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Young jobless count climbs to 'crisis' point of 1 millionNearly one million young people are out of work as British unemployment hits a 14-year high, new figures showed today. Source: Latest Business News from Times Online | 12 Aug 2009 | 5:17 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 | 12 Aug 2009 | 4:31 am Europe Markets: Oil plays nudge Europe up; Nestle, ING slipEuropean shares edged higher on Wednesday as oil producers advanced, although earnings-related losses from Nestle and ING Group added a bit of pressure ahead of a decision on U.S. interest rates.
Source: MarketWatch.com - Top Stories | 12 Aug 2009 | 4:31 am UK unemployment climbs to 2.44mThe number of people out of work in the UK has risen by 220,000 in the three months to June to the the highest level since 1995.Source: BBC News | Business | World Edition | 12 Aug 2009 | 4:29 am Nestle sees 2% slip in profitsThe strong Swiss franc has hit Nestle sales, pushing the company's profits down by 2Source: BBC News | Business | World Edition | 12 Aug 2009 | 4:28 am Chevy Volt: Ridiculously good fuel economyThe Chevrolet Volt, GM's electric car that's expected to go on sale in late 2010, is projected to get an estimated 230 miles per gallon, the automaker announced Tuesday.Source: Business and financial news - CNNMoney.com | 12 Aug 2009 | 4:24 am Banks given new rules on bonusesThe Financial Services Authority sets out how banks should change their policies on pay and bonuses.Source: BBC News | Business | World Edition | 12 Aug 2009 | 4:22 am Markets poised to fallU.S. stocks were set to fall at Wednesday's open, ahead of the release of the Federal Reserve's policy statement.Source: Business and financial news - CNNMoney.com | 12 Aug 2009 | 4:20 am Stocks: The latest bubbleThe Federal Reserve has spent the past year cleaning up after a housing bubble it helped create. But along the way it may have pumped up another bubble, this time in stocks.Source: Business and financial news - CNNMoney.com | 12 Aug 2009 | 4:19 am China formally arrests Rio Tinto employeesBEIJING (Reuters) - Australia said on Wednesday that charges against four staff from Anglo-Australian miner Rio Tinto appeared to have been downgraded after China formally arrested the men but left aside accusations they stole state secrets.Source: Reuters: Business News | 12 Aug 2009 | 4:19 am ING Q2 profit shrinks after heavy writedownsAMSTERDAM (Reuters) - ING Groep turned a small profit after three quarters of heavy losses, but the profit was well below expectations as real estate writedowns drove the banking business to a surprise loss.Source: Reuters: Business News | 12 Aug 2009 | 4:17 am BHP Billiton profit skids 62%, but dividend raisedAnnual profit for the world’s top miner, BHP Billiton, falls 62%, as prices for the metals and oil it unearths drop.
Source: MarketWatch.com - Top Stories | 12 Aug 2009 | 4:17 am Nestle trims 2009 outlook as sales disappointZURICH (Reuters) - Nestle , the world's biggest food group, pared its full-year outlook on Wednesday after missing forecasts with first-half organic sales growth of 3.5 percent, knocking its shares lower.Source: Reuters: Business News | 12 Aug 2009 | 4:16 am Shanghai stocks skid 4.7% on down day for AsiaChina’s benchmark stock index skidded 4.7% Wednesday on fears an expected fall in bank lending in the remainder of the year could affect liquidity, a crucial factor behind the heady rally on the mainland markets over the past few months.
Source: MarketWatch.com - Top Stories | 12 Aug 2009 | 4:16 am Bank of England sees inflation below 2%Read full story for latest details.Source: Business and financial news - CNNMoney.com | 12 Aug 2009 | 4:15 am Indications: U.S. stock futures in tight pre-Fed rangeU.S. stock futures clung to a tight range on Wednesday as traders waited for news on whether the Federal Reserve’s historically loose monetary policy will continue.
Source: MarketWatch.com - Top Stories | 12 Aug 2009 | 4:14 am Bank of England's Mervyn King on the August Inflation ReportThe Bank of England delivered its latest quarterly inflation and growth forecasts on Wednesday. Below are highlights of the news conference with Governor Mervyn King and other policymakers.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Aug 2009 | 4:10 am 'Fragile recovery' for UK economyThe Bank of England warns that the UK economy still has some way to go before it recovers from the effects of the financial crisis.Source: BBC News | Business | World Edition | 12 Aug 2009 | 4:06 am Chinese market tumbles nearly 5%Read full story for latest details.Source: Business and financial news - CNNMoney.com | 12 Aug 2009 | 4:05 am Oil slips as 2010 demand seen falling - againRead full story for latest details.Source: Business and financial news - CNNMoney.com | 12 Aug 2009 | 4:04 am Apple’s (AAPL) Market Cap Passes Google’s (GOOG)Apple’s (AAPL) market cap is now$148 billion. Google’s (GOOG) is only $143 billion. The disparity between the two numbers does not make sense. Google has been the faster-growing company, at least historically. Hardware companies like Apple have modest margins because of their cost of goods. Google’s gross profit is about 60% of its revenue. Apple’s is [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Aug 2009 | 4:04 am Deflation not inflation is the economy's swine flu; QE is its TamifluFor central banks the risks are not symmetrical writes Tony Nutt. Inflation at 5pc is much easier to deal with than deflation of 5pc.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Aug 2009 | 4:04 am Stock index futures signal dip ahead of Fed (Reuters)
Source: Yahoo! News: Stock Markets News | 12 Aug 2009 | 4:03 am Stock index futures signal dip ahead of Fed (Reuters)
Source: Yahoo! News: Business | 12 Aug 2009 | 4:03 am Stock index futures signal dip ahead of Fed(Reuters) - Stock index futures pointed to a lower open on Wall Street on Wednesday as investors awaited the outcome of the Federal Reserve's two-day meeting.Source: Reuters: Business News | 12 Aug 2009 | 4:03 am Local Insight Regatta Holdings, Inc. Reports Second Quarter 2009 ResultsDENVER, Aug. 12 /PRNewswire/ -- Local Insight Regatta Holdings, Inc. ("LIRH") today announced consolidated results for the three and six months ended June 30, 2009. ...Source: RSS feed - channel BNewsBusiness | 12 Aug 2009 | 4:00 am Michaels Announces Debut Of Gypsy, A Portable Design Studio'Gypsy' pre-sales starts August 15 for handheld design technology IRVING, Texas, Aug. 12 /PRNewswire/ -- Michaels, North America's largest arts and crafts specialty...Source: RSS feed - channel BNewsBusiness | 12 Aug 2009 | 4:00 am Sony's e-reader going wirelessSource: Business and financial news - CNNMoney.com | 12 Aug 2009 | 3:58 am ITV pensioners offered oneoff increase if they give up indexlinkingUp to 10000 members of the ITV final salary pension scheme could receive letters asking them to accept an increase in the value of their pensions in return for giving up future inflationary increases.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Aug 2009 | 3:55 am Is this the end of the McMansion era?For the first time in almost 15 years, the size of new homes built in the United States is shrinking.Source: Business and financial news - CNNMoney.com | 12 Aug 2009 | 3:54 am Bank of England: recession was deeper than feared and recovery will be slowBank of England is likely to warn that Britain faces a long road out of recession and that inflation poses little immediate threat.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Aug 2009 | 3:53 am London Calling: BHP, BASF -- the world's hidden oil producersThough they are the world's leading miner and chemicals producer, respectively, BHP Billiton and BASF each generate a sizeable proportion of profits from energy production as well, the groups’ latest results show.
Source: MarketWatch.com - Top Stories | 12 Aug 2009 | 3:53 am Your bank branch: Going, going, goneDon't look now, but your local bank branch might be disappearing.Source: Business and financial news - CNNMoney.com | 12 Aug 2009 | 3:52 am The Death Of Oil DemandEconomic growth in China and a very modest recovery in the West will not be enough to drive up oil demand next year, according to the International Energy Agency. The world will only need an average or 70,000 barrels per day of crude in 2010 above what it will consumer per day this year. The agency appears to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Aug 2009 | 3:50 am Jobless total hits 14-year high of 2.44mBritain's unemployment has reached a 14-year-high of 2.44 million, according to new figures which undermine hopes that the country is set to emerge from recession. Source: Latest Business News from Times Online | 12 Aug 2009 | 3:47 am Coal giant says Australian ETS will hurt industryCANBERRA, Aug 12 (Reuters) - U.S. coal giant Peabody Energy Corp. said Australia's planned carbon trade scheme would hurt investment in coal mines and could force mine closures as Australia's parliament...Source: RSS feed - channel BNewsBusiness | 12 Aug 2009 | 3:42 am Nestle trims outlook as profit slips 3%Nestle SA, the world’s largest food group, reports a 3% drop in first-half profit, misses sales forecasts and trims its annual sales outlook.
Source: MarketWatch.com - Top Stories | 12 Aug 2009 | 3:38 am UPDATE 2-Smartphone boom eases handset sales pain -Gartner* Handset sales down 6 pct yr/yr in Q2, vs 9 pct fall in Q1Source: RSS feed - channel BNewsBusiness | 12 Aug 2009 | 3:37 am Share tips: a share to die forMore share tips compiled by Hargreaves Lansdown. This week: Dignity Standard Chartered HSBC and moneysupermarket.comSource: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Aug 2009 | 3:36 am Asia stocks down on China data doubts, Wall Street (AP)
Source: Yahoo! News: Stock Markets News | 12 Aug 2009 | 3:32 am Maine's windkeepers: From ship masts to windmillsSilent surroundings almost tease the ears as clouds skitter across the top of this eastern corner of Maine. The wind, barely audible, swishes through beech and fir trees crowding the hills...Source: RSS feed - channel BNewsBusiness | 12 Aug 2009 | 3:31 am China arrests Rio Tinto workersChina arrests employees of mining firm Rio Tinto on suspicion of stealing trade secrets and taking bribes, which the firm denies.Source: BBC News | Business | World Edition | 12 Aug 2009 | 3:27 am Hutchison Telecom swings to H1 net loss of HK$285 mlnHONG KONG, Aug 12 (Reuters) - Hutchison Telecommunications International Ltd on Wednesday posted a first-half net loss, reversing its year-earlier profit, on a sharp drop in turnover from its Israel operations...Source: RSS feed - channel BNewsBusiness | 12 Aug 2009 | 3:25 am Mandelson admits jobless total is 'unacceptable'Lord Mandelson conceded today that unemployment levels are "unacceptable" ahead of official figures showing the number of Britain's jobless at a 14-year high of 2.43 million. Source: Latest Business News from Times Online | 12 Aug 2009 | 3:20 am Asia stocks down on China data doubts, Wall StreetAsian markets tumbled Wednesday with Chinese shares falling nearly 5 percent on renewed jitters over the economic outlook after Wall Street suffered its biggest loss in five weeks. EuropeanSource: RSS feed - channel BNewsBusiness | 12 Aug 2009 | 3:20 am BHP Billiton sees no quick return to surging commodity pricesWorld's biggest miner says it won't have a clear picture of demand for commodities until 2010 as Europe and US follow China in rebuilding stocks.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Aug 2009 | 3:20 am What If Twitter Folds?Twitter had another hacker attack today. Several media outlets reported that the micro-blogging system was down periodically though the early morning and afternoon. The service had more severe problems last week. There have been rumors that the target of the attacks is a blogger in Georgia who has been critical of neighboring state Russia. It is [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Aug 2009 | 3:16 am U.S., Mexico probe oil thefts from Mexican companyHOUSTON (Reuters) - The U.S. and Mexican governments are probing a scheme to steal millions of dollars worth of crude oil and refined products from Mexico's state-owned oil company and sell it to U.S. refiners, a U.S. official said on Monday.Source: Reuters: Business News | 12 Aug 2009 | 3:16 am U.S., Mexico probe oil thefts from Mexican company (Reuters)
Source: Yahoo! News: Business | 12 Aug 2009 | 3:16 am UPDATE 1-Deals of the day -- mergers and acquisitions** Student accommodation provider Unite Group has set up a five-year joint venture with Bahrain's Oasis Capital Bank to develop student housing in London worth an estimated 194 million pounds ($320.2...Source: RSS feed - channel BNewsBusiness | 12 Aug 2009 | 3:15 am JPMorgan looking to sell 23 office properties: reportNEW YORK (Reuters) - JPMorgan Chase & Co is looking to sell 23 office properties in what may be the country's largest office real estate sale this year, the Wall Street Journal said in...Source: RSS feed - channel BNewsBusiness | 12 Aug 2009 | 3:10 am JPMorgan looking to sell 23 office properties: reportNEW YORK (Reuters) - JPMorgan Chase & Co is looking to sell 23 office properties in what may be the country's largest office real estate sale this year, the Wall Street Journal said in a report on its Website on Tuesday.Source: Reuters: Business News | 12 Aug 2009 | 3:10 am SAS to cut more than 1,000 jobsScandinavian airline SAS says it will cut another 1,000 to 1,500 jobs as part of a fresh cost-cutting programme.Source: BBC News | Business | World Edition | 12 Aug 2009 | 3:07 am Lloyds sells Insight to Bank of New York MellonThe bank which last week reported bad debts of £13.4bn in the first half is to sell its investment unit for £235m.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Aug 2009 | 3:05 am Currencies: Dollar slips vs. yen, gains on euro in Asian tradeThe dollar loses ground against the yen, but gains on the euro as investors awaited the outcome of the U.S. Federal Reserve’s policy meeting later in the session.
Source: MarketWatch.com - Top Stories | 12 Aug 2009 | 3:05 am London Markets: Miners pressure in weaker British share marketMineral extractors pressured the top share index in London on Wednesday, with BHP Billiton shares declining after the metal giant posted annual results.
Source: MarketWatch.com - Top Stories | 12 Aug 2009 | 3:02 am The Pessimists Roll In As The Recovery Takes RootIt may be that some people just want to spoil a good time. As earnings, GDP, employment, and housing sales begin to show the trends that have encouraged analysts to call an end to the recession, the voices of pessimism are increasing in volume. New surveys of economists by The Wall Street Journal and Bloomberg [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Aug 2009 | 3:00 am Kronos Products Expands Food Service Mediterranean Flatbread Offering With New Flavors and Pizza CrustsCHICAGO, Aug. 12 /PRNewswire/ -- Chicago-based Kronos Foods, Inc., href="http://www.kronosproducts.com/">www.kronosproducts.com , a premier maker of gyros and other...Source: RSS feed - channel BNewsBusiness | 12 Aug 2009 | 3:00 am BHP cautions on outlook as metals bash profitMELBOURNE (Reuters) - BHP Billiton Ltd/Plc , the world's largest miner, gave a guarded outlook for global commodity demand, sending a worrying signal for weaker rivals, after a slump in metals prices triggered its first profit decline in seven years.Source: Reuters: Business News | 12 Aug 2009 | 2:57 am BHP cautions on outlook as metals bash profit (Reuters)
Source: Yahoo! News: Business | 12 Aug 2009 | 2:57 am ING profit tumbles 96% on real-estate lossesShares in ING fell as much as 15% Wednesday after the Dutch banking and insurance firm said its second-quarter profit had been almost wiped out by falling property prices and rising bad debt charges.
Source: MarketWatch.com - Top Stories | 12 Aug 2009 | 2:56 am China formally arrests Rio Tinto employees (Reuters)
Source: Yahoo! News: Business | 12 Aug 2009 | 2:55 am Nestl sees sales and profits slipNestl managed to raise profit margins in the first half of 2009, as the world's biggest foods group exploited operating efficiencies and lower input prices to counteract tough markets. Sales and profits...Source: RSS feed - channel BNPaperBusiness | 12 Aug 2009 | 2:47 am Japanese prices in record declineJapanese wholesale prices fell by a record 8.5% in July, figures show, highlighting deflationary pressures in the economy.Source: BBC News | Business | World Edition | 12 Aug 2009 | 2:45 am What to do when your client won't payHandling the client that wants the goods but doesn't want to cough up a check.Source: Business and financial news - CNNMoney.com | 12 Aug 2009 | 2:38 am Lloyds offloads Insight for £235 millionLloyds Banking Group is selling its Insight fund management business to Bank of New York Mellon Corporation (BNYMC) for £235 million as part of a shake-up in its overall asset management operations. Source: Latest Business News from Times Online | 12 Aug 2009 | 2:37 am Hutchison to sell stake in Israel's PartnerHONG KONG, Aug 12 Hutchison Telecommunications International is set to announce the sale of its controlling stake in Israeli telecom operator Partner Communications estimated at about $2.9 billion, analysts...Source: RSS feed - channel BNPaperBusiness | 12 Aug 2009 | 2:32 am Lloyds sells Insight to BoNY in fund shake-upLONDON (Reuters) - Britain's Lloyds said on Wednesday it would sell the bulk of its Insight Investment unit to Bank of New York Mellon for 235 million pounds ($386 million) as part of a shake-up of its asset management units.Source: Reuters: Business News | 12 Aug 2009 | 2:28 am BHP profits dive amid caution on recoveryBHP Billiton, the Anglo-Australian mining group, today reported a 62 per cent fall in full-year profits after taking a $6 billion hit from mothballing operations amid plunging commodity prices.$ Source: Latest Business News from Times Online | 12 Aug 2009 | 2:22 am BHP profits halve as demand fallsMining giant BHP Billiton reports a 51% drop in annual profits as worldwide demand for commodities declines.Source: BBC News | Business | World Edition | 12 Aug 2009 | 2:18 am Late bookings boost Tui TravelBritons are shrugging off swine-flu fears and returning to Mexico this summer, although French holidaymakers are still wary of the strife-riven Caribbean, Tui Travel said on Wednesday. The tour operator's...Source: RSS feed - channel BNPaperBusiness | 12 Aug 2009 | 2:16 am Fed uncertainty, China sell-off rattle stocks (Reuters)
Source: Yahoo! News: Stock Markets News | 12 Aug 2009 | 2:16 am Short Seller Rush Out Of Financial Stocks, Tech, And RetailShort sellers moved out of financial shares in great numbers. As of August 11, the short interest in Citigroup (C) fell 71% to 343 million shares. Share sold short in GE (GE) fell 15% to 143 million. The short interest in Wells Fargo (WFC) was down by 9% to 99 million. Shares sold short in American [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Aug 2009 | 2:14 am Rio four arrested: what Article 219 saysChina has formally arrested four employees of Rio Tinto the mining company under Article 219 of China's Criminal Code concerning commercial secrets. Here is the text of that Article:Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Aug 2009 | 2:12 am FTSE 100 shares weak at open (AFP)
Source: Yahoo! News: Stock Markets News | 12 Aug 2009 | 2:11 am BHP bullish on emerging marketsBHP Billiton on Wednesday said full-year pre-tax profits halved to $11.6bn as the global economic downturn triggered a collapse in demand and the prices of commodities sold by the Anglo-Australian miner...Source: RSS feed - channel BNPaperBusiness | 12 Aug 2009 | 2:01 am Media Digest 8/12/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: GE’s (GE) water business may be too small to help earnings. Reuters: Madoff’s CFO plead guilty. Reuters: Auto inventories are tight but interest in the “clunkers” program is falling. Reuters: China formally arrest Rio Tinto (RTP) employees. Reuters: JP Morgan (JPM) is trying to sell 23 office properties. Reuters: George Soros says the US economy has bottomed. Reuters: BHP Billiton’s [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Aug 2009 | 1:56 am What the Fed is mulling (Reuters)Reuters - The Federal Reserve is expected to give a nod to signs the U.S. recession is waning but will likely warn that the recovery will be slow and dampen any expectations it will soon start to raise interest rates.Source: Yahoo! News: Business | 12 Aug 2009 | 1:54 am What the Fed is mullingNEW YORK (Reuters) - The Federal Reserve is expected to give a nod to signs the U.S. recession is waning but will likely warn that the recovery will be slow and dampen any expectations it will soon start to raise interest rates.Source: Reuters: Business News | 12 Aug 2009 | 1:54 am Loan loss provisions drag down ING resultsING, the Dutch banking and insurance group, returned to profit in the second quarter following three successive periods of losses but the result fell short of analyst expectations as loan loss provisions...Source: RSS feed - channel BNPaperBusiness | 12 Aug 2009 | 1:43 am Rio Tinto employees charged with bribery in ChinaMiner's staff have been formally charged with bribery by Chinese police but not with the more serious crime of stealing state secrets.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Aug 2009 | 1:36 am FTSE falls ahead of key dataLondon equities were weaker on Wednesday at the start of a day likely to be dominated by a series of important releases for the UK economy. The FTSE 100 slipped 13 points to 4,656.53,a loss of 0.3 per...Source: RSS feed - channel BNPaperBusiness | 12 Aug 2009 | 1:26 am Asia Market And Europe Open 8/12/2009Markets in Asia were sharply lower. The Nikkei dropped 1.4% to 10,435. Sony (SNE) and Honda (HMC) both declisned. The Hang Seng was down 2.7% to 20,515. HSBC (HBC) and China Mobile (CHL) both fell over 3%. The Shanghai Composite was down 4.7% to 3,113. At the open in Europe, the FTSE was down .2% to 4,664. BHP Billiton [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Aug 2009 | 1:25 am Frank DiPascali: from college dropout to Madoff's right hand manWhen 18yearold Frank DiPascali dropped out of college to join a small 12man Wall Street market maker named Bernard Madoff Investment Securities he probably thought it was just another job.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Aug 2009 | 1:19 am Coastal resorts in Orange County struggle at height of travel seasonLuxury hotels in the Laguna Beach area, the most lavish examples of recent efforts to create a magnet for high-end pleasure travel and business meetings, suffer in the still-fractured economy.On a sultry midweek afternoon at the grand new Resort at Pelican Hill, a scant dozen vacationers lounged at what is billed as the world's largest circular pool, flanked on one side by a Coliseum-style amphitheater and on the other by an ocean-view golf course.
Source: L.A. Times - Business | 12 Aug 2009 | 1:00 am Lions Gate cuts a deal with Redbox on DVD rentalsThe studio will supply films for the $1 vending machines on the same day they go on sale. Sony was the first to sign such an agreement, but others are opposed or still on the fence.The battle lines over Redbox continue to be drawn in Hollywood, as Lions Gate Entertainment on Wednesday came down in favor of the controversial $1-per-night DVD rental kiosk company.
Source: L.A. Times - Business | 12 Aug 2009 | 1:00 am Bogus fees land on phone bills too easilyCompanies rarely check whether charges have been authorized until a customer complains. Additional protections, such as a PIN, are needed to keep sneaky third-party vendors at bay.California law states that "a telephone bill may only contain charges for products or services, the purchase of which the subscriber has authorized."
Source: L.A. Times - Business | 12 Aug 2009 | 1:00 am Chevrolet Volt should get 230 mpg in city, GM saysThe mileage for the electric-gas plug-in hybrid, due out next year, would be the best by far of any car rated by the EPA. ...Source: RSS feed - channel BNPaperBusiness | 12 Aug 2009 | 1:00 am Madoff's finance chief admits guiltFrank DiPascali Jr. could face 125 years in prison for his role in the Ponzi scheme. Bernard Madoff's right-hand...Source: RSS feed - channel BNPaperBusiness | 12 Aug 2009 | 1:00 am Madoff's finance chief admits guiltFrank DiPascali Jr. could face 125 years in prison for his role in the Ponzi scheme.Bernard Madoff's right-hand man pleaded guilty Tuesday to fraud, conspiracy and other criminal charges, making him the first of Madoff's employees to confess to helping the infamous money manager orchestrate a Ponzi scheme worth up to $65 billion.
Source: L.A. Times - Business | 12 Aug 2009 | 1:00 am Chevrolet Volt should get 230 mpg in city, GM saysThe mileage for the electric-gas plug-in hybrid, due out next year, would be the best by far of any car rated by the EPA.General Motors Co. says its long-awaited Chevrolet Volt plug-in hybrid is expected to achieve fuel economy of 230 miles per gallon in city driving.
Source: L.A. Times - Business | 12 Aug 2009 | 1:00 am U.S. worker productivity surges in second quarterIt jumps at a rate of 6.4% in the nonfarm business sector, Labor Department says. Analysts say that bodes well for corporate profit margins but are split on how it will affect unemployment.Productivity surged from April through June, posting the largest gains in almost six years, as businesses slashed hours faster than output fell, according to government data released Tuesday.
Source: L.A. Times - Business | 12 Aug 2009 | 1:00 am Kaiser Permanente to cut more than 1,800 jobs in CaliforniaThe healthcare giant agrees not to cut union members and plans to keep all its physician positions.One of the state's largest employers, healthcare giant Kaiser Permanente, said it would eliminate more than 1,800 positions as it struggles with drooping membership, uncertain healthcare reform and shriveling Medicare reimbursement rates.
Source: L.A. Times - Business | 12 Aug 2009 | 1:00 am Stocks retreat as traders await Fed's take on economyA recurrence of investors' anxiety about the economy gave Wall Street its biggest loss in five weeks, though in light trading.
Source: L.A. Times - Business | 12 Aug 2009 | 1:00 am Studios win ruling on DVD copying softwareA judge issues a preliminary injunction blocking the sale of RealDVD, a software application that allows consumers to copy DVDs to a computer's hard drive.The six big motion picture studios Tuesday won a major legal victory against DVD copying.
Source: L.A. Times - Business | 12 Aug 2009 | 1:00 am Kaiser Permanente to cut more than 1,800 jobs in CaliforniaThe healthcare giant agrees not to cut union members and plans to keep all its physician positions. One of the...Source: RSS feed - channel BNPaperBusiness | 12 Aug 2009 | 1:00 am Nevada ads target California businessesLipstick on a pig? It's just one pointed image in a bid to lure firms from the Golden State.For entrepreneurs wondering when California might become more business-friendly, Nevada has an answer: When pigs fly.
Source: L.A. Times - Business | 12 Aug 2009 | 1:00 am Lions Gate cuts a deal with Redbox on DVD rentalsThe studio will supply films for the $1 vending machines on the same day they go on sale. Sony was the first to sign such an agreement, but others are opposed or still on the fence. ...Source: RSS feed - channel BNPaperBusiness | 12 Aug 2009 | 1:00 am Aussie stocks: Gains postedThe Australian share market reversed early resource-led losses to close in positive territory after strong gains in two major bank stocks. The benchmark S&P/ASX 200 index was up 11.1 points, or 0.26 per cent, at 4,343.1 points,...Source: New Zealand Herald - Business | 12 Aug 2009 | 12:56 am ING sees profit despite bank woesDutch financial services group ING returns to profit after three quarters of losses, but its banking division loses money.Source: BBC News | Business | World Edition | 12 Aug 2009 | 12:44 am NZ currency: Dollar fallsThe New Zealand dollar was weaker today as investors trimmed positions ahead of a Federal Open Market Committee meeting in the US. A decline in US equities on Tuesday US time on profit-taking and heightened rising risk aversion...Source: New Zealand Herald - Business | 12 Aug 2009 | 12:32 am NZ stocks: Fletcher shares soarA 7.98 per cent surge in Fletcher Building shares today lifted the entire sharemarket. Fletcher Building shares rose 56c to 758 after the nation's largest building company reported a $46 million annual loss, but earnings after...Source: New Zealand Herald - Business | 12 Aug 2009 | 12:22 am Cadmus receivers appointedReceivers have been appointed to Cadmus Developments Ltd, a subsidiary of ProvencoCadmus Ltd, which was placed into receivership earlier this month. Perpetual Trust Ltd, as trustee of Cadmus Developments First Secured Notes, appointed...Source: New Zealand Herald - Business | 12 Aug 2009 | 12:11 am China officially arrests Rio employeesChinese prosecutors have formally arrested four employees of mining giant Rio Tinto on suspicion of violating commercial secrets and bribery, the official Xinhua news agency reportedSource: Financial Times - US homepage | 11 Aug 2009 | 11:41 pm Credit card surcharge now OK, says regulatorCredit card giant Visa has settled out of court with the Commerce Commission over price fixing claims, but the result means merchants can now start imposing levies on shoppers using credit cards. Visa has agreed to a series of...Source: New Zealand Herald - Business | 11 Aug 2009 | 10:30 pm Meridian, Electricity Commission, biggest losers in energy reviewMeridian Energy faces a fight to preserve its green branding following recommendations that it be made to own a North Island natural gas-fired power station. Meridian and the Electricity Commission emerge as the biggest potential...Source: New Zealand Herald - Business | 11 Aug 2009 | 10:00 pm Flu and recession hitting tourismThe global recession and outbreak of swine flu is having a significant impact on New Zealand's tourism industry, an Inbound Tourist Operators Council (ITOC) conference has been told. Around 200 delegates from New Zealand and abroad...Source: New Zealand Herald - Business | 11 Aug 2009 | 9:30 pm Bankruptcy seen "imminent" for lender Taylor Bean (Reuters)Reuters - Lawyers for Taylor, Bean & Whitaker Mortgage Corp, the 12th-largest U.S. mortgage lender, said in court papers last week that a "bankruptcy filing is imminent" for the lender after it was forced to shut down mortgage lending operations.Source: Yahoo! News: Business | 11 Aug 2009 | 8:33 pm Fletcher shares rally despite first loss since 2001Fletcher Building, New Zealand's biggest construction company, posted its first loss since 2001 as expected and said cost cutting and debt reduction made it well placed for an eventual recovery. The shares jumped almost 5 per cent. The...Source: New Zealand Herald - Business | 11 Aug 2009 | 8:30 pm Career help for school leaversA new service has started up to assist school leavers with the countless questions facing them before they enter the work force. Whr24u profiles students' individual characteristics, to match them withSource: New Zealand Herald - Business | 11 Aug 2009 | 8:30 pm English concerned at possible early housing boomA premature housing boom would not be good for the economy and the Government will consider ideas, possibly a capital gains tax, to avoid one, Finance Minister Bill English says. Debate about tax reform was reignited today when...Source: New Zealand Herald - Business | 11 Aug 2009 | 8:00 pm Madoff firm's CFO pleads guilty, denied bailNEW YORK (Reuters) - Bernard Madoff's long-time deputy, Frank DiPascali, on Tuesday pleaded guilty to financial crimes including helping others carry out Wall Street's biggest investment fraud, but shed little more light in court on the decades-long swindle.Source: Reuters: Business News | 11 Aug 2009 | 7:51 pm Rio Tinto China executives charged with briberyA Rio Tinto executive faces seven years in a Chinese prison after prosecutors formally charged him today with bribery and violating commercial secrets. Source: Latest Business News from Times Online | 11 Aug 2009 | 7:34 pm City regulator backpedals over bonusesAsk the Boss: Send a question to FSA chief Hector Sants Source: Latest Business News from Times Online | 11 Aug 2009 | 6:50 pm Microsoft (MSFT) Readies “Office” Launch With Nokia (NOK)Microsoft (MSFT) believes, almost certainly, that the future of its operating software and search business is as much if not more on wireless portable devices as it is on the PC where the market share wars are mature. Microsoft could not find any better partner than Nokia (NOK) for advancing its efforts to expand into the handset [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 Aug 2009 | 6:40 pm Many councils lack imagination to deal with recession, says reportIn Essex, small businesses are the lifeblood of the local economy. So when high street banks suddenly stopped lending to companies last autumn it quickly became clear that bold action was required. Source: Latest Business News from Times Online | 11 Aug 2009 | 6:01 pm How the squeeze leaves everyone feeling battered and bruisedDrink and drugs Source: Latest Business News from Times Online | 11 Aug 2009 | 6:00 pm Recession starts to threaten home lifeBritain faces a surge in drug addiction, alcoholism and domestic violence as the second wave of the recession and rising unemployment take a grip, the leading public sector watchdog warns today. Source: Latest Business News from Times Online | 11 Aug 2009 | 6:00 pm Concern over rising debt problemsDebt is the biggest concern for those seeking help from Citizens Advice Scotland, with a 14% rise in debt-related issues.Source: BBC News | Business | World Edition | 11 Aug 2009 | 5:37 pm DiPascali: Madoff business ‘all fake’Frank DiPascali, a key lieutenant to Bernard Madoff, pleaded guilty to criminal charges arising from his role in the $65bn Ponzi scheme orchestrated by his long-time bossSource: Financial Times - US homepage | 11 Aug 2009 | 5:34 pm Write-Offs: 08.11.09$$$ Regulators are not big on flipping muni bonds these days [Bloomberg] $$$ Life is looking pretty good on the B-list for some. [WSJ] $$$ Larry Summers will try to stay awake long enough to see the recovery [Reuters via CNBC] $$$ Accounting theater goes to the theater. [Going Concern] 
Sponsored Topics: Bloomberg L.P. - Wall Street Journal - CNBC - Reuters - United States Source: Dealbreaker | 11 Aug 2009 | 5:34 pm Presented By:Source: Dealbreaker | 11 Aug 2009 | 5:34 pm How the major stock indexes fared on Tuesday (AP)AP - A recurrence of investors' anxiety about the economy Tuesday gave Wall Street its biggest loss in five weeks.Source: Yahoo! News: Stock Markets News | 11 Aug 2009 | 4:00 pm Stocks fall as traders await Fed's take on economy (AP)
Source: Yahoo! News: Stock Markets News | 11 Aug 2009 | 3:56 pm The Dow Jones industrials' moves since Lehman fall (AP)AP - How far the Dow Jones industrial average has fallen or advanced each trading day since Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection on Sept. 15. Since Lehman's fall, which touched off a paralysis of the credit markets and deepened the recession, the stock market has gone through an extended period of volatility before kicking into a big rally starting this spring. The numbers are the closing levels for the Dow:Source: Yahoo! News: Stock Markets News | 11 Aug 2009 | 3:52 pm Madoff Aide Pleads Guilty, Says He Knew It Was A ScamBy Laura Conaway Bernie Madoff aide Frank DiPascali pleaded guilty today to charges including securities fraud, falsifying records and international money laundering. DiPascali told the federal court in Manhattan he'd been a knowing part of a scam. From the Wall Street Journal (subs. requ'd.): "It was all fictitious. It was wrong, and I knew it at the time." DiPascali, Madoff's former director of options trading, could get 20 years apiece for the fraud and money-laundering charges. His old boss is now serving 150 years in North Carolina. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 11 Aug 2009 | 3:47 pm It's the small banks you have to watchThe congressional panel monitoring the Troubled Asset Relief Program said today that smaller banks are more likely to be hurt by troubles in the commercial real-estate market. Jeremy Hobson gives us more details from the report.Source: Marketplace | 11 Aug 2009 | 3:46 pm Scramble to avoid default delays CIT resultsCIT, the struggling US small-business lender delayed filing its second-quarter results with the SEC, saying its restructuring efforts meant it could not meet the deadline without ’unreasonable effort or expense’Source: Financial Times - US homepage | 11 Aug 2009 | 3:35 pm Job Creation George Costanza Would Be Proud OfWhen the government is not looking to shell out over half a billion on new planes, it is digging deep to find the resources to create new job posts reminiscent of the Assistant to the Traveling Secretary. New York Democratic Senate Majority Leader Pedro Espada, who spent the better part of this summer hopping back and forth over the aisle to land better and better leadership positions must have beamed with pride when the newly rejuvenated job market landed his son a newly created $120,000/yr job as the Senate liaison between governments. The position seeks to bridge the frequently cited chasm between Democratic senators and elected officials from New York City and Washington- who happen to be predominately Democrat.
Son of Key Figure in N.Y. Senate Coup Gets Job in Chamber [WSJ]
Sponsored Topics: New York - Pedro Espada - Democrats - Washington - Majority leader Source: Dealbreaker | 11 Aug 2009 | 3:02 pm Free health care attracts droves in LAHundreds gathered at an old basketball arena in LA this morning to receive free medical care. Doctors from the Remote Area Medical Volunteer Corps were set to see 1,500 patients. They reached that limit by 5 a.m. Stacey Vanek-Smith reports.Source: Marketplace | 11 Aug 2009 | 2:57 pm Long-term jobless will still struggleThe economy lost 247,000 jobs last month, and that's a substantial improvement over earlier this year. But before we declare the recession over, commentator Justin Wolfers warns not to overlook the problem of long-term unemployment.Source: Marketplace | 11 Aug 2009 | 2:47 pm Need a job? North Dakota is callingNorth Dakota has the healthiest labor market in the U.S. Thanks to a $700 million budget surplus and a big tax cut, the state has 9,000 job openings -- which it's hoping to fill with laid-off workers from the rest of the Midwest. Dan Bobkoff reports.Source: Marketplace | 11 Aug 2009 | 2:38 pm Earnings Preview-Wal-Mart Stores Inc. (AP)AP - Wal-Mart Stores Inc., the world's largest retailer, reports earnings for the second quarter on Thursday before the market opens. The following is a summary of key developments and analyst opinion related to the period.Source: Yahoo! News: Business | 11 Aug 2009 | 2:29 pm Ashley Greene Scandal Pictures: Another Starlet Grows Her Brand
Ashley Greene is the latest starlet to succumb to the get-naked-and-grow-up branding strategy. Recently, the Twilight star discovered (leaked?) naked pictures of herself on the Internet, the most modest of which is featured above. She alerted her lawyer about the scandal. In turn, the lawyer is now threatening to sue anyone displaying the pictures. People has more: Nude photographs of Twilight star Ashley Greene have hit the Internet – and the actress’s attorney is warning: Post them and you’ll likely get sued. “The photos in question, which appear to be of our client, are illegal and are being unlawfully displayed,” Greene’s lawyer says in a statement. “Our client intends to take legal action.” “Illegal” in Internet-speak means that they’re a copyright violation. People sue for copyright violations all the time, but little ever comes of it. The legal chest thumping, then, could be part of Ashley Greene’s branding ploy. I don’t want to sound like a conspiracy theorist–Ashley Greene’s pictures really could have turned up online by accident–but Greene could just be playing out the tried-and-true “get naked” form of attention-seeking. Miley Cyrus did it in Annie Leibovitz’s Vanity Fair cover shoot. Vanessa Hudgens showed up online in her birthday suit not too long ago. Before appearing naked, both stars had girlish brands. Cyrus was best known as Disney’s Hannah Montana. Hudgens is famous for her role in High School Musical. However, after their pictures came out, it was impossible to see them as children anymore.
Enter Ashley Greene. She’s well-known, but not as famous as she would have liked after appearing in Twilight. The pictures appeared online. She asked her lawyer to help get them back off. That could mean one of two things. A) She was genuinely shocked by the images, and wanted to use as much leverage as possible to get them off, or B) she wants to grow up while simultaneously protecting her brand. If B) is the case, a deliberate leak would make sense. She wants to gain media attention, portray herself as a woman, and add an elusive element to her brand by threatening people who post the images. Are the Ashley Greene pictures really a scandal? Or are they a calculated branding move? What do you think?
Source: Business Pundit | 11 Aug 2009 | 2:29 pm Presented Without CommentIt is not the material goods we want, it is the rewards. (...) The next time you see someone driving a Ferrari, don't think this is someone who is greedy, think this is someone who is incredibly vulnerable and in need of love.Alain de Botton on 'success' [A Fistful of Euros]
Sponsored Topics: Alain de Botton - TED - Philosophy - Business - Botton Source: Dealbreaker | 11 Aug 2009 | 2:28 pm Dedication- The AIG Way
Maxine, how would you like to take one of those new planes and kick off your CFPA tour on the Dalmatian Coast?
Sponsored Topics: Croatia - Italy - adriaticsea - Dalmatia - Business Source: Dealbreaker | 11 Aug 2009 | 2:18 pm Applied Materials Skates Past Estimates (AMAT)Applied Materials, Inc. (NASDAQ: AMAT) has reported results for its fiscal third quarter and its net sales were $1.13 billion. The non-GAAP net loss was $2 million, or break-even per share; the GAAP net loss was $55 million, or -$0.04 EPS. While this is showing sales down by one-third of last year, this is actually [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 Aug 2009 | 2:16 pm Clinton promises fiscal help for CongoU.S. Secretary of State Hillary Clinton visited the Democratic Republic of Congo this morning. Clinton promised to send a team of U.S. experts to help the resource-rich country with fiscal management. Dan Grech reports.Source: Marketplace | 11 Aug 2009 | 2:13 pm Atticus closes flagship fundAtticus Capital, one of the most respected and feared activist hedge funds, is closing its flagship $3.5bn fund as its founder Timothy Barakett steps down as manager of the fundSource: Financial Times - US homepage | 11 Aug 2009 | 1:46 pm Brotherly shoveIndia: Although the Ambani squabbles have long commanded attention, lawsuits over a gas field are turning the dispute involving Asia’s richest siblings into an issue of national importanceSource: Financial Times - US homepage | 11 Aug 2009 | 1:40 pm GM drives Buick into a new auto eraIt's time for General Motors to get back to the business of making cars, and we got to preview its newest offering: the Buick LaCrosse 2010. Kai Ryssdal talks to L.A. Times car critic Dan Neil about why GM chose to relaunch with such an old brand.Source: Marketplace | 11 Aug 2009 | 1:24 pm Oil falls as U.S. data damps recovery hopes (Reuters)
Source: Yahoo! News: Stock Markets News | 11 Aug 2009 | 1:24 pm Money versus creditThe Fed is displaying monetary myopia in its choice to emphasise ‘credit easing’ over ‘quantitative easing’Source: Financial Times - US homepage | 11 Aug 2009 | 1:18 pm Too Small To Fail(ed States)
Failed states are plagued by institutions too weak to prop up the flaccid rule of law, and thereby permitting "shadow institutions" (the black market, organized crime, official corruption, non-governmental bases of power) to garner such a mass of power and influence so as to tear apart the thin threads of justice and stability merely by the centrifugal force of their motion. Microstates enjoy an artificially stable state by virtue of their globally envied institutions. Usually, these were created during formative times in global history. Often they were augmented by the highly centralized, even imperial rule in place when the borders were drawn. In Liechtenstein, Vaduz was lorded over by no feudal subject and therefore beholden only to the Emperor (making it the early 18th century, European equivalent of North Carolina for carpet bagging). When Napoleon dismantled the Holy Roman Empire, of which Liechtenstein had officially been member, the tiny Principality, unlike her peers, dissolved into a state with no fealty at all save to its local princes. Come World War I and World War II, the entire country is basically a big safe deposit box for Europe. Set the way forward machine to 2008-2009. Banking is getting clobbered. In other words, the institutions (primarily Swiss) of banking secrecy and investment acumen, which permitted a country which otherwise lacked the critical mass to be even remotely interesting, much less worth using as a safe haven, to hold it together, are under siege. The only real question is: Will Liechtenstein be annexed by Switzerland, or Austria? UK Seals Deal To End Liechtenstein Tax Havens [Times Online]
Sponsored Topics: World War II - Holy Roman Empire - North Carolina - Liechtenstein - Vaduz Source: Dealbreaker | 11 Aug 2009 | 1:14 pm If you wrote to us, this could be youKai Ryssdal gets listener feedback about our coverage of the Cash for Clunkers program, our story on DINK (Dual Income, No Kids) couples and our feature on the back-to-school plaid fad.Source: Marketplace | 11 Aug 2009 | 1:11 pm Trust Your Gut, a Lesson From the Writing Life
You may know that I’ve spent the past year writing a novel. The art of it is pretty much complete, or at least as complete as my current skill and talent allow. Now the business begins. Whether or not my words ever reach the shelves of some big box retailer or coveted Amazon listing is at the mercy of a variety of publishing conventions that I’m trying to understand and master. One of those is called a synopsis, which must represent the plot, characters, tone, and whatever makes my book special enough for an agent to determine it’s salable. I’ve written the synopsis no less than ten times. I wrote one in the beginning to try and understand where my story was going, and several other iterations emerged as my story changed and grew. They helped me figure out my story for myself. But what I understand now is that none of that matters. The real purpose of the synopsis is to sell the story. The synopsis is the sizzle. With the goal of selling the novel, I wrote my synopsis yet again. Then I shared it with my trusted advisors, friends who already know the story, already like it, and more importantly, like me. Is it any surprise I received rave reviews? After correcting the spelling and grammar errors pointed out by my group of ardent supporters, and encouraged by their praise, I sent it off to some people who knew better - you know, people who have actually sold books. Upon reading their feedback, I spent the rest of the day in a deep funk. They agreed it was not quite ready. Okay, that I could have taken, especially considering that each gave some fairly specific advice about how to improve the piece. Trouble was, the advice didn’t quite jive. And even considering the critiques individually, I couldn’t agree with any of them on the whole. So I did what I do. I worked my way through a bag of tortilla chips. Then I called some other wise counsel and whined.
Whine, whine, whine. To which my trusted friends replied: trust your gut. And take action. Just keep going. Annoying, but true. It doesn’t matter if you’re writing a book, creating a new flavor of bubble gum, or launching a company. Whatever you create is your baby, and no one knows a baby like its mama. So the whining had to stop, and the work had to begin again. My ardent supporters were right. They keep me going. My challenging critiqers were right, and I’ve chosen which advice to pursue. My friends-who-listen were right. No one could make the choices but me. And my gut is right, even when I punish it with too many corn chips and exta hot salsa. And my synopsis? Only about a hundred times better than before, so long as you disregard the salsa stains. Tell me, does your gut know what to do? Image Credit: another sergio, Flickr
Source: Business Pundit | 11 Aug 2009 | 1:08 pm GM’s Volt boasts 230 miles per gallonGeneral Motors revealed that its Chevrolet Volt plug-in hybrid car would boast fuel consumption of 230 miles per gallon in city driving making it far more efficient than existing environmentally friendly cars.Source: Financial Times - US homepage | 11 Aug 2009 | 12:51 pm Some Questions For Dick Bove
But who is going to step up and make those 'buy' recommendations on banks that frequently produce side-splitting laughter from now on? Oh right....that's who.
Sponsored Topics: Bank - Business - Financial Services - Banking Services - Banks and Institutions Source: Dealbreaker | 11 Aug 2009 | 12:51 pm Norwegian towns sue Citigroup over subprime loss (AFP)
Source: Yahoo! News: Business | 11 Aug 2009 | 12:50 pm Caughey on Tech Stocks, Mushkin on Chiquita, Hynes on JobsSource: Bloomberg - All Podcasts | 11 Aug 2009 | 12:45 pm Chart Events Forming in Key Tech Stocks (MSFT, AMZN, RIMM, ORCL, QCOM)It is normal to see pullbacks. The problem is that most market pullbacks in the last five months have been rare or short-lived since the near-depression levels of early March. But it has also been hard to not notice the stalling out of some key tech stocks, and today we are seeing some critical long-term [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 11 Aug 2009 | 12:41 pm Speculation grows over dollar’s turning pointJust a week after the dollar hit its lowest level for 10 months, the main talking point in FX markets is whether the US currency is about to strengthenSource: Financial Times - US homepage | 11 Aug 2009 | 12:31 pm Medvedev attacks Ukraine leadershipRussia’s president waded into neighbouring Ukraine’s presidential election campaign, attacking the incumbent as ‘anti-Russian’ and urging the next leader to co-operate with MoscowSource: Financial Times - US homepage | 11 Aug 2009 | 12:30 pm Spin The Bottle
Poland's Cabinet approved a plan to sell stakes in state-owned companies including KGHM Polska Miedz SA and Grupa Lotos SA in an effort to finance its budget deficit after tax revenue slumped and public debt soared. Comments like this one from a former Polish finance minister are why people like this are (were) finance ministers in Poland: "It's high time that Poland undertook real privatization," said economist Miroslaw Gronicki, a former finance minister, by phone. "Any revenue from privatization means a reduction in debt, and as far as the budget is concerned it's an extremely sensible move." Seriously, who talks like that anymore? Polish Government Approves Asset Sales to Cover Swollen Deficit [Bloomberg]
Sponsored Topics: Poland - Donald Tusk - Warsaw - Prime minister - Deficit Source: Dealbreaker | 11 Aug 2009 | 12:25 pm Obama Says His Health Plan Won't 'Pull The Plug On Grandma'
Opposing the Obama plan in Portsmouth, N.H. (Jim Cole / AP Photo) UPDATED By Laura Conaway At a town hall meeting in Portsmouth, N.H., President Obama took a question from schoolgirl Julia Hall of Malden, Mass., telling her his plan won't "pull the plug on Grandma." Key bit: Obama said of rationing care: "Right now, insurance companies are rationing care. They are basically telling you what's covered and what's not. They're telling you, 'We'll cover this drug but we won't cover that drug. You can have this procedure or you can't have that procedure. So why is it that people would prefer having insurance companies make those decisions rather than medical experts and doctors figuring out, you know, what are good deals for care and providing that information to you as a consumer and your doctor so you can make good decisions?" 
Supporting the Obama plan in Portsmouth, N.H. (Jim Cole / AP Photo) Earlier: President Obama is taking part in a town hall meeting on health care in Portsmouth, N.H. A couple of early notes: First, town hall meetings on health care around the nation have been disrupted by protests that Democrats say are manufactured "angry mobs" and Republicans call a sign of grassroots dissent. In Portsmouth, protesters have turned out for and against the Obama administration's plan. If you look at the press pictures coming back, you might notice a few differences. For starters, the opponents are carrying more homemade signs, while the supporters are carrying more printed signs, including ones from the AFL-CIO. I'm not saying it's a complete divide everywhere; I'm just saying it's noticeable today. Second, in his scripted opening remarks, President Obama was careful to cast the debate as one over health insurance -- we in the media tend to describe it as a broader overhaul of health care. For instance, Obama started by arguing America needs a new economy that works for everyone. He added, "Health insurance reform is one of those pillars that we need to build up that new foundation." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 11 Aug 2009 | 12:24 pm Small Banks Still At Risk, Warren Panel WarnsBy Laura Conaway The Congressional Oversight Panel is warning that federal efforts to help struggling banks aren't doing enough to help smaller institutions. The panel, chaired by Elizabeth Warren, homed in on what it sees as shortcomings in the Public-Private Investment Plan, or PPIP. Designed to encourage investment in the toxic mortgage-backed securities that fueled the current financial crisis, PPIP has been scaled back from $100 billion to $30 billion. Warren and COP argue in their August analysis that PIPP doesn't reach far enough. Calculated Risk pulled this part of the report: The problem of troubled assets is especially serious for the balance sheets of small banks. Small banks' troubled assets are generally whole loans, but Treasury's main program for removing troubled assets from banks' balance sheets, the PPIP will at present address only troubled mortgage securities and not whole loans. The problem is compounded by the fact that banks smaller than those subjected to stress tests also hold greater concentrations of commercial real estate loans, which pose a potential threat of high defaults. Moreover, small banks have more difficulty accessing the capital markets than larger banks. Despite these difficulties, the adequacy of small banks' capital buffers has not been evaluated under the stress tests. The emphasis is Calculated Risk's. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 11 Aug 2009 | 11:50 am Some Kind Of UrgencyCaught by one of our readers, this month's version of "juxtapositional comedy" care of the Wall Street Journal:
In Today's Paper [The Wall Street Journal]
Sponsored Topics: Wall Street Journal - Comedy - Business - Arts - People Source: Dealbreaker | 11 Aug 2009 | 11:50 am Attention Team TraxisBarton Biggs & Co. were up close to 20% YTD (through June) and were reportedly up 15% in July thanks to some Eastern European CDS plays which put them above their high-water mark for the first time in 2009. Traxis Partners Investor Letter.pdf
Sponsored Topics: Eastern Europe - Year-to-date - Tide - Publishing - Conferences Source: Dealbreaker | 11 Aug 2009 | 11:30 am FTSE 100 shares fall (AFP)
Source: Yahoo! News: Stock Markets News | 11 Aug 2009 | 10:32 am FTSE 100 shares fall (AFP)
Source: Yahoo! News: Business | 11 Aug 2009 | 10:32 am Letter: This Doctor Rolls In A Geo Prizm, Not A Helicopter
Not a helicopter: the 1997 Geo Prizm. (Edmonds.com) By Laura Conaway Friday's podcast about health care included the story of a doctor who'd asked his hospital for a helicopter to use in commuting. That struck Ronald Meyer of WBEZ land as ridiculous, on our part. He writes: As one who has listened to virtually every podcast since you began last autumn, I can tell you that the foolishness over the helicopter rides for the doctor was not up to your usual standards. Imagine having a show about journalism, and focusing only on the most abject plagiarism. I believe you spent about 10 min acting as though all doctors commute in helicopters. Not true. I am an anesthesiologist in suburban Chicago in my 26th year of practice. I commute in a 12 year old Geo Prizm. I typically awaken at 5:10 AM so I can get to work and make sure everything is safe for my 7:00 or 7:30 case. The hospital I work at is pleasant, but all they give us is a 9x15 "office" for members of our 16 person group to hang out between cases. An adjoining room is just big enough for a bed for the days I spend 24 hrs there. Were he worried about costs, why did the hospital CEO you interviewed not "just say no?" A CEO is NOT the only one trying to be efficient and save money... anesthesiologists and other doctors try that all the time, and are often stymied. I see all sorts of savings possible: reduce the number and salaries of unnecessary administrators address the issue of tort reform so doctors stop ordering tests they KNOW are a long shot to show anything stop direct-to-market advertising address the problem of the huge amounts of money spent on extravagant care of patients hopelessly ill or clearly at the end of their lives. I have supported Barack Obama in IL since before he was a US Senator, I am for single-payer, income tax supported universal health care. But I can tell you that Congress, the administration, and you journalists are talking AROUND the essential points. It is possible to improve our health care system while broadening access, but not as long as we as a society latch on to foolish solicisms. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 11 Aug 2009 | 10:17 am Fed is looking for a few good tradersThe Fed is looking to hire traders to help manage its investments, including roughly half-a-trillion dollars worth of mortgage-backed securities. But they won't make the same millions as Wall Streeters. Amy Scott reports.Source: Marketplace | 11 Aug 2009 | 10:12 am Google Caffeine Tweaks Search Results
Google announced a new “under the hood” search infrastructure project today, code named Caffeine. The Google Blog explains: t’s the first step in a process that will let us push the envelope on size, indexing speed, accuracy, comprehensiveness and other dimensions. The new infrastructure sits “under the hood” of Google’s search engine, which means that most users won’t notice a difference in search results. But web developers and power searchers might notice a few differences, so we’re opening up a web developer preview to collect feedback. Some parts of this system aren’t completely finished yet, so we’d welcome feedback on any issues you see. We invite you to visit the web developer preview of Google’s new infrastructure at http://www2.sandbox.google.com/ and try searches there. Here’s how to give us feedback: Do a search at http://www2.sandbox.google.com/ and look on the search results page for a link at the bottom of the page that says “Dissatisfied? Help us improve.” Click on that link, type your feedback in the text box and then include the word caffeine somewhere in the text box. PC World’s David Coursey speculates about the consequences for businesses and SEO gurus: Caffeine…could change how your company ranks in its search results. For those businesses that live-and-die based on Google-generated traffic, this is potentially a very big deal. It is unclear at this point whether Caffeine will be more or less amiable to the magic worked by SEO practitioners, whose mysterious art is aimed at winning the coveted first page of Google results for keyword searches of interest to their client. It’s probably too early to make changes, but web developers and others with SEO interests are doubtless already running searches using their existing keywords to see what changes appear in their rankings. This also means a field day for those selling quick fixes that will supposedly give companies a top Google ranking. There’s nothing quite like something most people don’t understand, but that can dramatically effect your business, to give some people anxiety. Before you run off and try to re-learn SEO, give Caffeine a test run. It looks like most people haven’t found major search result differences between Caffeine and the old version of Google. I found a couple of shuffled results during my own testing, but nothing major. If you have any kind of online presence, I encourage you to try out the searches that are important to you. I postulate that only the minority of people will experience negative search consequences from Caffeine (note: international/mobile results still look undeveloped). If you don’t want to try out the sandbox search yourself, Google Watch’s Clint Boulton has a couple of screen captures depicting traditional/caffeinated search results.
Source: Business Pundit | 11 Aug 2009 | 9:43 am Chevy Volt Gets 230 mpg, Thanks to New EPA Rules
GM today revealed that the new Chevy Volt hybrid will get up to 230 mpg for city driving. ZDNet’s Larry Dignan has more: General Motors outlined the miles per gallon figures Tuesday. The Volt is expected to start production in late 2010 as a 2011 model. However, there are a few caveats: * The Volt can travel up to 40 miles on a single electricity charge; That latter point is huge. What happens when it’s summer, 90 degrees and humid and you have a car pool going? When the battery hits a minimum level, the Volt will switch to extended-range mode. In this mode, the Volt’s fuel engine produces electricity. Unfortunately, at around $32,500 a car ($40,000 sticker price - $7,500 tax credit), the Chevy Volt will take some serious mileage to break even with a high-mpg traditional car, even at $4/gallon. Moreover, Government Motors coordinated its “230″ marketing campaign with the EPA’s new fuel economy methodology release. According to AutoBlog, The EPA has released a new methodology for determining a draft fuel economy standard for extended-range EVs like the Volt, and under this new procedure, the Volt will have a composite urban fuel economy rating of 230 mpg! On the electric side, the Volt will consume 25 kW/hours per 100 miles. That makes the Volt the first car ever to get a triple digit fuel economy rating. CNN breaks down the math here. The car is slated to ship in 2010 or 2011.
Source: Business Pundit | 11 Aug 2009 | 9:08 am Layoffs Lead To Soaring Productivity. Hours Worked In Record-Low RangeBy Laura Conaway American workers increased nonfarm productivity an annualized rate of 6.4 percent in the second quarter of this year, the Bureau of Labor Statistics reports. That's well more than the 5. 5 percent increase many economists had expected. Workers saw their overall compensation grow by .2 percent, while companies enjoyed a drop in labor unit costs of 5.8 percent. This official number helps make sense of a few developments in the economy. First, many large corporations reported that revenue was down but profits were up last quarter. That's because they'd cut labor costs by laying off workers and squeezing more productivity out of the people who remained. Second, workers who say they're being asked to do more with less are just plain right. The numbers also seem to show that inflation is not an immediate threat. The slight rise in hourly compensation is stronger than the negative 2.4 percent from the first quarter, but it's a shadow of the 1.3 percent gain from a year ago and the 4.2 percent gain overall in 2007. The BLS reports that the jump in productivity is the result of "hours falling faster than output" -- and how. Output was falling last quarter at a yearly clip of 1.7 percent. Meanwhile, hours worked fell for the sixth straight quarter, at an annualized pace of negative 7.6 percent compared to negative 9 percent from the first quarter. If not for the last two miserable quarters, this quarter's drop in hours would be the steepest in the BLS data -- back to 1947. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 11 Aug 2009 | 7:34 am Gilliam Says Temp Jobs Can Provide Full-Time BenefitsSource: Bloomberg - All Podcasts | 11 Aug 2009 | 6:50 am Rupkey Sees Stronger U.S. Auto Sales in Fourth QuarterSource: Bloomberg - All Podcasts | 11 Aug 2009 | 6:45 am Levitt Sees Opposition to Payouts at Firms With U.S. AidSource: Bloomberg - All Podcasts | 11 Aug 2009 | 6:43 am Samuelson Says Health-Care Restructuring Not LikelySource: Bloomberg - All Podcasts | 11 Aug 2009 | 6:42 am Wall Street Watching The Fed, And Big Coal Betting On Carbon CaptureBy Laura Conaway The Federal Reserve's Federal Open Market Committee starts a two-day meeting today. Investors are watching for any sign of whether the Fed intends to raise interest rates from near zero. Commercial lender CIT predicts a loss of more than $1.5 billion for the second quarter of 2009, but says its bondholders aren't pushing for bankruptcy. The Obama administration awarded $20 million in stimulus funding for a program to compress carbon for storage instead of releasing it into the atmosphere. The Washington Post reports that Big Coal is betting its future on just this kind of carbon capture. Calculated Risk tracks auto sales and unemployment and the New York Times finds your next job, in China. Among the numbers we'll be seeing this week is the nonfarm productivity report from the Bureau of Labor Statistics. Due out today, the report gives a sense of how occupied workers have been lately. Economists expect a jump of more than five percent, which is a big deal because the length of the average workweek has been dragging around in record-low territory for a couple of months now. The recent round of corporate earnings reports showed many companies generating profits by laying off workers -- if the remaining workers are growing busier, that offers hope that employers will tiptoe back toward hiring. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 11 Aug 2009 | 6:39 am Robert Feldman Sees Weakness in Japanese Commercial Real EstateSource: Bloomberg - All Podcasts | 11 Aug 2009 | 6:33 am Milligan Sees U.S. Recession Ending in Third QuarterSource: Bloomberg - All Podcasts | 11 Aug 2009 | 6:32 am Dixon Sees 10-Year Treasury Yield Above 4% by Year EndSource: Bloomberg - All Podcasts | 11 Aug 2009 | 6:31 am Kitco's Nadler Sees Gold Trading Between $930 to $990Source: Bloomberg - All Podcasts | 11 Aug 2009 | 6:30 am Key's McCain Favors Emerging Markets, Technology StocksSource: Bloomberg - All Podcasts | 11 Aug 2009 | 6:29 am Smile!
Source: Business Pundit | 11 Aug 2009 | 5:48 am SEC investigating Huron for accounting errors (Reuters)Reuters - Huron Consulting Group Inc , whose shares plunged in the wake of an accounting scandal, said it is being investigated by the U.S. Securities and Exchange Commission for acquisition-related payments and will delay filing its latest quarterly report.Source: Yahoo! News: Stock Markets News | 11 Aug 2009 | 5:21 am
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