recode music into the more standard MP3 format. Good idea, according to the experts. “Over time the market prefers open systems,” Crotty says. 2. “Customer service is a privilege, not a right.” Customer service isn’t what it used to be. According to Ross Rubin, director of industry analysis at the NPD Group, companies across the board are pushing “more self-service” to cut costs. But even so, he says, Apple is “pretty aggressive in terms of the consumer electronics industry.” IPod buyers, for example, get just one call to customer service during the first 90 days of ownership; each one after that will cost you. (If you want more phone time, the AppleCare Protection Plan offers unlimited calls for two years and doubles the one-year warranty.) So where to turn for free help with your sputtering iPod? You can always visit an Apple Store—if you happen to live near one and don’t mind the wait. But the Web is the real mother lode of information. For starters, Apple’s site offers tons of troubleshooting advice and some quick-and-dirty DIYs. But for more-complex problems, the company has, in effect, outsourced customer service—to its own customers. Sites like iLounge.com and iPoding.com offer tutorials and bulletin boards where users answer one another’s questions and explain tricky repairs. And you get to come back as many times as you want. 3. “If you drop me, I’m toast.” You’ve seen the ads—hip, young people exuberantly dancing with iPod in hand. But the reality is that the device is delicate. Apple’s edgy designs “tend to be more attractive, but also more fragile” than other players, says industry analyst Rob Enderle. At the heart of the iPod Classic, for example, is a tiny hard drive that can stop working if it’s dropped or even knocked around. (Fortunately, the Touch, Nano, and Shuffle all use flash drives, which are more resilient.) But it’s not only the hard drive that needs careful handling—the screens on these players have been a source of trouble as well. Apple admits some of its Nano iPod screens were faulty, causing them to crack and scratch too easily, but claims the problem affected “less than 1 percent.” Patrick Destvet, a New York City psychologist, says it isn’t just a Nano problem; the color screen on his new 30- gigabyte iPod Video was scratched up after a month, making it hard to see anything on the device. “Coming from Apple, I didn’t expect this,” Destvet says. To protect your iPod, invest in a padded case. Apple sells many, including a leather shell; other good covers include the iSkin Claro and Speck Products’ ArmorSkin sleeves. Visit store.apple.com for the best selection. 4. “When it comes to sharing music, we’re still not as flexible as you might think.” Apple makes it very easy to load your iPod with music—iTunes software is free to anybody who wants it. But once you’ve filled your player with 40,000 songs, it’s not so easy to get them off again. Despite loosening copyright restrictions, Apple doesn’t let you move music from your iPod to another computer or other electronic devices, even though it would be legal to do so. Fortunately, there are ways to circumvent Apple’s roadblock through third-party software that allows you to move music from your iPod back to any computer. Among the options, both Mac and PC users can download the affordable Music Rescue from www.kennettnet.co.uk; PC users can save a few bucks with iGadget, (www.ipodsoft.com). After downloading the software, you’ll be asked to plug in your iPod so the software can pull the music from your player and save it in your iTunes folder. 5. “My battery life is pathetic.” The new iPod boasts a robust battery life of more than 20 hours. But if you look at the fine print, Apple admits on its website that “battery life and number of charge cycles vary by use and settings.” The company also warns consumers that you can recharge a battery only so many times before it must be replaced. According to The Rough Guide to iPods, the magic number is 500, depending on use. But according to Enderle, the typical iPod lasts an average of only 300 charges—and it doesn’t matter whether the battery is empty or not when it’s charged. “A cycle is a cycle,” he says. For a few years Apple simply refused to recognize the problem and recommended that users buy a new player if the battery died. Only after a public outcry—and a class-action lawsuit—did the company develop a battery-replacement program. Now you can send back your ailing iPod and get another for roughly $60, plus shipping. Most likely, you’ll receive a comparable used or refurbished unit. Better to extend the life of the battery you have. Do this by regularly updating your iPod’s software. Check Apple’s website for the latest version; you can download a free upgrade there. Minimize charging to when the battery is almost drained. And don’t charge your iPod in its protective case, where it can overheat and diminish the battery’s capacity. 6. “I’m destroying your hearing.” A major selling point of digital music players is that you can tune out the world around you for hours at a time. But as you crank up your iPod to drown out ambient noise, you could be damaging your ears. According to a study by the American Speech-Language-Hearing Association, at full volume an iPod can generate up to 120 decibels, equal to the sound of a jet plane taking off. At that level you’ll begin sustaining permanent hearing loss or tinnitus after just 5 to 10 minutes. The issue is serious enough that a maximum volume setting now comes standard on all new iPods. “Noise-induced hearing loss is easy to ignore until it’s too late,” says Pam Mason, an audiologist at the ASLHA. Extended listening at 80 to 85 decibels is safe, according to Mason. Roughly speaking, that means you should turn it down if you can’t hear someone talking normally three feet away from you or if the people around you can hear your music. It also helps to invest in a good pair of noisecanceling or noise-isolating earphones. Both types block out ambient sound so you needn’t jack up the volume as high. 7. “I’m out of date before I’m out of the box.” In the fall of 2005, small-business owner Peter Quinones wanted to replace his iPod but kept hearing Apple was about to come out with an improved model. “I was in a holding pattern,” the Miami resident says. “You don’t want to buy something and find out a week later there’s a new product.” So Quinones waited six months, then bought a video iPod instead of the Nano he’d been considering. His new player worked with the charging cradle in his Mercedes; the Nano wouldn’t have. All consumer tech companies have shortened their product cycles, adding innovative new features to maintain their competitive edge. But with the iPod, Apple seems to be churning out new versions at an unprecedented rate. “It can be a nuisance for some consumers,” says Susan Kevorkian, an analyst at IDC, since some of the older accessories, such as speakers or docks, aren’t necessarily compatible with the newer models. Fortunately, Apple has now standardized the docks for the iPod, meaning future models should still work with the one you buy today. 8. “I’ve sparked a crime wave.” You know a product is popular when it becomes a favorite target of thieves. In New York City, an increase in crime on the subways has been blamed on the iPod, as folks sporting the telltale white earphones are being ripped off in record numbers. But iPod crime isn’t isolated to urban areas. A number of college and high school campuses have experienced a rash of thefts, leading some schools to ban the device. A spokesperson for the Broward County school board in Florida says that district recently restricted the use of iPods and other electronic devices, citing theft and peer pressure to own these items as distractions to learning. A spokesperson for the Law Enforcement Alliance of America says the iPod is a favorite among thieves because “it’s easy to conceal, it has turnover value on the street, and people are willing to buy one on the black market.” Not to mention, they’re easy to spot: “The white headphones are a giveaway,” he says, “just like flashing a fancy watch.” He recommends other earphones and not using your iPod in dicey areas. 9. “We’ll nickel-and-dime you any chance we get.” Apple’s first fiscal quarter of 2008 was a record-breaker: The company reported new highs for both revenue ($9.6 billion) and earnings ($1.6 billion). Yet even with these impressive financial stats, the company continues to pile on extra fees for owning and maintaining an iPod. We’re not talking about the burgeoning iPod accessories market, such as stylish cases and portable speaker systems. No, Apple has begun charging for standard equipment it once included with the cost of the player. Why? “It keeps retail prices down and drives sales volume,” Kevorkian says. Early iPod models shipped with a wall charger and a dock. These “extras” are no longer free. Want to connect your video iPod to a TV? You’ll have to buy a cord separately. Adding insult to injury, should your iPod conk out after the warranty expires, you could end up paying as much to get it fixed as it would cost you to buy a new one—for example, the standard fee for repairs on a Nano is roughly $20 less than the cost of a new one—and that doesn’t include shipping. 10. “Once you go iPod, you’re locked in for life.” One of the reasons Apple has been able to dominate the digital music player market until now is that while the iPod can play songs from a variety of sources, music bought online at the iTunes store can be used only on an iPod. That’s because the company developed its own format for songs, called Protected AAC, instead of using the widely compatible MP3. Crotty points out that while basic AAC is an open format, the digital rights management software Apple lays over it—called, ahem, “Fair Play”—renders it incompatible with other players. No other company is legally allowed to make a device that can play songs in Apple’s format. The company claims AAC has many advantages over MP3, but the format also serves as the lock on the iPod’s closed door—which could lead to its downfall. “They’ve set themselves up as Apple and the iPod versus the rest of the MP3 market,” Crotty says. “Customers may get upset that they can’t move their purchased music.” The tide is already turning in Europe, which, he adds, “doesn’t accept a closed system as a business practice”: The French government passed a law in 2006 forcing Apple to allow music on the iTunes store to work on competitors’ players. 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 | 10 Jul 2009 | 4:00 am Bankers’ pay curbed under new City rules Banking executives will have their pay linked to long term profitability under new rules designed to prevent a repeat of last year’s financial meltdown. Source: Latest Business News from Times Online | 8 Jul 2009 | 11:28 pm Opening Bell: 07.08.09 Meriwether Said To Shut JWM Hedge Fund After Losses (Bloomberg) JWM Partners LLC is closing up shop after its flagship, Relative Value Opportunity II fund, lost 44 percent from September 2007 to February 2009. Obviously this won't be the last we've heard from John, who's currently working on the next flick of this slasher series, LTCM: The Resurrection. Get in while you still can. Code Theft Could Cost Goldman Millions (NYT) Aleynikov's lawyer Sabrina Shrofftold told U.S. magistrate judge Kevin Fox that "if Goldman Sachs cannot possibly protect this kind of proprietary information that the government wants you to think is worth the entire United States market, one has to question how they plan to accommodate any other breach. I think the market is at risk no matter what then. It's not necessarily attributable to my client's actions," Shroff said. In California, Even The IOU's Are Owed (NYT) Tons of vendors who had been told they would receive the i.o.u.'s instead of actual money said they had not yet received them yesterday. Signed copies of Junior still up for grabs. L.A. Targets Cannabis Clubs (WSJ) "They are like a rash," said City Councilman Ed Reyes, who is leading the effort to shut down many of the dispensaries. He said a colleague told him that at one dispensary near a high school, the student crowds outside made the pot store look "like an ice cream shop from the 1950s." Facebook Backer Struggling With Loser Fund (NYP) Peter Thiel's Clarium Capital down 4.4 percent for June, 6 percent YTD. Assets under management are down to $1.9 billion from $7.8 billion this time last year. Someone give Pedro a poke today-- he could really use one. Memorial Spotlights Staples (Boston Herald) Staples cannot believe its good fortune re: reaching out and touching those who may have never heard of the company before the Michael Jackson extravaganza yesterday. So, thanks for dying, guy. Explosive Divorce (NYP) Crazy Connecticut Guy, shockingly not a down on his luck fund manager, holds ex-wife hostage. Here he is chatting it up with a reporter while the situation went down: Sponsored Topics: Peter Thiel - Clarium Capital - Hedge fund - Goldman Sachs - United States Source: Dealbreaker | 8 Jul 2009 | 12:45 pm Rio executive held by China on suspicion of spying One of the four Rio Tinto executives arrested by China has been detained by the authorities on suspicion of espionage, it was revealed by the Australian foreign minister who is leading diplomatic efforts to get the men released Source: Financial Times - US homepage | 8 Jul 2009 | 12:19 pm Bank regulation reforms proposed UK banks will face tougher regulation and consumers will get more protection, under reforms proposed by the chancellor. Source: BBC News | Business | World Edition | 8 Jul 2009 | 12:18 pm Mixed Data on Oil Rig Counts (BHI) Baker Hughes Incorporated (NYSE:BHI) has released its June data for rig counts.  The bad news is that there are still some drops being recorded in rig counts from May, and these counts still look atrocious if you take a year over year comparison from when oil prices were through the roof.  We would note, however, [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 8 Jul 2009 | 12:17 pm Stock futures point slightly higher after selloff (Reuters) Reuters - U.S. stock index futures pointed to a slightly higher open on Wednesday, following steep losses the previous session, but anxiety over the start of the earnings season dampened optimism. Source: Yahoo! News: Business | 8 Jul 2009 | 12:11 pm Stock futures point slightly higher after selloff (Reuters) Reuters - U.S. stock index futures pointed to a slightly higher open on Wednesday, following steep losses the previous session, but anxiety over the start of the earnings season dampened optimism. Source: Yahoo! News: Stock Markets News | 8 Jul 2009 | 12:11 pm Reversal Call in First Solar (FSLR) Shares of First Solar, Inc. (NASDAQ: FSLR) are rising this morning for a change.  ThinkEquity raised the rating on the solar leader to a BUY rating from an already somewhat positive Accumulate rating.  So far we have shares trading up 1.8% on thin trading volume.  Pre-market indications are $147+ after a four day consecutive price [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 8 Jul 2009 | 12:07 pm G8 sees economy still in peril, falters on climate (Reuters) Reuters - G8 leaders believe the world economy still faces "significant risks" and may need further help, according to summit draft documents that also reflect failure to agree climate change goals for 2050. Source: Yahoo! News: Business | 8 Jul 2009 | 12:05 pm Google challenges Microsoft with OS Google Inc. is planning to hit Microsoft Corp. where it hurts by challenging the software giant's dominance in the world of computer operating systems. Source: Business and financial news - CNNMoney.com | 8 Jul 2009 | 12:03 pm John Prestbo's Indexed Investor: Target-date funds need better aim Target-date investing is under the government’s microscope because dismal 2008 fund returns blindsided enough investors that politicians and therefore bureaucrats feel obliged to pay attention. Source: MarketWatch.com - Top Stories | 8 Jul 2009 | 12:03 pm Switzerland thwarts US tax deal Switzerland is trying to ensure UBS does not hand over account details to the US, citing national bank secrecy rules. Source: BBC News | Business | World Edition | 8 Jul 2009 | 12:01 pm 5 Ways to Protect Your Eyes from Computer-Related Strain Image: Flickr user Dyanna Computers and eyes don’t get along. If you frequently stare at a screen, chances are you’ll eventually feel symptoms of computer-related eye strain (also called Computer Visions Syndrome). According to Dr. Marc Grossman, who runs Natural Eye Care, our eyes are designed for hunting, which involves seeing danger or potential food from far away. Staring for hours at an unmoving screen just isn’t something we’re adapted to do. To protect your eyes from strain, first make sure that you monitor’s contrast, refresh rate, and height are properly adjusted. Once you’ve done that, try these five tricks to keep your eyes healthy: 1. Take Breaks Look away from your computer every half hour. Give your eyes a rest by gazing at a distant object. Better yet, physically get up and move around for five minutes. According to Dr. Marc Grossman, a prominent New York-based eye care specialist, Short, frequent breaks are better than long, infrequent breaks. Try 2-3 minutes every 15-20 minutes, 5 minutes every 30 minutes, or 10 minutes every hour. 2. Look Away Larry K. Wan, OD of All About Vision recommends a brief, easy exercise to keep your eyes from something called accomodative spasm, in which the eye gets stuck in one focus mode (eg. close objects) and can’t focus on more distant objects: Look far away at an object for 10-15 seconds, then gaze at something up close for 10-15 seconds. Then look back at the distant object. Do this 10 times. This exercise reduces the risk of your eyes’ focusing ability to “lock up” (a condition called accommodative spasm) after prolonged computer work. 3. Palm Relax your eyes and nervous system with palming, a yogic technique said to preserve eye health. Rub your hands together vigorously. Once your palms are hot from the friction, gently cup them over your eyes, overlapping your fingers on your forehead. Do not press on the eyes. Breathe deeply and relax for at least 30 seconds. You’ll feel refreshed after doing this exercise for even a short time. 4. Acupressure Image: EyesandEyesight Acupressure is said to relieve headaches, itching, burning eyes, and tension. Seattle’s Bastyr Center lists a simple eye acupressure massage sequence: 1. Cradling the forehead, with finger tips at the hairline and thumb tips at the inner corners of the eyebrows, apply a circular pressure and knead these acu-points. This benefits the eyes and vision, relieves frontal headaches, quells itching and burning in the eyes and may even relieve neck pain. 2. With eyes closed, use your thumb or forefinger to knead in an up and down motion just above the inner corner of each eye. Knead deeply enough so that light circles are visible on the inner eyelids. 3. Directly below the pupils on the orbital bones (bones parallel to the bridge of the nose) a small depression is palpable on each side of the face. Knead these points with a circular pressure. 4. Finally, rest your thumbs on your temples and use the knuckle of the forefinger to drag along the length of the eyebrows. Similarly, drag the knuckle along the lower ocular bones from the bridge of the nose to the lateral corners of the eye sockets. Repeat this stroke and feel the tension around your eyes drain away. 5. Blink People blink about five times less than normal when they’re working at a computer, writes All About Vision’s Dr. Wan. Dry, irritated eyes result. Remember to blink when you’re staring at a screen. Or try blinking exercises. Wan recommends this one: Every 20 minutes, blink 10 times by closing your eyes as if falling asleep (very slowly). This will help rewet your eyes. Source: Business Pundit | 8 Jul 2009 | 12:01 pm Jonathan Burton's Life Savings: Losing stock funds are now market leaders As comebacks go, it may not be as dramatic as the Boston Red Sox in the 2004 playoffs or Harry Truman in the 1948 presidential campaign, but many mutual-fund managers who ended last year in the dumps now find themselves at the head of the pack. Source: MarketWatch.com - Top Stories | 8 Jul 2009 | 12:00 pm London Markets: BHP Billiton, Antofagasta advance in flat London Mining giants Rio Tinto and BHP Billiton outperform in UK trading Wednesday. Source: MarketWatch.com - Top Stories | 8 Jul 2009 | 11:59 am Mortgage applications rebound from 7-month low Read full story for latest details. Source: Business and financial news - CNNMoney.com | 8 Jul 2009 | 11:58 am China arrests Rio Tinto executive The Australian head of Rio Tinto's iron ore business and three Chinese workers are arrested by Chinese authorities. Source: BBC News | Business | World Edition | 8 Jul 2009 | 11:58 am Family Dollar Q3 profit beats market view (Reuters) Reuters - Family Dollar Stores Inc reported a 36 percent jump in quarterly profit topping market estimates and forecast fourth quarter in line or above analysts' view as more shoppers scoured its aisles for low prices on food, shampoo and household cleaners. Source: Yahoo! News: Business | 8 Jul 2009 | 11:57 am Family Dollar Q3 profit beats market view (Reuters) - Family Dollar Stores Inc reported a 36 percent jump in quarterly profit topping market estimates and forecast fourth quarter in line or above analysts' view as more shoppers scoured its aisles for low prices on food, shampoo and household cleaners. Source: Reuters: Business News | 8 Jul 2009 | 11:57 am Bargain-hunting shoppers aid Family Dollar's net Discount retailer Family Dollar Stores sees fiscal third-quarter profit rise 36%, aided by budget-conscious consumers seeking bargains on food and other consumables. Source: MarketWatch.com - Top Stories | 8 Jul 2009 | 11:57 am G8 sees continued perils for world economy L'AQUILA, Italy (Reuters) - G8 leaders believe the world economy still faces "significant risks" and may need further help, according to summit draft documents that also reflect failure to agree climate change goals for 2050. Source: Reuters: Business News | 8 Jul 2009 | 11:55 am China Gengsheng Minerals, Inc. Wins a $3 Million Fracture Proppant Supply Contract with China's Liaohe Oilfield GONGYI, China, July 8 /PRNewswire-Asia-FirstCall/ -- China Gengsheng Minerals, Inc. (OTC Bulletin Board: CHGS) ("Gengsheng" or "the Company"), a ... Source: RSS feed - channel BNewsBusiness | 8 Jul 2009 | 11:52 am Alistair Darling pledges to rebuild financial system The Government has pledged to make sure banks are better run markets have greater oversight and consumers are better informed. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 8 Jul 2009 | 11:48 am NRG rejects increased Exelon bid as too low NEW YORK (Reuters) - Independent power producer NRG Energy Inc rejected Exelon Corp's sweetened hostile bid on Wednesday, saying the $6.9 billion offer was still too low. Source: Reuters: Business News | 8 Jul 2009 | 11:46 am Stuck in a crappy job? Tough Unhappy at work? You're not alone. Source: Business and financial news - CNNMoney.com | 8 Jul 2009 | 11:46 am America’s Finest Source: Business Pundit | 8 Jul 2009 | 11:45 am CNN: Pickens cuts back on massive wind farm Source: Business and financial news - CNNMoney.com | 8 Jul 2009 | 11:45 am Actis to Invest US$244 Million in Egypt's Commercial International Bank to Become Largest Single Shareholder CAIRO, July 8 /PRNewswire/ -- Actis, an emerging markets private equity specialist, is pleased to announce today that it has executed an agreement to invest US$244... Source: RSS feed - channel BNewsBusiness | 8 Jul 2009 | 11:43 am Stock futures point to quiet Wall Street opening (AP) AP - The stock market headed toward a modestly higher start Wednesday as investors wait for aluminum maker Alcoa Inc. to give some guidance about the economy. Source: Yahoo! News: Stock Markets News | 8 Jul 2009 | 11:41 am M&S: a history in pictures Marks & Spencer: from its beginnings as a penny bazaar through the growth of the postwar years and success as the first UK retailer to report a £1bn profit to more recent struggles and shareholder disatisfaction amid the recession. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 8 Jul 2009 | 11:39 am Yen shoots higher against euro, dollar The Japanese yen rallied sharply against the euro and the dollar on Wednesday as fresh worries about the economy spurred demand for the safe-haven Japanese unit, dealers said. Market... Source: RSS feed - channel BNewsBusiness | 8 Jul 2009 | 11:37 am Indications: U.S. stock futures trade near Tuesday's lows U.S. stock futures meander near the prior day’s lowest levels as traders await results from Alcoa to see if the aluminum giant can get the market out of a recent rut. Source: MarketWatch.com - Top Stories | 8 Jul 2009 | 11:37 am Signs of economy stabilizing: G8 draft G8 leaders gathering for a summit here see signs of the world economy stabilizing but warn that risks remain, according to a diplomatic source quoting a draft communique of the summit. ... Source: RSS feed - channel BNewsBusiness | 8 Jul 2009 | 11:36 am Movers & Shakers: Wednesday's biggest gaining and declining stocks Stocks expected to move significantly in trading on Wednesday include Alcoa, Ericsson, Family Dollar, Google, Microsoft, MSC Software, NRG, Paccar, Pepsi Bottling, and SAP. Source: MarketWatch.com - Top Stories | 8 Jul 2009 | 11:36 am Futures point slightly higher after selloff NEW YORK (Reuters) - U.S. stock index futures pointed to a slightly higher open on Wednesday, following steep losses the previous session, but anxiety over the start of the earnings season dampened optimism. Source: Reuters: Business News | 8 Jul 2009 | 11:32 am 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 | 8 Jul 2009 | 11:31 am Tractor Supply Company Provides Second Quarter 2009 Business Update ~ Estimates Second Quarter Net Income Higher Than Expected ~ ~ Raises Fiscal 2009 Net Income per Share Guidance ~ BRENTWOOD, Tenn., July 8 /PRNewswire-FirstCall/ --... Source: RSS feed - channel BNewsBusiness | 8 Jul 2009 | 11:30 am U.S. Private Equity Fund-Raising Down 64% at Half-Year Point but May Regain Momentum as Stocks Stabilize Dow Jones Private Equity Analyst: PE Firms Raise $54.9 Billion in First Half of 2009; Secondary Funds Attract Bargain Hunters, Set Annual Record Already NEW YORK, July 8... Source: RSS feed - channel BNewsBusiness | 8 Jul 2009 | 11:30 am M&S AGM: Live updates from the Marks & Spencer shareholders meeting Marks & Spencer's AGM at London's Royal Festival Hall today could be a stormy affair for executive chairman Sir Stuart Rose. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 8 Jul 2009 | 11:29 am Oil falls towards $62 on economic doubts LONDON (Reuters) - Oil fell toward $62 a barrel on Wednesday, placing it on course for a sixth consecutive fall and the longest losing streak since mid-December, after the focus sharpened on economic weakness and data showed higher fuel stocks. Source: Reuters: Business News | 8 Jul 2009 | 11:28 am Mass. company pulls plug on Conn. power plant A Massachusetts company says it is no longer interested in building a garbage-to-energy power plant in Waterbury. Chestnut Hill BioEnergy has terminated its contract to buy a former... Source: RSS feed - channel BNewsBusiness | 8 Jul 2009 | 11:26 am The role of the City in the UK economy Since its deregulation by the Conservative government in the 1980s the City of London has played an increasingly dominant role in the UK economy. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 8 Jul 2009 | 11:25 am UPDATE 3-Actis to pay $244 mln for 9.3 pct of Egypt's CIB * Private equity firm Actis to be largest single investor Source: RSS feed - channel BNewsBusiness | 8 Jul 2009 | 11:24 am Australian detained on espionage charge in China An Australian who heads Rio Tinto's iron ore operations in China has been arrested in Shanghai and accused of espionage, Australia's foreign minister said Wednesday. The detention of the Source: RSS feed - channel BNewsBusiness | 8 Jul 2009 | 11:18 am Top 10 Analyst Upgrades and Downgrades (APD, CHTT, CTXS, FCX, PLAB, QCOM, SAP, PCU, STM, HOT) These are the top ten pre-market analyst upgrades, downgrades, and initiations we have seen from Wall Street analysts this Wednesday morning with about two and a half hours until the market opens: Air Products (APD) Raised to Buy at KeyBanc. Chattem (CHTT) Cut to Hold at Jefferies. Citrix Systems (CTXS) Cut to Perform at Oppenheimer. Freeport-McMoRan (FCX) Raised to [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 8 Jul 2009 | 11:16 am Pickens backs off wind farm project: report (Reuters) - Texas oil billionaire T. Boone Pickens has called off plans to build the world's biggest wind farm in the Texas Panhandle, the Wall Street Journal said. Source: Reuters: Business News | 8 Jul 2009 | 11:15 am Swiss to stop UBS handing over data in U.S. tax row ZURICH (Reuters) - Switzerland has vowed to prevent UBS from handing over client information to U.S. authorities, in an attempt to defend bank secrecy, saying a tax case targeting its main bank is souring diplomatic ties. Source: Reuters: Business News | 8 Jul 2009 | 11:13 am M&S chairman to face his critics Marks and Spencer boss Sir Stuart Rose is facing a huge leadership test at the company's annual meeting. Source: BBC News | Business | World Edition | 8 Jul 2009 | 11:09 am Currencies: Dollar reaches six-week low against the yen The U.S. dollar trades at a six-week low against the Japanese yen. Source: MarketWatch.com - Top Stories | 8 Jul 2009 | 11:08 am Oil falls near $62 on recovery doubts Oil prices slipped closer to the $62 a barrel mark Wednesday reflecting growing concerns over a slower-than-expected recovery in the global economy. Prices were lower for the sixth... Source: RSS feed - channel BNewsBusiness | 8 Jul 2009 | 11:07 am U.S. mortgage applications climb from 7-month low NEW YORK (Reuters) - Demand for U.S. mortgages to buy homes and refinance loans bounced from seven-month lows last week, with average 30-year borrowing rates unchanged, the Mortgage Bankers Association said on Wednesday. Source: Reuters: Business News | 8 Jul 2009 | 11:03 am Commodity markets remain under pressure Oil prices extended their recent retreat, sinking towards the $62 a barrel level on Wednesday, as traders looked forward to the latest US weekly inventories data for an update on demand conditions in the... Source: RSS feed - channel BNPaperBusiness | 8 Jul 2009 | 11:02 am Mortgage applications up 10.9% in latest week The volume of mortgage applications filed last week rose a seasonally adjusted 10.9% from the week before, the Mortgage Bankers Association says. Overall, the pace of filings recovered somewhat from a down week during the week ended June 26, as more homeowners stepped up to refinance their mortgages, the MBA's data show. Source: MarketWatch.com - Top Stories | 8 Jul 2009 | 11:01 am U.S. mortgage applications climb from 7-month low (Reuters) Reuters - Demand for U.S. mortgages to buy homes and refinance loans bounced from seven-month lows last week, with average 30-year borrowing rates unchanged, the Mortgage Bankers Association said on Wednesday. Source: Yahoo! News: Business | 8 Jul 2009 | 11:00 am FTSE cautious ahead of earnings season Nervousness continued to spread across equities markets on Wednesday, as investors prepared for fresh insight into global recovery prospects from the US earnings season. In the UK, government plans for... Source: RSS feed - channel BNPaperBusiness | 8 Jul 2009 | 11:00 am Rio Tinto worker detained by China on spy charges Rio Tinto employee accused of stealing state secrets from China. Source: MarketWatch.com - Top Stories | 8 Jul 2009 | 11:00 am Stocks to pay attention to bottom line U.S. stocks were set to open little changed Wednesday after Google announced a challenge to Microsoft's computer system dominance and investors prepared for Alcoa's second-quarter results. Source: Business and financial news - CNNMoney.com | 8 Jul 2009 | 10:58 am ESPN's Premier League rights grow The English Premier League sells to ESPN the live rights for its games in the Irish Republic, formerly held by Setanta. Source: BBC News | Business | World Edition | 8 Jul 2009 | 10:58 am German factory output impresses German industrial output rose by a surprise 3.7% in May compared with April, but was still well down on May 2008. Source: BBC News | Business | World Edition | 8 Jul 2009 | 10:54 am Yudhoyono set to win second term Susilo Bambang Yudhoyono, the Indonesian president, was decisively re-elected for a second five-year term, according to six statistically representative sample poll counts Source: Financial Times - US homepage | 8 Jul 2009 | 10:48 am G8 risks backtracking on climate World leaders meeting in Italy were due to began their G8 summit discussions with the global financial crisis but risk failing to agree on climate change emissions targets, activists warned as heads of government started to arrive Source: Financial Times - US homepage | 8 Jul 2009 | 10:48 am Apartment vacancy rate at 20-year high Source: Business and financial news - CNNMoney.com | 8 Jul 2009 | 10:46 am Global equities slip on poor economic outlook (AFP) AFP - World stock markets weakened Wednesday as investors fretted over the poor global economic outlook ahead of a key G8 summit and results from US aluminium giant Alcoa. Source: Yahoo! News: Stock Markets News | 8 Jul 2009 | 10:41 am Rio executive held by China on suspicion of spying An Australian Rio Tinto employee has been detained by Chinese state authorities on suspicion of espionage and stealing state secrets, Stephen Smith, Australian foreign minister, said on Wednesday. Stern... Source: RSS feed - channel BNPaperBusiness | 8 Jul 2009 | 10:41 am Bankrupt: Eddie Bauer, Crabtree and more Source: Business and financial news - CNNMoney.com | 8 Jul 2009 | 10:37 am Now comes the hard part for GM General Motors' rapid trip through bankruptcy is almost done. Now comes the hard part. Source: Business and financial news - CNNMoney.com | 8 Jul 2009 | 10:35 am Yen advances as investor optimism fades The yen advanced on Wednesday, hitting a seven-week high against the dollar as fading investor optimism weighed on risky assets and boosted haven demand for the Japanese currency.Analysts said investors... Source: RSS feed - channel BNPaperBusiness | 8 Jul 2009 | 10:33 am G8 leaders set 'to conclude Doha' G8 leaders are to pledge to conclude the Doha round of trade talks as soon as possible, a report says. Source: BBC News | Business | World Edition | 8 Jul 2009 | 10:33 am Bank losses leave Europe's bourses lower European bourses slid further on Wednesday morning and the FTSE Eurofirst 300 touched its lowest levels since April as markets lost confidence ahead of second-quarter results announcements.Particularly... Source: RSS feed - channel BNPaperBusiness | 8 Jul 2009 | 10:27 am China holds Rio exec as spy; iron ore deal said done BEIJING/PERTH (Reuters) - Chinese authorities are detaining Rio Tinto Ltd's top iron ore negotiator on suspicion of espionage and stealing state secrets, Australia said on Wednesday, threatening to strain already fraying ties. Source: Reuters: Business News | 8 Jul 2009 | 10:26 am New Airline Price Wars Airline price wars are back, just when carriers cannot afford them. The price of  jet fuel is up. Passenger traffic is down. Southwest (LUV) is offering fare as low as $30 one way on short flights and $90 on longer ones. Southwest, which has a strong balance sheet, may be able to afford cutting ticket prices to [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 8 Jul 2009 | 10:13 am The antitrust crackdown and your wallet Obama's Justice Department is getting serious about its antitrust crackdown, but what will that mean for consumers? Source: Business and financial news - CNNMoney.com | 8 Jul 2009 | 10:12 am UK set to reform bank regulation The government will propose a wide-ranging reform of the UK's financial sector in a White Paper later. Source: BBC News | Business | World Edition | 8 Jul 2009 | 10:11 am EU fines E.On and Gaz de France Two energy giants are fined by EU competition regulators for agreeing to carve up gas markets between them. Source: BBC News | Business | World Edition | 8 Jul 2009 | 10:07 am Homeowners to Obama: Help us ASAP Mr. President, help us get one of your mortgage workouts now. Source: Business and financial news - CNNMoney.com | 8 Jul 2009 | 10:05 am Pickens Plans To Kill His Alternative Energy Dream T Boone Pickens is old and tired. He made his billions of dollars in the oil business. He planned to build his legacy on alternative energy. Pickens  has worked to build huge wind farms, using modern wind mills on the plains in north Texas. He needed government help to set up the facilities and move [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 8 Jul 2009 | 10:02 am Rio Tinto staff detained by Chinese on suspicion of espionage Australian foreign minister says that the employees are being held on suspicion of espionage. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 8 Jul 2009 | 9:49 am US corporate worries weigh on world markets (AP) AP - World stock markets fell and oil prices sank back towards the $60 a barrel mark Wednesday amid mounting worries about the speed of any global economic recovery just as the U.S. second-quarter earnings kicks off. Source: Yahoo! News: Stock Markets News | 8 Jul 2009 | 9:48 am Google’s (GOOG) Anemic Attack On Microsoft (MSFT) Windows Google (GOOG) says it will create its own PC operating system. The first reaction to the news is that it is a threat to Microsoft (MSFT) Windows. That is almost certainly not the case. A lot of the Google Chrome OS will run on the Internet, using Google servers and not PC hard drives. Relatively new [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 8 Jul 2009 | 9:42 am The Great American Credit Card Debt Foregiveness Program The Administration has gone to great lengths to put together a package of programs to allow worthy homeowners who are having trouble meeting their mortgages to modify home loans to cut monthly payments. This allows people to stay in houses they might not otherwise be able to afford. Homeowners are not pushed out onto the streets, [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 8 Jul 2009 | 9:17 am Chinese bond auction falls short China's finance ministry fails to sell all the 28bn yuan of bonds offered in a government auction for the first time since 2003. Source: BBC News | Business | World Edition | 8 Jul 2009 | 9:10 am Oil prices slump under $62 as equities slide (AFP) AFP - Oil dived Wednesday under 62 dollars to hit the lowest levels since May, as falling stock markets, a stronger US currency and the gloomy outlook weighed on sentiment ahead of the weekly US energy report. Source: Yahoo! News: Stock Markets News | 8 Jul 2009 | 9:09 am It Is Easier To Fall Into Bankruptcy In A Recession It seems pointless to spend a lot of time proving that companies are more likely to go bankrupt during a recession. Margins are hurt by bad sales. Firms cannot easily get access to capital to tide them over. Hackett Group has come up with figures that demonstrate that it is harder to forecast cash needs when [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 8 Jul 2009 | 8:53 am Google takes aim at Microsoft with new PC platform SUN VALLEY, Idaho (Reuters) - Google Inc is planning a direct attack on Microsoft Corp's core business by taking on the software giant's globally dominant Windows operating system for personal computers. Source: Reuters: Business News | 8 Jul 2009 | 8:41 am Google takes aim at Microsoft with new PC platform (Reuters) Reuters - Google Inc is planning a direct attack on Microsoft Corp's core business by taking on the software giant's globally dominant Windows operating system for personal computers. Source: Yahoo! News: Business | 8 Jul 2009 | 8:41 am FTSE 100 shares fall at open (AFP) AFP - London stocks were slightly down at the start of trade on Wednesday as corporate woes kept investors cautious. Source: Yahoo! News: Stock Markets News | 8 Jul 2009 | 8:37 am Economy fears hit global stocks (Reuters) Reuters - Economy jitters continued to sweep financial markets on Wednesday, weakening stocks, propelling the Japanese yen to a six-week high and dragging oil down to around $62 a barrel. Source: Yahoo! News: Stock Markets News | 8 Jul 2009 | 8:37 am UK house prices fall 0.5pc in June UK house prices fell in June sliding 0.5pc according to the Halifax dampening hopes that the market may be recovering. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 8 Jul 2009 | 8:26 am Media Digest 7/8/2009 Reuters, WSJ, NYTimes, FT, Bloomberg Reuters:   The economic crisis will dominate the G8 summit. Reuters:   A NY court ruled against AIG (AIG) in a battle with former CEO Greenberg. Reuters:   Google (GOOG) will launch an operating system for low end PCs to compete with Microsoft (MSFT). Reuters:   US apartment vacancies are near historic highs. Reuters:   Amcor is close to buying Rio Tinto’s (RTP) non-US [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 8 Jul 2009 | 8:11 am Aussie stocks: Market closes flat MELBOURNE - The Australian share market closed flat on Wednesday following a negative lead from United States markets. At the 1615 AEST close, the benchmark S&P/ASX200 index was one point, or 0.03 per cent, higher at 3767.9, while... Source: New Zealand Herald - Business | 8 Jul 2009 | 7:46 am City regulation: a quick guide Alistair Darling the Chancellor of the Exchequer will today introduce his plans for reforming Britain's financial system in the wake of last year's crisis. The key issues addressed by the White Paper are set out below: Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 8 Jul 2009 | 7:42 am Politics is fouling the future shape of banking The looming election is threatening the vital reforms of financial regulation that are needed writes George Hay. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 8 Jul 2009 | 7:31 am Asia Market And Europe Open 7/8/2008 Markets in Asia fell. The Nikkei dropped 2.4% to 9,421. Toyota (TM) fell on concerns about the economy. The Hange Seng dropped. .7% to 17,734.  PetroChina (PTR) fell on dropping oil prices. The Shanghai Composite dropped .3% to 3,081. At the open in Europe, the FTSE fell .2% to 4,180. The Dax dropped .2% to 4,589, and the CAC [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 8 Jul 2009 | 7:24 am California regulators shut down alleged health insurance scheme Failure to fully pay collected premiums to Kaiser Permanente put hundreds at risk, regulators claim. California regulators said they had shut down a labor union health insurance scheme that put hundreds of consumers at risk of losing coverage. Source: L.A. Times - Business | 8 Jul 2009 | 7:00 am Credit card firms try end run around new federal rules Because the law would restrict interest rate hikes unless a card has a variable rate, some banks are doing away with fixed rates. Banks are quietly changing the terms of millions of credit card accounts as they brace for a tough new law that will limit rate hikes. Source: L.A. Times - Business | 8 Jul 2009 | 7:00 am Alcohol sales to minors an issue with self-service checkout The state Senate begins debating a bill today that would force supermarkets to route alcohol sales through cashiers. The all-self-checkout Fresh & Easy stores would especially be affected. ... Source: RSS feed - channel BNPaperBusiness | 8 Jul 2009 | 7:00 am Businesses concoct strategy against a Consumer Financial Protection Agency Groups including bankers and car dealers combine lobbying firepower to defeat the proposal, fearing the Obama administration could intervene in their activities in overbearing and unproductive ways. Business and trade-group lobbyists are beating a path to Capitol Hill this week for the first major battle over the Obama administration's efforts to overhaul the financial regulatory system. Source: L.A. Times - Business | 8 Jul 2009 | 7:00 am Internet radio sites and music industry reach agreement over royalties Deal with SoundExchange allows large webcasters such as Pandora to pay lower per-song royalties or 25% of their total revenue. The music won't stop for Internet radio after a group of webcasters struck an agreement with SoundExchange, the organization that collects royalties for musicians and record companies, over payments for playing music online. Source: L.A. Times - Business | 8 Jul 2009 | 7:00 am Internet radio sites, music industry reach agreement over royalties Deal with SoundExchange allows webcasters such as Pandora to pay lower per-song royalties or a percentage of their revenue. The music won't stop for Internet radio after a group of webcasters struck an agreement with SoundExchange, the organization that collects royalties for musicians and record companies, over payments for playing music online. Source: L.A. Times - Business | 8 Jul 2009 | 7:00 am Shipping industry in deep water Worldwide container traffic is expected to drop more than 10% this year. Trade at international ports is on track... Source: RSS feed - channel BNPaperBusiness | 8 Jul 2009 | 7:00 am Internet radio sites, music industry reach agreement over royalties Deal with SoundExchange allows webcasters such as Pandora to pay lower per-song royalties or a percentage of their revenue. ... Source: RSS feed - channel BNPaperBusiness | 8 Jul 2009 | 7:00 am Moguls divided over online media-revenue prospects Some attending the annual Allen & Co. conference don t believe people will pay to view videos on the Internet, but Disney chief Bob Iger disagrees. Walt Disney Co. Chief Executive Bob Iger wasted little time setting the tone for this year's Allen & Co. conference in Sun Valley, Idaho. Source: L.A. Times - Business | 8 Jul 2009 | 7:00 am Shipping industry in deep water Worldwide container traffic is expected to drop more than 10% this year. Trade at international ports is on track to drop more than 10% this year, one of the steepest declines ever, according to a new maritime industry report. Source: L.A. Times - Business | 8 Jul 2009 | 7:00 am G-8 summit is expected to be a test of Obama's leadership Heads of the other major economies are all but certain to resist any major new steps to stimulate global economic activity. ... Source: RSS feed - channel BNPaperBusiness | 8 Jul 2009 | 7:00 am Alcohol sales to minors an issue with self-service checkout The state Senate begins debating a bill today that would force supermarkets to route alcohol sales through cashiers. The all-self-checkout Fresh & Easy stores would especially be affected. Self-checkout lanes are a convenient way to purchase groceries -- and an easy way for minors to buy booze. Anti-alcohol groups want to put a stop to that, setting off a skirmish between the supermarket industry and community groups over how alcohol can be sold at the grocery store. Source: L.A. Times - Business | 8 Jul 2009 | 7:00 am Moguls divided over online media-revenue prospects Some attending the annual Allen & Co. conference don t believe people will pay to view videos on the Internet, but Disney chief Bob Iger disagrees. ... Source: RSS feed - channel BNPaperBusiness | 8 Jul 2009 | 7:00 am Google to launch PC operating system Google has announced a personal computer operating system based on in its Chrome web browser, taking direct aim at Microsoft's core PC software business Source: Financial Times - US homepage | 8 Jul 2009 | 6:43 am NZ stocks: Market led by Telecom The New Zealand sharemarket came to life as it was closing when someone bought 2.5 million Telecom shares. The benchmark NZSX-50 index closed up 4.358 points, or 0.159 per cent, at 2750.596. The index was lower before the last... Source: New Zealand Herald - Business | 8 Jul 2009 | 6:15 am Consumer confidence at highest for five years Consumer confidence continued to rise during June as people were buoyed by reports that the worst of the recession could be over. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 8 Jul 2009 | 6:00 am Britons waste £508m a year on home insurance By renewing their policies rather than shopping around for the best deal we are potentially throwing away £180 each a year. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 8 Jul 2009 | 5:36 am G-8 summit is expected to be a test of Obama's leadership Heads of the other major economies are all but certain to resist any major new steps to stimulate global economic activity. As President Obama heads for his second economic summit in three months, lingering skepticism about U.S. leadership threatens to produce a policy stalemate that could undercut prospects for recovery at home and abroad. Source: L.A. Times - Business | 8 Jul 2009 | 5:34 am Currency: Dollar drifts lower The New Zealand dollar drifted lower today amid uncertainty about the global economic outlook and forthcoming corporate earnings in the United States. By 5pm the NZ dollar was buying US62.85c, down from US63.66c at 5pm yesterday.... Source: New Zealand Herald - Business | 8 Jul 2009 | 5:33 am Hu quits G8 trip to tackle Xinjiang crisis Hu Jintao, China's president, cut short his visit to Italy, where he was planning to attend the annual G8 summit of world leaders, as authorities struggled to contain some of China's worst ethnic violence in decades Source: Financial Times - US homepage | 8 Jul 2009 | 5:06 am 5 Promising Stocks From Your Pantry (Screens) Investors have returned to stocks in brave fashion. But while they're placing pricey bets on struggling sectors, they may be ignoring some prosperous and cheap companies whose products fill their kitchen pantry. Since the S&P 500 index closed at a humble 676 on March 9 it has rebounded 30%. Within the index, financials and “consumer discretionary” companies — the latter sell things we want but don’t need, like toys and restaurant meals — have soared 83% and 37%, respectively. Both sectors suffered steep earnings declines over the past year. Both now trade well above 20 times forecast 2009 earnings, vs. 16 times earnings for the index. Investors seem to be counting on a quick return to the borrowing and spending that powers profits for both sectors. Packaged food makers seem a safer bet — and a cheaper one. While the average S&P 500 company saw its sales shrink 8% last quarter vs. a year earlier, the index’s pantry companies increased sales as consumers ate more meals at home. There’s no earnings rebound needed to justify food stock’s prices: They trade at a reasonable 14 times 2009 earnings and they offer hearty dividend yields. The average is 3.4%, about a percentage point more than the S&P 500 index provides. Below are five S&P 500 food stocks that look especially promising. J.M . Smucker (SJM), which makes its namesake jams, Pillsbury rolls and Hungry Jack pancake mix, bought Proctor & Gamble’s (PG) Folgers coffee business last year. The purchase has fueled giant sales increases of late, but even without it, sales would have increased 3% in the company’s most recent quarter. Profits beat Wall Street’s expectations in every quarter of the company’s fiscal 2009 ended April 30. ConAgra Foods (CAG) owns an eclectic mix of businesses including Chef Boyardee canned pasta, Orville Redenbacher’s popcorn and Slim Jim meat . . . things. The company recently sold its commodity trading unit. Adjusted for the change, sales and profits are growing nicely. The stock is the cheapest on the list at less than 12 times earnings and it comes with a 4.1% dividend yield. H.J. Heinz (HNZ) sells plenty of ketchup to restaurants, so it’s not seeing quite the same benefit as other food companies from consumers eating at home. Also, some shoppers are trading down to store-brand ketchup. Sales in the company’s most recent quarter slid 6%. Management says it plans to trim costs and spend some of the savings on more marketing, while avoiding price cuts, in an effort to regain market share while keeping profits plump. If the plan works quickly, the stock price will surely benefit, and if it doesn’t investors still collect the biggest yield on the list: 4.7%. Have a look if you like at details on these three and two more companies on the list below.
Company	Ticker	Share Price	Sales Growth Most Recent Quarter (%)	2009 P/E	Dividend Yield (%)
H.J. Heinz	HNZ	$35.83	-5.60	13.4	4.7
McCormick & Company	MCK	32.59	-0.89	14.1	2.9
General Mills	GIS	59.89	3.87	14.0	3.1
Conagra Foods	CAG	18.98	7.55	11.5	4.0
The J.M. Smucker Company	SJM	48.23	81.11	13.0	2.9

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.

How Long Will Corporate Bond Rally Last? (On the Street)

If investors' flight from safety to risk wasn't evident enough in the stunning returns posted by emerging markets, tech stocks and financials since the market bottomed in early March, just take a look at the corporate bond market. It's going gangbusters, too.

The iShares iBoxx $ Investment Grade Corporate Bond (LQD) exchange-traded fund, a proxy for debt issued by companies with high credit ratings, has gained 11% since the March trough. But that's nothing compared to the high-risk junk bond market. Bonds of companies with less-than-stellar credit quality -- as measured by the SPDR Barclays Capital High Yield Bond ETF (JNK) -- rose more than 30% since the early March low.

Returns like that are enough to make any bond investor salivate (and they serve as a nice illustration of what a herd looks like when it's chasing yield). But as debt buyers look to the second half of the year, it's apparent that the days of really big returns are over.

The recent boom in bonds is a classic shift from safety to risk, says Paul Lefurgey, lead fixed-income manager at Madison Investment Advisors of Madison, Wis., who oversees the Madison Mosaic Core Bond (MADBX) and Madison Mosaic Institutional Bond (MIIBX) funds. "Everybody sold Treasurys and everybody bought yield," he says. "The easy money has clearly been made." Lefurgey's advice? Take some profits.

That doesn't necessarily mean dumping every bond or bond fund you own, however. Bill Walsh, president of Hennion & Walsh, an investment manager in Parsippany, N.J., says investors should treat bonds accordingly -- as a complement to equities.

"We look at fixed income as just that -- an income vehicle," Walsh says. "Income and safety. If you're looking for capital gains or more aggressive growth, you go with equities. Don't go into the bond market for that."

Just as investors were over-allocated to stocks heading into the downturn, they've made the same mistake with bonds during it, says Patrick Sporl, senior portfolio manager for the American Beacon Intermediate Bond Fund (ABIPX) and the American Beacon Short-Term Bond Fund (AALPX). The switch has made for a topsy-turvy investing landscape, where investors seem to have forgotten their stocks vs. bond basics.

"The average Joe has to be very careful about chasing high-yield bonds, even though they might show all the nice numbers over the next few months," Sporl says. "A boring diversified bond fund isn't going to perform that way. But just let it do what it's designed to do, which is hopefully be up if the stock market is down."

Some patience is also in order. Eventually, the companies that issued all that debt will need to show that business is indeed improving, says Jeffrey Kleintop, chief market strategist at LPL Financial, a Boston-based financial-services firm. The corporate bond market will likely cool off or just stall in the third quarter, he says, as investors wait for proof that companies' bottom lines are getting stronger. "We need to see that earnings are improving fundamentally before we get further improvement [in the corporate bond market], and that's really more of a fourth-quarter story," Kleintop says.

Those who want to invest in corporate bonds are probably better off going with an actively managed bond fund, our bond pros say. Partly because bond-fund holdings are extremely difficult to understand and partly because of interest-rate risk. (As interest rates rise, bond prices fall. Active managers try to account for that all-important unknown.) For example, LPL Financial's top fixed-income picks for retail investors include Loomis Sayles Investment Grade Bond Fund (LSIIX) and Calvert Short Duration Income (CSDYX). (They're both no-load funds with cheap net expense ratios.)

As for bond buyers looking to manage their own fixed-income portfolios? Buyer beware, says Walsh. "If you go into corporate debt, you better know what you're buying," he says. "After the run-up we’ve had in high yield, nine times out of 10 it's a recipe for disaster to buy any single issue, because an individual is not going to kick the tires."

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.

Wacky Washout for Retailers

SUMMER, IF THE CALENDAR IS TO BE BELIEVED, started two weeks ago.

The season of scorching sand and sultry nights, patios and poolsides, of sizzling grills and swizzle sticks seems lost this year to a wide swath of the country that has been cursed by cool temperatures, cloudy skies and drenching rains. Worst hit have been the Midwest and Northeast. The Southwest has been unseasonably cool as well. Summer finally showed up in the deep South and Southeast, but with a sweltering vengeance, accompanied by heat advisories discouraging outdoor activities. High temps and dry conditions have gripped Texas the past few weeks. The Pacific Northwest also has been unseasonably warm and dry.

For many retailers and purveyors of food and beverages, the summer ended long before it began. Outside of those who sell mosquito repellent or windshield wipers, or who deliver pizza, expect the month to be a washout for retail sales. That, in turn, sets the stage for a round of terrible second-quarter sales.

"Any chance of good news has gone down the sewer with the rain," says Larry Haverty, a retail specialist based in Rye, N.Y., who is portfolio manager of the Gabelli Global Multimedia Trust closed-end fund. He expects retailing stocks to mark time until September, when inventories will be in better shape.

The International Council of Shopping Centers now estimates that June same-store sales at retail chains will be down by about 5% from year-earlier levels, excluding Wal-Mart Stores (ticker: WMT), which stopped reporting monthly sales. That compares with an earlier forecast of a decline of 3% to 4% for June and an actual drop in May of 4.6%. In a clear sign of bulging inventories, Williams-Sonoma 's (WSM) Pottery Barn slashed the prices of chaise lounges and other patio gear by 20% for the Fourth of July weekend.

THE STANDARD & POOR'S RETAIL INDEX, which outpaced the S&P 500 throughout much of the past year and was a leader off the market lows in early March, has been showing signs of weakness more recently, falling 10% since May. And the June weather may be "another nail in the coffin," says Howard Davidowitz of Davidowitz & Associates, a retail consulting and investment-banking firm based in Manhattan.

"How can you have unemployment exploding and savings exploding and expect to have retail business?" he asks. "The weather hasn't helped."

Last month's numbers faced a difficult comparison, in any case, with those 12 months earlier. June 2008 had phenomenally good weather that made it the strongest month for retailers last year. And the arrival of federal tax-rebate checks that month only added to the boom. Another plus was that that gasoline prices peaked just as summer got under way, and subsequently slid. In contrast, this year's weather couldn't be more horrendous, the economy remains frail and consumers are more interested in saving than spending. On top of that, the gas-pump price trend is up.

Even if the weather improves, the fallout is likely to spill over to the third quarter. "The weather impact doesn't stabilize in a single quarter," says Scott Bernhardt, chief operating officer at Planalytics, a Wayne, Pa.-based weather-forecasting service for businesses. "The summer is over for full-price sales, and [retailers] will be marking down goods like crazy."

CONDITIONS ARE SUCH IN THE HEARTLAND that corn and soybeans are behind in their growing season, and the stocks-to-use ratio, a measure of grain supply to grain demand and a good predictor of price trends, is at the lowest level since the early 1970s, according to Michael Ferrari, vice president of commodities research at Bethlehem, Pa.-based Weather Trends International, a long-range weather forecaster for businesses.

Spring flooding in the Plains states delayed the winter-wheat crop, but harvesting began recently. Nonetheless, an expected cold front could put the kibosh on an extended harvest, in contrast to last year, when a mild fall stretched out the growing season. Reflecting supply concerns, open interest on grain futures has ratcheted higher in the past few weeks, as investors bet higher prices are in the offing. One way to make a concentrated bet on the grain sector is through the PowerShares DB Agricultural ETF (DBA).

Still, the biggest immediate impact from the lousy weather will be felt among the retailers, particularly those with heavy presences in the most affected states. The Northeast, for example, accounts for roughly 30% of the nation's apparel sales. However, "broadline" retailers, selling everything from furniture to household goods to food, are expected to bear the brunt of the storm. Clothing retailers, in contrast, might see some benefit from people seeking refuge in malls from the extreme weather.

BJ's Wholesale Club (BJ), with 70% of its warehouse clubs in the Northeast, could be pressured more than, say, Wal-Mart's Sam's Club, with its roots in the South. Ross Stores (ROST), with a big California presence, could post better numbers than, say, TJX (TJX), whose off-price T.J. Maxx and Marshall's brands claim the Northeast as a stronghold.

Unfortunately, umbrellas are no match for this storm.

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.

8 Ways to Cut Costs in Your Garden (Deal of the Day)

Done right, caring for your yard and garden leaves you with two kinds of green: the kind you tend and the kind you spend.

As it turns out, few amateur gardeners are doing it right. Most homeowners base their watering and planting habits on what their neighbors do, says Bruce Butterfield, the research director for the National Garden Association. That’s a big mistake. You could be misinterpreting your neighbor’s advice. He could be working with an entirely different ecosystem. Or he simply could be wrong. Odds are good you’re over-watering – and therefore over-paying, Butterfield says.

Instead of peering through the fence for help, try these eight tips for a more energy- and water-efficient yard:

Collect Rainwater

Take advantage of rainy days to cut your water bill. Venkappa Gani, a Houston-based master gardener with the technology trade association IEEE, uses a rainwater harvesting system that filters rain from roof gutters into a large tank. Just as effective: Put a rain barrel or other container outside to collect a few gallons -- enough to round the flower beds with a watering can. A gardener in Providence, R.I., using 10 gallons a week at 29 cents a gallon could save nearly $70 over six months.

Mow sparingly

Grass that’s cut too short will struggle to grow and require more water, Butterfield says. Never chop off more than a third of its height at a time, and keep it at least three inches tall, he says. Don’t bag the clippings, either; they provide the lawn with water and nutrients.

Super-size containers

With houseplants, window boxes and other potted plants, make sure there is plenty of room in the container for growth over the course of the season, says Karla Chandler, the curator of the Helen Mattin Warm Temperature Pavilion at the Brooklyn Botanic Garden in New York. If there isn’t enough soil amid all those expanding roots, the plant may need more frequent watering.

Plant trees

Strategically planted, trees can help you regulate the temperature of your house, cutting back on energy costs. Planting evergreens on the north side of your house blocks the winter winds, while deciduous trees like maples along the south side of your home shield against the summer sun, says Chris Cipriano, the president and CEO of Cipriano Landscape Design in Ramsey,N.J. Those trees can cut annual heating and cooling bills by up to 25% -- or up to $278 for the average U.S. household, according to the Department of Energy.

Use local flora

Every plant has specific soil, climate, sun and water needs. If they go unmet, the stressed-out flora may suck up double the amount of water in their effort to survive. Stick to plants that are well-adapted to the area and the conditions of your yard, Gani says. Garden centers can point you to native and drought-resistant varieties -- and cut your outdoor water bills in half.

Embrace mulch

Mulch and compost retain moisture and allow you to wait longer between waterings, Chandler says. Both also result in healthier soil, which promotes deeper roots and gives plants access to water deeper in the soil. That means less water from your hose and a lower utility bill.

Time watering sessions

Set the timer on the sprinkler system to no later than 9 a.m., Butterfield says. Heat can evaporate the water before plants have time to soak it up. Ideally, irrigate the yard only on days when it isn’t windy. Strong gusts can carry water away from areas that need it, leaving others too soaked.

Upgrade your equipment

An efficient sprinkler system uses 45% less water, Cipriano says. Look for water-efficient sprinkler heads or a drip system, and a controller that will automatically delay the cycle if it rains (about $60 at Home Depot (HD)). In Miami, which charges $5 per 1,000 gallons of water, an equipment upgrade could pay for itself within a year.

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.

Futures Flat Ahead of Earnings (Market Update)

News at a Glance

• Futures Flat: Investors await news from G-8, Alcoa.
• Europe Down: Pessimism pushes oil, banks lower.
• Asia Lower: Weak oil, metal prices, Japanese economic data drive decline.
• Oil Slide: Crude prices extend Tuesday losses.

The Lowdown

Traders are reserving judgment before key signals on the recovery.

U.S. markets appeared set for a flat open Wednesday morning as traders awaited news from the Group of Eight summit in Italy and second-quarter results from Dow component Alcoa (AA). Shortly after 7 a.m. Dow, Nasdaq and S&P 500 futures were trading right around fair value.

The fate of the dollar as the world's reserve currency is among the subjects world leaders are expected to discuss at the G-8 summit, which will continue despite the departure of Chinese President Hu Jintao. Hu abandoned plans to attend the summit Wednesday after ethnic violence erupted among Han Chinese protestors.

European shares fell as traders showed concern over the prospects for a global economic recovery. Shares of oil producers such as Repsol (REP) declined as crude prices slid. Financial firms like Credit Suisse (CS) also gave up ground.

Asian stock markets slipped as traders responded to weak oil and metal prices, as well as Tuesday's declines on Wall Street. Negative economic news from Japan also contributed to the downturn. The country's current account surplus fell 34.2% in May from the same month a year ago, and the trade surplus fell 22.1%, according to data released by the Japanese Ministry of Finance Wednesday. Separate data from the Cabinet Office showed core machinery orders fell 3.0% in May from April. Both sets of data suggest the global recession has not waned.

Oil prices continued Tuesday's declines as pessimism about the economic recovery deepened. By 6:38 a.m., crude had fallen 47 cents to $62.46.

Corporate News

• Google (GOOG) is designing a new open-source computer operating system that will be available on netbooks in the second half of 2010, the company announced on its blog Tuesday evening. The Chrome operating system, which will be separate from Google's Android system for cell phones and other smaller devices, is intended to compete with Microsoft's (MSFT) Windows.
• Alcoa (AA) is scheduled to release its second-quarter earnings after the market closes Wednesday. The aluminum producer is expected to post a loss of 38 cents a share, compared to a gain of of 66 cents a share in the same period a year ago. Alcoa is the first Dow component to report, and traders and economists often use the firm's results as an indicator of broader economic health and a harbinger for the rest of earnings season.
• Teva Pharmaceuticals (TEVA), France's Les Laboratoires Servier and other generic drugmakers face antitrust investigations by the European Union into whether an agreement between the companies hindered the entrance of a generic cardiovascular drug on to the market. The probes come after raids at the companies in November, the European Commission said Wednesday.

The Economy

• Crude oil inventories for the week ending July 3 are scheduled to be released by the Energy Department Wednesday at 10:30 a.m. Inventories fell by 3.66 million barrels in the week ending June 26 but remained above the upper limit of the average range for this point in the year.
• The consumer credit report for May is scheduled to be released by the Federal Reserve Wednesday at 3 p.m. Consumer debt is expected to have decreased by $8.8 billion after falling $15.7 billion in April.

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.

Cancer patients to receive California IOUs

Plus SMS suspended for late report

US brokers Honduran coup talks

Sir Stuart Rose prepares for protest at Marks & Spencer annual meeting

Crisis over JJB chief Sir David Jones's loan from rival grows

Yorkshire lawyer Nigel Knowles took on the world and won

Business big shot: Mick Davis, chief executive of Xstrata

N Brown sales up as it shrugs off customer debt

Authorities in China hold four Rio Tinto workers

Housebuilders ‘drip-feed’ new homes to prevent further price falls

Factory output fall dashes recovery hopes

City Minister Lord Myners calls for ‘surgery’ on EU hedge fund curbs

US bank capital changes opposed

US stocks: Oil drags energy shares lower

Falling house prices drive up mortgage fraud (AP)

NZ stocks: Market falls on US news

AIG loses $4.3bn case against Greenberg

L.A. County's May default rate double last year

Write-Offs: 07.07.09

$$$ Now that they've fired everyone, Barclays is hiring again [The Deal]

$$$ Bank Slaughter [Reuters]

$$$ The McCloy house hits the market [CF]

$$$ Joe Cassano: The Man Who Crashed The World [VF]

$$$ The Observer reports that Steve Cohen only spent $2.7 million on his 20-something year-old son's apartment, which the paper cannot get over. Since there probably isn't anyone else who's going to say it, the duty lies with us to put it out there that this might've been because the child in question is not the fruit of the big guy's loins, but that of another dude with whom SC's second wife Alexandra chilled prior to meeting Steve. Not that there's anything wrong with that, of course, and surely the boy is loved just as much as the rest of 'em, but those with the DNA of Papa Bear have don't wipe their feet on welcome mats worth less than $3 mill. [Observer]

Sperm created from stem cells

Key4Women: Interview with KeyBank’s Maria Coyne

Key Bank has created a program to help women get critical access to capital to finance existing or fledgling businesses. Through the Key4Women program, they’ve shown a committment to helping women overcome the distinct challenges they face when it comes to accessing capital.  Data collected by the Center for Women’s Business Research indicates that, relative to their male counterparts, women business owners (WOBs) have a more difficult time raising business funds.

Maria Coyne, KeyBank EVP and Founder of Key4Women was kind enough to answer a few questions about the program and its purpose.

What was the motivation to start a special program just for women, Key4Women?  

MC: Women rely more heavily upon networking and find great strength and inspiration from engaging with and receiving advice from other women.  KeyBank had been lending concertedly to women for quite some time, but officially launched its Key4Women program in 2005, designing it to directly address WOB challenges, providing female entrepreneurs with access to capital, financial solutions, educational offerings, and networking opportunities.

Do women business owners face unique challenges in a down economy?  

MC:  We just learned from the Key4Women Confidence Index, which was done in conjunction with the Center for Women’s Business Research and surveyed women business owners around the country, that the current challenging economic climate has had a significant negative impact on their businesses.  More than half (56 percent) reported lower net earnings and 18 percent decreased employment in the first quarter of this year.  

However, 90 percent of the respondents thought the economy has at least hit bottom and will either remain the same or improve in the next six months.

Women business owners have been taking actions to bootstrap in this environment:  two-thirds of respondents said they are watching their cash flow much more carefully over the past six months, and 42 percent said they are collecting receivables more aggressively.  

The survey results were announced on May 27, 2009, and the full survey report can be accessed at www.cfwbr.org.  We’re interested in what women business owners think about the results and what their own experiences have been.  We encourage business owners to comment on the survey’s findings by posting a comment on the blog at www.mariaonmoney.com.

Are women at a disadvantage when it comes to raising larger sums of money - venture capital for example?  

MC:  Traditionally, women have received only a small fraction of venture capital funds and have historically not accessed bank financing as men do, but that is changing. In 2006, the Center for Women’s Business Research found that 70 percent of women business owners polled were satisfied in their efforts to get credit, compared with only 50 percent ten years earlier. Key is making sure women have access to capital, we have pledged to lend $3 billion to qualified women owned businesses by the 2012, which will also be important to our country’s economic recovery. This new commitment comes on top of lending more than $3 billion to women-owned businesses since 2005. 

What are some of the ‘key’ differences you perceive between men and women when it comes to financing their businesses?  

MC:  Through Key’s focus on developing trusted client relationships we know that women business owners also focus on relationships. While all business owners have the need for financial products that are right for their business, women place a higher priority on how their bank treats them. According to the Center for Women’s Business Research, more than two-thirds of women business owners choose financial products and services based on their relationship and experience with a lender.
 
Research indicates that, women owned business are still less likely than businesses with comparable revenue owned by men to use business credit or equity financing. Our message is: “It’s okay to borrow strategically,” and Key4Women is designed to make sure women business owners can get the financing they need. 

For women business owners reading this - what are your top three pieces of advice?

 1) Pay attention to all aspects of your business, seek ways to maximize efficiencies and eliminate wasted time and money. Look for ways to do more business operations online, eliminate redundancies, and be judicious about how you spend your own time.
 
2) Recession-proof your business by expanding into new markets or introducing new products that fill needs today. Seek ways to be innovative, take suggestions from employees and customers about how to improve value and contain costs.

3)  Manage the numbers:  Business owners who come to their bankers with realistic business plans, and who know how to quickly adjust the levers that drive their revenue and cash flow always have an advantage.  When making projections, talking to your banker before small concerns become big crises is always the best way to get their help.  

Thanks to Maria Coyne and KeyBank for the education. If you would like to find out more about Key4Women, check out Maria’s blog, www.mariaonmoney.com.

Thanks also to Marylee A. Gotch, Vice President, Public Affairs Manager, for arranging this interview.

Image Credit: JMRosenfeld, Flickr

Catholic Church Thinks You're All A Bunch Of Sinners

So, we weren't going to delve into this one, given the touchy subject matter, but in honor Michael Jackson's funeral, we're giving ourselves a free pass. In his latest letter to investors, the Pope notes that though there is something of a gray area when it comes to the fucking of children, he and his team draw the line at mismanagement of capital. Benedict went on to suggest that there is a circle of hell waiting for those who commit sins in the financial arena. You people will be there, burning, while he and his friends enjoy the view from up in heaven, as they tap that underage ass.

[The Pope] criticized the current economic system, "where the pernicious effects of sin are evident," and urged financiers in particular to "rediscover the genuinely ethical foundation of their activity."

Rivlin Says Fed More Concerned About Deflation Than Inflation

Luxury Hotel du Vin in the hands of receivers

McCulley Says Deflation Is Risk for U.S. Economy (Correct)

The Dow Jones industrials' moves since Lehman fall (AP)

The Dow Jones industrials' moves since Lehman fall (AP)

How the major stock indexes fared on Tuesday (AP)

AIG Adds Another Loss To Its Belt

In yet another swift victory for justice and credibility in the US legal system, former AIG chairman Hank Greenberg, accused of running off with $4.3 billion in AIG stock which was supposed to be used for executive retirement accounts, got a free pass from a federal jury today. The jury was evidently not swayed with minor appearances of impropriety such as Greenberg flying stock certificates to Bermuda in private jet to deposit them in an off-shore account. Should Fed. District Judge Jed S. Rakoff not introduce a shred of decency into this process and reverse the jury's decision in his final ruling, the Hank Greenberg GFY AIG party will go on as scheduled on a pink sand beach later this summer.

Jury Finds Against A.I.G. in Greenberg Case [NYT]

Pope Talks Economy

Pope Benedict XVI signs his letter. L'Osservatore Romano/Getty

 

Pope Benedict XVI criticized the current economic system and called for a new financial order in a letter to Catholic bishops published today. The letter, called an encyclical, is titled "Caritas in Veritate" or "Charity in Truth." The New York Times reports:

He criticized the current economic system, "where the pernicious effects of sin are evident," and urged financiers in particular to "rediscover the genuinely ethical foundation of their activity."

He also called for "greater social responsibility" on the part of business. "Once profit becomes the exclusive goal, if it is produced by improper means and without the common good as its ultimate end, it risks destroying wealth and creating poverty," Benedict wrote.

The letter has been two years in the making, and its release comes a day before the Group of Eight meeting, which begins in Italy tomorrow.

» E-Mail This     » Add to Del.icio.us

Briscoe expects higher earnings

CFTC To Break Out Hedge Fund Positions

Apparently last year's failed witch hunt to "prove" that hedge funds were behind $150 barrels of oil has done little to change the CFTC's mind about where spikes in commodity prices come from. In addition to pondering whether or not to set position limits on commodity futures contracts, the CFTC will now break down hedge fund positions on its weekly Commitments of Traders report. The CFTC will now have the transparency and data it so desperately wants so the world can see that it can't prove its own conspiracy theory.

U.S. regulator to identify hedge fund bets in commods [Reuters]

Oil price falls again

Andrew Cuomo Bangs Drag Queens

Personally, we don't think there's anything wrong with that, but for the more narrow-minded individuals in the group, who have perhaps suffered at the hands of the Attorney General, whether during a harrowing interrogation process that resulted in months of night terrors (you can still hear him on the other side of the wall, can't you, Ken?) or a deeply uncomfortable subway ride wherein Andy-boy blamed the packed car for some cuppage of ass, take solace. No matter what he did to you, know that when Andrew Cuomo goes home, he goes home to a woman who voluntarily and without prompting describes herself as a shemale. Will be interesting to see what the good people at NAMBLA have to say about this.

Related: Andrew Cuomo's NAMBLA Connection

Andrew Cuomo's Girlfriend Is A Drag Queen [Daily Intel]

AIG loses court fight with ex-CEO

SEC alleges oil-and-gas Ponzi scheme (AP)

Cathay Pacific Airways Raised to `Overweight' at JPMorgan

Dr. Doom: Where we're going we don't need roads

July Doom & Gloom

Ruth Madoff Free To Conquer Dream Of Climing Mount Kilimanjaro

Or shack up with a Greek shipping heir, or make a name for herself by sneaking into North Korea. Whatever! ABC News reports Mrs. Bernie got her passport returned from federal prosecutors, which she was forced to turn over a few months ago as part of some guy's bail condition. Now she's got it back, which apparently indicates that Lady MacMadoff will definitely not be charged with any role in the scam, which should please Gloria Steinnem greatly. Anyone got some suggestions as to where Ruthskie should take off to, within reason (she's middle class now)? She's presumably going to want to show off that beach body so warmer is better.

Presented By:

Survey shows racial disparity in 401k savings rate (AP)

Another Impressive Ponzi Effort From Texas

The state of Texas is one step closer to overtaking Bernie and other NY-based Ponzsters in the fraud league tables. Following the major league effort of Sir Allen, three Dallas-area businessmen are accused of running a $485 million Ponzi scheme focused on the oil and gas industry through a company called Provident Royalties LLC which promised Madoff-sized returns of up to 18%. Close to 8,000 investors believed these commodity wizards couldn't miss.

3 Dallas businessmen accused of running $485 million Ponzi scheme [Dallas Morning News]

Turn Students Into Investments

Ryan Christianson has an idea about how to determine teacher's salaries that he admits is "kind of crazy." He writes:

What if teachers were paid based on the future income their students make. For example, student A grows up to make 100k a year. We look at the records and find the 20 teachers that taught student A and compensate them based on that. Compensation could be based on number of months spent with student.

That way the students would turn into "investments" for the teachers.

» E-Mail This     » Add to Del.icio.us

No More Busts

High-ups at the European Union are looking to put an end to economic busts by making sure banks are liquid enough to stand a crisis. The proposal seems to make a lot of logical sense: banks will have to build up much larger capital reserves during good times, so they'll have the huge savings needed to ride out a crisis.

Right now, European banks can shed reserves when the economy is doing well, forcing them to restrict lending to build up reserves during economic contractions like the current recession. Germany is hoping to loosen capital reserve rules until the recession is over, so banks can lend more without having to worry as much about having to save up assets.

The U.S. government has encouraged American banks to take up similar saving measures, but that's still optional.

» E-Mail This     » Add to Del.icio.us

Does Google always do good?

Pimco's McCulley Says Deflation Is Risk for U.S. Economy

Education Secretary Duncan Says Teacher Evaluations `Broken'

UniCredit’s Bandholz Says U.S. Economic Recovery Hasn’t Started

SEC Overhaul

The U.S. Securities and Exchange Commission's enforcement divison is reportedly undergoing its biggest reorganization in nearly three decades. Bloomberg reports:

The overhaul unveiled this week dissolves the division's lowest and largest tier of supervisors, the branch managers who oversee small teams of attorneys, the people said. Some may become front-line investigators; others may be elevated to assistant directors. Assistants, who currently supervise about 18 people each, would instead oversee only six.

A plan to create specialist teams, using a similar management structure, is still being refined, the people said.

The SEC hired former federal prosecutor, Robert Khuzami, in March to overhaul the enforcement division after it was criticized for failing to identify Bernie Madoff's Ponzi scheme.

» E-Mail This     » Add to Del.icio.us

Blackrock's Doll Favors Energy, Health Care, Technology Stocks

The 25 Hottest Wives of Business

From private jets to golden parachutes, the perks of being a high-rolling executive are too many to count. But one of the best benefits comes in spousal form. With the right bankroll, even the raunchiest guy can land his hottie of choice. In some cases, the hot wife is also a businesswoman, making her husband a very lucky man indeed.

Notice the sharp contrast in looks between some of the couples featured below. That’s no coincidence. That’s money, baby.

25. Lucy Southworth

Source

Lucy Southworth, 28, former model and Stanford bioinformatics Ph.D., married to Larry Page, 35, co-founder of Google.

Those Google guys are really smart with engineering and APIs, but also in finding the smartest Ph.D. with the hottest smile in the room. This despite the fact that they look like they just stumbled out of their dorm rooms after a night of coding. Pay attention oilmen, the geeks are winning.

24. Susan Dell

Source

Michael Dell, 44, founder of Dell Computer, married to Susan Dell, 43, elite-level Ironman athlete/chairman of Phi, a fashion label in New York.

Dell had just rung $159 million in sales the year before, but when Michael met Susan in an Austin bistro, she was a already star in her own right. The rich daughter of a famous cacner surgeon, Susan also excelled in real estate. She later revisited her love of fashion and opened a boutique. Apparently, they used Macs at first. Eek!

23. Beth Ostrosky

Source

Howard Stern, 54, radio host/media entrepreneur, married to Beth Ostrosky, 37, model, TV host.

The “King of All Media” dumped the coolest chick ever, his former wife, who stuck with him during his ridiculous rise. He then proceeded to host every stripper and porn star in America on his radio show until he found true love. It didn’t work, but he met Beth at a dinner party. He then invited her to a proper movie date. The rest is history.

22. Stephanie Seymour

Source

Brant, 62, CEO of White Birch Paper, married to Stephanie Seymour, 39, former international supermodel.

Axl Rose cried, then kissed Stephanie in the grossest manner during the video for November Rain. Soon afterwards, the news came out that the tiny little rock star hit the supermodel and kicked her out of his bed. Around the same time, Peter Birch was making his first billion. Ms. Seymour is smarter than all of them.

21. Kareena Kapoor

Source

Saif Ali Khan, 38, Bollywood star and entrepreneur, attached to Kareena Kapoor, 28, tabloid fave Indian film star.

This couple’s hotness goes both ways. Women wish they were with Saif and wish they just were Kareena (known as Bebo). This exotic Indian couple is the equivalent of Brangelina in the States. Wherever they go, thousands of cameras follow. Men watch Kapoor hungrily, while women young and old clutch their broken hearts.

20. Kirsty Roper

Source

Ernesto Bertarelli, 43, CEO of Swiss Biotech Serono, is married to former Miss UK Kirsty Roper, 38.

He likes to heliski in Gstaad and sail in Valencia. She likes to wear cute little pink ski suits and cute little gold swimsuits, so this thing might work out.

19. Erica Baxter

Source

James Packer, 41, billionaire CEO of Australia’s Telecom One.tel, married to Erica Baxter, 25, singer and model.

These two crazy kids have been causing a ruckus Down Under, where a whiff of old English tradition–proper money dating proper money–remains. Wild child Erica ensnared Australia’s richest man. He looks like he is having the time of his life.

18. Deborah Norville

Source

Karl Wellner, 56, money manager to the ultra-rich, married to Deborah Norville, 51, TV broadcaster and journalist.

Remember when, way before real cable news, Inside Edition was hot? Back then, Deborah Norville was a serious journalist who just happened to be one of the hottest blondes on TV. Mr. Wellner financed part of the show’s sponsoring affiliate channel, as well as the building in which the show was shot. As a result, he happened to see Ms. Norville on TV. I guess you could say it was kismet.

17. Taffi Dollar

Source

Creflo Dollar, 47, mega-church evangelist of World Changers Church, married to Taffi Dollar, 46, the CEO of Christian recording company Arrow records.

God wants you to be rich. Help Him help you by sending money to Creflo and Taffi, who will don custom tailored suits, build huge monuments to God, and broadcast it all in HD for your viewing pleasure. You might become rich, too, if you believe enough. Alas, the cards may be stacked against you: You do not run a megachurch, and, unbelievably, your name isn’t Dollar.

16. Meredith Whitney

Source

Meredith Whitney, 40, banking analyst, married to John “Blackjack Bradshaw” Layfield, 42, former WWE wrestler and investor.

Meredith is the hottest banking analyst on Wall Street. Nonetheless, she just couldn’t see herself with a Gordon Gekko-type who drinks fine scotch and enjoys the Hamptons. Instead, she landed a bulky wrestler, who can almost drink as much tequila as Ms. Whitney herself. The joke is on her: He is a very successful investor, too. Wonder if she wrestles?

15. Anne Wojcicki

Source

Another Google dude shows his smarts by picking a smart, hot blonde with accolades of her own. Interestingly, the couple has chosen to donate their child’s DNA to a mapping project that will help with Anne’s 23andme initiative eradicate diseases.

14. Gail Icahn

Source

Carl Icahn, 73, billionaire financier married to Gail Gordon, 57, former long-time assistant to Carl Icahn.

You go to work every day for years, dealing with an over-controlling boss as his assistant. He is never satisfied. He never remembers your birthday. Still, you think he is a genius. Privately, you just wish he would give you a raise. Then one day he invites you to dinner after work. A few drinks later you are in a compromising position with your boss. The only thing to do is to quit and marry him. Bam! Instant respect, better time off…and the “raise.”

13. Julia Koch

Source

David Koch, 68, billionaire Financier married to Julie Koch, 46, former couture design assistant.

After their very first date, set up by dress designer Adolfo, David was one of the only survivors of a plane crash that would leave him with major injuries. Shortly thereafter, he was diagnosed with cancer. After recovering, he locked in the much younger Julie as his wife. The two are living happily ever after.

12. Christina Aguilera

Source

Christina Aguilera, 28, multiplatinum singer, married to Jordan Bratman, 31, music marketer.

It is hard to see what the “dirty genie” sees in this doofus. He’s unattractive, a little short, and a horrible music marketer to boot. Motherhood has treated her well, though. You have to give props for the low dosage of paparazzi involving Bratman and the kids. It might just be real.

11. Georgina Chapman

Source

Harvey Weinstein, 57, film producer and chairman of The Weinstein Company, married to Georgina Chapman, 33, founder of the Marchesa Fashion label.

Dumbstruck. Flabbergasted. These are a few of the terms that explain what people feel like when they see this couple. Harvey, the heavy-breathing, walking-adverse movie mogul apparently wooed Georgina, the fashion plate, with a dirty joke. Really?

Continue to the top 10 Hottest Wives of Business ->

A concert with that Doritos bag

The economics behind Xinjiang unrest

New Xbox game features commercials

Vendors try to cash in at MJ memorial

Auto woes filter down to suppliers

Will hospital deal really materialize?

Wardell Says Gasoline May Drop Below $2 a Gallon This Year

Maloney Says U.S. Deflation Is Greater Risk Than Inflation

Compensation: The Video Game Industry

Yesterday on the podcast we asked you to tell us how compensation works at your job and how you think it could be improved. One of the first people to respond was Elan, who works in the video game industry. Elan writes:

I work at a large, very well-known company that makes video games for PC and consoles. Most of our employees are on salary, but a large part of our total compensation comes from year-end bonuses derived from royalties on our games' sales -- essentially a profit-sharing scheme.

A particular employee's share of the bonus is determined from seniority and from a system of performance reviews. Basically, we all privately provide feedback on one another to management, and then management uses this information and its own judgment to decide how big someone's bonus ought to be.

This has a bunch of incentive effects. Bonuses increase with individual performance, of course, but also, since the royalties are shares of the total profits on a product, everyone's pay also depends on how well the game sells generally. In essence, our pay is proportional to the performance of the whole team and the product itself.

So everyone has a stake in trying to make the project a success as a whole, by working a little later or helping out with testing or whatever else is necessary. It also creates social pressure to do well, since the size of *my* bonus depends on how well you do *your* job, just like an athletic team.

There are also problems. Those bonuses can reflect the caprice of management or bad blood between peer reviewers. Even good-faith managerial reviews may not always be a perfect measure of performance. And the social pressure swings both ways: it can end up in a situation where everyone's afraid to be seen as the slacker so everyone goads each other into working longer and longer hours, until we're all working around the clock and missing our families.

I also think this only works because our company is an older one and privately owned. This sort of arrangement was more common in the 90's, when teams were smaller and studios got large cuts of game revenue. But over the years many of the large publicly-held companies have abandoned it, possibly because the teams are larger, but possibly also because the pressure to return dividends can outweigh the value of retaining the best and most talented (and most expensive) employees.

» E-Mail This     » Add to Del.icio.us

You Could Always Go To Poland

Shoppers outside of a mall in Krakow, Poland. EnglishGirlAbroad/flickr

 

Spain has record unemployment. Ireland's credit rating keeps getting cut. The UK's national debt could quadruple. And Poland's economy is set to grow over the next several years.

Wait. What?

That's right. Poland, one of the poorest countries in the European Union, a country that still hasn't been allowed to switch over to the Euro currency, is -- relatively speaking -- one of the most booming economies in Europe.

One of the largest factors is likely the Polish aversion to debt. During the 1970s and 1980s, Poland's Communist government took out heavy loans in order to operate, causing massive debt that eventually bankrupted state-owned businesses which employed thousands. As a result, the modern Polish government never allowed the sort of government and private borrowing that we've seen in other free market economies -- to the point that it's still not touched a $20 billion "no-strings-attached" IMF line of credit it received in April.

Poland's also seeing the return of thousands of expats who left the country to work in more prosperous European countries after it joined the EU in 2004. For the past few years, these foreign workers have sent millions of dollars home. Now those that are returning, are embracing the growing economy and are eager to consume.

» E-Mail This     » Add to Del.icio.us

Marta Calls Talk of Second U.S. Stimulus Package `Problematic'

June sales likely rained out for U.S. retailers (Reuters)

Protect Your Best Asset at All Costs