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UBS pays price of job cuts as losses mountUBS reported that its losses more than tripled in the second quarter as the Swiss bank took SwFr2287 (£1.2 billion) of charges relating to job cuts, the sale of a Brazilian unit and its debts. Source: Latest Business News from Times Online | 4 Aug 2009 | 4:43 am US tax battle weighs on UBSSwiss bank UBS posted its third quarterly loss in a row after being hit by restructuring costsSource: Financial Times - US homepage | 4 Aug 2009 | 4:35 am Northern Rock makes hefty lossesLosses at nationalised bank Northern Rock rise by a quarter to £724m amid mounting losses on its mortgage loans.Source: BBC News | Business | World Edition | 4 Aug 2009 | 4:35 am Global stock market rally falters (AFP)
Source: Yahoo! News: Stock Markets News | 4 Aug 2009 | 4:31 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 | 4 Aug 2009 | 4:31 am Toyota issues upgrade but warns on scheme salesToyota, the world's largest carmaker, has marginally raised its full-year sales forecast but warned that the US government’s “cash for clunkers” incentive scheme is artificially inflating global sales of vehicles. Source: Latest Business News from Times Online | 4 Aug 2009 | 4:25 am European markets slip after mixed earnings (AP)
Source: Yahoo! News: Stock Markets News | 4 Aug 2009 | 4:22 am European markets slip after mixed earningsEuropean stock markets fell Tuesday ahead of an expected lower opening in the U.S. as mixed corporate earnings led some investors to book profits from recent market highs. The FTSE 100...Source: RSS feed - channel BNewsBusiness | 4 Aug 2009 | 4:22 am Legal and General halves dividendShares in Legal and General fell heavily after the insurer halved its dividend to conserve cash.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Aug 2009 | 4:16 am Pound clears $1.70 against dollarOptimism about the banking sector and the UK economy lifts the pound above $1.70 for the first time since October.Source: BBC News | Business | World Edition | 4 Aug 2009 | 4:12 am MarketWatch First Take: Standard Chartered makes bold betStandard Chartered hits the capital markets looking to raise cash for an unusual reason -- to grow its business.
Source: MarketWatch.com - Top Stories | 4 Aug 2009 | 4:10 am China’s Consumer Spending Will Be Hurt By UnemploymentThe Chinese central government has made it clear that a key to the nation’s economic recovery is strong consumer spending. The $585 billion stimulus package that has been in effect since early in the year is meant to improve the availability of create to both individuals and businesses. That should help push up buying activity among [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 Aug 2009 | 4:04 am Global car sales dive hits ToyotaCar giant Toyota reports a loss of 77.8bn yen for the April to June period as global car sales slumped.Source: BBC News | Business | World Edition | 4 Aug 2009 | 4:03 am Ways to make your retirement income stretch furtherAs savings rates languish at their lowest levels in decades and the state pension remains pegged to inflation rather than earnings we look at 10 ways to make your retirement income stretch further:Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Aug 2009 | 4:01 am Oil prices fall after sudden rallyOil prices fell on Tuesday on profit-taking after a dramatic rally overnight on expectations of higher demand for crude amid signs the ailing global economy was on the mend, traders said.Source: RSS feed - channel BNewsBusiness | 4 Aug 2009 | 4:00 am Goldman employees told no big purchases: report(Reuters) - Goldman Sachs Group Inc Chief Executive Lloyd Blankfein told employees to avoid making high profile purchases, the New York Post said, citing sources.Source: Reuters: Business News | 4 Aug 2009 | 4:00 am Asian markets end mixed, coming off early gainsAsian markets ended mixed Tuesday, with the advance on Wall Street and recent gains in commodities broadly lifting shares of miners and energy producers.
Source: MarketWatch.com - Top Stories | 4 Aug 2009 | 3:59 am UBS still losing client money, sees improvement (Reuters)
Source: Yahoo! News: Business | 4 Aug 2009 | 3:55 am UBS still losing client money, sees improvementZURICH (Reuters) - Swiss bank UBS posted another big loss in the second quarter as wealthy clients were scared off by a U.S. tax row, but said it hoped to start winning back trust now that a U.S. deal was in sight.Source: Reuters: Business News | 4 Aug 2009 | 3:55 am BMW returns to profit in second quarterGerman luxury car maker BMW said on Tuesday that it had returned to profit in the second quarter of 2009, but posted first-half losses and declined to give a full-year outlook. BMW said...Source: RSS feed - channel BNewsBusiness | 4 Aug 2009 | 3:54 am StanChart unveils 1bn fundraisingStandard Chartered on Tuesday said that it was trying to raise another 1bn from investors through a share placing, arguing that it needed the extra money primarily to fuel growth in Asia.The surprise capital...Source: RSS feed - channel BNPaperBusiness | 4 Aug 2009 | 3:54 am GM takes more time to negotiate over Opel sale (Reuters)Reuters - General Motors is taking more time to negotiate with Magna (MGa.TO) and RHJ International over the planned sale of its European arm Opel, the U.S.-based company said on Tuesday.Source: Yahoo! News: Business | 4 Aug 2009 | 3:52 am GM takes more time to negotiate over Opel saleFRANKFURT (Reuters) - General Motors is taking more time to negotiate with Magna and RHJ International over the planned sale of its European arm Opel, the U.S.-based company said on Tuesday.Source: Reuters: Business News | 4 Aug 2009 | 3:52 am UBS posts four-fold increase in quarterly lossSwiss banking giant UBS reported on Tuesday an almost quadrupled net loss of 1.4 billion Swiss francs during the second quarter, said that customers continued to withdraw assets, and issuedSource: RSS feed - channel BNewsBusiness | 4 Aug 2009 | 3:51 am The pros and cons of investing in goldWhich is the best way to make a profit out of gold?Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Aug 2009 | 3:46 am Post Office May Close 700 LocationsThe writing has been on the wall for years. The Postal Service is slowly going out of business. The fax was the first piece of technology that cut into the need to mail letters and documents. FedEx (FDX) and UPS (UPS) took a lot of the agency’s shipping business away. The final and most lethal damage [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 Aug 2009 | 3:43 am Bill Clinton in Pyongyang for talksThe former US president arrived in North Korea on Tuesday, fueling speculation he could help mend ties with Pyongyang at a period of heightened tension, just as Jimmy Carter did during Mr Clinton’s term 15 years agoSource: Financial Times - US homepage | 4 Aug 2009 | 3:41 am Spanish unemployment eases for third monthThe number of unemployed in recession-hit Spain declined in July for the third month running, the government said on Tuesday. The number of job seekers was down 0.58 percent, or 20,794,...Source: RSS feed - channel BNewsBusiness | 4 Aug 2009 | 3:39 am PayPal suffers global outageSource: Business and financial news - CNNMoney.com | 4 Aug 2009 | 3:37 am Stocks set to retreatU.S. stocks were set to pull back Tuesday after crossing key levels in the previous session.Source: Business and financial news - CNNMoney.com | 4 Aug 2009 | 3:37 am Indications: U.S. stock futures drift lower after hitting peaksU.S. stock futures drifted lower on Tuesday as markets retrenched after crossing key technical levels and hitting multi-month peaks in the last session.
Source: MarketWatch.com - Top Stories | 4 Aug 2009 | 3:35 am Bookie hit as punters stay homeBookmaker William Hill says the uncertain economic times are deterring punters, particularly at weekends.Source: BBC News | Business | World Edition | 4 Aug 2009 | 3:33 am Standard Chartered to raise $1.7 bln as net risesEmerging markets-focused bank Standard Chartered on Tuesday said it plans to raise 1 billion pounds ($1.69 billion) to help fund further growth as it also topped earnings forecasts in the first half of the year.
Source: MarketWatch.com - Top Stories | 4 Aug 2009 | 3:33 am BNP Paribas profits rise, boosted by FortisPARIS (Reuters) - BNP Paribas , France's biggest bank by market value, posted higher second-quarter profit on Tuesday, helped by its purchase of Fortis assets, and expressed some optimism...Source: RSS feed - channel BNewsBusiness | 4 Aug 2009 | 3:32 am BNP Paribas profits rise, boosted by FortisPARIS (Reuters) - BNP Paribas , France's biggest bank by market value, posted higher second-quarter profit on Tuesday, helped by its purchase of Fortis assets, and expressed some optimism over prospects for financial markets.Source: Reuters: Business News | 4 Aug 2009 | 3:32 am French press farmers to repay aidFrance says its fruit and vegetable growers will have to start paying back hundreds of millions of euros in subsidies deemed illegal by the EU.Source: BBC News | Business | World Edition | 4 Aug 2009 | 3:21 am Stock futures point lower (Reuters)
Source: Yahoo! News: Business | 4 Aug 2009 | 3:18 am Stock futures point lower (Reuters)
Source: Yahoo! News: Stock Markets News | 4 Aug 2009 | 3:18 am Stock futures point lower(Reuters) - Stock index futures point to a lower open on Wall Street on Tuesday, with the down S&P 500, the Dow and Nasdaq at 0.7 to 0.8 percent at 5:03 a.m. EDT.Source: Reuters: Business News | 4 Aug 2009 | 3:18 am Toyota (TM): Another Sign Car Industry Is Recovering?Toyota (TM) posted an $816 million loss in its last quarter, but lifted its forecasts. It will up production for its fiscal year which ends in March to 6.6 million vehicles from 6.5 million. It is not clear that the news is good for the rest of the industry or whether Toyota’s drive to become a more efficient [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 Aug 2009 | 3:18 am Stock futures point lower(Reuters) - Stock index futures point to a lower open on Wall Street on Tuesday, with the down S&P 500, the Dow and Nasdaq at 0.7 to 0.8 percent at 5:03 a.m. EDT.Source: RSS feed - channel BNewsBusiness | 4 Aug 2009 | 3:17 am Tax bill wipes out Statoil Hydro profitsStatoilHydro, Norway's national oil company, saw its net profits wiped out in the second quarter by an unusually high tax charge, but said its underlying earnings had fallen by less than for most other...Source: RSS feed - channel BNPaperBusiness | 4 Aug 2009 | 3:16 am Australia keeps rates at 3%, more cuts unlikelyAustralia's central bank left interest rates unchanged at a 49-year low of 3.0 percent for the fourth successive month on Tuesday and indicated further cuts were unlikely. The Reserve...Source: RSS feed - channel BNewsBusiness | 4 Aug 2009 | 3:15 am Astellas to co-promote Astra asthma drug in Japan* Symbicort deal comes ahead of hoped-for Q4 Japan approvalSource: RSS feed - channel BNewsBusiness | 4 Aug 2009 | 3:13 am UPDATE 1-Taiwan's Mediatek sees stronger Q3 salesTAIPEI, Aug 4 (Reuters) - Mediatek Inc , Taiwan's biggest chip designer and supplier, revised upwards its 2009 cellphone chip shipment target by 20 percent on Tuesday, in yet another sign of a rebound...Source: RSS feed - channel BNewsBusiness | 4 Aug 2009 | 3:11 am UBS reports yet another big lossUBS, Switzerland's biggest bank, reports a loss of 1.4bn Swiss francs and significant outflows of cash for the April to June quarter.Source: BBC News | Business | World Edition | 4 Aug 2009 | 3:10 am L&G cuts dividend as profits collapse by 92%Legal & General (L&G), Britain's third largest insurer, cut its interim dividend today by 45 per cent as operating profits collapsed by 92 per cent to just £31 million. Source: Latest Business News from Times Online | 4 Aug 2009 | 3:04 am Toyota sees incentives offering boostRead full story for latest details.Source: Business and financial news - CNNMoney.com | 4 Aug 2009 | 3:01 am London Markets: Legal & General shares slide in weaker FTSE 100Insurer Legal & General saw its shares tumble in a slightly weaker London market on Tuesday after it posted a wider first-half loss and said that markets remain uncertain.
Source: MarketWatch.com - Top Stories | 4 Aug 2009 | 3:00 am Clunkers fate in Senate's handsThe popular Cash for Clunkers program faces extinction unless the Senate passes a bill approving additional funding.Source: Business and financial news - CNNMoney.com | 4 Aug 2009 | 2:58 am Leaving your job? Don't forget your 401(k)Question: I'm in my 30's and have a 401(k) from a previous job, 75% of which is invested in a variety of stock portfolios. Although my stock holdings have recovered a bit recently, I'm still down about $7,000 from my peak balance. I'm planning to roll over this old 401(k) into either the 401(k) at my new job or into an IRA account, but I'm wondering whether I should do the rollover now while stocks are still cheap or wait until the market has recovered and then do it. What do think? --Todd Gerecke, Lynden, WashingtonSource: Business and financial news - CNNMoney.com | 4 Aug 2009 | 2:56 am Xstrata profit drops 77% as metals prices fallXstrata, the acquisitive Swiss-based, U.K.-listed mining group, said its first-half profit dropped 77% as tumbling base metals prices offset rising coal prices.
Source: MarketWatch.com - Top Stories | 4 Aug 2009 | 2:55 am Toyota hikes outlook after smaller-than-seen lossToyota posts a smaller-than-expected group loss of $818 million and hikes its full-year net forecast.
Source: MarketWatch.com - Top Stories | 4 Aug 2009 | 2:54 am Standard Chartered to raise £1bn as profits surgeStandard Chartered today unveiled surprise plans to issue £1 billion worth of new shares in a bid to exploit opportunities arising from the aftermath of the global financial crisis. Source: Latest Business News from Times Online | 4 Aug 2009 | 2:50 am UBS suffers loss as rich clients fleeRead full story for latest details.Source: Business and financial news - CNNMoney.com | 4 Aug 2009 | 2:48 am Crisis claims fail to dent Munich Re resultsMunich Re, the world's largest reinsurance group, showed stronger profits in the second quarter in spite of a rise in claims arising from the financial crisis.Credit reinsurance claims were among "an accumulation...Source: RSS feed - channel BNPaperBusiness | 4 Aug 2009 | 2:24 am Recovery 'not in sight' says BMWCarmaker BMW says there are few signs of a long-lasting recovery as it reports a 76% drop in quarterly profits.Source: BBC News | Business | World Edition | 4 Aug 2009 | 2:19 am TARP gains? Well, wait a minuteThe markets are on a roll, but it's still a tad early for Treasury Secretary Tim Geithner to be counting his bailout winnings.Source: Business and financial news - CNNMoney.com | 4 Aug 2009 | 2:13 am Obama's tax promise: Too tall an orderThe middle class may have to pay more in taxes. That was the media's takeaway from comments made by Treasury Secretary Timothy Geithner over the weekend.Source: Business and financial news - CNNMoney.com | 4 Aug 2009 | 2:11 am Northern Rock bad loan charges tripleNorthern Rock on Tuesday reported a 724m pre-tax loss for the first six months of 2009 after impairment charges for bad loans tripled compared with the first half of last year.The nationalised mortgage...Source: RSS feed - channel BNPaperBusiness | 4 Aug 2009 | 2:08 am William Hill moves online betting offshoreWilliam Hill today confirmed that it will move its online betting and gaming divisions to Gibraltar in a bid to save the bookie millions of pounds in tax. Source: Latest Business News from Times Online | 4 Aug 2009 | 2:05 am Kaupthing loan book details culture of the collapsed bankThe loan book of Kaupthing must be one of the most extraordinary documents ever to emerge from a bank.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Aug 2009 | 2:03 am Taxpayer losses jump as Northern Rock bad debts tripleTaxpayers were handed a bill of £724 million by Northern Rock today as it announced a jump in losses during the first half of the year. Source: Latest Business News from Times Online | 4 Aug 2009 | 2:00 am Global automakers beat forecasts, remain cautious (Reuters)
Source: Yahoo! News: Business | 4 Aug 2009 | 1:56 am Global automakers beat forecasts, remain cautiousTOKYO/FRANKFURT (Reuters) - Leading global automakers reported forecast-beating quarterly results on Tuesday, but continued to give cautious outlooks for the industry, which remains hard hit by weak demand and a lack of consumer credit.Source: Reuters: Business News | 4 Aug 2009 | 1:56 am UBS reports $1.3 bln loss as withdrawals continueTroubled Swiss bank UBS reported a second-quarter loss of 1.4 billion Swiss francs ($1.32 billion) on Tuesday, weighed down by further outflows from its private banking business as well as restructuring and impairment charges.
Source: MarketWatch.com - Top Stories | 4 Aug 2009 | 1:56 am Media Digest 8/4/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: A plan for universal healthcare in China could cut the savings rate. Reuters: Bank regulators are opposing the Obama shake-up of the system. Reuters: Bank of America (BAC) settled SEC charges over Merrill bonuses. Reuters: July retail sales lacked a back-to-school jump. Reuters: Toyota (TM) revised its forecasts upward. Reuters: The FDIC is moving quickly to set rules for [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 Aug 2009 | 1:54 am BNP Paribas profit climbs 7%The acquisition of Fortis’ banking activities and strong investment-banking-revenue growth led BNP Paribas, France’s largest bank, to report a 7% rise in second-quarter profit on Tuesday.
Source: MarketWatch.com - Top Stories | 4 Aug 2009 | 1:54 am US tax battle weighs on UBSUBS, the Swiss bank embroiled in a US tax evasion probe, posted its third straight quarterly loss after being hit by restructuring costs and an accounting charge related to its own debt. The Zurich-based...Source: RSS feed - channel BNPaperBusiness | 4 Aug 2009 | 1:48 am FTSE slips back from year's highLondon equities slipped back on Tuesday, after news of a surprise capital raising and a significant dividend cut in the financial sector.The FTSE 100 lost 14 points to 4,667.1, a loss of 0.3 per cent...Source: RSS feed - channel BNPaperBusiness | 4 Aug 2009 | 1:46 am Casino group is hit by downturnCasino group MGM Mirage sees second-quarter profits fall to $212.6m, as the recession hit its US gambling empire.Source: BBC News | Business | World Edition | 4 Aug 2009 | 1:45 am Students put minds toward solving economy woesSchool students will attempt to come up with innovative solutions to blunt the recession at a university forum next month. The pupils, from Wellington and Auckland schools, will be working on the issue that has plagued the country...Source: New Zealand Herald - Business | 4 Aug 2009 | 1:45 am Northern Rock bad debts push loss to £724mNationalised lender made a £724m first half loss as bad debt soared to £602m and warned its £14.5bn taxpayer loan "will increase".Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Aug 2009 | 1:34 am Asia Markets And Europe Open 8/4/2009Markets in Asia were mixed. The Nikkei rose .2% to 10,375. Toyota (TM) reported better than expected earnings. The Hang Seng fell .1% to 20,792. HSBC (HBC) rose on good numbers. The Shanghai Composite rose .3% to 3,471. At the open in Europe. the FTSE was down .4% to 4,662. The Dax dropped .5% to 5,403 and the CAC [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 4 Aug 2009 | 1:28 am BMW cash pile bolsters resultsBMW on Tuesday posted a 60 per cent operating profit drop in the second quarter less than the markets had feared as the world's largest premium carmaker lifted its net cash pile.Profit before interest...Source: RSS feed - channel BNPaperBusiness | 4 Aug 2009 | 1:20 am Westpac scraps penalty feesWestpac in New Zealand has followed the BNZ and announced the binning of its "exception" fees for customers' accounts going into the red. In a widely-tipped move, the bank today said it would cut exception fees on all credit card,...Source: New Zealand Herald - Business | 4 Aug 2009 | 1:20 am Standard Chartered unveils surprise £1bn placing as profits riseAsiafocused bank seeks funds 'to stay ahead of game' as it beats expectations with a 10pc rise in halfyear profit.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Aug 2009 | 1:18 am Toyota delivers cheer to car industry as it forecasts smaller lossThe world's biggest carmaker scales back a prediction for the size of its losses this year as demand stabilises.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Aug 2009 | 1:01 am Bank of America settles SEC lawsuit over Merrill Lynch bonusesThe bank agrees to pay $33 million to settle allegations that it agreed to allow Merrill to pay up to $5.8 billion in bonuses while leading shareholders to believe that it had not. ...Source: RSS feed - channel BNPaperBusiness | 4 Aug 2009 | 1:00 am 'Cash for clunkers' gives a boost to July auto salesFord reports its first year-over-year sales increase -- 1.6% -- since 2007, and Hyundai sales rise nearly 12%. White House urges Senate action to ensure the program continues despite GOP opposition.Washington's $1-billion "cash for clunkers" program is getting credit for giving automakers, including Ford Motor Co., a huge sales boost in July. Now the question is how long it will last.
Source: L.A. Times - Business | 4 Aug 2009 | 1:00 am Kodak Theatre bets Cirque du Soleil will fill its seatsExcept during Oscars season, Hollywood & Highland owner CIM struggles to book shows. An L.A.-backed federal loan would help it sign a 10-year deal with the acrobatic troupe and boost tourism, it...Source: RSS feed - channel BNPaperBusiness | 4 Aug 2009 | 1:00 am Stock market surges; S & P 500, Nasdaq cross key milestonesThe Standard & Poor's 500 notches its first close above the 1,000 mark since Nov. 4. The Nasdaq closes above 2,000 for the first time since Oct. 1.Wall Street's bulls climbed past two key altitude markers Monday without much of a struggle, as fresh data made a strong case that the economy is turning for the better.
Source: L.A. Times - Business | 4 Aug 2009 | 1:00 am Knott's Berry Farm gets monster turnout for Halloween Haunt auditionsApplicants line up to try out for the temporary, minimum-wage gigs playing ghouls, vampires and other creatures at Knott's. Most say the fun of scaring park guests is what draws them here year after year.Renee Glaze has a talent for being creepy.
Source: L.A. Times - Business | 4 Aug 2009 | 1:00 am Insurance agency owner needs to get back to marketingTony Freeman's Corona firm is drawing customers but losing far too many each year. He should become its primary salesman again and work on building relationships, says consultant Phil Beakes.Tony Freeman opened his State Farm insurance office at about the worst possible time.
Source: L.A. Times - Business | 4 Aug 2009 | 1:00 am AIG names new CEO, presidentINSURANCE
Source: L.A. Times - Business | 4 Aug 2009 | 1:00 am Google CEO quits Apple boardWith potential conflicts of interest multiplying, Google's Eric Schmidt steps down from the board of his sometime rival in Silicon Valley. The FTC had been investigating his dual roles.In Silicon Valley, they call it "co-opetition." But in Washington, some see it as conflicts of interest.
Source: L.A. Times - Business | 4 Aug 2009 | 1:00 am An above-the-fold debate that must be fought below the beltIn the race to frame the debate on healthcare reform, Democrats are being outsmarted and outdated by conservatives. It's time to stop pulling punches.There are times when I want to quit being a progressive liberal, tear up my ACLU membership card and surrender my implanted mind-control chip through which I receive marching orders from Hugo Chavez. No matter the righteousness of the cause, liberal progressives cannot seem to get on top of any public policy debate, cannot seem to win any war of words -- which is just weird because you have to assume there are many more English majors among liberals.
Source: L.A. Times - Business | 4 Aug 2009 | 1:00 am Bank of America settles SEC lawsuit over Merrill Lynch bonusesThe bank agrees to pay $33 million to settle allegations that it agreed to allow Merrill to pay up to $5.8 billion in bonuses while leading shareholders to believe that it had not.Reporting from Orange County and New York E. Scott Reckard -- Bank of America Corp. has agreed to pay $33 million to settle allegations that it misled shareholders by indicating that Merrill Lynch & Co. would not pay year-end bonuses -- when in fact the bank had already approved up to $5.8 billion in payments.
Source: L.A. Times - Business | 4 Aug 2009 | 1:00 am Pump prices are on the riseEscalating oil and fuel prices could hurt the U.S. and global economies at an sensitive time, slowing the pace of recovery.Those slowly swelling pump prices aren't done yet, energy analysts said, as crude oil futures jumped back above $70 a barrel Monday to close near the year's trading high.
Source: L.A. Times - Business | 4 Aug 2009 | 1:00 am Insurance agency owner needs to get back to marketingTony Freeman's Corona firm is drawing customers but losing far too many each year. He should become its primary salesman again and work on building relationships, says consultant Phil Beakes. ...Source: RSS feed - channel BNPaperBusiness | 4 Aug 2009 | 1:00 am Kodak Theatre bets Cirque du Soleil will fill its seatsExcept during Oscars season, Hollywood & Highland owner CIM struggles to book shows. An L.A.-backed federal loan would help it sign a 10-year deal with the acrobatic troupe and boost tourism, it saIt's an old Hollywood story: a well-liked performer with a pretty face who just can't deliver the goods every time.
Source: L.A. Times - Business | 4 Aug 2009 | 1:00 am Thomas Cook workers are arrestedTwenty employees of the Thomas Cook travel agency, who had been taking part in a sit-in at its offices in Grafton Street, Dublin, have been arrested.Source: BBC News | Business | World Edition | 4 Aug 2009 | 12:58 am Sharemarket moves upwardsThe New Zealand sharemarket put in another good performance today, continuing its three-week bullish run. The benchmark NZX-50 index made strong gains in the morning before easing off in the afternoon. At 5pm it was up 44.954 points,...Source: New Zealand Herald - Business | 4 Aug 2009 | 12:50 am Northern Rock posts £724m lossNorthern Rock the nationalised lender reported a £724.2m loss in the first six months of the year after charges for bad loans surged.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Aug 2009 | 12:38 am Toyota raises outlook for the yearThe world’s biggest carmaker by sales suffered a $818m net loss in its fiscal first quarter but it was more optimistic about its prospects for the full year to next MarchSource: Financial Times - US homepage | 4 Aug 2009 | 12:33 am RBS sells Asian assets to ANZ in 550m dealRoyal Bank of Scotland the partnationalised British bank has sold some Asian assets to Australia and New Zealand Banking Group for a smallerthanexpected 550m £325m.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Aug 2009 | 12:03 am English club finances worry UefaUefa general secretary David Taylor says there is "significant concern" about the financial state of some English Premier League clubs.Source: BBC News | Business | World Edition | 4 Aug 2009 | 12:02 am Fame & Fortune: Stephanie BeachamStephanie Beacham 62 shot to fame when she starred in 1980s drama Tenko and as superbitch Sable Colby opposite Joan Collins in the American soap Dynasty.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 3 Aug 2009 | 11:44 pm SEC wants $22.6 million from former Kmart CEO: court filing(Reuters) - The U.S. Securities and Exchange Commission wants former Kmart Chief Executive Charles Conaway to pay $22.6 million, alleging he mislead investors before the company filed for bankruptcy in 2002, court documents showed.Source: Reuters: Business News | 3 Aug 2009 | 10:41 pm SEC wants $22.6 million from former Kmart CEO: court filing (Reuters)
Source: Yahoo! News: Stock Markets News | 3 Aug 2009 | 10:41 pm Aluminium and wood stiffen July commodity pricesAluminium and wood products have helped the ANZ Commodity Index post a 1 per cent rise in July - the fifth consecutive monthly increase. The cumulative rise in the index since the recent trough in February this year was 7.8 per...Source: New Zealand Herald - Business | 3 Aug 2009 | 10:30 pm July U.S. retail sales lack back-to-school bounce (Reuters)Reuters - U.S. retailers could post their 11th consecutive drop in monthly same-store sales this week as cool weather, a weak job market, and a lack of tax-free holidays had shoppers picking through the clearance racks in July instead of buying full-priced back-to-school clothes.Source: Yahoo! News: Business | 3 Aug 2009 | 10:20 pm July U.S. retail sales lack back-to-school bounceSAN FRANCISCO (Reuters) - U.S. retailers could post their 11th consecutive drop in monthly same-store sales this week as cool weather, a weak job market, and a lack of tax-free holidays had shoppers picking through the clearance racks in July instead of buying full-priced back-to-school clothes.Source: Reuters: Business News | 3 Aug 2009 | 10:20 pm Tourism numbers down, but still rising, says MinistryThe swine flu pandemic and a global recession has prompted the Ministry of Tourism to revise international visitor number forecasts down, but it says the overall outlook is still positive. International visitors are forecast to...Source: New Zealand Herald - Business | 3 Aug 2009 | 10:15 pm NZ mobile users have been overcharged, says groupA telecommunications lobby group says 2degrees' low price entry into the mobile phone market shows New Zealanders have been overcharged. 2degrees will join Telecom and Vodafone in the mobile phone market from tomorrow, and today...Source: New Zealand Herald - Business | 3 Aug 2009 | 10:00 pm Earnings growth slows, hours worked fall in JuneEarnings growth slowed and hours worked fell in the June quarter as recession continued to bite into the economy, figures published today by Statistics New Zealand (SNZ) show. Westpac economists Brendan O'Donovan and Donna Purdue...Source: New Zealand Herald - Business | 3 Aug 2009 | 9:30 pm Greens counter Govt emissions claim with new studyA 40 per cent greenhouse gas emissions reduction target by 2020 is achievable at little or no cost if efficiencies are widely applied , the Green Party says. The party today released results of its own study about how to achieve...Source: New Zealand Herald - Business | 3 Aug 2009 | 9:00 pm Miami fraudster up for sentencingA Miami businessman who duped hundreds of people out of US$126 million is due for sentencing this week in a Virginia courtroom. The US government is seeking a maximum 400-year sentence for Edward Hugh Okun, who was convicted in...Source: New Zealand Herald - Business | 3 Aug 2009 | 8:00 pm Wakefield earnings outlook slumps on Govt, insurance woesWakefield Health, the private hospital operator, slashed its earnings forecast for the first half of this year as the worst economic slump in 30 years slowed demand from patients using the private health system. Profit in the six...Source: New Zealand Herald - Business | 3 Aug 2009 | 7:30 pm BofA agrees to $33M SEC fine over Merrill bonuses (AP)
Source: Yahoo! News: Stock Markets News | 3 Aug 2009 | 7:27 pm Gov't counting on public shame to help loan effort (AP)AP - The Obama administration wants to shame the mortgage industry into doing a better job of helping borrowers avoid losing their homes to foreclosure.Source: Yahoo! News: Business | 3 Aug 2009 | 6:55 pm Barclays defies curbs on City bonus cultureBarclays is defying new curbs on City bonuses, it emerged yesterday, as it and HSBC revealed a return to bumper profits. Source: Latest Business News from Times Online | 3 Aug 2009 | 6:00 pm Angry, depressed and in debt: customers blast Barclays and HSBCThe small business owner Source: Latest Business News from Times Online | 3 Aug 2009 | 6:00 pm Large pay rise for parliamentary officials who ran MPs' expensesThe officials who run the parliamentary expenses system were awarded a rise in pay and perks of up to £25,000 last year. Source: Latest Business News from Times Online | 3 Aug 2009 | 6:00 pm SFO adopts aggressive approach on banking fraudThe Serious Fraud Office (SFO) has launched a series of investigations into UK-based banks to establish whether they fraudulently mis-sold complex financial products in the run-up to the global banking crisis. Source: Latest Business News from Times Online | 3 Aug 2009 | 6:00 pm Warren Buffett’s Berkshire Hathaway (BRK-A) Hits $100,000The stock price of Berkshire Hathaway (BRK-A) hit $100,000 today, up from a 52-week low of $70,000, but still well off its period high of $147,000. Berkshire’s chief Warren Buffett has made a number of shrewd moves over the last year that have paid the company handsomely. The most visible of these is probably an investment [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 3 Aug 2009 | 5:51 pm BofA to pay $33m over Merrill bonus claimsBank of America is to pay $33m to settle US regulators’ claims US regulators’ claims that it failed to provide complete information to investors about a $5bn bonus pool at Merrill Lynch before December’s shareholder vote over taking over the bankSource: Financial Times - US homepage | 3 Aug 2009 | 5:30 pm Write-Offs: 08.03.09$$$ Huron Consulting shows lying at the C-suite level is alive and well [Going Concern] $$$ Now the FSA wants a look at high frequency trades [Bloomberg] $$$ Barclays and HSBC go to bat in defense of the bonus culture [Guardian.co.uk] $$$ Iceland Will Lift Capital Controls Later This Year [WSJ] $$$ Nicolas Cage starts the new path to Treasury Secretary by not paying his taxes [Houston Chronicle] 
Sponsored Topics: HSBC - Financial Services Authority - Barclays - Houston Chronicle - FSA Source: Dealbreaker | 3 Aug 2009 | 5:22 pm FTC to press on with Apple-Google board probeWASHINGTON (Reuters) - The U.S. Federal Trade Commission said it will continue to investigate the relationship between the boards of Apple Inc and Google Inc, after Google's chief quit Apple's board on Monday.Source: Reuters: Business News | 3 Aug 2009 | 5:06 pm AIG names former MetLife head as chief executiveAmerican International Group has filled one of the hottest seats in corporate America, naming Robert Benmosche, a former head of rival insurer MetLife, as chief executiveSource: Financial Times - US homepage | 3 Aug 2009 | 5:02 pm Nightcap
Economic Green Shoots? Glenfiddich Unveils $15,000 Bottle of Whiskey [Fast Company]
Sponsored Topics: Fast Company - Business - Whisky - Economics - Social Sciences Source: Dealbreaker | 3 Aug 2009 | 4:58 pm Cash for Clunkers lifts auto salesFord Motor Co. reported a 2% gain in July auto sales compared to a year earlier, boosted by strong demand sparked by the government's Cash for Clunkers trade-in program.Source: Business and financial news - CNNMoney.com | 3 Aug 2009 | 4:57 pm Sieminski Sees Global Oil Demand Improving in 2011Source: Bloomberg - All Podcasts | 3 Aug 2009 | 4:49 pm Jeddeloh on Swine Flu; Woolfolk on the Dollar; Kloza on OilSource: Bloomberg - All Podcasts | 3 Aug 2009 | 4:44 pm Hear: Why The Credit Crisis Drags On
Pray for deleveraging. (Brooklyn Bridge Baby / Planet Money Flickr pool) On today's Planet Money: The recession's showing signs of easing up, but the credit crisis isn't over. Banks still aren't lending like they used to, to families or businesses. Ira Jersey, head of U.S. interest rate strategy at RBC Capital Markets, can tell you part of the reason why. Put simply, it's that families and businesses have borrowed too much already. Now they're continuing the slow, painful process of paying the debt down or writing it off. Bonus: The large cost of small amounts. Download the podcast; or subscribe. Intro music: Run DMC's "It's Like That." Find us: Twitter/ Facebook/ Flickr. In response to our recent search for items costing 5 cents or less, Kevin writes from WMRA land: I work at a state university, and each month I get a long list of every toll calls made on my phone, including cost, and I have to sign that each was a work call or else reimburse them. This is an anachronism from when calls cost real money. Now, the cost is trivial. The most recent one I signed had 17 calls and totaled $1.70 and included four calls with a 4 cent charge. The most expensive call, 24 cents, was a 6 min. call from VA to NM. The cost to the university to print out these forms, distribute them to the staff, have the staff sign them and then for it to be recorded that they are signed (they redistribute them if they are not) must be way more than the total cost of the calls. It is nuts. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 3 Aug 2009 | 4:31 pm Music service Spotify wins high-profile backingOnline music service widely tipped as a potential challenger to the dominance of iTunes is close to securing up to $50m in new investment from high-profile investorsSource: Financial Times - US homepage | 3 Aug 2009 | 4:30 pm Apple (AAPL) Using Confidentiality Agreements To Keep iPod Problems SecretThere is no end to the lengths to which Apple will go to keep overheating problems with its iPod under wraps. The Times reports that“Apple attempted to silence a father and daughter with a gagging order after the child’s iPod music player exploded and the family sought a refund from the company.” Apple has been accused of [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 3 Aug 2009 | 4:28 pm Sign of stock market healing: S&P 500 above 1,000 (AP)
Source: Yahoo! News: Stock Markets News | 3 Aug 2009 | 4:02 pm Our Hero!
The Anal_yst, much known and much loved has elected to throw down the gauntlet and revive the long-standing Dealbreaker tradition: The Vending Machine Challenge. Go Anal_yst. We're looking forward to pictures.
Sponsored Topics: Vending machine - Business - Vending - Opportunities - Como Source: Dealbreaker | 3 Aug 2009 | 3:53 pm GM: Firing 7,500 More Taxpayers To Save Taxpayer MoneyGM’s July sales fell 19%, more than any of the other major car companies, to 188,156. The number is down so much that without the Pontiac and Saturn brands that it plans to phase out, GM might not have outsold Toyota (TM), which sold 174,872, and Ford (F) which sold 164,795. America’s largest car company, which has held [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 3 Aug 2009 | 3:45 pm Behind Sallie Krawcheck's move to BofASource: Business and financial news - CNNMoney.com | 3 Aug 2009 | 3:28 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 | 3 Aug 2009 | 3:24 pm How the major stock indexes fared on Monday (AP)AP - The Standard & Poor's 500 index, a benchmark for many mutual funds, broke above 1,000 on Monday for the first time since November as reports on manufacturing, housing and banking sent investors more signals that the economy is gathering strength. The Nasdaq composite index logged its first close above 2,000 since October.Source: Yahoo! News: Stock Markets News | 3 Aug 2009 | 3:20 pm The Next Headache From The Rating Agencies
Following up on the warning shot fired across the UK's bow several months ago by S&P, Moody's put Ireland, Kuwait Estonia, Latvia and Lithuania on notice that should their interest rates (adjusted for inflation) start taking off, the sad trombones will start playing. Showing just how far they've come in the past year, Moody's also took the opportunity to bring the hammer down and knock two of AIG's lending units down to a still investment-grade Baa3.
Sponsored Topics: Lithuania - Latvia - Moody - Estonia - Ireland Source: Dealbreaker | 3 Aug 2009 | 3:20 pm Presented By:Source: Dealbreaker | 3 Aug 2009 | 3:20 pm BofA settles Merrill bonus case with SEC for $33 millionNEW YORK (Reuters) - Bank of America Corp has agreed to pay $33 million to settle charges by the U.S. Securities and Exchange Commission that it made false and misleading statements to investors about bonuses when it took over Merrill Lynch & Co.Source: Reuters: Business News | 3 Aug 2009 | 3:06 pm Market for leveraged loans hits 12-month highIn a further sign of improving conditions in credit markets, European leveraged loan prices reached 89.11% of face value, a high not seen since July last year, according to Standard & Poor’s LCD and MarkitSource: Financial Times - US homepage | 3 Aug 2009 | 3:01 pm Tuckwell Discusses ETF Commodity Funds as Inflation HedgeSource: Bloomberg - All Podcasts | 3 Aug 2009 | 2:48 pm Wall Street rally pushes S&P above 1,000 (AFP)
Source: Yahoo! News: Stock Markets News | 3 Aug 2009 | 2:40 pm Wall Street rally pushes S&P above 1,000 (AFP)
Source: Yahoo! News: Business | 3 Aug 2009 | 2:40 pm Clunkers Program Helps July Auto Sales
Hey, they may not be pretty, but these clunkers seem to be helping the auto industry. (ThreadedThoughts / Flickr) By Mathew Katz U.S. car makers cited the Cash for Clunkers program today as they released their latest sales figures today. Ford's July sales release shows a 2 percent sales increase from the year ago -- the first month without a decline since November 2007. The automaker gives direct credit to the government's trade-in program, which has proved so popular that it has almost plowed through its original $1 billion in its first few days. The program's goal of getting Americans into more fuel-efficient vehicles also seemed to work: Ford also saw a 323 percent increase in hybrid sales. On the other hand, Chrysler's still smarting from bankruptcy and showed gloomier numbers -- sales were down 9 percent from last year. Still, there is a silver lining -- that's a smaller year-on-year drop than Chrysler's had over the past few months. Plus, sales jumped 30 percent from last month. Chrysler also said today that it's going to halt its offer to double the cash incentive from the Cash for Clunkers program, saying that the program worked too well: they simply don't have the inventory to keep it up. GM finished off at the bottom of the U.S. pack, reporting a 19.4 percent drop in sales from last year, but it managed to see an eight percent increase in sales from June. In the release, vice president Mark LaNeve put it bluntly: the company expects to continue positive momentum in August if the Cash for Clunkers program sticks around. The Obama administration says nearly half of the sales from Cash for Clunkers went to U.S. car makers. The House approved another $2 billion for it, but it faces more resistance in the Senate. Meanwhile, foreign auto dealers also noted better sales: Honda's sales dropped 17 percent in July compared to 2008, but that's its best month so far this year. Daimler AG, maker of Smart and Mercedez-Benz cars also saw sales fall 24 percent in July in the U.S. It's not surprising that a luxury automaker isn't doing well in the recession -- especially since the Cash for Clunkers program offers a flat $4,500 discount, which doesn't put much of a dent in the price of a Benz. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 3 Aug 2009 | 2:27 pm How Much Cash Does Green Mountain Really Need? (GMCR)Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) today filed an automatic shelf registration statement with the SEC. It also filed to sell 4 million shares of common stock as a result. This existing shelf will allow it to sell any combination of Common Stock, Preferred Stock, Warrants, and Debt Securities if it sees fit. The 4 [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 3 Aug 2009 | 2:10 pm Google’s Schmidt quits Apple boardThe close personal link that sealed an unusual alliance between Silicon Valley’s two most prominent companies was broken as growing competitive conflicts forced Eric Schmidt, Google chief executive officerof Google, to step down from his controverial controversial position as a director of Apple.Source: Financial Times - US homepage | 3 Aug 2009 | 2:05 pm Joe Scarborough Has A Question For Dylan RatiganCalm, cool and always collected D-Rat was tranquil as ever today when discussing too-big-to-fail and other hot button topics the Fast Money alumnus has a slight opinion on. After speaking for close to 6 minutes without taking a breath, Ratigan came up for air just long enough for some Donny Deutsch giggling and the question that host Joe Scarborough had been waiting to ask from the start: how many lines did you do before coming on today? Visit msnbc.com for Breaking News, World News, and News about the Economy
Sponsored Topics: Breaking News - World News - Donny Deutsch - Fast Money - Joe Scarborough Source: Dealbreaker | 3 Aug 2009 | 2:04 pm Bank Of America To Pay $33 Million Over Merrill BonusesBy Laura Conaway Bank of America is closing another door left open in its takeover of Merrill Lynch. From AP: Bank of America has agreed to pay a $33 million penalty to settle government charges that it misled investors about Merrill Lynch's plans to pay bonuses to its employees. In seeking approval to buy Merrill, Bank of America told its shareholders that Merrill agreed not to pay year-end bonuses without Bank of America's consent. But the Securities and Exchange Commission says Bank of America had authorized New York-based Merrill to pay $5.8 billion in bonuses. Bank of America paid $50 billion for Merrill Lynch. The Merrill bonuses amount to nearly 12 percent of that amount. Under the settlement agreement, Bank of America neither admits nor denies the allegations. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 3 Aug 2009 | 1:55 pm TARP Raids Two Bank Offices In FloridaBy Laura Conaway The Special Inspector General for the Troubled Asset Relief Program -- or SIGTARP -- has confirmed that it carried out two search warrants today in Florida. "Due to the nature of the on-going investigation we cannot provide any further information," SIGTARP said in a prepared statement. A report from Orlando says agents with the FBI raided the Colonial Bank building there and another Colonial office in Ocala. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 3 Aug 2009 | 1:38 pm JPMorgan’s Kasman Says U.S. Economy Is in `Growth Bounce'Source: Bloomberg - All Podcasts | 3 Aug 2009 | 1:25 pm Municipalities Show Why They Need Money
Sponsored Topics: Lobbying - Local government - Government - Money - Tobacco Source: Dealbreaker | 3 Aug 2009 | 1:22 pm Herrmann Sees U.S. GDP Close to 3.5% in the Fourth QuarterSource: Bloomberg - All Podcasts | 3 Aug 2009 | 1:17 pm Clorox gets sales boost from flu outbreakClorox, maker of bleach and other cleaning products, joined a select group of US companies that have seen sales lifted by the H1N1 swine flu pandemicSource: Financial Times - US homepage | 3 Aug 2009 | 12:59 pm Calomiris Says U.S. Job Growth to Remain `Very Sluggish'Source: Bloomberg - All Podcasts | 3 Aug 2009 | 12:58 pm German retailer Metro 2Q net profit euro48 million (AP)AP - German retailer Metro AG made a net profit of euro48 million ($68 million) in the second quarter, rebounding from a loss a year earlier, while it said it remains focused on expansion despite the global economic crisis.Source: Yahoo! News: Business | 3 Aug 2009 | 12:51 pm Boyle at Chapin Hill Sees Commodities, Food Prices Rising SoonSource: Bloomberg - All Podcasts | 3 Aug 2009 | 12:50 pm Merkle Says Worst Is Over for U.S. Auto IndustrySource: Bloomberg - All Podcasts | 3 Aug 2009 | 12:42 pm 24/7 Wall St. TV: The Ford Miracle Rolls OnWilliam Clay Ford, Jr., the company’s CEO since 2001, went outside the industry and he and Ford’s board brought in Boeing executive Alan Mulally to replace him in September 2006. Mulally, in turn, bet the company in order to take advantage of the opportunity to fill its treasury later in 2006 just before the auto market [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 3 Aug 2009 | 12:41 pm Donovan Sees Fed Raising Benchmark Rate to 1% by End of 2010Source: Bloomberg - All Podcasts | 3 Aug 2009 | 12:35 pm Advertisers eye spendy DINK couplesThe DINK (Dual Income, No Kids) lifestyle is helping thousands of people beat the recession. Working couples without the high cost of childcare are left with lots of extra cash, and advertisers are starting to take notice. Jeremy Hobson reports.Source: Marketplace | 3 Aug 2009 | 12:31 pm BofA to pay $33 million to settle charges over bonuses (Reuters)
Source: Yahoo! News: Stock Markets News | 3 Aug 2009 | 12:30 pm Relax, Germany Is Going To Eliminate Unemployment
Green jobs and health care are slated to create 4 million new jobs under the plan. Sound familiar? Steinmeier 'Deutschland Plan' Pledges Full Employment [Bloomberg]
Sponsored Topics: Germany - Frank-Walter Steinmeier - Term limit - Angela Merkel - Michael Bloomberg Source: Dealbreaker | 3 Aug 2009 | 12:29 pm When Alan Greenspan Talks
He's got a lot to say. (Robert Giroux / Getty Images) By Laura Conaway Maybe it's just me, but former Federal Reserve Chairman Alan Greenspan seems a lot more talkative these days. Greenspan turned up on ABC over the weekend with a bouquet of opinions:
Given the relative optimism of Greenspan and Nouriel Roubini, not to mention a string of positive economic indicators, investors pushed the stock market up. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 3 Aug 2009 | 12:06 pm As jobs evolve, so should tax codeThe era of steady, lifelong 9-to-5 employment seems to be waning. These days more people work for themselves or telecommute for different firms. Commentator Amelia Tyagi says the tax code needs to adapt to a changing workforce.Source: Marketplace | 3 Aug 2009 | 12:03 pm Alabama county in slow budget battleAlabama's most populated county has placed 1,000 employees on unpaid administrative leave to deal with its budget situation. Local politicians are rushing to find new revenue and appealing to state legislators for help. Tanya Ott reports.Source: Marketplace | 3 Aug 2009 | 12:03 pm The pros and cons of required 401KsPresident Obama is considering a plan that would require companies to open up and contribute to 401ks for their employees. Kai Ryssdal talks with Duke professor and behavioral economist Dan Ariely about why Americans have such a hard time saving money.Source: Marketplace | 3 Aug 2009 | 12:03 pm Africa resists lure of tobacco companiesInternational tobacco companies are cultivating millions of new smokers in Africa and other developing nations. Now the continent is a battleground between tobacco companies and the activists who want to stop them. Gretchen Wilson reports.Source: Marketplace | 3 Aug 2009 | 12:03 pm Predicting upturn is risky businessSome analysts think the recession is at an end, but would you be willing to bet on it? That's what some businesses have to do as they decide how many employees to hire and how much inventory to order for the months ahead. Bob Moon reports.Source: Marketplace | 3 Aug 2009 | 12:03 pm Boost from 'Clunkers' won't last longThe "Cash for Clunkers" plan sent latent car buyers flocking to dealerships and sharply increased July car sales for Ford, GM and Chrysler. But some say the plan has only short-term positive effects and is attracting the wrong buyers. Alisa Roth reports.Source: Marketplace | 3 Aug 2009 | 12:01 pm Emerging markets surge on hopes of growthEmerging stock markets have reached levels last seen before the collapse of Lehman Brothers in the latest sign of investor expectations of improving global growthSource: Financial Times - US homepage | 3 Aug 2009 | 11:55 am Most Unfortunate Purchase Ruth Madoff Is Not Permitted To Make Without Notifying Irving Picard
Best reader entry before 5pm ET gets a (weak but amusing) prize. Ruth Madoff Can't Spend $100 Without Telling Trustee [Bloomberg]
Sponsored Topics: JeepWrangler - IPhone - Bloomberg L.P. - Jeep - Handhelds Source: Dealbreaker | 3 Aug 2009 | 11:54 am BAC May Need Some More TARP Funds......
Update I: The SEC has apparently chickened out (for now) and settled with BAC, subject to court approval.
Sponsored Topics: Merrill Lynch - Troubled Asset Relief Program - Business - U.S. Securities and Exchange Commission - Allegedly Unethical Firms Source: Dealbreaker | 3 Aug 2009 | 11:47 am Attract Billions Effortlessly While You Sleep
Want to attract not millions, but billions to you effortlessly while you sleep? Who wouldn’t? Lucky for all of us Lilitah, creator of fabrics infused with powerful symbols, has created the Billionaire symbol. According to their press release::
Apparently all you need to do to reverse your self-destructive unconscious beliefs is sleep with a very special monogram. Lilitah’s claims that the Billionaire symbol creates the exact same changes as positive affirmations, creative visualization, self-help seminars, books, life coaches, and therapy - all without user effort. Specifically, the Billionaire symbol:
I couldn’t find a picture of the symbol itself, but the Billionaire Blanket sells for $500 on Lilitah.com. Can’t wait to read the reviews on that one. Do you suppose the blanket seller is a billionaire yet? Just wondering. Image Credit: got_plaid?, Flickr
Source: Business Pundit | 3 Aug 2009 | 11:10 am How Much Would a “Fair Trade” iPod Cost?
The Harvard Business Review’s Umair Haque discovered that a Made-in-USA, “fair labor” iPod would cost only 23% more than its Made in China counterpart: …how much would it cost to produce a “Good iPod”? One not produced in a sweatshop, but under decent labour conditions. Like, for example, one produced in the USA — hardly a paragon of labour standards, but a starting point. That’s what I calculated. The Sloan Foundation data estimate just $4 of an iPod’s cost is the final assembly in China. Using average Chinese hourly compensation costs, that’s about 2.7 hours of labour. I then used American hourly compensation costs to adjust for what that final assembly might cost in the States. The results are surprising. An American made iPod Classic costs just 23% more than a Chinese made iPod Classic: $58 more, to be precise. The same relationship holds across the iPod family (price differentials in the 20-30% range) The iPod is a durable good, so that’s a difference — but smaller than one might expect. Haqu claims that charging $58 more for an iPod is not only a reasonable expectation, but necessary to preserve innovation and rebuild the American manufacturing sector. He concludes: If goods cost what they should, we would consume what we could authentically afford, instead of overconsuming what we couldn’t. If their prices reflected real human costs, perhaps yesterday’s unsustainably large macro imbalances wouldn’t have built up in the first place. And that, from an economic point of view, would be good for everyone. Not everyone. What about the Chinese supply networks who would go out of business? Or the American consumers who couldn’t afford that extra $58? Or Apple, if it gave up its current competitive advantage by sacrificing a level of affordability? The bottom line is still, well, the bottom line. Companies should bear responsibility for fair labor practices, but I can’t see Apple, or any other market leader, opting to put itself in second place as a result.
Source: Business Pundit | 3 Aug 2009 | 10:58 am Economic Indicators Better Than ExpectedBy Mathew Katz It's the beginning of the month, and you all know what that means: it's time for a whole slew of new economic indicators! Construction spending in the U.S. rose by 0.3 percent in June, beating out expectations that it would fall by 0.5 percent, according to the Commerce Department. Spending for public buildings has hit a record high -- it went up 1 percent to $321.75 billion. June was the third month in a row when public construction spending climbed. At the same time, the report says that private residential construction -- building houses -- rose 0.5 percent to $246.07 billion. Manufacturing activity grew more than expected in July. The Institute for Supply Management's national manufacturing index jumped to 48.9, from 44.8 in June. Economists only expected the index to hit 46.5 last month. The index measures overall economic activity in the manufacturing sector. Still, the ISM's report notes that the index is still in contraction levels -- readings above 50 indicate growth, but levels below 50 means manufacturing is still contracting. Finally, with the good-ish news about manufacturing, crude oil prices rose above $71 a barrel for the first time in a month, and commodity markets are expected to rise as well. Of course, higher oil prices translate into higher prices at the pump, too. Gasoline for delivery in September is up 6 cents a gallon or three percent. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 3 Aug 2009 | 10:19 am Chart Therapy: 'Normal' Job Loss Resumes April 24, 2010***
While you're at it, imagine world peace. (Graph by Alyson Hurt of NPR. Math by listener Samuel Rutledge.) By Laura Conaway People often ask what's it like to sift through lousy economic news all day -- you know, the kind that makes you think -1 percent growth in the economy means things are looking up. Confronting rising unemployment numbers and stagnating wage reports feels about like you'd expect. It's fascinating, and challenging, and very, very sad. Some days I want to write an open letter to the economy: "Dear Recession, You've made your point. Now please go away." On Thursday, I posted what feels to me like a positive development. The numbers are clouded, but bear with me: The four-week moving average of new claims for unemployment benefits is going down. It might well go up again -- we're seeing lots of little peaks and valleys -- but overall, it's falling. And just for fun, totally for fun and relief, I wanted to see how long it would have to keep falling this way before we get back to normal. Economists say a healthy range for new claims each week is something like 300,000 to 350,000 -- call it 325,000, for the sake of argument. There's absolutely no predicting whether the current pace of claims will continue; it could easily start falling faster or slower. This is an arbitrary exercise, asterisk, asterisk, asterisk. And even if new claims keep falling at the average of the last three months, there's no guarantee that companies will start hiring so the people already laid-off can get new jobs. Unemployment could keep rising, just as predicted. However. Armed with data from April 25 through July 25, listener Samuel Rutledge of Eugene, Ore., volunteered to do the math on the four-week moving average. I'll drop his full note below. Here's the key part: "[I]f the number of new claims continues to decline at the current rate, it will be back to normal in around nine months. This is good, as my wife and I just found out that we're going to have another baby, and it's nice to know that the recovery is on track for when he or she arrives." I don't know about you, but that made me feel at least moderately better. In our imaginary world, a small slice of normal starts again around April 24, 2010. Full note from Samuel Rutledge: There were 559,000 new claims for the 4 week average period around July 25, the most recent period. The difference between 559,000 and the goal of 325,000 is 234,000. The average decline from one period to another in the data set since April 25 is 6,077. This is the average difference. 234,000 divided by 6,077 is around 39. So the answer is that if the number of new claims continues to decline at the current rate, it will be back to normal in around nine months. This is good, as my wife and I just found out that we're going to have another baby, and it's nice to know that the recovery is on track for when he or she arrives. The one wrinkle here that I don't know how to iron out is the question of whether there is any trend in the rate of change. That is to say, is the recovery getting faster or slower as it progresses. From a layperson's perspective, there doesn't look like there's a clear trend in the data that it's speeding up or slowing down week by week. But a professional statistician may be able to tease something out that I can't. Anyone handy with second derivatives? » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 3 Aug 2009 | 9:50 am One Way of Looking at Socialized Healthcare
Source: Business Pundit | 3 Aug 2009 | 9:17 am Court Papers: The Language Of Money Laundering
Court papers say $97,000 fit in here. (Roadsidepictures/Flickr/Creative Commons) By Robert Smith The characters in the Sopranos aren't the only criminals who love their food and colorful slang. Court documents in last month's big New Jersey corruption bust reveal that the rabbis charged with money laundering have their own dramatic flair. The court papers say an informant was taping all his meetings, and the results read like a Kosher version of Goodfellas. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 3 Aug 2009 | 9:06 am Google CEO Eric Schmidt Resigns from Apple Board
Google CEO Eric Schmidt resigned from Apple’s board of directors today. Mashable has the scoop: Google CEO Eric Schmidt stepped down today from Apple’s Board of Directors, a role that many said created conflicts of interest as Apple and Google (Google) rival each other in multiple market sectors. In particular, Google Android is a direct competitor to Apple’s iPhone ecosystem, while the upcoming Chrome OS will create some conflict in the operating system market. And just last week the FCC began looking into Apple’s rejection of the Google Voice app from the App Store. Schmidt was under increasing pressure to deal with the conflict, and it seems he’s made his move today. “Eric has been an excellent Board member for Apple, investing his valuable time, talent, passion and wisdom to help make Apple successful,” said Steve Jobs, Apple’s CEO. “Unfortunately, as Google enters more of Apple’s core businesses, with Android (Android) and now Chrome OS, Eric’s effectiveness as an Apple Board member will be significantly diminished, since he will have to recuse himself from even larger portions of our meetings due to potential conflicts of interest. Therefore, we have mutually decided that now is the right time for Eric to resign his position on Apple’s Board.” Looks like a new era of competition between Apple, Google, and Microsoft is underway.
Source: Business Pundit | 3 Aug 2009 | 9:03 am Nissan to Mass-Market LEAF Electric Car
Nissan unveiled its new electric hatchback, the LEAF, yesterday. The LA Times has more: The LEAF (is) a five-seat compact, all-electric hatchback with lithium-ion batteries (24 kWh energy storage and max output of 90kW), giving the car a top speed of 90 mph and nominal range of 100 miles – a magic number, Nisan figures, in Americans’ driving psychology. The car’s electric motor generates 80 kW (107 horsepower). Depending on how you define your terms, the LEAF will be the first mass-market EV sold in the U.S. since the 1920s. The LEAF will also feature IT connectivity, so that, for instance, drivers can use mobile phones to reset charging or even turn on the air-conditioning. The IT function will also help Nissan monitor the health and wellbeing of it its early fleet of EV’s. Recharging will take less than a half-hour (to 80% charge) using a high-capacity charger, Nissan says, and about 8 hours using a home charger running at 200 Volts. Nissan is working with a half-dozen municipalities and other agencies around the country to develop the quick-charge infrastructure. With the Volt, Mitsubishi’s IMiev and Nissan’s LEAF coming onto the U.S. market in the next 18 months, the infrastructure issue will begin to dominate the EV debate. Simply put, the cars will become less of a technical hurdle than places to plug them in. As for the LEAF, the biggest unknown yet is cost. Nissan officials have quietly hinted at a price less than $30,000 retail (that’s before any tax credits), the goal being to make the EV a no-cost option. That would be the LEAF’s greatest trick.
Source: Business Pundit | 3 Aug 2009 | 8:49 am Trading With Fed Inflates Profits For Wall StreetBy Mathew Katz Wall Street banks are making serious money by trading with the Federal Reserve, the Financial Times reports. The Fed has become one of the biggest buyers of securities since the financial crisis hit, since doing so helps to stabilize markets and keep interest rates low. Unlike private buyers, however, the Fed announces specific securities purchases in advance in the interest of transparency. The second an announcement is made, traders can stockpile them for sale to the Fed at a jacked-up price. This gives the upper hand to Wall Street, according to one investment firm executive: You can make big money trading with the government. The government is a huge buyer and seller and Wall Street has all the pricing power. On the one hand, this is just another way for the Fed to provide even more support for banks. On the other hand, considering it's spending taxpayer money, former U.S. Treasury officials tell the paper the Fed could drive a harder bargain. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 3 Aug 2009 | 8:47 am Trina Thompson Sues Monroe College for Bad Career Service
Like many hapless former students, Monroe College graduate Trina Thompson couldn’t find a job after completing her Information Technology degree. What did she do to ameliorate the situation? Sue her alma mater, of course (from Sky News): She filed a legal action last week, after four months of fruitless job hunting, the New York post reported. The 27-year-old is demanding to be repaid her $70,000 (£41,700) tuition fees. Ms Thompson said the university’s careers service had not provided her with the contacts and advice it promised before she began studying. A spokesman for the university rejected the claim. Ms. Thompson studied the wrong field. An internship with Jerry Springer or a law degree might more closely suit her temperament.
Source: Business Pundit | 3 Aug 2009 | 8:21 am When You Gotta Go, But Can’t Leave
Source: Business Pundit | 3 Aug 2009 | 6:29 am European Banks Get More Confident (BusinessWeek)BusinessWeek - Banks in the euro area have relaxed restrictions on borrowers from companies and households, while demand for home loans has surged for the first time since early 2006, a fresh survey by the European Central Bank has found.Source: Yahoo! News: Business | 3 Aug 2009 | 6:08 am
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