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JJB chairman repays loan to Mike AshleySir David Jones, chairman of JJB Sports has repaid a controversial £1.5 million loan to his retail rival and leading shareholder Mike Ashley. Source: Latest Business News from Times Online | 11 Jul 2009 | 11:47 am Obama hails Ghana’s successGhana could be a model of success for other African countries and Africa is not separate from world affairs, says US PresidentSource: Financial Times - US homepage | 11 Jul 2009 | 11:12 am Short Sellers Target Big Financial Names (BAC)(AIG)(WFC)(FRE)Short sellers upped their investments in stocks of the most prominent financial firms. Short interest in Bank of America (BAC), AIG (AIG), Wells Fargo (WFC), and Freddie Mac (FRE) all rose for the period ending June 30. Short sellers also increased position in several regional banks. Short interest in KeyCorp (KEY) rose 31% to 38.1 million. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 Jul 2009 | 10:24 am Sanofi recalls three cough mixtures in FrancePARIS, July 11 (Reuters) - Sanofi Aventis has recalled three cough mixtures for babies and children in France after traces of a toxic substance were discovered in a bottle, the French health authority...Source: RSS feed - channel BNewsBusiness | 11 Jul 2009 | 10:03 am Britain's Centrica in Venture takeover bidBritish energy firm Centrica said it had tabled a 1.3 billion pound (1.5 billion euro, 2.1 billion dollar) bid for North Sea gas company Venture Production. Centrica, the owner of...Source: RSS feed - channel BNewsBusiness | 11 Jul 2009 | 10:01 am Auto Review: 2009 Nissan Cube: Square deal on gas sipperLove or hate the styling of the new Cube (it does grow on you), I can say it is a very fun car to drive. Keep a sharp watch on the options and it carries a nice price.
Source: MarketWatch.com - Top Stories | 11 Jul 2009 | 10:01 am Rio employee accused of briberyAustralian authorities have finally been granted access to the Australian Rio Tinto executive detained in China and accused of bribing Chinese steelmakers and stealing Chinese state secrets amidst tense...Source: RSS feed - channel BNPaperBusiness | 11 Jul 2009 | 9:36 am Rain washes away tourism dollars in NortheastRelentless rain and cool weather since early June have sent visitors scrambling home and washed away millions of tourism dollars across the Northeast. But the first 80-degree readings this...Source: RSS feed - channel BNewsBusiness | 11 Jul 2009 | 9:35 am Talks resume in addressing Calif.'s $26B deficitGov. Arnold Schwarzenegger and legislative leaders were scheduled to resume talks aimed at closing California's $26 billion budget deficit. Lawmakers from both parties were expressing...Source: RSS feed - channel BNewsBusiness | 11 Jul 2009 | 9:33 am Australian concerned for Rio employee China holdsAustralia's trade minister met Saturday with Chinese officials and said his government is "deeply concerned" about the detention of a Rio Tinto Ltd. employee on spying charges. Simon...Source: RSS feed - channel BNewsBusiness | 11 Jul 2009 | 9:27 am SABIC: Sinopec JV cost up due to larger project scopeDUBAI, July 11 (Reuters) - Saudi Basic Industries Corp (SABIC) said on Saturday a 20 percent increase in the estimated cost of the Sinopec joint venture was due to the expanded scope of the petrochemicals...Source: RSS feed - channel BNewsBusiness | 11 Jul 2009 | 8:57 am UPDATE 1-China approves SABIC-Sinopec JV, cost rises 20 pct* SABIC says China's top planning body approves Sinopec JVSource: RSS feed - channel BNewsBusiness | 11 Jul 2009 | 7:50 am Sober outlook in Sun ValleyMoguls at this year's Allen & Co. conference say that 'it's going to take years and years' before their weakened empires see real growth.Security is tight at investment bank Allen & Co.'s annual conference.
Source: L.A. Times - Business | 11 Jul 2009 | 7:00 am California debt attracts investors againIncreased demand for the municipal bonds might further delay a state budget, some analysts worry.Don't tell Sacramento, but the state's debt is attracting buyers again.
Source: L.A. Times - Business | 11 Jul 2009 | 7:00 am Countrywide, Bank of America sued by MBIA InsuranceThe insurer claims that misrepresentations by mortgage lender Countrywide, now owned by BofA, caused it to insure fraudulent debt securities on which it lost $1 billion. MBIA seeks to recover damages...Source: RSS feed - channel BNPaperBusiness | 11 Jul 2009 | 7:00 am Countrywide, Bank of America sued by MBIA InsuranceThe insurer claims that misrepresentations by mortgage lender Countrywide, now owned by BofA, caused it to insure fraudulent debt securities on which it lost $1 billion. MBIA seeks to recover damages.Claiming that it lost $1 billion on fraudulent mortgage-backed securities, a giant insurer filed a lawsuit Friday seeking to recover damages from Countrywide Financial Corp. and Bank of America Corp., which acquired Countrywide last year.
Source: L.A. Times - Business | 11 Jul 2009 | 7:00 am 'Natural' foods aren't always organicOrganic advocates are alarmed by the growing market for the label, which is largely unregulated and guarantees little or nothing except when applied to meat or poultry. ...Source: RSS feed - channel BNPaperBusiness | 11 Jul 2009 | 7:00 am GM emerges from bankruptcy with a bold agendaCEO Fritz Henderson says the new, smaller General Motors will focus on customers, cars and changing the company's culture; it will even sell vehicles on EBay. He expects profitability by 2011.GM emerged from its warp-speed bankruptcy Friday delivering the following message: This won't be your father's General Motors.
Source: L.A. Times - Business | 11 Jul 2009 | 7:00 am Bank of the West, Citibank to keep accepting California IOUsMost other banks refuse state officials' requests to keep redeeming customers' IOUs for full cash value. Bank of the West will take IOUs indefinitely; Citi extends its deadline by a week, to July 17.Citibank and Bank of the West agreed Friday to honor state officials' requests that they continue accepting California IOUs, as most other banks refused.
Source: L.A. Times - Business | 11 Jul 2009 | 7:00 am Airlines post best on-time performance since 2003Complaints about airline service and incidents of mishandled baggage fall sharply as well, according to the latest data compiled by the U.S. Bureau of Transportation.Airlines are still crowded, in-flight service is marginal and there are fewer flights to choose from.
Source: L.A. Times - Business | 11 Jul 2009 | 7:00 am 'Natural' foods aren't always organicOrganic advocates are alarmed by the growing market for the label, which is largely unregulated and guarantees little or nothing except when applied to meat or poultry.At first it may seem only right for Dean Foods Co., the nation's largest organic dairy producer, to roll out a line of yogurts and milk marketed as "natural." But Dean's announcement last week alarmed advocates of organic food, who say the burgeoning market for less-expensive "natural" foods reaps billions from consumers while guaranteeing little or nothing in exchange.
Source: L.A. Times - Business | 11 Jul 2009 | 7:00 am U.S. exports rise unexpectedly in May, hinting at a reboundWith the trade deficit at its narrowest since November 1999, analysts raise their estimate of U.S. economic output for the second quarter. The gap with China widens, however. ...Source: RSS feed - channel BNPaperBusiness | 11 Jul 2009 | 7:00 am Los Angeles' commercial fishing industry awaits a blast of fresh airThe Port of Los Angeles hopes to build a flash-freezer facility on Terminal Island. For fishermen, it could be a much-needed lifeline.The fishing isn't as good as it used to be for the commercial fishermen working the waters off Southern California.
Source: L.A. Times - Business | 11 Jul 2009 | 7:00 am Geithner says stimulus is working and on right pathThe Treasury secretary tells House panels that there are critically important signs of initial progress on the recession.Despite persistently high unemployment, Treasury Secretary Timothy F. Geithner said Friday that the Obama administration's economic stimulus plan is on the "expected path."
Source: L.A. Times - Business | 11 Jul 2009 | 7:00 am California debt attracts investors againIncreased demand for the municipal bonds might further delay a state budget, some analysts worry. Don't tell Sacramento,...Source: RSS feed - channel BNPaperBusiness | 11 Jul 2009 | 7:00 am U.S. exports rise unexpectedly in May, hinting at a reboundWith the trade deficit at its narrowest since November 1999, analysts raise their estimate of U.S. economic output for the second quarter. The gap with China widens, however.In a rare bit of good news for the economy, the U.S. trade deficit narrowed in May to its lowest point since November 1999 as American exports unexpectedly rose and imports continued to fall.
Source: L.A. Times - Business | 11 Jul 2009 | 7:00 am Los Angeles' commercial fishing industry awaits a blast of fresh airThe Port of Los Angeles hopes to build a flash-freezer facility on Terminal Island. For fishermen, it could be a much-needed lifeline. ...Source: RSS feed - channel BNPaperBusiness | 11 Jul 2009 | 7:00 am Geithner says stimulus is working and on right pathThe Treasury secretary tells House panels that there are critically important signs of initial progress on the recession. ...Source: RSS feed - channel BNPaperBusiness | 11 Jul 2009 | 7:00 am Dow, S & P 500 finish a fourth week of declinesThe Dow Jones industrials and the Standard & Poor's 500 fell Friday, finishing with their fourth straight weekly decline, the longest such losing streak since the market's spring rally began in early...Source: RSS feed - channel BNPaperBusiness | 11 Jul 2009 | 7:00 am Sober outlook in Sun ValleyMoguls at this year's Allen & Co. conference say that 'it's going to take years and years' before their weakened empires see real growth. ...Source: RSS feed - channel BNPaperBusiness | 11 Jul 2009 | 7:00 am Airlines post best on-time performance since 2003Complaints about airline service and incidents of mishandled baggage fall sharply as well, according to the latest data compiled by the U.S. Bureau of Transportation. ...Source: RSS feed - channel BNPaperBusiness | 11 Jul 2009 | 7:00 am Australian expresses concern over Rio detentionAustralia's trade minister met Saturday with Chinese officials and said he expressed "strong concern" about the detention of a Rio Tinto Ltd. employee on spying charges, a news report said.Source: RSS feed - channel BNewsBusiness | 11 Jul 2009 | 6:45 am Saudi SABIC says China govt approved Sinopec JVRIYADH, July 11 (Reuters) - Petrochemical firm Saudi Basic Industries Corp said on Saturday Chinese authorities have approved an equally-owned joint-venture plant with Sinopec .Source: RSS feed - channel BNewsBusiness | 11 Jul 2009 | 6:33 am Market Snapshot: Stocks hang hopes on tech, financials next weekInvestors will key next week on earnings from techs and banks for hints of what to expect in the third quarter -- and how badly the recession hurt businesses in the second quarter.
Source: MarketWatch.com - Top Stories | 11 Jul 2009 | 4:01 am What's killing banks on Main Street?On just about every Friday afternoon, bank regulators announce the latest batch of bank failures...they've shuttered 52 so far this year and the pace could well pick up.Source: Business and financial news - CNNMoney.com | 11 Jul 2009 | 2:32 am Leaner, meaner GMAfter a six-week trip through bankruptcy, the "new" General Motors was born Friday owned by the government and free of tens of billions in debt and shed of unaffordable brands, dealerships and plants.Source: Business and financial news - CNNMoney.com | 11 Jul 2009 | 1:38 am GM exits bankruptcyDETROIT (Reuters) - A new General Motors emerged from bankruptcy protection on Friday -- far more quickly than most industry watchers had expected -- as a leaner automaker pledging to win back American consumers and pay back taxpayers.Source: Reuters: Business News | 11 Jul 2009 | 1:23 am GM's eBay playFresh out of bankruptcy, the new General Motors hopes to soon start selling its whole line of cars on eBay through a pilot program.Source: Business and financial news - CNNMoney.com | 11 Jul 2009 | 1:16 am Geithner seeks more control on derivativesWASHINGTON (Reuters) - Obama administration officials outlined comprehensive proposals to rein in the free-wheeling market in financial derivatives on Friday, which has been blamed for...Source: RSS feed - channel BNewsBusiness | 11 Jul 2009 | 1:12 am Geithner seeks more control on derivativesWASHINGTON (Reuters) - Obama administration officials outlined comprehensive proposals to rein in the free-wheeling market in financial derivatives on Friday, which has been blamed for helping to create the global economic crisis, and proposed stronger investor protections.Source: Reuters: Business News | 11 Jul 2009 | 1:12 am Governator plays it cool over IOUsCalifornia’s fiscal crisis sharply intensified as big banks stopped accepting IOUs issued by the state to companies and individuals and local social services departmentsin lieu of cashSource: Financial Times - US homepage | 11 Jul 2009 | 1:04 am Top 10 excuses for 'the presidential peek'An unguarded moment for the Commander in Chief? A bad camera angle? Or an honest-to-goodness presidential ogling? Here are some excuses the White House might consider using to make all the attention die down.
Source: MarketWatch.com - Top Stories | 11 Jul 2009 | 12:55 am Big media seek 21st century business modelsSUN VALLEY, Idaho (Reuters) - Media moguls at this week's Sun Valley conference have spent as much time discussing how to reconfigure business models disrupted by the Web as they have worrying about the weak economy.Source: Reuters: Business News | 11 Jul 2009 | 12:27 am Big media seek 21st century business models (Reuters)Reuters - Media moguls at this week's Sun Valley conference have spent as much time discussing how to reconfigure business models disrupted by the Web as they have worrying about the weak economy.Source: Yahoo! News: Business | 11 Jul 2009 | 12:27 am JPMorgan wants U.S. to auction its TARP warrantsNEW YORK (Reuters) - JPMorgan Chase & Co , seeking to extricate itself from a federal bailout program, wants warrants held by the government to be sold at auction, after the Treasury Department demanded too high a price for the bank to buy them back.Source: Reuters: Business News | 11 Jul 2009 | 12:20 am Goldman Sachs issues downgrade for JJB SportsThe woes of JJB Sports intensified yesterday when a leading team of analysts predicted that the retailer’s losses during the next two years would be worse than expected. Source: Latest Business News from Times Online | 11 Jul 2009 | 12:00 am Is Barclays above its station?Two events this week three thousand miles apart. In New York, Barclays paid $4 million (£2.5 million) for naming rights to a subway station. In future, Atlantic Avenue-Pacific Street, a teeming commuter station in Brooklyn, will have the word Barclays added to its already clumsy moniker. Source: Latest Business News from Times Online | 11 Jul 2009 | 12:00 am Lower factory prices point to new fall in inflationThe price of British-made goods fell at the sharpest pace since 2001 in June as manufacturers endured dwindling demand. Factory gate prices fell by 1.2 per cent in the year to June — four times larger than the 0.3 per cent decline recorded for May, suggesting that inflation is set to tumble further. Analysts had expected a fall of 0.8 per cent. Source: Latest Business News from Times Online | 11 Jul 2009 | 12:00 am Cash-strapped employers are reducing working hours as a means of retaining workersThe number of people working shorter hours or taking temporary leave from work at the request of their employer has trebled in the past year as the recession takes its toll on the UK’s workforce. Source: Latest Business News from Times Online | 11 Jul 2009 | 12:00 am Centrica beats deadline with £1.3bn bid for VentureCentrica, the owner of British Gas, last night made a £1.3 billion takeover bid for Venture Production, the North Sea gas producer. Source: Latest Business News from Times Online | 11 Jul 2009 | 12:00 am Gas firms fail to pass price cuts to customersConsumers are being denied the benefits of a sudden collapse in the price of natural gas that is bringing a profits surge to gas utilities. Source: Latest Business News from Times Online | 11 Jul 2009 | 12:00 am Iberia moves for make or break decision on drawn-out merger discussions with BAMerger talks between British Airways and Iberia, which have stumbled on for nearly a year, should be brought to a head, the new boss of the Spanish airline said yesterday. Source: Latest Business News from Times Online | 11 Jul 2009 | 12:00 am The sun shines on WaitroseMiddle-class customers rushing to have picnics and barbecues in last week’s glorious weather boosted sales at Waitrose. Source: Latest Business News from Times Online | 11 Jul 2009 | 12:00 am Parker exudes charm but beware the iron fistSir John Parker has been linked with just about every important chairmanship in the FTSE 100 in recent years, and with good reason. Senior businessmen who have worked with him say that he is one of the outstanding chairmen of his generation. He has the natural charm and gentlemanly manner expected in a City grandee, but what sets him apart is a steeliness that was forged in the Belfast shipyards of Harland and Wolff. Source: Latest Business News from Times Online | 11 Jul 2009 | 12:00 am Obama administration seeks more SEC investor protectionWASHINGTON (Reuters) - The Obama administration wants to give the U.S. Securities and Exchange Commission broad powers to identify and ban compensation practices at investment brokers and advisers that interfere with their fiduciary duties to clients.Source: Reuters: Business News | 10 Jul 2009 | 11:56 pm Obama administration seeks more SEC investor protection (Reuters)Reuters - The Obama administration wants to give the U.S. Securities and Exchange Commission broad powers to identify and ban compensation practices at investment brokers and advisers that interfere with their fiduciary duties to clients.Source: Yahoo! News: Stock Markets News | 10 Jul 2009 | 11:56 pm Weekend Investor: Where to invest when the dollar is weakIs it over, over there, for U.S. investors? Not if the U.S. dollar stays weak against other currencies.
Source: MarketWatch.com - Top Stories | 10 Jul 2009 | 11:49 pm Wyoming sees first bank failure since 1991A Thermopolis, Wyo., bank was closed by regulators Friday in the 53rd U.S. bank failure of 2009.
Source: MarketWatch.com - Top Stories | 10 Jul 2009 | 11:36 pm Stocks to Watch: Stocks in focus for MondayCSX Corp., Fastenal Co. and Novellus Systems Inc. are expected to see active trading in Monday's session.
Source: MarketWatch.com - Top Stories | 10 Jul 2009 | 11:32 pm GM exits bankruptcy (Reuters)
Source: Yahoo! News: Business | 10 Jul 2009 | 11:20 pm Waning U.S. consumer mood raises recovery questionsNEW YORK/WASHINGTON (Reuters) - U.S. consumers' moods soured in early July on persistent worries about jobs, a survey showed on Friday, offering little hope their spending will help the sputtering economic recovery.Source: Reuters: Business News | 10 Jul 2009 | 11:19 pm Stores told to disclose packagingUK supermarkets should be forced to reveal how much packaging they produce, local councils say.Source: BBC News | Business | World Edition | 10 Jul 2009 | 11:00 pm Latin American Markets: Mexico, Brazil stocks narrowly escape lossesMexican and Brazilian equities rose modestly Friday, reversing earlier losses that had come in the wake of poor U.S. consumer-sentiment figures that had extended worries about the pace of economic recovery.
Source: MarketWatch.com - Top Stories | 10 Jul 2009 | 10:45 pm Wolkonowicz Says GM May Take Up to 8 Years to Repay U.S.Source: Bloomberg - All Podcasts | 10 Jul 2009 | 10:39 pm US trade gap lowest in nine yearsThe US saw its deficit narrow to $26bn in May, its lowest level in more than nine years, government figures show.Source: BBC News | Business | World Edition | 10 Jul 2009 | 10:32 pm Contentious NY Refco jury reaches partial verdictNEW YORK (Reuters) - A former lawyer was found guilty on Friday of a broad conspiracy in the fraud that caused the 2005 collapse of commodities broker Refco Finance Holdings LLC in a partial verdict by a jury whose deliberations became heated this week.Source: Reuters: Business News | 10 Jul 2009 | 10:18 pm Write-Offs: 07.10.09
$$$ Matt Taibbi Gets His Sarah Palin On [The Atlantic] $$$ Obama Seeks Power for SEC to Prohibit Wall Street Pay Practices [Bloomberg] $$$ Barclays Wants Its Traders And Bankers To Be Less Dirty [clusterstock] $$$ Dodd, Frank Ask Regulators to Address 2nd Mortgages Valuation Problems that Discourage Loan Modifications [CD] $$$ UBS drops the whole healthcare war with Lorello/Jefferies thing [Bloomberg] $$$ Job of the Week: Morgan Stanley needs a FIG associate. That could be you. [DB Career Center] $$$ Lenny Dykstra Gets Played Off [Deadspin] 
Sponsored Topics: Morgan Stanley - U.S. Securities and Exchange Commission - Bloomberg L.P. - United States - Bloomberg Source: Dealbreaker | 10 Jul 2009 | 10:15 pm Presented By:Source: Dealbreaker | 10 Jul 2009 | 10:15 pm The Dow Jones industrials' moves since Lehman fall (AP)AP - How far the Dow Jones industrial average has fallen or advanced each trading day since Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection on Sept. 15. Since Lehman's fall, which touched off a paralysis of the credit markets and deepened the recession, the stock market has gone through an extended period of volatility before kicking into a big rally this spring. The numbers are the closing levels for the Dow:Source: Yahoo! News: Stock Markets News | 10 Jul 2009 | 10:09 pm Call For Submissions: The All-Dealbreaker Under 30 TeamPicking up where the expired Trader Monthly left off, Dealbreaker is compiling our own who's who list of buy-side all-stars (which you will be able to select for your DB fantasy team at a later date). We're taking nominations now. Info we'll need on your draft picks: - Age - Current Firm - Previous Firm(s) if any - Position - Sector/Asset Class - College - Hometown
Sponsored Topics: Trader Monthly - Sport - Fantasy - Dealbreaker - Draft Source: Dealbreaker | 10 Jul 2009 | 10:05 pm Senior role for Grundhofer in Citi shake-upCitigroup is working on a shake-up of its board and US retail operations that will give a prominent role to Jerry Grundhofer, a veteran banker who is liked by regulators and has been seen as a potential successor to Vikram Pandit as chief executiveSource: Financial Times - US homepage | 10 Jul 2009 | 10:01 pm Hear: What Keeps Countries Poor?
As of December 2008, Zimbabwe owed $4.69 billion to international creditors. Desmond Kwande/AFP/Getty Images On today's Planet Money: The planet's rich nations met this week to discuss, among other issues, ways to help the planet's poor nations. But those poor (and developing) nations have their own group. It's called the anti-G20, in a nod to the G20 collection of industrialized states. The anti-G20 met at the U.N. last month, where Nobel Laureate Joseph Stiglitz and Martin Khor explained what keeps impoverished countries down. Answer: Their debt to the IMF and wealthier nations. We also take a second look at the surprisingly complex financial lives of the poor, with a focus on burial societies and very alternative banks. Bonus: A mildly sunny indicator. Download the podcast; or subscribe. Intro music: Terry Lynn's "IMF." Find us: Twitter/ Facebook/ Flickr. Julie writes: I have a number for you! 10,623. That's how much I earned last quarter on one of my retirement plans, after having posted losses, for what, a year or more? Of course it's still worth less than when I opened it in early 2001 (just in time to see it take a big fall after 9/11... sigh) but this gain has to mean something! For what it's worth, she's the second person this week to tell me they opened an investment statement and got good news. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Jul 2009 | 9:57 pm Geithner seeks more control on derivatives (Reuters)
Source: Yahoo! News: Stock Markets News | 10 Jul 2009 | 9:57 pm Stocks post 4th straight week of losses (AP)
Source: Yahoo! News: Stock Markets News | 10 Jul 2009 | 9:48 pm Airline Stocks: Airlines rally to end week higherAlaska Airlines shares rise 8% as the airline sector rallies, helped by crude-oil prices falling below $60 a barrel.
Source: MarketWatch.com - Top Stories | 10 Jul 2009 | 9:48 pm Stocks down for 4th straight weekBlue chips slipped Friday after a profit warning from Chevron dragged on oil stocks, but the Nasdaq managed modest gains for the day at the end of a down week for Wall Street.Source: Business and financial news - CNNMoney.com | 10 Jul 2009 | 9:46 pm Dow, S&P 500 in fourth weekly fall as economy weighsNEW YORK (Reuters) - The Dow industrials and the S&P 500 fell on Friday, dropping for the fourth straight week, after Chevron Corp warned about its quarterly results and consumer confidence fell to it lowest level since March.Source: Reuters: Business News | 10 Jul 2009 | 9:45 pm Administration seeks to bolster SEC's authority (AP)AP - The Obama administration has sent Congress legislation designed to protect investors by bolstering the authority of the Securities and Exchange Commission.Source: Yahoo! News: Stock Markets News | 10 Jul 2009 | 9:43 pm Chrysler does U-turn: Dodge Viper staysChrysler Group LLC has reversed course and decided not to sell off its V-10 powered Dodge Viper sports car business. The car will remain in production after this year, the automaker announced Friday.Source: Business and financial news - CNNMoney.com | 10 Jul 2009 | 9:38 pm Canada jobless less than expectedCanada's jobless was less than expected in June, but the unemployment rate hit an 11-year high of 8.6%, data shows.Source: BBC News | Business | World Edition | 10 Jul 2009 | 9:34 pm JPMorgan wants U.S. to auction its TARP warrants (Reuters)Reuters - JPMorgan Chase & Co , seeking to extricate itself from a federal bailout program, wants warrants held by the government to be sold at auction, after the Treasury Department demanded too high a price for the bank to buy them back.Source: Yahoo! News: Business | 10 Jul 2009 | 9:34 pm Nigerian group claims oil attackNigeria's most prominent militant group says it has blown up a Chevron pipeline only recently repaired after a previous attack.Source: BBC News | Business | World Edition | 10 Jul 2009 | 9:33 pm Real Estate Weekly: Demand for FHA, VA mortgages at 19-year highGovernment-insured mortgage applications rose to their highest share of the market in nearly 19 years last month, the Mortgage Bankers Association reported this week.
Source: MarketWatch.com - Top Stories | 10 Jul 2009 | 9:32 pm Top Ten: MarketWatch's top stories of the weekIn these distressing times, regulation and the big hand of government show no sign of letting up as a front-burner issue for the investing public. This week's headlines proved no exception.
Source: MarketWatch.com - Top Stories | 10 Jul 2009 | 9:29 pm How the major stock indexes fared on Friday (AP)AP - With little upbeat news ahead of a crush of corporate earnings reports next week, stocks on Friday hit their longest losing streak since the market's spring rally began in early March. Stocks zigzagged during the week, failing to hold what few gains they could muster. The Dow Jones industrials and the Standard & Poor's 500 index have now fallen four straight weeks.Source: Yahoo! News: Stock Markets News | 10 Jul 2009 | 9:28 pm Charlie Gasparino Reporting Live From From A Vegas Bathhouse
His voice shaking and clearly shook up, Chaz told us that prior to the segment, he'd just gotten back from a six mile run, and "wanted to take a whirlpool." So he went on down to the spa area at the Bellagio, where he's staying, and tucked in for a soak. Ten minutes into the R&R sesh, Gaspo gets a tip about UBS, and calls into CNBC to let them know. Everything's going fine, he's reporting his shit, when all of a sudden "a towel boy comes out of nowhere and starts screaming at me." What was he saying, we asked Chazpo. "Sir, there are no phones allowed here. Get off the phone immediately, sir!" the boy screamed at CG. Startled, Charlie made a move to get out the tub, but apparently wasn't moving fast enough. "All of a sudden, this kid's on my ass," he told us. "This fuckin' guy chases me out, into the lobby-- I barely had time to put my robe on!" It was essentially a really traumatizing experience. CG's okay now, but we'd suggest towel boy do himself a favor and get out of town.
Sponsored Topics: Charlie Gasparino - CNBC - Sallie Krawcheck - Bob McCann - Closing Bell Source: Dealbreaker | 10 Jul 2009 | 9:25 pm Stent Says Iran Was Top G-8 Summit Issue with RussiaSource: Bloomberg - All Podcasts | 10 Jul 2009 | 9:23 pm Murdoch's UK arm denies phone hacking allegationsLONDON/NEW YORK (Reuters) - The British newspaper arm of Rupert Murdoch's News Corp denied on Friday allegations its journalists had hacked into the phones of thousands of public figures, following days of damning headlines.Source: Reuters: Business News | 10 Jul 2009 | 9:22 pm Short Sellers Make A Big Push Into Tech Stocks (CSCO)(PALM)(SYMC)(RIMM)(DELL)(MSFT)A number of short sellers are not buying the tech rally and have substantially increased their positions in Microsoft (MSFT), Dell (DELL), Cisco (CSCO), Symantec (SYMC), and Palm (PALM). Among other major technology stocks, the short in Blackberry maker RIM (RIMM) rose 17% to 22.6 million shares. The short interest in competitor Palm was up 10% [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 10 Jul 2009 | 9:17 pm Federal jury rejects Altria's tax shelter claim (AP)AP - A federal jury has rejected a $24 million tax refund claim filed by tobacco company Altria Group Inc.Source: Yahoo! News: Business | 10 Jul 2009 | 9:11 pm Dow, S&P 500 in fourth weekly fall as economy weighs (Reuters)
Source: Yahoo! News: Business | 10 Jul 2009 | 9:05 pm Dow, S&P 500 in fourth weekly fall as economy weighs (Reuters)
Source: Yahoo! News: Stock Markets News | 10 Jul 2009 | 9:05 pm G8's New Approach To HungerToday's G8 announcement of $20 billion for food aid actually takes a fairly revolutionary step. Instead of just delivering food, G8 countries are going to help poor countries develop their agriculture industries. It's almost like a farming stimulus, only provided by outside countries rather than local governments. The American share of that pledge is about $3.5 billion, which would be a doubling of previous hunger spending. It's the sort of shift that NYU economist William Easterly (he's in today's podcast) has been wanting for years. He's long been opposed to traditional foreign aid models of giving money or food to foreign governments -- he says it leads to dependence on the West, rather than strengthening poor countries. But what does this money actually mean to the world's hungry? David Kauck of CARE says there are a bunch different ways the money can be spent. Kauck says that the American share of the money will likely be distributed by USAID, and may follow the strategy of a food security bill currently bouncing around the Senate. The bill calls for a strong increase in funding for agricultural development, research and training. Money spent on research, Kauck says, would likely go to CGIAR, an internationally funded set of agricultural centers that runs programs to breed stronger plants. Kauck says the stronger seeds are often directed to fertile farms that already have high productivity. He argues there's another group of farmers with a greater need. "The largest single group [of the world's hungry] are members of small farm households -- farm families that live on tiny plots, far from markets, with marginal land," says Kauck. "They're dirt poor, with little productive assets, and completely uninsured." So, according to Kauck, the money should reach these people. And those farmers have the needs of your average business -- they need capital, access to information about prices and technology, and improved access to nearby markets. To help them, he says, the G8 could invest in transportation infrastructure. But there's one other approach that could really help foster innovation: insurance. Farming is a risky business, and many of these poor farmers have sore memories of devastating droughts of the 1970s and 1980s, which destroyed thousands of crops across the continent and lead to widespread famine. Kauck says poor farmers are scared to take the sort of basic risks that could improve their yields -- things like investing in improved technologies, seeds or new business models. The G8 money could also provide farmers with insurance that would protect them if such an investment goes bad and their crops (and livelihood) are devastated. What matters most, say Easterly and Kauck, is that world's hungry gain the ability to help themselves. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Jul 2009 | 9:03 pm GM To Offer 1-Click Purchasing
A couple tweaks to Paypal to process IOUs and GM will be right back on its normal course. GM tests new sales pitch on eBay [Reuters]
Sponsored Topics: General Motors - eBay - California - Reuters - GM Source: Dealbreaker | 10 Jul 2009 | 9:00 pm Steven Weisman Says 2nd U.S. Stimulus Not Politically PrudentSource: Bloomberg - All Podcasts | 10 Jul 2009 | 8:56 pm Creditors oppose extending Lehman plan deadlineNEW YORK (Reuters) - A group of unsecured creditors objected on Friday to a request by bankrupt Lehman Brothers Holdings Inc for more time to draft its reorganization plan, claiming the delay will cut into the $13 billion they say they are owed, according to court documents.Source: Reuters: Business News | 10 Jul 2009 | 8:51 pm Creditors oppose extending Lehman plan deadline (Reuters)Reuters - A group of unsecured creditors objected on Friday to a request by bankrupt Lehman Brothers Holdings Inc for more time to draft its reorganization plan, claiming the delay will cut into the $13 billion they say they are owed, according to court documents.Source: Yahoo! News: Business | 10 Jul 2009 | 8:51 pm AIG bonuses: $235 million to goAIG is set to pay out more bonus payments next week, but the larger issue is how -- or whether when -- AIG will pay roughly $235 million in bonuses still owed to its crippled financial products division employees.Source: Business and financial news - CNNMoney.com | 10 Jul 2009 | 8:50 pm Rogoff Says Long-Term Fallout From Crisis Will Be Rise in TaxesSource: Bloomberg - All Podcasts | 10 Jul 2009 | 8:48 pm U.S. federal jury rejects $24 mln Altria tax refund (Reuters)Reuters - Altria Group Inc said it will seek a further review of a federal jury verdict against it that threw out $24 million in tax refunds from investments in utilities and other assets.Source: Yahoo! News: Business | 10 Jul 2009 | 8:21 pm Comp Watch '09: Citi
Earlier: Bonus Watch '09: Citi Comp Watch '09: Citi And BoA Probably Base Raising Pay Elizabeth Warren: These Citi Guys Just Don't Get It
Sponsored Topics: Citibank - Business - Financial services - Banking Services - Banks and Institutions Source: Dealbreaker | 10 Jul 2009 | 8:15 pm Oil demand to rise by 2pc in 2010 says IEAThe International Energy Agency has made the bold prediction that demand for oil will rise 1.7pc next year as the world revives following the recession.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Jul 2009 | 7:53 pm White House pushes investor protectionRead full story for latest details.Source: Business and financial news - CNNMoney.com | 10 Jul 2009 | 7:49 pm Transport boss gives away bonusTransport tycoon Brian Souter handed his £1.6m bonus to his company's pensioners and charity, the Stagecoach annual report revealsSource: BBC News | Business | World Edition | 10 Jul 2009 | 7:43 pm Centrica launches £1.3bn Venture bidCentrica has launched a hostile £1.3bn offer for Venture Production after taking its stake in the North Sea oil and gas group to 29pc ahead of Monday's Takeover Panel bid deadline.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Jul 2009 | 7:41 pm Foxtons' contracts to landlords deemed 'unfair' by High CourtEstate agency has been told by the High Court that some of the conditions it imposed on landlords for managing tenanted properties were a "trap".Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Jul 2009 | 7:40 pm Leaner GM emerges from bankruptcyGM emerges from bankruptcy protection after signing a deal allowing it to sell its best assets to a "new GM".Source: BBC News | Business | World Edition | 10 Jul 2009 | 7:38 pm Crude oil price falls below $60The price of crude oil falls below $60 a barrel, as concerns persist about the state of the global economy.Source: BBC News | Business | World Edition | 10 Jul 2009 | 7:33 pm Can 'new' GM succeed where old GM failed?General Motors' rapid trip through bankruptcy is done. Now comes the hard part.Source: Business and financial news - CNNMoney.com | 10 Jul 2009 | 7:29 pm Liberty International Raised to `Neutral' at UBSSource: Bloomberg - All Podcasts | 10 Jul 2009 | 7:26 pm Government To Stimulate Economy By Tracking StimulusAs the debate heats up about whether or not the economy will need a second stimulus package, millions of dollars from the current package are flying out the door to advertise where the money from the first stimulus is going. In a follow up effort to shelling out $500-$1200 for "Putting America to Work" and ""Project Funded by the American Recovery and Reinvestment Act" road signs for each new turtle crossing, the White House plans to spend up to $18 million over the next 5 years on the Recovery.gov website. Only DC could construct a feedback loop in which millions are needed to handle the technological intricacies involved in redirecting people back to the home page when they click on 'See Where Your Money Is Going'. Recovery.Gov: Obama Team Redesigns Stimulus Site -- for $9.5M [ABC News]
Sponsored Topics: White House - American Recovery and Reinvestment Act of 2009 - Stimulus - United States - Reinvestment Act Source: Dealbreaker | 10 Jul 2009 | 7:14 pm If Europe wants a better union it should embrace Britain not attack itFor me bedtime reading means immersion. I plunge from one topic to the next taking a complete soaking in the waves of information.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Jul 2009 | 7:06 pm Cowen Says Pope Leans LeftTyler Cowen of Marginal Revolution has an interesting and critical take on the pope's encyclical in today's Wall Street Journal (sub req.'d). Pope Benedict XVI called on financiers this week to "rediscover the genuinely ethical foundation of their activity." Cowen responds: Most of the encyclical, appropriately, expresses a desire for ethical conduct. The importance of ethics for civilization is obvious, but of course good ethics, consistently applied, are hard to come by. People are very good at ethical and psychological compartmentalization, and so it is possible for them to offer the church nominal authority over the ethical realm while continuing their dubious economic behavior. It should be said that, despite moments of coherence, the encyclical is a sprawling mess that reads as if it was written by a bureaucracy that felt it had to mention everyone's concern. What does it mean to write: "The transition inherent in the process of globalization presents great difficulties and dangers that can only be overcome if we are able to appropriate the underlying anthropological and ethical spirit that drives globalization towards the humanizing goal of solidarity"? It sounds as if somebody has read Hegel. It's good that the document repeatedly reminds us that globalization doesn't have to be bad. But what exactly do we do with that knowledge? Many of the encyclical's generalizations tend to favor the point of view of the left. For instance, the document refers repeatedly to growing inequalities, but in fact, at the global level, inequality has been falling, most of all because of the continuing economic growth of China and India. BONUS: The Pope Is Not "Left-Wing" About Globalization » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 10 Jul 2009 | 7:01 pm Contractor KBR eyes Iraq oil opportunitiesTo call US oil and defence contractor KBR controversial is the understatement of the decade.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Jul 2009 | 7:00 pm Why Someone Needs To Step Up And Finance MoneyballAs you're aware, Sony executives canceled Michael Lewis's baseball flick last month, and now the script is getting a re-write by Aaron Sorkin.* It still remains to be seen if this thing's gonna get done, though, which is why we're stepping up to the plate and getting down on our knees to practically beg some hedge fund or otherwise deeply pocketed chump to get behind the film. Why? Because it features a cameo by a certain down on his luck friend of Dealbreaker, who could really use the pick me up (and practice in front of the camera, in preparation for the low budget porn he's probably going to have to start taking part in to make ends meet).
Excerpts From The Scrapped Moneyball Script [Deadspin] *A preemptive 'fuck you' to Sorkin if you even entertain the idea of cutting LD's scene.
Sponsored Topics: Michael Lewis - Aaron Sorkin - Hedge fund - Moneyball: The Art of Winning an Unfair Game - Baseball Source: Dealbreaker | 10 Jul 2009 | 6:58 pm Feds shut down small-biz credit firmNew credit regulations take effect next year to insure small-business owners get the credit they need. But one credit company has been squeezing small businesses so much that the government is taking notice now. Steve Henn reports.Source: Marketplace Money | 10 Jul 2009 | 6:58 pm Office tries going undressed for successTess talks with a boss in England who called for a "Naked Day" to build team spirit. She then explores what such a day would inspire at Marketplace.Source: Marketplace Money | 10 Jul 2009 | 6:58 pm Help calls bog down mortgage programIt's been several months since the White House began it's Making Home Affordable plan. The goal was to encourage banks to modify loans of homeowners in foreclosure. Tamara Keith reports on loan counselors who are trying to do just that.Source: Marketplace Money | 10 Jul 2009 | 6:58 pm 'Mom, Dad, I'm home ... to stay a while'As job losses and foreclosures continue, more people are finding they can't afford to live on their own. Host Tess Vigeland talks to personal finance author Beth Kobliner about how families can handle an adult child moving back in with the parents.Source: Marketplace Money | 10 Jul 2009 | 6:58 pm Getting PersonalTess Vigeland and Chris Farrell answer listeners' questions about mortgage rates, cutting finances to buy a house, using savings to pay off credit-card debt, and avoiding sudden changes to credit-cards rules.Source: Marketplace Money | 10 Jul 2009 | 6:57 pm Recession slows retirement-home salesMany seniors sell their homes to afford the high cost of moving to a full-service retirement community. Ashley Milne-Tyte reports that people are delaying this move because their houses aren't selling.Source: Marketplace Money | 10 Jul 2009 | 6:57 pm Straight Story: SavingMarketplace Economics Editor Chris Farrell explains why it's harder for some people to save money than others.Source: Marketplace Money | 10 Jul 2009 | 6:57 pm Europeans worry less about GM layoffsAs General Motors emerges from bankruptcy, it's shedding thousands of jobs in the United States. Layoffs are likely in Europe as well, but GM employees there have a stronger social safety net to fall back on. Brett Neely reports.Source: Marketplace Money | 10 Jul 2009 | 6:57 pm G8 to commit $20bn for food securityThe G8 summit will pledge $20bn over three years, $5bn more than initially expected, to boost agricultural investment and fight hungerSource: Financial Times - US homepage | 10 Jul 2009 | 6:55 pm On Wall Street: Credit crisis is far from overThe crisis is not over . . . There is more talk of weeds – or even manure when the state of the US economy is describedSource: Financial Times - US homepage | 10 Jul 2009 | 6:52 pm The Bank of England's resolve will soon be testedThe vital moment of the crisis is approaching says Jeremy WarnerSource: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Jul 2009 | 6:41 pm Consumer Sentiment's Down. What's Got You Spooked?Your belief that everything's going to be OK is falling sharply, according to the University of Michigan consumer sentiment survey. The preliminary reading from the first part of July stands at 64.6, down from June's final reading of 70.8. As Calculated Risk points out, consumer sentiment is a conincident indicator -- "it tells you what you pretty much already know." Personally, I've been hearing a few new whispers of anxiety about the economy just lately, from people who before now haven't seemed worried about their own situations. How's by you? » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Jul 2009 | 6:34 pm Internet awards openApplications are open for the Liz Dengate Thrush Foundation inaugural internet awards. Entries are invited for the societal impact award, best education product or service on the internet, best business application on the internet,...Source: New Zealand Herald - Business | 10 Jul 2009 | 6:30 pm Credit card holders may be charged annual feeCredit card holders may be charged an annual fee as companies seek to recoup lost revenues following a Government clampdown on the industry experts warned.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Jul 2009 | 6:25 pm Geithner warns on looser European regulationUS Treasury Secretary Tim Geithner on Friday expressed concern that officials are concerned that any move by Europe to allow looser rules on derivatives tradingand Asia could prompt a shift overseas by traders eager to evade a US clampdownan industry in search of laxer regulation.Source: Financial Times - US homepage | 10 Jul 2009 | 6:24 pm Lloyds and RBS struggling to reach insurance deal over toxic assetsStatebacked Lloyds and RBS struggling to reach a deal with Treasury because of the complexity of some of the assets involved.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Jul 2009 | 6:24 pm Good luck cashing those California IOUsCalifornians will have fewer places to redeem IOUs issued by the cash-strapped state after Friday.Source: Business and financial news - CNNMoney.com | 10 Jul 2009 | 6:23 pm Chinese debuts reach trading limitA share suspension system failed to damp demand for two companies listing in China, raising doubts about its effectivenessSource: Financial Times - US homepage | 10 Jul 2009 | 6:23 pm The 10 dumbest iPhone appsApple's iPhone app store has more than 55,000 programs for sale. Some are useful - many are plain stupid. We've picked out some of the dumbest.Source: Business and financial news - CNNMoney.com | 10 Jul 2009 | 6:20 pm Tick Warning
I hate it when people forward bogus warnings, and I have even done it myself a couple times unintentionally… but this one is real, and it’s important. So please send this warning to everyone on your e-mail list. This is the time of year to think of ticks once again. If someone comes to your front door saying they are checking for ticks due to the warm weather and asks you to take your clothes off and dance around with your arms up, DO NOT DO IT!! THIS IS A SCAM!! They only want to see you naked. I wish I’d gotten this yesterday.* I feel so stupid.*
Source: Business Pundit | 10 Jul 2009 | 6:20 pm New Fertilizer Dump, India and USDA (POT, MOS, AGU, CF, TRA, TNH, IPI, MOO)Fertilizer stocks just can’t catch a break. If it isn’t an official earnings warning to watch out for or the stock market and economic growth concerns, then it government data. New data reported from the U.S. Department of Agriculture has raised concerns that farmers are going without fertilizer. Add in a report of another price [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 10 Jul 2009 | 6:19 pm Chastened GM sets out on a fresh startGeneral Motors emerged from bankruptcy just 40 days after filing for Chapter 11 protection with the vow to become a nimbler global carmaker more in touch with its customersSource: Financial Times - US homepage | 10 Jul 2009 | 6:17 pm Rio Tinto staff held on suspicion of briberyReports from China suggest workers held in China are under investigation over alleged leaking of China's "bottom line" in iron ore negotiations.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Jul 2009 | 6:14 pm G8 Meeting Produces One More Eye Catching Event
Sponsored Topics: Dmitry Medvedev - Italy - G8 - Barack Obama - Nicolas Sarkozy Source: Dealbreaker | 10 Jul 2009 | 6:12 pm SEIU Getting Sassy On AIG BonusesThe union read news reports about AIG asking comp cop Kenneth Feinberg permission to pay a couple hundy million in bonuses this morning and after snorting to itself and remarking "who do these guys fuckin' think they are" to no one in particular, sat down to compose the following (John McEnroe-inspired) response. To be fair, SEIU acknowledges that it was the crooks at Citi that originally set them off earlier this week but no matter: you people are unbelievable. Anyone else want to step into the line of fire and announce it's going to be paying employees a kajillion dollars while taxpayers scrape by on Food Stamps? Bank of America? Anyone? SEIU ON AIG BONUS REQUESTS: YOU'VE GOT TO BE KIDDING US.
Sponsored Topics: Service Employees International Union - United States - Andy Stern - Kenneth Feinberg - Washington DC Source: Dealbreaker | 10 Jul 2009 | 6:11 pm Slaughter, Yergin Discuss Global Recession, U.S. ProtectionismSource: Bloomberg - All Podcasts | 10 Jul 2009 | 6:06 pm Marks & Spencer 'whistleblower' Tony Goode loses employment tribunal caseFormer Marks & Spencer employee who was sacked after he leaked details of plans to slash redundancy payouts loses his employment tribunal case.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Jul 2009 | 5:56 pm Russian region in threat over Arcelor minesRussia’s Kemerovo region has warned ArcelorMittal it would seize two of the steelmaker’s coal mines if production levels do not increaseSource: Financial Times - US homepage | 10 Jul 2009 | 5:54 pm Ghana blacksmiths fuel gun crimePeople in the West African nation of Ghana have been working with metal for generations -- making jewelry, musical instruments and even guns. The government has cracked down on the local weapons industry, but many blacksmiths find it difficult to leave the trade. Anna Boiko-Weyrauch reports.Source: Marketplace | 10 Jul 2009 | 5:52 pm Lower Oil Begets Lower Rig Counts… Again (BHI, USO, OIL)It looked for a moment as though the oil and gas rig counts were finally stabilizing. Prices had recovered sharply from lows and were challenging $70.00. But as you can tell, this is all in the past tense. Baker Hughes Incorporated (NYSE: BHI) has released its newest data on rig counts. The United States Oil [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 10 Jul 2009 | 5:37 pm Feeder fund assets frozen in Petters Ponzi case (Reuters)Reuters - A federal judge froze the assets of a hedge fund manager accused of acting as a $2 billion feeder fund for a multibillion-dollar Ponzi scheme operated by Minnesota businessman Thomas Petters, federal regulators said on Friday.Source: Yahoo! News: Stock Markets News | 10 Jul 2009 | 5:32 pm SkyCity debt buybackSkyCity Entertainment said it bought back $53 million of debt after an offer to holders of the bonds. The buyback of the March 2012 bonds was transacted at a 2 per cent discount to the $1 face value of the bonds, SkyCity said.Source: New Zealand Herald - Business | 10 Jul 2009 | 5:30 pm Retailers welcome Christmas in JulySears and Kmart are already rolling out their Christmas merchandise, some 165 days before the holiday. Kai Ryssdal speaks with Marshal Cohen, chief industry analyst at the NPD Group, about the chains' strategy.Source: Marketplace | 10 Jul 2009 | 5:22 pm Weekly Wrap: End of the market rallyFortune magazine's Leigh Gallagher and T. Rowe Price's Andy Brooks talk with Kai Ryssdal about President Obama's efforts at the G8 summit in Italy and what's to blame for the end of the recent bull market rally.Source: Marketplace | 10 Jul 2009 | 5:22 pm Businesses should let go of health carePresident Obama is hoping for a vote on the health care overhaul bill before Congress goes on its August recess. Commentator Matt Miller says business owners must also rethink their approach to health care.Source: Marketplace | 10 Jul 2009 | 5:22 pm Cisco Clarifies Layoff Report (CSCO)There have been many reports today regarding the Thomas Weisel call for more layoffs out of Cisco Systems Inc. (NASDAQ: CSCO), which was never really clear or certain if the layoffs were new or were part of an earlier round of layoffs. The 1,500 to 2,000 layoffs have been clarified to us by an external [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 10 Jul 2009 | 5:17 pm 'Big Pharma' may lose ad tax breaksTo help pay for the health care overhaul bill, the Obama administration may cut a tax deduction drug companies get for television advertising. Sally Herships reports.Source: Marketplace | 10 Jul 2009 | 5:10 pm Banks must improve loan modificationsTreasury Secretary Timothy Geithner and HUD secretary Shaun Donovan are urging some of the country's largest banks to step up their efforts to help homeowners modify their mortgages. Tamara Keith reports.Source: Marketplace | 10 Jul 2009 | 5:10 pm Poor demand pushes down price of oilOil prices dipped below $60 a barrel today, and some forecasters predict that gasoline prices will likely fall below $2.50 a gallon by the end of July. Bob Moon reports.Source: Marketplace | 10 Jul 2009 | 5:10 pm New GM emerges from bankruptcyThe revamped General Motors is supposed to be all new, including its board of directors. The government owns half of the company, but will it also have a role in day-to-day operations? Alisa Roth reports.Source: Marketplace | 10 Jul 2009 | 5:10 pm Woolfolk Says U.S. Economic Decline Is SlowingSource: Bloomberg - All Podcasts | 10 Jul 2009 | 4:51 pm Why Do They Walk In Bike Lanes?One cyclist I know calls them "zombies" -- people on foot who wander out into bike lanes and tread along, ignoring perfectly good sidewalks and clogging the works for cyclists. Like most people who live in cities, I'm a pedestrian, too, so I do have some sympathy for them. But I'm also a daily bike commuter. As I ride back and forth from Planet Money headquarters, I've begun wondering about the economics of my problem. Twitter pal @meghan_e suggests that once a single pedestrian wanders over into the bike lane, it opens a "new market" and the others follow. @JasonInNJ takes another approach. He suggests it's an example of the Tragedy of the Commons, a phenomenon described by Garrett Hardin in which individuals acting in their best interest ruin a shared resource. In either case, I'm still wondering about a fix for this. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Jul 2009 | 4:47 pm StephanomicsCan Britain and Germany become any more alike?Source: BBC News | Business | World Edition | 10 Jul 2009 | 4:43 pm Diligent sales revenue upDiligent Board Member Services lifted net sales revenue to US$1.16 million for the half-year to the end of June, up 66 per cent from a year earlier.Source: New Zealand Herald - Business | 10 Jul 2009 | 4:30 pm Compensation: Trying To Reward TeamworkContinuing the conversation on how best to pay people, Jay Schuster of the Physician's Computer Company writes: It's been a while, but our company (about 45 employees) went through a lot of soul-searching about compensation a bunch of years ago. I would recommend Alfie Kohn's book Punished by Rewards for some of our thoughts on compensation. We kept running into problems with the traditional model of pay tied to performance reviews for all sorts of reasons. If you think about it, that model of compensation only discourages teamwork. The pool of money for raises is fixed, and so the only way to get more money than your coworkers is to make sure they perform worse than you. Also, some people aren't really motivated by money, and so micromanaging their jobs by dangling financial carrots in front of them for parts of it only rewards those who are good at playing the system. We opted for a pretty straightforward chart. We have four pay grades, and your pay is based on your years of experience. New hires don't necessarily start at zero years; it depends on the experience they come in with. The lowest pay grade is actually above-market; that's because we feel that even though the market would allow us to pay our low-level administrative staff less than we do, we don't feel that's right. It literally is the case that, effectively, most employee's salaries are public information within the company, because of the chart. We would rather not hire someone than hire the wrong person. It takes about a year before someone is really up to speed and earning the company money, so we really don't want to invest the training effort unless we're sure it's going to work out. On the flip side, if someone isn't working out, and all of our and their efforts at improvement fail, they should not be working for us, and we are in a state (Vermont) where we can do that. As someone who used to have to do performance reviews and hated them, I like this method much better. We can do this because although we are a privately held, for-profit, corporation, two thirds of the shares are owned by myself and my business partner. Our company provides pediatric practice management and consulting software and services, and has been a leader in this field for over 25 years. We are growing and hiring, even during this recession. We've weathered them before, and expect to in the future. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Jul 2009 | 4:12 pm Ameriprise paying $17.3M to settle SEC case (AP)AP - Ameriprise Financial Services Inc. on Friday agreed to pay more than $17 million to settle federal regulators' charges that it failed to disclose nearly $31 million received for selling certain investments to its brokerage customers.Source: Yahoo! News: Stock Markets News | 10 Jul 2009 | 4:08 pm Ameriprise paying $17.3M to settle SEC case (AP)AP - Ameriprise Financial Services Inc. on Friday agreed to pay more than $17 million to settle federal regulators' charges that it failed to disclose nearly $31 million received for selling certain investments to its brokerage customers.Source: Yahoo! News: Business | 10 Jul 2009 | 4:08 pm Fonterra digs into kitty for farmersFonterra has stumped up $15 million to help struggling dairy farmers pay for essential supplies as they are squeezed between high debt-servicing costs and lower payout levels. The co-operative will lend the money to its 50 per...Source: New Zealand Herald - Business | 10 Jul 2009 | 4:00 pm Auckland tourism feels the chillA bumper ski season and fewer visitors from Asia are being blamed for a drop in Auckland's visitor nights during May. The region was the worst performer out of New Zealand's 12 tourism regions with Statistics New Zealand's figures...Source: New Zealand Herald - Business | 10 Jul 2009 | 4:00 pm Cinema chief stepping up sizzle factorSkyCity Cinemas general manager Jane Hastings has her own take on the old maxim that marketers should sell the sizzle, not the sausage. She says New Zealand's biggest cinema chain - with 96 screens in 13 cinemas focused on Auckland...Source: New Zealand Herald - Business | 10 Jul 2009 | 4:00 pm Shock and ore: Rio discovers China's downsideCANBERRA - China offers a literal wealth of opportunities for Australia and its people. But at what cost? The Asian tiger economy with its vast market of 1.3 billion people has been a commercial dream for Australian companies over...Source: New Zealand Herald - Business | 10 Jul 2009 | 4:00 pm Brian Gaynor : Finance company faces tough questionsSouth Canterbury Finance has had a fantastic reputation, mainly because of the high standing of controlling shareholder Allan Hubbard. The company's disclosure was poor but that didn't matter because it was seen as a conservative...Source: New Zealand Herald - Business | 10 Jul 2009 | 4:00 pm Madoff decision not to appeal 'shows he has no chance'NEW YORK: Disgraced financier Bernard Madoff will not appeal against his 150-year sentence for a fraud that unravelled last December when he confessed to his sons that nearly US$65 billion he promised investors was safe was actually...Source: New Zealand Herald - Business | 10 Jul 2009 | 4:00 pm Hotel favoured by the famous closesHONOLULU: The Y-shaped Ilikai hotel that has graced the Waikiki skyline for nearly five decades and hosted everyone from US Presidents to Elvis Presley has closed. The new owner ceased hotel operations yesterday because of mounting...Source: New Zealand Herald - Business | 10 Jul 2009 | 4:00 pm Is Cisco Having More Layoffs? (CSCO)Cisco Systems, Inc. (NASDAQ: CSCO) may be back to conducting layoffs. A report from Thomas Weisel says that Cisco is in the process of cutting another 1,500 to 2,000 workers as it looks to squeeze expenses further by another $200 to $250 million. If the report is true, this would at least on the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 10 Jul 2009 | 3:47 pm Lonski Sees 1.7% U.S. Economic Growth in Second Half of 2009Source: Bloomberg - All Podcasts | 10 Jul 2009 | 3:46 pm God Blesses Jerusalem.com for $750,000
This has to be my favorite story all summer. The holy city went online this month. Jerusalem.com seeks to become the virtual gateway to religious, historic, and modern-day Jerusalem. They hope to bring ‘the Jerusalem experience to anyone in the world’. In addition to getting information about the many faces of Jerusalem (including religion - duh, but also Real Estate and Shopping!), visitors can actually submit vocal prayers that are being heard in real speakers overlooking the old city of Jerusalem. The angels over at Jerusalem.com report that hundreds of prayers have already been submitted from more than 72 different countries. Other services includes lighting candles at Jerusalem’s holy places, planting olive trees in the city surroundings and exporting the different religious calendars to your outlook. Another important hub on the site is the tourism & culture channel, which offers the most updated and comprehensive information about modern-day Jerusalem, with full guides for the city hotels, restaurants, events, attractions and more. And more - like Bruno, who is featured on the homepage. Classy. Michael Weiss, the site’s Founder calls the site one “that belongs to every friend of Jerusalem throughout the world who wishes to interact with the city and feels as closest as possible to physical Jerusalem”. And at $750,000, Jerusalem.com is the most expensive domain ever bought in Israel. Image Credit: Jerusalem.com screenshot
Source: Business Pundit | 10 Jul 2009 | 3:42 pm Tinker Sees `Uncertain, Modest' Growth Over Next 6 to 12 MonthsSource: Bloomberg - All Podcasts | 10 Jul 2009 | 3:38 pm Biotech Business Daily (BIIB, VRTX, ALNY, STEM)Here are some of the top stories affecting key drug and biotech stocks this Friday. We also have links through to more detailed coverage and analysis at BioHealthInvestor.com: Biogen Idec Inc. (Nasdaq: BIIB) kicks off the earnings season for the large biotech companies next week. We have a full earnings preview with current expectations and the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 10 Jul 2009 | 3:07 pm GM Exits Bankruptcy, Heads For eBay (Again)General Motors has cranked its way through bankruptcy in 40 days (sounds kind of Biblical, right?). In a statement today (the Two-Way's liveblogging the press conference), CEO Fritz Henderson said GM is "working on new ways to make car buying more convenient for our customers, including an innovative new partnership with eBay in California to revolutionize how people buy vehicles online. Customers will be able to bid on actual vehicles just like they do in an eBay auction, including the option of choosing a predetermined 'buy it now' price." Henderson says they'll work with dealers on testing the "new" idea. Watchers of GM might remember that the company launched something like this back in February 2008, when it announced a plan to sell used cars on eBay. That one involved 3,900 dealers. Bonus: House considers plan to protect auto dealers UPDATE: eBay's statement, after the jump. From Rob Chesney, vice president, eBay Motors, Marketplaces: eBay Motors has been in discussions with General Motors to identify innovative ways to help dealers market vehicles. As the No. 1 automotive site on the Web (Nielsen//NetRatings -- March 2009), eBay Motors has unique knowledge of consumer automotive shopping behavior and a community of more than 13 million unique automotive visitors. Currently, more than 30,000 U.S. franchise and independent dealers in the U.S. utilize eBay Motors as a complementary sales channel for their businesses. In addition, several automakers, including General Motors, display certified pre-owned inventory on the eBay Motors marketplace. At this time, no plans have been finalized with General Motors. We hope to support GM's new company and vision going forward. We are excited about a potential new adventure that supports GM's dealers by expanding on how they already reach consumers through new approaches. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Jul 2009 | 3:04 pm This Week’s Weird Jobs
This week’s #1 job could be the most disgusting we’ve ever seen. 1. Vancouver: -enema nurse- to give enema in home to handicapped gent-should have nurses training or willing to learn- Yuck. 2. NC: Professional Golf Assistant Purpose for the position: Essential responsibilities: 1. Rotate markers from front to back of tee and from left side to right side. Educational preparation, certifications, skills and abilities: Even caddies need experience in this market.
This is a part time job / flexible hrs. Computer Proficient is a + but not required 12/ hours - week minimum required Payment is between $625 and $1250 a week. Payday is on Friday’s only! Thank You Does anyone actually enjoy the Web? Just askin.’ 4. Montana: F/T Cake Decorator We are currently accepting applications for a FT, Experienced Cake Decorator. Must have Cake Decorating training or equivalent experience. Must be creative and artistic, and have great people skills. I had no idea that cake decorators are specifically trained. Impressive. 5. Montana: CARETAKER NEEDED FOR A RANCH You will be doing light work around the ranch, typically 6-8 hours a day, 5 days a week. Duties will include, but not limited to; feeding horses, assisting with haying operation and general ranch work. You will share a house with ranch owner. Utilities paid and a cell phone will be provided. A vehicle will be provided for ranch use. You will be provided ½ calf (beef) per year. You will be allotted to shoot 1 elk (either sex) & 1 doe deer per year. You will receive 1-week vacation after 1 year with a 1 yr contract. One week vacation after one year with a one year contract…isn’t that the same as being laid off, then coming back a week later? Happy Friday!
Source: Business Pundit | 10 Jul 2009 | 3:01 pm Shiller, Roubini Discuss `Anemic' Economic RecoverySource: Bloomberg - All Podcasts | 10 Jul 2009 | 3:00 pm Porsche sets date for rescue showdownThe family feud over the bail-out of Porsche was nearing a showdown after the management of the debt-ridden German sports carmaker reached an investment agreement with the Emirate of QatarSource: Financial Times - US homepage | 10 Jul 2009 | 2:52 pm GM CFO Outlines IPO Timeline… Or Re-IPO (GMGMQ, GM)Everyone wants to know when an initial public offering of General Motors (GMGMQ) will occur. Its emergence from bankruptcy has only expedited the curiosity of when the company will be public again. GM’s new CFO Ray Young just gave a rather lengthy CNBC interview and this was among the issues discussed. Young said that the new [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 10 Jul 2009 | 2:52 pm 'More job cuts' at Aston MartinAlmost 100 workers at the luxury car factory in Warwickshire are to lose their jobs, unions say.Source: BBC News | Business | World Edition | 10 Jul 2009 | 2:48 pm G8 pledges to boost food suppliesLeaders of G8 nations agree a $20bn effort to boost agriculture in the developing world at their summit in Italy.Source: BBC News | Business | World Edition | 10 Jul 2009 | 2:39 pm Consumer Sentiment Heading The Wrong WayThe University of Michigan has reported its preliminary consumer sentiment report for July. It seems that the “confidence” portion may be limping back towards impotence. The mid-July report showed a reading of 64.6, down from a consensus estimate of 70 from Bloomberg and from 70.8 in June. The current index was at 70.4, down from 73.2 [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 10 Jul 2009 | 2:12 pm Rosetta Stone Goes After Google in Adwords Suit (RST, GOOG)By now just about everybody knows who Rosetta Stone, Inc. (NYSE:RST) is for its leadership in language learning and translation software. It seems that Google Inc. (NASDAQ: GOOG) has gotten caught up on the wrong side of the line in an advertising-related case. Rosetta has sued Google and is seeking to prevent the search engine [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 10 Jul 2009 | 1:55 pm European stocks fall on results fears (AFP)
Source: Yahoo! News: Stock Markets News | 10 Jul 2009 | 1:01 pm Professional Sharks
Source: Business Pundit | 10 Jul 2009 | 10:49 am
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