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HSBC fined £3m for losing customer data in postHSBC, the banking group, was today fined more than £3 million for the "careless" handling of confidential details of tens of thousands of its customers. Source: Latest Business News from Times Online | 22 Jul 2009 | 11:27 am Stobart wins £25m distribution deal with TescoStobart Group, the logistics company famous for its Eddie Stobart trucks, this morning extended its relationship with Tesco after winning a new £25million-a-year contract from the UK’s biggest supermarket operator. Source: Latest Business News from Times Online | 22 Jul 2009 | 11:16 am US stock futures sag after weeklong run (AP)
Source: Yahoo! News: Stock Markets News | 22 Jul 2009 | 11:12 am Keycorp loss narrows, but credit provision risesNEW YORK (MarketWatch) -- KeyCorp's second-quarter loss narrowed on a year-earlier charge as the regional bank again boosted its loan-loss provisions and results missed expectations.
Source: MarketWatch.com - Top Stories | 22 Jul 2009 | 11:12 am Savers pull £1bn from National SavingsSavers have pulled a net £1 billion from Premium Bonds and other National Savings & Investments products in the past three months as fears about the safety of bank and building society accounts eased. Source: Latest Business News from Times Online | 22 Jul 2009 | 11:11 am Week-to-week mortgage filings rise 2.8%: MBAMortgage applications rise a seasonally adjusted 2.8% for the week ended July 17 from the prior week, overcoming higher interest rates charged on fixed-rate home loans, the latest Mortgage Bankers Association survey data show.
Source: MarketWatch.com - Top Stories | 22 Jul 2009 | 11:10 am 'Difficult trading' blow for FiatItalian carmaker Fiat makes a 179m euro-loss between April and June amid an "extremely difficult trading environment".Source: BBC News | Business | World Edition | 22 Jul 2009 | 11:09 am Fiat swings to loss as all businesses sufferItalian automaker Fiat SpA swings to a wider-than-expected loss in the second quarter on Wednesday, as global economic crisis hits demand in all sectors of its businesses.
Source: MarketWatch.com - Top Stories | 22 Jul 2009 | 11:08 am Futures point lower ahead of earnings (Reuters)
Source: Yahoo! News: Business | 22 Jul 2009 | 11:07 am Futures point lower ahead of earnings (Reuters)
Source: Yahoo! News: Stock Markets News | 22 Jul 2009 | 11:07 am Chain grocery stores ditch DetroitDetroit is one of America's largest cities, but there isn't a single grocery chain store within the city limits. Spurned by national retailers, Detroit's nearly 1 million residents instead rely on independent stores run by local entrepreneurs for their most basic needs.Source: Business and financial news - CNNMoney.com | 22 Jul 2009 | 11:04 am Economy to shrink less than expected, says BankThe Bank of England's Monetary Policy Committee (MPC) is expecting a less severe fall in GDP during the second quarter as it emerged that it voted unanimously to hold rates and maintain quantitative easing at £125 million. Source: Latest Business News from Times Online | 22 Jul 2009 | 11:02 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.
Source: MarketWatch.com - Top Stories | 22 Jul 2009 | 11:01 am Airline says passengers are willing to standPassengers would be willing to stand on short flights, according to a poll released by Europe’s top no-frills airline on Wednesday.
Source: MarketWatch.com - Top Stories | 22 Jul 2009 | 11:01 am ProLogis to Develop New Facility for Kirin Logistics in Japan- Third Quarter 2009 Transaction Represents ProLogis' Redefined Approach to Development, Monetizing Its Land Bank With Reduced Risk - TOKYO, July 22 /PRNewswire-FirstCall/...Source: RSS feed - channel BNewsBusiness | 22 Jul 2009 | 11:00 am Berkery Noyes is Pleased to Announce the Successful Completion of Oracle Corporation's Acquisition of Relsys International, Inc.NEW YORK, July 22 /PRNewswire/ -- Berkery Noyes is pleased to announce the successful completion of Oracle Corporation's acquisition of Relsys International, Inc. Terms of the...Source: RSS feed - channel BNewsBusiness | 22 Jul 2009 | 11:00 am Lumber Liquidators to Report Second Quarter 2009 Earnings on August 5, 2009TOANO, Va., July 22 /PRNewswire-FirstCall/ -- Lumber Liquidators, Inc., (NYSE: LL) the largest specialty retailer of hardwood flooring in the U.S., today announced that it...Source: RSS feed - channel BNewsBusiness | 22 Jul 2009 | 11:00 am US stock futures sag after weeklong runStocks appear headed for a lower opening as investors await the latest batch of corporate earnings reports. U.S. stock futures are following European markets down, with investors taking...Source: RSS feed - channel BNewsBusiness | 22 Jul 2009 | 10:59 am Souring business loans spell troubleWant a sense of how the typical American company is faring these days? Look no further than the balance sheets of the nation's banks and lenders.Source: Business and financial news - CNNMoney.com | 22 Jul 2009 | 10:58 am SunTrust posts 3rd straight loss; bad loans riseNEW YORK (Reuters) - SunTrust Banks Inc , a large U.S. Southeast regional bank, posted its third straight quarterly loss on Wednesday, hurt by an increase in soured commercial and residential loans.Source: Reuters: Business News | 22 Jul 2009 | 10:57 am SunTrust posts 3rd straight loss; bad loans rise (Reuters)Reuters - SunTrust Banks Inc , a large U.S. Southeast regional bank, posted its third straight quarterly loss on Wednesday, hurt by an increase in soured commercial and residential loans.Source: Yahoo! News: Business | 22 Jul 2009 | 10:57 am Eli Lilly 2Q profit rises 21 percentEli Lilly & Co. says its second-quarter profit rose 21 percent, and the drugmaker says its full-year profit will be better than expected. For the quarter, the company earned $1.16...Source: RSS feed - channel BNewsBusiness | 22 Jul 2009 | 10:57 am PepsiCo's Strong, Diversified Portfolio and Growth Strategy Deliver Solid Second-Quarter Results; Company Reaffirms Full-Year Guidance- Reported EPS Flat; Net Revenue Declined 3 Percent - Constant Currency Core EPS Grew 8 Percent; Constant Currency Net Revenue Grew 5.5 Percent* - Reaffirms Full-Year 2009...Source: RSS feed - channel BNewsBusiness | 22 Jul 2009 | 10:57 am BNY Mellon 2Q profit falls on special chargesBank of New York Mellon says its second-quarter profit fell 43 percent as it repaid a government loan and a special fee to the Federal Deposit Insurance Corp. The New York-based trust...Source: RSS feed - channel BNewsBusiness | 22 Jul 2009 | 10:54 am Europe stocks dip as investors book profitsEuropean shares declined on Wednesday, with many investors taking profits, as the second-quarter earnings season continued apace in the United States. Big-name US companies with upcomingSource: RSS feed - channel BNewsBusiness | 22 Jul 2009 | 10:53 am Lilly profit beats forecasts, raises '09 outlookNEW YORK (Reuters) - Eli Lilly and Co reported far better second quarter earnings on Wednesday on higher sales of its prescription drugs, and raised its 2009 earnings forecastSource: Reuters: Business News | 22 Jul 2009 | 10:52 am Lilly profit beats forecasts, raises '09 outlook (Reuters)Reuters - Eli Lilly and Co reported far better second quarter earnings on Wednesday on higher sales of its prescription drugs, and raised its 2009 earnings forecastSource: Yahoo! News: Business | 22 Jul 2009 | 10:52 am Lilly profit beats forecasts, raises '09 outlookNEW YORK (Reuters) - Eli Lilly and Co reported far better second quarter earnings on Wednesday on higher sales of its prescription drugs, and raised its 2009 earnings forecastSource: RSS feed - channel BNewsBusiness | 22 Jul 2009 | 10:52 am Europe stocks dip as investors book profits (AFP)
Source: Yahoo! News: Stock Markets News | 22 Jul 2009 | 10:51 am Europe Markets: After reaching high, Europe stocks edge lowerEuropean shares couldn’t extend recent gains on Wednesday, with losses for mineral extractors offsetting gains for firms such as TomTom and Norsk Hydro as investors eyed corporate updates.
Source: MarketWatch.com - Top Stories | 22 Jul 2009 | 10:44 am UPDATE 3-BHP sees mixed commodities demand outlook* China's build up of commodities inventory almost completeSource: RSS feed - channel BNewsBusiness | 22 Jul 2009 | 10:43 am HSBC fined for personal data lossThree HSBC firms are fined more than £3m for failing to adequately protect customers' confidential details from being lost or stolen.Source: BBC News | Business | World Edition | 22 Jul 2009 | 10:39 am World trade to shrink 10 pct, Asia leads recovery: WTOGENEVA/SINGAPORE (Reuters) - Asia is leading a recovery in global trade, but world trade volumes are still expected to shrink 10 percent this year, the World Trade Organization said on Wednesday.Source: Reuters: Business News | 22 Jul 2009 | 10:39 am SunTrust swings to loss on credit costsNEW YORK (MarketWatch) -- SunTrust Banks Inc. reported Wednesday that it swung to a second-quarter loss on increased credit costs and a year-earlier gain as the bank's results beat expectations.
Source: MarketWatch.com - Top Stories | 22 Jul 2009 | 10:39 am Dollar steady against rivalsRead full story for latest details.Source: Business and financial news - CNNMoney.com | 22 Jul 2009 | 10:37 am Apple smashes profit forecasts, iPhone shinesSAN FRANCISCO (Reuters) - Apple Inc's quarterly profit blew past Wall Street forecasts thanks to strong sales of Macs and iPhones and higher-than-expected gross margins, boosting its shares 4 percent on Tuesday.Source: Reuters: Business News | 22 Jul 2009 | 10:29 am 'Flight to safety' ends as savers demand higher ratesSavers are no longer panicking about banks collapsing and are prioritizing a high rate of return rather than seeking out "safety" for their cash.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jul 2009 | 10:27 am iPhone sales boost Apple resultsUS technology giant Apple posts better-than-forecast quarterly results, thanks to strong iPhone sales.Source: BBC News | Business | World Edition | 22 Jul 2009 | 10:24 am Whirlpool profit falls on lackluster sales(Reuters) - Whirlpool Corp reported a lower second-quarter profit on Wednesday as sales at the world's biggest appliance maker crumbled in the global economic slowdown.Source: Reuters: Business News | 22 Jul 2009 | 10:19 am Whirlpool profit falls on lackluster sales (Reuters)Reuters - Whirlpool Corp reported a lower second-quarter profit on Wednesday as sales at the world's biggest appliance maker crumbled in the global economic slowdown.Source: Yahoo! News: Business | 22 Jul 2009 | 10:19 am Shanghai stocks jump, leading broad Asian gainsAsian stock markets end mostly higher Wednesday, paced by mining and metals stocks such as BHP Billiton and Posco.
Source: MarketWatch.com - Top Stories | 22 Jul 2009 | 10:16 am Health-care reform: Will it change your life?Lawmakers are still far from consensus on how to fix the health care system. So it's too soon to know exactly what reform would mean for individual Americans.Source: Business and financial news - CNNMoney.com | 22 Jul 2009 | 10:09 am European stocks slip as investors take breather (AP)
Source: Yahoo! News: Stock Markets News | 22 Jul 2009 | 10:09 am Media Report: Tough road ahead for media stocks, despite run-upA recent spike in media stocks has reflected optimism about an advertising recovery, but experts don’t think the latest round of earnings reports will offer evidence of a coming rebound.
Source: MarketWatch.com - Top Stories | 22 Jul 2009 | 10:00 am Scheme targets ticket sale scamsA code of conduct is launched to reduce fraudulent sales of concert and theatre tickets after complaints about scams rise.Source: BBC News | Business | World Edition | 22 Jul 2009 | 9:59 am Amazon (AMZN) Kindle Rival Gets AT&T (T) HelpAmazon’s (AMZN) Kindle e-book reader has access to the Internet through the Sprint (S) network. The e-commerce firm’s rival, Barnes & Noble (BKS), has done the Kindle one better. It will connect to the Web using the AT&T (T) network, which by most accounts is superior to Sprint’s. According to the AP, “AT&T’s network is compatible [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jul 2009 | 9:55 am Amazon deal revives Nightingale's notes on nursing and other 'classics'Online retailer Amazon signs a deal with Michigan University to make 400,000 rare books available in new one-off editions.Source: BBC News | Business | World Edition | 22 Jul 2009 | 9:53 am GM meets German government to discuss Opel bidsBERLIN/FRANKFURT (Reuters) - General Motors officials meet German government representatives on Wednesday to discuss takeover offers for Opel, with a potential row looming as they each appear to prefer a different bidder.Source: Reuters: Business News | 22 Jul 2009 | 9:52 am Ford’s (F) Efforts To Re-Conquer Car World Gain SpeedFord (F) will launch ten new models this year. Merrill Lynch says that will bring the age of car company’s product line to an average of 2.4 years. In other words, Ford’s older models, the ones that were most likely to do poorly in the current domestic car environment, are being phased out in favor [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jul 2009 | 9:42 am BOE voted 9-0 to delay asset-purchase decisionBank of England policy makers are taking a wait and see approach before deciding whether to increase the size of the central bank’s 125 billion pound asset-purchase program, minutes of the July 8-9 policy meeting reveal Wednesday.
Source: MarketWatch.com - Top Stories | 22 Jul 2009 | 9:39 am Plants could determine Delphi sale: report(Reuters) - Delphi Corp's ability to sell itself depends on four of its loss-making plants that buyers may need to inherit as part of a sale, the New York Post said on Wednesday.Source: Reuters: Business News | 22 Jul 2009 | 9:38 am UK 'is losing 52 pubs each week'UK pubs closed at a rate of 52 per week in the first half of the year, the British Beer & Pub Association says.Source: BBC News | Business | World Edition | 22 Jul 2009 | 9:36 am Mandelson visits Vauxhall amid GM bid talksLord Mandelson, the Business Secretary, will visit Vauxhall‘s Ellesmere Port factory today as speculation over the future of the carmaker's 5,000 workers intensifies. Source: Latest Business News from Times Online | 22 Jul 2009 | 9:34 am P&G near sale of drug business - reportRead full story for latest details.Source: Business and financial news - CNNMoney.com | 22 Jul 2009 | 9:33 am LG: An Unlikely Rival Stalks Nokia (NOK), Motorola (MOT), And Apple (AAPL)Most investors would assume that the only handset companies to post increases in unit sales last quarter are Apple (AAPL) and RIM (RIMM). Those two high-end handset companies are damaging the market share opportunities of Sony Ericsson, Nokia (NOK), Samsung, and Motorola (MOT), especially at the top of the market–the smartphone segment. The real threat to all of these [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jul 2009 | 9:29 am Bank unanimous on rate decisionThe Bank of England's interest rate setters voted unanimously to hold interest rates at 0.5% earlier this month.Source: BBC News | Business | World Edition | 22 Jul 2009 | 9:28 am Stock futures signal losses; eyes on Apple(Reuters) - U.S. stock index futures pointed to a lower open on Wall Street on Wednesday, following recent gains, as investors braced themselves for more results from bellwethers such as Morgan Stanley, PepsiCo, Pfizer, Boeing and Wells Fargo.Source: Reuters: Business News | 22 Jul 2009 | 9:19 am Iberdrola hit by slump in domestic demandIberdrola on Wednesday unveiled a 23 drop in first-half net profits, as Spain's biggest electricity group was hit by a sharp decline in domestic demand and prices combined with lower extraordinary income...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2009 | 9:11 am AMD earnings disappointRead full story for latest details.Source: Business and financial news - CNNMoney.com | 22 Jul 2009 | 9:08 am The Next Blockbuster Drugs: A $170 Billion OpportunitySafety and efficacy data are critical to drug candidates. But what really makes a potential drug attractive is strong top-line data, a new biotech-based treatment, and a massive potential market. With help from Thomson Reuters’ SD Pharma database and our own backlog of coverage, BioHealthInvestor.com, a 247wallst.com website, sought to find the most promising biopharmaceutical candidate from both [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jul 2009 | 9:01 am Profit taking leaves FTSE lowerShares in London were a weaker on Wednesday, after seven consecutive sessions of gains left the market vulnerable to profit taking.Ben Bernanke, chairman of the US Federal Reserve, in his testimony to...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2009 | 9:01 am Withprofits bonds: Should I stay or should I sell?Withprofits bonus rates have been cut by up to 17pc piling on more woe for policyholders.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jul 2009 | 8:59 am eBay your way to some extra cashMore than 14m people are buying and selling on eBay every month as the recession starts to stretch household incomes. Here is our guide.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jul 2009 | 8:55 am GM meets German government to discuss Opel bids (Reuters)
Source: Yahoo! News: Business | 22 Jul 2009 | 8:54 am Stocks set for a dipU.S. stocks were poised for a lower open Wednesday as the upbeat sentiment surrounding corporate earnings faded and investors looked to results from Morgan Stanley and Wells Fargo.Source: Business and financial news - CNNMoney.com | 22 Jul 2009 | 8:51 am Political quagmireConflicting ambitions dog the Opel sale talksSource: BBC News | Business | World Edition | 22 Jul 2009 | 8:51 am Apple (APPL) And Caterpillar (CAT): Someone, Somewhere, Somehow, Is Spending MoneyApple’s beat Wall St. consensus figures by posting earnings per share of $1.35 compared to Wall St. expectations of $1.17. The company also produced revenue of $8.33 billion, up 12% from last year. The recession must be over. Apple’s figures are a conundrum. The firm sold 5.2 million iPhones in the quarter ending in June. A [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jul 2009 | 8:50 am Row over 'Rio four' deepens on China claimsThe row over the four Rio Tinto executives detained in China amid allegations of spying deepened today as it emerged that China told the Australian Government that it has "sufficient evidence" to support the accusations. Source: Latest Business News from Times Online | 22 Jul 2009 | 8:39 am CIT warns about bankruptcyNEW YORK (Reuters) - CIT Group Inc said it may post a loss exceeding $1.5 billion for the second quarter and could file for bankruptcy protection if bondholders reject a debt restructuring, raising new fears that the lender to some 1 million businesses might fail.Source: Reuters: Business News | 22 Jul 2009 | 8:38 am Yahoo ad revenue fallsRead full story for latest details.Source: Business and financial news - CNNMoney.com | 22 Jul 2009 | 8:26 am Apple earnings juiced by iPhoneSource: Business and financial news - CNNMoney.com | 22 Jul 2009 | 8:23 am UK recovery 'to take five years'A leading UK think-tank predicts that it will take five years for income per head to return to the level it was before the recession.Source: BBC News | Business | World Edition | 22 Jul 2009 | 8:22 am FTSE 100's best winning streak in four years stallsThe FTSE 100's best winning streak in four years showed signs of stalling on Wednesday morning.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jul 2009 | 8:21 am BHP Billiton warns of mixed demand for metalsBHP Billiton, the world's biggest miner, said today that while demand for its product is starting to grow in the US, Europe and Japan, the Chinese industry has sufficient stockpiles. Source: Latest Business News from Times Online | 22 Jul 2009 | 8:21 am Equitable Life: minister rejects call to offer compensationThe Government has defended its handling of the Equitable Life saga as angry policyholders began legal action over ministers' failure to offer compensation.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jul 2009 | 8:17 am Media Digest 7/22/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: A tech alliance between China and Taiwas is hurting Korea. Reuters: Spple (AAPL) easily beat forecasts. Reuters: CIT (CIT) still faces a number of financial challenges. Reuters: Yahoo!’s (YHOO) outlook was below expectations. Reuters: Bernanke says unemployment could hurt the recovery. Reuters: IBM (IBM) strengthened its alliance with Juniper (JNPR). Reuters: LG profits moved up on TV and handset sales. Reuters: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jul 2009 | 7:59 am Sweetening the dividend dealYou know that you're supposed to invest with your head and not your heart. But the truth is, a thriving stock market requires a lot of faith - in the economy, in corporate America, and in the promise that your investments will make you money in the long run.Source: Business and financial news - CNNMoney.com | 22 Jul 2009 | 7:48 am FTSE 100 opens higher (AFP)
Source: Yahoo! News: Stock Markets News | 22 Jul 2009 | 7:42 am UK house price slump to persist until 2012The slump in Britain's house prices won't end until 2012 the country's leading independent forecaster has warned.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jul 2009 | 7:41 am BHP Billiton iron ore output drops 10%BHP Billiton said on Wednesday that China's inventory build up of commodities was "essentially complete" as it reported a 10 per cent drop in iron ore output for the three months ended June.However, the...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2009 | 7:33 am Helical Bar sees signs of improvement in property marketHelical Bar the property company said on Wednesday it is starting to see improved signs in parts of the market but average property values continue to fall on declining rent.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jul 2009 | 7:27 am Asia Markets And Europe Open 7/22/2009Market in Asia were mixed. The Nikkei rose .8% to 9,723. Shares in Sony (SNE) dropped slightly. The Hang Seng was down .5% to 19,406. China Mobile (CHL) and China Unicom (CHU) dropped. The Shanghai Composite rose 2.7% to 3,297. At the open in Europe, the FTSE was up .2% to 4,490. The Dax rose .1% to 5,101. The [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jul 2009 | 7:25 am Sit-in turbine staff 'face sack'A protester says the 30 demonstrators at a sit-in at the Vestas wind turbine factory on the Isle of Wight are told they will be sacked.Source: BBC News | Business | World Edition | 22 Jul 2009 | 7:21 am Darling to raise VAT on New Year's DayShoppers face higher prices over the festive season after Alistair Darling confirmed the temporary VAT cut will end in December The Daily Mail reports.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jul 2009 | 7:10 am Australian market closes higherPERTH - The Australian share market closed in positive territory for the seventh consecutive session, driven by gains in mining and energy stocks. At the 1615 AEST close, the benchmark S&P/ASX200 index was up 17.8 points, or 0.44...Source: New Zealand Herald - Business | 22 Jul 2009 | 7:06 am California's biggest government pension funds lose almost $100 billionCalPERS' preliminary losses were $56.2 billion in the fiscal year that ended last month, while the California State Teachers' Retirement System lost $43.4 billion.With a state budget agreement at hand, look for Gov. Arnold Schwarzenegger to tackle the state's troubled retirement system.
Source: L.A. Times - Business | 22 Jul 2009 | 7:00 am No recovery in California until 2011, forecast saysThe Southland's unemployment will rise and personal income will fall as construction keeps sinking and the aerospace, textile and motion picture industries absorb blows, Jack Kyser predicts.Unemployment in California and Los Angeles County will increase well into 2010, continuing to exceed the highest levels since at least the end of World War II, according to a local economist whose projections for the Southland economy are among the most negative to date.
Source: L.A. Times - Business | 22 Jul 2009 | 7:00 am Detroit loses its edge in rental car marketRental car companies, once reliable customers of the Big Three, are buying more imports than domestic models. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2009 | 7:00 am Detroit loses its edge in rental car marketRental car companies, once reliable customers of the Big Three, are buying more imports than domestic models.If you're renting a car this summer, chances are good that it won't be American.
Source: L.A. Times - Business | 22 Jul 2009 | 7:00 am Apple and Yahoo post profit, but for vastly different reasonsThe iPhone maker reports a 15% rise in earnings on $8.3 billion in sales. The Web portal says revenue fell 13% as advertisers trimmed spending, but that cost-cutting tactics were the key to success.Despite an economy that has crippled consumer spending, shoppers still shelled out money for iPhones, iPod Touches and other premium products sold by Apple Inc., driving the company to post its best June quarter sales, the electronics giant said Tuesday.
Source: L.A. Times - Business | 22 Jul 2009 | 7:00 am Airlines report earnings, higher fees and job cutsDALLAS -- Southwest Airlines and the parent of United made money in the second quarter, but the profits were overshadowed today by more job cuts and pessimism over the severe slump in travel and rising fuel costs.
Source: L.A. Times - Business | 22 Jul 2009 | 7:00 am California's biggest government pension funds lose almost $100 billionCalPERS' preliminary losses were $56.2 billion in the fiscal year that ended last month, while the California State Teachers' Retirement System lost $43.4 billion. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2009 | 7:00 am Navy weapons unit produces a high-desert boomtownThe Naval Air Warfare Center Weapons Division at China Lake plans to add 1,000 civilian jobs by 2011, spurring construction projects in nearby Ridgecrest that are drawing workers from across the West.While the rest of California struggles with joblessness and budget woes, this high desert city is proof of the power of government spending. Uncle Sam has helped turn it into a modern-day boomtown.
Source: L.A. Times - Business | 22 Jul 2009 | 7:00 am Is Hollywood big enough for two wax museums?Some locals and observers worry that business will melt away for the aging Hollywood Wax Museum with the opening of a Madame Tussauds. But representatives of both play down any rivalry.A wax war is heating up on Hollywood Boulevard.
Source: L.A. Times - Business | 22 Jul 2009 | 7:00 am Orange County seeks pension plan changesThe proposal, which officials called a model for the rest of California, creates a new tier and choices that could save millions. It requires state legislative approval. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2009 | 7:00 am Apple and Yahoo post profit, but for vastly different reasonsThe iPhone maker reports a 15% rise in earnings on $8.3 billion in sales. The Web portal says revenue fell 13% as advertisers trimmed spending, but that cost-cutting tactics were the key to success. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2009 | 7:00 am No recovery in California until 2011, forecast saysThe Southland's unemployment will rise and personal income will fall as construction keeps sinking and the aerospace, textile and motion picture industries absorb blows, Jack Kyser predicts. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2009 | 7:00 am Orange County seeks pension plan changesThe proposal, which officials called a model for the rest of California, creates a new tier and choices that could save millions. It requires state legislative approval.The Orange County Board of Supervisors on Tuesday unanimously approved a "historic" pension plan that creates a new tier for employees and the potential option to choose their own plan -- at a cost savings of at least $10 million the first year and possibly millions more thereafter.
Source: L.A. Times - Business | 22 Jul 2009 | 7:00 am Bernanke says the U.S. economy has 'a very long haul' ahead'Unemployment is going to stay high for quite a while,' and probably won't peak until the end of this year, according to the central bank chairman. He also predicts that foreclosures will head higher...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2009 | 7:00 am California hotels flood the marketAbout 250 are in default or foreclosure, according to Irvine consulting firm Atlas Hospitality Group, and the number could double by year's end. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2009 | 7:00 am Space business has yet to take offThe industry is estimated to have grown only 25% since the 1970s. The high risks and costs involved in developing and launching a rocket have left the industry dominated by defense companies.Forty years after the crew of Apollo 11 landed on the moon, the business of space has yet to experience the renaissance many once thought possible.
Source: L.A. Times - Business | 22 Jul 2009 | 7:00 am Burger King woos Japan with 'angry' burgerThe Angry Whopper is arriving in Japan a nation where the competition over hamburgers is as sizzling hot as the new spicy offering from US fastfood chain Burger King.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jul 2009 | 6:48 am Yahoo sales forecast disappoints Wall StreetYahoo's thirdquarter forecasts fell short of Wall Street expectations sending shares 3pc lower as the Internet company announced plans to step up spending despite persistent weakness in the advertising market.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 22 Jul 2009 | 6:16 am Market continues upward trendThe New Zealand sharemarket followed through today after posting strong gains on Tuesday in response to a profit upgrade by casino company SkyCity. The benchmark NZSX-50 index closed up 27.25 points, or 0.948 per cent, at 2900.443,...Source: New Zealand Herald - Business | 22 Jul 2009 | 6:14 am Currency: Dollar peaks above US66c, settles backFor the first time in nine months the New Zealand dollar peeked above US66c in overnight trading on Tuesday, but it spent the domestic day some way below that in a narrow range. Dealers said anyone trying to predict the future...Source: New Zealand Herald - Business | 22 Jul 2009 | 5:53 am Real Estate: The New Power BrokersThe world of real estate's new power brokers is anything but glamorous. Long gone are the days when "wheel estate" superstars raked in fat commissions by chauffeuring clients around town and then writing offers above the asking price. After more than two years of cratering prices and sluggish sales that drove one out of every five brokers out of business, today's masters play a different game. They're specialists in so-called distressed properties, relics from the housing boom that owners are dying to unload and buyers are hoping to scoop up at rock-bottom prices. Once a down-market niche in the industry, the distressed market is now prized territory for hungry agents. The category now accounts for about a third of all home sales, according to the National Association of Realtors, as buyers shrug off the stigma of foreclosure to bid on the middle-class and luxury properties that are popping up in the bargain bin. Of course, a whole new ball game requires a whole new set of skills-and not all agents have them. For buyers and sellers, choosing the right agent is therefore trickier than ever. In many ways, a once-congenial profession has become dirty and unpleasant. Lenders are surly, sellers are bitter, and buyers flex their newfound leverage by being especially picky. When the homes are already bank-owned, agents are forced to handle unsavory duties like evicting previous owners and fronting property-management expenses. "They are having to learn a whole new way of doing business," says Shannon Jones, a real estate attorney in Danville, Calif., who estimates she's given seminars on distressed properties to more than 3,500 agents in the past year. National brokerage Weichert Realtors recently began offering free webinars to get its agents up to speed, while a cottage industry is developing to offer "certifications" for specializing in distressed sales. Many other agents are waiting out the slump and letting practiced specialists work through the inventory. But for those willing to slog through the mud, business is good. In Vista, Calif., north of San Diego, Troy Huerta has been sweating blood to make headway with banks on distressed deals this year-often, the lenders who hold the mortgages don't want to sign off. For every sale, Huerta will spend more days, perhaps weeks, being hung up on, disconnected, transferred and rebuffed. Yet for all that, he's more than happy to put up with the abuse. Huerta expects to close as many as 170 sales this year, more than double last year's tally. Homes Sold "As Is"The two types of distressed sales that consumers are likely to encounter are bank-owned and short sales. A bank-owned sale involves a property that has been taken back by the lender after the owner stopped paying the mortgage, while a short sale is an effort by the owners to avoid foreclosure (and the ensuing damage to their credit) by selling for less than what's owed on the mortgage. Bank-owned homes are sold "as is," meaning the buyer accepts the property warts and all-and some of these warts can be rather grotesque. Strapped homeowners often let the homes fall into disrepair before being evicted or even vandalize them out of spite. But investors with the stomach for it often find bargains: Bank-owned homes sell for an average 20 percent discount to comparable properties, and that's on top of already huge price drops in some markets. There were years during the boom when there were hardly any foreclosures in San Diego County, but realtor Erik Weichelt says he alone now carries hundreds of bank-owned listings at a time, which explains why he employs a staff of 18. Among his tricks, he sends a "good neighbor letter" to the 10 nearest homeowners once he gets a listing, notifying them that the home is in foreclosure and asking that they keep an eye out for vandals and squatters. In this climate, he doesn't bother "selling a dream" or making a property look perfect. At one bungalow in the Kensington neighborhood, the terraced front lawn needs to be mowed, and the carpets could stand a deep cleaning. But Weichelt won't be lavishing the place with TLC. "There's no emotion in this. It's all dollars and cents," he says. His job is to make sure the place doesn't get totally trashed, and then sell it quickly. Weichelt covers so-called carrying costs, including all repairs and maintenance-an average of $5,500 per property, he says-until the property sells. It's not uncommon for banks to enlist agents to offer stubborn homeowners a few thousand bucks to leave, a transaction known as "cash for keys"; brokers' tales of being threatened by hostile owners or tenants are so common they're almost clichés. Agents have to fight harder for commissions on these properties too. While many lenders offer traditional, full commissions-3 percent to the listing agent and 3 percent to the buyer's agent-others play hardball on the percentage or even try to force agents to take a flat fee. With lower home prices further squeezing margins, agents have to deal in volume to succeed. During the boom, agents could make a good living selling just a handful of luxury properties annually; Weichelt, in contrast, may move as many as 1,000 homes this year. At a time when the number of agents is shrinking-down almost 20 percent in the past 18 months-many are clamoring for a slice of the bank-owned business. Weichelt learned the business from his mother, who got into the foreclosure market during a downturn in the 1980s, but it's a steeper learning curve for newcomers. It doesn't help that some outfits offering to "certify" agents as distressed-property specialists are teaching dubious methods, according to critics. Mark Ryan, a broker in Dayton, Ohio, says he took an online course in which he was taught to submit a bid as soon as he got a short-sale listing in order to get the process started-even if no actual bidder existed. That practice is unethical and possibly illegal, real estate attorneys say, but it's also dismayingly common. "There are people running around in this industry who are dangerous," says Alex Charfen, cofounder of the Distressed Property Institute, based in Austin, Texas. More than 12,000 agents will take his two-day course this year, Charfen says, up from 1,400 last year. But what they learn won't exactly be rocket science, he concedes: There's a guide to the paperwork involved in a short sale, for example, along with tips on avoiding liability if a transaction goes sour. The National Association of Realtors offers several distressed-property classes, but there's no official certification. Indeed, many experts think field experience far outweighs even legitimate coursework. Coldwell Banker, for example, identifies agents as "specialists" only after they've completed 20 short sales. Dodging ForeclosureContrary to popular opinion, a foreclosure is not generally in the bank's best interest financially. A foreclosure results in an average loss of 40 percent for the lender, versus just 19 percent for a short sale, according to the consulting group Clayton Holdings. Yet short sales remain an arduous alternative. So far this year, the average short-sale offer waited more than eight weeks to get a response from the lender, up from 4.5 weeks a year earlier. Kelli Ketchum of Auburn, Ala., put a $429,000 short sale offer on a beachfront home in the Florida panhandle but withdrew the bid when her agent couldn't get an answer after two months. "It was excruciating," Ketchum says. "We didn't know if it was sitting on someone's desk or what." There are a variety of reasons for the impasse. For one, the banks aren't exactly jazzed about eating the losses. Bank mortgage officers say they simply didn't have the staff to absorb the flood of calls that came in as last year's economic crash picked up speed, and neither did the mortgage-servicing firms that many banks hire to manage the loans. "As an industry I can't say we were fully ready. It happened very quickly," says David Knight, vice president for default and retention with Wells Fargo Mortgage. Knight says his department has more than doubled the staff devoted to short sales in the past year. But even under the best of circumstances, working out an agreement that satisfies everyone is a bit like herding cats. Many deals involve multiple lien holders, a mortgage insurer, the buyer, the seller, and the agent fighting for his or her commission-and all have to sign off on the deal. One increasingly common deal breaker is when banks reserve the right to sue the home-owner to recoup their losses. With all these obstacles, only about a quarter of short-sale offers get approved. By most accounts, banks have shown improvement in speeding the process. Still, problems persist. Rita Driver, a short-sale specialist in Memphis, says she is often asked to fax paperwork five or six times because the bank repeatedly loses it. Brokers swap conspiracy theories about banks switching off their fax machines to stem the tide of paperwork. Even when agents connect with lenders, they often receive conflicting information about the status of a file. "Every person will tell you something different," says Michelle Clark, who works in Troy Huerta's office. "It's a joke." One recent day Clark sat on hold with a bank for almost 90 minutes, was finally promised a transfer to the person she needed-and then got disconnected. Huerta's staff now boasts three full-time and two part-time staffers, who spend most days barraging lenders with calls in an effort to break the logjam. Reluctance From BrokersEven though the market is growing, many agents won't accept short-sale listings or show them to potential buyers-even when that's what buyers want to see. Dolores Murillo, a 29-year-old credit manager for a bank, waded into the Coral Springs, Fla., housing market this year after hearing from several colleagues who purchased shorts in her price range. But after working with an agent for four months and finding few bargains, she learned-to her surprise-that he was screening out short sales; he even refused her specific request to show her short-sale listings. "I get that the short sale may not go through," she says. "But I should at least have a shot at it." She changed agents, to specialist Lynn Pineda, and she's currently in contract on a two-bedroom town house overlooking a lake. For strapped homeowners, a short sale offers a glimmer of hope. According to Fannie Mae guidelines, owners who go through a short sale can be eligible to buy a home again after two years-versus five years for foreclosure. That's a big difference for Rose Curtis and her husband, Mike, who invested heavily in real estate during the boom. Both worked in the industry-she as a mortgage broker, he as an appraiser-and their combined annual income topped $500,000 until the bubble burst. Their credit score has since plunged from 759 to 569, and they've sold two homes through short sales. They recently moved into a rental with Rose's mother, but they're determined to own again. "This time we aren't going to make a bunch of silly mistakes," Rose says. Huerta haggled for seven weeks before pushing through the Curtises' first short sale-and the bank approved it only after he agreed to cut his commission. But at least his customers are satisfied. The tough climate is leading to a new phenomenon: clients suing their brokers and agents. Shannon Jones, the real estate attorney, says lawsuits are starting to pile up, filed by buyers who claim their agents didn't disclose problems with the distressed properties they purchased. It's a far cry from the party atmosphere that surrounded home sales in the boom years, when deals were struck in minutes and all parties walked away feeling like winners. Real estate consultant Marylyn Schwartz has a message for those agents not up to the task: "Get out of the way for people who are serious." 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 | 22 Jul 2009 | 4:00 am Sizing Up A Short SaleIf it's done right, everybody wins in a "short sale," where the home sells for less than the seller owes on the mortgage. The buyer gets a bargain, the seller avoids foreclosure, and the bank escapes with a manageable loss. But the process can drag on for months, and only about 25 percent of offers get accepted by banks. Here are some ways to make the process as painless as possible. For BuyersVet the other guy's agent. Make sure the seller's agent is experienced with short sales, since that person will do the haggling with lenders. Make a smart bid. An extreme lowball offer rarely works, as banks still have the option of foreclosing and selling the home. Short-sale specialist Troy Huerta, of San Diego, recommends making an offer that's no more than a 10 percent discount to recent comparable home sales in the neighborhood. Also: Buyers should get preapproved for a mortgage before they bid. Be patient. It takes two months on average for banks to even respond to short-sale offers-getting to actual closing can take several more months. Would-be homebuyers making an offer should make sure they have a rental option or other place to stay while the process plays out. For SellersProve hardship. Banks won't approve short sales for investors or homeowners simply because they're underwater on their mortgages. The seller needs to prove hardship by demonstrating legitimate problems like recent job loss, medical bills or divorce. Rita Driver, a short-sale specialist in Memphis, asks clients to submit handwritten hardship letters in hopes of persuading hard-hearted mortgage lenders. Start early. Sellers can shave weeks off the process by letting lenders know as soon as they consider a short sale. The banks can get the paperwork started and may even provide a ballpark estimate of what sale price they would accept. Put skin in the game. Because lenders are taking a loss, they want to see the seller sacrifice as well. Offering the bank a payment as small as a couple of thousand dollars on top of the buyer's offer will sometimes move a bank to approve a short sale. 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 | 22 Jul 2009 | 4:00 am 3 Stocks With Bigger Dividends (Screens)For dividend investors, the U.S. stock market is starting to look stingy. The S&P 500 index has rebounded more than 40% since early March, while its underlying dividend payments are forecast to fall 23% this year. The result is a yield of just 2.3%. That’s not as skimpy as the 1.6% yield the index offered over the bubbly decade ended 2007, but it's well below the average yield of nearly 5% that U.S. stocks provided over the past two centuries. Nonetheless, careful shoppers can still find handsome, growing dividends. Payment trends for the S&P 500 index perhaps paint too grim of a picture, because the index assigns significant weight to the giant banks that have eliminated dividends this year to shore up capital. Viewing all 500 companies as equals, more have increased payments this year than have decreased or cut them. The three companies below have yields above the index’s 2.3%, recently increased their payments and are what Standard & Poor’s calls Dividend Aristocrats: companies that have boosted their payments in each of the past 25 years. Clorox(CLX) Beyond its namesake bleach, Clorox sells Glad trash bags, Brita water filters, Kingsford charcoal, Hidden Valley salad dressing and much more. More than 80% of company sales come from brands that are the No. 1 or No. 2 sellers in their category. Since the products aren’t terribly sensitive to the economy, Clorox is growing despite the current recession. Sales and earnings per share for its fiscal year ended June increased 3% and 17%, respectively. Supervalu(SVU) America’s third-largest grocer, Supervalu ran more than $44 billion through its sales registers over the past year, yet it has a stock market value of just $2.8 billion. That’s likely because the company owes a worrisome $8 billion, and sales and earnings per share are expected to fall 5% and 25%, respectively, in its current fiscal year. Simeon Gutman, who covers the stock for Canaccord Adams, an investment bank, recently changed his recommendation to “buy” from “hold,” noting that Supervalu has a new chief executive, is well-positioned for a turnaround and has no major debts coming due until 2011. However, until the company’s financial results show clear signs of improvement, the stock is perhaps best left to speculative investors rather than those living off their dividends. Supervalu reports fiscal first quarter results Tuesday, July 28. Johnson & Johnson(JNJ) Johnson & Johnson is three businesses in one. It sells consumer products like Band-Aids, Tylenol, Mylanta antacid; prescription drugs like Risperdal for schizophrenia; and medical devices like sutures and stents. Drugs have been the weak point lately due to increased generic competition, but analysts say the company’s development pipeline looks robust. Earnings per share are forecast to remain largely unchanged this year but resume growth next year. JNJ has negligible net debt, suggesting its dividend is plenty safe. 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 | 22 Jul 2009 | 4:00 am Everyone Out of the Pool!With the shares off some 63% from their 2006 peak, it might seem like a good time to take the plunge into Pool Corp. (POOL), the leading wholesale distributor of swimming-pool equipment and related products. If you do dive in, be sure to have a life preserver at hand. The company, based outside New Orleans, faces big problems. Sales of new pools are in a free fall, a casualty of the horrific housing market. And many families that already have pools may soon start cutting back on maintenance, to save money as the recession drags on. The cool, dreary weather that kicked off summer in many parts of the country didn't help matters, either. "I couldn't imagine a worse environment for this company," says Shawn Kravetz, founder and principal of Boston-based Esplanade Capital Management, noting Pool's presence in the most troubled real-estate markets and consumers' increasing reluctance to spend. Not unreasonably, he thinks the shares, now trading at about $18 apiece, are probably worth just 10 to 12. It's all a big change. For most of the nearly 15 years they've been trading publicly, Pool Corp. shares have done swimmingly, rising from an adjusted offering price of about 92 cents a share in October 1995 to a peak of $49.79 in the spring of 2006. The company, which sells everything from materials to build pools to chemicals for maintaining them to landscaping services and irrigation gear, thrived as Americans went gaga over their homes. Only in the past few years, amid the biggest housing- market collapse since the Great Depression, has the stock sunk like a stone. Pool construction is closely tied to new-home construction and sales of existing homes. What's more, pools are usually financed through home-equity loans and refinancings. But as home values continue falling in many overbuilt areas and credit remains tight, those options are far less available. Yet even in an environment in which new in-ground pool construction fell to levels not seen in more than 40 years, and despite the company's heavy exposure to especially hard-hit states such as Florida, California and Arizona, Pool Corp. has managed to remain profitable, thanks to cost controls and pricing management. The Wall Street consensus is for Pool to earn 91 cents a share this year, down from $1.18 a share in 2008 and peak earnings of $1.74 a share in 2006. While conceding that conditions this year will remain tough, management expects the industry's long-term growth to return to the 2%-to-6% rate seen in the 2000-to-2005 period, and forecasts its own growth at 9% to 12% a year. A dividend yielding 2.8% is an added attraction. Bulls figure that the company is well positioned for an economic recovery. But with shares changing hands at 20 times this year's expected earnings, investors are paying a steep price for a company devoted to an industry in a state of upheaval, and in which conditions could get still worse. Kravetz points out that the pool-maintenance business, which, because of the drop in new construction, now accounts for 80% of company sales, is not as nondiscretionary as the company maintains. If people are making tough choices about allocating dollars, they are apt to cut back on chemicals and other supplies for the pool. P.K. Data, a Georgia-based market-research and consulting firm with special expertise in the swimming-pool and spa industry, forecasts that there will be 50,000 to 70,000 new pools built this year — 50% fewer than last year. Prices are falling drastically as builders become more competitive and promotional. Spot surveys conducted by P.K. Data in April indicated that the average price of an in-ground swimming pool, not including extras such as landscaping, dropped by 24%, to $30,100, in just one year. That suggests that the value of new in-ground pool construction has declined to $1.8 billion from $5.8 billion in one year — "an amazing meltdown," as P.K. puts it. Any turnaround in the industry will likely be "much delayed" — perhaps by as much as a year or more from the first glimmers of a recovery, according to the research firm. It targets the third quarter of 2010 for a slight improvement in conditions. Another potential problem for Pool Corp. comes in the form of a heavy, but so far manageable, debt load of nearly $400 million, representing a debt-to-capital ratio of about 75%. The company's customer base is also cause for concern — most customers are small mom-and-pop shops with relatively scant resources for weathering the downturn. As yet, Pool Corp. has experienced only a modest contraction in its customer base — but that could change if the recession drags on and pool sales continue to ebb. For now, Pool Corp. shares as an investment opportunity look all wet. 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 | 22 Jul 2009 | 4:00 am Kiwi tax loss behind $2.5b Aus bank capital raisingNational Australia Bank today cited the tax case it lost in New Zealand as a reason for raising new capital and said there are signs that the New Zealand economy is starting to stabilise. The Melbourne-based bank released a third...Source: New Zealand Herald - Business | 22 Jul 2009 | 3:30 am Rental prices dropping, says real estate companyRental prices are dropping as cash-strapped tenants downsize, crowd in with flatmates, or shift back home. First National Real Estate says there is an oversupply of rental properties nationwide, reducing rent prices by an average...Source: New Zealand Herald - Business | 22 Jul 2009 | 3:00 am Millions watch longest eclipse of centuryA total solar eclipse began its flight across a narrow swathe of Asia, where hundreds of millions of people watched the skies darken despite thick summer cloudsSource: Financial Times - US homepage | 22 Jul 2009 | 2:55 am Overseas super law flawed, says researcherLegislation that would allow superannuitants to take their superannuation with them if they move overseas is not fair to retirees staying in New Zealand, a select committee was told today. The bill, introduced last year by the...Source: New Zealand Herald - Business | 22 Jul 2009 | 2:30 am Meet Going Concern
Going Concern site will cover the Big Four, as well as the smaller accounting firms and chief financial officers from major companies, offering the heady mix of original news, insider analysis, and entertainment that you've come to expect from Breaking Media. Going Concern will try its darnedest to make accounting fun or at least marginally amusing. And it's a place we can segregate all the accountants so they don't bother us here (just kidding, sort of, we love you all). Please spread the word, especially to your friends who work in the field. You can check out Going Concern here, and you can learn more by reading the links collected below. If you're interested in advertising opportunities, on Going Concern or any of our other sites, please email us. Thanks! Going Concern [official website] 
Sponsored Topics: Fashionista - Business - Advertising - New York - Accounting Source: Dealbreaker | 22 Jul 2009 | 2:15 am Yahoo outlook misses, shares slipSAN FRANCISCO (Reuters) - Yahoo Inc's third-quarter forecasts fell short of Wall Street expectations, sending shares 3.2 percent lower, as the Internet company announced plans to step up spending despite persistent weakness in the advertising market.Source: Reuters: Business News | 22 Jul 2009 | 1:39 am How The Recession has Affected Per Capita Income, by StateThe U.S. Department of Commerce recently released its quarterly data on per capita income (PCI) change, noting an overall drop in 0.5% from 2008 Q4 to 2009 Q1. This is slightly worse than the preceding range, which was registered in at -0.4%. With all the talk about this recession being the “worst since the Great Depression,” these figures may seem to reduce the severity of the recent economic situation; it should be noted this change was preceded by over a decade of unprecedented growth, and the last notable decrease in PCI occurred in 1991. The following graphic illustrates the implications of such change on the U.S.’ various regions, as well as what the average PCI change has meant to individuals living in them.
(click for larger version)
Source: Business Pundit | 22 Jul 2009 | 1:25 am Andy Coulson: my own phone was hacked by private investigatorThe Conservative Party’s director of communications has been told by police that his voicemail messages were intercepted while he was editor of the News of the World. Source: Latest Business News from Times Online | 22 Jul 2009 | 12:00 am Brown’s last pillars of authority are pulled down by MPsGordon Brown had hoped that he could leave for his final summer holiday before the general election, having made good his pledge to clean up Parliament and start bringing the economy out of recession. Source: Latest Business News from Times Online | 22 Jul 2009 | 12:00 am Sit-in workers at wind turbine factory Vestas 'being starved out'Workers staging a sit-in at Britain’s only significant wind turbine factory to try to prevent its closure have accused managers of attempting to starve them out by blocking food supplies. Source: Latest Business News from Times Online | 22 Jul 2009 | 12:00 am Apple profit jumps as Mac sales riseSEATTLE - Apple, the closest thing the tech industry has to a luxury brand, said that its profit jumped 15 per cent in the most recent quarter despite the recession. Sales of Mac computers grew while the rest of the personal-computer...Source: New Zealand Herald - Business | 22 Jul 2009 | 12:00 am US rating agencies escape overhaulCredit rating agencies would face a raft of new disclosure rules and restrictions but would not be forced to overhaul their business models under proposed US legislation sent to Congress yesterdaySource: Financial Times - US homepage | 21 Jul 2009 | 11:39 pm Book giant takes a swing at KindleThe world's largest chain of bookstores is planning to launch the world's largest online retailer of electronic books, triggering an arms race in one of the most important new markets in publishing. With Amazon's handheld device...Source: New Zealand Herald - Business | 21 Jul 2009 | 11:30 pm End of the line for the British pub?The recession is killing British pubs at an accelerating rate, an average of 52 every week in the first half of the year, an industry group said today. Pub closures have put 24,000 people out of work in the past year, the British...Source: New Zealand Herald - Business | 21 Jul 2009 | 11:30 pm Write-Offs: 07.21.09$$$ Western Union Apologizes After Impostor's Tirade [Bloomberg] This is what we need more of. From the transcript: Operator: Your next question comes from the line of Robert Napoli from Piper Jaffray. Please proceed. (Q - Robert Napoli): Hi, Christina, you are going to jail -- you really -- you [indiscernible] now, and you are going to pay for the corruption. You buy judges [ph] -- you buy everybody. You deserve [indiscernible] just to pull information on people, and I am going to name you and shame you, you bitch, and all of the people surrounding you, especially David Schlapbach, and you know all [indiscernible] with you. So get ready; you both in-charge [indiscernible]. You [indiscernible] a profit user, you bought the case [ph], but I am going to fuck you legally... $$$ The S&P: Keeping It Real [Standard and Poors] $$$ Which College Grads Make The Most Money? Supposedly Dartmouth ones, and a bunch of engineers. [The Atlantic] $$$ The people who run this asylum want you to take this survey. We're told it should be quick and painless. $$$ Most Expensive August Rentals on the Market: Which Will Be Yours? [Curbed] $$$ Arnold Has Something To Say [via]
Sponsored Topics: Bloomberg L.P. - Curbed - Piper Jaffray - Work - Labor Movement Source: Dealbreaker | 21 Jul 2009 | 11:28 pm Yahoo held back by search declineYahoo’s search engine advertising business suffered a bigger dent than expected in the latest quarter as the internet company wrestled with weakness across all parts of its operations and outlined higher investment in the months aheadSource: Financial Times - US homepage | 21 Jul 2009 | 11:23 pm Tax deal signed with GuernseyNew Zealand has signed a Tax Information Exchange Agreement with Guernsey - one of the Channel Islands off Britain, known as a tax haven. Revenue Minister Peter Dunne signed the agreement in London overnight New Zealand time with...Source: New Zealand Herald - Business | 21 Jul 2009 | 11:16 pm Apple profits soar on strong iPhone salesApple blew past all but the most bullish predictions in the fiscal third quarter, driven by sales of 5.2m iPhones, more than seven times the volume of a year earlierSource: Financial Times - US homepage | 21 Jul 2009 | 11:15 pm BlackRock chief attacks Wall Street earningsLaurence Fink, BlackRock’s founder and chief executive, took aim at the “luxurious” trading profits enjoyed by Wall Street banks, saying that they have taken advantage of reduced competition to charge their customers more for even basic tradesSource: Financial Times - US homepage | 21 Jul 2009 | 11:08 pm The Remarkable Resurrection Of Hedge FundsThe recovery has really begun to lift all ships when the hedge fund industry can claim that it has risen almost instantly from the death that it suffered in the final quarter of last year. The FT reports that outflows from funds in that quarter were $152 billion. Hundreds of funds went out of business [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 21 Jul 2009 | 11:07 pm Should AIG Be Keeping Terms of Deals Secret?by Sharona Coutts, ProPublica – July 21, 2009 Last week we reported that while AIG has sold — or agreed to sell — a dozen subsidiaries as part of its efforts to repay the $85 billion it still owes taxpayers, the company is keeping the financial terms of nearly half those sales secret . On Friday afternoon, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 21 Jul 2009 | 10:55 pm Sallie Mae 2Q loss attributed to investment losses (AP)AP - SLM Corp., better known as Sallie Mae, said Tuesday investment losses pushed it to a loss for the second quarter.Source: Yahoo! News: Business | 21 Jul 2009 | 10:29 pm The Dow Jones industrials' moves since Lehman fall (AP)AP - How far the Dow Jones industrial average has fallen or advanced each trading day since Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection on Sept. 15. Since Lehman's fall, which touched off a paralysis of the credit markets and deepened the recession, the stock market has gone through an extended period of volatility before kicking into a big rally this spring. The numbers are the closing levels for the Dow:Source: Yahoo! News: Stock Markets News | 21 Jul 2009 | 10:17 pm Will China Subsidies Save Solar Stocks? (LDK, STP, TSL, CSUN, JASO, FSLR, WFR, SPWRA, ENER, SOLR, CSIQ)If you saw how solar power stocks ran up today, you might think it was tied to higher energy prices from last week. But the news that that ran shares is that the Chinese government plans to offer what appears to be some rather high subsidies for solar projects. Due to the sizes and location [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 21 Jul 2009 | 10:09 pm How the major stock indexes fared on Tuesday (AP)AP - The stock market managed to extend its weeklong rally even as it struggled with more worries about the banking industry. Major market indexes seesawed through much of Tuesday's trading and ended with gains of less than 1 percent. Better-than-expected results from companies including Caterpillar Inc. spurred shares generally higher, although financial shares slid on reports of losses at several regional banks.Source: Yahoo! News: Stock Markets News | 21 Jul 2009 | 10:03 pm Bernanke outlines Fed’s exit strategyYields on US Treasuries fell sharply as Ben Bernanke outlined the Federal Reserve’s plan to extricate itself from its policy of near-zero interest rates but stressed the economy was too fragile to implement it any time soonSource: Financial Times - US homepage | 21 Jul 2009 | 9:32 pm Which Of Alan Greenspan's More Quotable Quotes Will Bite Him In The Ass On The Big Screen?
Sponsored Topics: Gordon Gekko - Wall Street - Oliver Stone - Ayn Rand - Alan Greenspan Source: Dealbreaker | 21 Jul 2009 | 9:30 pm Presented By:Source: Dealbreaker | 21 Jul 2009 | 9:27 pm Think Of The Food Eating Contests!A reader looking out for you people passes on this hot tip: 49th Street Deli b/w Park & Madison is closing. Everything (including beer!) is buy 1 get 2 free.
Sponsored Topics: Beer - Food - Recreation - Drink - Weblogs Source: Dealbreaker | 21 Jul 2009 | 9:27 pm Obama sees "battle" as financial plan forges ahead (Reuters)Reuters - The Obama administration advanced its financial regulation reform agenda on Tuesday, moving ahead on reshaping the $92-billion student loan market and unveiling a proposed shake-up for credit rating agencies.Source: Yahoo! News: Business | 21 Jul 2009 | 8:43 pm Bank Of America, Citi To Hot Box Break Rooms On Taxpayer Dime?
The pair were suspended last week after state Inspector General Joseph Fisch's office raided their alleged hangout on July 14. Their so-called "man cave," situated inside the East Garage off Phillip Street, featured couches, a television and DVDs, a refrigerator, and rolling papers and scales to weigh marijuana, the IG's office said in announcing suspensions of the men on Friday. You see where I'm going with this, yeah? It could increase productivity, maybe, but more importantly it'd make working at places like government owned Bank of America and Citi, a little more fun. You know Ken Lewis would go for it-- his office pretty much fits the above description already if you add some kegs, broken glass and piss in the corner-- and Vikula could be easily convinced. Man Cave Workers Got Overtime [Times Union via Daily Intel]
Sponsored Topics: Bank of America - Cannabis - Citibank - Times Union - Drug paraphernalia Source: Dealbreaker | 21 Jul 2009 | 8:33 pm $250 Billion, From NothingJust got this email from Eswar Prasad at Cornell and the Brookings Institution: On the subject we talked about a couple of weeks ago, IMF just approved allocation of $250 billion worth of SDRs to give the global economy a shot in the arm. Quite interesting to have a global institution create money out of thin air ! SDR's are "Special Drawing Rights" issued by the International Monetary Fund. A country can exchange its SDR's for currency, dollars or whatever it needs. Since SDR's are backed by the world's governments and their central banks, new SDR's effectively expand the global money supply. At least I think that's how it works. Here's the IMF press release, and our story about whether SDR's might one dayunseat the dollar as the world's reserve currency. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 21 Jul 2009 | 8:28 pm Indicator: 'Less Than Expected'Alex says his Planet Money indicator is 39. He writes: That's the number of results when I searched the phrase "fell less than expected" in Google News this morning, for articles in the last 30 days. Expanding the search to the last four months, the results are 148. And charting the number of times this phrase appears since the beginning of the year, there's a noticeable spike in April. My interest in this piqued when I read a few stories today of Ben Bernanke saying the economy is stabilizing. The articles themselves had a lot of grim news, particularly about the job market. But the headlines were mostly optimistic. It reminded me that last week, as the stock market rose, I read the phrase "fell less than expected" repeatedly in financial news. This tone sharply contrasts the news from last October, when the world was ending. I remember editorials stating that it was a perfect time to panic. But now we've obviously turned a corner. The news is still bad. We haven't really hit the bottom yet. But many people can see a light in the distance. Every time a bad economic sign is given, it's usually followed by predictions that it will be better next year. To me, economics is a strange brew of math and psychology. While it's easy to chart the math side, the psychology side's harder to measure. But although less than scientific, I think the re-occurrence of the phrase "fell less than expected" is some sort of indicator of the beginning of a recovery. As any motivational speaker will often remind you, the first step is imagining it can happen. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 21 Jul 2009 | 8:19 pm British Airways Raised to `Buy' at Goldman SachsSource: Bloomberg - All Podcasts | 21 Jul 2009 | 8:10 pm Moran Sees U.S. Debt-to-GDP Ratio Near 13% in 2009Source: Bloomberg - All Podcasts | 21 Jul 2009 | 8:09 pm California MathOnly in the state that brought you La La Land would the fiscal math that was likely used to put California into a budget crisis be credited with solving it. When a $26 billion problem is solved with $15 billion in cuts and $11 billion in fuzzy math and aggressive rounding error, there are likely to be some problems down the road. If this is the standard for successful fiscal management in the Golden State, the next series of IOUs cannot be far behind.
Sponsored Topics: California - Los Angeles - Budget crisis - Golden State - Recreation Source: Dealbreaker | 21 Jul 2009 | 7:54 pm Stephen Baldwin Falls On Hard Times Junkie Tenant Can't Pull Him Out Of
Sponsored Topics: Stephen Baldwin - Gary Busey - Alec Baldwin - Guest house - Heroin Source: Dealbreaker | 21 Jul 2009 | 7:45 pm Munster Sees Microsoft Eventually Acquiring Yahoo SearchSource: Bloomberg - All Podcasts | 21 Jul 2009 | 7:17 pm California spending cuts spark furyCalifornia erupted in protest as teachers, local governments and public sector workers attacked the billions of dollars inof spending cuts that form the basis of the state’s controversial new budget dealSource: Financial Times - US homepage | 21 Jul 2009 | 7:14 pm Bernie May Have To Pay For His Room Service
Sponsored Topics: Bernard Madoff - New York - Bernie - Business - United States Source: Dealbreaker | 21 Jul 2009 | 6:57 pm Second Curve's Brown Sees Small Banks Positioned for ReboundSource: Bloomberg - All Podcasts | 21 Jul 2009 | 6:40 pm Dear Team AmaranthBetcha thought we were dead, yeah? We are, mostly, just winding stuff down and whatnot, trying to get you back every penny we can after that, I'm just going to say it, asshat, Brian Hunter blew everything and ruined our lives. Here it is, enjoy it.
Q1-Q2 Investor Letter (2009).pdf
Sponsored Topics: Document - Data Formats - Brian Hunter - Publishing - PDF Source: Dealbreaker | 21 Jul 2009 | 6:28 pm Profits boost for US industryCorporate America took another step along its long road to recovery on Tuesday as industrial giantscompanies from the industrial heartland of Peoria to the technology hubs of Silicon Valley reported stronger-than-expected profits and bullish outlooksindustrial giantsSource: Financial Times - US homepage | 21 Jul 2009 | 6:22 pm Warren: Consumer Financial Protection Agency Won't Limit ChoiceElizabeth Warren, chair of the Congressional Oversight Panel, has been defending the creation of a Consumer Financial Protection Agency a lot lately. Yesterday, she released a YouTube video (above) outlining her arguments for why we need one. Today, she adresses myths about the agency on Baseline Scenario. She writes: The CFPA will not limit consumer choice. Instead, it will focus on putting consumers in a position to make choices for themselves by streamlining regulations, making disclosures smarter, and making financial products easier to understand and compare. The Agency will promote plain vanilla contracts--short, easy to read mortgages and credit card agreements. The key principle behind the new agency is that disclosure that runs on for pages is not real disclosure--it's just a way to hide more tricks. Real disclosure means that a lender has to be able to explain what it is selling so that the customer can read it and understand it. Once consumers can understand the risk and costs of various products -- and can compare those products quickly and cheaply -- the market will innovate around their preferences. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 21 Jul 2009 | 6:21 pm Cloherty Says Corporate Bonds Will Outperform TreasuriesSource: Bloomberg - All Podcasts | 21 Jul 2009 | 6:14 pm China to deploy foreign reservesBeijing will use its huge foreign exchange reserves to support and accelerate overseas expansion and acquisitions by Chinese companies, says Wen Jiabao, the country’s premierSource: Financial Times - US homepage | 21 Jul 2009 | 6:09 pm Slok Says U.S. Housing Won't Bottom Until Early 2010Source: Bloomberg - All Podcasts | 21 Jul 2009 | 6:03 pm U.K. biz study uncovers slavery profitsA small team of researchers with the University College London is making a list of every British company that had historic links with the slave trade. The team has already made a couple of uncomfortable discoveries. Stephen Beard reports.Source: Marketplace | 21 Jul 2009 | 5:57 pm Macquarie's Kurtz Sees `Robust' Return to China Asset MarketsSource: Bloomberg - All Podcasts | 21 Jul 2009 | 5:51 pm Peace the prize that drives US wooing of IndiaBar a skirmish over climate change, Hillary Clinton hardly put a foot wrong during her five-day visit to India, leaving with defence, space and nuclear power agreements in the bagSource: Financial Times - US homepage | 21 Jul 2009 | 5:03 pm House needs a redo on climate billWill the cap-and-trade system reverse climate change or create corporate welfare? Commentator Glenn Hubbard thinks the House made a fatal error in its proposed climate change bill and should go back to the drawing board.Source: Marketplace | 21 Jul 2009 | 4:48 pm High oil prices are good for U.S. cultureFluctuating gas prices haven't caused too much change in the way we view energy. But if gas prices rise to $6, $10, or $12 per gallon, author Chris Steiner says the effects would change everything from the way we drive to how we shop.Source: Marketplace | 21 Jul 2009 | 4:48 pm BABs may ignite stalled bond marketThe name of the Build America Bonds (BAB) program implies that it's all about building roads and schools and things that ordinary taxpayers use. Shaky insurers have stalled the bond market, but government-backed Build America Bonds can help. Sally Herships reports.Source: Marketplace | 21 Jul 2009 | 4:48 pm Will TARP cost taxpayers $23.7 trillion?TARP watchdog Neil Barofsky estimates that the $700 billion stimulus could end up costing taxpayers $23.7 trillion in the long run. But response from lawmakers, bankers and bloggers have been skeptical of his massive estimate. Steve Henn reports.Source: Marketplace | 21 Jul 2009 | 4:48 pm Wall Street poker faces hiding humility?President Obama thinks the masters of the financial universe lack humility. That may or may not be the case, but observers say few Wall Streeters will ever show remorse. It's not how the game is played. Jeremy Hobson reports.Source: Marketplace | 21 Jul 2009 | 4:48 pm Proposed Calif. budget slashes servicesCalifornia lawmakers have reached a tentative agreement on the state budget with colossal cuts to school programs and children's medical care. Lots of smaller programs and services would also get the axe. Jeff Tyler reports.Source: Marketplace | 21 Jul 2009 | 4:48 pm Fed chief says inflation will be tamedFederal Reserve Chairman Ben Bernake claims he has a strategy to keep inflation under control as recovery from the recession takes hold. John Dimsdale reports.Source: Marketplace | 21 Jul 2009 | 4:47 pm Bernanke tells Congress that Fed has exit strategyWASHINGTON -- Federal Reserve Chairman Ben Bernanke today fended off congressional skepticism about expanding the Fed's duties to police big financial companies given the central bank's failure to catch problems that led to the financial crisis.
Source: L.A. Times - Business | 21 Jul 2009 | 3:37 pm Fed: 'Devoting Considerable Attention' To InflationFed Chairman Ben Bernanke testified before the House Financial Services committee this morning -- his semiannual report on the economy. Bernanke's testimony was cautiously optimistic as he described "better conditions in financial markets" and "some improvement in economic prospects." During his testimony, he also spoke in detail about the Fed's plans for combating inflation. He said: Perhaps the most important such tool is the authority that the Congress granted the Federal Reserve last fall to pay interest on balances held at the Fed by depository institutions. Raising the rate of interest paid on reserve balances will give us substantial leverage over the federal funds rate and other short-term market interest rates, because banks generally will not supply funds to the market at an interest rate significantly lower than they can earn risk free by holding balances at the Federal Reserve. In an op-ed published in the Wall Street Journal (sub req'd) this morning, Bernanke also outlined other techniques the Fed could use to reduce the stock of reserves. One way Bernanke mentioned is by "arranging large-scale reverse repurchase agreements with financial market participants." These agreements allow the Fed to sell securities from its portfolio to banks and other institutions with a promise to by them back later at higher price. Other options include the Treasury selling bills and depositing the funds with the Fed. You can read more details about the Fed's plans to combat inflation in its Monetary Policy Report. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 21 Jul 2009 | 3:20 pm Veru Says U.S. Earnings Improving as Companies Control CostsSource: Bloomberg - All Podcasts | 21 Jul 2009 | 3:19 pm Komileva Says Fed Exit Strategy Will Take 5 to 10 YearsSource: Bloomberg - All Podcasts | 21 Jul 2009 | 2:42 pm Bryson Says U.S. Bonds Show Inflation Expected Below 2%Source: Bloomberg - All Podcasts | 21 Jul 2009 | 2:40 pm More On That Donut 'Crisis'As noted on the podcast yesterday, CIT Group, the company that's in the news, that you may never have heard of before, does make loans to lots of places you have heard of, including the individual operators of Dunkin' Donuts stores. CIT asked for government assistance, arguing its failure could precipitate a crisis for as many as 300,000 retailers. Dunkin' Donuts doesn't seem to count itself among them... We got this statement from Michelle King, Director, Global Public Relations Dunkin' Brands, Inc: "Dunkin' Donuts has had a 50-year relationship with CIT and they have been very supportive of our franchisees' businesses. CIT is a valued partner and one of a number of lenders that make credit available to our franchisees. Our franchisees currently have credit access from a variety of national, regional and community banks, and they ultimately choose who to borrow from. If CIT were to go away, it would take a financing option away from our franchisees who want to buy stores or expand their networks." Some franchise operators are having trouble though. Kainos Parters, which ran 56 Dunkin' Donuts locations just filed for bankruptcy. The company blamed the recession, and noted something else. From Reuters: "Kainos Partners also said it discovered that its chief financial officer had engaged in $420,000 worth of financial transactions involving company assets for his personal use. The executive was fired in February." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 21 Jul 2009 | 2:31 pm 5 Suprising Recession-Proof IndustriesWhat do you think of when you hear “2009 recession?” If frozen credit, failed automakers, and dying newspapers come to mind, you’re on the mark. But how about books, beef, and concierge doctors? Or iPhones and candy? Surprisingly enough, these products and services reflect the Great Recession just as much as the bailout bill. Below, we’ve listed five industries that are bucking economic trends. Unlike gambling and alcohol, the markets for most of these products aren’t predictably recession-proof. In fact, some, like beef, theoretically shouldn’t be thriving. But they are, and we’ll tell you why. Concierge Healthcare
Imagine having 24/7 access to your doctor, who only sees a limited number of patients in order to provide each person with quality care. You can easily land a same-day appointment or even a house call. In exchange, you pay $1,500 to $25,000/year for services, according to the New York Times. An estimated 5,000 concierge physicians practice in the United States. Surprisingly few patients have dropped out from their concierge services, even as their personal income flags. A close, personal relationship with your doctor is a need that doesn’t go away with the recession. Books
The print media may be dying, but the market for books is alive and well. Book sales have dropped only slightly in the United States, and are up on the European continent, according to this New York Times article. Books’ status as a “cheap treat” makes them downturn-friendly. (Note: For various reasons, this doesn’t mean that book publishers are thriving, too.) Meat
Americans continue to devour meat, but only if we buy it ourselves. Overall national meat consumption is down, mainly due to lower restaurant sales, writes Reuters. But beef, chicken, and pork supermarket sales are “holding up well,” say meat industry leaders cited in the article. Q4 2008 saw 3% more beef, 9% more chicken, and 5% more pork being sold in supermarkets. Why the high demand? Because prices are low. The beef industry in particular is trying to make up for restaurant sales losses by lowering retail prices. Bon appetit!
While sales in some sectors in the mobile industry soften–network infrastructure and chipsets, for example–other sectors, like mobile devices, continue to boost industry growth, according to industry publication TMCnet. The net result is a robust industry. The $700 billion industry will also fuel its growth by expanding both in developed and developing nations. Candy
When the economy recesses, people self-soothe. And what easier way to do that than through candy? This year’s National Confectioners Association Expo revealed a recession-resilient industry, writes TGR’s Renee Covino. Top trends in the industry include nostalgic packaging and “All-American chocolate ‘comfort classics.’” It seems that when we indulge in candy, we indulge in the past, too.
Source: Business Pundit | 21 Jul 2009 | 2:22 pm If We Could Do It Over AgainSome people look back at the start of the crisis and wonder how things would have played out if the government had decided to save Lehman Brothers. Lehman's failure fed a chain reaction that essentially froze the credit markets. So why didn't Treasury save Lehman? Then Secretary Henry Paulson has said the government tried to broker a deal but couldn't, and was worried that another bailout would present a real moral hazard, encouraging even riskier behavior down the road. Lawrence McDonald, a vice president at Lehman, has a different take. McDonald has a new book out which lays the blame at the foot of a handful of Lehman executives, particularly CEO Richard Fuld. McDonald, on Morning Edition today, described a meeting between Fuld and Treasury Secretary Henry Paulson in the spring of 2008. Mr. Fuld said something along the lines to the Treasury secretary: He said 'You know I've been in my seat a lot longer than you were in yours at Goldman Sachs, Don't tell me how to do things. I'll do things at my speed.' And I think right there, Lehman's fate might have been sealed. The book's title: "A Colossal Faiure of Common Sense." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 21 Jul 2009 | 2:05 pm SEC seeks to stop Stanford receiver's "claw backs" (Reuters)Reuters - The U.S. Securities and Exchange Commission is seeking to prevent Ralph Janvey -- the receiver appointed to liquidate Stanford assets -- from suing investors for proceeds they got from Texan financier Allen Stanford.Source: Yahoo! News: Business | 21 Jul 2009 | 11:18 am SEC seeks to stop Stanford receiver's "claw backs" (Reuters)Reuters - The U.S. Securities and Exchange Commission is seeking to prevent Ralph Janvey -- the receiver appointed to liquidate Stanford assets -- from suing investors for proceeds they got from Texan financier Allen Stanford.Source: Yahoo! News: Stock Markets News | 21 Jul 2009 | 11:18 am Spik Inglish?
Source: Business Pundit | 21 Jul 2009 | 10:10 am U.S. back-to-school spending seen dropping: survey (Reuters)Reuters - U.S. consumers will spend 8.5 percent to 12 percent less this year on back-to-school items than they did last year, as cash-strapped parents try to get children to wear last year's fashions, a retail industry monitor said on Tuesday.Source: Yahoo! News: Business | 21 Jul 2009 | 10:01 am
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