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Plunging car sales reverse on scrappage schemeCar sales grew for the first time in 15 months during July as people took advantage of the Government’s “cash for bangers” scheme. Source: Latest Business News from Times Online | 6 Aug 2009 | 4:45 am 200 days: Obama's and the economySource: Business and financial news - CNNMoney.com | 6 Aug 2009 | 4:36 am Small biz struggles despite Obama promisesWhile Washington talks up the importance of small businesses and their vital role in economic recovery, small business owners remain caught in a credit maelstrom.Source: Business and financial news - CNNMoney.com | 6 Aug 2009 | 4:35 am Upbeat corporate earnings lift European stocks (AP)
Source: Yahoo! News: Stock Markets News | 6 Aug 2009 | 4:33 am Judge doesn't sign off on BofA, SEC settlement (AP)
Source: Yahoo! News: Stock Markets News | 6 Aug 2009 | 4:33 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 | 6 Aug 2009 | 4:31 am Aviva payout gets the thumbs upWith-profits policyholders at the Aviva insurance company are voting overwhelmingly to accept a cash payout from the firm.Source: BBC News | Business | World Edition | 6 Aug 2009 | 4:30 am Less pay ... same mortgage paymentFor Jennifer and Carlton Monroe, 34 and 38, their home is both their castle and their prison. They bought the 1920s Craftsman in 2005 for $280,000. But it needed work -- leaving them today with $170,000 on a home-equity line of credit (HELOC), along with $222,000 on their mortgage.Source: Business and financial news - CNNMoney.com | 6 Aug 2009 | 4:27 am Shanghai stocks fall after PBOC signals tighteningShanghai shares end more than 2% lower Thursday, as investors weigh comments by the nation’s central bank suggesting a shift towards modestly tighter monetary policy.
Source: MarketWatch.com - Top Stories | 6 Aug 2009 | 4:27 am What kind of nutcase launches a business now?Would you consider launching or growing a business in the midst of the Great Recession?Source: Business and financial news - CNNMoney.com | 6 Aug 2009 | 4:26 am ITV sells Friends Reunited to Beano publisherBroadcaster reports a pretax loss of £105m in the first six months of 2009 as revenues fell 12pc to £909m.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 6 Aug 2009 | 4:22 am FTSE 100 lifted by financialsBritain's top share index gained 1.1pc in early trade on Thursday driven higher by wellreceived results from Aviva and Unilever and with investors awaiting news from the Bank of England.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 6 Aug 2009 | 4:22 am Judge denies BofA settlement with SECRead full story for latest details.Source: Business and financial news - CNNMoney.com | 6 Aug 2009 | 4:20 am Most Asian markets rebound, Shanghai extends fallAsian shares ended mostly higher Thursday, though Chinese stocks tumbled on persistent worries Beijing may tighten monetary policy to prevent asset bubbles.
Source: MarketWatch.com - Top Stories | 6 Aug 2009 | 4:18 am UPDATE 3-UK cannabis medicine maker GW lures U.S. investor(Recasts, adds byline, updates shares, writes through)Source: RSS feed - channel BNewsBusiness | 6 Aug 2009 | 4:17 am The agenda for the next 200 daysPresident Obama's fall agenda has grown larger as some of the biggest decisions -- and fights -- over health care reform have been punted to September ... at the earliest.Source: Business and financial news - CNNMoney.com | 6 Aug 2009 | 4:17 am Did the stimulus help you? 6 tell their storiesCNNMoney.com readers describe how President Obama's $787 billion stimulus package has helped them -- or hasn't.Source: Business and financial news - CNNMoney.com | 6 Aug 2009 | 4:16 am UPDATE 1-Tube maker Avon Rubber reborn as defence companyLONDON, Aug 6 (Reuters) - British milking-and-military spares manufacturer Avon Rubber will be re-classified as a defence company by index manager FTSE, reflecting much more rapid growth in demand for...Source: RSS feed - channel BNewsBusiness | 6 Aug 2009 | 4:15 am Zuma pledges SA recession reliefSouth Africa's President Jacob Zuma announces a $300m training scheme to help workers facing redundancy.Source: BBC News | Business | World Edition | 6 Aug 2009 | 4:14 am Indications: U.S. stock futures mixed after Cisco reportU.S. stock futures were mixed on Thursday as Cisco Systems reported a 46% profit drop and as retailers are expected to report another disappointing month for sales.
Source: MarketWatch.com - Top Stories | 6 Aug 2009 | 4:12 am Investment Banks And Lawyers Make $1 Billion On AIG (AIG)Everyone is making money off of the break-up and financing of AIG (AIG) except the insurance company itself and the taxpayers who put up $180 billion to save it. One of the public’s largest objections to the bail-out of the financial industry is that some of the companies being bailed out are doing unusually well in [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 6 Aug 2009 | 4:11 am Postal workers stage second walkout over cutsMore than 25,000 postal workers will go on strike across the UK this weekend in the biggest disruption to services since 2007, as a row over pay and jobs escalates. Source: Latest Business News from Times Online | 6 Aug 2009 | 4:09 am Putting lipstick on Microsoft's pigSource: Business and financial news - CNNMoney.com | 6 Aug 2009 | 4:07 am REFILE-UPDATE 2-GW says others likely to follow Great Point(Corrects spelling of "endorsement" in ninth paragraph, adds dropped word "which" in seventh paragraph and changes share price move in fifth bullet point to "almost 12 percent")Source: RSS feed - channel BNewsBusiness | 6 Aug 2009 | 4:04 am WRAPUP 1-European publishers see no market improvement* Contrast with signs the worst might be over in the U.S.Source: RSS feed - channel BNewsBusiness | 6 Aug 2009 | 4:01 am ITV in £25m Friends Reunited saleITV sells Friends Reunited for £25m, having paid £175m for it, as the broadcaster announces losses for the past six months.Source: BBC News | Business | World Edition | 6 Aug 2009 | 4:00 am Pritzker family to float Hyatt HotelsAmerica's Pritzker family are set to take advantage of the recent stock market rally by floating their Hyatt Hotels chain in what promises to be the largest initial public offering IPO of 2009 to date.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 6 Aug 2009 | 3:57 am $2.4 billion for 48 electric car projectsThe federal government on Wednesday named which companies will get $2.4 billion in stimulus grants to develop batteries, parts and programs for electric cars.Source: Business and financial news - CNNMoney.com | 6 Aug 2009 | 3:56 am The Car Industry Shake-Out And The Rise Of The HybridMost major car companies offer hybrid vehicles. They get better gas mileage and throw off less pollution. They tend to be more expensive than gas-powered models because of their relatively complicated technology. That makes them harder to sell in a tough economy. The fact that gas prices have fallen from above $4 a year ago [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 6 Aug 2009 | 3:54 am ECB seen holding rates, in wait-and-see modeFRANKFURT (Reuters) - The European Central Bank is expected to keep interest rates on hold at a record low on Thursday as it waits to see the impact of efforts so far to revive the economy and credit flows.Source: Reuters: Business News | 6 Aug 2009 | 3:51 am Stocks waver amid job jittersSource: Business and financial news - CNNMoney.com | 6 Aug 2009 | 3:51 am REFILE-UPDATE 2-GW says others likely to follow Great Point(Corrects spelling of "endorsement" in ninth paragraph, also adds dropped word "which" in seventh paragraph)Source: RSS feed - channel BNewsBusiness | 6 Aug 2009 | 3:50 am UPDATE 1-Hungary's Egis lifts key export sales forecasts* Ukraine sales target lifted on improving econ outlookSource: RSS feed - channel BNewsBusiness | 6 Aug 2009 | 3:41 am A Judge May Kill Bank Of America (BAC) Settlement With SECAlmost the entire fight to save the American financial system and punish those responsible for it has gone on in the executive and legislative branches. The third leg of the government, the judicial branch, has been silent. The courts asserted themselves today as a judge rejected the $33 million settlement between Bank of America (BAC) and [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 6 Aug 2009 | 3:38 am Novo Nordisk awaits FDA approval of Victoza -CFOCOPENHAGEN, Aug 6 (Reuters) - Danish drug maker Novo Nordisk still expects the U.S. Food and Drug Administration (FDA) to approve its new-generation diabetes drug Victoza, the company's chief financial...Source: RSS feed - channel BNewsBusiness | 6 Aug 2009 | 3:34 am Scailex makes binding offer for Israel's PartnerJERUSALEM, Aug 6 (Reuters) - Scailex Corp said on Thursday it had submitted a binding bid for Hutchison Telecommunications International Ltd's majority stake in Partner , Israel's second-largest mobile...Source: RSS feed - channel BNewsBusiness | 6 Aug 2009 | 3:32 am BRIEF-Italy ministry OKs Fiat buy of BertoneMILAN, Aug 6 (Reuters) - Statement from Italy's Industry Ministry on Friday:Source: RSS feed - channel BNewsBusiness | 6 Aug 2009 | 3:28 am Elpida:to ship Qimonda-design graphics chips in 2010TOKYO, Aug 6 (Reuters) - Japanese chipmaker Elpida Memory Inc will buy failed German chipmaker Qimonda's graphics DRAM technology and start shipping the chips, used in high-end PCs and game consoles,...Source: RSS feed - channel BNewsBusiness | 6 Aug 2009 | 3:26 am Unilever posts 17% profit drop; volume growth backUnilever Plc, the world’s second-largest maker of consumer goods, posts a 17% drop in second-quarter profit.
Source: MarketWatch.com - Top Stories | 6 Aug 2009 | 3:21 am Aviva cuts dividend despite return to profitAviva, the UK's largest insurance group, has cut its dividend by 31 per cent in response to a "challenging economic environment" despite reporting a return to profit for the first six months of the year. Source: Latest Business News from Times Online | 6 Aug 2009 | 3:18 am Peter Brimelow: Growth Fund Guide's bearish farewellIt's official: Growth Fund Guide's Walter Rouleau says his current monthly issue is his last. And he has some final words of wisdom.
Source: MarketWatch.com - Top Stories | 6 Aug 2009 | 3:18 am Murdoch signals end of free newsRupert Murdoch's News Corp is set to start charging online customers for news content across all of its websites.Source: BBC News | Business | World Edition | 6 Aug 2009 | 3:17 am Schroders profit drops, but inflows reboundU.K. fund manager Schroders reports an 81% drop in first-half profit.
Source: MarketWatch.com - Top Stories | 6 Aug 2009 | 3:17 am Rising risk provisions hit CommerzbankStruggling Commerzbank revealed more losses on Thursday after its problematic takeover of Dresdner Bank, lifting risk provisions across the bank as property loans and business in central and eastern Europe...Source: RSS feed - channel BNPaperBusiness | 6 Aug 2009 | 3:13 am Deutsche Telekom profit rises 32%Deutsche Telekom, Europe’s largest telecoms company, reports a 32% profit rise, helped by the integration of Greek telecom OTE and currency swings.
Source: MarketWatch.com - Top Stories | 6 Aug 2009 | 3:13 am Aviva cuts interim dividendAviva, the UK's biggest insurer, on Thursday gave up its battle to maintain its dividend, announcing that it would cut its interim cash payment to shareholders by 31 per cent.It also announced plans for...Source: RSS feed - channel BNPaperBusiness | 6 Aug 2009 | 3:11 am Stock index futures signal gains; Cisco eyed (Reuters)
Source: Yahoo! News: Business | 6 Aug 2009 | 3:01 am Stock index futures signal gains; Cisco eyed (Reuters)
Source: Yahoo! News: Stock Markets News | 6 Aug 2009 | 3:01 am Stock index futures signal gains; Cisco eyed(Reuters) - Stock index futures pointed to a higher opening on Wall Street on Thursday, with futures for the S&P 500 up 0.22 percent, Dow Jones futures up 0.26 percent and Nasdaq 100 futures up 0.08 percent at 4:45 a.m. EDT.Source: Reuters: Business News | 6 Aug 2009 | 3:01 am Health care And The Rising Rate Of DementiaThe population is aging and along with it the number of people with dementia and Alzheimer’s is likely to rise rapidly. Demented seniors and Alzheimer’s victims can live for years which creates a tremendous burden on the health care system and the families of the patients. These are the kind of diseases that are likely, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 6 Aug 2009 | 3:01 am Earnings boost stocks; central banks in focus (Reuters)
Source: Yahoo! News: Stock Markets News | 6 Aug 2009 | 2:53 am Earnings boost stocks; central banks in focusLONDON (Reuters) - The European Central Bank and Bank of England appeared set on Thursday to keep interest rates unchanged, prompting equity investors to extend their five-month rally but keeping currency and bond markets edgy.Source: Reuters: Business News | 6 Aug 2009 | 2:53 am Virgin Media loses customers, raises average spend (Reuters)Reuters - British cable operator Virgin Media lost twice as many customers as expected in the second quarter but pushed their average spend to a record high, keeping revenues flat and in line with market expectations.Source: Yahoo! News: Business | 6 Aug 2009 | 2:52 am Virgin Media loses customers, raises average spendLONDON (Reuters) - British cable operator Virgin Media lost twice as many customers as expected in the second quarter but pushed their average spend to a record high, keeping revenues flat and in line with market expectations.Source: Reuters: Business News | 6 Aug 2009 | 2:52 am Car sales rise for first time in 15 months after scrappage boostNew UK car sales rose in July for the first time in 15 months as the scrappage scheme boosted the market and added to recovery hopes.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 6 Aug 2009 | 2:51 am London Markets: Aviva climbs after slicing its dividendInsurer Aviva climbs in a broadly higher London market.
Source: MarketWatch.com - Top Stories | 6 Aug 2009 | 2:50 am Unemployment USA: Moving America To North DakotaMillions of out of work Americans may wish that they lived in North Dakota, no matter how harsh the winters can be. The state had an unemployment rate of only 4.2% compared with the 9.5% national figure. It is easy to dismiss the North Dakota job success as a by-product of the state’s low population, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 6 Aug 2009 | 2:49 am This is how Italy functions, says call girlAn interview with Patrizia D’Addario: Guy Dinmore meets the woman at the heart of a scandal over sleaze and BerlusconiSource: Financial Times - US homepage | 6 Aug 2009 | 2:40 am AIG breakup nets Wall Street $1 billion bonanza: reportNEW YORK (Reuters) - Wall Street banks and lawyers could collect nearly $1 billion in fees from the Federal Reserve Bank of New York and American International Group Inc to help manage and break apart the insurer, The Wall Street Journal said on Wednesday, citing its own analysis.Source: Reuters: Business News | 6 Aug 2009 | 2:38 am Costco July same-store sales fall 7 percent(Reuters)- Costco Wholesale Corp on Thursday reported a bigger-than-expected 7 percent fall in July same-store sales hurt mainly by a strong U.S. dollar.Source: Reuters: Business News | 6 Aug 2009 | 2:32 am Costco July same-store sales fall 7 percent (Reuters)Reuters - (Reuters)- Costco Wholesale Corp on Thursday reported a bigger-than-expected 7 percent fall in July same-store sales hurt mainly by a strong U.S. dollar.Source: Yahoo! News: Business | 6 Aug 2009 | 2:32 am BHP, Rio Tinto June half profits to plungeMELBOURNE (Reuters) - BHP Billiton Ltd/Plc and Rio Tinto Ltd/Plc , the world's two biggest miners, are set to report sharp falls in profit for the June half, battered by a slump in metals prices and volumes.Source: Reuters: Business News | 6 Aug 2009 | 2:25 am Financial markets await Bank of England's decision on printing moneySterling and gilt traders are nervously await the Bank of England's decision on interest rates today for any indications whether it will print more money.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 6 Aug 2009 | 2:13 am Aussie dollar closes higherThe Australian dollar closed stronger after gains on the local equity market and better than expected employment data boosted investor appetite for risk currencies. At 1700 AEST on Thursday, the local currency was trading at US$0.8427/31,...Source: New Zealand Herald - Business | 6 Aug 2009 | 2:07 am NZ currency: Dollar retreatsThe New Zealand dollar retreated from 10-month highs after the New Zealand unemployment rate rose more than expected to six per cent in the June quarter. Westpac senior market strategist Imre Speizer said the NZ dollar only fell...Source: New Zealand Herald - Business | 6 Aug 2009 | 2:01 am ITV loses £145m on sale of Friends ReunitedMichael Grade, the chairman of ITV, today sought to distance the current management from the ill-fated acquisition of Friends Reunited, as the group struck a last-minute deal to sell the social networking site at a £145 million loss. Source: Latest Business News from Times Online | 6 Aug 2009 | 2:00 am Media Digest 8/6/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: A bubble may be forming in the corporate bond market. Reuters: Wall St. firms have made $1 billion on the break up of AIG (AIG). Morgan Stanley(MS), Goldman Sachs (GS), JP Morgan (JPM) and Blackstone (BX) could get large fees. Reuters: A judge would not approve an SEC settlement with Bank of America (BAC) Reuters: The Administration [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 6 Aug 2009 | 1:58 am Aviva profits rise to float Dutch armBritish insurer reported a strongerthanexpected firsthalf profits and said it planned a partial float of Dutch arm Delta Lloyd to bolster its capital.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 6 Aug 2009 | 1:52 am NZ shares: Market closes weakerThe New Zealand sharemarket t ook another breather from its rally today as the reporting season got closer. The benchmark NZSX-50 index, which lost 8.7 points yesterday after gaining strongly earlier in the week, shed another 27.921...Source: New Zealand Herald - Business | 6 Aug 2009 | 1:46 am FTSE rises ahead of Bank decisionLondon equities were back on an upward path on Thursday after stronger than forecast earnings news in the financial sector, as attention turned to the Bank of England. The FTSE 100 rose 54 points to 4,700...Source: RSS feed - channel BNPaperBusiness | 6 Aug 2009 | 1:26 am Asia Markets And Europe Open 8/6/2009Markets in Asia were mixed. The Nikkei rose 1.3% to 10,389. Toyota (TM) rose over 3%. The Hang Seng rose .8% to 20,647. The Shanghai Composite was down 2.1% to 3,356. At the open, the FTSE was up .9% to 4,685 RBS (RBS) rose on strong results. The Dax was up 1% to 5,406. Data from MarketWatch and Reuters. Douglas A. McIntyre Posted [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 6 Aug 2009 | 1:23 am ITV sells Friends Reunited to DC Thomson for £25mITV is in 11th hour exclusive talks with brightsolid the owner of genealogy website Findmypast.com to sell Friends Reunited.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 6 Aug 2009 | 1:15 am Deal boost for Deutsche TelekomDeutsche Telekom reports a big rise in quarterly profits, largely due to the integration of Greek acquisition OTE.Source: BBC News | Business | World Edition | 6 Aug 2009 | 1:15 am Deals detail Michael Jackson, the brandA movie, TV special, tribute concert, traveling exhibition and mountain of merchandise -- including virtual-reality tattoos -- are mapped out in agreements signed days after the star's death.Moving quickly to capitalize on fans' appetite for anything related to Michael Jackson, administrators for the singer's estate have mapped out elaborate plans for merchandising deals, a tribute concert, a television special and even a traveling exhibition of Jackson memorabilia.
Source: L.A. Times - Business | 6 Aug 2009 | 1:00 am Banks decry regulator's proposed rule changesThe Financial Accounting Standards Board may require firms to report the value of all loans and other assets based on the prices that buyers are willing to pay. ...Source: RSS feed - channel BNPaperBusiness | 6 Aug 2009 | 1:00 am Deals detail Michael Jackson, the brandA movie, TV special, tribute concert, traveling exhibition and mountain of merchandise -- including virtual-reality tattoos -- are mapped out in agreements signed days after the star's death. ...Source: RSS feed - channel BNPaperBusiness | 6 Aug 2009 | 1:00 am Jay Leno says his new show 'not here to save' NBCOnly half joking, the comedian reveals details about his 10 p.m. talk show, which is key to the peacock network's hopes for a prime-time revival. ...Source: RSS feed - channel BNPaperBusiness | 6 Aug 2009 | 1:00 am Tattoo removal firm aims for IPO as black ink flowsDr. Tattoff, which has three Southern California locations, says it's seeing record high volume and revenue. An investment expert says the company should get bigger before issuing stock to the public.After a decade, adult-film star Alexis Amore is looking to remove the Playboy bunny tattoo below her belly button. She also wants to get rid of a crown and the letter "a" on her wrists.
Source: L.A. Times - Business | 6 Aug 2009 | 1:00 am GM gets booster charge for electric-vehicle programThe automaker is awarded the largest share of $2.4 billion in federal grants for the development of battery-powered vehicles.The new chairman of General Motors Co. drove the much-anticipated Chevy Volt plug-in hybrid prototype for the first time Tuesday. The next day, the federal government put up nearly $400 million to help him build it.
Source: L.A. Times - Business | 6 Aug 2009 | 1:00 am Weak economic data put stock market rally on holdThe Dow drops 39 points after a disappointing report on the service industry gives investors an excuse to cash in recent gains. Other major indexes also decline. ...Source: RSS feed - channel BNPaperBusiness | 6 Aug 2009 | 1:00 am United Agricultural Benefit Trust spotlighted as model for healthcare cooperativesThe nonprofit based in Irvine provides insurance to about 15,000 Californians and Arizonans mostly working in agriculture.Every year, Santa Ana strawberry farmer Mack Ramsay pores over health insurance plans for his 35 employees, checking out prices, coverage, deductibles and other fine print from giants like Blue Cross, Blue Shield and Aetna.
Source: L.A. Times - Business | 6 Aug 2009 | 1:00 am News Corp. swings to a $203-million loss in 4th quarterRupert Murdoch's media conglomerate says its Internet assets, which include MySpace, have lost a third of their value since it bought them in 2005. The company also posts a loss for the fiscal year.After spending a little more than $1.5 billion on Internet assets over the last four years, News Corp. acknowledged Wednesday that they had lost nearly one-third of their value.
Source: L.A. Times - Business | 6 Aug 2009 | 1:00 am Goldman Sachs pay practices targeted in U.S. inquiriesThe bailed-out investment bank, which recently reported record quarterly profit and a huge bonus reserve, says in an SEC filing that federal agencies are looking into how it hands out compensation. ...Source: RSS feed - channel BNPaperBusiness | 6 Aug 2009 | 1:00 am Banks decry regulator's proposed rule changesThe Financial Accounting Standards Board may require firms to report the value of all loans and other assets based on the prices that buyers are willing to pay.A controversial change in accounting rules this year has allowed banks to claim billions of dollars in additional earnings simply by tweaking their bookkeeping, greatly enhancing the appearance that the industry is returning to health.
Source: L.A. Times - Business | 6 Aug 2009 | 1:00 am U.S. weighs overhaul of Fannie Mae, Freddie MacOne proposal scheduled to be taken up by the White House's National Economic Council would remove troubled assets from the firms and place those debts in newly created 'bad banks.' ...Source: RSS feed - channel BNPaperBusiness | 6 Aug 2009 | 1:00 am Goldman Sachs pay practices targeted in U.S. inquiriesThe bailed-out investment bank, which recently reported record quarterly profit and a huge bonus reserve, says in an SEC filing that federal agencies are looking into how it hands out compensation.Goldman Sachs Group's famously gold-plated bonuses are coming with a little something extra this year: unwanted scrutiny from the government.
Source: L.A. Times - Business | 6 Aug 2009 | 1:00 am Jay Leno says his new show 'not here to save' NBCOnly half joking, the comedian reveals details about his 10 p.m. talk show, which is key to the peacock network's hopes for a prime-time revival.So, the pressure is really on for Jay Leno, right? His new 10 p.m. talk show debuts in a little over a month, and if it goes down the drain it could take NBC's fading hopes of a prime-time revival along with it. The poor guy must be sweating.
Source: L.A. Times - Business | 6 Aug 2009 | 1:00 am Senate to vote on more 'cash for clunkers' fundingMajority Leader Harry Reid expects the $2-billion infusion to be approved. A disagreement between Democrats and Republicans over the number of potential amendments had been the sticking point. ...Source: RSS feed - channel BNPaperBusiness | 6 Aug 2009 | 1:00 am U.S. weighs overhaul of Fannie Mae, Freddie MacOne proposal scheduled to be taken up by the White House's National Economic Council would remove troubled assets from the firms and place those debts in newly created 'bad banks.'The Obama administration is considering an overhaul of Fannie Mae and Freddie Mac that would strip the mortgage finance giants of hundreds of billions of dollars in troubled loans and create a new structure to support the home loan market, government officials said.
Source: L.A. Times - Business | 6 Aug 2009 | 1:00 am Rupert Murdoch to charge to view News Corp's online newsNews Corp chairman plans to charge readers of the websites of all his newspapers within the next 12 months.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 6 Aug 2009 | 12:58 am ITV slumps to £105m loss sells Friends ReunitedBroadcaster reports a pretax loss of £105m in the first six months of 2009 as revenues fell 12pc to £909m.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 6 Aug 2009 | 12:49 am Commerzbank reports more lossesGermany's Commerzbank reports further losses as it struggles to recover from the financial crisis and integrate Dresdner Bank.Source: BBC News | Business | World Edition | 6 Aug 2009 | 12:41 am Lloyds chief plans bonuses for 'spectacular job' in making £4bn lossLloyds Banking Group's chief executive Eric Daniels plans to pay staff bonuses for a 'spectacular job' as the partnationalised bank reported a near £4bn loss.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 6 Aug 2009 | 12:25 am Currencies: Euro, pound slip ahead of policy announcementsThe euro and the British pound both edge down against the dollar in Asian trading, ahead of Bank of England and European Central Bank policy announcements.
Source: MarketWatch.com - Top Stories | 6 Aug 2009 | 12:22 am Lenovo makes third straight lossLenovo, the world's fourth-largest personal computer maker, reports a loss and says it has not seen the bottom of the downturn.Source: BBC News | Business | World Edition | 6 Aug 2009 | 12:13 am Judge won't approve Bank of America, SEC settlementNEW YORK (Reuters) - A U.S. federal judge has refused to approve Monday's settlement between the U.S. Securities and Exchange Commission and Bank of America Corp related to the acquisition of Merrill Lynch & Co.Source: Reuters: Business News | 5 Aug 2009 | 11:47 pm Judge won't approve Bank of America, SEC settlement (Reuters)
Source: Yahoo! News: Stock Markets News | 5 Aug 2009 | 11:47 pm Judge won't approve Bank of America, SEC settlement (Reuters)
Source: Yahoo! News: Business | 5 Aug 2009 | 11:47 pm Experts doubtful about China-led recovery (AFP)
Source: Yahoo! News: Business | 5 Aug 2009 | 11:26 pm Experts doubtful about China-led recovery (AFP)
Source: Yahoo! News: Stock Markets News | 5 Aug 2009 | 11:26 pm Monster U.S. online jobs index edges lower in JulyNEW YORK (Reuters) - A monthly gauge of online labor demand in the United States edged lower in July and its decline slowed on a year-over-year basis, suggesting some stabilization in the jobs market, a private research group said on Thursday.Source: Reuters: Business News | 5 Aug 2009 | 10:16 pm 'No quick return' to housing boomHouse prices could rise over the course of 2009, but there is little chance of a quick return to a housing boom, surveyors report.Source: BBC News | Business | World Edition | 5 Aug 2009 | 10:16 pm Airport Chaos? Know Your RightsFliers may have noticed something different about this high travel season: It’s not filled with the usual airport nightmares. In fact, delayed flights are at their lowest point in five years, according to the U.S. Department of Transportation—largely because fewer planes are flying. Call it a recessionary perk. Just don’t mention it to anyone whose plane is 37th in line for takeoff. With passenger rights still evolving, we checked in on the latest rules. RUNWAY RUSH HOURWith the proposed passenger bill of rights still in a Congressional holding pattern, there’s no legal limit to how long fliers can sit on the runway. At least one airline is taking steps to address this problem: JetBlue promises to deplane passengers who’ve been stuck on an aircraft for a whopping five hours (how generous). The company doles out vouchers once the delay hits the three-hour mark, starting at $50 and going up to a round-trip ticket refund. LOST LUGGAGEIn December, the Department of Transportation raised the maximum lost-baggage reimbursement to $3,300, a 10 percent increase. But fliers should be careful to check their carrier’s fine print anyway, says Alexander Anolik, attorney and author of Traveler’s Rights: Your Legal Guide to Fair Treatment and Full Value. Airlines have been known to exclude jewelry, camera equipment and more, he says. CANCELED OR BUMPEDAirlines are not technically required to compensate travelers for a canceled flight. But most carriers stick to the de facto standard of booking passengers on their next available one and, in some cases, will put them on an earlier flight with another carrier. Either way, your best bet is to keep airline reservation numbers on speed dial and be specific about which replacement flight you want. Of course, fliers bumped because of overbooking are entitled to compensation by law—up to $400 for a one- to two-hour delay getting to their destination and double the ticket cost (up to $800) if they arrive more than two hours later than originally scheduled. 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 | 5 Aug 2009 | 10:00 pm EBay's Business Is EvolvingBIDDERS AT AUCTION OFTEN LOSE THEIR nerve in the face of escalating prices. Investors contemplating a stake in eBay , which has rallied 52% this year -- and 15% just in the past two weeks -- might understand the phenomenon well. They, too, may be questioning whether the company and its shares are "worth it" at 21-and-change. They should stop worrying, and bid. EBay, the online-commerce specialist, is worth its current price and perhaps as much as 30% more, as a long-promised turnaround in its core online-auction business finally begins to yield results. The company also produces copious cash flow, benefits from a stabilizing consumer economy, and owns a pair of fast-growing units -- PayPal and Skype -- whose gains have been obscured by the mature, but improving, auction business. While eBay has had an impressive run, the stock (EBAY) remains more than 50% below its peak level of five years ago. Moreover, at just 14 times this year's expected earnings of $1.51 a share, and around 13 times 2010 estimates of $1.62, the company trades at a 20% discount to the broad stock market, and looks like a bargain relative to similar e-commerce outfits such as Amazon.com (AMZN), which sport considerably higher price/earnings multiples. Ever since John Donahoe was elevated early last year to replace Meg Whitman as chief executive, management has been promising eBay would find a way to cut costs and streamline its online marketplace to heighten its appeal to large sellers of fixed-price goods. In recent months, these efforts began delivering positive results. The volume of total items sold in the latest quarter increased by 2.7%, reversing a 1.6% decline in the prior quarter, in what Stephen Ju, an analyst at RBC Capital Markets, calls the "first real signs of a turnaround." Earnings and revenue in the quarter both were ahead of forecasts, improvements that likely mark the beginning of a lasting recovery. Crucially, Donahoe's focus on better accommodating large sellers of merchandise, such as mainstream retailers, has driven the proportion of fixed-price merchandise, as opposed to auctioned goods, to 51% of sales in the company's marketplace segment, which rang up total revenue of nearly $5.6 billion in 2008. The growth rate of the auction business has been declining since the fourth quarter of 2008, highlighting the imperative to boost fixed-priced sales. Majestic Research, which maintains a proprietary database to calculate e-commerce volumes, says total listings on eBay are up 17.3% year-to-year in the current quarter. Of the total, store-posted listings have soared 57.7%, while "core" listings from individuals have risen 11.2%. Last week, eBay altered its listing rules to help top-rated large vendors win buyer traffic more easily, a move that drew predictable carping from small sellers but was otherwise roundly embraced. Online retailing of fixed-price merchandise is no easy business, given powerful competitors from Amazon to the Websites of bricks-and-mortar merchants. But by growing its fixed-price business, eBay wisely is declaring itself agnostic about how people use its platform to buy and sell goods. IN THE PAST DECADE, eBay has gone from overhyped and overvalued to underloved and underpriced. At the peak of the dot-com bubble in early 2000, when the San Jose, Calif.-based company barely was turning a profit, it had a market value of $30 billion. Today, its market value is $28 billion, supported by more than $2 billion a year of free cash flow. The mania of the late 1990s that inflated all things technology-related shouldn't be expected or invited back for years, if ever. But even in these sober times, with the tech-heavy Nasdaq Composite still a shadow of its former self, Amazon fetches 50 times expected earnings. Even a terrestrial retailer like Target (TGT) trades for a slight premium to eBay. A whiff of the eBay of old -- an online auctioneer of quirky items and occasional gems -- still lingers. But the public, and particularly the investment community, doesn't fully appreciate the global, multifaceted and increasingly profitable company that has replaced it. EBay may lack Amazon.com's reputation as the go-to site for media products, not to mention a product like Amazon's hot-selling electronic reader, the Kindle. Yet, it is evolving into a business much more like Amazon, only with far better margins. Last year, eBay earned about $1.8 billion on $8.5 billion of revenue. Amazon netted $645 million on $19.2 billion of sales. Plus, in PayPal, an online-payments system, and Skype, an Internet-communications service, eBay has two unappreciated businesses whose growth is far outstripping that of many other technology-based services. To be sure, eBay isn't the bargain it was at the market's lows in March, when it traded below 10 a share. A pullback below 20 wouldn't be surprising after the stock's recent run-up -- indeed, it might be welcomed by careful investors. Yet, eBay could trade up to the high-20s -- a level last seen in the summer of 2008 -- in the next year or so, as sales and earnings resume growing. Ju, the RBC analyst, began recommending the stock following eBay's latest earnings report. He says there is an upside tilt to sales trends in the marketplace segment, and that the "multiple has room to expand as [eBay] begins to string together additional signs of platform improvements." THE RALLY SINCE MARCH in eBay's shares reflects growing confidence that the company's sales trends are stabilizing after a rocky stretch, and that the improvements to the marketplace site instituted by Donahoe and his team are gaining traction. Donahoe, 49, joined eBay in 2005 to run the marketplace business, following a 20-year career as a consultant at Bain & Co., most recently as the firm's CEO. His emphasis on operational efficiencies, return on capital and cash-flow deployment reflects this background, and will leave eBay better-positioned as the global economy improves. Bob Swan, the company's chief financial officer, describes eBay as a facilitator of "goods transfer." Snow emphasizes that the e-commerce industry is relatively young; online sales represent just 6% to 7% of total retail sales, and are growing at a 15% annual rate. Approximately $60 billion of online transactions were made through PayPal last year, up 27% from a year earlier; the service's total payment volume represented nearly 9% of global e-commerce, and 15% of U.S. transactions. EBay's stated objective is to build annual revenue -- an estimated $8.5 billion this year -- to between $10 billion and $12 billion by 2011. The company aims to produce mid-single-digit percentage gains in earnings, and an aggregate $6 billion to $7 billion of free cash flow. If investors believed it could meet those goals, its shares likely would be higher. Yet, these targets are achievable, especially as the economy picks up. Ebay, like many tech-related companies that liberally issue stock options, reports non-GAAP [generally accepted accounting principles] earnings results and forecasts. They exclude stock-based employee compensation and some goodwill amortization. Barron's has long argued this leads to systematic overstatement of tech profitability, but it does nothing to change the valuation discount of eBay versus other, similar companies. LAST YEAR, EBAY'S MARKETPLACE unit contributed about 65% of total revenue, and 80% of operating income. PayPal accounted for 28% of revenue and 16% of income -- proportions that have been growing with the unit's sales and profits. Skype, which still chips in less than 10% of revenue, is growing by more than 420% a year. It has 481 million registered users, and is the clear winner in Internet calling -- so much so that it's name has become a verb. EBay plans to spin off the unit through a stock offering early next year, in an acknowledgment that Skype isn't symbiotic with the rest of the company. A spinoff, however, could spotlight Skype's value, and simplify eBay's business mix. Donahoe has said Skype could be valued at $2 billion or more in the public market. These days, eBay is getting an increasing percentage of its business from abroad. Non-U.S. revenue accounted for 54% of total second-quarter sales of $2.1 billion. In countries such as England, Germany and Korea (where eBay acquired its largest competitor, GMarket), auction activity is several times as popular as in the U.S. In stark contrast to a decade ago, and even five years ago, when aggressive-growth investors swarmed into eBay's shares, the company's stock now is largely in the hands of a more value-oriented crowd. Big holders, who have upped their positions this year, include Southeastern Asset Management and Dodge & Cox. Sell-side analysts remain skeptical of eBay's prospects. Only eight of the 32 analysts who cover the company recommend its shares, while three have Sell ratings. Even the putative bulls don't see much upside; none has a price target above 25. Contrarians, take note: Street sentiment in the face of a strongly performing stock and improving corporate performance often is a recipe for further investment gains. In some respects, the analyst cadre remains overly focused on the company's core auction business, using "gross merchandise volume" as the key measure of eBay's results. The gross value of merchandise sold in the latest quarter at fixed prices, often from large retailers and manufacturers, surged 19% from a year earlier, adjusted for foreign-currency translation. That more than offset a 17% decline year-to-year in auction volume. Yet this focus obscures the most unique and valuable franchise within eBay -- PayPal, the secure online-"wallet" payment processor. PayPal handled $16.7 billon worth of transactions in the second quarter, up 19% year over year after currency adjustments. Its loss rates are microscopic. The proportion of eBay transactions consummated via PayPal has risen from 56.5% to 64.4% in the past year. The larger opportunity is signing up more third-party merchants, both sole proprietors and large retail chains. EBay management is committed to doubling PayPal's revenue in the next three years. Given that investors happily pay 23 times earnings for Visa International (V), whereas eBay, as a whole, trades for 14 times earnings, the likelihood that PayPal increasingly will contribute a higher percentage of company profits is another argument for eBay's valuation to rise over time. Christa Quarles, an analyst at Thomas Weisel Partners, values the PayPal business at a multiple of 13 times cash flow, nearly twice what she suggests the core eBay-marketplace business is worth. ONCE SKYPE IS CARVED OUT of eBay next year via an initial public offering, PayPal's sway in driving company profits should become clearer to the Street. The Skype separation, a mere four years after its expensive and much-criticized acquisition by eBay, points to a valid concern among some investors: that eBay has a hit-and-miss record with acquisitions, which, after all, are a key use of all that lush free cash flow. Shopping.com, acquired in 2005, wasn't exactly a boon to the bottom line. And when eBay bought Bill Me Later -- a PayPal competitor that extends credit to riskier consumers -- late last year, the deal was ill-timed, if strategically defensible. Skype might never have meshed with the rest of eBay, but it has proved a category killer, with far more users for its telephony and video-conferencing services than its nearest competitors. Pretax profit margins in the Skype unit run above 20%, hinting that its stock could get a generous reception once an IPO is executed. There are some legal challenges to Skype's technology, however, so investors must remain alert to headline risk on the way to the spinoff. There have been consistent suggestions over time that eBay itself could become a takeover target by a large online player covetous of its traffic and network efficiencies. These, presumably, could be leveraged into greater advertising revenue if integrated into a Google (GOOG) or Microsoft (MSFT). It's plausible, but hardly probable, given eBay's relatively new top management, which by its own admission is only halfway through a long turnaround campaign. But the very things that make eBay so attractive as a hypothetical buyout target argue that investors should consider bidding for its shares as those promised results are delivered in the next couple of years. 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 | 5 Aug 2009 | 10:00 pm 8 Deals on Back-to-School Shopping (Deal of the Day)There are still more than 30 days until Labor Day and the unofficial end of summer, but many cash-strapped parents are already preparing for the big bills that come with sending a child back to school. The average family with at least one kid in kindergarten through 12th grade plans to spend $549 on back-to-school merchandise, reports the National Retail Federation. That’s a 7.7% decline from last year. Consumers say they plan to cut back on what they buy and focus more on sales. (Families with college students, on the other hand, plan to spend even more -- an average $618, up 3% from last year. For more on how to get good prices on textbooks, dorm decor and more, click here.) The good news for sale-hunting families: Retailers are offering heavy discounts this summer. “Retailers don’t have the same bloated inventory they had last year,” says Dan de Grandpre, the founder of deal-tracking site Dealnews.com. “But among loss leaders, the deals are better than ever.” Try these six tactics to save: Shop superstoresTarget (TGT), Walmart (WMT) and Kmart tend to have better prices on school supplies than office supply stores, says de Grandpre. Another wallet-friendly option: Hit the warehouse club, where Costco (COST) is offering up to $400 off Dell laptops, and Sam’s Club has a five-pack of Bic Brite highlighters for $2.14 -- less than a third of the $6.49 price tag at Staples. (For more on shopping at warehouse clubs, click here.) Ask for a price adjustmentMany stores will honor today’s sale price for items purchased up to two weeks ago, provided you still have the receipt, says Bronwyn Phonesya, a spokeswoman for MomsLikeMe.com, a social networking site for mothers. (For more on store price-adjustment policies, click here.) Take advantage of tax holidaysTen states -- including Alabama, New Mexico and Virginia -- are waiving the sales tax on school supplies, clothing and other items this weekend. Depending on where you live, you could save up to 7% (local sales tax may still apply) on top of store sales. (For more tips to take advantage of tax holidays, read our story.) Focus on loss leadersWith weeks to go before the school year starts, you have plenty of time to grab the items you need -- and the sales will only get better, de Grandpre says. Focus on picking up a few items from store circulars each week, and scooping up the rest of what you need on clearance at the last minute. Buy from manufacturersApple (AAPL) offers special pricing year-round for students through its Online Store for Education, and Dell (DELL) provides student deals thought its Dell University site. For example, save up to $200 (18%) on a MacBook Pro laptop, regularly $1,099. Work from a listMany school districts and individual teachers provide checklists of what your child will need, Phonesya says. These lists can help you separate the must-haves form the wants and spend accordingly. They can also ensure that you won’t buy the wrong thing and be stuck with unnecessary (and likely un-returnable) supplies come school time. Here’s a sample of the deals major retailers and manufacturers are offering now: Back-to-School Sales
Apple
Best Buy
Dell
Kohls
Kmart
Office Depot
Staples
Target
Looking for more deals? Text SCHOOL to 827438 and the retailer will send you weekly back-to-school savings alerts. (Regular text message rates apply.) *Details from individual stores. 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 | 5 Aug 2009 | 10:00 pm Broker Talk: Buying Stampede Almost Over (Broker Talk)With the S&P 500 up 10% for the year -- and nearly 50% from its March low -- the ongoing "buying stampede" means investors need to take a more cautious approach to equities, these brokerage experts say. Who's Talking: Larry Adam, chief investment strategist, Deutsche Bank Private Wealth Management The Gist: "While improving economic conditions support the recent rally and support our long-term positive view on equities, there are several technical and fundamental factors that suggest near-term headwinds," Adam writes. On a fundamental level, stocks are no longer dirt cheap, Adam says. The market's trailing price/earnings multiple has expanded to 16 from a trough of 9.7 on November 20 of last year. "As a result, further sustainable upside will be dependent on positive earnings growth, not just 'less bad' earnings," he says. Despite better-than-expected earnings (more than 70% of companies have exceeded estimates so far this season, according to Thomson Reuters), sales continue to be weak, he writes. On a technical level, the so-called Relative Strength Index has notched it highest reading since early May of 2007, suggesting that the market is overbought, says Adam. That leaves Adam cautious on equities in the near term, but there are reasons for optimism farther out. For one thing, positive earnings growth is expected to occur in the fourth quarter, which should provide a more sustainable upside for stocks. Additionally, gross domestic product appears to have bottomed, and "expectations continue to build that the economy will begin to stabilize and rebound slightly during [the second half of the year] due to pent-up demand, re-stocking and a rebound in consumer confidence," he says. Who's Talking: Jeffrey Saut, chief investment strategist, Raymond James The Gist: If past market behavior is any indication, the current "buying stampede" is getting closer to the end than the beginning, Saut says. "The typical stampede lasts 17 to 25 sessions, with only one- to three-day pauses/corrections, before they exhaust themselves on the upside," he writes, noting that Monday marked session 16 of that run. Rather than try to pick the top, Saut recommends that investors use a short-term moving average to lock in some gains. "One of the tricks we have learned is to use a short-term moving average, like the 10-day moving average, and wait for the index to close below it before reducing positions," Saut writes. That leaves plenty of opportunities for taking some profit in equities, especially given that close to 90% of stocks in the S&P 500 are above their longer 50- and 200-day moving averages, meaning that they are technically overbought. Interestingly, the S&P 500 appears to be replaying a pattern it followed in 2003, where it bottomed in March and rallied into June, Saut says. "From there it flopped/chopped for awhile and then broke out above those June 2003 'highs' and tacked on another 15%," he writes. And, like now, the first leg of that rally was driven by liquidity and the second by improving fundamentals and earnings, Saut adds. 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 | 5 Aug 2009 | 10:00 pm 3 Stocks That Handily Beat the Street (Screens)Three-quarters of S&P 500 companies have now bared their second-quarter financials, and the numbers are better than expected. Mind you, Corporate America is plenty skilled at manufacturing earnings-season sunshine. In a typical quarter, three companies beat Wall Street forecasts for each that misses them. This quarter, though, the ratio for S&P 500 companies is tracking at 5-to-1, a record. That’s not to say second-quarter earnings are up vs. a year ago. They’re expected to have shrunk more than 15%. Also, plenty of companies are topping earnings estimates but missing on sales, a sign of painful cost-cutting rather than sustainable improvement. Expectations for the next several quarters are high, with earnings forecast to increase 26% by next year’s second quarter. Considering the difficult road ahead, investors might wish to focus their attention on companies that are not merely beating earnings estimates, but are crushing them, with better-than-expected sales to boot. Below are three that did so this week. Cognizant Technology SolutionsEPS surprise: 27% With companies looking to reduce costs, outsourcing specialist Cognizant (CTSH) is prospering. It pairs U.S. employers with mostly India-based workers. Plenty of outsourcers have suffered over the past year alongside major clients in the financial sector, but Cognizant is diversified among other sectors like healthcare, where outsourcing is still in brisk demand. The company’s sales are forecast to grow 11% this year and 14% next year. Its shares are up 80% year to date. Stockholders don’t get a dividend for now, but the company is debt-free and holds cash equal to close to 10% of its market value. Molson Coors BrewingEPS surprise: 14% A combination of cost cuts and price increases helped Molson Coors (TAP) double its second-quarter profits. Shares rose 5% on the news Monday. Beer drinkers looking for bargains sent sales of the company’s down-market Keystone and Miller High Life brands higher. Meanwhile management hiked prices on some premium brands to help make up for volume declines. With the dollar losing ground of late vs. the British pound and Canadian Loonie, Molson Coors stands to profit, since it draws considerable income from both countries. Shares trade at 13 times earnings and carry a 2% dividend yield. STECEPS surprise: 24% Stec (STEC) makes solid-state drives like the ones available as pricey upgrades on laptop computers, except that its drives are used by businesses for servers. Solid-state drives have no moving parts unlike standard mechanical drives, so they’re typically faster and less power-hungry. Stec claims its Zeus line of business drives improve performance by as much as a factor of 78 over traditional drives and use up to 96% less electricity. Companies are evidently willing to pay a premium for such performance. Second-quarter sales for Stec surged 54%. Investors seem to expect grand things from the company in coming years. Shares are priced at a lofty 22 times forecast 2009 earnings. 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 | 5 Aug 2009 | 10:00 pm 7 Tips for Getting a Preapproved Mortgage (Consumer Action)During the height of the real estate boom, getting a mortgage was as easy as picking out a new coffee table for the living room. Now, home buyers have to jump through rings of fire before they can sign on the dotted line. Today, the first step in landing a home loan is obtaining a letter of preapproval. This means a mortgage lender has verified that you’re approved for a mortgage of a certain amount over a fixed timeframe. Preapproval letters are prepared even before you’ve picked out your home. They remove some of the uncertainty in the home-buying process. In the current housing market, real estate agents and sellers won't want to work with buyers unless they have one. “Before you even get in my car, you want to get preapproved,” says Gerry Bourgeois, a real estate broker and president of Towne & Country Realtors in Leominster, Mass. With a letter in hand, buyers know exactly how much they can borrow – and therefore how much house they can afford. A preapproval letter shows the seller and the seller’s agent that the buyer is capable of buying their house. “For most sellers, the issue is not whether they can get an offer, but whether they can close the deal,” says Tara-Nicholle Nelson, a real estate broker in Oakland, Calif. Agents see preapproved buyers as more serious (and more valuable) because they’ve taken proactive steps to secure a preapproval. When it’s time to make an offer, a preapproved buyer will be in a better position to negotiate. Here’s what home buyers need to know about the new rules of mortgage preapproval. Shop around. And shop early.When seeking preapproval, talk to a few different mortgage lenders to find the best mortgage package that suits your needs. Two or three lenders is customary, says Brad Blackwell, a national sales manager at Wells Fargo Home Mortgage in Danville, Calif. More aren’t necessary to get a good deal because loan packages are generally very similar and pricing tends to be comparable, he says. And consult with lenders before you start house hunting. This way, you’ll know how much you can borrow – and which houses are in your price range, says Ann Stickel, vice president of affiliated services at Michael Saunders and Company, a real estate brokerage in Sarasota, Fla. Prepare your financial biography.Getting preapproved means a lender must review and verify a home buyer’s income, credit and assets to ensure he can make the necessary monthly payments on a house. In the wake of the housing bust, borrowers must be more forthcoming when it comes to their finances, Stickel says. Your lender should tell you precisely what you need, but be prepared to include:
Know you're not obligated to one lender.Preapproval doesn’t bind you to a particular lender; it’s just a promise -- albeit, a conditional one -- that the lender is willing to make the loan. The buyer isn’t obligated to borrow from that lender. Don’t expect a rate quote.A preapproval will stipulate the loan amount or monthly payment but not necessarily the loan type or rate. When you apply, lenders use that day’s mortgage rates to estimate costs and payments. “Just don't expect them to keep the same rate they preapproved you with as the actual rate that will be available when you find a property and sign a purchase contract,” says Danny Valentini, a senior vice president and regional manager at Homeservices Lending, a mortgage lender in San Diego. Keep an eye on your credit score.Usually, a loan inquiry can ding your credit score. If you applied for a bunch of credit cards within a short period of time, for example, your FICO score might fall. (Most lenders use some version of the FICO score to determine your eligibility for credit and what interest rates and other terms they should extend to you.) But the credit-scoring models are designed to allow for mortgage loans. The score ignores mortgage, auto and student loan inquiries made during the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping, according to MyFico.com. Also, the score looks at your credit report for mortgage, auto and student loan inquiries more than 30 days old. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score. Deal only with a reputable lender.Sellers now are looking much more closely at who the buyer’s lender is. To avoid instances in which the lender might not be able to deliver on the loan, they want to see that any prospective buyer is working with a financially sound and reputable lender, says Blackwell. Most national brokerages and banks have local branches, so buyers should ask a local realtor (and the buyer’s agent who is representing them) for recommendations. To satisfy any doubts you might have about a particular lender, visit the Better Business Bureau's web site to find out what kind of reputation they have. Watch the clock.Preapproval letters – and the documents they verify – have expiration dates. Those dates vary by lender, but the letters are typically valid for 90 days, Blackwell says. If you’re still house hunting after, say, 60 days, and you’re concerned, ask your lender to re-validate the preapproval letter. Sellers want to be sure the buyer’s financial situation hasn’t changed since the time the lender initially checked them out. If any part of your financial picture has changed – your credit, job status, income or assets, for example – you should notify the lender so your preapproval can be adjusted. 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 | 5 Aug 2009 | 10:00 pm Fannie Mae, Freddie Mac could be split: report (AFP)
Source: Yahoo! News: Business | 5 Aug 2009 | 9:30 pm More changes for KiwiSaver, says EnglishMore tweaking is planned for KiwiSaver, Finance Minister Bill English told superannuation fund managers today. At an Association of Superannuation Funds of New Zealand forum in Wellington, English reiterated that the Government...Source: New Zealand Herald - Business | 5 Aug 2009 | 9:30 pm White House views splitting Fannie, Freddie assetsWASHINGTON (Reuters) - U.S. officials are considering a plan to isolate failing assets held by Fannie Mae and Freddie Mac, The Washington Post reported on Wednesday, while an administration official said such an idea was in the early stages of development.Source: Reuters: Business News | 5 Aug 2009 | 9:20 pm White House views splitting Fannie, Freddie assets (Reuters)
Source: Yahoo! News: Business | 5 Aug 2009 | 9:20 pm Lenovo shares drop on profit-taking after results (Reuters)
Source: Yahoo! News: Stock Markets News | 5 Aug 2009 | 8:45 pm AIG breakup nets Wall Street $1 billion bonanza: report (Reuters)
Source: Yahoo! News: Business | 5 Aug 2009 | 7:39 pm Rise of the Wall St share trading machinesHere's an irony. As America tries to bring some order to the derivatives market n the Wild West of Wall Street where the credit crisis germinated - and to force the trading of credit default swaps on to regulated exchanges, exactly...Source: New Zealand Herald - Business | 5 Aug 2009 | 7:30 pm NZ mentors for Pacific business leadersPacific Island business leaders will be getting advice from New Zealanders under a new mentoring programme announced today. Prime Minister John Key announced the Pacific Business Mentoring Programme from the Pacific Islands Forum...Source: New Zealand Herald - Business | 5 Aug 2009 | 7:26 pm Unemployment surges to 9 year highThe unemployment rate has surged to a nine-year high, rising to 6 per cent in the three months to June from 5 per cent the previous quarter, with women bearing the brunt of rising joblessness. The Household Labour Force Survey,...Source: New Zealand Herald - Business | 5 Aug 2009 | 7:00 pm SEC plans more subpoena power, enforcement units (Reuters)Reuters - The U.S. Securities and Exchange Commission plans to issue more subpoenas and give people more incentives to cooperate with investigations as it works to tighten oversight of financial markets.Source: Yahoo! News: Business | 5 Aug 2009 | 6:58 pm SEC plans more subpoena power, enforcement units (Reuters)Reuters - The U.S. Securities and Exchange Commission plans to issue more subpoenas and give people more incentives to cooperate with investigations as it works to tighten oversight of financial markets.Source: Yahoo! News: Stock Markets News | 5 Aug 2009 | 6:58 pm Free rent deals normal, admits Goodman teamGoodman Property Trust unitholders heard how their business was having to give tenants up to a month's free rent to entice them into buildings. Investor Alan Best asked the trust's management at yesterday's annual meeting in Auckland's...Source: New Zealand Herald - Business | 5 Aug 2009 | 6:30 pm Schapiro says SEC should fund straight from fees - report (Reuters)
Source: Yahoo! News: Stock Markets News | 5 Aug 2009 | 6:27 pm News Corp hit by writedowns after ‘most difficult year’News Corporation, parent company of The Times, reported a $3.4 billion ($£2 billion) net loss in the year to June 30, after the company took $8.9 billion in writedowns on recent acquisitions such as Dow Jones and websites acquired as part of Fox Interactive Media.$ Source: Latest Business News from Times Online | 5 Aug 2009 | 6:22 pm Hyatt Hotels registers for public offering (AP)AP - Hotel and resort operator Hyatt Hotels Corp. said Wednesday it has filed a registration statement with the SEC proposing an initial public offering of its shares.Source: Yahoo! News: Stock Markets News | 5 Aug 2009 | 6:07 pm We could all have been better off if only Peter Cummings had known when to stopIf only Peter Cummings had not held his nerve, British taxpayers might be billions of pounds better off. Source: Latest Business News from Times Online | 5 Aug 2009 | 6:00 pm Scant detail for investors in Orange Finance moratorium planEight months after the company defaulted on repayments, investors in Doug Somers-Edgar's Orange Finance finally get to vote on a moratorium plan tomorrow, albeit one that contains little indication of the level or timing of eventual...Source: New Zealand Herald - Business | 5 Aug 2009 | 6:00 pm Lloyds loss deals another blow to Peter Cummings’s reputationPeter Cummings, the one-time king of Britain’s easy-borrowing culture, suffered another blow to his tarnished reputation yesterday as the full scale of losses at Lloyds Banking Group was laid bare. Source: Latest Business News from Times Online | 5 Aug 2009 | 6:00 pm Old favourites create a sales feast at Premier FoodsHovis and Branston Pickle — the names are as evocative of traditional Britain as fish and chips or roast beef. And yesterday the nostalgic brands proved their mettle by helping Premier Foods to announce better than expected sales figures. Source: Latest Business News from Times Online | 5 Aug 2009 | 6:00 pm Hiatus over new chief to steal show at ITV’s resultsITV is not expected to disclose the identity of its new chief executive when it announces interim results today, as the final negotiations with the candidates drag on longer than expected. Source: Latest Business News from Times Online | 5 Aug 2009 | 6:00 pm Shortage of homes for sale expected to push up prices by end of the yearAn acute shortage of homes being brought to the market will push property prices up this year as bargain-hunters vie for the best deals, a leading estate agency body forecast yesterday. Source: Latest Business News from Times Online | 5 Aug 2009 | 6:00 pm Touradji Capital Buys Gold ETF Shares, Sheds Energy CompaniesSource: Bloomberg - All Podcasts | 5 Aug 2009 | 5:46 pm Pickens, Ben Dell Discuss Oil, Diesel, Alternative EnergySource: Bloomberg - All Podcasts | 5 Aug 2009 | 5:33 pm De Grauwe Sees Macroeconomics Crisis, Misleading ModelsSource: Bloomberg - All Podcasts | 5 Aug 2009 | 5:31 pm IRG seeks $500,000 to fix breachFormer Dorchester Pacific chief Brent King is trying to raise $350,000 in new equity for his listed investment business after the company yesterday revealed it had breached banking covenants and needs $500,000 in new capital. NZAX-listed...Source: New Zealand Herald - Business | 5 Aug 2009 | 5:30 pm Write-Offs: 08.05.09$$$ Close to 1 out of every 2 mortgages is headed underwater [Bloomberg] $$$ Goldman employees have to cool it; Goldman wives, not so much [Cityfile] $$$ US credit markets still too tight for you? Try China. [WSJ]. $$$ A Random Walk Down Stimulus Street [CNBC] 
Sponsored Topics: China - Wall Street Journal - Bloomberg L.P. - Business - CNBC Source: Dealbreaker | 5 Aug 2009 | 5:22 pm Fresenius Medical, Inergy Cut to `Market Perform' at WellsFargoSource: Bloomberg - All Podcasts | 5 Aug 2009 | 5:17 pm Phil Simms Discusses Manning’s Contract Extension With GiantsSource: Bloomberg - All Podcasts | 5 Aug 2009 | 5:11 pm Land grab?Foreign investors snap up African farmlandSource: BBC News | Business | World Edition | 5 Aug 2009 | 5:08 pm AHIP's Ignagni Says Health Insurance Industry Has Led ReformSource: Bloomberg - All Podcasts | 5 Aug 2009 | 5:08 pm Greenhaus Says `Encouraging' ADP Report Shows Slow ImprovementSource: Bloomberg - All Podcasts | 5 Aug 2009 | 5:04 pm Nigg Favors Energy Stocks on Demand From Emerging MarketsSource: Bloomberg - All Podcasts | 5 Aug 2009 | 5:00 pm Limitless Limits From SheBair
Banking agencies should become more active in setting compensation standards that are "principles-based" without setting specific amounts for pay, Bair said today in an interview with Bloomberg Television in Washington. How big is too big? Where does value added end? She knows it when she sees it (so to speak). Bair Says Regulators Should Set Banker Pay Standards [Bloomberg]
Sponsored Topics: Washington - Executive compensation - Bloomberg Television - United States - Bank Source: Dealbreaker | 5 Aug 2009 | 4:56 pm Get Naked (Shorts)Fans of enemies of naked shorting, rejoice. Settlement (no admission of guilt, innocence, neutrality, etc.) for the first enforcement actions brought for the vile enemies of all Christian civilization is at hand. Hazan and the company were accused of betting that share prices would fall without borrowing and delivering the shares, the SEC said in a statement today. Regulations adopted in July require brokers to identify a source of the shares prior to a short sale and to deliver the securities by a certain date. The SEC also barred Hazan from working with any brokerage. And just in case you thought these sorts of things didn't travel in pairs: In a separate case, the SEC settled similar claims against TJM Proprietary Trading LLC, ordering payment of $541,000 in disgorgement. The suit named trader Michael Benson and Chief Operating Officer John Burke, who will pay $250,000 in fines together with the company. Maybe it is just us, but when the first actions against the practice involve cases with "complex options transactions," you are simply trying too hard. Hazan Capital Settles SEC's First Claims of 'Naked' Short Sales [Bloomberg]
Sponsored Topics: US the Securities Exchange Commission - Business - Short - Naked short selling - Michael Benson Source: Dealbreaker | 5 Aug 2009 | 4:32 pm Dating The End Of The Recession
So if you're sitting at a bar or club trying to imagine your waitress with more clothes on instead of off, the green shoots are blooming. The Latest Hotness Indicator [CNBC]
Sponsored Topics: Lower East Side - Economic indicator - CNBC - Restaurant - United States Source: Dealbreaker | 5 Aug 2009 | 4:14 pm Cisco sees profits almost halveCisco Systems, the world's largest manufacturer of computer networking equipment, sees quarterly profits fall 27%.Source: BBC News | Business | World Edition | 5 Aug 2009 | 4:07 pm SEC chief in call for funding shake-upThe US Securities and Exchange Commission should fund itself directly from industry fees, a system that would allow it to tackle more complex investigations and invest more in technology and skilled people, Mary Schapiro, its chairman, told the Financial TimesSource: Financial Times - US homepage | 5 Aug 2009 | 4:07 pm Google set to take on Apple in ChinaGoogle is set to go head-to-head with the iPhone maker as the country’s largest mobile operator prepares to launch customised smartphones based on the Android operating systemSource: Financial Times - US homepage | 5 Aug 2009 | 4:07 pm Plug Your Place of Worship on eCompliments
So maybe I’m a little obsessed with social media lately. Bear with me. Why? Because I’m not alone. Even places of worship are getting into this particular form of digital marketing. Churches, mosques, and synagogues no longer have a choice about whether they have an online presence. If they want new members, they need to reach out. More and more, that includes taking advantage of online review site such as eCompliments, Yelp!, CitySearch, and others. According to eCompliments, a recent Nielsen study showed that 90% of American’s look to personal referrals and 70% trust online review opinions when making consumer decisions. And deep convictions aside, choosing a church is a consumer decision.
Profiles on eCompliments can be customized with pictures, service times, upcoming activities, and other up to date information. The cultural and philosophical nature of that place of worship can be shared. Content can be updated easily and often. PDF files of bulletins, programs, or anything else can be uploaded. The company says review sites can be an effective outreach tool. Members can post why other people, especially those new to the area, should visit a local center. Sites like eCompliments give members a proactive tool for sharing the good about their local place of worship with others. I wish the nice ladies who come to my door with cookies would use eCompliments instead.
Source: Business Pundit | 5 Aug 2009 | 4:00 pm Hear: How The Gold Standard Fueled The Great Depression
The problem started with gold, says Liaquat Ahamed. (Bullion Vault / Flickr/Creative Commons) On today's Planet Money: A lot of folks want to know who's to blame for the Great Recession. Investment manager Liaquat Ahamed says he knows who's to blame for the Great Depression. Ahamed, author of Lords of Finance: The Bankers Who Broke the World, blames that economic collapse on the boneheaded policies of the leading central bankers. Ahamed says much of the problem stemmed with a return to the gold standard. Bonus: They stole his dinner. Download the podcast; or subscribe. Intro music: Fool's Gold's "Surprise Hotel." Find us: Twitter/ Facebook/ Flickr. 
All that's left.(Jared Chausow) Jared writes: It was a Recession when I grew my own vegetables on my balcony. Ever since Saturday evening, when I came home to discover that my entire garden -- mature plants, fertilizer, planters, DINNER -- had been stolen sometime in the previous five daylight hours, I've felt a very distinct sense of full-blown Depression. Neither I, nor the super, have any idea how someone could access my balcony without breaking into my apartment. I imagine John Wilkes Booth jumping from the Presidential box while hugging three large planters and galloping away, mirthfully enjoying my dulcet red bell pepper with some Vicodin for the leg. I'd already invited friends over to celebrate the unfortunately timed harvest that I'd planned for that evening, and it was too late to warn them that they'd be attending a very somber dinner party which conspicuously lacked dinner. Here is a picture of my orphaned veggies. All that I have left from the garden are the things I picked the morning before it was stolen. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Aug 2009 | 3:58 pm Abuse claim over German car schemeCriminals are buying up tens of thousands of German cars meant for the scrapyard and exporting them as they profit from and subvert a government scheme intended to bolster the sale of new cars, a German police trade union has warnedSource: Financial Times - US homepage | 5 Aug 2009 | 3:45 pm JMP’s Wilson Discusses Cisco Earnings, Technology StocksSource: Bloomberg - All Podcasts | 5 Aug 2009 | 3:34 pm FHFA Head Stepping Down
Director, no more. (Chip Somodevilla / Getty Images) By Mathew Katz James B. Lockhart III, the director of the Federal Housing Finance Agency, is stepping down, saying he wants to spend more time with his family. Lockhart was in charge of the agency, which now controls both Fannie Mae and Freddie Mac, and its predecessor for the past three years, and has been criticized for allowing the two companies to engage in risky subprime lending. He's also the one who helped orchestrate their takeover by the government and fought former executives in court to deny them so-called "golden parachute." Lockhart was a Bush appointee who grew up with the former president. In a speech last week, he hinted that it's unlikely that Fannie Mae and Freddie Mac will ever pay back the $85 million in assistance the government gave them, and that it's likely they'll need to draw on more government financing soon. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Aug 2009 | 3:28 pm UBP joins funds to win back investorsUnion Bancaire Privée is poised for a restructuring as the Swiss private bank and its rivals in the fund of funds industry increase the transparency of their operationsSource: Financial Times - US homepage | 5 Aug 2009 | 3:15 pm UBS Investment Bank Will Be Profitable- Eventually....Most Likely
But the news isn't all terrible. Based on CFO John Cryan's comments regarding when profitability will return, the concept of the why firms hedge may have finally made its way to the Swiss bank.
If Jefferies is done plundering, and the IB can go more than 3 weeks without having to pay up for new senior management hires, they might be able to drop the second derivative loss rhetoric and reacquaint themselves with a color other than red.
Sponsored Topics: John Cryan - UBS AG - Banking in Switzerland - Business - Investment Banks Source: Dealbreaker | 5 Aug 2009 | 3:14 pm Former Amex chief tipped for AIG chairHarvey Golub, a respected former head of American Express, has emerged as the frontrunner to become chairman of AIG, in a move that would provide the stricken insurer with a robust defender against congressional criticsSource: Financial Times - US homepage | 5 Aug 2009 | 3:06 pm Thanks To This Week's Advertisers
If you're interested in advertising on Dealbreaker or any other site in the Breaking Media network, download our media kits, or email advertising@breakingmedia.com. Thanks!
Sponsored Topics: Advertising - Business - Marketing and Advertising - Economist - Media Buying and Planning Source: Dealbreaker | 5 Aug 2009 | 3:00 pm You And Us And The IRS
The settlement is likely to include the handing over of some UBS client data to the U.S. but UBS will be spared paying a fine, U.S. government sources have said. So, really, the voluntary disclosure program (don't say amnesty) only applies if you weren't totally screwed by UBS before you had a chance to dial IRS customer service and fess up. (Or hit the "disclose foreign black account" button in TurboTax, if you work for the Treasury.) UBS Tax Deal Details Unlikely On Friday [Reuters]
Sponsored Topics: United States - Switzerland - UBS AG - Federal government of the United States - Internal Revenue Service Source: Dealbreaker | 5 Aug 2009 | 2:36 pm Murdoch to charge for all online contentNews Corp reported a fourth-quarter net loss as a big restructuring charge from its MySpace unit and declines in revenue and profit across much of its global television and newspaper portfolio more than offset further strong gains from cable networks businessesSource: Financial Times - US homepage | 5 Aug 2009 | 2:32 pm Investors Embracing Cisco Tone So Far (CSCO)Networking giant Cisco Systems, Inc. (NASDAQ: CSCO) has just posted its quarterly earnings for its fiscal year end 2009. It posted $0.31 non-GAAP EPS and $8.5 billion in revenues. Thomson Reuters had the estimates pegged at $0.29 EPS and $8.52 billion in revenues. To show the difference in GAAP and non-GAAP, the GAAP figure is [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 5 Aug 2009 | 2:16 pm We Have A Drinking ChallengeA new FA at GS is reportedly making an attempt to put down 8 pints of beer in an hour. The contestant is around 6 feet tall and the beer has to be at least 5% alcohol and light beers are excluded. Current market is 2:1 with over $3,000 in notional already on the line. Update I: While this challenge appears pedestrian for those who test the limits of their liver regularly, DB has learned that the contestant has not had a drink in 18 months. Update II/Final Results: In a heartbreaking ending, the new FA stumbled at the finish line and spat out his beer on the last sip- which was ruled a default by the judges.
Sponsored Topics: Beer - Drink - Alcohol - Food - Recreation Source: Dealbreaker | 5 Aug 2009 | 1:54 pm Presented By:Source: Dealbreaker | 5 Aug 2009 | 1:37 pm Full Faith And Credit RatingsHow excited are you by the prospect that the Treasury might regulate credit ratings? Us either. And, as it happens, even the Treasury isn't so keen on the idea. To wit: The Obama administration is resisting calls to get involved with ensuring that credit ratings are reliable and said on Wednesday this would force investors to rely even more on the ratings. Government validating private sector actors? I'm sure you know that the Treasury would never contemplate such a thing. Treasury Resisting Calls to Regulate Credit Ratings [CNBC]
Sponsored Topics: Business - Credit rating - Credit rating agency - Michael Barr - Presidency of Barack Obama Source: Dealbreaker | 5 Aug 2009 | 1:37 pm Goldman has record trading daysGoldman Sachs traders made more than $100m in revenues on each of a record 46 days during the second quarter, while losing money on just two days, the bank said, in a filing that underscored the strength of its trading operations.Source: Financial Times - US homepage | 5 Aug 2009 | 1:30 pm China suffers largest suspected bank fraudDetails are emerging of China’s largest suspected bank fraud after the former chairman of an Aim-listed company appeared in a Chinese courtSource: Financial Times - US homepage | 5 Aug 2009 | 1:30 pm Is The Ancestry.com IPO For You? (ACOM)This week came a filing for online family tree site Ancestry.com. The company plans to come public in an initial public offering and no formal financial terms were disclosed. While most internet companies have free and subscriptions revenues, this is a subscription-based online community for researching family history. This one has applied with NASDAQ to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 5 Aug 2009 | 1:15 pm Money woes plague Americans' dreamsWe've heard a lot about how the recession has affected the "American Dream." But the literal meaning of the term hasn't gotten much attention. So how has the downturn been affecting Americans' dreams? Krissy Clark reports.Source: Marketplace | 5 Aug 2009 | 12:46 pm NYC goes after Lehman Brothers' taxesIt's been almost a year since Lehman Brothers bit the dust, and creditors are still lining up to get their money back in bankruptcy court. Near the top of the list is a very familiar name: the City of New York. Amy Scott reports.Source: Marketplace | 5 Aug 2009 | 12:46 pm Canada's got the stimulus plan rightCanada is faring much better during the recession than the U.S. for a number of reasons, including government policy. Commentator David Frum thinks American lawmakers have a few things to learn from the Canadian stimulus package.Source: Marketplace | 5 Aug 2009 | 12:46 pm Women-only businesses thrive in BeirutAt the end of Lebanon's civil war, a series of laws was introduced to improve prospects for female entrepreneurs. Lebanese women have been playing catch-up to their male counterparts ever since. Now there is an emerging sector of services by women, for women. Don Duncan reports.Source: Marketplace | 5 Aug 2009 | 12:46 pm Outlets try image change to boost salesKai Ryssdal talks with Bill Patterson, senior researcher at Mintel, about new rebranding strategies from Whole Foods and Proctor & Gamble.Source: Marketplace | 5 Aug 2009 | 12:45 pm Plaid may help checkered retail salesClothing retailers think they have found the perfect recession-proof pattern: Plaid. It's unisex and can be put on just about any article of clothing. Now stores are banking on plaid items becoming a must-have next season. Stacey Vanek-Smith reports.Source: Marketplace | 5 Aug 2009 | 12:45 pm Foreign cars top 'Clunkers' buy listPeople are calling "Cash for Clunkers" a success, and a much-needed boost to the weakened auto industry. But the top "clunkers" traded in last week were all American-made cars, while the top sellers were Japanese. Bob Moon reports.Source: Marketplace | 5 Aug 2009 | 12:45 pm Lantz Says U.S. Economy Showing Multiple Signs of DeflationSource: Bloomberg - All Podcasts | 5 Aug 2009 | 12:44 pm Insignia's hand-held player unlikely to boost HD Radio's popularityThe included ear buds are substandard, negating the promised sound upgrade, and reception inside buildings is hit-or-miss.HD Radio, introduced amid much hype in 2004 as a way to digitally improve the sound of FM and AM stations, has never much caught the ears of U.S. radio listeners.
Source: L.A. Times - Business | 5 Aug 2009 | 12:41 pm High unemployment stymies recoveryThe unemployment rate is what economists call a "lagging indicator," meaning it doesn't say much about where the economy is headed. Some economists are worried the job market is so weak that it could kill any recovery before it starts. Steve Henn reportsSource: Marketplace | 5 Aug 2009 | 12:26 pm When Bill went to PyongyangWashington must decide what it can realistically demand of Pyongyang in terms of nuclear commitments. Then it should stick to that position and not budge one iota until North Korea compliesSource: Financial Times - US homepage | 5 Aug 2009 | 12:13 pm The Scoot Coupe: Another Toy for Enigmatic Microcar Market
The 2009 Scoot Coupe is hitting streets this summer. As its name suggests, the Scoot Coupe is a 50- or 150cc scooter designed to resemble a sports coupe. The 3-wheeler goes up to 45 mph and gets up to 80mpg. And you can’t beat the fun factor of zipping around in something that resembles a Playskool toy. Starting at $6,300 a pop, the Scoot Coupe isn’t ideal as a primary vehicle. But it suits urban touring or beach cruising just fine. Its moped-like gas mileage, combined with its protective design, makes it a safe, fun alternative to a traditional scooter. Where Does the Scoot Coupe Fit In? The genres’ successes, at least in early production years, will be limited by technology and infrastructure. Select urban buyers and second-car holders will revel in their EVs and microcars, but anyone who only wants one practical car will have to wait for something with a more appealing price and range. Still, the sheer number of new players entering the EV/microcar arena means that early adopters an exhilarating range of options to explore. Are modified mopeds the next “it” thing? What about EVs and their many subtypes? Which types of vehicles only have temporary appeal? Which will endure? It’s too early to tell. But it will be fun to see an increasingly hybridized auto landscape in coming years. Heck, the Scoot Coupe might even become a classic someday.
Source: Business Pundit | 5 Aug 2009 | 12:13 pm Taylor, Bean and Whitaker Slammed by Feds
Taylor, Bean and Whitaker Mortgage Corp. has been removed from the Federal Housing Administration’s lender list after a federal investigation. Taylor Bean, one of the biggest mortgage brokers in the country, was recently invaded by Feds after a TARP-related deal with Colonial BancGroup fell through. Bloomberg has more: The FHA, the government mortgage insurer, yesterday suspended Taylor Bean, its third-largest lender, citing possible fraud. It’s “distinctly possible this is going to be the end of Taylor Bean,” said David Lykken, managing partner at consultant Mortgage Banking Solutions in Austin, Texas. FHA mortgages represent about half of all new loans for home purchases, up from about 10 percent at the start of 2008, as borrowers with low down payments or poor credit get turned down for other financing, according to a Bank of America Corp. report last month. Taylor Bean, based in Ocala, Florida, does business across the U.S. through loan brokers and other lenders. It ranked 12th among U.S. mortgage originators in the first half of this year with $17 billion of loans, or 1.7 percent of the total, according to industry newsletter Inside Mortgage Finance. If closely held Taylor Bean goes out of business, mortgage rates may rise as lenders face less competition, said Michael Moskowitz, president of the New York-based home lender Equity Now Inc., which last sold a loan to Taylor Bean a year ago. “It’s just a question of demand and supply,” he said in a telephone interview yesterday. “If Taylor Bean goes down, it’s a pretty big deal.” Read more about the unfolding story here.
Source: Business Pundit | 5 Aug 2009 | 11:56 am Long Line of Biotech Secondary Stock Offerings (MNKD, IDIX, ISPH, ARIA, ONTY, NBY, SOMX, ARNA, OXGN)It seems that there is another endless line of biotech and emerging pharmaceutical companies which have raised cash or have filed to raise cash. MannKind Corporation (NASDAQ: MNKD), Idenix Pharmaceuticals Inc. (NASDAQ: IDIX), and Inspire Pharmaceuticals, Inc. (NASDAQ: ISPH) have all priced secondary offerings of common stock for close to $175 million total among all [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 5 Aug 2009 | 11:28 am Video: Pink Slips Lead To Yellow Taxis
Let's say you're going about your business one day, when the economy comes along and announces other plans for you. In an instant, you're out of work and staring at a growing pile of bills and a checking account that's only getting smaller. What do you do? For the former office workers in this video, the answer turned out to have four wheels and a meter. Thanks to Columbia University's Richard Gergel and Simon Doolittle for sharing their work with us. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 5 Aug 2009 | 11:25 am Lufthansa Compensates Passengers for Rainy Days
Lufthansa plans to compensate passengers 20 euros/day for rainy vacation days. The BBC has more: People who book flights with them from Germany can claim 20 euro for every rainy day, for up to ten days. Last month, Pierre et Vacances and FranceLoc, two French holiday groups, offered customers a similar deal. The Lufthansa ’sunshine rate’ is available until 18 August and is valid on flights departing between 1 September to 31 October to 36 destinations. If www.wetteronline.de, a German weather website, records rainfall of at least five millimetres at your destination on the specified days then you should be eligible for compensation. That’s a nice marketing move. There is probably a relatively low statistical possibility of rain at the 36 destinations Lifthansa will reimburse for during the time period in question. Moreover, 20 euros a day, with a maximum of 200 euros, really isn’t that much if you factor in the number of new flyers the plan could lure in. Yet somehow, I can’t imagine United or American Airlines doing the same thing.
Source: Business Pundit | 5 Aug 2009 | 10:46 am Obama Unveils Billions For Developing Electric Vehicles
This RV plant in Elkhart, Ind., has laid off a third of its workers. (Scott Olson / Getty Images) By Laura Conaway President Obama has announced $2.4 billion in grants to companies and universities that develop electric vehicles, parts for electric vehicles and the batteries that run them. The money will come the American Recovery and Reinvestment Act, the $787 billion stimulus package. Obama detailed the grants today in Elkhart County, Ind., scene of the worst unemployment rate in the U.S at 16.8 percent. The president has made four trips there in the last 15 months. Elkhart is a manufacturing center for R.V.s, or was until the industry collapsed. One of those plants, Navistar International, will get a $39 million grant to develop manufacturing of electric trucks. Indiana stands to get seven grants totaling $400 million. Vice President Biden, who's in Michigan, scene of the worst state unemployment rate at 15.2 percent, announced $1 billion in grants there for developing fuel cells. The administration made a full-court press of the announcement, with visits by officials to North Carolina, Florida, Pennsylvania and Missouri. One $10 million grant goes to Smith Electric in Missouri for "up to 100 electric vehicles." Another $73 million grant goes to Chrysler for manufacturing 220 "plug-in hybrid and electric pickup trucks and vans" in St. Louis and Michigan. Ford's getting a $30 million grant for manufacturing "plug-in hybrid vehicles" in Kansas City and Michigan. The idea of the grants, according to the White House press release is to "establish American leadership in creating the next generation of advanced vehicles." The $2.4 billion public outlay is to be matched by the award winners. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Aug 2009 | 10:06 am Loonie's Up, But Canada's Not Happy
The Loonie vs. the Eagle. (mattkiazyk / Flickr) By Mathew Katz The Loonie (that's the nickname for the Canadian dollar) rose to 93.7 U.S. cents yesterday, the highest the currency has been in 10 months. Great! Now Canadians can go south of their border (to Buffalo, N.Y.) and buy cheap clothing with their stronger dollar. Sounds like a fantastic deal, eh? Well, not so much. As much as we Canadians love the bragging rights associated with having a strong dollar, our economy actually does significantly better when our dollar is down. That's why we've been content to have it hover around 60-80 U.S. cents for the better part of the past few decades. Jim Flaherty, Canada's Finance Minister, took a stand against the rising dollar yesterday, but declined to say what he'd do about it. He said a lot of the rise was false because of currency traders over-speculating about Canada's economic comeback -- but a higher dollar could slow Canada's rise out of the recession. Confusing? Well, here's how it works: Canada's economy is incredibly dependent on trade, especially with the U.S. When the Canadian dollar is worse off, it gives American companies more purchasing power, and so they'll often buy more from Canadian ones. A quick real-life example: my mom works for an advertising company that makes print ads for a whole slew of American products. As a kid, I can remember her complaining every time the Canadian dollar shot up: it would be that much harder to make a sale to a U.S. company the next day. A low dollar also encourages American companies to invest in Canada. It's what's spurred the growth of "Hollywood North" -- A.K.A. Vancouver, B.C. When the dollar is low, it's cheaper for American production companies to shoot movies and T.V. shows. But he pointed out another risk of a skyrocketing dollar: volatility. The Loonie rose seven percent in July -- the most among the 16 widely-trade currencies tracked by Bloomberg. In May it rose more than any month on record. With the Canadian dollar's value changing so rapidly, exporters are having a hard time budgeting price quotes for customers. Last month's Bank of Canada declaration of the recession being over relied heavily on exporters doing well. If the volatile Canadian dollar hurts exporters hoping to take advantage of recovering worldwide demand, it could hurt the entire country. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Aug 2009 | 9:49 am ADP: Fewer Jobs Lost In JulyBy Laura Conaway The ADP National Employment Report is very unofficial, but it does count for something. The payroll company says finds that the economy lost 371,000 nonfarm jobs from June to July 2009. From the report: July's employment decline was the smallest since October of 2008 and continues the notable improvement between the first and second quarters of 2009. Nevertheless, despite recent indications that overall economic activity is stabilizing, employment, which usually trails overall economic activity, is likely to decline for at least several more months, albeit at a diminishing rate. The last ADP report, covering the change from May to June, showed a decline of 463,000 nonfarm jobs. On Friday, the Bureau of Labor Statistics reveals its latest employment report. The general trend in new job loss is downward, even if the overall unemployment rate continues to rise. In less encouraging news, the outplacement firm of Challenger, Gray and Christmas says the number of announced job cuts rose from June to July by 31 percent, to 97,373. You can follow the number of mass layoffs, meaning 50 or more people, at the BLS -- it's been a series of small peaks and valleys since February. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Aug 2009 | 9:36 am Team Obama Braces For Friday's Unemployment NumbersBy Laura Conaway The U.S. Bureau of Labor Statistics is set to release the unemployment rate for June on Friday. You can track it ahead of time in the moves by the Obama administration today. Vice President Joe Biden is off to Michigan, where the state unemployment rate of 15.2 percent is way, way worse than the national one of 9.5. If you're looking for the worst rate by metropolitan area, head to Elkhart County, Ind., with 16.8 percent in June. Elkhart County is getting President Barack Obama today. Meanwhile, junkyards are competing for Clunkers cast off for Cash. New York City says Lehman Brothers owes it $627 million in taxes, dating back to 1996. Economists are raising their predictions for the economic growth in the second half of this year -- a Wall Street Journal (subs. requ'd.) roundup has them generally in the neighborhood of 2 percent to 3 percent. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Aug 2009 | 7:01 am A New Kind of Loan
Source: Business Pundit | 5 Aug 2009 | 6:32 am
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