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FTSE falls back after week's gainMan Group was one of the biggest fallers in the FTSE 100 this morning after UBS warned of troubles ahead for the hedge fund group’s key AHL fund. Source: Latest Business News from Times Online | 31 Jul 2009 | 5:35 am Warner Estate suffers worst trade in 118 yearsWarner Estate, the property fund manager, said that it was grappling with “possibly the worst year in our 118 year history” as the company reported a loss of more than £60 million and said it was in talks with bankers about a restructuring. Source: Latest Business News from Times Online | 31 Jul 2009 | 5:33 am Channel 4 pulls out of Virgin Media TV auctionChannel 4 today withdrew from the race to buy Virgin Media's £100 million-plus entertainment channels, which include Living, Challenge and Bravo as well as Virgin1. Source: Latest Business News from Times Online | 31 Jul 2009 | 5:10 am Stocks look to GDP readingU.S. stock futures rose early Friday, but gains were modest as investors awaited the release of a key reading on economic growth.Source: Business and financial news - CNNMoney.com | 31 Jul 2009 | 4:50 am Stock futures rise modestly ahead of GDP report (AP)
Source: Yahoo! News: Stock Markets News | 31 Jul 2009 | 4:48 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 | 31 Jul 2009 | 4:31 am Eurozone jobless at 10-year highEurozone unemployment hits 9.4% in June - the highest in ten years, another sign of the economic slowdown.Source: BBC News | Business | World Edition | 31 Jul 2009 | 4:25 am M&A revival on the horizonRead full story for latest details.Source: Business and financial news - CNNMoney.com | 31 Jul 2009 | 4:23 am British Airways makes £148m lossBritish Airways reports a pre-tax loss of £148m in the three months to the end of June, as the global recession hits earnings.Source: BBC News | Business | World Edition | 31 Jul 2009 | 4:22 am Eni results drop on falling oil pricesThe weak oil price has led to a sharp fall in second-quarter profits at Eni, the Milan-based oil and gas group, highlighting the increasingly difficult trading conditions facing oil companies. Eni's adjusted...Source: RSS feed - channel BNPaperBusiness | 31 Jul 2009 | 4:20 am Interline Brands, Inc. Announces Second Quarter 2009 Sales and Earnings ResultsJACKSONVILLE, Fla., July 31 /PRNewswire-FirstCall/ -- Interline Brands, Inc. (NYSE: IBI) ("Interline" or the "Company"), a leading distributor and direct marketer of maintenance,Source: RSS feed - channel BNewsBusiness | 31 Jul 2009 | 4:20 am What If Swine Flu Cases Have Peaked?It is an audacious statement, but Sir Liam Donaldson, Chief Medical Officer of the UK, believes that swine flu cases may have peaked at about 110,000. He sees evidence that the number of people contracting the disease has leveled off. He admits that the flu may be back in the fall, but he does not [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 31 Jul 2009 | 4:08 am Indications: U.S. stock-index futures up slightly ahead of GDPU.S. stock-index futures hold small gains Friday ahead of the release of second-quarter U.S. gross domestic product data.
Source: MarketWatch.com - Top Stories | 31 Jul 2009 | 4:07 am Too many clunkers, too little cashThis much seems certain about the Cash for Clunkers program: Consumers are happy to take government rebates to buy new cars.Source: Business and financial news - CNNMoney.com | 31 Jul 2009 | 4:02 am Australian inflation gauge shows big rise in JulyAustralian inflation climbs at its fastest pace in at least seven years in July.
Source: MarketWatch.com - Top Stories | 31 Jul 2009 | 4:01 am BA sees no upturn, pledges more cost cuttingLONDON (Reuters) - British Airways said on Friday it saw no improvement in bleak trading conditions and vowed to continue to cut costs, rounding off another miserable week for Europe's airlines.Source: Reuters: Business News | 31 Jul 2009 | 4:00 am M.D.C. Holdings Announces Second Quarter 2009 Results- Net orders for 977 homes vs. 959 in Q2 2008 - Cancellation rate of 20% vs. 43% in Q2 2008 - Closed 665 homes at an average selling price of $279,000 - 941 units in...Source: RSS feed - channel BNewsBusiness | 31 Jul 2009 | 4:00 am American Fireglass Wins Patent, Trademark and Copyright Infringement Case- Court rules that claims against American Fireglass(TM) lack merit - LAKE ELSINORE, Calif., July 31 /PRNewswire/ -- American Fireglass(TM), manufacturer of glass, burners...Source: RSS feed - channel BNewsBusiness | 31 Jul 2009 | 4:00 am Photos: U.S. Travelers Prefer Some Luxe With Their LandscapeTripAdvisor Survey Reveals 65% of Those Who Have Never Been "Glamping" Would Rather Glamp than Camp Nearly 30% of Travelers Surveyed Have Aborted a Camping Trip to Check into a...Source: RSS feed - channel BNewsBusiness | 31 Jul 2009 | 4:00 am Portec Rail Products, Inc. Reports 2009 Second Quarter and Six Month Operating Results (unaudited)PITTSBURGH, July 31 /PRNewswire-FirstCall/ -- Portec Rail Products, Inc. (Nasdaq: PRPX) today announced unaudited net income of $2,203,000 or $0.23 per share for the three monthsSource: RSS feed - channel BNewsBusiness | 31 Jul 2009 | 4:00 am Earnings Outlook: EA, Activision expected to report strong resultsSAN FRANCISCO (MarketWatch) -- For those worried about the health of the video game sector, many eyes will be closely trained on the industry's two largest independent publishers, who are slated to report their results next week.
Source: MarketWatch.com - Top Stories | 31 Jul 2009 | 4:00 am Nikkei sees best finish of 2009, leads Asia higherAsian markets risse sharply, with Japanese shares ending at their highest level this year on better-than-expected corporate results.
Source: MarketWatch.com - Top Stories | 31 Jul 2009 | 3:56 am Economic Report: Euro-zone July CPI sees record 0.6% annual dropConsumer prices across the 16-nation euro zone fall 0.6% in July compared to the same month last year.
Source: MarketWatch.com - Top Stories | 31 Jul 2009 | 3:55 am Deflation Emerges With ForceThe Fed has stated that it is not worried that low interest rates and an economic recovery will cause inflation. Adjustments in economic policy and control of the money supply will prevent that. Deflation is another matter. Japanese consumer prices dropped 1.7% in June. Reuters claims that this is a record level of deflation in the large [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 31 Jul 2009 | 3:51 am Europe Markets: Oil and gas producers pressure in EuropeStocks in Europe are choppy on oil and gas.
Source: MarketWatch.com - Top Stories | 31 Jul 2009 | 3:49 am Neumann set to lose Continental battleContinental is poised to lose its second chief executive in a year after Karl-Thomas Neumann lost the confidence of the German car parts maker's majority shareholder Schaeffler in a boardroom showdown...Source: RSS feed - channel BNPaperBusiness | 31 Jul 2009 | 3:46 am Total profits plunge as oil industry suffersTotal, the French energy giant, reported a 54 per cent plunge in net profits this morning, rounding off a gloomy week for the oil industry, which is reeling from the impact of weaker demand and sharply lower crude prices. Source: Latest Business News from Times Online | 31 Jul 2009 | 3:42 am TonenGeneral shuts 92,000 bpd FCC at Kawasaki plantTOKYO, July 31 (Reuters) - Japan's TonenGeneral Sekiyu shut down its 92,000 barrels per day (bpd) fluid catalytic cracking (FCC) unit at its 335,000 bpd Kawasaki refinery on Friday after a minor leak...Source: RSS feed - channel BNewsBusiness | 31 Jul 2009 | 3:40 am Fraud warning on tax credit dateA wave of bogus e-mails is targeting people aiming to meet Friday's tax credit renewal deadline, says Equifax.Source: BBC News | Business | World Edition | 31 Jul 2009 | 3:39 am Banking reform 'largely cosmetic'The government's plans for reforming the regulation of banks are "largely cosmetic" and "lack clarity", MPs say.Source: BBC News | Business | World Edition | 31 Jul 2009 | 3:38 am US ‘cash-for-clunkers’ fund runs outAn avalanche of business has unexpectedly exhausted the US government’s $1bn ”cash for clunkers” car sales fund, an Obama administration official saidSource: Financial Times - US homepage | 31 Jul 2009 | 3:35 am BA's rank and file are seething Mr Walsh so handle with careMany commentators believe that British Airways can only be saved by Willie Walsh taking on the unions that represent the bulk of the airline's 40000 staff.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 31 Jul 2009 | 3:29 am “Christmas In July” May Kill Retail Jobs In The FallThe Wall Street Journal reports that a number of retailers are running “Christmas In July” sales. They may help store chains that are low on money, but they probably just displace sales that would normally have taken place in October. That may be good for retail balance sheets, but only for a brief period. Consumers are [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 31 Jul 2009 | 3:29 am Asia Markets: Nikkei soars despite data showing drag on recoveryJapan’s jobless rate rises to the highest level in six years, while consumer prices fall at a record level, but investors shrug off the news, sending stocks to a new 2009 high.
Source: MarketWatch.com - Top Stories | 31 Jul 2009 | 3:27 am Japanese bank returns to profitJapan's biggest bank, Mitsubishi UFJ, returns to profit, boosted by a recovery in the stock market.Source: BBC News | Business | World Edition | 31 Jul 2009 | 3:26 am FTSE stays within reach of year highThe FTSE 100 moved above its highest closing point of the year on Friday morning, but traders were cautious ahead of crucial US economic data due later in the session.The benchmark index was unable to...Source: RSS feed - channel BNPaperBusiness | 31 Jul 2009 | 3:26 am Euro-zone prices fall for second monthThe EU statistics agency says euro-zone consumer prices fell 0.6 percent in July from a year ago. Lower demand for energy and other goods has caused prices to plunge in the region,...Source: RSS feed - channel BNewsBusiness | 31 Jul 2009 | 3:24 am Nigerian inflation dips to 11.2%Nigeria's inflation rate dropped to 11.2 percent on a 12-month basis in June from 13.2 percent in May, the National Bureau of Statistics said Friday. "The composite consumer price index...Source: RSS feed - channel BNewsBusiness | 31 Jul 2009 | 3:23 am UPDATE 1-Smartphone firm HTC sees revenue fall on product delay* Expects to maintain gross margins at around 32 percentSource: RSS feed - channel BNewsBusiness | 31 Jul 2009 | 3:23 am Best laptops for every majorSource: Business and financial news - CNNMoney.com | 31 Jul 2009 | 3:19 am Stock index futures point to higher open (Reuters)
Source: Yahoo! News: Business | 31 Jul 2009 | 3:19 am Stock index futures point to higher open(Reuters) - Stock index futures pointed to a higher open for U.S. shares on Friday as investors awaited U.S. GDP figures and earnings from companies such as Chevron and Allergan.Source: Reuters: Business News | 31 Jul 2009 | 3:19 am Stock index futures point to higher open (Reuters)
Source: Yahoo! News: Stock Markets News | 31 Jul 2009 | 3:19 am Mizuho surprises with loss, but keeps outlookJapan's Mizuho Financial Group surprises with a quarterly group loss, as its results are dragged down by valuation losses on stock-holdings and credit and equity derivatives.
Source: MarketWatch.com - Top Stories | 31 Jul 2009 | 3:18 am Total profits down 54% on oil priceFrench oil giant Total said on Friday its second-quarter net profit fell 54 percent from the figure 12 months earlier to 1.7 billion euros (2.38 billion dollars) as crude prices tumbled.Source: RSS feed - channel BNewsBusiness | 31 Jul 2009 | 3:16 am Anglo American first-half profits plummet 68%First-half profits at Anglo American fell 68 per cent, but British mining group fixed investors' eyes on the promise of its assets in South America and said it was on track to save billions through cost...Source: RSS feed - channel BNPaperBusiness | 31 Jul 2009 | 3:15 am “Cash For Clunkers” An Artificial Program Shields Auto IndustryFord (F) makes better cars than it did last year, or at least there is better demand for them. The “cash for clunkers” program put together by the US government helped sell cars, a fact that Ford admitted. The “clunkers” stimulus which allowed consumers to trade in old, fuel-inefficient cars for new fuel-efficient ones, lasted about [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 31 Jul 2009 | 3:11 am Anglo American cuts 15,000 jobs as profits diveAnglo American attempted to reassure investors today that it was well positioned for recovery despite a 69 per cent fall in underlying profits to $1 billion in the first six months of the year.$ Source: Latest Business News from Times Online | 31 Jul 2009 | 3:07 am E-health records: Still a long way to goCreating an electronic health record for every American by 2014 is a big part of Obama's agenda but it may be easier said than done.Source: Business and financial news - CNNMoney.com | 31 Jul 2009 | 3:06 am Airlines slash flights to EuropeThe economic crisis has transformed flying in Europe for British passengers new research reveals.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 31 Jul 2009 | 3:05 am Currencies: Dollar, yen slip vs. higher-yielding currenciesAn Asian stock rally continued to weigh on the U.S. dollar and yen in Asian trading Friday, to the benefit of higher-yielding currencies such as the euro.
Source: MarketWatch.com - Top Stories | 31 Jul 2009 | 2:57 am The Government’s Fight To Make Rich Bankers PoorAndrew Cuomo, who is running for governor of New York State without having announced it, is denouncing Wall St. because of its big pay packages while in his current role as state attorney general. His office recently released a report that showed that nearly 5,000 employees at the nation’s nine largest banks made more than [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 31 Jul 2009 | 2:46 am '$10 trillion' credit crunch costGovernments around the world have committed $10 trillion to supporting failing banks, says the International Monetary Fund.Source: BBC News | Business | World Edition | 31 Jul 2009 | 2:44 am Can eBay's stock bounce back?eBay's core business of online auctions is struggling. Traffic has dropped as consumers favor websites with set prices, such as Amazon.com and Walmart.com. The stock is off nearly 70% since 2004.Source: Business and financial news - CNNMoney.com | 31 Jul 2009 | 2:41 am U.S. economy likely contracted in Q2, recovery seenWASHINGTON (Reuters) - The U.S. economy probably contracted again in the second quarter, pressured by a huge inventory liquidation, but the pace of decline likely slowed from previous periods, according to a Reuters survey.Source: Reuters: Business News | 31 Jul 2009 | 2:37 am Sony: No Hit Products Since The Stone AgeSony has been skewered for its lack of innovation for the last half decade. Its last big consumer electronics hit was the Walkman which went on sale in June 1979. Sony had another hit in 2000 when it launched the PlayStation 2 which has sold over 140 million units, but game consoles are not a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 31 Jul 2009 | 2:37 am U.S. economy likely contracted in Q2, recovery seen (Reuters)Reuters - The U.S. economy probably contracted again in the second quarter, pressured by a huge inventory liquidation, but the pace of decline likely slowed from previous periods, according to a Reuters survey.Source: Yahoo! News: Business | 31 Jul 2009 | 2:28 am Rentokil profits continue to fallThe pest control and business services group Rentokil Initial reported a 14.6% drop in first-half profits to £55.1m.Source: BBC News | Business | World Edition | 31 Jul 2009 | 2:26 am 19,000 shops 'closed this year'About 12,000 independent shops and 7,000 branches of big chains have closed in England and Wales so far in 2009, research says.Source: BBC News | Business | World Edition | 31 Jul 2009 | 2:20 am Asian stocks gain, Europe falls as US GDP eyed (AP)
Source: Yahoo! News: Stock Markets News | 31 Jul 2009 | 2:18 am Profits and output fall at TotalTotal of France, Europe's third biggest oil company, has reported a 54 per cent drop in underlying net income to 1.7bn for the second quarter, and a steep fall in its oil and gas production.The plunge...Source: RSS feed - channel BNPaperBusiness | 31 Jul 2009 | 2:14 am Some U.S. bank pay "unmoored" from performance: CuomoNEW YORK (Reuters) - Bonuses paid to executives at nine banks that received U.S. government bailout money in 2008 were greater than net income at some of the banks, the office of New York Attorney General Andrew Cuomo said on Thursday.Source: Reuters: Business News | 31 Jul 2009 | 2:12 am New funding sought for U.S. "clunker" programWASHINGTON (Reuters) - The U.S. government's $1 billion "cash for clunkers" auto sales incentive program reached its funding limit unexpectedly after an avalanche of business exhausted its funds, an Obama administration official said late Thursday.Source: Reuters: Business News | 31 Jul 2009 | 2:08 am New funding sought for U.S. "clunker" program (Reuters)Reuters - The U.S. government's $1 billion "cash for clunkers" auto sales incentive program reached its funding limit unexpectedly after an avalanche of business exhausted its funds, an Obama administration official said late Thursday.Source: Yahoo! News: Business | 31 Jul 2009 | 2:08 am BA falls to a first-quarter lossBritish Airways reported its first ever operating loss for the early summer months on Friday as its most lucrative long-haul business passengers travel less and trade down to cheaper tickets.BA is also...Source: RSS feed - channel BNPaperBusiness | 31 Jul 2009 | 2:00 am Media Digest 7/31/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: Banks paid out billions of dollars in bonuses last year while losing money. Reuters: The US closed its car “clunkers” program just as it began as funds ran out. Reuters: Obame faces more questions about his health care plan. Reuters: A Congressional bill would affect OTC derivative holdings. Reuters: Japan announced record deflation. Reuters: Ford (F) has slowed the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 31 Jul 2009 | 1:56 am Anglo American profits hit by weak metal pricesThe mining company fighting off an unwanted approach from Xstrata cut 15405 jobs to save costs as profits fell 44pc.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 31 Jul 2009 | 1:56 am Aussie dollar closes highSYDNEY - The Australian dollar closed higher on Friday on increased demand for the currency from local fund managers rebalancing their portfolios. At 1700 AEST, the local currency was trading at US$0.8278/80, up from Thursday's...Source: New Zealand Herald - Business | 31 Jul 2009 | 1:45 am Mortgage firm debuts with a thudIf you need more proof that the mortgage crisis is far from over, look no further than the tepid reaction to the initial public offering of PennyMac Mortgage Investment Trust.Source: Business and financial news - CNNMoney.com | 31 Jul 2009 | 1:45 am Bank reform 'toothless and muddled' say MPsThe Government’s white paper on financial regulation earlier this month was toothless and failed to address the key weaknesses in the Tripartite system, according to MPs on the Treasury Select Committee. Source: Latest Business News from Times Online | 31 Jul 2009 | 1:42 am 'No rhyme or reason' for bank payWall Street banks bailed out by the government gave executives bonuses regardless of performance, a report says.Source: BBC News | Business | World Edition | 31 Jul 2009 | 1:35 am Japan reports record deflationUnemployment hit a six-year high of 5.4 per cent as the world’s second largest economy reported a 1.7 per cent year-on-year fall in consumer prices excluding fresh foodSource: Financial Times - US homepage | 31 Jul 2009 | 1:34 am BA posts £148 million loss in worst result since privatisationBritish Airways (BA) today announced its first first-quarterly loss since privatisation in 1987 as passenger numbers continue to plunge. Source: Latest Business News from Times Online | 31 Jul 2009 | 1:30 am Asia Markets And Europe Open 7/31/2009Markets in Asia were mostly higher. The Nikkei rose 1.9% to 10,367. Sony (SNE) moved up on earnings. The Hang Seng rose 1.6% to 20,551. The Shanghai Composite was up 2.7% to 3,412. At the open in Europe, the FTSE fell .3% to 4,517. The Dax rose .1% to 5,363, and the CAC 40 dropped .1% to 3,431. Data from [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 31 Jul 2009 | 1:23 am Aussie stocks continue dream runSYDNEY - The Australian share market has posted its largest monthly gain in almost 16 years on the back of a resurgent financial sector. The S&P/ASX200 index rose by 7.3 per cent over July, the largest monthly gain since December...Source: New Zealand Herald - Business | 31 Jul 2009 | 1:04 am Bailed-out banks paid billions in bonuses last year, study showsThe report from the New York attorney general heightens pressure to rein in Wall Street pay. The House votes today on a bill that would let shareholders vote on pay packages. Many doubt it would help.Citigroup and Merrill Lynch lost more than $55 billion combined last year, adding to the massive wreckage on Wall Street that took the nation's financial system to the brink of collapse.
Source: L.A. Times - Business | 31 Jul 2009 | 1:00 am Koreans build a beat boxThe 2010 Kia Soul Sport is the latest four-cornered 'tween-mobile on the market and the carmaker's answer to the Scion xB. ...Source: RSS feed - channel BNPaperBusiness | 31 Jul 2009 | 1:00 am Drop in Nintendo Wii sales hits bottom lineThe Japanese company says profit fell 60% to $442.8 million in its latest quarter as sales of its game console declined 57%. ...Source: RSS feed - channel BNPaperBusiness | 31 Jul 2009 | 1:00 am 'Cash for clunkers' program runs out of gasThe government's program burns through its $1-billion budget in less than a week as car buyers swarm dealerships. Federal officials are scrambling to find more money to keep it going. ...Source: RSS feed - channel BNPaperBusiness | 31 Jul 2009 | 1:00 am Bailed-out banks paid billions in bonuses last year, study showsThe report from the New York attorney general heightens pressure to rein in Wall Street pay. The House votes today on a bill that would let shareholders vote on pay packages. Many doubt it would help...Source: RSS feed - channel BNPaperBusiness | 31 Jul 2009 | 1:00 am Disney's third-quarter profit drops 26%Executives say they see recovery ahead, though revenue and operating income fall in just about every unit. Walt Disney Studios is the most dramatically affected, posting a $12-million operating loss.Walt Disney Co. reported a 26% drop in profit for its fiscal third quarter as the weak economy continued to take its toll on television advertising, DVD sales and the theme parks.
Source: L.A. Times - Business | 31 Jul 2009 | 1:00 am For Alabama pinot noir lovers, it's no bottoms upAlabama officials banned a California wine over a nude on its label, saying it shows 'a person posed in an immoral or sensuous manner.' But that only intensified interest elsewhere, the vintner says.Alabama's ban on a wine that features a nude nymph on the label has become a business opportunity for a California vintner who is preparing a marketing campaign to capitalize on being "Banned in Bama."
Source: L.A. Times - Business | 31 Jul 2009 | 1:00 am Pirate Bay deal surrounded by Hollywood-style headachesGlobal Gaming Factory says it has the money to buy the file-sharing website. But Grokster ex-President Wayne Rosso quit his consulting post abruptly, and legal issues keep developing.The company that's hoping to turn Pirate Bay into a legal distributor of movies, TV and music says it now has the cash to purchase the online file-sharing hub next month, but it is already embroiled in some Hollywood-style infighting.
Source: L.A. Times - Business | 31 Jul 2009 | 1:00 am Koreans build a beat boxThe 2010 Kia Soul Sport is the latest four-cornered 'tween-mobile on the market and the carmaker's answer to the Scion xB.Back before the Earth cooled, JCPenney and other fine retail outlets sold a component stereo system whose speakers pulsed with colored lights in sync with the music. There also was, it seems to me, a Wurlitzer organ that had dancing lights in the speaker cabinet. In the 1970s, this qualified as staggeringly awesome.
Source: L.A. Times - Business | 31 Jul 2009 | 1:00 am On Balboa Island, vacationers live largeBut the downturn has started to affect the O.C. tourist haven. While some beachfront homes still rent for $5,000 a week, others have cut rates. Shoppers go for discount souvenirs and eat out less.The red-and-white ferry boats shuttling between Balboa Island and the Balboa Peninsula are still jammed with cars, shirtless teens and tourists on bicycles.
Source: L.A. Times - Business | 31 Jul 2009 | 1:00 am 'Cash for clunkers' program runs out of gasThe government's program burns through its $1-billion budget in less than a week as car buyers swarm dealerships. Federal officials are scrambling to find more money to keep it going.With surprising swiftness, the government's "cash for clunkers" program has burned through its $1-billion budget in less than a week as car buyers swarmed dealerships, and federal officials were scrambling late Thursday night to find more money to keep it going.
Source: L.A. Times - Business | 31 Jul 2009 | 1:00 am Ford slows down Volvo bidding process: report(Reuters) - Eyeing a better price, U.S. auto maker Ford Motor Co is slowing down the bidding process for its Volvo car unit, the Wall Street Journal said, citing a person close to the company.Source: Reuters: Business News | 31 Jul 2009 | 12:37 am Ford slows down Volvo bidding process: report (Reuters)Reuters - Eyeing a better price, U.S. auto maker Ford Motor Co is slowing down the bidding process for its Volvo car unit, the Wall Street Journal said, citing a person close to the company.Source: Yahoo! News: Business | 31 Jul 2009 | 12:37 am British Airways posts £148m loss as passenger numbers dropAirline slumps into the red as recessionhit business travellers and holidaymakers stay at home.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 31 Jul 2009 | 12:35 am Japan jobless at six-year recordJapan sees its unemployment reach a six-year high, at 5.4%, with job availability at a new low, in a further sign of the slowdown.Source: BBC News | Business | World Edition | 31 Jul 2009 | 12:31 am Stong day on NZ marketThe New Zealand sharemarket re-ignited today after global stocks rallied. The benchmark NZSX-50 index closed up 22.203 points, or 0.742 per cent, at 3016.203. Turnover was worth $126.48 million. There were 67 rises and 20 falls...Source: New Zealand Herald - Business | 31 Jul 2009 | 12:29 am More U.S. banks put on "probation": report(Reuters) - U.S. federal regulators have raised the number of struggling banks which they have essentially put on probation, forcing them to fix their problems to avoid potential failures, the Wall Street Journal said.Source: Reuters: Business News | 31 Jul 2009 | 12:27 am More U.S. banks put on "probation": report (Reuters)Reuters - U.S. federal regulators have raised the number of struggling banks which they have essentially put on probation, forcing them to fix their problems to avoid potential failures, the Wall Street Journal said.Source: Yahoo! News: Business | 31 Jul 2009 | 12:27 am Wall Street banks on state aid pay out million dollar bonusesWall Street banks Citigroup and Merrill Lynch paid 1400 staff bonuses of 1m or more each despite being kept afloat by US government money.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 31 Jul 2009 | 12:19 am Businesses consulted on tax changesBusinesses are being asked for their views on proposed changes to binding ruling tax law. Revenue Minister Peter Dunne said binding rulings were introduced in 1992 and are issued by the Inland Revenue Department on a taxpayers...Source: New Zealand Herald - Business | 30 Jul 2009 | 11:50 pm NZ dollar won't stay downThe New Zealand dollar rose today in defiance of the Reserve Bank of New Zealand's latest attempt to talk it down. The NZ dollar fell as low as US64.75c yesterday when the Reserve Bank said it would reassess policy settings if...Source: New Zealand Herald - Business | 30 Jul 2009 | 11:19 pm Giving the FSA more power will only further muddle the financial systemThe Treasury Select Committee's sobering verdict on the continued failings of the tripartite regulatory system are dispiriting.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 Jul 2009 | 11:07 pm AvalonBay REIT: Getting In on the Ground FloorONCE THE POSTER CHILD FOR AN EXUBERANT real-estate market -- and exuberant real-estate stocks -- AvalonBay Communities has had its comeuppance. The real-estate investment trust's shares have fallen 61% in the past two-and-a-half years, as higher financing costs, lower rental income and leverage combined to devastating effect. But there is some good news: At a recent 56, Avalon's shares (AVB) reflect these challenges, and the deeply depressed state of the apartment-rental market generally. The stock is trading near the company's asset value, which analysts estimate is between $47 and $70 a share, down from more than $120 two years ago. What the shares don't reflect is a potential turn in the rental market, which could come sometime in 2011. REIT stocks should bottom well in advance of REIT operators' results. "The market has already set a very low bar," for this company, says Alexander Goldfarb, a senior REIT analyst with Sandler O'Neill. He recently upgraded the stock to Buy with a 61 price target, in part because of the market's dour sentiment. And if the recovery takes a bit longer to materialize? AvalonBay investors needn't panic: They will be compensated with a dividend of $3.57 a share, and a yield of 6.3%. Based in Alexandria, Va., AvalonBay develops and operates apartment buildings. It also manages two investment funds that purchase existing buildings. At the end of the first quarter it owned or held an ownership interest in 173 communities with 50,291 apartments in 10 states, primarily on the East and West Coasts, and the District of Columbia. Twelve of those communities were under construction, and seven were under reconstruction. Barron's last looked in on the company in March 2007, in a piece skeptical of the stock's then-"go-go" valuation ("Apartment-House Blues," March 5, 2007). The shares have fallen 56% since. One factor likely to bolster AvalonBay's business is a peak in the unemployment rate -- currently 9.5%. That's more than double the December 2006 low of 4.4%, and analysts see it rising to 10% or 11%. When unemployment begins to fall and more people start earning paychecks, they can become renters, helping apartment REITs. It is widely anticipated that management will lower its guidance for 2009 earnings this week when it reports second-quarter results, because the unemployment rate is higher than expected. The guidance it delivered in January was based on projected losses of about three million jobs, but more recent estimates put such losses at about five million. Avalon told investors in January to expect funds from operations, or FFO, of $4.50 to $4.80 a share in 2009. The Street is looking for $4.55, up from $4.07 last year, which reflects an 80-cent fourth-quarter charge related to land impairment and the cancellation of a planned development. FFO is the REIT industry's measure of profitability; it equates roughly to net income with depreciation added back in. Avalon could reduce guidance by as much as 6%, moving the FFO range down to $4.20 to $4.50 a share to give itself ample cushion, says Craig Leupold, president of Green Street Advisors in Newport Beach, Calif. He sees FFO of $4.51 this year, followed by $3.84 in 2010 and $3.69 in 2011. If management cuts its forecast further, the shares, which rallied sharply last week, could ease into the low $50s. The expected declines in FFO reflect a combination of lower occupancy levels and rental rates and higher costs. At the end of the first quarter, occupancy rates were 94%, and rental rates on new leases were 10% to 12% below what the prior tenants paid. Renewal rental rates were up 2% on average. AVALON IS EXPOSED TO SOME of the hardest-hit markets in the U.S., including New York and California. The New York City properties have experienced rental declines of 15% to 20% when tenants turn over. Roughly 60% of Avalon's leases expire in the spring and summer, so second-quarter results, and guidance, will be telling. There is some debate about whether the company's higher-end properties will fare better or worse than those on the lower end. Naysayers say more expensive properties will have a tougher time filling up as renters go looking for bargains, but CEO Bryce Blair notes both are under pressure. Expensive properties are under "marginally" more pressure, but will outperform less-expensive apartments once the market starts to recover, he adds. Some apartment REITs trade at lower multiples of FFO adjusted for maintenance capital expenditures than AvalonBay's 15.7. Some competitors also sport greater discounts to net asset value. But Avalon has by far the best balance sheet of the group and, unlike some competitors, doesn't need to raise new equity. The company's debt-to-assets ratio is 46%, the lowest among apartment REITs. Apartment-building REITs have an important advantage over commercial and retail REIT operators: They can use their buildings as collateral to borrow from Fannie Mae and Freddie Mac. Commercial REITs have to borrow from the capital markets, currently at 7.5%, while apartment REITs can borrow seven- to 10-year debt from Fannie and Freddie at 5.5%, notes Leupold. "We have enough capital today through dispositions we have closed or money that we have raised to fund everything that is under development," says Blair. Avalon's funds include an untapped $1 billion bank line of credit and $920 million of gross proceeds from selling 16 properties fortuitously in 2007 and 2008. ONCE CONSIDERED A POSITIVE, Avalon's development portfolio of multifamily complexes is now considered a drag on the company's future. It has 12 communities under development, and six that could be completed this year. The risk is that the yield on new buildings -- their net operating income divided by the cost of construction -- will be less than the cost of capital, says Ross Nussbaum, the senior U.S. REIT analyst at UBS, who has a Sell rating on the stock. The yield on new buildings currently is about 6%, and the cost of long-term debt and equity in the public markets is higher than that. On the margin, low yields will be a drag on earnings and hurt net asset values, Nussbaum says. Yet many long-term trends bode well for the apartment sector. While a number of multifamily complexes are nearing completion and could add to supply this year, the balance between supply and demand will improve thereafter. "There are very [few projects] being started today, and that's positive for 2011 and beyond," says Blair. At the start of this year Avalon decided not to begin any new projects, and it will announce this week whether any will be started in the second half of the year. Separately, one of the company's private investment funds raised $400 million this year. The funds are used to acquire existing properties, while new development typically is funded via the REIT's balance sheet. Now is an opportune time to have cash and bargain-hunt. Demographics also favor the apartment market. The echo boomers, or children of baby boomers, are hitting the age when renting is the primary housing choice, notes Michael Cohen at PPR, a real-estate research firm. Once the recession ends, they are likely to stop bunking with Mom and Dad, giving demand for apartments a nice boost. In the aftermath of the housing bust, it is unlikely home ownership will return to its 2004 peak of 69%, Cohen adds. Ownership now stands at 67%, meaning more people have joined the pool of renters. "We're losing fewer renters today to home ownership than we were two years ago," CEO Blair says For long-term investors, one of Avalon's most attractive features is its 6.3% dividend yield. Even if the company's income falls next year, funds from operations should cover its payout by 110%, says Leupold of Green Street. However, Goldfarb, the Sandler O'Neill analyst, thinks the dividend could be cut to $2.80 a share around year end. "We don't see any scenario under which we couldn't pay our dividend," Blair says. REIT dividends get taxed at rates near the personal-income-tax rate, not at the 15% rate investors pay on dividends from corporations. Yet even after taxes, Avalon's yield beats the 2.2% yield on the Standard & Poor's 500 and the 10-year Treasury's 3.67% yield. If the apartment market recovers in the next year or two, as expected, the potential upside in the stock provides a nice kicker.
The Bottom Line
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Source: SmartMoney.com | 30 Jul 2009 | 10:00 pm Q&A With Intel CEO Otellini: All About the Chip
With an onsite gallery devoted to the history of the microchip and see-through furniture filled with old chips, Intel’s (INTC) Santa Clara, Calif., headquarters treats computing progress with reverence. Actual computers, on the other hand? Slightly less precious. The chipmaker’s 80,000 employees are granted a company-issued laptop—and at least one breaks every day, to the tune of some 500 busted notebooks every year. SmartMoney: The conventional wisdom suggests people would have stopped buying computers in a weak economy, but your sales haven’t dipped too badly. Paul Otellini: This is the first down cycle since the PC has become indispensable. Even in the dot-com bust, it wasn’t pervasive. If your PC broke tonight, you wouldn’t wait until the end of the recession to replace it. To me, that’s a valid test of the utility and the indispensability. So that gives us a bit more confidence. Historically, people didn’t buy a new computer because their old one broke. They bought a new one because the old one became obsolete—and that doesn’t happen as quickly anymore. That’s true—it’s new utilities and new uses that drive demand, and I don’t see that changing. But there are more than 500 million PCs that are more than three years old now. Fine. Windows 7 comes out next year. Are they going to run Windows 7? Probably not. If people want Windows 7—which is stunning, by the way—they’re going to need a new PC. But for most people, their current computer might be enough. I’ve had generations of journalists sit in this room and tell me, “Why do I need anything more than what I have?” In 1985 people said, “I’ll never need anything more than a 386.” If you think that computing is going to stay the same for the rest of your life, then you can keep the computer you have. But at the end of the day, we want computing to be like Star Trek, right? So it just does stuff for us without having to deal with it. And to do that takes more performance, not less. And now you’re working on chips for smartphones and medical devices? We’ve had to develop the smallest, cheapest part with good performance we could. We’ve never done that before, but we have to get into these things that don’t have the budget a PC does. The architecture is merging. When did you realize that? The industry has had the notion that it would merge for a long time. But we didn’t really understand the smartphone phenomenon until three or four years ago: The Internet is the killer app. Voice is necessary, but it’s not what you buy a smartphone for. You plan to be in phones within a year. We’ll start at the high end and work our way down, and you’ll have the same experience on your phone that you have on a PC. You’ll have better graphics, better video, you’ll never go to a site where the Flash player doesn’t work. Netbooks and high-end phones sell for less than PCs. You’re going to need volume. It’s always been volume. When you build one of those factories, you build to a scale that drives lower costs but also huge amounts of product. The only way we can afford to build cheap computers or make chips for cheap computers is to use the scale capacity that we have. You’re investing $7 billion in the next two years to build factories in the U.S. Why build chips here? We don’t believe that manufacturing in the U.S. is dead. We may not have a competitive advantage making steel anymore, but we’ve got a competitive advantage in technology. The workers in our factories are very highly educated people, and they operate our equipment that’s worth, in some cases, $40 million to $50 million apiece. You want the best people in the world running them. You couldn’t do it somewhere else, maybe cheaper? Sure. We have factories in Ireland and Israel, and we’re building a semiconductor factory in China, but you asked me why I built them here. We have resources here, we can turn those facilities into new production faster, we have employees who are highly trained here, and we can preserve jobs here. It made sense. The computer industry, broadly speaking, helped lead an economic recovery in this country in the ’70s. Is tech still in that role? Well, computing is a productivity tool. And so the deployment of computing into more and more sectors of the economy will make us all more productive. For example, health care is the least-penetrated major industry when it comes to technology. Every time you or I go to a doctor’s office, we still have to fill out that stupid chart and put that your grandmother had diabetes—do that enough times and sooner or later you’ll forget. How inefficient is that? And that inefficiency is expensive, and it drags on the economy. Technology can help. You were talking about how we all want computers to be Star Trek. What could that really look like? Today, the way the Internet works, if you want to find out something, you go to a search engine or a site—you’re taking an action. The next step is where the Internet comes to you proactively when you need something. Hold up the phone, and it’ll translate a sign, or recognize a monument, and give you reviews and tell you where the bathrooms are. And we’re getting there, and it will make your life better. What would make your life better? I’d like a life. You can’t get that on your handheld? No, I can’t. 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 | 30 Jul 2009 | 10:00 pm Bernanke on the Economy in 2 MinutesWhat does Ben Bernanke think about the recession? It’s the worst crisis since the Great Depression, but we should see growth in the second half of this year. We know this thanks to Bernanke’s participation in an unusual, hour-long town-hall meeting Sunday hosted by Jim Lehrer. The discussion aired as a three-part series on The "NewsHour" this week. Audience members asked a variety of questions, including “What exactly is the Federal Reserve?” and whether inflation could be a problem in the next couple of years (Bernanke said probably not). The event gave the Fed chief a chance to weigh in on a broad range of topics outside his job description – including the federal budget deficit, the stimulus package, how to maintain a strong dollar, even basic investing advice (his response: diversify, and don’t try to time the market). Want the gist? Check out SmartMoney’s two minutes of highlights or watch the entire three-part special here. 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 | 30 Jul 2009 | 10:00 pm 10 Things Your Landscaper Won't Tell You (10 Things)1. “My sprays are real killers, all right.”Sure, you want your lawn to be as green as Yankee Stadium’s outfield. But does your landscaper need to poison it in the process? Gloria Megee knows what harm grass-protecting pesticides can do. Several years ago, after a landscaper had sprayed pesticides on the yard of her Arlington, Va., housing development, Megee’s bichon frise, Monique, started to nibble the grass. Seconds later the dog was vomiting; she would experience seizures throughout the night. Monique eventually became riddled with skin cancer and tumors. The cause? Megee’s vet blamed it on the pesticides. “The poor dog’s paws were totally raw from walking on sprayed grass,” says Megee. Indeed, research has linked pesticides to Parkinson’s disease, Hodgkin’s disease, and liver cancer. One of the major culprits in insecticide poisoning, diazinon—once an active ingredient in Ortho and Spectracide, among many other pesticides—was so dangerous that the Environmental Protection Agency banned it from all household and gardening products in 2004. But a spiffy lawn and long-term health are not mutually exclusive. Rather than chemicals, some landscapers now use bug-eating birds, kelp spray, and insects that prey on vegetarian pests, the ones that harm trees and plants. Says Steven Restmeyer, a landscaper who has practiced such techniques: “When landscapers deal with pesticides, they deal with liability and health issues, and they are replacing the natural process of the soil microbes that feed the plants.” 2. “Don’t expect a refund if your garden croaks.”A month ago your landscaper planted new shrubs in your front yard. They looked great—for a day. Now they’re dry as a wheat field. The landscaper blames you for failing to water them enough, and you blame the landscaper for buying bush-league bushes. Who’s right? It doesn’t matter—the plants are dead, and don’t expect your landscaper to cheerfully reimburse you. Jeff Herman, the owner of a landscaping company in Fair Lawn, N.J., says landscapers get no money-back guarantee from the nurseries on the plants and shrubs they buy for homeowners. “They figure that the landscaper ought to know what he’s doing,” Herman says. Still, that doesn’t mean your landscaper can’t provide you with some protection. While you’ll have little chance to get a refund on such things as rose bushes (they’re prone to bugs) or ground cover (ivy, for instance, which will die quickly if not watered), you should demand some kind of payback from the landscaper if it’s obvious you properly cared for the plantings. “Show your landscaper the grass around the dead plant,” says Hugo Davis, former president of the Kentucky Nursery and Landscape Association, a trade organization for landscapers and nursery owners. “If it’s green and thriving, well, then you did all the watering you needed to do.” 3. “I’m not qualified to do the job, but that won’t stop me.”Michael Torquato wanted to take advantage of the well behind his new home in Port Charlotte, Fla. So he hired a landscaper to build an irrigation system that would provide fresh, free H2O, but the plan quickly sprung a leak when the landscaper ended up connecting the irrigation system to a city water pipe—a maneuver a city inspector later told Torquato was illegal. Torquato’s big mistake? Hiring a landscaper to do work he wasn’t licensed for. (In this case, he should have had a well-driller’s license.) Licensing regulations involving landscapers differ from state to state. Still, with jobs that result in water running underground—with the potential to flood your basement in a big and costly way—James Hsu, executive director of the New Jersey State Board of Architects, offers this rule of thumb: “Unlicensed landscapers should not do anything involving grading or drainage.” And don’t be swayed by reassuring words without the paper to back it up. “Some landscapers tell clients, ‘Don’t worry, I’m capable. I can take care of this,’” Hsu says, when “often, it’s impossible to tell what they’re capable of.” 4. “My budget grows like a weed . . .”How much fine print can there be in a contract with a landscaper? You’d be surprised. In ant-size lettering you’ll find the kinds of clauses that can raise an annual landscaping bill by 25 percent. For instance, you may be obligated to pay maintenance and upkeep costs, such as a $300 spring-cleaning fee or extra charges for the trimming and disposing of excess growth on bushes. And these types of add-ons may be applied at the landscaper’s discretion without your prior approval. Why not include the charges up front, maybe even in the big print? “They’re trying to make extra money without the [customer] being aware of it first,” says Jeff Herman. He tries to avoid confusion by sending out fliers that keep his customers informed of work that needs to be done. Many competitors, he gripes, “don’t even give the customer a chance to turn down the service.” 5. “. . . but meanwhile, I’m reaping big savings.”If you want a deal on bulbs, plants, and topsoil, go shopping with your landscaper. He’ll know how to trim the bill. “Nurseries have a secret code for landscapers on the price tags,” says one New York–area landscaper. “There’ll be 10 numbers, and I know which ones to look at to decipher the professional price, usually around 30 percent off of retail.” He says he then regularly charges customers the retail price for the plants and pockets the savings. Some landscapers are known to be even more enterprising. “Fly-by-night landscapers go out, steal plants, and then plant them in other people’s yards,” says Mary Ellen Burton, whose family-owned business in Frederick, Md., has been selling plants since 1929. “We had $8,000 worth of plants stolen from a model home,” Burton says. “I guarantee [they’re] in somebody’s yard.” 6. “All plants are not created equal.”There are some very good reasons you hire a landscaper to keep your garden looking like Versailles: You don’t have the time or the know-how to do it yourself. And crooked landscapers thrive on your ignorance. “Less-than-reputable people will do whatever they can to get by,” says Hugo Davis. One trick he says some landscapers favor: planting fast-growing bushes that are less expensive than slow-growing bushes, but will later require more care and labor from the landscaper. Also, instead of planting high-tech trees engineered to repel insects and resist diseases, they’ll simply plant a cheaper, old-fashioned version—a distinction you won’t notice until the tree becomes riddled with fungus. What can you do about it? Not much, according to Davis, who admits that even he can be tricked by look-alike plants. “It’s similar to buying a car and being told that it gets 22 miles to the gallon,” he says. “You won’t know that for sure until you’ve owned the car for a while.” All the more reason to choose a landscaper with a good local reputation. 7. “I don’t always finish what I start.”Deborah LaBate hired a landscaper she’d found in the yellow pages to plant trees and bushes around her Florida home. Before taking the job, the landscaper wanted $1,000 up front, $1,000 when the job started, and $2,000 at the job’s completion. Sounded legitimate—until she gave him the initial $2,000. “I didn’t see him for a week,” LaBate says. “He’d tell me it was too cold to work, that it was raining, that the ground was too wet to dig—anything to keep from working on my yard.” You might suggest that she file a suit. Bad idea. “You can’t prove fraud or deceit, because these guys start the job seeming like they intend to finish,” gripes Erin Mullen-Travis, licensing manager for Charlotte County, Fla.’s building construction services. “The way to protect yourself is to get job parameters in writing and parcel out the payments very carefully. If somebody asks for a 50 percent deposit, that should throw up flags.” A more agreeable figure is 30 percent. Mullen-Travis says that if you do run into a snag with a landscaper, consider going to small-claims court—“especially if money was given and no work has been done,” she says. “Under any law, that is theft.” Or just do what LaBate did. “I relentlessly called the landscaper—every day,” she says. “Finally, he came back, and I told him, ‘Finish the job, this week, or I’ll become your worst nightmare.’” The threat worked. LaBate says she now has the best lawn in the neighborhood. 8. “What I’m doing won’t necessarily make your home more valuable.”Debby Bright, a real estate broker in Gilroy, Calif., estimates that homeowners can recoup 150 percent of their landscaping costs when they sell. But there’s a hitch: You need the right landscaping. Oleander bushes, for example, look great, but they’re poisonous and a turnoff to botanically knowledgeable house hunters. Bright’s ideas for home enhancements include trees that block noise and shrubs that create a sense of privacy; you don’t want just a large, house-exposing lawn. While Bright points out that lattices and high hedges are more appealing than brick-and-cement walls, one quaint touch to avoid is climbing ivy. “It attracts roaches and termites,” Bright says. “You’ll think your landscaper’s ivy is very nice until you are about to sell your house, you have a termite inspection, and wind up spending $8,000 to resolve the pest problem.” 9. “My workers chug your beer when they should be mowing your lawn.”A man in Arizona claims that his landscaper stole pills from his medicine cabinet. A Tennessee woman says she left a group of landscapers home alone, then later discovered that they’d gone down to her basement to drink her beer and play eight ball on her pool table. Because the landscaping profession generally has a low barrier for entry, homeowners need to be particularly vigilant in checking references and finding out about a company’s track record. Mary Ellen Burton says be wary of so-called pickup truck landscapers. These nefarious gardeners often affix magnetic signs to their trucks as identification rather than using the more permanent painted-on logos. Their inexperience can do lasting damage. Burton says these landscapers will commit such mistakes as applying too little mulch to soil or planting a tree too deeply. She has even seen landscaped homes with Leyland cypress planted near the front door—a major foliage faux pas. “Typically, Leylands are used as a screening plant,” says Burton, but if you plant one too close to the house, “in two years it will grow to be as tall as your entryway.” To avoid such foul-ups, make sure the landscaper has liability insurance—about $1 million is a reasonable amount of coverage—and vet him through the Better Business Bureau. 10. “It’s my fault the neighbors hate you.”You’re relaxing on a crisp autumn afternoon, planning to do nothing more than catch the Cowboys–Giants game on TV, when suddenly, your couch time is blasted to pieces by the roar of a leaf blower. Suburbia’s equivalent of Black Sabbath practicing in your basement, leaf blowers can pump out 75 decibels of rumbling, high-pitched noise. How bad can it get? Enough to prompt the passage of a few rules and ordinances in towns where neighbors have gotten fed up with the unrelenting racket. The gentle people of Palo Alto, Calif., for instance, banned the use of gas leaf blowers in residential areas in 2005 and have set limits on the hours when electric leaf blowers can be used (9 a.m. to 5 p.m. during the week). Since then, “Leaf blowers cannot be used on Sundays or on any holidays—and that goes for electric ones and gas blowers that are only allowed in commercial areas,” says a spokesperson for the Palo Alto police department. 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 | 30 Jul 2009 | 10:00 pm Ryman Healthcare says it's on trackRetirement village operator Ryman Healthcare says it is on track to lift realised profits and dividends this year. Chairman David Kerr told the company's annual meeting in Christchurch today that the company was trading well. "We...Source: New Zealand Herald - Business | 30 Jul 2009 | 8:30 pm No profits? Here's a fat bonus!Even as top banks delivered abysmal performances last year, they still managed to pay out billions of dollars in bonuses to employees, according to a study published Thursday by New York Attorney General Andrew Cuomo.Source: Business and financial news - CNNMoney.com | 30 Jul 2009 | 8:21 pm Lenders win control of DelphiA US bankruptcy court has given the go-ahead for a group of lenders to take control of Delphi, the Michigan car-parts maker, bringing the end in sight to one of the lengthiest journeys by a US company through a Chapter 11 restructuringSource: Financial Times - US homepage | 30 Jul 2009 | 7:03 pm NY AG details big bonuses at bailed-out banks (AP)
Source: Yahoo! News: Stock Markets News | 30 Jul 2009 | 6:35 pm Shell and Exxon profits tumbleProfits at two of the world’s biggest oil companies, ExxonMobil and Royal Dutch Shell, have plummeted after tumbling international oil prices and weaker demand for energy battered revenuesSource: Financial Times - US homepage | 30 Jul 2009 | 6:17 pm Are doctors’ hours a danger to patients?YES Source: Latest Business News from Times Online | 30 Jul 2009 | 6:00 pm Centrica plays its green card as profits soarBritish Gas announced an 80 per cent surge in profits yesterday after steep falls in the wholesale cost of energy. At the same time Centrica, its parent, shrugged off calls for consumer price cuts, saying the cost of decarbonising Britain’s energy supplies would keep bills high for the foreseeable future. Source: Latest Business News from Times Online | 30 Jul 2009 | 6:00 pm BT pension shortfall doubles to £5.8bn as cost cuts take the edge off big profit fallThe black hole in BT’s pension fund doubled to £5.8 billion in the second quarter, it was revealed yesterday. Source: Latest Business News from Times Online | 30 Jul 2009 | 6:00 pm Pacific Blue adds Auckland-Queenstown flightsLow fare airline Pacific Blue will start weekend flights between Auckland and Queenstown in September. Queenstown will be the airline's fifth New Zealand domestic destination. Pacific Blue has been flying between the three main...Source: New Zealand Herald - Business | 30 Jul 2009 | 6:00 pm Microsoft and Yahoo on defensiveSteve Ballmer, chief executive of Microsoft, made a renewed effort to convince Wall Street of the attractions of his company’s search alliance with Yahoo as investors continued to punish Yahoo’s share priceSource: Financial Times - US homepage | 30 Jul 2009 | 5:34 pm Briscoe sales rise 3.7pcRetailer Briscoe Group is reporting a 3.7 per cent rise in second quarter sales compared to a year earlier, as the country tries to work its way out of recession. Group managing director Rod Duke said half year net profit was anticipated...Source: New Zealand Herald - Business | 30 Jul 2009 | 5:30 pm Disney profit beats Wall Street, shares slideLOS ANGELES (Reuters) - Walt Disney Co posted a 26 percent plunge in quarterly earnings on Thursday, underlining the continuing effects of the recession on advertising and consumer spending, but beat Wall Street forecasts by a hair.Source: Reuters: Business News | 30 Jul 2009 | 5:29 pm YRC posts loss, gets debt deal; stock slidesCHICAGO (Reuters) - No. 1 U.S. trucking company YRC Worldwide Inc on Thursday reported a large loss due to plunging revenue and hefty charges, and said it was hard to say if the economy has hit bottom, sending its stock down 14 percent.Source: Reuters: Business News | 30 Jul 2009 | 5:17 pm Stock Fund Inflow Continued In June (Investor's Business Daily)Investor's Business Daily - Investors pumped $12 billion into stock funds in June. Bond funds pulled in $29.09 billion.Source: Yahoo! News: Stock Markets News | 30 Jul 2009 | 5:17 pm Write-Offs: 07.30.09$$$ Matt Goldstein: Wall Street meets The Matrix [Reuters via ZH] $$$ Liz Peek, wife of CIT CEO Jeff, is pro-bonuses. [HuffPo] $$$ Sickness scare at Bank of America office, strong perfume the culprit [TMT] $$$ Merrill Lynch Paid More Than $3 Billion Bonuses After Suffering $27 Billion In Losses [clusterstock] $$$ Sheila Bair shot down for Vogue photoshoot [Cityfile] 
Sponsored Topics: Bank of America - Merrill Lynch - Wall Street - Business - Sheila C. Bair Source: Dealbreaker | 30 Jul 2009 | 5:15 pm U.S. bill would restrict OTC derivatives holdingsWASHINGTON (Reuters) - U.S. financial regulators would gain the power to restrict holdings of over-the-counter derivatives under legislation to be crafted in the coming months, the chairmen of two House of Representatives committees said on Thursday.Source: Reuters: Business News | 30 Jul 2009 | 5:07 pm Disney’s magic hit by drop in profitsThe tough consumer environment took its toll on Walt Disney’s third-quarter earnings, with profits down 25 per cent on lower theme park revenues, falling television advertising income and declining home entertainment salesSource: Financial Times - US homepage | 30 Jul 2009 | 5:03 pm Farm lending up, but business lending downNew Zealand banks lent an extra NZ$545 million to the agriculture sector in June, figures from the Reserve Bank of New Zealand show. However, year-on-year credit growth for agriculture slowed further to 14.5 per cent from 17 per...Source: New Zealand Herald - Business | 30 Jul 2009 | 5:00 pm Coin marks bank's 75th anniversaryPre-decimal coin images of the tui and kowhai are making a comeback on a New Zealand Post limited edition commemorative coin to mark the Reserve Bank's 75th anniversary. The $1 denomination silver nickel coin uses the classic tui...Source: New Zealand Herald - Business | 30 Jul 2009 | 4:59 pm More Goldman Smack TalkNomi Prins, a former MD from that boutique firm headquartered at 85 Broad St. added another line item to Mad Max's 'they will so pay for this' list. When asked about whether GS knew what they were really doing when pumping out billion after billion of MBS, the ex-Goldmanite replied that they certainly did and were just carrying out "business as usual". But as for finding the firm in a S&P 'it could be structured by cows and we would rate it' moment, that is a game of catch-me-if-you-can that the MBS Senate panel may find very hard to win. Watch the latest business video at FOXBusiness.com
Sponsored Topics: GoldmanSachs - Business - Services - Law - Lawyers and Law Firms Source: Dealbreaker | 30 Jul 2009 | 4:32 pm S&P 500 approaches 1,000 - (Yawn)Source: Business and financial news - CNNMoney.com | 30 Jul 2009 | 4:27 pm Troublesome trophyCarmaking: Tata’s purchase of Jaguar Land Rover has become a test of both UK industrial policy and the ability of groups from emerging markets to run western brandsSource: Financial Times - US homepage | 30 Jul 2009 | 4:11 pm How the major stock indexes fared on Thursday (AP)AP - The stock market is a day away from locking in its best July in 20 years. Stocks added to an already impressive run Thursday as another round of earnings reports gave investors new reasons to be optimistic about the economy. The latest reports struck a theme that has played out for weeks: Times are tough but companies aren't doing as badly as feared. Many have chopped costs to produce profits well beyond the market's modest expectations.Source: Yahoo! News: Stock Markets News | 30 Jul 2009 | 4:03 pm Bankrate 2Q profit cut in half (AP)AP - Bankrate Inc. on Thursday reported its second-quarter profit was cut in half as the recession eroded advertising revenue at the consumer finance Web site operator.Source: Yahoo! News: Business | 30 Jul 2009 | 3:51 pm California Woman Helps Out Budget Woes By Suing State
He clearly wasn't paying attention when Calpers pinned the fortunes of $1.3 billion in pension money on AAA-rated CMBS.
Sponsored Topics: California - Business - Polo shirt - CalPERS - Lawyer Source: Dealbreaker | 30 Jul 2009 | 3:49 pm HDTV helps boost BSkyB profitsBroadcasters adds 124000 subscribers over the last quarter as recession forces more people to stay home.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 Jul 2009 | 3:47 pm The people's $2 stimulus packageAs the recession continues decimating Main Street businesses, communities are taking matters into their own hands. From Bowdoinham, Maine, to Chico, Calif., and dozens of cities in between, activists have launched campaigns to stimulate their local economies.Source: Business and financial news - CNNMoney.com | 30 Jul 2009 | 3:46 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 starting this spring. The numbers are the closing levels for the Dow:Source: Yahoo! News: Stock Markets News | 30 Jul 2009 | 3:43 pm BSkyB boxing clever in the long termWho says stock markets are short term?Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 Jul 2009 | 3:31 pm Voser's cutting remarks are neededChange is afoot at the oil giant.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 Jul 2009 | 3:27 pm BRC urges more Goverment action on bank lendingCall comes after survey shows 20pc of large retailers have experienced reduction in lending over last quarter.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 Jul 2009 | 3:20 pm Would You Pay Anything For Trader Monthly?
When asked about the auction price Dan Ryan, former head of DDM's capital markets ad sales, laughed, saying, "No one in the U.S. is going to pay anywhere near $50k for that title now. They're dreaming."
Sponsored Topics: Auction - Wall Street - Trader Monthly - Dan Ryan - Publishing Source: Dealbreaker | 30 Jul 2009 | 3:08 pm Wynn vs. Las Vegas Sands, A Tale of Two Casinos (WYNN, LVS)Today we had earnings from casino rivals Wynn Resorts Ltd. (NASDAQ: WYNN) and Las Vegas Sands Corp. (NYSE: LVS). While many consider these companies very similar for having higher-end operations and Macau operations or ambitions, these two earnings reports and the reactions are rather different. Wynn Resorts beat its earnings handily this morning. Las Vegas Sands [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 30 Jul 2009 | 3:01 pm Wall Street rally gets steam from earnings reportsThe Dow leaps 83 points to 9,154 and the S & P 500 rises 11 points to 986, closing at levels not seen since November. But Friday's report on the U.S. GDP will test those gains.Wall Street's summer rally showed renewed strength Thursday as reassuring profit reports and encouraging news on the jobs front buoyed investor hopes that the U.S. economy was on the mend.
Source: L.A. Times - Business | 30 Jul 2009 | 2:57 pm Treasury Issues A New 'Bad Guy' List, With A Lot Of A.K.A.'sBy David Kestenbaum The Treasury Department just released its updated "bad guy list" of suspected terrorists and people we're not allowed to do business with. Some of the people have more A.K.A.'s than you'd find in a James Bond film -- though that seems mostly due to confusion about how to write an Arabic name for English speakers. Like, is it "Mousab" or "Mossab" or "Mus'ab," or maybe "Mossaab"? This guy has 46 A.K.A's: ABD EL-OUADOUD, Abi Mossaab (a.k.a. ABD AL-WADOUB, Abdou Moussa; a.k.a. ABD EL OUADOUD, Abou Mossab; a.k.a. ABD EL OUADOUD, Abou Mousab; a.k.a. ABD-ALWADUD, Abu-Mus'ab; a.k.a. ABDEL ELWADOUD, Abu Mossaab; a.k.a. ABDEL WADOUD... Abou Mossab; a.k.a. ABDEL WADOUD, Abou Moussaab; a.k.a. ABDELMALEK, Drokdal; a.k.a. ABDELMALEK, Droukdal; a.k.a. ABDELMALEK, Droukdel; a.k.a. ABDELOUADODUD, Abu Mussaab; a.k.a. ABDELOUADOUD, Abi Mousaab; a.k.a. ABDELOUADOUD, Abou Mossaab; a.k.a. ABDELOUADOUD, Abou Mossab; a.k.a. ABDELOUADOUD, Abou Mousaab; a.k.a. ABDELOUADOUD, Abou Moussab; a.k.a. ABDELOUADOUD, Abou Musab; a.k.a. ABDELOUADOUD, Abu Mossab; a.k.a. ABDELOUADOUD, Abu Mus'ab; a.k.a. ABDELOUADOUDE, Abou Moussaab; a.k.a. ABDELOUDOUD, Abu Musab; a.k.a. ABDELWADOUD, Abou Mossab; a.k.a. ABKELWADOUD, Abou Mosaab; a.k.a. ABOU MOSSAAB, Abdelwadoud; a.k.a. ABOU MOSSAAH, Abdelouadoud; a.k.a. ABOU MOSSAB, Abdelouadoud; a.k.a. ABU MUSAB, Abdelwadoud; a.k.a. DARDAKIL, Abdelmalek; a.k.a. DERDOUKAL, Abdelmalek; a.k.a. DEROUDEL, Abdel Malek; a.k.a. DOURKDAL, Abdelmalek; a.k.a. DRIDQAL, Abd-al-Malik; a.k.a. DROKDAL, 'Abd-al-Malik; a.k.a. DROKDAL, Abdelmalek; a.k.a. DROUGDEL, Abdelmalek; a.k.a. DROUKADAL, Abdelmalek; a.k.a. DROUKBEL, Abdelmalek; a.k.a. DROUKDAL, Abdelmalek; a.k.a. DROUKDAL, Abdelmalik; a.k.a. DROUKDEL, Abdel Malek; a.k.a. DROUKDEL, Abdelmalek; a.k.a. DROUKDEL, Abdelouadour; a.k.a. DRUKDAL, 'Abd al-Malik; a.k.a. DURIKDAL, 'Abd al-Malik; a.k.a. OUDOUD, Abu Musab; a.k.a. "ABDELWADOUD, Abou"), Meftah, Algeria; DOB 20 Apr 1970; POB Meftah, Algeria; alt. POB Khemis El Khechna, Algeria; nationality Algeria (individual) [SDGT] The document is officially called the Specially Designated Nationals and Blocked Persons list, or SDN for short. Treasury has an extensive FAQ describing how you can tell if someone you're doing business with is really a match. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 30 Jul 2009 | 2:54 pm S&P 500 flirts with 1,000 levelUS equity benchmarks closed at new highs for the year, with investors optimistic that aggressive cost cutting by companies places them in a very profitable position once the economy recoversSource: Financial Times - US homepage | 30 Jul 2009 | 2:48 pm Tarp banks award billions in bonusesJPMorgan Chase and Goldman Sachs paid the most million-dollar bonuses in 2008, while two banks that lost almost $28bn each last year, Citigroup and Merrill Lynch, also made hundreds of their employees millionaires, according to a newly released report on bonus payments by government-supported banksSource: Financial Times - US homepage | 30 Jul 2009 | 2:46 pm Bernanke explains Fed’s new opennessBen Bernanke, chairman of the US Federal Reserve, is rapidly converting the secretive Fed into something of an open house as he tries to ward off criticism of plans to expand the central bank’s powers after the financial crisisSource: Financial Times - US homepage | 30 Jul 2009 | 2:41 pm TSX breaks 2-day slide on resources rush (Reuters)Reuters - A swift return to hopes of economic recovery and a rally in prices for key Canadian commodities helped push Toronto's main stock index higher by 2 percent on Thursday.Source: Yahoo! News: Stock Markets News | 30 Jul 2009 | 2:31 pm TSX breaks 2-day slide on resources rush (Reuters)Reuters - A swift return to hopes of economic recovery and a rally in prices for key Canadian commodities helped push Toronto's main stock index higher by 2 percent on Thursday.Source: Yahoo! News: Business | 30 Jul 2009 | 2:31 pm Rosetta Stone Proves Its Worth (RST)Rosetta Stone, Inc. (NYSE: RST) just gave us its first earnings report that had a full quarter’s worth public data in it. The language learning software solution provider did not disappoint. In fact, this is a solid report. The company posted quarterly figures of $0.23 EPS on $56.5 million in revenues. The estimates from Thomson Reuters [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 30 Jul 2009 | 2:29 pm Oil jumps 5 percent, economic data raises recovery hope (Reuters)
Source: Yahoo! News: Stock Markets News | 30 Jul 2009 | 2:24 pm Moody's lifts rating outlook on Advance Auto Parts (AP)AP - Moody's Investors Service said Thursday it raised its rating outlook on auto parts retailer Advance Auto Parts Inc. to positive from stable and affirmed its debt and liquidity ratings for the company.Source: Yahoo! News: Business | 30 Jul 2009 | 2:09 pm Bonus Brigade Is Having An Impact
Sponsored Topics: New York - Andrew Cuomo - Central Park - United States - California Source: Dealbreaker | 30 Jul 2009 | 2:06 pm Fashion Meets Finance: The Hits Just Keep On ComingOh hell no. To: DealBreaker What the? But you said? I thought? So...so we can't trust anything these shmucks tell us afterall? Update: To: DealBreaker
Sponsored Topics: Identity theft - Crime - Theft - Fraud - Business Source: Dealbreaker | 30 Jul 2009 | 1:54 pm IMF To Increase Lending To Poor Nations, Provide Easier Terms
Last year's IMF Spring Meetings in Washington. (IMF / Flickr) By Mathew Katz The IMF announced yesterday that it's going to increase its lending to poor nations by $17 billion through 2014, responding to what officials call a "third wave" of the financial crisis which has threatened low-income countries. The IMF is also doubling the amount individual countries can borrow. Loans from the IMF can be a lifeline for struggling states, but they do come with strings attached. A few economists at the United Nations recently told us all about the havoc that IMF debt can wreak on a poor country. Now the IMF is implementing some of the recommendations from those same economists -- folks like Martin Khor and Joseph Stiglitz -- to make lending fairer. In addition to the extra money, the IMF is freezing interest payments on outstanding loans to poor countries through the end of 2011, a measure recommended by some of the UN economists so that poor countries can easier survive the crisis. The fund also said it would provide easier lending terms on a permanent basis, including a method of updating annual interest rates after 2011 so that countries still in trouble have a better shot at paying back their loans. Further, the IMF is creating new lending instruments, such as a standby credit facility, that lets countries draw on funds when they need it instead of forcing countries draw down an entire loan. To pay for it all, the IMF is planning to sell off about one-eighth of its gold holdings, about 400 metric tons of gold. The new lending procedures, according to the IMF, are supposed to include "higher pro-poor spending," but the fund isn't specific on what that means. There are still many problems with how IMF loan money is spent by governments, especially the often corrupt governments of poor nations. Still, the changes could help over 80 poor countries get through the crisis -- without some of the crippling long-term debt that's typically associated with IMF loans. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 30 Jul 2009 | 1:48 pm Fashion Meets Finance Participants May Not Be Who They Say They Are
Hello, Of course, this isn't the first time someone used a picture that wasn't them when signing up for a FMF night to remember but it's upsetting nonetheless. As for the pissant who RSVP'ed for a certain someone in Stamford-- check yourself. Big Poppa showed up to last year's event, told his wingman, "If I wanted to tap a bunch of low-hanging fruit I'd lay siege to my trading floor," left after five minutes, and vowed he'd never come back to one of these things again. What's more, he signed up for a mixer at Hula Hanks happening the same day like, weeks ago, and couldn't make it even if he wanted to.
Sponsored Topics: Identity theft - Facebook - Stamford - Theft - Crime Source: Dealbreaker | 30 Jul 2009 | 1:23 pm Moffett Discusses Cablevision Spinoff of Madison Square GardenSource: Bloomberg - All Podcasts | 30 Jul 2009 | 1:19 pm Reinhardt Says Health Insurers Can't Refuse Coverage to SickSource: Bloomberg - All Podcasts | 30 Jul 2009 | 12:10 pm It's Just In Chris Dodd's BloodIf it turns out Chris Dodd did jump the velvet rope at Countrywide with Kent Conrad, it might be a case of genetics in action. Former radio host Tom Scott, who coincidentally lost his job shortly after grilling Dodd last fall on whether A-Moz had something special for the good senator, says Dodd's father, former CT senator Thomas Dodd had some mortgage-related issues of his own. The small matter of papa Dodd using campaign funds to pay his mortgage led him to join the elite club of six individuals censured by the US Senate in the 20th century.
Sponsored Topics: Kent Conrad - Chris Dodd - Christopher Dodd - Countrywide Financial - United States Senate Source: Dealbreaker | 30 Jul 2009 | 12:08 pm Yum! Brands Raised to `Overweight' at Morgan StanleySource: Bloomberg - All Podcasts | 30 Jul 2009 | 11:57 am Andrew Cuomo Has Some Numbers To Throw OutThe Attorney General does so in a new book report entitled "No Rhyme Or Reason: The 'Heads I Win, Tails You Lose' Bank Bonus Culture," which he and his team have been slaving away at for months. I think I'm picking up what he's throwing down here, but it's hard to say for sure.
Sponsored Topics: Andrew Cuomo - Attorney general - New York - Business - Law Source: Dealbreaker | 30 Jul 2009 | 11:51 am Presented By:Source: Dealbreaker | 30 Jul 2009 | 11:51 am Are We All Becoming Virtual Assistants?
The term (virtual assistants), around since the Internet became widely available, encompasses anyone who telecommutes and does administrative tasks for other businesses, usually on a contractual basis. Most do tasks such as document preparation, paperwork and accounting. Some have niche areas, such as bilingual translation or creative services. In the current economy, Jane Weizmann, a senior consultant at Arlington, Va.-based human resources consultant Watson Wyatt, said she’s seeing more businesses with a “part-time cadre or network of people” who telecommute and bring different skill sets to projects as needed. The numbers are difficult to track because there is no formal certification and not all people doing similar work call themselves virtual assistants, but one small trade group, the International Virtual Assistants Association, said its number of new members doubled from 2007 to 2008. To date this year, the association has added 160 new members, bringing membership to about 900. Association officials say the number of virtual assistants is increasing as companies lay off their administrative and executive assistants. Plus, the barrier to entry is low, because most people already own the equipment they need, such as computers, printers, fax machines and Internet access. “You meet people at the conferences who say, ‘Oh, after I was laid off four times, I decided to become a virtual assistant,’ “ said Lauren Hidden, marketing director for IVAA. “They get tired of the insecurity of being an employee.” The article cites hourly wages as ranging between $20-$75. As more companies downsize, virtual assistants can only become more marketable. Many perform tasks outside of general administrative work. Some manage Twitter accounts or social networks, blog, research, translate, edit, market, analyze, bean count…the opportunities for “virtual assistance” are almost endless. I wonder whether the term is going to grow to encompass all kinds of online functions, and certain job titles–blogger, market researcher, translator–are eventually going to translate to “virtual assistant with blogging skills,” etc. Regardless, the field looks promising, especially if you’re looking for a work from home opportunity. The International Virtual Assistants Association (www.ivaa.org) and independent sites like Home With the Kids (www.homewiththekids.com) can get you familiar with virtual assistant opportunities.
Source: Business Pundit | 30 Jul 2009 | 11:49 am Morgan Keegan's Dodd Says Regulating Charge Cards Cuts SpendingSource: Bloomberg - All Podcasts | 30 Jul 2009 | 11:22 am Fabian Says Risk of California Default Is `Extremely Low'Source: Bloomberg - All Podcasts | 30 Jul 2009 | 11:11 am McMahon at Sanford Bernstein Discusses Exxon Mobil, Oil PricesSource: Bloomberg - All Podcasts | 30 Jul 2009 | 11:09 am Miami hospitals seek ill, rich foreignersAs lawmakers try to figure out affordable health care, several Miami hospitals have found an alternative: They're launching a campaign to attract foreigners, at least the sick and wealthy ones. Dan Grech reports.Source: Marketplace | 30 Jul 2009 | 10:45 am How presidents handled health careBrown University professor James Morone talks with Kai Ryssdal about how different presidents have dealt with health care, and lessons President Obama can learn.Source: Marketplace | 30 Jul 2009 | 10:41 am JC Penney sets up shop in ManhattanIn Manhattan, high-end retailers rule the scene. But now one mid-priced chain with Midwestern roots is opening up a shop at a time when cash-strapped New Yorkers just might take notice. Kaomi Goetz reports.Source: Marketplace | 30 Jul 2009 | 10:41 am Effect of Iran's politics on its economyVirginia Tech economics professor Djavad Salehi-Isfahani talks with Kai Ryssdal about how Iran's politics may play out in its economy.Source: Marketplace | 30 Jul 2009 | 10:41 am What a patent for podcasts meansVoloMedia has been granted a patent for podcasting. How might this affect podcasters? Jill Barshay reports.Source: Marketplace | 30 Jul 2009 | 10:40 am Why credit card profits are upThird-quarter profits for MasterCard and Visa are up. Where's the money coming from? Stacey Vanek-Smith reports.Source: Marketplace | 30 Jul 2009 | 10:40 am Diagnosing the health care overhaulCongress will soon head into recess, but they are still grappling with overhauling health care. John Dimsdale reports on the heavy lawmaking to be done this fall.Source: Marketplace | 30 Jul 2009 | 10:40 am Cablevision to spin off Madison Square GardenCablevision Systems Corp. said Thursday that its board has approved a plan to spin off as a separate company its Madison Square Garden business, owner of the New York Knicks, Rangers and the famed sports arena where they play.
Source: L.A. Times - Business | 30 Jul 2009 | 9:58 am NYSE Euronext beats Street as costs fall further (Reuters)Reuters - Aggressive cost cutting helped NYSE Euronext beat expectations for a second straight quarter on Thursday, although $442 million in one-time charges forced the transatlantic exchange operator to record a loss.Source: Yahoo! News: Stock Markets News | 30 Jul 2009 | 9:57 am Sony reports loss, expects more red inkTOKYO -- Sony Corp. stuck to a forecast for big full year losses, citing falling gadget prices and a shaky global recovery, even as it posted less-dismal-than-expected results for the fiscal first quarter.
Source: L.A. Times - Business | 30 Jul 2009 | 9:51 am Blue Moon, Bud Light, and Red Stripe Grace the Obama Beer Summit
President Obama is hosting a beer get-together today to patch up the situation between himself, Prof. Henry Louis Gates, Jr., and Sgt. James Crowley, who arrested Gates on July 16. AB-InBev, Red Stripe, and Coors are taking starring roles in the meeting. The Washington Post has more: …(T)he president, planning to crack a Bud Light at the meeting wtih Gates and police Sgt. James Crowley, is paying special attention to the taste buds of his White House guests. “The president will drink Bud Light,” White House Press Secretary Robert Gibbs said today. “As I understand it — I have not heard this, I’ve read this, so I’ll just repeat what I’ve read,” Gibbs said, sounding very much like the president himself when he was asked to comment on the Gates arrest at a prime-time news conference last week, “that Prof. Gates said he liked Red Stripe, and I believe Sgt. Crowley mentioned to the president that he liked Blue Moon.” Red Stripe is a Jamaican standard, Blue Moon from Golden, Colo. As for Bud Light, the owners live in Belgium these days, but the president was drinking one of their products at the All-Star game where he tossed out the opening pitch recently in St. Louis, home of Bud. Is there any psychoanalysis behind the trio’s choice of beer? Some spectators seem to think so. The only conclusion I can draw is that Obama seems to have the worst taste in beer: Bud Light Blue Moon I wonder if Bud will launch an ad campaign featuring Obama as their token drinker. Would it be worth alienating conservatives over?
Source: Business Pundit | 30 Jul 2009 | 9:48 am Jobless Claims Go Up, Down At Same Time
On average, things are looking better -- if not yet good. (Source: Department of Labor / Planet Money/NPR © 2009) New claims for unemployment insurance rose by 25,000 last week, seasonally adjusted. The Department of Labor says its formula for calculating the report has come back in line with what's actually happening out there. We've been flying blind for a few weeks now, owing to the auto industry laying off people this spring instead of in July. The DoL says the past few reports have been artificially low. Continuing claims, still affected by the skewed formula, fell 54,000 to 6.197 million in week ending July 18. That's the lowest level since April. Tune in next week for a clearer view. Meanwhile, and for whatever it's worth, the four-week moving average continues its very slow descent toward normal, dropping by 8,250. Economist Ian "First to Your Inbox" Shepherdson predicts another rise in the weekly figures next week: "[T]he claims numbers are yet another example of economic data which are less bad than a few months ago but which are still terrible." » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 30 Jul 2009 | 9:40 am Does Microsoft Stand a Chance?
Source: Business Pundit | 30 Jul 2009 | 9:21 am Security Experts Pressure Apple Over iPhone SMS Hack
Security expert Charlie Miller is sharing the details iPhone hack today at the annual Black Hat security conference. The iPhone virus takes control of the device through SMS messages. All an attacker needs is a person’s phone number. Once they’re in, they can send the viral SMS to everyone in the person’s address book. Miller and his colleagues claim to have told Apple about the iPhone virus about a month ago, according to Engadget, but Apple hasn’t reacted yet. CNET has more: Although an attacker could exploit the hole to make calls, steal data, send text messages, and do basically anything that I can do with my iPhone, the researchers were kind and merely rendered it temporarily inoperable. The attack is enabled by a serious memory corruption bug in the way the iPhone handles SMS messages, said Miller, a senior security researcher at Independent Security Evaluators. There is no patch, despite the fact that Apple was notified of the problem about six weeks ago, he said. In the more recent research, Android-based phones were found to be similarly susceptible to an SMS attack, only an attacker could temporarily knock the phone off the cell network but not take control, according to Mulliner, who’s getting his PhD at the Technical University of Berlin. Google patched the hole last week within a day or two of being notified of the problem, he said. Apple might want to think about patching at this point.
Source: Business Pundit | 30 Jul 2009 | 8:58 am Senate Subpoenas Banks Over Subprime MortgagesBy Mathew Katz Goldman Sachs, Deutsche Bank, and Washington Mutual were issued subpoenas by a Senate panel investigating evidence of fraud in the subprime mortgage crisis, the Wall Street Journal reports this morning (subs. req'd). Washington Mutual is now largely owned by JPMorgan Chase, so their subpoena also drags Wall Street's other titan into the mix. Citing officials familiar with the subpoenas, the Journal said the Senate Permanent Subcommittee on Investigations is trying to find out whether internal memos show that bank executives doubted the financial soundness of the mortgage-backed securities their institutions put together. The subpoenas will force the banks to hand over hundreds of company e-mails -- even if they don't find show evidence of fraud, they'll provide an interesting snapshot of what executives at the time really knew about those delightful subprime mortgages. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 30 Jul 2009 | 8:57 am Hanke Says Weak Dollar Will Force Fed to Raise Interest RatesSource: Bloomberg - All Podcasts | 30 Jul 2009 | 8:39 am LPL's White Likes U.S. Technology StocksSource: Bloomberg - All Podcasts | 30 Jul 2009 | 8:35 am CreditSights' Ballard Says Weak Economy Keeps U.S. Inflation LowSource: Bloomberg - All Podcasts | 30 Jul 2009 | 8:35 am Shepherdson Sees U.S. Unemployment Peaking Near 11%Source: Bloomberg - All Podcasts | 30 Jul 2009 | 8:34 am Why You Can't Rework Your Mortgage: Banks Love The Late Fees
That little blue line is the represents homeowners who've staved off foreclosure by reworking their mortgages. (Center for Responsible Lending) By Laura Conaway With homes at risk of foreclosure outpacing loan modifications by seven to one, the Obama administration met with mortgage servicers this week. The servicers promised they would speed up the pace of working out new deals with struggling homeowners. Now a report in the New York Times suggests that mortgage servicers have an incentive to keep borrowers on the hook when those borrowers can't make their payments on time. From the NYT: Even when borrowers stop paying, mortgage companies that service the loans collect fees out of the proceeds when homes are ultimately sold in foreclosure. So the longer borrowers remain delinquent, the greater the opportunities for these mortgage companies to extract revenue -- fees for insurance, appraisals, title searches and legal services. "It frustrates me when I see the government looking to the servicer for the solution, because it will never ever happen," said Margery Golant, a Florida lawyer who defends homeowners against foreclosure and who worked in the law department of a major mortgage company, Ocwen Financial. "I don't think they're motivated to do modifications at all. They keep hitting the loan all the way through for junk fees. It's a license to do whatever they want." You might remember a Planet Money visit to Ocwen headquarters in Florida. The company reports it refinances 75 percent of its troubled mortgages, compared to an industry average of 10 percent. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 30 Jul 2009 | 7:12 am China's central bank reassures on monetary policy (Reuters)Reuters - China's central bank pledged to maintain loose monetary policy to support the economy and said it would ensure sustainable credit growth without resorting to heavy-handed quotas to rein in a lending spree.Source: Yahoo! News: Business | 30 Jul 2009 | 5:38 am
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