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Walker heads off in right directionOf all the proposed reforms designed to prevent another Royal Bank of Scotland disaster, curbing bankers’ bonuses is just about the least important. Source: Latest Business News from Times Online | 17 Jul 2009 | 10:55 pm Any volunteers for a TV station where you are?Back in 1970, Joan Bakewell likened television executives to the monastic clergy. The remark came in her book The New Priesthood: British Television Today, co-written with Nicholas Garnham. Their argument was built on an observation by Coleridge that the role of the monastic clergy was “to preserve the stories and to guard the treasures of past civilisation and thus to bind the present with the past”. Source: Latest Business News from Times Online | 17 Jul 2009 | 10:23 pm Business Big Shot: Luke JohnsonSome entrepreneurs might think that writing a column in which you criticise other businesses frequently is setting yourself up for a fall. Not Luke Johnson. Source: Latest Business News from Times Online | 17 Jul 2009 | 10:23 pm Lloyds stokes union fury as job losses after HBOS merger deal reach 8,200Lloyds Banking Group is to cut a further 1,200 jobs, bringing the total reduction to 8,200 since it bought HBOS last year. The job losses follow moves to combine former HBOS and Lloyds TSB group operation functions, including IT and collections. Source: Latest Business News from Times Online | 17 Jul 2009 | 10:10 pm Nuclear Decommissioning Authority pledges action on million-pound bonusesBritain’s nuclear clean-up agency has begun a review of its pay structure after The Times revealed that public servants were being paid millions of pounds in “guaranteed” taxpayer-funded bonuses every year. Source: Latest Business News from Times Online | 17 Jul 2009 | 10:09 pm Will Walker reforms make UK banks bomb proof?Sir David Walker claims that his proposals to shake up the management of banks would have stopped Royal Bank of Scotland (RBS) and HBOS from imploding last year. Source: Latest Business News from Times Online | 17 Jul 2009 | 9:32 pm The life and times of a business firefighterSir David Walker is one of the Government’s favourite City grandees. He is also seen as a safe pair of hands for carrying out reviews when situations get sticky. Source: Latest Business News from Times Online | 17 Jul 2009 | 9:31 pm Sir David Jones in for ‘painful year of learning’ says Mike AshleyMike Ashley warned yesterday that Sir David Jones, his rival, was in for a “painful year of learning” as profits at his own company were nearly wiped out after it was forced to write off the value of its stakes in rivals. Source: Latest Business News from Times Online | 17 Jul 2009 | 9:04 pm JPMorgan heralds return of super pay days for bankersBankers’ pay packets are returning to their sky-high, pre-credit crunch levels, the chief executive of JPMorgan Chase indicated yesterday. Source: Latest Business News from Times Online | 17 Jul 2009 | 8:29 pm Nokia reports sharp fall in sales but says worst is overNokia called the bottom of the mobile handset market yesterday, providing a faint glimmer of hope as it disclosed a 66 per cent fall in second-quarter profits, compared with the same period the previous year, and cut its targets for market share and profitability. Source: Latest Business News from Times Online | 17 Jul 2009 | 8:21 pm S&P 500 futures slip briefly after GE results (Reuters)
Source: Yahoo! News: Stock Markets News | 17 Jul 2009 | 10:44 am US earnings continue to buoy world markets (AP)
Source: Yahoo! News: Stock Markets News | 17 Jul 2009 | 10:43 am Asian stocks fly high into weekend; Jakarta dropsMost Asian share markets end Friday’s trading on a buoyant note to take home weekly gains -- encouraged by earnings prospects for 2010, in the view of one strategist -- with commodity and shipping stocks broadly advancing on hopes of an economic recovery.
Source: MarketWatch.com - Top Stories | 17 Jul 2009 | 10:32 am Ask AP: Nuclear power, St. Paul's supposed bonesCuriosity about nuclear power inspired one of the questions in this edition of "Ask AP," a weekly Q&A column where AP journalists respond to readers' questions about the news. If you...Source: RSS feed - channel BNewsBusiness | 17 Jul 2009 | 10:25 am Barclays staff threaten strike action over pensionsBarclays workers are to vote on strike action over plans to close their final salary pension scheme to existing members.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Jul 2009 | 10:23 am Mattel 2Q profit beats analyst expectationsMattel Inc. says sales of Barbie and other toys sank in the second quarter, but profit rose 82 percent, beating analyst expectations, as the company cut down on expenses. Profit for the...Source: RSS feed - channel BNewsBusiness | 17 Jul 2009 | 10:23 am Mattel profit tops expectationsNEW YORK (Reuters) - Mattel Inc posted a higher-than-expected quarterly profit on Friday as the world's top toy company cut costs to make up for a dearth in products based on summer movies and the impact of foreign exchange.Source: Reuters: Business News | 17 Jul 2009 | 10:20 am Mattel profit tops expectations (Reuters)Reuters - Mattel Inc posted a higher-than-expected quarterly profit on Friday as the world's top toy company cut costs to make up for a dearth in products based on summer movies and the impact of foreign exchange.Source: Yahoo! News: Business | 17 Jul 2009 | 10:20 am Mattel profit surges while sales slumpMattel, the maker of Barbie and Fisher-Price toys, says its latest quarterly profit nearly doubled despite selling fewer toys.
Source: MarketWatch.com - Top Stories | 17 Jul 2009 | 10:19 am British Airways raises $1 billion to avert cash crisisLONDON (Reuters) - British Airways has taken back $540 million in bank loans earmarked for pension funds as a safety net against the airline going bust, as part of a $1 billion fundraising aimed at securing its future.Source: Reuters: Business News | 17 Jul 2009 | 10:18 am Skechers Shape Ups Great to Shape up for Summer Says Fitness FootwearWELWYN GARDEN CITY, England, July 17 /PRNewswire/ -- With only a month to go before the hottest month of the year and the height of the holiday season, online retailer...Source: RSS feed - channel BNewsBusiness | 17 Jul 2009 | 10:17 am More factories 'are freezing pay'Two-thirds of UK manufacturing companies froze wages in the three months to June, says manufacturers' organisation EEF.Source: BBC News | Business | World Edition | 17 Jul 2009 | 10:12 am Indications: Stock futures mixed ahead of key earningsU.S. stock futures mixed Friday as investors gear up for big day of earnings with Bank of America, Citigroup and General Electric due to report before the trading bell.
Source: MarketWatch.com - Top Stories | 17 Jul 2009 | 10:11 am Barclays workers in strike ballotWorkers at Barclays are to be balloted for strike action over the closure of its final-salary pension scheme, the union Unite says.Source: BBC News | Business | World Edition | 17 Jul 2009 | 10:10 am FTSE 100 heads for best week in seven monthsThe FTSE 100 is heading for its biggest weekly rise in seven months as optimism about the global economy was buoyed by strong profits at big US companies and a rebound in Chinese growth.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Jul 2009 | 10:09 am PREVIEW-India top oil companies to report lower Q1 profits* What: June quarter earnings at India's top oil companiesSource: RSS feed - channel BNewsBusiness | 17 Jul 2009 | 10:07 am States offering most - and least - unemploymentSource: Business and financial news - CNNMoney.com | 17 Jul 2009 | 10:06 am North Korean Cyber-Criminals Will Be BackThe New York Times points out that law enforcement officials across the world are still puzzled by the source of the cyber-attacks that shut down or slowed down websites in South Korea and the US. Most experts have pointed a finger at North Korea, which is facing global sanctions due to its missile tests. The nation [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 17 Jul 2009 | 10:05 am BA raises 600m cash to bolster liquidityBritish Airways is to raise more than 600m in cash to shore up its balance sheet, it announced on Friday as it forecast a loss of 100m for the first quarter. The new capital will come from a combination...Source: RSS feed - channel BNPaperBusiness | 17 Jul 2009 | 10:01 am Earnings Outlook: Amazon expected to see earnings declineAmazon.com managed to surprise Wall Street with strong earnings growth in its last quarterly report, but investors appear to be baking in more moderate assumptions this time around.
Source: MarketWatch.com - Top Stories | 17 Jul 2009 | 10:00 am Finkelstein Thompson LLP Announces Pendency of Class Action Against UTStarcom, et al. and Proposed SettlementNEW YORK, July 17 /PRNewswire/ -- Plaintiff's Lead Counsel has announced, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States...Source: RSS feed - channel BNewsBusiness | 17 Jul 2009 | 10:00 am Ghana gets $600m loan from IMFGhana is to get a $600m three-year loan from the IMF, amid fears about the impact of the recession on poorer countries.Source: BBC News | Business | World Edition | 17 Jul 2009 | 9:59 am Day trading: 'I lost £200000 in a day'Martin Hickman who became hooked on spread betting after retiring has had some spectacular gains - and losses.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Jul 2009 | 9:56 am RHJ bids $388 million for Opel stakeBERLIN (Reuters) - Belgian financial investor RHJ International offered 275 million euros ($387.6 million) for a 50.1 percent stake in General Motors' Opel business in a last-ditch effort to beat out rival suitors.Source: Reuters: Business News | 17 Jul 2009 | 9:53 am Germany says has preference for Magna's Opel bidBERLIN, July 17 (Reuters) - Germany has a preference for Canadian auto parts group Magna's bid for General Motors unit Opel, but the process of selecting a suitor is still open, a government spokesman...Source: RSS feed - channel BNewsBusiness | 17 Jul 2009 | 9:52 am RHJ bids $388 million for Opel stake (Reuters)
Source: Yahoo! News: Business | 17 Jul 2009 | 9:52 am Another Mega-Auto Firm For Detroit To Contend WithIt is not enough that two-thirds of The Big Three have gone through bankruptcy and that GM is controlled by the Treasury Department. Detroit has to contend with the more adroit and well-funded major car companies from Japan. Toyota (TM) has a chance to take the first place in auto market share in America in [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 17 Jul 2009 | 9:51 am Goodyear to close Philippines tire plant(Reuters) - Goodyear Tire & Rubber Co said it will close its tire plant in the Philippines by the end of the third quarter, as it tries to cut production capacity to cut costs by $700...Source: RSS feed - channel BNewsBusiness | 17 Jul 2009 | 9:51 am Goodyear to close Philippines tire plant(Reuters) - Goodyear Tire & Rubber Co said it will close its tire plant in the Philippines by the end of the third quarter, as it tries to cut production capacity to cut costs by $700 million this year.Source: Reuters: Business News | 17 Jul 2009 | 9:51 am U.S. banks take center stage, economic picture mixed (Reuters)
Source: Yahoo! News: Business | 17 Jul 2009 | 9:50 am U.S. banks take center stage, economic picture mixedNEW YORK/BRUSSELS (Reuters) - U.S. banks, at the center of the world's financial crisis, will command investor focus on Friday with Bank of America and Citigroup results following strong showings from their peers.Source: Reuters: Business News | 17 Jul 2009 | 9:50 am Global equities set for best week since MayGlobal equities were on course for their best week since early May after a number of pleasing corporate earnings reports and economic data supporting hopes of recoverySource: Financial Times - US homepage | 17 Jul 2009 | 9:42 am Lending giant CIT on brink after bailout talks failBusiness lending giant CIT Group has been left hurtling towards likely bankruptcy after the US government rejected its plea for a fresh bailout despite fears of repercussions for the...Source: RSS feed - channel BNewsBusiness | 17 Jul 2009 | 9:38 am BA announces plan to raise £600mBritish Airways plans to raise £600m to help it get through the current difficult trading conditions, the airline says.Source: BBC News | Business | World Edition | 17 Jul 2009 | 9:37 am Two Jakarta hotels rocked by explosionsEight people were killed in two separate explosions at the Ritz-Carlton and the JW Marriott hotels in central Jakarta, just over a week after the world’s most populous Muslim majority nation saw a peaceful presidential electionSource: Financial Times - US homepage | 17 Jul 2009 | 9:32 am UPDATE 2-OMV refining margin narrows sharply in Q2* Economic slowdown hits oil demand, drives up inventoriesSource: RSS feed - channel BNewsBusiness | 17 Jul 2009 | 9:31 am Video Games Sales, A Key Marker For Consumer Sentiment, Fall ApartVideo games are perfect entertainment during a recession. Game consoles such as the Nintendo Wii, Microsoft (MSFT) Xbox, and Sony (SNE) Playstation, only cost a few hundred dollars. The games that work on them have prices as low as under $30. Video games can be played for hours, days, and months without any charges beyond [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 17 Jul 2009 | 9:29 am Oil prices fall amid weak crude demandOil prices slipped on Friday as demand for crude remained fragile despite increased signs of a global economic recovery, dealers said. New York's main futures contract, light sweet crudeSource: RSS feed - channel BNewsBusiness | 17 Jul 2009 | 9:28 am Roubini Is Always RightCelebrities cannot be misquoted. They have been in the public spotlight for too long. Anything that they say is just a thin epidermis on top of the thick layer of their work and personalities. They are what they have created themselves to be -memorable characters with memorable views. Nouriel Roubini, arguably the world’s most famous economist, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 17 Jul 2009 | 9:13 am Renault suffers sharp sales fallRenault says that car sales in the first half of 2009 fell 16.5%, as the downturn hit demand for vehicles.Source: BBC News | Business | World Edition | 17 Jul 2009 | 9:08 am China Pacific revives Hong Kong listing planChina Pacific, the Shanghai-listed insurer that is part owned by the Carlyle Group, on Friday revived plans for what is expected to be a multi-billion dollar listing in Hong Kong. China's third largest...Source: RSS feed - channel BNPaperBusiness | 17 Jul 2009 | 9:03 am British Airways gets $983 million funding boostBritish Airways on Friday said it’s going to get a 600 million pound ($983 million) funding boost through the issuance of a convertible bond and an agreement with its pension fund to release bank guarantees.
Source: MarketWatch.com - Top Stories | 17 Jul 2009 | 9:02 am Toyota to build hybrid Auris in BritainToyota will build a hybrid version of its Auris hatchback car in two UK factories as politicians warned the government that Britain's car industry may fail without urgent help.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Jul 2009 | 8:59 am Stock futures point to mixed open ahead BofA, Citi (Reuters)
Source: Yahoo! News: Business | 17 Jul 2009 | 8:58 am Stock futures point to mixed open ahead BofA, Citi(Reuters) - Dow Jones futures were down 0.01 percent by 4.38 a.m. ET while S&P 500 futures ticked down 0.05 percent and Nasdaq futures rose 0.3 percent, suggesting a mixed start for U.S. stocks on Friday after four days of gains.Source: Reuters: Business News | 17 Jul 2009 | 8:58 am London Markets: British Airways shares gain in higher LondonBritish Airways leads London stocks to their highest levels in a month Friday.
Source: MarketWatch.com - Top Stories | 17 Jul 2009 | 8:55 am Google (GOOG): When The Best Breaks DownGoogle (GOOG) is supposed to be one of the “best” companies in the world. It makes “most admired” lists and lists of “most valuable” brands. Google had one of the largest market caps of any American company, until slowing growth brought its shares down. Google has the world’s most talented software engineers and what it widely [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 17 Jul 2009 | 8:52 am Swedbank swings to $256 million loss on Baltic hitSwedbank swings to loss Friday, stung by loan losses in the Baltic region and the Ukraine.
Source: MarketWatch.com - Top Stories | 17 Jul 2009 | 8:50 am CIT and its borrowers in limboCIT and its many borrowers are in limbo.Source: Business and financial news - CNNMoney.com | 17 Jul 2009 | 8:39 am Getting Things Done guru goes digitalI am obsessed with personal-management systems. Name a routine that promises to help its adherents work smarter or lose a few pounds, and chances are I've tried it at least once -- especially if it involves technology. (My latest scheme: taking pictures with my cell-phone camera of everything I eat, so I'll be less likely to snack.)Source: Business and financial news - CNNMoney.com | 17 Jul 2009 | 8:37 am Stocks poised for mixed startStocks were set for a mixed open Friday ahead of second-quarter financial reports from financial heavyweights Bank of America and Citigroup, as well as government data on the beleaguered housing market.Source: Business and financial news - CNNMoney.com | 17 Jul 2009 | 8:33 am London stocks rise at open (AFP)
Source: Yahoo! News: Stock Markets News | 17 Jul 2009 | 8:21 am Futures Movers: Crude-oil futures give up gains as dollar firmsCrude-oil futures edged lower in Asian trading Friday, pressured by a stronger dollar.
Source: MarketWatch.com - Top Stories | 17 Jul 2009 | 8:01 am Europe Markets: Shares in Europe up for fifth sessionEuropean shares advanced on Friday, putting the market on track for an unbroken run of gains this week as major U.S. companies continued to beat earnings expectations.
Source: MarketWatch.com - Top Stories | 17 Jul 2009 | 7:56 am Australian dollar closes higherSYDNEY - The Australian dollar closed higher on Friday, with the local currency consolidating near US$0.8000 after a week of strong gains. At 1700 AEST, the Australian dollar was trading at US$0.7996/99, up from Thursday's close...Source: New Zealand Herald - Business | 17 Jul 2009 | 7:55 am Media Digest 7/17/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: CIT (CIT) is rushing to get financing before its goes bankrupt. Reuters: Bank earnings are boosting recovery hopes. Reuters: IBM (IBM) hiked its full-year outlook. Reuters: Google’s (GOOG) quarterly results were mediocre. Reuters: Roubini says worst is behind the economy. Reuters: Delphi lenders are in talks that could lead to auctions of parts of the company. Reuters: Exchange chiefs want [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 17 Jul 2009 | 7:52 am John Lewis has one of the best weeks of the yearJohn Lewis the employeeowned group seen as a barometer of UK retail spending said its performance in the week to July 11 was one of its best of the year so far even though sales at its department stores still fell.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Jul 2009 | 7:49 am London higher as oil stocks and miners rallyLondon's equity market moved higher on Friday thanks to gains for energy, mining and bank stocks, while investors awaited further results from US financial houses.On Thursday, forecast-beating results...Source: RSS feed - channel BNPaperBusiness | 17 Jul 2009 | 7:41 am Shell considers jobs cuts at US refineriesShell Oil part of Royal Dutch Shell said it was considering staff cuts at its refineries and chemical plants on the US Gulf Coast to reduce costs in the current recession.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Jul 2009 | 7:28 am Asia Markets And Europe Open 7/17/2009Markets in Asia were modestly higher. The Nikkei rose .6% to 9,355. Toyota (TM) moved up slightly. The Hang Send rose .7% to 18,681. HSBC (HBC) was up sharply. The Shanghai Composite rose .2% to 3,189. At the open in Europe, the FTSE rose .6% to 4,387. The Dax rose .9% to 5,001 and the CAC 40 was up [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 17 Jul 2009 | 7:27 am Swedbank losses surge as Baltic loans sourSwedbank, Sweden's fourth largest banking group, posted a bigger-than-expected second-quarter loss and prepared to slash jobs as it felt the impact of huge provisions for loans in the recession-rocked...Source: RSS feed - channel BNPaperBusiness | 17 Jul 2009 | 7:22 am Currencies: Dollar gains in Asia, taking cues from stocksThe dollar gains in Asian trading Friday.
Source: MarketWatch.com - Top Stories | 17 Jul 2009 | 7:21 am Aussie stocks inch higherPERTH - The Australian share market scraped into positive territory for a fourth day despite profit taking that all but countered gains on the back of a strong US lead. The benchmark S&P/ASX200 index closed up 5.2 points, or 0.13...Source: New Zealand Herald - Business | 17 Jul 2009 | 7:17 am CNN ad pitches two rivals a curveThe ratings gauge it uses to claim more viewers than Fox and MSNBC is not the one advertisers typically look to. ...Source: RSS feed - channel BNPaperBusiness | 17 Jul 2009 | 7:00 am Onions produce tears and energy at an Oxnard plantA farming company uses juice from the vegetable to run a fuel cell. It's one of a growing number of businesses that use their waste to produce electricity. ...Source: RSS feed - channel BNPaperBusiness | 17 Jul 2009 | 7:00 am BMW Mini E: A rumble in the electric-car jungleWith a muddled rollout and concerns that the company is taking advantage of the state's Zero Emission Vehicle program, EV fans worry that the electric Mini will go the way of GM's EV1.In his Santa Monica gallery, Samuel Freeman displays a nifty bit of automotive art, a full-size replica of a Chevy V-8 engine made out of stained glass. But Freeman himself worships at the church of the electric car.
Source: L.A. Times - Business | 17 Jul 2009 | 7:00 am CNN ad pitches two rivals a curveThe ratings gauge it uses to claim more viewers than Fox and MSNBC is not the one advertisers typically look to.Cable news channel CNN's latest ad campaign is raising quite a few eyebrows and has a competitor crying foul.
Source: L.A. Times - Business | 17 Jul 2009 | 7:00 am China's detention of an Australian mining exec threatens the countries' trade relationshipRio Tinto's Stern Hu and 3 others are accused of stealing state secrets, but China hasn't released evidence or shared details about the investigation. ...Source: RSS feed - channel BNPaperBusiness | 17 Jul 2009 | 7:00 am Wal-Mart plans green ratings for its productsEnvironmental labels, similar to nutrition labels on foods, will take years to develop. Wal-Mart's suppliers will probably redesign their products to get better scores.If they green it, will we shop?
Source: L.A. Times - Business | 17 Jul 2009 | 7:00 am San Francisco Bay Area home sales up 20% in JuneMedian sales price is down year over year but has more than doubled since bottoming out in March.San Francisco Bay Area home sales were up 20% in June over the same month last year, while the median sales price was down 27%, MDA DataQuick reported Thursday.
Source: L.A. Times - Business | 17 Jul 2009 | 7:00 am Video game industry sales sink 31% in JuneEconomic jitters and lackluster offerings lead to the largest monthly decline since September 2000. The recession...Source: RSS feed - channel BNPaperBusiness | 17 Jul 2009 | 7:00 am Google posts modest revenue gainEven if Google Inc. still has superhuman growth in its future, the company appeared practically mortal in the latest quarter.
Source: L.A. Times - Business | 17 Jul 2009 | 7:00 am DVD rentals go up while sales dropAn entertainment trade group finds changing habits among consumers, with rental revenue rising 8% and sales falling 13.5%. ...Source: RSS feed - channel BNPaperBusiness | 17 Jul 2009 | 7:00 am China's detention of an Australian mining exec threatens the countries' trade relationshipRio Tinto's Stern Hu and 3 others are accused of stealing state secrets, but China hasn't released evidence or shared details about the investigation.Beyond triggering a growing chorus of international criticism, China's detention of an Australian mining executive is a reminder that doing business here carries risks not found in other major economies.
Source: L.A. Times - Business | 17 Jul 2009 | 7:00 am Paulson harshly criticized by House committee for role in market meltdownLawmakers accuse him of offenses including misleading Congress about the use of the $700-billion bailout fund. The former treasury chief asserts his actions prevented an even deeper economic disaster.Former Treasury Secretary Henry M. Paulson sat uncomfortably before a congressional committee not just as a key figure in the Bank of America Corp.-Merrill Lynch & Co. imbroglio, but also as the embodiment of the bailouts of last fall.
Source: L.A. Times - Business | 17 Jul 2009 | 7:00 am Video game industry sales sink 31% in JuneEconomic jitters and lackluster offerings lead to the largest monthly decline since September 2000.The recession is hammering the video game industry.
Source: L.A. Times - Business | 17 Jul 2009 | 7:00 am DVD rentals go up while sales dropAn entertainment trade group finds changing habits among consumers, with rental revenue rising 8% and sales falling 13.5%.Recession-fueled penny-pinching is driving consumers to rent more movies and buy fewer.
Source: L.A. Times - Business | 17 Jul 2009 | 7:00 am Onions produce tears and energy at an Oxnard plantA farming company uses juice from the vegetable to run a fuel cell. It's one of a growing number of businesses that use their waste to produce electricity.After more than 20 years farming onions, Steve Gill still breaks out in tears at his processing facility. ¶ Only now he's crying all the way to the bank. ¶ He recently began using juice from his pungent crop to create energy to run his refrigerators and lighting. That's slicing $700,000 annually off the electric bill at his 14-acre plant in Oxnard. He's also saving $400,000 a year on disposal costs. And he has secured more than $3 million in government and power company incentives to do it. ¶ Gill figures the $9.5-million system will pay for itself in less than six years while eliminating up to 30,000 tons of carbon dioxide-equivalent emissions a year. ¶ "It's a great sustainability story, but it was first a business decision to solve a waste problem," said Gill, 59, who co-owns the company with his brother David. "But in doing so, we solved a lot of environmental problems too." ¶ Gills Onions is one of a small but growing cadre of U.S. companies generating their own electricity on site with waste from their production processes. In addition to plant material, firms are using a variety of feedstocks, including animal manure, vegetable oil, whey -- even beer.
Source: L.A. Times - Business | 17 Jul 2009 | 7:00 am Stocks rally for fourth straight dayDow gains 95 points, buoyed by an economist's remarks that the U.S. recession may end this year. The index is now just 1% below its spring closing high of 8,799 reached June 12. ...Source: RSS feed - channel BNPaperBusiness | 17 Jul 2009 | 7:00 am Troubled CIT 'talks with lenders'Troubled US bank CIT says it is in talks to secure financing, as its shares plunge amid fears it may file for bankruptcy.Source: BBC News | Business | World Edition | 17 Jul 2009 | 6:59 am British Airways to raise £600m as it reports £100m lossBritish Airways plans to raise £600m of funding to boost its balance sheet as it struggles through the recession.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Jul 2009 | 6:59 am CIT rushes to secure lending, bankruptcy fearedNEW YORK (Reuters) - CIT Group Inc was in discussions on Thursday with potential lenders to secure financing, after the collapse of rescue talks with the government left the company on the brink of bankruptcy.Source: Reuters: Business News | 17 Jul 2009 | 6:57 am Sir David Walker A banker with a past in public serviceSir David Walker was seen as the banker's choice when he was picked to lead the review of corporate governance in banks earlier this year.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Jul 2009 | 6:34 am NZ underperforms offshore marketsThe New Zealand sharemarket rose today but with less vigour than other markets. The benchmark NZX-50 index rose 6.705 points, or 0.239 per cent, to 2808.22. Turnover was worth $92.93 million, of which $18.66m was in SkyCity. There...Source: New Zealand Herald - Business | 17 Jul 2009 | 6:21 am US videogame sales fall for fourth monthUS videogame sales in June slid for the fourth consecutive month as the previously recessiondefying industry yielded ground to tough economic times according to NPD Group.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Jul 2009 | 6:14 am Rio 'very concerned' about staffRio Tinto voices concern about its employees detained in Shanghai amid accusations of bribery and spying.Source: BBC News | Business | World Edition | 17 Jul 2009 | 6:07 am Firsttime buyers taking out loans to afford depositsYoung people are taking out loans to afford the deposit to buy their first property research shows.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Jul 2009 | 6:02 am Simply Squeezed hit with false orange juice claimsThe Commerce Commission says it will prosecute juice company Simply Squeezed - a trading arm of Brownlie Brothers Ltd - over promotion and labelling of juice allegedly made from pulp wash. "The commission will prosecute ... for...Source: New Zealand Herald - Business | 17 Jul 2009 | 4:30 am Chinese spying, bribery claims 'without foundation' says Rio TintoADELAIDE - Bribery allegations against four Rio Tinto employees detained in China are "wholly without foundation," the mining giant said today, as Australia continued to press Beijing for details of a case that is straining ties between...Source: New Zealand Herald - Business | 17 Jul 2009 | 4:00 am 10 Companies That Sent America to the Moon (On the Street)July 20 marks the 40th anniversary of man landing on the moon. Naturally, the celebrations and coverage will focus on the heroic astronauts like Neil Armstrong and Buzz Aldrin who manned that risky mission, not to mention the engineers that backed them. But one often-overlooked facet of the Apollo program is the industrial and technical might required of private industry to get those astronauts into space, onto the moon's surface, and then safely home. And it took plenty of know-how and money to get them there. NASA spent $19.5 billion on the Apollo project. (NASA’s budget for 2008 was small in comparison at $17 billion.) Among other things, the money went to private companies that made everything from the rockets that launched the astronauts into space, to the space suits they wore while floating in zero gravity. SmartMoney took a look at those companies to find out where they are now, and one overwhelming trend emerged: consolidation. NASA made a particular effort to get smaller companies involved in the Apollo project, according to the agency’s contract archivist, Liz Suckow. But over the years many of those once-independent firms were swallowed up by bigger companies and eventually became part of conglomerates like Boeing (BA), Lockheed Martin (LMT) and Northrop Grumman (NOC). Such consolidation, however, can stifle the type of innovation that made not only the moon landing, but also many everyday technologies, possible. With fewer companies, there have been fewer job opportunities for the engineers and scientists who've been trained to develop those new technologies. As the civilian veterans of the Apollo program retire, Sterner says, few are available to replace them. “We lose [engineers] at the same time that countries like China are building them up,” he says. “The guys [in China] are in their 30s, it looks like NASA did in the 60’s. They’re building a whole generation of engineers. You look at our guys, they’re in their 60s.” But that doesn’t mean innovation has come to a complete standstill. Private industry is again using its intellectual capital to look for ways to get man to the moon. “There’s still a lot of innovation happening, it’s just not happening in the traditional aerospace companies,” says Sterner. “You’ve got this whole generation of small companies that are kind of coming out of left field, they’re start-ups, but they’re financed well enough to actually make things happen and be innovative." Companies like Space-X, Blue Origins, or Virgin Galactic, created by Richard Branson in 2004, are looking for ways to promote so-called space tourism. To celebrate the anniversary of the Apollo's 1969 landing, here are 10 companies that worked with NASA to make it possible for astronauts to set foot on the moon – and to eat peaches and bacon while they were up there. North American AviationWhat the company made: Saturn V’s second stage and command and service modules What it did: Saturn V was the rocket that launched the Apollo spacecraft into orbit. The command module served as the astronauts’ control center and living quarters and it was the only part of the spacecraft recovered at the end of the mission. The service module housed the propulsion systems and also stored oxygen, water, and fuel. It was jettisoned and burned up upon re-entry. Where the company is now: Founded in 1928, North American Aviation merged with Rockwell Standard in 1967, becoming North American Rockwell Corp. After the Apollo program, the company continued to work with NASA on the space shuttle. In 1973, the company became North American Aircraft Operations, a division of Rockwell International. And in 1996, it was acquired by Boeing. Boeing now makes rockets that launch NASA satellites, as well as commercial GPS satellites. David Silver, an analyst with Wall Street Strategies, says aerospace and defense work is a growing part of Boeing’s business. “Once the economy begins to improve I think you’re going to see a larger investment in science not just from the US but from countries around the world,” he says.
Grumman Corp.What the company made: The lunar module What it did: The lunar module was the part of the Apollo spacecraft that landed on the moon. Where the company is now: Founded in 1930 as the Grumman Aeronautical Engineering Company, Grumman Corporation was acquired by Northrop Corp. in 1994, to form Northrop Grumman. The company’s Aerospace Systems division today generates roughly $10 billion in revenue and employs about 24,000 people. It continues to work with NASA, recently building the Lunar Crater Observation and Sensing Satellite, which did a swing-by maneuver of the moon on June 23, as part of a continuing search for ice. However, Northrop Grumman’s work with NASA doesn’t have much more room to grow, says Brian Ruttenbur, an analyst for Morgan, Keegan, & Co. While defense budgets continue to grow by 4 to 5% a year, NASA’s budget is only growing by 1 or 2% a year, he says. “On the space side, I just don’t see much growth there for the next three or four years,” Ruttenbur says. “It’s not something the Obama administration is waving a flag over.”
RocketdyneWhat the company made: Rocket engines for the Saturn V What it did: Rocketdyne built the large engines at the very bottom of the Saturn V rocket, as well as others that helped to propel the Apollo spacecraft into space. Where the company is now: At the time of the Apollo program, Rocketdyne was part of North American Aviation. It was bought by Rockwell Corporation in 1967. Rockwell was later acquired by Boeing in 1996. Boeing then sold the Rocketdyne division to Pratt & Whitney in 2005, which is now a subsidiary of United Technologies Corp (UTX). At the time of the Apollo project, Rocketdyne had about 20,000 employees in California and around the country. The workforce was pared down after the program came to an end. Rocketdyne now has about 3,500 employees making rocket engines for NASA'S space shuttle program.
IBMWhat the company made: The Real-time Computer Complex What it did: IBM (IBM) provided computers for multiple locations, including Cape Canaveral, Fla. and Houston, that processed the data needed for Mission Control to direct the Saturn V rocket and Apollo spacecraft. In real time, the computers compared the spacecraft’s actual activities to the mission plan. Where the company is now: IBM developed computers for NASA before there was a NASA. It worked for the agency’s predecessor, the National Advisory Committee for Aeronautics. The company continues to work with NASA and recently developed a new supercomputer that will be used for weather simulations.
Douglas Aircraft CompanyWhat the company made: Rocket booster for Saturn V’s third stage, the SIVB What it did: Saturn V’s third stage had a single engine that burned liquid hydrogen and liquid oxygen. The rocket's engine burned once at 115 miles altitude and once again to help place the spacecraft in orbit around the moon. Where the company is now: Douglas Aircraft Co. was incorporated in 1928 and merged with McDonnell Aircraft Corp. to form McDonnell Douglas in 1967. McDonnell Douglas merged with its longtime rival, Boeing, in 1997 -- shortly after Boeing acquired North American Rockwell.
ILC DoverWhat the company made: Space suits What it did: Space suits for the Apollo program were one-piece suits custom-tailored to each astronaut. Each crew member had a suit for training, a suit for the mission, and a back-up suit, -- as did the back-up crew. Where the company is now: ILC Dover started making suits for use at high altitudes for the Air Force in the 1950s. The key was making the suits flexible under high-pressure conditions. The experience helped ILC Dover win the contract to build space suits for the Apollo program in 1965. At that point, the bulk of the company’s revenue came from space suit production. In addition to the moon landing, ILC Dover also played a role in another iconic aspect of the 1960s: it made riot gear for police use during protests. The company has since diversified. It now makes chemical and biological protection suits, blimps, and inflatable devices for the military, as well as suits for the space shuttle program.
General MotorsWhat the company made: Guidance computers, accelerometers, and gyroscopes for the lunar module; batteries that powered the lunar module What it did: GM’s computers guided the Apollo capsule, and its batteries powered the lunar module’s descent to the surface of the moon, since burning rocket fuel was considered too risky at that point. The guidance computer developed for the Apollo program became known as the Carousel and served as the forerunner of computers that were later used on jets and rockets that launch satellites into space. General Motors also built the electric vehicle that later Apollo astronauts drove on lunar surface exploration missions: “The only car on the moon is by GM,” says Jon Bereisa, the Director of Advanced Engineering for GM’s Fuel Cell Propulsion Systems, who worked on the Carousel computer. Bereisa says the technology developed for that lunar vehicle helped provide a basis for the upcoming Chevy Volt. Where the company is now: The now struggling auto maker divested its last remaining aerospace division in 1997. In recent years, GM has been battered by an ailing auto market. In June, the nearly 101-year-old company filed for Chapter 11 bankruptcy protection. It quickly emerged in early July – but not without paying a hefty price. The U.S. government now owns almost 61% of the “New GM.” The company divested its last remaining aerospace division in 1997.
Goodyear Aerospace Corp.What the company made: Engine compartment conditioning system for Saturn V’s second stage What it did: Maintained proper temperature in the engine compartment. Where the company is now: Originally a subsidiary of Goodyear (GT), Goodyear Aerospace initially made zeppelins, then moved onto aircraft, and eventually NASA's space program. Goodyear Aerospace was sold to Loral in 1987. Then Lockheed Martin (LMT) bought Loral in 1996. Lockheed continues to work on the space shuttle program, which will continue for another 10 years, says Morgan, Keegan's Ruttenbur. He estimates that about 18% of Lockheed’s revenue is from its space business, but a large part of that business is satellites.
WhirlpoolWhat the company made: Space kitchen and freeze-dried food What it did: The space kitchen appliances stored and reconstituted the various freeze-dried meals the astronauts ate during the mission. Where the company is now:Whirlpool (WHR) started developing space flight food and food systems in 1957. They also developed a prop space kitchen for the film 2001: A Space Odyssey. Much of the technology that was developed for the space program was the property of the United States, so not all of it found its way into future Whirlpool products. But the water gun that rehydrated the astronauts’ food is a forerunner of the technology that allows your refrigerator to fill up your water glass. And today’s efficient Energy Star appliances owe something to the space program’s demand for systems that used power sparingly. In 1985, the company decided to focus on its core programs, and hasn’t been a contractor for NASA since.
Westinghouse Corp.What the company made: Lunar Camera What it did: The Lunar Camera was used on the surface of the moon to capture the images of Neil Armstrong’s “giant leap for mankind.” The camera used on the moon had to be able to withstand temperatures from 250 degrees above Fahrenheit to 300 below. At a time when the average TV camera weighed upwards of 150 pounds, this camera weighed 7 pounds, used less power than a Christmas tree bulb, and could be operated by a man in a space suit. Using technology developed for the Department of Defense it could also operate in extremely low light. Where the company is now: Westinghouse was founded in 1886. The division of the company that had made the camera, was bought by Northrop Grumman in 1996.
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Source: SmartMoney.com | 17 Jul 2009 | 4:00 am Where Next for U.S.? Q&A With Buzz Aldrin (Taking Stock)Those first steps on the moon 40 years ago in many ways marked the U.S. at a peak. By conquering the Moon, America vanquished its Cold War foe, the U.S.S.R., in the Space Race. It demonstrated the supremacy of U.S. science, engineering and manufacturing might. And it captured the imagination of people around the world. Now as the U.S. marks the 40th anniversary of the Apollo 11 landing, many things are different. The Cold War is over, supplanted by the threat of terrorism. And with the nation mired in recession, there’s a heated debate over the role of huge federal spending—the kind of big government dollars that fueled Apollo’s flights. Buzz Aldrin, who walked on the moon with Neil Armstrong on that historic Apollo 11 flight, is a vocal advocate for expanding America’s space ambitions. In his new book, “Magnificent Desolation,” Aldrin, 79, recalls the experience of flying on Apollo 11 and treading upon the moon’s surface. He also discusses his struggles overcoming depression after the mission. Aldrin looks forward as well, outlining his vision for Mars exploration. SmartMoney recently spoke with Aldrin about exploration, aerospace, America—and taking a long view. Here are selected highlights: SMARTMONEY.COM: WHAT WILL BE THE NEXT BIG MILESTONE IN SPACE EXPLORATION? BUZZ ALDRIN: My big concern is … to hopefully follow the Shuttle [program] with the early introduction of a U.S.-developed international lifting-body runway lander that will operate to and from low earth orbit.… There is a wonderful economic opportunity for the country to take advantage of all the studies that have been done about bringing spacecraft back that are not anywhere near as large as the Shuttle, and returning them to a precision landing--landing on a runway. There are two things that the public are not fully aware of and may not appreciate when they think of U.S. leadership. One is for us to have to rely on the Russian Soyuz spacecraft for five years or more to take our astronauts up to our over $100 billion investment in the space station. Also I think the American people and the people of the world appreciate the fact that once into the atmosphere, below the speed of sound, below Mach 1, all the landings of the Shuttle have been rather successful. To revert back to Mercury, Gemini and Apollo--to landing in the ocean or on the desert somewhere that’s not controlled or precise--will be a disappointment to people…. I think that maybe it is a time for reevaluation [of focusing on a return to the moon]. Is that really what we want to do when we would be going there 50 years after we went there before? Is the purpose of human spaceflight to just entertain a new generation that comes along 50 years after? Or is it to make significant progress in our expansion of human capabilities, to begin to visit and settle much more hospitable places than the surface of the moon? SM.COM: YOU HAVE TALKED ABOUT THE POTENTIAL FOR A SPACE RENAISSANCE. ECONOMICALLY WOULD THE MAIN BENEFICIARIES OF THAT BE BIG AEROSPACE COMPANIES? OR DO YOU SEE OTHER INDUSTRIES THAT WOULD ALSO BE TIED INTO THESE KINDS OF PROGRAMS? ALDRIN: The beneficiaries I think would be the next generation of young people, and the nation as a whole as it attempts to hold on to the investments that we so satisfactorily and proudly made in the ’60s and ’70s to establish the United States as a significant leader in space activities, particularly human space activities. Right now the Russians have scheduled for October a mission called Phobos-Grunt. Phobos is a moon of Mars and what I consider to be the strategic location for expansion outward.… So you can say the aerospace companies would benefit. It is, I think, a little regrettable that there have been so many reductions in the number of companies through mergers and acquisitions. I think we’ve been left with less innovation, competitiveness and specialization. SM.COM: YOU MENTIONED YOUNG PEOPLE. DO YOU HAVE ANY THOUGHTS ON WHAT A YOUNG PERSON TODAY MIGHT STUDY, OR WHERE OPPORTUNITIES MIGHT BE? IN ENGINEERING, OBVIOUSLY, THERE ARE CONCERNS ABOUT MAKING SURE WE’RE GETTING PEOPLE INTO THAT AREA OF EDUCATION. ALDRIN: I am dismayed that our education system seems less competitive in comparison to the rest of the world.… We’ve identified the key areas, STEM – science, technology, engineering and math. We don’t really make those professions attractive to people when there’s such a focus on earning rather large sums of money that can come from other businesses. Having dedicated my life to serving my country and being in the military, and seeing what compensation the rest of the world, and the country thinks the military deserves for that, it’s no wonder science, technology, engineering and math are not particularly attractive careers. And it just doesn’t spell well for our society and our country in the future. There is such a thing as planetary protection. When we have the ability to be able to prevent large objects from impacting the earth, I think we expect to be able to do something about that rather than just say it’s not going to happen for 100 or 200 years. SM.COM: PLANETARY PROTECTION, THAT’S A SUBJECT THAT’S SOMETIMES ALMOST MOCKED, AT LEAST POLITICALLY. ALDRIN: Yeah, I certainly think so. [One person I’ve been impressed with is] Stephen Hawking, to concern himself about the need for the human species to expand itself outward. I think it’s an exciting thing to do. It’s risky, it does require rethinking a lot of things. The alternative is to have a serious discussion and debate: Do we intend to permanently settle or not? And if we’re not ready to begin to take that on, at least in an inquiring way, then maybe we don’t even do anything or shouldn’t do anything. Obviously, I’ve been doing an awful lot of thinking for the last 40 years about the directions we really ought to go, and what the return will be. To me, there clearly is a pathway that leads to human habitation and settlement of Mars, a much more attractive location than anywhere else. Certainly I think history will look kindly on the world leader—much like Isabella, Queen Isabella of Spain when she allowed Christopher Columbus to set sail—who enables creatures from the Earth to be settlers on another object in the solar system. To me, that’s a big deal, and I think we’re on the threshold of beginning to want to think about that. SM.COM: THE LONG VIEW THAT YOU’RE DESCRIBING ISN’T ALWAYS A BIG PART OF PUBLIC DISCOURSE THESE DAYS. ALDRIN: I think it can very well be the downfall of our particular society. If you phrase it in the terms ‘What’s in it for me right now’, I will tell you that’s why we have problems right now. Because that’s been the focus. If that’s a characteristic of our overall system then maybe some modification needs to take place. I’m not sure I know what it is. But that’s not my field. My area of expertise may be just looking ahead as to how to come up with better utilization of transportation options to get to different places in space. I think we could fly by comets, station-keep with asteroids, for much less of a financial investment sooner than we could land our people on the surface of the moon again. To me, that is opening up a pathway that excites people and provides some interest that was similar to their interest in the Mercury, Gemini and Apollo programs. SM.COM: WHAT’S NEXT ON YOUR PERSONAL AGENDA? IS IT PRIMARILY TRYING TO DRAW ATTENTION TO THESE ISSUES? ALDRIN: I’ve invested a good bit in looking into the future. …. That’s my task, to try to stimulate a little outside, different thinking. 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 | 17 Jul 2009 | 4:00 am 10 Things Health Food Stores Won't Tell You (10 Things)1. “‘Organic’ isn’t just another word for ‘healthy’ . . .”What comes to mind when you hear the word “organic”? Despite the fact that the U.S. Department of Agriculture laid down standards in 2002 for what does and does not constitute organic food, consumers still seem to be confused. In a 2005 survey sponsored by Austin, Tex.–based Whole Foods Market, 72 percent of respondents said they believe organics contain more nutrients than conventional food. In fact, evidence for extra nutrients in organics is debatable. So what does organic really mean? Produce is grown without the use of most synthetic pesticides, genetic modification, irradiation, or fertilizer made with synthetic ingredients or sewage sludge. Organic meat comes from livestock that has never been treated with antibiotics or growth hormones and has been given organic feed free of animal by-products. Though the Food and Drug Administration monitors conventional produce to ensure that pesticide levels aren’t toxic, it’s the cumulative effect of small amounts that concerns some people. The Environmental Working Group compiles a list of “dirty dozen” produce that retains the most pesticide residue according to FDA and USDA tests. You can see the list, which includes apples, strawberries, and potatoes, at www.foodnews.org. 2. “. . . but the label’s standards are constantly under fire.”No sooner did the federal organic standards get implemented than food producers began to lobby Congress for changes weakening the regulation. In one notable case, after Georgia chicken producers reportedly balked at the standards, they convinced Rep. Nathan Deal (R-Ga.) to add a rider to the 2003 Omnibus Appropriations bill allowing them to label chickens raised on conventional feed organic if organic feed was more than twice the cost of conventional feed. Organic activists and trade groups objected, and the rider was repealed in April 2003. Around the same time, Alaska’s two senators sponsored an amendment to a wartime bill, opening the door for wildcaught seafood to be labeled “organic”—a boon for Alaska’s wild salmon fishery. The problem? Organic standards are meant to deal with farming, and organic advocates argue it’s impossible to know how wild seafood has been fed or maintained. Indeed, wild shark and swordfish can contain such high mercury levels that young children and pregnant women are advised not to eat them. For more details on wild seafood safety, check out the EPA’s advisory at www.epa.gov/ost/fish or visit www.environmentaldefense.org. 3. “Some of our products aren’t as eco-friendly as they sound.”As the demand for organic products has grown, a number of other eco-labels that imply health or environmental purity have also proliferated. Their true meanings range from the application of standards stricter than the USDA’s organic rule to kinda-sorta organic to anything but organic—adding another layer of confusion when you’re shopping. For example, “Biodynamic,” a label created by a consortium of farmers, shares many of the same principles as organic but has even stricter rules. On the other hand, “Food Alliance Certified,” a label created by the eponymous Food Alliance—a nonprofit that believes “organic isn’t a complete solution”—is aimed at “helping farmers reduce pesticide use and toxicity over time,” according to a company spokesperson. Make sense? Not really. “Consumers are caught in a marketing war that’s meaningless as a whole,” says Alex Avery, director of research at the Center for Global Food Issues, a think tank that supports modern high-yield agriculture. To find out what’s behind any confusing label, head to www.greenerchoices.org. 4. “Health food doesn’t have to eat up your entire paycheck.”Organic and health-oriented foods generally will cost you more than conventional foods. Some of the biggest differentials exist in meat and milk: Organic milk typically costs as much as 50 to 100 percent more than conventional milk, while organic meat can cost two or even three times more, according to an Organic Trade Association spokesperson. But there are plenty of ways to minimize costs in health food stores. Buy from that old hippie standby, the bulk bin, where you can save on staples such as cereal, pasta, and flour. Or consider joining a local co-op, where you exchange a little volunteer time for big savings, or a community-supported agriculture—or CSA—program, in which you pay a farmer up front for an entire season’s worth of produce. (To find one near you, go to www.csacenter.org.) James Brundage, an administrative assistant at a PR firm, joined his local co-op in Brooklyn, N.Y. “I used to buy most of my food at Whole Foods,” he says. “Now I buy it all at the co-op, and prices are about 30 to 50 percent cheaper.” As for the co-op’s requirement that members put in about three hours of work per month at the store, Brundage says he finds it “only mildly annoying. Everyone is so friendly, the time passes quickly.” 5. “Our supplements are a mystery wrapped in an enigma.”Dietary supplements are a booming business in this country, with sales of about $17.5 billion in 2007. Since the fallout surrounding the FDA’s ban of ephedra years ago, many consumers have already learned that manufacturers of these supplements don’t have to submit evidence of effectiveness, since they don’t make overt claims of curing or preventing a particular disease. Indeed, there are few controls to make certain that supplements even contain what they claim to. “Assume that nothing is guaranteed [about content] or the appropriate dosage advice,” says Ron Buchheim, deputy health editor at Consumer Reports, which has tested numerous supplements since 1995. Though the products are more consistent these days, “We still sometimes find significant variation” in the concentration of the active ingredient, he says, “sometimes more than 20 percent outside the amount on the label.” Right now testing by independent labs is the best way to ensure that your vitamins or supplements are at least reliable. Before buying, check out how the product rated on the website ConsumerLab.com, which tests a wide range of supplements for identity, potency, and purity. 6. “Taking our advice may be hazardous to your health.”Don’t assume that health food store employees are experts on their products, especially supplements. In 2003 the journal Breast Cancer Research published a study in which investigators went undercover to 34 health food stores and asked about recommendations for supplements for their fictional mother, diagnosed with breast cancer. The stores suggested 33 products, none of which has sufficient evidence of effectiveness. Of the 10 employees who asked which prescriptions the mother was taking, only 8 mentioned that the drug tamoxifen might interact with the natural remedies. Though this particular study focused on a small group of stores in Canada, it was modeled on similar research that drew the same conclusion. “Every study we’ve seen has found the same thing”—that the health advice dispensed by clerks is “usually in a range of 50 to 100 percent wrong,” says Stephen Barrett, a retired psychiatrist who runs the website at www.quackwatch.org. “Imagine going to a doctor with [that] batting average.” The majority of health food store workers have no scientific training, he points out. If you are interested in trying dietary supplements, check with your doctor about any adverse interactions with your prescribed medicines. 7. “Enhanced foods can be too much of a good thing.”Though many people exercise caution when downing supplements in the form of pills, it’s easy to forget that we may be overloading on certain nutrients by regularly consuming the “enhanced” foods sold in health food stores. Soy is the perfect example: Due to an FDAapproved health claim that soy protein lowers LDL—or “bad”—cholesterol and preliminary evidence that other soy components known as isoflavones may reduce symptoms of menopause, soy is a popular additive to foods. Products such as bread, juice, and sports bars are often enhanced with added soy protein, sometimes including isoflavones. However, “There are more and more studies showing that isoflavones [may not] have the greatest effect, that you may need to have the whole bean,” says an American Dietetic Association spokesperson. On top of that, some researchers worry that consuming high quantities of soy isoflavones may even have adverse health effects, including contributing to thyroid problems in some situations. If you think adding a large amount of a particular nutrient to your diet would be beneficial, consult with your doctor just as you would about a medication. 8. “Think there’s no junk food here? Think again.”Gone are the days when the most sinful thing in a health food store was carob chips. Today plenty of dietary pitfalls lurk in the aisles: banana chips fried in coconut oil; vegetable crisps, which are essentially fried potatoes flavored with small amounts of vegetables; and socalled enhanced waters, which add sugar and “literally pennies worth of vitamins” to plain water to create what’s basically a glorified soda, according to Bonnie Liebman, director of nutrition at the Center for Science in the Public Interest. “The problem is, these foods have an aura of healthfulness,” she says, in part because they are sold in health food stores. To really know what you’re getting, you need to read labels on packaged food just as closely in a health food store as you would in a regular grocery store. Look out, for example, for seemingly low-cal foods that actually contain several servings per package. Liebman says she found a giant “high-energy” cookie that contained only 140 calories per serving—but each cookie constituted four servings. Also watch for prepared vegetarian foods that are high in saturated fat—more than 4 grams per serving—from added butter, cream, and palm kernel or coconut oil. 9. “We may undo the benefits of organics.”Participants at nearly every stage of food production—seed vendors, farmers, and processors—must be approved by independent certifiers in order for the final product to be labeled “organic.” However, for the last link in the chain, the retailer, certification is optional except in organic food preparation areas. Why does it matter? In a store, with so many foods commingling, the potential for contamination with nonorganic substances can be high, argues Cissy Bowman, an Indiana-based organic produce farmer and a USDAaccredited certifier. Some problems: nonorganic produce stored above organic, where residues can drip onto the food below when misted with water to stay fresh, or worse, simply mixing up conventional and organic produce that look virtually identical. Chemicals used in an uncertified store—everything from cleaning agents to rodenticide—may also wind up in the food. Fortunately, organic certification does seem to be catching on among retailers. Whole Foods Market has had all its retail operations certified organic, as have many independent stores, such as the Wedge Co-op in Minneapolis. If you don’t see a certification seal posted at your local health food outlet, ask the manager how the store prevents contamination of organics. 10. “Organic shampoo? Don’t waste your money.”Walk into almost any health food store and you’ll see so-called organic cosmetics and personal care products that are often much pricier than their traditional drugstore equivalents. But shoppers should understand that there are no national USDA standards for organic cosmetics. Many products create an organic halo by calling themselves “70 percent organic.” Right now that 70 percent can include “organic hydrosol,” essentially a tap-water-based extract of an organic plant. “Shampoo and lotion are usually well above 70 percent water anyway,” says Craig Minowa, environmental scientist for the Organic Consumers Association, which is opposed to counting added water in hydrosols toward an “organic” total. “So you can have a product labeled ‘organic’ that’s exactly the same as if you went into a Wal-Mart and bought a conventional product with the same synthetic cleansers and preservatives.” How to know what you’re getting? When considering an “organic” personalcare product, check the ingredient list. If the first entry is hydrosol—sometimes called “organic hydroflorate,” “organic plant extracts,” or “floral water”—it’s probably being counted toward the total. 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 | 17 Jul 2009 | 4:00 am 7 Ways to Save on Summer Concerts (Deal of the Day)Even concert ticket scalpers are singing the recession blues -- and that’s good news for consumers. Low demand for concert tickets has led to a flooded market and lower prices. As of Thursday afternoon, ticket search engine FanSnap.com listed more than 4,000 tickets on the market for Paul McCartney’s New York show on July 21, and the Jonas Brothers’ Long Island show on the same date still has more than 3,000 seats for sale. Prices for the two headliners are relatively low, too; tickets start at $46 and $14, respectively. Concert prices have dropped to an average $140 a seat, down $20 from last year, and available tickets are a big reason why, says Sean Pate, a spokesman for ticket marketplace StubHub.com http://www.stubhub.com. “That kind of supply really pressures prices downward,” he says. (Sports ticket prices have seen a similar plunge.) Of course, browsing the ticket resale sites isn’t the only way to save. Try these seven tips to see your favorite musicians for less: Try the box officeAlthough the secondary market is full of bargains, buying at the box office is still your best bet for low prices on great seats, says Yarden Tadmor, co-founder of Livekick.com, a ticket search engine. “Shows run out at the box office a little slower than they used to,” he says. “Scalpers are taking less risk.” Tour operators often release additional seats a few weeks in, too, so it’s worth checking. For example, face-value tickets are still available at Ticketmaster for every stop on Metallica’s fall tour. Look for pre-sale opportunitiesMembers of an artist or band’s fan club often get early access to tickets. If you’re not ready to fork over a membership fee, check in with your credit card issuer. Citibank (C) cardholders, for example, can now buy pre-sale tickets and preferred seats for Creed, Aerosmith and Brandi Carlile through the issuer’s Private Pass program. Hold out ‘til the last minuteIf you’re not picky about where you sit, there’s a sweet spot in pricing three to five days before the show, Pate says. Many seller listings expire three days out (to avoid the hassle of last-minute shipping), so prices drop as they scramble to find a buyer. Really want to cut it close? Scalpers may cut prices in half on tickets still in-hand once the concert begins. (For tips to make sure they’re legit, read our guide.) Seek out freebiesFree concerts abound during the summer, so find out who might be sponsoring them in your area. Radio stations, schools and major corporations are likely candidates. Mall developer Simon Property Group (SPD) is offering an 11-mall nationwide tour with Hoobastank and Forever the Sickest Kids, among other musicians. And visitors to the San Mateo County Fair ($8 admission) get free access to performances by Boys II Men and Arrested Development. Check with the venueMany arenas and clubs are offering discounts and coupons to lure in concertgoers in the rough economy, says Dan de Grandpre, the founder of Dealnews.com, which lists sales and coupon codes. For example, Tampa’s St. Pete Times Forum is currently offering $15 “Recession Buster” tickets (regularly as much as $47) for actress and singer-songwriter Demi Lovato. Another good source for deals: your city’s Entertainment Book http://www.entertainment.com. Detroit’s book offers buy-two-get-two-free tickets at DTE Energy Music Theatre and the Palace of Auburn Hills, where the Jonas Brothers will perform later this month. VolunteerAmy Ammen, a dog trainer in Milwaukee, works as a volunteer usher at the Pabst Theater. “I choose the shows I want to work,” she says. Among the acts Ammen has watched gratis: Keith Urban and the Indigo Girls. Virgin Mobile’s FreeFest http://www.virginmobilefestival.com/ has taken a more proactive approach, opening up 3,000 seats for the August 30 festival in Columbia, Md., to concertgoers who log at least eight hours of service with a partner charity. Compare secondary seller costsCommission and shipping fees vary from site to site, so be sure to factor those in when choosing a vendor, Tadmor says. For example, sellers at RazorGator and TicketNetwork each list seats in row 16 of Promenade section 501 at CitiField in New York to see Paul McCartney on July 21. You’d pay $70 for the RazorGator ticket ($63, plus $6.30 handling), or $64 for the TicketNetwork one ($54, plus $9.18 handling). 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 | 17 Jul 2009 | 4:00 am NZ Dollar dips on Jakarta blast newsThe New Zealand dollar fell on news of bomb attacks on two hotels in Jakarta in Indonesia. The Associated Press reported that six people were killed and 29 wounded, with a New Zealander seriously injured, in the explosions at the...Source: New Zealand Herald - Business | 17 Jul 2009 | 3:44 am IBM hikes full-year outlook, shares shineNEW YORK (Reuters) - IBM sharply raised its full-year earnings forecast as it benefits from focusing more on higher-margin businesses in software and services, sending its shares up as much as 3 percent.Source: Reuters: Business News | 17 Jul 2009 | 3:44 am Google quarterly results fail to exciteSAN FRANCISCO (Reuters) - Google Inc's quarterly profit beat Wall Street expectations, but the weak economy and slump in advertising spending took a toll on revenue growth and the price of its search ads.Source: Reuters: Business News | 17 Jul 2009 | 2:04 am Employment Court cases up 7pc in JuneThere has been a seven per cent increase in the number of cases going to the Employment Relations Authority over the past month. Employment lawyer Andrew Scott-Howman says government entities have the screws placed on them for...Source: New Zealand Herald - Business | 17 Jul 2009 | 1:24 am CIT rushes to secure lending, bankruptcy feared (Reuters)
Source: Yahoo! News: Business | 17 Jul 2009 | 1:16 am BlackBerry Tour launchesSource: Business and financial news - CNNMoney.com | 17 Jul 2009 | 12:56 am Fed balance sheet rises back above $2 trillion (Reuters)Reuters - The U.S. Federal Reserve's balance sheet rose back above $2 trillion after dipping below that level earlier this month, bolstered by increased holdings of agency mortgage-backed securities, Fed data showed on Thursday.Source: Yahoo! News: Business | 17 Jul 2009 | 12:56 am Obama tackles racism in NAACP speechBarack Obama, US president, told the National Association for the Advancement of Colored People that Americans must keep fighting to eradicate bigotry, racism and discrimination and acknowledged civil rights pioneers for making his own election possibleSource: Financial Times - US homepage | 17 Jul 2009 | 12:30 am CIT on the brink as bail-out talks failShares in CIT, the US small-business lender, fell 75 per cent after the failure of government bail-out talks prompted fears of a bankruptcy filingSource: Financial Times - US homepage | 17 Jul 2009 | 12:22 am Fitch says NZ living beyond its meansNew Zealand is living beyond its means and householders need to start saving, says the rating agency that yesterday revised its outlook for the country's credit rating to negative, making a downgrade more likely. Credit rating...Source: New Zealand Herald - Business | 17 Jul 2009 | 12:00 am IBM adds to signs of recovery in technology sectorIBM reported an unexpected surge in quarterly profit, providing further evidence that the technology industry is poised for a comeback in the second half of the yearSource: Financial Times - US homepage | 16 Jul 2009 | 11:50 pm Major U.S. exchange chief urges SEC-CFTC merger (Reuters)Reuters - The two main regulators of U.S. financial markets should merge, the chief executive of America's largest options exchange says in remarks to be delivered to a congressional panel on Friday.Source: Yahoo! News: Stock Markets News | 16 Jul 2009 | 11:50 pm Retailers miss plastic bag targetEfforts to reduce the number of plastic carrier bags given to supermarket customers by 50% narrowly fail.Source: BBC News | Business | World Edition | 16 Jul 2009 | 11:39 pm Google sees signs of stabilizationGoogle said Thursday it was seeing signs of stabilization in what has been a very rough advertising environment.Source: Business and financial news - CNNMoney.com | 16 Jul 2009 | 11:28 pm JPMorgan chief hits at credit card rulesJamie Dimon, chief executive of JPMorgan Chase, hit out at strict rules on US credit cards, saying they would cost the bank’s lossmaking card unit up to $700m next yearSource: Financial Times - US homepage | 16 Jul 2009 | 11:16 pm BNZ's $645m defeat sets NZ tax recordThe Bank of New Zealand has lost what is believed to be New Zealand's biggest tax avoidance case. The High Court yesterday ordered the bank to pay $645 million in back taxes and interest. The decision relates to the bank's use...Source: New Zealand Herald - Business | 16 Jul 2009 | 11:00 pm Power rangersTrying to stop electricity theft in India's slumsSource: BBC News | Business | World Edition | 16 Jul 2009 | 10:55 pm Starbucks unveils a new drink: BoozeRead full story for latest details.Source: Business and financial news - CNNMoney.com | 16 Jul 2009 | 10:54 pm Diesel drops by three centsDiesel has dropped by three cents a litre at Shell, BP, Caltex and Mobil stations, three days after the Automobile Association called for cheaper prices at the pump. All five petrol companies said the drop was due to a fall in...Source: New Zealand Herald - Business | 16 Jul 2009 | 10:52 pm Singapore dreamTaxi drivers struggle as people cut back on luxuriesSource: BBC News | Business | World Edition | 16 Jul 2009 | 10:48 pm Worst behind us but more stimulus needed: RoubiniNEW YORK (Reuters) - Nouriel Roubini, one of the few economists who accurately predicted the magnitude of the financial crisis, said on Thursday that the worst of the turmoil has passed.Source: Reuters: Business News | 16 Jul 2009 | 10:47 pm Write-Offs: 07.16.09$$$ Jamie Dimon's Big Quarter Will Not Go Unnoticed [Cityfile] $$$ Security Savings Bank: Not So Solid Ground [BankImplode] $$$ Are Citigroup Inc. and Bank of America signing deals with the devil? [The Deal] $$$ Blow a sad trombone for Steve Rattner, who no longer has a reason to live in DC but laid down $4 million for a house there two months ago. [peHUB] $$$ Paulson's Version of Financial Armageddon: 'People in the Streets' [WSJ] 
Sponsored Topics: Bank of America - Jamie Dimon - Business - Citibank - Financial services Source: Dealbreaker | 16 Jul 2009 | 10:40 pm It's Up To You AmericaDon't miss your chance to vote for the winner of the Top Planet Money Project Iron Radio Chef Challenge. We'll be closing the polls on Friday July 17, at 1 PM ET. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Jul 2009 | 10:33 pm Facebook violates Canadian privacy lawsFacebook has “serious privacy gaps” and must make changes to comply with Canadian laws, according to a report issued by the country’s privacy commissionerSource: Financial Times - US homepage | 16 Jul 2009 | 10:19 pm Roubini: Some People-- CNBC-- Have Taken My Statements Out Of Context
It has been widely reported today that I have stated that the recession will be over "this year" and that I have "improved" my economic outlook. Despite those reports - however - my views expressed today are no different than the views I have expressed previously. If anything my views were taken out of context. Roubini Statement on the U.S. Economic Outlook [RGE Monitor]
Sponsored Topics: Microsoft Outlook - Action figure - United States - Nouriel Roubini - Recession Source: Dealbreaker | 16 Jul 2009 | 10:12 pm Gains in tech stocks extend Wall Street's rally (AP)
Source: Yahoo! News: Stock Markets News | 16 Jul 2009 | 10:10 pm Paulson grilled over BofA-Merrill dealHank Paulson, the former US Treasury secretary, returned to Capitol Hill to defend his actions at the height of the financial crisis when he told Bank of America to complete its acquisition of Merrill Lynch or face management change.Source: Financial Times - US homepage | 16 Jul 2009 | 10:01 pm GM Removes Chevy Clock Before It Goes Bankrupt Again
Sponsored Topics: GeneralMotors - Chevrolet - Arnold Jackson - Sears Tower - Auto Source: Dealbreaker | 16 Jul 2009 | 9:50 pm How the major stock indexes fared on Thursday (AP)AP - Tech shares pulled the market higher again Thursday, a day after stocks surged on a strong forecast from chip maker Intel Corp. The tech-heavy Nasdaq advanced for the seventh straight day and closed at its highest level since October as traders anticipated strong reports after the bell from Internet search company Google Inc. and computer maker International Business Machines Corp. Earnings from both companies beat estimates.Source: Yahoo! News: Stock Markets News | 16 Jul 2009 | 9:37 pm The Tim Hortons Economy
Full disclosure: this is how I decorate my desk. Mathew Katz By now, you've probably already heard about the big Canadian news of the week: Tim Hortons, the venerable Canadian coffee-and-donuts-shop, expanded into New York City, opening 12 locations in Manhattan and Brooklyn on Monday. More locations are coming to the city in August. It may seem like a risky move: gambling an entire franchise's success in the U.S. by suddenly opening up in the country's most high-profile market during a recession when Americans are hesitant to spend, but it might be smart one. We've already written about the slow Canadian takeover of the American economy. Tim Hortons' expansion represents something bigger -- a move by some businesses -- not just Canadian ones -- to take advantage of the recession in a bid against much-larger, well-established competitors. On the coffee front, McDonalds has found the recession to be an optimal time to challenge Starbucks, which saw a 77 percent decline in profits last quarter. The auto industry has already begun a transformation, with electric car makers and foreign manufacturers eager to grab a piece of the wide-open American market. Like Tim Hortons, Indian automaker Mahindra & Mahrindra has even taken advantage of its competitor's old facilities: Tim's took over Dunkin Donuts locations, and Mahindra is taking over former GM and Chrysler dealerships. The shrinking of many large corporations is also making it easy for competitors to enter the market. A sudden plethora of Class-A retail space - means smaller businesses can move into prime locations for relatively cheap. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Jul 2009 | 9:37 pm Villalon `Optimistic' About Banks After JPMorgan Shows ProfitSource: Bloomberg - All Podcasts | 16 Jul 2009 | 9:26 pm IBM raises outlook, posts lower revenueRead full story for latest details.Source: Business and financial news - CNNMoney.com | 16 Jul 2009 | 9:17 pm China's economy accelerates with help of stimulus (AP)
Source: Yahoo! News: Stock Markets News | 16 Jul 2009 | 9:09 pm Funtleyder Says Obama Health-Care Math Doesn't Make SenseSource: Bloomberg - All Podcasts | 16 Jul 2009 | 8:52 pm Boyton Sees Japanese Yen Weakening Against DollarSource: Bloomberg - All Podcasts | 16 Jul 2009 | 8:48 pm JPMorgan profit tops view though credit worsens (Reuters)
Source: Yahoo! News: Business | 16 Jul 2009 | 8:42 pm SIRIUS XM Needs More Directors (SIRI)SIRIUS XM Radio (NASDAQ: SIRI) has announced the receipt of an official notification from NASDAQ that it is outside of NASDAQ compliance rules. This is not over its low price, this one is over the “independent director requirement.” If you see what SIRIUS XM claims, you might ask just how many directors are needed even [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 16 Jul 2009 | 8:39 pm Retail titan Wal-Mart launches 'sustainability index' (AFP)
Source: Yahoo! News: Business | 16 Jul 2009 | 8:35 pm America's best loved cars may surprise youIn J.D. Power's latest survey, new vehicle owners rate just how much they love their cars and trucks. The results include some pretty big surprises.Source: Business and financial news - CNNMoney.com | 16 Jul 2009 | 8:35 pm Presented By:Source: Dealbreaker | 16 Jul 2009 | 8:31 pm Kiss Your Chance To Be Donald Trump's Son-In-Law Good-Bye
J-Vanka Gets Engaged [Daily Intel]
Sponsored Topics: Donald Trump - Home - Family - Parenting - Fathers Source: Dealbreaker | 16 Jul 2009 | 8:31 pm Obama turns up heat on mortgage firmsAs complaints mount about President Obama's foreclosure prevention program, the administration is ratcheting up the pressure on mortgage servicers.Source: Business and financial news - CNNMoney.com | 16 Jul 2009 | 8:21 pm UK Moves To Withhold BonusesAs the European Union considers new regulations and fines meant to curb bonuses for excessive risk-taking, the U.K. government has its own strategy. Prime Minister Gordon Brown said today that his government plans to force banks to hold back half of all bonuses for senior traders and executives for up to five years. He also said the Financial Services Authority, which regulates banks, is working on plans that would allow it to force banks to hold more capital if the FSA is unhappy with its bonus structure. Both the British and European Union plans would provide firm restrictions on bank bonuses and that's left some lawmakers asking when the U.S. will adopt similar measures. The government banned cash bonuses for the top 25 employees at companies that took taxpayer funds last year, but now that many of those institutions have paid back TARP funding those restrictions no longer apply. The Treasury Department says it has plans to revolve executive compensation, but all we have right now is a set of broad-based principles. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 16 Jul 2009 | 8:20 pm IBM (IBM) Earnings: Walk-Off Home RunIBM’s (IBM) quarterly figures for the second period of the year not only beat analysts’ estimates; they beat whisper figures which were much higher. IBM reported EPS of $2.32 up 18%. Wall St. had expected $2.01. Revenue was $23.3 billion, down 13%. IBM had net income of $3.1 billion, up 12%. The most important news from the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 16 Jul 2009 | 8:19 pm Google Wins, But Not Enough Juice (GOOG)Google Inc. (NASDAQ: GOOG) is out with earnings. The king of search has posted $5.36 non-GAAP EPS and $4.07 billion in ex-TAC revenues. Thomson Reuters had estimates pegged at $5.09 EPS and $4.06 billion in revenues. There was a higher whisper number and estimates had crawled higher and higher throughout the last week. Google does not [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 16 Jul 2009 | 8:11 pm Oil prices close mixed on economic worries (AFP)
Source: Yahoo! News: Stock Markets News | 16 Jul 2009 | 8:06 pm The UK's Stimulus Package For The US
On top of the 50% tax for those earning over £150,000/yr and the prospect that your compensation may be the lead story on the evening news, Prime Minister Gordon Brown has indicated that top earners at British banks may have to wait up to 5 years to collect half of their bonuses. With some London-based hedge funds already considering packing up and moving to less punitive locations, should this most recent series of suffocating regulatory proposals lead to a mass exodus to places such as New York, the UK government may inadvertently wind up providing the Big Apple and the US with a true stimulus package.
Sponsored Topics: Gordon Brown - Hedge fund - Business - European Union - Her Majesty's Government Source: Dealbreaker | 16 Jul 2009 | 7:34 pm Lorin Says College Tuition Up 4.3% in 2009, Lowest in 30 YearsSource: Bloomberg - All Podcasts | 16 Jul 2009 | 7:04 pm Reggie Jackson Discusses Yankees, Stadium, PlayersSource: Bloomberg - All Podcasts | 16 Jul 2009 | 6:57 pm China on track to meet GDP targetsBeijing is in reach of its 2009 growth target of 8 per cent after its economy accelerated significantly in the second quarter on the back of increased government spending and a surge in bank lending.Source: Financial Times - US homepage | 16 Jul 2009 | 6:44 pm A 'Fun' Look At American BusinessThe 1948 vision of free enterprise. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Jul 2009 | 6:40 pm David Goldman Sees Longest, Deepest U.S. Recession Since 1930sSource: Bloomberg - All Podcasts | 16 Jul 2009 | 6:37 pm And We're Back1:40 If possible, it appears as though whatever condition is going on with Paulson's skin has gotten worse, and that it's starting to peel. 1:45 Rep. Cummings: do you think it was fair that Merrill Lynch paid out huge ass bonuses before the deal went through? Do you think it was ethical? Paulson: Those are two words. Rep. Cummings: Oh, we've got a college boy in the house. Did you think it was fair? Paulson: I'd rather not say. Cummings pinch hitting for Maxine Waters. You worked at Goldman, did you not? You told former Goldman guy Ed Liddy to go run AIG. GS received a metric asston of money from AIG. WHAT THE FUCK HELL AM I SUPPOSED TO TELL MY CONSTITUENTS ABOUT THAT? Paulson: Can I just say you and your friends are doing a phenomenal job? Really. Rep. whose named I missed (but nice tie) would like to know what the government's exit strategy is. Paulson no longer works for the government, and spends most days bird watching and counting the clams he made while working at GS, so he doesn't much know or care. Rep. McHenry: In my hand, I have phone records between you and Mr. Bernanke. On one given day, you spoke five times. Is that standard? Paulson: Yeah, pretty average. You know how the balls and chains can get. Constantly popping in to just say hi. Rep McHenry: Well it doesn't seem "pretty average" to me. It all seems pretty shady. Shall I read from one of the call? Paulson: Knock yourself out, I got nothing to hide. Rep. McHenry [clears throat]: Ben, it's Hank. Only have five minutes. What are you we- Paulson: Okay I'm good, no more reading.
Sponsored Topics: John Paulson - Skin - Health - Beauty - Shopping Source: Dealbreaker | 16 Jul 2009 | 6:37 pm Nokia shares fall as expansion put on holdThe world’s largest maker of mobile handsets alarmed investors by signalling that the profitability of its handset unit was unlikely to recover until 2010 as it reported a sharp fall in earnings for the second quarterSource: Financial Times - US homepage | 16 Jul 2009 | 6:29 pm Shilling Sees U.S. Recession Lasting Into 2010Source: Bloomberg - All Podcasts | 16 Jul 2009 | 6:24 pm Our First Test Of Gastrointestinal Fortitude This Summer!Is set to go down at Phoenix Partners Group, where a summer intern will attempt to consume 70 chicken McNuggets in 60 minutes. Once completed he must hold the food down for an additional half hour. He is allowed to drink as much water as necessary during the challenge. If successful, he'll score $2,500 in addition to 10 percent of all losing wagers. I don't think I have to remind you people that, to date, for the most part, when it comes to these tests, you've all been phenomenal failures. The most recent attempt was by a RBSGC employee, who endeavored to consume 40 vending machine items in less than an hour, with $400 at stake. He didn't run out of time, but after 36 "puked in someone's 82%-paid-for-by-the-UK-government garbage pail," and couldn't find it in himself to rally. Before that, it was a BlackRock analyst who had HOURS to eat a few mini-sized snacks from the vending machine, and, of course, blew it. Basically, the only men among you are Oyster Boy, and the kid who ate three cans of cat food at Wachovia. I don't think I have to tell you, we need this. Update: A little color from the front lines: He's a string bean. He'll be a college freshman in the fall. He's trying to pace himself -- one/two McNuggets every minute. There is a lot of sell volume at the 70 level. Buyers are hard to find until you hit the 60. Some odd lot artist from Barclays tried to buy 65 for a lousy $50. Wtf -- round lot orders only please Barclays! Update II: Okay, he's housed 34 with 32 minutes to go. Apparently the McNuggets are starting to congeal. According to an on-looker, "he's a willowy lad, but I think he might have the balls to pull it off." Update III: 8 nuggets left, 7 minutes to go. "He's looking pretty ill."
Sponsored Topics: Water - Food industry - Cook - Drink - Test cricket Source: Dealbreaker | 16 Jul 2009 | 6:19 pm Bonus Watch '09: Bank of AmericaFirst year Bank of Amerillwide employees have apparently received $38k bonuses for S&T and $30k stubs for research. The budding Kens also all had their base pay raised to $80k from $60k. For those keeping track at home, second rate first year staff at Citi are still killing this thing, thanks to the generosity of Tim Geither, and certain well-heeled Prince. Ken Lewis is said to be telling lieutenants he's planning on buying everyone a round tonight but do note that he said "planning" as in there'll most likely be a skipping out on the tab situation.
Sponsored Topics: Bank of America - Citibank - Business - Financial services - Banking Services Source: Dealbreaker | 16 Jul 2009 | 6:02 pm China Reports GDP Growth Up Near 8 PercentThe National Bureau of Statistics of China says the country is on track to hit 8 percent GDP growth this year. According to the NBS, the economy grew by 7.9 percent in the second quarter of this year compared to the same time last year. The year over year increase is 7.1 percent. The government credits the growth to a number of factors including increased industrial production, higher incomes among urban and rural residents and improved retail sales. Retail sales reportedly increased by 15 percent in the first six months of the year, thanks to government incentives like rebates. The Financial Times also notes that the government's stimulus program played a major role: "The high-speed growth, above analysts' consensus forecasts, was driven by the government's aggressively loose fiscal and monetary policies, funded largely by record lending by state banks." The NBS says loans made by the country's financial institutions increased by 7.4 trillion yuan over the beginning of this year, an increase of 4.9 trillion yuan compared with the same period last year. Some analysts suggest that the news out of China proves the country will help lead the world out of a global recession, but others remain unimpressed. Tim Holland of the South China Morning Post (sub req'd) warned earlier this month that economic figures from the Chinese government can't always be trusted. Holland points to foreign trade as important factor in growth, which often seems to be at odds with the country's GDP figures. According to the NBS, the total value of imports and exports this year is down by 23.5 percent. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Jul 2009 | 5:38 pm Madoff Victim Does The UnthinkableIn a tale almost too bizarre to be true, one of King Ponz's victims is stepping up to the plate and covering his employees' Bernie-related losses with his own money. Robert Lappin is shelling out $5 million to cover the fraud related 401(k) losses for the 60 employees that work for him at Shetland Properties Inc and his private charity, the Robert I. Lappin Charitable Foundation.
One down, 15,399 or so to go until Joe Nocera is happy.
Sponsored Topics: Robert I. Lappin Charitable Foundation - Shetland - Fraud - Joseph Nocera - Scotland Source: Dealbreaker | 16 Jul 2009 | 5:19 pm Harte Says JPMorgan Among Better-Performing BanksSource: Bloomberg - All Podcasts | 16 Jul 2009 | 5:12 pm Cassidy Favors Keycorp, Bank of America Over JPMorganSource: Bloomberg - All Podcasts | 16 Jul 2009 | 5:10 pm What One Penny Will Buy YouJessica Sweeney was one of the first to respond to Planet Money's five cents or less challenge with these photos from the Long Beach Deport for Creative Use. She writes: I found a number of items at "The Long Beach Depot for Creative Reuse", in Long Beach, CA. In fact, it's a seriously fun place to hang out! I've met folks there who will buy 5-cent doobobs for their children, and they leave happier than clams. As you can see, it's a multimedia art supply store, but it carries things that are fun for all, as well as showing off some of the finished products from local artists. I've bought some scraps of fabric from them, as well as a Christmas present for my partner -- a Tom Jones 8-track. This time I went with a pocket of pennies on assignment, but I was bad and went over budget for a two-tape Evita 8-track set for fifty cents. I'd only brought forty-eight, but they had a take-a-penny. Is that wise in a store that sells things that only cost a penny to begin with!? » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Jul 2009 | 4:56 pm Ludwig von Mises: America has Too Much Common Sense for Hyperinflation
A month or so ago, inflation as the result of quantitative easing was all the rage. More recently, the Powers that Be claimed that jobs data means inflation won’t happen after all. As someone perched on the hawkish side of the fence, I read about historical cases of inflation whenever I come across them. The excerpt below is from a chapter aptly entitled “Inflation and You,” written by Ludwig von Mises in July 1942: The most fateful results of inflation derive from the fact that the rise of prices and wages which it causes occurs at different times and in a different measure for various kinds of commodities and labor. Some classes of prices and wages rise more quickly and rise higher than others. Not merely inflation itself, but its unevenness, works havoc. While inflation is under way, some people enjoy the benefit of higher prices for the goods or services they sell, while the prices for goods and services they buy have not yet risen or have not risen to the same extent. These people profit from their fortunate position. Inflation seems to them “good business,” a “boom.” But their gains are always derived from the losses of other sections of the population. The losers are those in the unhappy situation of selling services or commodities whose prices have not yet risen to the same degree as have prices of the things they buy for daily consumption. These victims, by and large, are the same kind of people–roughly, the middle classes–who are injured as creditors through the depreciation of their bank savings, insurance policies, pensions, etc. The salaries of teachers and ministers, the fees of doctors, go up only slowly as compared to the tempo with which prices of food, rent, clothing, and so on, go up. There is always a considerable time lag between the increase in the money income of the white-collar workers and professional people and the increase in costs of food, clothing, and other necessities. His take on why hyperinflation couldn’t happen in the States: …the great inflation and the Nazi scourge both derived from the mentalities and the doctrines that long dominated German public opinion. The State, which the German socialist Ferdinand Lassalle had already proclaimed as god, was supposed to be able to achieve anything. The omnipotent State was credited with the magic power of unlimited spending without any burden on the citizenry. Money, said the German “monetary cranks,” is a creature of the State; there is no harm in issuing infinite quantities of paper currency. Fortunately, such superstitions are strange to the healthy common sense of America. If only von Mises were alive today…
Source: Business Pundit | 16 Jul 2009 | 4:18 pm FTSE 100 up after surprise US bank profits (AFP)
Source: Yahoo! News: Stock Markets News | 16 Jul 2009 | 4:10 pm FTSE 100 up after surprise US bank profits (AFP)
Source: Yahoo! News: Business | 16 Jul 2009 | 4:10 pm Making a career of coming from behindKenyan women have won seven of the last 10 Boston Marathons. Reporter Jon Miller introduces us to the latest winner, Salina Kosgei, as she trains at her home in Kenya, where running is her primary job.Source: Marketplace | 16 Jul 2009 | 4:02 pm GM needs radical reinvestmentAuto writer and commentator Dan Neil says General Motors should hold off on plans to pay back taxpayers and get serious about investing in new technologies and better products.Source: Marketplace | 16 Jul 2009 | 4:02 pm Gov.'s Wall St. past clouds re-electionAs New Jersey reels from recession, Gov. Jon Corzine's connection to Wall Street is proving to be a toxic asset in his re-election campaign. Jeremy Hobson reports.Source: Marketplace | 16 Jul 2009 | 4:02 pm Does securitization have a future?Kai Ryssdal talks with CNBC financial correspondent David Faber about his insights into the cause and effects of the recession, and his new book, "And Then the Roof Caved In," about the beginning of the financial crisis.Source: Marketplace | 16 Jul 2009 | 4:02 pm FedEx and UPS spar over union rightsUPS and FedEx are in a battle over unions. UPS lobbied for FedEx teamsters to have the right to organize, a move FedEx is resisting. Dan Grech reports.Source: Marketplace | 16 Jul 2009 | 4:02 pm CIT customers seek out new lendersCIT received $2 billion from the Fed last fall, but it won't be getting seconds from Washington. What does that mean for the small businesses that depend on loans from the company? Steve Henn reports.Source: Marketplace | 16 Jul 2009 | 4:02 pm JP Morgan Up. Charles Schwab Down.The big news this morning is JP Morgan's higher-than-expected profits. But discount broker Charles Schwab also released its earnings today, and they're a bit more sobering: the bank posted profits of $205 million, down 31 percent from last year's $295 million. The news comes as the troubled firm has entered restructuring, citing low interest rates and stock prices amid the recession. The company also turned down TARP funding. Charles Schwab is known for offering brokerage services with lower commissions and fees -- meaning it makes it easier for the little guy to access the market, largely via telephone or the web. Juggernauts like Goldman and JP Morgan may be posting large profits, but it could mean more to average Americans to see more accessible institutions -- the ones they deal with every day-- recover. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Jul 2009 | 3:22 pm What to Do When Your Clients Dry Up: A 12-Step ProgramLayoffs don’t just apply to salaried employees. Business owners get laid off, too–by their clients. When clients cut costs, change strategy, declare bankruptcy, or are dismissed from their own positions, it hurts. When most of your clients start drying up–common behavior in this economy–it’s just like losing a job. Fortunately, business owners have options for revival. This basic 12-step program provides a method for recalibrating your business and finding new clients. Use it as a skeleton, and customize as needed. Breathe
It’s normal to feel your gut wrench if you lose a client–especially a major one. Take a moment, a day, or even a week to recoup. You’ll need your wits about you to find new clients. Reach Out
If a client moved on due to extenuating circumstances, like a job loss, send them an email offering to help out any way you can. Stay networked. You never know when you’ll need each other again. Discuss
Tell your friends, family, and the people in your network about your situation. Discuss new opportunities. Send ten people you haven’t contacted for a while a simple email saying hi, telling them about your situation, and asking them if they might know of anyone who would be interested in what you have to offer. Evaluate
Sit down alone. Evaluate your company’s strategy. How has the past year looked? How about the past three? Have you reached your previous goals? What are your new ones? Do you have the resources to reach them? Is your existing product/service still a viable one? What needs to change for you to reach your goals? Change
After evaluating your business, chances are, you’ll need to find a way to change something, even if it’s as minor as improving the way you network. Write down at least three ways that your business needs to change. Save that information for the next step. Revise
Revise your suite of offerings–products, portfolio, service list–to reflect the changes you need to make to your business. If the changes are minor, write down an action plan on how to make them within the next month. If they’re major, find people who can help you execute them. Mentors and assistants can be invaluable. Educate
You may need to update or gain new skills. To do this, educate yourself. Your local library is an easy place to start. Or have someone else help educate you via a workshop, class, or conference. Hunt
Search for new prospects who might be interested in your revised and expanded offerings. Make a list of their names and organizations. Target
Approach your prospects in a way that best suits your business. That could be through targeted networking, social media, email, a phone call, a free service, or any other offering you find appropriate. Be Seen
People do business with people they know. Make sure that people have a chance to get to know you. Make it a point to attend anything that might help you eventually score a deal with your target client. Conferences, networking events, workshops, and community events are places to start. If your targets are remote, join them on forums, blogs, or Twitter. Nudge
If you’re still on the lookout after completing the steps above, nudge people in the right direction. Remind your existing, potential, and dormant clients that you’re here. Sometimes it takes a few tries before someone bites. Nudge, but don’t bug, unless you’re a talent scout. Wait
Keep doing your due dilligence, and opportunities will come.
Source: Business Pundit | 16 Jul 2009 | 2:55 pm Fewer Jobless Claims: Not Necessarily Good NewsThe Department of Labor says new claims for jobless benefits fell last week to the lowest level since January. Applications for unemployment were at 522,00, analysts had expected a number closer to about 575,000. The number may look like good news on the face, but as we told you last week there are problems with these seasonally adjusted figures. Based on seasonal trends, the department expected a large number of layoffs in the automotive sector and elsewhere in manufacturing -- these temporary layoffs usually occur during the summer months. This year these industries have already lost so many jobs that claims rose by much less than expected, creating this large drop. The unadjusted figures actually showed that new claims rose by 86,389 last week. Meantime, J.P. Morgan Chase is joining Goldman Sachs in the profit circle. The bank announced that it brought in a profit of $2.7 billion in the second quarter. Most of that profit came from its investment bank which brought in a record breaking revenue of $1.5 billion. In June, the company repaid $25 billion it got from the government under TARP. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Jul 2009 | 2:31 pm Gillis Sees Nokia in `Tough Spot' With Reduced Market ShareSource: Bloomberg - All Podcasts | 16 Jul 2009 | 2:08 pm Bull Run FAIL
Source: Business Pundit | 16 Jul 2009 | 12:01 pm European shares climb before US results (AFP)
Source: Yahoo! News: Stock Markets News | 16 Jul 2009 | 11:04 am
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