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You may be better off waiting to trade in old carThe cash-for-clunkers program has been so successful at spurring owners of older models to trade in for new cars that many of them may be unwittingly costing themselves money, auto analysts say.
Source: MarketWatch.com - Top Stories | 8 Aug 2009 | 4:01 am Auto Review: 2009 Porsche 911 Carrera 4: Pushing all buttonsNo one can drive the tested base Carrera 4 without marveling at how Porsche can take this basic design and upgrade it over the years so effectively. They know what touches the buttons of any sports-car lover and know how to push then most effectively.
Source: MarketWatch.com - Top Stories | 8 Aug 2009 | 4:01 am Charges prepared for Madoff lieutenantThe investigation into Bernard Madoff’s giant $65bn Ponzi scheme advanced as federal prosecutors prepared to file criminal charges against Frank DiPascali, one of his senior lieutenants.Source: Financial Times - US homepage | 8 Aug 2009 | 3:36 am Stocks' rally hinges on consumers and FedNEW YORK (Reuters) - Wall Street's rally could persist next week as investors' conviction grows that the U.S. economy is on track for a recovery. But retailers' results, CPI and other consumer data could cast a pall if shoppers fail to show signs of life.Source: Reuters: Business News | 8 Aug 2009 | 3:33 am Stocks' rally hinges on consumers and Fed (Reuters)
Source: Yahoo! News: Business | 8 Aug 2009 | 3:33 am Stocks' rally hinges on consumers and FedNEW YORK (Reuters) - Wall Street's rally could persist next week as investors' conviction grows that the U.S. economy is on track for a recovery. But retailers' results, CPI and other...Source: RSS feed - channel BNewsBusiness | 8 Aug 2009 | 3:33 am Stocks' rally hinges on consumers and Fed (Reuters)
Source: Yahoo! News: Stock Markets News | 8 Aug 2009 | 3:33 am Disneyland Resort, Bel-Air hotels are facing labor disputesThe union representing workers at three hotels at the Anaheim resort rejects a contract offer over healthcare coverage. It also wants a new contract at Hotel Bel-Air.Labor disputes are casting a shadow at two Southland hotel operations at the height of the summer vacation season.
Source: L.A. Times - Business | 8 Aug 2009 | 1:00 am Why desperation is a terrible motivating force for investorsJack Ablin figured the phone calls would be coming.
Source: L.A. Times - Business | 8 Aug 2009 | 1:00 am Unemployment rate decline may indicate the recession has hit bottomBut the surprise decline to 9.4% in July from 9.5% in June came as the nation lost 247,000 more jobs last month, bringing the total since the recession began to 6.7 million.Reporting from Sacramento and Washington Marc Lifsher -- A surprising drop in the nation's unemployment rate provided another strong indication that the recession has hit bottom, but analysts warned that it still would take months for the economy to climb out of its deep hole.
Source: L.A. Times - Business | 8 Aug 2009 | 1:00 am Edison International posts loss due to tax settlementBut excluding one-time costs, second-quarter profit beat expectations. The energy giant's net loss was $16 million after paying the $262-million settlement. ...Source: RSS feed - channel BNPaperBusiness | 8 Aug 2009 | 1:00 am Edison International posts loss due to tax settlementBut excluding one-time costs, second-quarter profit beat expectations. The energy giant's net loss was $16 million after paying the $262-million settlement.Energy giant Edison International lost $16 million in the second quarter, but it was mostly due to the settlement of a long-running tax dispute.
Source: L.A. Times - Business | 8 Aug 2009 | 1:00 am Disneyland Resort, Bel-Air hotels are facing labor disputesThe union representing workers at three hotels at the Anaheim resort rejects a contract offer over healthcare coverage. It also wants a new contract at Hotel Bel-Air. ...Source: RSS feed - channel BNPaperBusiness | 8 Aug 2009 | 1:00 am At least 9 are reported sick in beef recallMeat shipped by a Fresno packer to four states may be contaminated with salmonella. Three people in Orange County and two in Tulare County are among those reported feeling ill. ...Source: RSS feed - channel BNPaperBusiness | 8 Aug 2009 | 1:00 am Insignia's portable 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 | 8 Aug 2009 | 1:00 am Airlines, hotels struggle as business travel plummetsCorporate travel is projected to drop by 15% this year, compared with 2008, while overall travel demand could decline by 11%, according to a study by a market research firm.Despite signs that the country's economic free fall may be bottoming out, demand for business travel continues to plummet, putting airlines and hotels in financial straits.
Source: L.A. Times - Business | 8 Aug 2009 | 1:00 am Senators cleared in Countrywide mortgage ethics probeSens. Chris Dodd and Kent Conrad, who were in the lender's VIP program, 'should have exercised more vigilance' to avoid the appearance of preferential treatment, Ethics Committee says.Two U.S. senators who received "VIP" mortgages from Countrywide Financial Corp. have been cleared of ethics violations, the Senate Ethics Committee said Friday.
Source: L.A. Times - Business | 8 Aug 2009 | 1:00 am Twitter fell in attack on anti-Russia blogger, experts sayHackers also hit Facebook and other pages related to Cyxymu, a blogger in the nation of Georgia who lashes out online against Russia, which has waged battles with Georgia over disputed territory.The cyber attack that brought down Twitter for several hours Thursday was aimed at a single blogger in the country of Georgia, according to Facebook, which was also targeted in the attack.
Source: L.A. Times - Business | 8 Aug 2009 | 1:00 am Plastic bottles aim to remold wine industryThey're lighter and hold more than the glass kind. Just plan on drinking the contents before the 'use by' date.How about a bottle of the '02 Chateau Plastique?
Source: L.A. Times - Business | 8 Aug 2009 | 1:00 am Airlines, hotels struggle as business travel plummetsCorporate travel is projected to drop by 15% this year, compared with 2008, while overall travel demand could decline by 11%, according to a study by a market research firm. ...Source: RSS feed - channel BNPaperBusiness | 8 Aug 2009 | 1:00 am Senators cleared in Countrywide mortgage ethics probeSens. Chris Dodd and Kent Conrad, who were in the lender's VIP program, 'should have exercised more vigilance' to avoid the appearance of preferential treatment, Ethics Committee says. ...Source: RSS feed - channel BNPaperBusiness | 8 Aug 2009 | 1:00 am Investors celebrate good news on unemploymentMajor stock indexes jump after the government says the nation's jobless rate unexpectedly fell in July for the first time in 15 months and that employers cut fewer jobs. ...Source: RSS feed - channel BNPaperBusiness | 8 Aug 2009 | 1:00 am Twitter fell in attack on anti-Russia blogger, experts sayHackers also hit Facebook and other pages related to Cyxymu, a blogger in the nation of Georgia who lashes out online against Russia, which has waged battles with Georgia over disputed territory. ...Source: RSS feed - channel BNPaperBusiness | 8 Aug 2009 | 1:00 am Insignia's portable 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. ...Source: RSS feed - channel BNPaperBusiness | 8 Aug 2009 | 1:00 am Plastic bottles aim to remold wine industryThey're lighter and hold more than the glass kind. Just plan on drinking the contents before the 'use by' date. ...Source: RSS feed - channel BNPaperBusiness | 8 Aug 2009 | 1:00 am Why desperation is a terrible motivating force for investorsJack Ablin figured the phone calls would be coming.Source: RSS feed - channel BNPaperBusiness | 8 Aug 2009 | 1:00 am Undervaluing 'hitting home sales'Deliberate undervaluing by some mortgage lenders and surveyors is causing property sales to fall through, estate agents say.Source: BBC News | Business | World Edition | 7 Aug 2009 | 10:40 pm State pension age 'could hit 70'The UK state retirement age is likely to rise higher than the current planned increase to 68, the pensions regulator says.Source: BBC News | Business | World Edition | 7 Aug 2009 | 10:40 pm ALL BUSINESS: How tough is the SEC? (AP)AP - The government appears to be getting tough on corporate shenanigans, securing $83 million in fines last week from Bank of America and General Electric for misleading investors.Source: Yahoo! News: Stock Markets News | 7 Aug 2009 | 10:00 pm AUGUST 8, 2008 (Friday): Pricey Party in Beijing; Mortgage Losses at FannieAUGUST 8, 2008 (Friday): Pricey Party in Beijing; Mortgage Losses at Fannie nie Beijing Olympics Kick Off Throwing around cash like an American mortgage lender, China stages one of the most expensive parties in history. By some estimates, the four-hour opening ceremony for the Beijing Olympics costs at least $100 million. It’s a high-tech blowout with 15,000 performers, umbrellas carried by smiling multicultural children, laser light shows and fireworks. For the opening’s finale, Olympic gymnast Li Ning appears to run through air around the top of the so-called Bird’s Nest stadium. (For more on this news, click here http://www.nytimes.com/2008/08/09/sports/olympics/09china.html and here http://www.npr.org/templates/story/story.php?storyId=93410618.)
The bad-mortgage, bad-news drumbeat continues. Fannie Mae says it racked up a second-quarter loss that was more than triple what Wall Street expected. Losses total $2.3 billion, or $2.54 a share, for the quarter that ended June 30. That marks four straight quarters in the red. In the year-ago quarter, Fannie turned a profit of $1.95 billion, or $1.86 a share. High risk loans were responsible for more than half of Fannie’s credit losses in the latest quarter. (For more on this news, click here http://www.usatoday.com/money/topstories/2008-08-08-2370007772_x.htm .) Edwards Admits Infidelity Even some Americans fed up with the presidential campaign are riveted by this story: Former U.S. senator and Democratic White House hopeful John Edwards admits to cheating on his cancer-stricken wife, Elizabeth. In an interview with ABC News, Edwards says he had an affair with 42-year-old Rielle Hunter, a documentary maker who worked on his campaign. Still, Edwards says he is not the father of Hunter’s baby and releases this statement. “You cannot beat me up more than I have already beaten up myself. I have been stripped bare and will now work with everything I have to help my family and others who need my help." (For more on this news, click here http://www.cnn.com/2008/POLITICS/08/08/edwards.affair/index.html.) 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 | 7 Aug 2009 | 10:00 pm Berkshire profit up 14 percent as stocks reboundNEW YORK (Reuters) - Warren Buffett's Berkshire Hathaway Inc posted its best quarter in nearly two years, as recovering stock markets boosted the value of its equity investments and derivatives bets.Source: Reuters: Business News | 7 Aug 2009 | 9:13 pm Regulators close 3 banks in Fla., Ore.; total 72Regulators have shut down two banks in Florida and one in Oregon, bringing the number of federally insured banks to fail this year to 72. The Federal Deposit Insurance Corp. has been...Source: RSS feed - channel BNewsBusiness | 7 Aug 2009 | 8:22 pm U.S. regulators close 3 banks, total now 72 (Reuters)Reuters - Bank regulators closed three banks on Friday, bringing the number of failures so far this year to 72 as the weakened economy takes its toll on the financial services sector.Source: Yahoo! News: Business | 7 Aug 2009 | 8:08 pm U.S. regulators close 3 banks, total now 72WASHINGTON (Reuters) - Bank regulators closed three banks on Friday, bringing the number of failures so far this year to 72 as the weakened economy takes its toll on the financial services sector.Source: Reuters: Business News | 7 Aug 2009 | 8:08 pm Maples resigns as Post-Dispatch managing editorSt. Louis Post-Dispatch managing editor Pam Maples has announced her resignation after nearly three years in the job. Her last day will be Aug. 18. In a story posted Friday on the...Source: RSS feed - channel BNewsBusiness | 7 Aug 2009 | 8:08 pm Geithner asks Congress for higher U.S. debt limit (Reuters)Reuters - U.S. Treasury Secretary Timothy Geithner formally requested that Congress raise the $12.1 trillion statutory debt limit on Friday, saying that it could be breached as early as mid-October.Source: Yahoo! News: Business | 7 Aug 2009 | 7:43 pm Geithner asks Congress for higher U.S. debt limitWASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner formally requested that Congress raise the $12.1 trillion statutory debt limit on Friday, saying that it could be breached as early as mid-October.Source: Reuters: Business News | 7 Aug 2009 | 7:43 pm RHJ may sweeten bid for GM's Opel/Vauxhall--WSJNEW YORK, Aug 7 (Reuters) - RHJ International SA , a Belgian investment firm, plans to sweeten its bid for General Motors Co's [GM.UL] European unit to overcome German government opposition to its bid,...Source: RSS feed - channel BNewsBusiness | 7 Aug 2009 | 7:39 pm RHJ may sweeten bid for GM's Opel/Vauxhall--WSJNEW YORK, Aug 7 (Reuters) - RHJ International SA , a Belgian investment firm, plans to sweeten its bid for General Motors Co's [GM.UL] European unit to overcome German government opposition to its bid,...Source: RSS feed - channel BNewsBusiness | 7 Aug 2009 | 7:39 pm GM to attempt IPO by July 2010: filingNEW YORK (Reuters) - General Motors Co plans to sell shares in an initial public offering before the one-year anniversary next July of its exit from bankruptcy, the carmaker said in a...Source: RSS feed - channel BNewsBusiness | 7 Aug 2009 | 7:22 pm GM to attempt IPO by July 2010: filingNEW YORK (Reuters) - General Motors Co plans to sell shares in an initial public offering before the one-year anniversary next July of its exit from bankruptcy, the carmaker said in a regulatory filing on Friday.Source: Reuters: Business News | 7 Aug 2009 | 7:22 pm UPDATE 1-New bidder emerges for Boston Globe - sourceNEW YORK, Aug 7 (Reuters) - A new bidder has emerged to buy the 137-year-old Boston Globe from New York Times Co , a person familiar with the matter said on Friday.Source: RSS feed - channel BNewsBusiness | 7 Aug 2009 | 7:13 pm UPDATE 1-New bidder emerges for Boston Globe - sourceNEW YORK, Aug 7 (Reuters) - A new bidder has emerged to buy the 137-year-old Boston Globe from New York Times Co , a person familiar with the matter said on Friday.Source: RSS feed - channel BNewsBusiness | 7 Aug 2009 | 7:13 pm SPECIAL OBVIOUS REPORT: Cocaine Contributing Factor In Death Of OxyClean® GuyCNN is reporting that the Hillsborough County, Florida medical examiner has listed Cocaine as a contributing factor in the death of Billy Mays. Who knew? The situation is fluid. (Embalming). Autopsy: Cocaine a factor in Billy Mays' death [CNN] Related: 
Sponsored Topics: billy may - Hillsborough County Florida - Florida - Coroner - Cocaine Source: Dealbreaker | 7 Aug 2009 | 7:13 pm Presented By:Source: Dealbreaker | 7 Aug 2009 | 7:13 pm Bank of America lost money in U.S. in second quarterNEW YORK (Reuters) - Bank of America Corp on Friday revealed that its U.S. operations lost money in the second quarter as the quality of consumer and commercial loans deteriorated.Source: RSS feed - channel BNewsBusiness | 7 Aug 2009 | 6:38 pm New GM worries about regaining consumer confidenceThe new General Motors Co. said Friday it was worried about regaining consumer confidence following its exit from Chapter 11, and that its sales won't improve in 2009 as U.S. economic...Source: RSS feed - channel BNewsBusiness | 7 Aug 2009 | 6:30 pm Berkshire Hathaway's 2Q profit jumps 14 percent (AP)AP - Warren Buffett's company on Friday reported a 14 percent jump in second-quarter profit as the improving stock market boosted the value of Berkshire Hathaway Inc.'s derivative contracts but the recession continued to weigh on its operating businesses.Source: Yahoo! News: Stock Markets News | 7 Aug 2009 | 6:22 pm Write-Offs: 08.07.09$$$ Government not getting away with short-changing taxpayers quite so quickly [Bloomberg] $$$ California budget looking better thanks to massive prisoner release program [WSJ] $$$ Wal-Mart looking to take down the Girl Scouts [CNBC] $$$ Who wants to look for Bernie Madoff treasure? [Cityfile] $$$ Job of the Week:Macquarie is looking for an Oil & Gas Research Associate. That could be you. [DB Career Center]
Sponsored Topics: Wal-Mart - Wall Street Journal - Business - Bernard Madoff - CNBC Source: Dealbreaker | 7 Aug 2009 | 6:00 pm Big four banks reveal gaping wounds from reckless lendingBritain’s top four banks laid bare this week the huge damage inflicted by the reckless lending that led to the credit crisis — but offered hope that the worst of the losses were behind them. Source: Latest Business News from Times Online | 7 Aug 2009 | 6:00 pm Record companies have a trick up their sleeve for downloadsThe world’s big four record companies are to go head-to-head with Apple with the launch of a new form of album download that will include a digitised version of a record sleeve. Source: Latest Business News from Times Online | 7 Aug 2009 | 6:00 pm FTSE hits 10-month high on upbeat jobs dataA wave of investor optimism that stock markets on both sides of the Atlantic are poised to move into recovery drove the FTSE to a 10-month high, marking a rally of almost 3 per cent for the week. Source: Latest Business News from Times Online | 7 Aug 2009 | 6:00 pm RBS may have to shed some small business customersRoyal Bank of Scotland will have to hand over small business customers to rivals under measures being proposed by the European Commission. Source: Latest Business News from Times Online | 7 Aug 2009 | 6:00 pm Housing downturn will leave property the domain of the wealthy, says agentThe recession has caused a huge shift in the housing market that will lock out first-time buyers and amateur landlords and leave only wealthy families, wealthy investors and Middle East billionaires with a chance of buying. Source: Latest Business News from Times Online | 7 Aug 2009 | 6:00 pm More fishermen are eyeing the pondStephen Hester, the newish chief executive of RBS, says it will take the bank two years at least to get out of the mire. That sounds awfully like a two-way bet. Either RBS does take two years to become sufficiently attractive to be taken off the State’s books, in which case he says, I told you so. Or it happens rather quicker than that, in which case he says, didn’t I do well? Source: Latest Business News from Times Online | 7 Aug 2009 | 6:00 pm Ofgem sets the meter running for ‘transparent’ direct-debit paymentsBritain’s energy regulator announced new rules yesterday intended to prevent millions of consumers with direct debits from routinely overpaying for their gas and electricity. Source: Latest Business News from Times Online | 7 Aug 2009 | 6:00 pm Analysts remain sceptical despite Logica’s move to trim guidanceLogica moved yesterday to tone down expectations for its second half despite nearly doubling its profits in the first six months of the year. Source: Latest Business News from Times Online | 7 Aug 2009 | 6:00 pm More fishermen are eyeing the pondStephen Hester, the newish chief executive of RBS, says it will take the bank two years at least to get out of the mire. That sounds awfully like a two-way bet. Either RBS does take two years to become sufficiently attractive to be taken off the State’s books, in which case he says, I told you so. Or it happens rather quicker than that, in which case he says, didn’t I do well? Source: Latest Business News from Times Online | 7 Aug 2009 | 6:00 pm John Denham wants to fast-track plans for database of landlordsPeople who rent rooms to lodgers could find their details being studied by tax inspectors under government proposals for a national register of landlords, The Times has learnt. Source: Latest Business News from Times Online | 7 Aug 2009 | 6:00 pm Berkshire reports 14% increase in quarterly profitBerkshire Hathaway reports a 14% increase in quarterly profit as the conglomerate benefited from a rebound in the value of its derivatives exposures and large equity investments.
Source: MarketWatch.com - Top Stories | 7 Aug 2009 | 5:57 pm Stocks to Watch: Stocks in focus for Monday Aug. 10Among the stocks expected to see active trading on Monday are Allied Capitol Corp., Dish Network Corp., Lions Gate Entertainment Corp. and Priceline.com.
Source: MarketWatch.com - Top Stories | 7 Aug 2009 | 5:53 pm Presented Without CommentA California man was charged Thursday with bilking investors of $3.3 million while posing as an Oscar-winning designer of sound effects.
Could it be?
Man allegedly used fake Oscar in fraud [UPI.com]
Sponsored Topics: Sound effect - Arts - Music - Sound Files - Samples and Loops Source: Dealbreaker | 7 Aug 2009 | 5:41 pm In final lap of U.S. earnings, it's retailers' turn (Reuters)Reuters - If the strong earnings trend keeps up next week, black will be back in style on the balance sheets of more of the nation's retailers.Source: Yahoo! News: Stock Markets News | 7 Aug 2009 | 5:39 pm In final lap of U.S. earnings, it's retailers' turn (Reuters)Reuters - If the strong earnings trend keeps up next week, black will be back in style on the balance sheets of more of the nation's retailers.Source: Yahoo! News: Business | 7 Aug 2009 | 5:39 pm In final lap of U.S. earnings, it's retailers' turnNEW YORK (Reuters) - If the strong earnings trend keeps up next week, black will be back in style on the balance sheets of more of the nation's retailers.Source: Reuters: Business News | 7 Aug 2009 | 5:39 pm Nortel CEO planning to leave soon: reportNEW YORK (Reuters) - The chief executive of bankrupt Nortel Networks Corp , Mike Zafirovski, plans to leave the company soon after leading it through four years of tumult, the Wall Street Journal reported on Friday, citing people familiar with the matter.Source: Reuters: Business News | 7 Aug 2009 | 5:31 pm Berkshire profit up 14 percent as stocks rebound (Reuters)Reuters - Warren Buffett's Berkshire Hathaway Inc posted its best quarter in nearly two years, as recovering stock markets boosted the value of its equity investments and derivatives bets.Source: Yahoo! News: Stock Markets News | 7 Aug 2009 | 5:28 pm Berkshire profit up 14 percent as stocks rebound (Reuters)Reuters - Warren Buffett's Berkshire Hathaway Inc posted its best quarter in nearly two years, as recovering stock markets boosted the value of its equity investments and derivatives bets.Source: Yahoo! News: Business | 7 Aug 2009 | 5:28 pm Buffett back into black in second quarterAfter reporting a $1.5bn loss in the first three months of the year Berkshire Hathaway records a $3.3bn profit in the second quarter as investment gains offset a fall in earningsSource: Financial Times - US homepage | 7 Aug 2009 | 5:27 pm MPs attack mortgage arrears feesA committee of MPs attacks the way some mortgage lenders levy high charges on customers who fall into arrears.Source: BBC News | Business | World Edition | 7 Aug 2009 | 5:27 pm Nortel chief expected to announce his departureMike Zafirovski, Nortel Networks chief executive, is close to announcing his departure from the Canadian telecommunications equipment maker as it continues to sell off assets under Chapter 11 bankruptcy protection.Source: Financial Times - US homepage | 7 Aug 2009 | 5:15 pm AIG posts first profit since 2007; shares jumpNEW YORK (Reuters) - AIG, the giant insurer bailed out by the U.S. government, posted its first profit in seven quarters on Friday, helped by large investment gains as financial markets improved, sending its shares up 20 percent.Source: Reuters: Business News | 7 Aug 2009 | 5:14 pm Bank failures top 70 mark after 2 shut in FloridaFlorida regulators closed Community National Bank of Sarasota County in Venice, Fla., and First State Bank of Sarasota, Fla.
Source: MarketWatch.com - Top Stories | 7 Aug 2009 | 5:09 pm After Hours: Freddie Mac shares jump in late-trading actionShares of Freddie Mac surged late Friday after the mortgage giant reported it didn't need to ask for more financial aid from the U.S. government.
Source: MarketWatch.com - Top Stories | 7 Aug 2009 | 5:05 pm Dow and S&P at new '09 highsStocks rallied Friday, with the Dow and S&P 500 closing at the highest point in nine months, after the July jobs report showed the smallest number of job cuts in nearly a year, adding to recovery hopes.Source: Business and financial news - CNNMoney.com | 7 Aug 2009 | 4:53 pm Market Snapshot: U.S. stocks turn to Fed, retail earningsNews that the rate of job losses slowed more than expected in July might help U.S. stocks continue on their merry way higher next week, as the Federal Reserve will hold a two-day meeting whose conclusion is likely to reflect current market confidence about the economy.
Source: MarketWatch.com - Top Stories | 7 Aug 2009 | 4:49 pm Ken Lewis Has A New Friend
Hopefully KL will celebrate this blooming friendship by sending a clear message to all the naysayers in a language they'll understand- by taking Dicky B up for a ride in the BAC corporate jet and doing a couple victory laps around DC.
Presented By:
Sponsored Topics: KenLewis - HenryPaulson - Lewis - Merrill Lynch - Senior management Source: Dealbreaker | 7 Aug 2009 | 4:45 pm Bernie Madoff's righthand man poised to face fraud chargesProsecutors investigating possible accomplices to Bernard Madoff are on the verge of charging his righthand man in the first criminal development in the case since the fraudster's imprisonment.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 7 Aug 2009 | 4:39 pm Freddie Mac reports first profit in two yearsNEW YORK (Reuters) - Freddie Mac, the second largest provider of U.S. home mortgage funding, on Friday posted its first quarterly profit in two years as gains from hedges and a one-time accounting change offset still-lofty credit losses.Source: Reuters: Business News | 7 Aug 2009 | 4:37 pm Freddie Mac reports first profit in two years (Reuters)
Source: Yahoo! News: Business | 7 Aug 2009 | 4:37 pm Berkshire profit rises 14%Read full story for latest details.Source: Business and financial news - CNNMoney.com | 7 Aug 2009 | 4:35 pm Cyber-attacks ‘aimed at Georgia blogger’The cyber-attacks that felled popular internet messaging service Twitter and blogging platform LiveJournal this week were apparently aimed at silencing a single person who had been posting comments critical of Russian activity in the country of Georgia, another of the victimised companies and an outside security expert saidSource: Financial Times - US homepage | 7 Aug 2009 | 4:21 pm Latin American Markets: Mexico, Brazil up as monthly U.S. job losses slowLatin American stocks rise and major benchmarks moved toward weekly advances, aided by bets that demand for products and services will strengthen as the pace of U.S. job losses begins to moderate.
Source: MarketWatch.com - Top Stories | 7 Aug 2009 | 4:20 pm Don't rush to close schools for swine flu Gov't (AP)
Source: Yahoo! News: Stock Markets News | 7 Aug 2009 | 4:12 pm Buffett's firm returns to profitCelebrated US financier Warren Buffett's investment firm Berkshire Hathaway reports a return to profitability.Source: BBC News | Business | World Edition | 7 Aug 2009 | 4:12 pm Hear: Taking Health Care To The Economist
A question of resources in California. (Steve Rhodes / Planet Money Flickr pool) On today's Planet Money: The cost of health care is rising faster than our economy is growing -- it's an economic train wreck waiting to happen. The debate over fixing that situation rests on a couple of key questions, namely how do we get coverage for everyone and how do we control costs. That second question turns out to be much harder to answer. For all the talk about healing, a hospital is also a business. Cutting costs at a hospital falls to a hospital administrator like Daniel Kearns. He worked at a string of hospitals in the Southwest. Kearns says the hardest part of his job was dealing with doctors, like the one who wanted baseball season tickets for his family and the one who wanted a helicopter for transportation. Those may sound wacky, but Harvard health economist Tom McGuire, says neither patients, doctors nor hospitals have real incentives to trim expenses because they're all spending someone else's money. Bonus: Out of college, out of work, out of insurance. Download the podcast; or subscribe. Intro music: The Hold Steady's "Stay Positive." Find us: Twitter/ Facebook/ Flickr. We asked for your tales from the job market. A final one for today. Clay Roberson writes from Austin, Tex.: I graduated with a BS in Communications (concentration on Media Studies) from the University of Texas in May of 2008 -- right when the recession started to get warmed up. When I got back from my trip to India, I started looking for what I've been calling my "career job." I've been unable to find one. This is the 13th month of my job search, and I've held a lot of different part-time jobs in the meantime. I sold pollution free electricity door to door for an oddly religious subsidiary of Green Mountain Energy, I worked for the county parks department here in Travis County, and I am currently teaching English to Korean immigrant youth. This latest job has by far been the most gratifying (and lucrative), but I am still unable to make ends meet and still rely on occasional begrudging loans from my father. I have no health insurance and a growing number of very minor medical issues (a sprained ankle that just won't heal, for instance). Through all this the most hours I've been able to work has been 30 per week, and the average has been closer to 20. I'll continue to apply for jobs, and utilize my dwindling network, but I'm getting pretty tired of baloney sandwiches and hot dogs for every meal. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 7 Aug 2009 | 4:10 pm Investors finally find good news on unemployment (AP)
Source: Yahoo! News: Stock Markets News | 7 Aug 2009 | 4:01 pm Video future at heart of Google's On2 acquisitionGoogle's purchase of On2 highllights its increasing emphasis on video.
Source: MarketWatch.com - Top Stories | 7 Aug 2009 | 4:01 pm Recession drives down use of limousinesChauffered-car businesses are looking for a slight pick-up this fall.
Source: MarketWatch.com - Top Stories | 7 Aug 2009 | 4:01 pm Rivals sceptical of Murdoch’s charging planRupert Murdoch’s pledge to charge for online content from all his news outlets has been met with scepticism from some rivals, even as they attempt to find their own alternatives to a broken business modelSource: Financial Times - US homepage | 7 Aug 2009 | 4:00 pm How the major stock indexes fared on Friday (AP)AP - Major stock indexes barreled higher by more than 1 percent Friday after the government said the nation's unemployment rate unexpectedly fell in July for the first time in 15 months and that employers cut fewer jobs.Source: Yahoo! News: Stock Markets News | 7 Aug 2009 | 3:58 pm Freddie Mac reports first profit in 2 yearsRead full story for latest details.Source: Business and financial news - CNNMoney.com | 7 Aug 2009 | 3:52 pm Shares surge on US jobless dataLeading US and UK shares close at their highest levels of the year after better-than-expected US unemployment figures.Source: BBC News | Business | World Edition | 7 Aug 2009 | 3:49 pm Berkshire Hathaway Helped By Derivatives Gains Of $1.53 BillionBuffett Spit-Shines Berkshire Earnings (BRK-A, BRK-B, COP, GS) Berkshire Hathaway Inc. (BRK-A, BRK-B) has just released earnings for its second quarter. Warren Buffett and friends reported earnings of some $3.3 billion or $2,123.00 EPS and revenues were $29.6 billion.Non-GAAP earnings not including gains were $1,147.00 EPS. Thomson Reuters had a figure of $1,238.00 for the “A” [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 7 Aug 2009 | 3:43 pm Money And The Brain: More Weirdness
It makes you feel better. (Screen saver by Geliosoft.com) By David Kestenbaum You may have caught our story this morning about a curious experiment showing that if you count dollar bills then put your hand in hot water, the hot water is likely to feel less hot than if you had just counted blank paper. It doesn't even have to be your cash. Just being reminded of money makes things hurt less. That's the idea, anyway. One of the scientists, Kathleen Vohs, published another surprising paper a few years ago with two colleagues. If I can summarize the findings non-scientifically it would be like this: money can turn people into selfish jerks. In one experiment, they had students play games of Monopoly. At some point the game was stopped and cleared away except for a certain amount of money. In some cases, $200, in others $4,000. Then, as a test, the researchers had someone walk into the room and spill some pencils as if by accident. Result? The students who had been left with more money helped pick up fewer pencils. "Even though gathering pencils was an action that all participants could perform, participants reminded of financial wealth were unhelpful," they write in the paper. And it was just play money! The weirdness continues... In another experiment, students were given busywork to do while sitting in front of a computer. The computer started showing a screen saver, in some cases fish swimming under water. In another setup, the screen saver showed dollar bills wriggling around under water instead. "Afterwards, participants were told they would be having a get-acquainted conversation with another participant. Participants were asked to move two chairs together while the experimenter left to retrieve the other participant," they write in the paper. Students who had sat in front of the money screen saver put the chairs farther apart than the students exposed to the fish screen saver. It seems, the researchers say, that money makes people feel more self-sufficient. And that simple idea, they write, could neatly explain why people see money as both good and, sometimes, the root of all evil. "As countries and cultures developed, money may have allowed people to acquire goods and services that enabled the pursuit of cherished goals, which in turn diminished reliance on friends and family," they write. "In this way, money enhanced individualism but diminished communal motivations, an effect that is still apparent in people's responses to money today." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 7 Aug 2009 | 3:26 pm RBS offering footballers and wealthy secret mortgage dealsProfessional footballers and other wealthy Britons are being offered secret preferential mortgage deals by RBS under a controversial strategy introduced by the stateowned bank to increase lending to the wealthy The Daily Telegraph can disclose.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 7 Aug 2009 | 3:25 pm Freddie Mac swings to profit, after steep losses (AFP)
Source: Yahoo! News: Business | 7 Aug 2009 | 3:04 pm U.S. loses fewer jobs in July, jobless rate easesWASHINGTON (Reuters) - The U.S. unemployment rate fell in July for the first time in 15 months as employers cut far fewer jobs than expected, giving the clearest indication yet that the economy was turning around from a deep recession.Source: Reuters: Business News | 7 Aug 2009 | 2:58 pm Wall Street hits fresh 2009 highs on upbeat jobs data (AFP)
Source: Yahoo! News: Stock Markets News | 7 Aug 2009 | 2:52 pm Wall Street hits fresh 2009 highs on upbeat jobs data (AFP)
Source: Yahoo! News: Business | 7 Aug 2009 | 2:52 pm General Motors: The Gift That Keeps On Giving
Through the magic of the 363 process, the new GM has nothing to do with the endless amounts of crap from the old GM which means once the $1.2b is shot, GM gets to dump its polluted sites [Detroit Free Press]
Sponsored Topics: General Motors - United Auto Workers - Business - GM - Detroit Free Press Source: Dealbreaker | 7 Aug 2009 | 2:51 pm July jobs data lifts stock indexes (Reuters)
Source: Yahoo! News: Stock Markets News | 7 Aug 2009 | 2:44 pm US jobs report spurs stocksStock markets on both sides of the Atlantic hit their highest levels in months after better-than-expected economic data in the US and Germany buttressed hopes for an economic recoverySource: Financial Times - US homepage | 7 Aug 2009 | 2:43 pm Dodd Just As Entitled To Private, VIP American Dream Of Home Ownership As Towns, Damnit!
But in absolving Mr. Dodd, the chairman of the Senate Banking Committee, the Senate Select Committee on ethics said he should have shown better judgment in order to avoid the appearance of wrongdoing. You would think the panel, obviously having not seen Mr. Dodd's wide collection of VIP emblazoned Hello Kitty coffee mugs, would realize that the reverse is true. If Doddie isn't immediately granted complimentary admission into the rarest, most exclusive, super-premium, product/service category the vendor (any vendor) offers, Senate Ethics Panel Clears Dodd on Countrywide Loans [The Wall Street Journal]
Sponsored Topics: Christopher Dodd - Wall Street Journal - United States Senate Committee on Banking Housing and Urban Affairs - Hello Kitty - Peace Corps Source: Dealbreaker | 7 Aug 2009 | 2:31 pm Tales From The Job Market: Retreating 'To A College Kid Budget'Wages may be up, but a lot of people who have been laid off are taking new jobs with a pay cut. We get this story from Elliot Vos, from Rochester, New York: I had only been in the workforce for six months when I lost my job in December (not counting paid internships during college). The company I worked for cut a ton of back office staff to weather the recession. They gave me a decent severance package, and I had too much withheld from my paycheck for taxes, so I was able to retreat back to a "college kid" budget and survive pretty well. I was unemployed for six months. I had a couple promising interviews, but nothing materialized. Finally, a company I had worked for before on one of my paid internships called me up. They offered me 75 percent of what I had been making, with a loose promise that once their income had straightened out fully, I'd get another $5,000/year. The only problem was that this company was in my parents' town and I didn't want to move back home to that small town. They're graciously letting me telecommute, but I'd much rather work locally in Rochester. I'm still working at my starting salary, too, which is much lower than the average for my profession (actually, their promised increase is still a bit lower than average). So, I'm still looking. Making all of this worse, my father lost his job the day before me. He eventually changed his career slightly, and found a job in his small city getting about 75 percent of what he was making as well. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 7 Aug 2009 | 2:29 pm Coming out of retirement at 65Forget lazy days rocking on a creaky porch swing, these days working is the new retirement.Source: Business and financial news - CNNMoney.com | 7 Aug 2009 | 2:27 pm AIG reports first quarterly profit since 2007AIG reported its first profit in seven quarters, helped by large accounting gains in a partial reversal of the huge mark-to-market losses that forced the US government to rescue the stricken insurer last yearSource: Financial Times - US homepage | 7 Aug 2009 | 2:22 pm AIG posts first profit since 2007Insurer AIG has seen its first quarterly profit since 2007, as its business improved after the government bail-outSource: BBC News | Business | World Edition | 7 Aug 2009 | 2:18 pm 'Job Losers' And Temps Lose Less This Time. Wish Me Luck.
Finally tapering off. (Source: Bureau of Labor Statistics) By Mathew Katz One number that really interests me in this morning's employment report is the U-2 measurement of job losers and completed temporary jobs. That number has more than doubled in the past year, but it's finally leveling out. It might seem like a statistic that's so obvious there's no point in keeping it. The BLS defines "job losers" as people who involuntarily and unexpectedly lost their jobs -- folks who were fired or suddenly laid off, arguably the worst way to lose a job. The BLS asks laid-off workers if they were expecting it, if they'd had any warning. The "job losers" are the ones who say they didn't really get any chance to prepare for unemployment. These are the sort of sudden, jarring layoffs that have defined this recession -- you show up to work on Monday, and your job is gone by Wednesday. Then there are the people who completed temporary gigs, the ones who know it's coming. I'm really interested in that category because as of 5:00 this evening, I'm part of it. Today's my last day as an intern at Planet Money. Tomorrow, I'll be an addition to the August unemployment statistics we all know and love -- and yes, the BLS counts unemployed Canadians in the U.S. in their jobless numbers. There are three possible reasons for that temps number flattening out: either there was less temp work to go around, individual temp jobs are being extended, or people finishing temp jobs have been able to pick up new work after their gig ends. I'm hoping the third option wins out. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 7 Aug 2009 | 2:10 pm Electric roadster maker making moneyTesla Motors turned profitable for the first time in July, when the electric car manufacturer shipped a record 109 vehicles, the company said Friday.Source: Business and financial news - CNNMoney.com | 7 Aug 2009 | 2:07 pm Meet 'the world's most annoying Web site'Social-networking site Tagged.com has become a target of New York Attorney General Andrew Cuomo and the bane of a multitude of customers.Source: Business and financial news - CNNMoney.com | 7 Aug 2009 | 2:06 pm IMF and Angola to negotiate loanThe International Monetary Fund and Angola agree to discuss a loan to help the African country through the economic slowdown.Source: BBC News | Business | World Edition | 7 Aug 2009 | 1:59 pm Stateowned banks need their prophecies of recovery to be selffulfillingIt has been a week of mixed messages from bankers companies and economists about the state of UK plc - and the prospects or not of a swift recovery in fortunes.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 7 Aug 2009 | 1:50 pm $1 million homes miss the recoverySource: Business and financial news - CNNMoney.com | 7 Aug 2009 | 1:47 pm Sports Direct ruling paled by precedentSports retailers hardly have the best record when it comes to anticompetitive behaviour.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 7 Aug 2009 | 1:46 pm US loses fewer jobs than expectedThe US economy lost 247,000 jobs in July, far fewer than analysts had expected, official figures show.Source: BBC News | Business | World Edition | 7 Aug 2009 | 1:44 pm Drug firm merger gets green lightShareholders in US drug maker Merck give their overwhelming backing to the company's takeover of Schering-Plough.Source: BBC News | Business | World Edition | 7 Aug 2009 | 1:38 pm Citigroup mulled selling Phibro to BuffettBeleaguered Citigroup explored a sale of its commodities trading business Phibro to legendary investor Warren Buffett.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 7 Aug 2009 | 1:38 pm CarMax renews, lowers warehouse facility (AP)AP - Automotive retailer CarMax Inc. said Friday that it has renewed its borrowing facility and lowered the limit for its financing arm by $200 million.Source: Yahoo! News: Business | 7 Aug 2009 | 1:32 pm Historic tours focus on lives of servantsAfter decades of waning interest, historical tourism is experiencing a revival. Preservationists are luring visitors back into historic mansions by sharing the personal stories of their former residents through the eyes of the servants that tended them. Ashley Milne-Tyte reports.Source: Marketplace | 7 Aug 2009 | 1:29 pm Ad sales down for Fall TV lineupEvery year, advertisers get a sneak peek at the fall TV line up. The so-called "TV upfronts" ended yesterday, and the amount of ads bought is way down. Kai Ryssdal talks to Michael Burgi, editor in chief of MediaWeek Magazine about what this means for the industry.Source: Marketplace | 7 Aug 2009 | 1:29 pm Weekly Wrap: Health care info overloadKai Ryssdal talks with Megan McArdle, editor of the Atlantic Magazine Business Channel, and Mike Mandel, chief economist for Business Week about the mood of the country in regards to the continued health care reform debate.Source: Marketplace | 7 Aug 2009 | 1:29 pm Obama to address U.S.-Mexico truck tiffPresident Obama is headed to Guadalajara, Mex. to speak with his counterparts in Canada and Mexico about the recovery of the auto industry. One topic of discussion, and a particular sore spot, is the issue of cross-border trucking. Dan Grech reports.Source: Marketplace | 7 Aug 2009 | 1:29 pm Wall St. preemptively halts flash ordersFlash orders let Wall Street members see orders to buy or sell stock milliseconds before they to the public. The SEC wants to ban the practice, but traders aren't putting up a fight. Some are ceasing the method before it causes an uproar. Amy Scott reports.Source: Marketplace | 7 Aug 2009 | 1:29 pm Wall St. preemptively halts flash ordersFlash orders let Wall Street members see orders to buy or sell stock milliseconds before they to the public. The SEC wants to ban the practice, but traders aren't putting up a fight. Some are ceasing the method before it causes an uproar. Amy Scott reports.Source: Marketplace | 7 Aug 2009 | 1:29 pm How to buy Friends and influence peopleAfter successfully acquiring Friends Reunited Brightsolid boss Chris van der Kuyl is in the mood to party.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 7 Aug 2009 | 1:26 pm Consumer credit falls sharplyConsumer credit fell in June for the fifth straight month, as widespread unemployment curbed spending, a government report said Friday.Source: Business and financial news - CNNMoney.com | 7 Aug 2009 | 1:21 pm Jobless rate down despite more lossesThe national unemployment rate declined slightly to 9.4% for July, 0.1% lower than the month prior. Yet, hundreds of thousands of people lost their jobs last month. So what does this contradictory data mean? Mitchell Hartman reports.Source: Marketplace | 7 Aug 2009 | 1:19 pm Credit to Americans Still Declining (V, MA)Unemployment may be improving or getting less bad, but the same is not true for credit and borrowing by consumers if the June trends continue. The consumer credit report for June has just come out, and there was another decline and revision lower for May. Outstanding credit fell by an annualized rate of 4.9% to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 7 Aug 2009 | 1:17 pm Sales tax holiday: A mixed shopping bagShoppers in several states will be able to save money on back-to-school items this month during "sales tax holidays" -- but the temporary windfall comes at a hefty price for cash-strapped state governments.Source: Business and financial news - CNNMoney.com | 7 Aug 2009 | 1:15 pm AIG cautious as it returns profitAmerican International Group the troubled insurer has recorded its first profit in seven quarters.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 7 Aug 2009 | 1:02 pm RBS chief Hester is cruel to be kind on recoveryStephen Hester bankerinchief to the British taxpayer had some tough love to dish out to an increasingly euphoric public yesterday.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 7 Aug 2009 | 12:57 pm What you really got for that clunkerWhat are people trading their clunkers in for? It depends on who you ask.Source: Business and financial news - CNNMoney.com | 7 Aug 2009 | 12:56 pm Even Members Of The House Oversight And Government Reform Committee Are Entitled To The American Dream Of Home Ownership
A powerful House Democrat who has turned down a Republican's call to subpoena records of a mortgage program at Countrywide Financial Corp. received two home loans from the lender. Why all the fuss? After all, given the importance of the American Dream Of Home Ownership, why would we forbid any medium of exchange at all if it were to permit just one family more the roof of a McMansion over their heads? That a buyer may lack the funds is a matter of no import whatsoever. That a buyer may possess funds in abundance is, equally, a matter of no import whatsoever. How many trips to Vegas, how many long Florida weekends, how many championship sporting events, how many state of the art home entertainment systems must the buyer give up to enjoy the Dream? Will we not permit a humble public servant to trade the assets of access and committee votes to give his family The Dream? Of course we will.
Sponsored Topics: Edolphus Towns - Countrywide Financial - Mortgage - Business - United States House Committee on Oversight and Government Reform Source: Dealbreaker | 7 Aug 2009 | 12:52 pm SFO to help Iceland as probe turns to Kaupthing's UK linksThe Serious Fraud Office has written to Icelandic investigators offering to coordinate inquiries into the country's failed banks.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 7 Aug 2009 | 12:52 pm Swine flu fears spawn bogus curesShampoo made with ionic silver, bottles of “free-radical quenchers” and a $2,995 device called the “photon genie” have all fallen foul of US regulators battling modern-day snake-oil marketing spawned by the global swine flu pandemicSource: Financial Times - US homepage | 7 Aug 2009 | 12:49 pm Crashed car? Don't wreck your financesMarketplace's Cash Peters was working on a story about his car . . . when he crashed it. He learned more than he every expected to about the world of repairs and how to look out for second-rate parts. And he has the skinny on how to go about it.Source: Marketplace Money | 7 Aug 2009 | 12:46 pm This Week’s LinksPeter Bregman has an 18-minute plan for managing your day. Jon Markman on how China and the US are engaged in a Ponzi scheme. Robert Kiyosaki’s latest book is free, online, and collaborative. Blue Dogs are really cozy with the healthcare industry. Slate has an excellent online guide for following the healthcare reform debate.
Source: Business Pundit | 7 Aug 2009 | 12:46 pm US 'back from the brink' but jobs still at riskThe US economy appears to be turning the corner with the labour market showing signs of "loosening its recessionary grip."Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 7 Aug 2009 | 12:42 pm Where it pays to make it from scratchIs it worth it to make your own butter? Jennifer Reese explores the most cost-effective approach to do-it-yourself food in her frugal-minded blog, The Tipsy Baker. Tess Vigeland paid her a visit and helped her make bagels.Source: Marketplace Money | 7 Aug 2009 | 12:33 pm Who To Hide Your Money With Next
So by making some slight modifications to the Swiss flag, the tax haven torch is passed to another land of red and white.
Sponsored Topics: Tax haven - Switzerland - Tax avoidance and tax evasion - Tax - Denmark Source: Dealbreaker | 7 Aug 2009 | 12:32 pm Watchdog sniffs out mortgage lendersThe Fair Mortgage Collaborative is a nonprofit created by housing industry insiders vowing to help change the kinds of mortgages we're offered and the way we get them. Tess Vigeland talks to executive director Howard Banker about how it works.Source: Marketplace Money | 7 Aug 2009 | 12:31 pm AIG reports 2Q profit, first since 2007American International Group Inc. reported its first quarterly profit since 2007 on Friday, as the government-controlled insurer saw the value of some of its soured assets recover.
Source: L.A. Times - Business | 7 Aug 2009 | 12:30 pm Why the case for assisted dying is unanswerableThe main reason it is so difficult to reform the law is that those on the fundamentalist side will be prepared to base their votes on this issue, while humanist utilitarians will see it as only one of many issues, writes Samuel BrittanSource: Financial Times - US homepage | 7 Aug 2009 | 12:26 pm Straight Story: Beware of home equityA recent study shows many foreclosures don't come from people who bought at the top of the housing bubble, but come from homeowners who got into trouble with home equity loans. Economics editor Chris Farrell talks with Tess Vigeland.Source: Marketplace Money | 7 Aug 2009 | 12:19 pm Getting PersonalTess Vigeland and Chris Farrell talk to listeners about retirement accounts, including where to put your money if you want a socially responsible investment option and your company doesn't offer one.Source: Marketplace Money | 7 Aug 2009 | 12:14 pm Taliban leader is dead, says PakistanPakistan’s foreign minister said he believed Baitullah Mehsud, the country’s Taliban leader, had been killed, ending almost 48 hours of speculation over the fate of the country’s most wanted manSource: Financial Times - US homepage | 7 Aug 2009 | 12:07 pm NYC can spare a dime to saveLast year, New York City started a program to encourage low-income residents to save -- and it's working. Alisa Roth explores how "Save NYC" has helped New Yorkers stash money away, even with none to spare.Source: Marketplace Money | 7 Aug 2009 | 12:03 pm Will Americans continue to save?The U.S. savings rate is now the highest it's been since 1998. Tess Vigeland talks to former Undersecretary of Commerce Robert Shapiro about whether he thinks the rate will stick.Source: Marketplace Money | 7 Aug 2009 | 11:59 am 24/7 Wall St. TV: Fannie Mae Begs For $10.7 Billion MoreFor those who want to know how much worse that housing market is getting they need look no further that the quarterly results of Fannie Mae (FNM). The mortgage operation lost $15.2 billion and will need another $10.7 billion from the government to continue. The primary reason for the loss is that 4% of the loans [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 7 Aug 2009 | 11:59 am China focuses rebate on rural shoppersMillions of Chinese consumers are just now getting wealthy enough to buy certain appliances. And lately the government has been encouraging them to spend. Scott Tong explores how a rebate program is getting villagers to stores.Source: Marketplace Money | 7 Aug 2009 | 11:57 am The F WordFrom the same country that brought you the heated debate about what the definition of is is, the government is now attempting to clarify what the word fiduciary should mean to brokers and financial advisors. Should SIFMA's current call for a single fiduciary standard across brokers and financial advisors superseding state law come to fruition, some in the investment advisory world worry about opening the floodgates for what Wall Street can get away with.
And with that the investment advisory firm took an important step closer to understanding a critical piece of the Wall St. business model. Financial Planners Say Fiduciary Debate May Favor Brokers [Bloomberg]
Sponsored Topics: Business - Wall Street - Financial services - Securities Industry and Financial Markets Association - Sifma Source: Dealbreaker | 7 Aug 2009 | 11:36 am Pink slips meet the digital ageWhen commentator Lisa McIntyre was laid off, she wasn't handed a physical pink slip. Through social networking, e-mails and IMs, the ex-tech worker tells the story of how she found out her former employer had let her go.Source: Marketplace Money | 7 Aug 2009 | 11:32 am Brokerage Giant Restricts Leveraged and Inverse ETF Products (FAS, FAZ, UYG, SKF, SDS, SSO)The movement against, or at least a move to better quantify, leveraged ETFs is still going. In fact, it is becoming more clear. While this is not against any single leveraged ETF (or inverse ETF), this does have at least have a continued influence on leveraged ETF and reverse-leveraged ETFs such as the Direxion Daily [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 7 Aug 2009 | 11:32 am Tales From The Job Market: 'Employers Have Their Pick'Some of you might remember Daniel Cross, aka @engineer27. He's a circuit designer in Florida who got furloughed, then laid off, then hired by a new company for less money, then laid off again, all in the last 12 months. Cross writes: Like the hot and humid air here in South Florida, the market for technology work in June and July has been completely motionless, even stifling. However, as August begins, just as the tropical winds begin to pick up, we are starting to see some hiring action occurring. One person in our networking group has accepted an offer, and word-of-mouth reports indicate that the slew of job ads and recruiter postings are for "real" jobs. Still, employers right now have their pick of qualified candidates, with 10-50 qualified local applicants for each position. Hiring firms also save by lowballing salary offers, not offering relocation, and more. Not all of them get away with squeezing their employees, however. A friend in IT just jumped to a new company when her previous employer cut her pay and reduced her flexibility of work hours (she is a new mom). In summary, the job market is up to "really tough" from "abominable." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 7 Aug 2009 | 11:07 am Why The Unemployment Rate Fell
The government's view of unemployment. (Source: Commerce Department) By Mathew Katz Economists were surprised by today's drop in the unemployment rate, which went from 9.5 percent in June to 9.4 percent in July. Close watchers of the labor market had expected to see the figure rise to 9.6 or 9.7. White House press secretary Robert Gibbs told reporters today that President Obama still expects to see unemployment hit 10 percent this year. So why did the number go down in July? Part of the reason is that employers cut fewer jobs -- by 247,000, against an average of 331,000 for the last three months, including July. Another, and perhaps larger part of the answer is that one key number factored into the rate fell unexpectedly. Unemployment is the number of people out of work as a percentage of the total labor force. The labor force in everyone who's employed or who wants a job. In July, that total labor force fell by 422,000. Sudeep Reddy at the Wall Street Journal's Real Time Economics blog says that the jobless number is down because the overall labor force is shrinking -- people are giving up on looking for jobs, and so BLS doesn't count them as unemployed. Reddy also says that when the economy recovers, more people will likely re-enter the labor force and help push the unemployment rate higher. Or as he explains it: The payroll figures -- jobs lost -- comes from a Labor Department survey of employers. The unemployment rate is measured through a separate survey of households -- asking people whether they have a job, whether they want a job and whether they searched for a job (among other things). If people drop out of the labor force, the unemployment rate can decline because fewer people would be considered jobless. White House economic advisor Christina Romer told Bloomberg TV that the drop in the labor force did have an effect but wasn't the only factor. "It is certainly arithmetically why the number went down," she said on Bloomberg television. "Basically, what we're seeing is stability." High Frequency Economics' Ian Shepherdson sees the drop in total labor force as a correction from temporary spikes in April and May. "Assuming more normal trends over the next few months, the unemployment rate has further to rise," he writes. White House press secretary Robert Gibbs said the $787 billion stimulus had made for a stronger report than expected. "There's no doubt that the economic recovery plan is having an impact," he told reporters. Everyone's favorite doomsayer, Nouriel Roubini of RGE Monitor, agrees that the unemployment rate fell largely because of people leaving the labor force. He writes that later this year, the job market (and the overall economy) is going to get worse -- a lot worse: All elements of total labor income -- jobs, hours and average hourly wages -- are under pressure which will impact consumption in the coming months. The unemployment rate in late 2009 will be higher than what was assumed for 2010 in the "adverse scenario" of the banks stress test. This will lead to further delinquencies on loans and securities and lower than expected recovery rates. As people who have mortgages lose their jobs, they will have severe difficulties in servicing their mortgages. Calculated Risk takes an extended look at those stress tests the U.S. Treasury administered to the nation's largest banks. The upshot: "Once again, the unemployment rate is already higher than the 'more adverse' scenario." Other Charts: Duration of Unemployment/ Average Hourly Wages/ Average Workweek » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 7 Aug 2009 | 10:31 am RBS downbeat despite £15m profitRoyal Bank of Scotland, which is 70% taxpayer-owned, reports a £15m half-year profit, but it has to write off hefty bad debts.Source: BBC News | Business | World Edition | 7 Aug 2009 | 10:20 am Fletcher faces big lossOn Wednesday Fletcher Building chief executive Jonathan Ling will announce the company's first annual loss since 2001. Analysts say Fletcher's loss will be in the range of $24 million to $71 million after it takes an enormous hit...Source: New Zealand Herald - Business | 7 Aug 2009 | 10:00 am Asset sales supercharge NZX profitsSharemarket operator NZX made close to twice as much money trading market infrastructure assets in the last six months than it has from its entire business over the preceding six years put together, its first-half result yesterday...Source: New Zealand Herald - Business | 7 Aug 2009 | 10:00 am Clothing firm collapse leaves questionsMost New Zealand women's wardrobes will have included something from Jean Jones over the years. The stores, selling stylish cotton T-shirts, jeans, merino tops and the like, have graced the nation's high streets for decades. The...Source: New Zealand Herald - Business | 7 Aug 2009 | 10:00 am UK pumps $125b more into economyThe "fragile" state of financial conditions in Britain and the continuing shortage of lending by the banks were cited by the Bank of England as its reasons for a substantial expansion in its policy of quantitative easing. A further...Source: New Zealand Herald - Business | 7 Aug 2009 | 10:00 am Brian Gaynor : NZ's housing focus is bad for businessA number of developments over the past few weeks clearly demonstrate that New Zealand is not business friendly, particularly as far as the tradeable sector is concerned. There has been a hue and cry over the treatment of house...Source: New Zealand Herald - Business | 7 Aug 2009 | 10:00 am Troubled newspaper confirms it's on the blockBOSTON: The parent company of the Boston Globe confirmed yesterday that it is looking into a sale of the financially struggling newspaper. The New York Times Co disclosed in a regulatory filing with the Securities and Exchange...Source: New Zealand Herald - Business | 7 Aug 2009 | 10:00 am Amcor, Cadbury settle over price-fixing claimMELBOURNE: Global packaging company Amcor has avoided a courtroom showdown over whether it colluded to fix cardboard box prices, after reaching a confidential settlement with confectioner and beverage maker Cadbury. Cadbury had...Source: New Zealand Herald - Business | 7 Aug 2009 | 10:00 am Licence deal to boost RCG's profitMELBOURNE: The investment company that operates the Athlete's Foot chain of sports shoe shops has paid its US franchise manager A$7.36 million ($9 million) to hold the licence agreement for the next 249 years. In doing so, Australian...Source: New Zealand Herald - Business | 7 Aug 2009 | 10:00 am WAN's profit slips 21pcSYDNEY: West Australian Newspapers Holdings' annual net profit dropped 21 per cent as advertising revenue fell but the group says trading conditions are improving, helped by new resources projects in Western Australia. WAN shares...Source: New Zealand Herald - Business | 7 Aug 2009 | 10:00 am Growth, not rate cuts on the cardsSYDNEY: The Reserve Bank of Australia has upgraded its growth forecasts out to the end of 2010 and says official interest rates could move to a "more normal", or higher, setting if the emerging global and domestic economic recoveries...Source: New Zealand Herald - Business | 7 Aug 2009 | 10:00 am Time To Revisit Cellular Merger in Pre-Paid & No-Contract (LEAP, PCS, VM, S, T, AMX, DT)Leap Wireless International Inc. (NASDAQ: LEAP) made our volume spike alert this morning based on last night’s dismal earnings results. But after a deeper look, there is an old reminder here that might need to be brought back up. And the company might need to consider it. The proposed and pending merger between Sprint Nextel [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 7 Aug 2009 | 9:44 am Tales From The Job Market: 'It Really Feels Like The Ice Has Broken'As fun as charts are, a more visceral take on job market is what you folks are feeling on the ground. We got this story from Pam Chozen, of Bloomington, IN: I'm an advertising copywriter who got laid off (along with 40 percent of agency) in April. Since then, I've been applying to at least three agencies a week but have only gotten two interviews so far -- UNTIL THIS WEEK. I'm just about to do my third phone interview of the week, and I've also gotten two new freelance gigs in the last 24 hours. It really feels like the ice has broken, except I am not at all sure whether to trust it. We'll likely hear more from Pam on today's podcast. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 7 Aug 2009 | 9:02 am Average Workweek Recovers (Slightly) From Record Low
Up slightly from a record low. (Source: Bureau of Labor Statistics) By Mathew Katz and Laura Conaway In the June unemployment report from the Bureau of Labor Statistics, one of the most startling numbers was for average time spent working each week. It hit 33 hours in June, the lowest on record, and a monthly fall of .8 percent. Employers are less likely to hire new people until the ones they've got are occupied full time full-time. In today's new report, for July, the average number climbed a nubbin to 33.1 hours per week. Other Charts: Overall Unemployment/ Duration of Unemployment/ Average Hourly Wages » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 7 Aug 2009 | 8:56 am Hourly Wages Rise A Bit After Two Months Of Being Flat
Going up again. (Source: Bureau of Labor Statistics) By Laura Conaway and Mathew Katz As the unemployment rate has risen, wages have all but stagnated. By contrast, today's unemployment report from the Bureau of Labor Statistics finds hourly wages rising in July to $18.56 from $18.53 for June and May. The overall picture for wages remains cloudy. Compare the small increase reported today with official indicators of income. This week, the Bureau of Economic Analysis found that personal income notched a fourth straight monthly decline in June with a fall of .4 percent. The BEA said the increase may have stemmed in part from a one-time stimulus boost to Social Security recipients the month before. And Bureau of Labor Statistics reported on July 31 that overall wages and benefits grew by .4 percent in the first quarter. For the year ending June 2009, wages grew by just 1.8 percent. Charts:Overall Unemployment/ Duration of Unemployment/ Average Workweek » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 7 Aug 2009 | 8:33 am Job Searches Taking Longer
The average job search is taking longer. (Source: Bureau of Labor Statistics) By Mathew Katz and Laura Conaway Today's report from the Bureau of Labor Statistics finds the unemployment rate ticking downward, to 9.4 percent in July from 9.56 in June. The BLS describes the situation as "little changed." One number that has continued to shift is the duration of unemployment. In a sour note for people who've been laid off, the duration of unemployment has kept rising. The average search took 25.1 weeks as of July, up from 24.5 weeks in the June report. After the jump, a chart that breaks that number down. Other Charts: Overall Unemployment/ Average Hourly Wages/ Average Workweek Today's report shows a continued rise in chronic unemployment. The BLS says the number of people sidelined for 27 weeks or more has risen to 4,965,000 from 4,381,000. 
Chronic unemployment is growing. (Source: Bureau of Labor Statistics) » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 7 Aug 2009 | 8:10 am Top Day Trader Alerts (AIG, CROX, SQNM, LEAP, PMI, NVDA)These are this morning’s top day trader and active stock alerts. We have more detailed price and volume analysis links on each stock from VSInvestor.com: American International Group (NYSE: AIG) is continuing the recent surge. It actually made money from operations, and shares are up above $25.00 on the news. Crocs, Inc. (NASDAQ: CROX) is almost hard [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 7 Aug 2009 | 7:16 am Rig Counts Not Just Bottoming… They Grew (BHI, OIH)Baker Hughes Incorporated (NYSE:BHI) shows weekly data on its rig counts it sees, but this morning it has announced its rig counts for the full month of July. Higher energy prices are bringing more rigs back on. We are even seeing a gain in the Oil Services HOLDRs (NYSE: OIH) on the news. The company said [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 7 Aug 2009 | 6:56 am Check Twitter Before Yelling
Source: Business Pundit | 7 Aug 2009 | 6:45 am Reading Jobs Data With DisbeliefThe unemployment rates and jobs data almost does not add up on the surface. Some of this may boil down to seasonality issues, but many traders are scratching their heads after seeing this report. The July unemployment rate came in at 9.4% rather than a 9.7% consensus estimate. That is actually a drop from the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 7 Aug 2009 | 6:45 am This Week’s Weird Jobs
Attention, men. Some jobs are tailor-made for your wildest fantasies. Like the woman from Seattle (#2) who needs help lactating. Or #4 on this week’s list, which doesn’t ask for men outright, but could be a mighty good place to be–if the trial works: 1. Denver: Male/Female Spanish Voice Acting Requirements include: -Fluency in Colombian Latin American Spanish. Compensation is competitive and based on qualifications. 2. Seattle: wanting a lactating specialist 3. Nevada: Former atv tour guide? A little incentive might help, buddy… 4. Las Vegas: Low Libido Clinical Research Study Now Enrolling! If you are 30 or older, are surgically post-menopausal, and taking a stable dose of estrogen therapy, please call to learn more about this research opportunity from a friendly patient services coordinator. Study participants will receive exams and lab work at no cost. Participants can also be compensated up to $450.00 for their time and travel. Male administrators will not be held responsible for any infidelity resulting from successful trials. 5. Las Vegas: Wave Machine Operator Those who take joy in tsunamis will not be considered. Happy Friday!
Source: Business Pundit | 7 Aug 2009 | 6:06 am Top 10 Analyst Upgrades & Downgrades (CROX, FTE, MMC, PCS, WTR, LEAP, NVO, RRGB, TI, TRI)Everyone is on hold for jobs data, but there are still pre-market research calls. These are the top ten analyst calls we saw for upgrades and downgrades this Friday morning: Crocs (CROX) Raised to Overweight at Piper Jaffray. France Telecom (FTE) Raised to Overweight at JPMorgan. Marsh & McLennan (MMC) Raised to Buy at UBS. MetroPCS (PCS) Raised to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 7 Aug 2009 | 6:00 am AIG (AIG): Wall St.’s Miracle Child, Posts A ProfitAIG (AIG) was never supposed to post a profit again. It was too badly down on its luck, even after taking in $180 billion in taxpayer money. It frustrated CEO Ed Liddy is leaving after been thumped regularly by the public and members of Congress. He departs with a legacy of a turnaround of sorts. AIG reported its first [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 7 Aug 2009 | 5:38 am
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